[SINGAPORE] The manager of Frasers Logistics & Commercial Trust : BUOU +1.03% (FLCT) announced on Thursday (Apr 16) that it has completed the acquisition of a freehold logistics property in Hapert, the Netherlands, for a gross purchase price of 43 million euros (S$64.4 million). 

The transaction was finalised on Wednesday through a sale-and-purchase agreement with the vendor, VDG Property Development 10.

The purchase price reflects a 3.3 per cent discount to the independent valuation of 44.45 million euros conducted in February. 

The acquisition is expected to be accretive to FLCT’s distribution per unit, the manager said. It also brings the trust’s total portfolio to 114 properties with an estimated value of S$7 billion.

The move shifts FLCT’s logistics and industrial portfolio weighting from 75.1 per cent to 75.3 per cent, and increases its geographical exposure in the Netherlands from 5.5 per cent to 6.4 per cent.

“Notwithstanding macroeconomic uncertainties, the Dutch logistics market is expected to remain stable, underpinned by constrained supply and long-term demand drivers such as supply chain diversification and near-shoring,” the manager added.

The facility, located at Diamantweg 26, was completed in October 2025 and features 25,603 square metres of logistics space. It has an Energy Performance Certificate rating of A+++.

It is fully leased to DSV Air & Sea Nederland, a subsidiary of the global transport and logistics provider DSV, and has a weighted average lease to expiry of 9.5 years as at the acquisition date. 

Located 1.4 kilometres from the A67 motorway, the site is also connected to major cities including Eindhoven, Venlo and Antwerp.

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Units of FLCT ended at S$0.97 on Thursday before the announcement, S$0.015 or 1.6 per cent higher.

[WASHINGTON] OpenAI said on Tuesday (Jul 21) that an autonomous agent powered by its advanced artificial intelligence models went rogue during a security test and triggered a hack that compromised the infrastructure of AI startup Hugging Face last week.

In a blog post, OpenAI said it was testing the capabilities of some of its most advanced models in a controlled environment but that the agent managed to escape containment, reach the internet and break into Hugging Face to try to satisfy its testing goal.

OpenAI said the breakout was “an unprecedented cyber incident, involving state-of-the-art cyber capabilities” and that the company was reinforcing its safeguards.

Hugging Face is a platform used to host open-source large language models and datasets.

The startup caused a stir in the cybersecurity community when it said in a blog post last week that it had been the target of a hack that “was different from anything we had handled before” in that “it was driven, end to end, by an autonomous AI agent system”.

In a post to X, Hugging Face co-founder Clement Delangue said that the company suspected the hack “might have come from a frontier lab, given the sophistication of the agent. Turns out it did!”

He added: “It’s quite mind-blowing that all of this happened autonomously!”

OpenAI’s disclosure that its advanced models were responsible for the breach – despite having placed them in what it described as “a highly isolated environment” – will likely intensify disquiet over the power and risk of frontier models.

US Representative Greg Casar, a Texas democrat, said the incident was alarming.

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“AI is developing extremely fast with no real regulations to keep us safe,” he said in a statement, calling for mandatory independent safety testing, mandatory disclosure of security incidents, and international cooperation “to keep people safe from absolute disaster”.

The Office of the National Cyber Director, the US cyber defence agency CISA, and the US National Security Agency did not immediately return messages seeking comment.

Katie Moussouris, chief executive of Luta Security, said that the incident was a harbinger of breaches to come, saying that today’s models were “like the world’s cleverest octopus escape artists, with unlimited prehensile arms and the ability to squeeze through anywhere”.

She said that “labs and government evaluators need to work on the ability to contain, monitor, and disclose to affected parties when an AI pulls another Houdini, ideally before it harms a third party. None exist today”.

Matt Suiche, an engineer at agentic AI cybersecurity company Tolmo, said the incident showed that the frontier models were “closing the gap with state-of-the-art attackers”.

But he said that the sorts of breaches outlined in OpenAI’s blog post were possible to carry out with technology that was available well beyond the walls of frontier research labs.

“This is what we’ve already seen internally, with our agents we already have results like this,” Suiche said. “We don’t even have to use the latest models.” REUTERS

[LOS ANGELES] Generic drug manufacturers will have two years to move production to the US or face a 100 per cent import duty from August 2028, US President Donald Trump said in a social media post on Tuesday (Jul 21).

That levy would then double a year later, to 200 per cent, in August 2029.

“This is done in order to RESHORE Generic Pharmaceutical Production into America, with a penalty to those Companies that decide not to build Plant and Equipment within the stated period of time given to them,” Trump said in the post. 

Trump has seized on the cost of drugs as a key driver of affordability concerns ahead of the 2026 midterm elections.

He has long complained about differences between what consumers pay in the US compared to foreign markets, and has repeatedly sought to cut that gap.

The administration also recently launched a direct-to-consumer discount drug sales platform it branded as TrumpRX.

The White House has repeatedly set delayed tariff implementation dates with a looming deadline of devastating consequence as a means of creating leverage for future deals with countries and companies alike. 

The president has urged pharmaceutical companies to manufacture more of their medicines in the US, and in April 2025 his administration began a probe of the industry on national security grounds under Section 232 of the Trade Expansion Act.

Trump said his administration’s tariff plans related to patented drugs would remain unchanged.

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That plan would seek tariffs of as much as 100 per cent on certain imported medicines, though with several major exceptions. 

Most of the world’s biggest drugmakers, including Merck and Eli Lilly sidestepped the punitive moves by striking agreements with the administration.

Generic makers in crosshairs

Makers of generic drugs have fewer options.

Unlike makers of patented medicines, they compete on thin margins and rely on global manufacturing networks, making it far harder to absorb tariffs.

Chief executive officer Richard Saynor of Sandoz Group, one of the world’s largest generic producers, warned in 2025 that America’s shift towards steep tariffs was likely to make drugs more expensive and limit access for patients. 

The Swiss company, along with competitors Teva Pharmaceutical Industries and Viatris, copies branded medications once they lose patent protection.

It manufactures many of its generic medicines outside the US, with plants in Canada and Austria. 

Among the US’ trading partners, the hit would be most significant to India, which is the biggest exporter of generic medicines to the US.

Pharmaceuticals are among India’s top three exports to America, totalling US$10.5 billion in 2024 to 2025, according to the country’s commerce ministry.

Duties on drugs would leave over 40 per cent of India’s exports to the US adversely affected, adding to existing levies on steel, aluminum and autos.

Still, it was immediately unclear how much of Trump’s new tariff Indian drug companies will face: A trade pact struck by the two countries in February stipulated that India would “receive negotiated outcomes with respect to generic pharmaceuticals and ingredients”.  

Trump’s previous threats to impose tariffs on pharma imports put cheap supplies from India at risk, with commonly prescribed oral contraceptives, hypertension and depression treatments at the top of the list, according to an earlier Bloomberg News analysis of data provided by health care intelligence firm Symphony Health. 

In the case of birth control, roughly 65 per cent of all pill prescriptions in the US in 2024 were manufactured by just two India-based companies, Glenmark Pharmaceuticals and Lupin, it found. 

Separately, the White House has been working to replace Trump’s emergency duties after they were deemed unlawful by the US Supreme Court earlier in 2026.

An across-the-board rate of 10 per cent is set to expire on Friday, and the administration is expected to impose levies on products from dozens of trading partners, citing what it said were lax forced labour standards, before the end of the week. BLOOMBERG

[NEW YORK] Nike is trying to lure back shoppers in China by controlling how its products are sold online, directing consumers to official Nike channels as the American sportswear giant continues to lose ground to domestic rivals.

By restricting wholesale distributors’ online sales, the company aims to rebuild trust with Chinese shoppers and sell its products at full price, said Cathy Sparks, vice-president and general manager of Greater China.

Starting in January, key sportswear retailers in China will stop selling Nike’s clothing and shoes online and will instead pivot to in-store sales, Sparks told Reuters.

Online, the company’s products will be sold through new Nike-branded digital storefronts on the popular Chinese e-commerce platforms Tmall, JD.com and Douyin, along with Nike’s website and app.

“Our marketplace has become so fragmented and cluttered,” said Sparks, a 25-year company veteran who was appointed to oversee Chinese operations earlier this year. “What consumers want is an experience that’s premium, true to the brand, trustworthy, and certainly connected between digital and physical.”

China sales decline persists

China, Nike’s third-largest market, remains a key source of concern for the world’s biggest sportswear brand. The e-commerce shift is part of a broader effort to revive growth.

Sales in Greater China fell 17 per cent on a ‌constant-currency basis ⁠in the fourth quarter, the company reported last month, steepening from a 10 per cent decline in the previous quarter.

Fast-rising domestic rivals Anta and Li Ning have chipped away at Nike’s market share, while foreign brands like On and Hoka have also surged.

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Nike’s China woes have reinforced for investors that CEO Elliott Hill’s turnaround strategy still faces significant obstacles. In his nearly two years at the helm of the company, Hill has pushed to refocus on ⁠sports, rebuild wholesale relationships in North America and introduce new products.

The majority of Nike’s 16 store partners in China, which own and manage thousands of Nike stores, will stop selling online, a Nike spokesperson said.

Leading Chinese sportswear retailer Topsports, which generates 22 per cent of its revenue from online sales of Nike products, is among the distributors poised to be affected.

The company’s board anticipates a “significant” short-term negative impact, Topsports said in an exchange filing in Hong Kong on Wednesday. Even so, Topsports “remains committed to working closely with Nike on the offline sales arrangements,” the company said.

Following local news reports about the potential e-commerce change in June, BNP Paribas senior analyst Laurent Vasilescu said the move would be a “strategic misstep” and would hand opportunities to competitors.

“Nike doesn’t have a distribution problem in China and elsewhere. It has a product problem,” Vasilescu said in a research note.

Releasing products that are more relevant to Chinese consumers is also among Nike’s priorities, Sparks said. The company has appointed a vice-president of local product creation in Greater China, she added. REUTERS

STOCKS in Asia climbed for a second day as a rebound in chipmakers at the heart of the artificial intelligence boom offset concerns over rising oil prices after the renewed escalation in the US-Iran conflict.

The MSCI Asia-Pacific Index climbed 0.8 per cent, extending its biggest one-day gain in a month.

The Kospi Index, a bellwether for AI investments, jumped over 5 per cent. The regional gains followed the Nasdaq 100’s best session in three weeks, as a 5.2 per cent surge in a key semiconductor gauge signalled renewed demand for beaten-down chipmakers.

Among the main moves across markets, the S&P 500 futures were little changed as of 9.02 am Tokyo time.

The Hang Seng futures fell 0.7 per cent, Japan’s Topix was little changed and Australia’s S&P/ASX 200 rose 0.1 per cent.

Adding to the optimism, Nvidia said its latest chip designs are now reaching customers, while Intel rose on plans for further job cuts.

After the close, Super Micro Computer surged following an update that pointed to a growing order backlog.

American depositary receipts of Taiwan Semiconductor Manufacturing climbed 5.5 per cent after the Nikkei reported the company is set to raise prices by up to 10 per cent.

Early attention in Asia is on the yen, which slid past 163 per US dollar for the first time since 1986, increasingly testing Japanese authorities’ resolve to intervene. 

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Elsewhere, crude oil prices climbed, reigniting inflation concerns that pushed Treasury yields to the highest in two months. Brent advanced 0.6 per cent to US$91.52 a barrel as US President Donald Trump minimised the prospect of immediate talks with Iran.

The rally in technology stocks followed weeks of volatility in 2026’s best-performing corner of the market as investors questioned whether massive AI spending will translate into commensurate returns.

The focus now shifts to earnings from Alphabet and Tesla starting from Wednesday, with lofty expectations leaving little room for disappointment. 

“The burden of proof has changed. Investors are no longer asking whether companies can withstand the uncertainty,” said Bret Kenwell at eToro. “They want growth and guidance strong enough to justify elevated valuations.”

Elsewhere, gold and silver advanced on dip-buying. Bullion advanced as much as 2 per cent to trade above US$4,080 an ounce, while silver jumped as much as 5 per cent on Tuesday.

Treasuries fell, pushing 10- and 30-year yields to the highest levels in about two months on Tuesday, as a surge in crude oil prices stoked concern that inflationary pressures will prompt the Federal Reserve to raise interest rates. 

Meanwhile, the US plans to impose a 100 per cent tariff on generic drugs imported to the US beginning in August 2028, Trump said in a social media post on Tuesday.

Still, investors remain focused on company results. US earnings growth should continue to support stocks in the second half of 2026, even as near-term bullish positioning and macro headwinds weigh on share prices, according to Goldman Sachs Group strategists.

Nearly 20 per cent of companies in the S&P 500 by market value are slated to report results this week.

Alphabet and Intel – which reports on Thursday – will give investors a clearer read on how AI spending is reshaping the tech industry.

While the recent sell-off in AI-related shares has raised questions about the durability of the trade, some strategists see it as a reset rather than a sign of deteriorating fundamentals.

“The long-term AI backdrop appears to be intact,” said Adam Turnquist at LPL Financial.

“The recent correction appears more consistent with a healthy reset following a parabolic advance than a fundamental breakdown in the AI investment theme.” BLOOMBERG

[SINGAPORE] Shares of MoneyMax Financial Services : 5WJ +6.45% were up by as much as 11 per cent shortly after market open on Wednesday (Jul 22), hitting an intraday high of S$0.86 at 9 am.

This was after it announced on Tuesday that it expects to record a “significant improvement” in net profit for its first half of the year, due to the stronger financial performance of its pawnbroking segment.

This was driven by higher interest income from the sustained growth in pledged loan receivables.

The group added that its retail and trading of gold and luxury items segment also played a part, supported by improved revenue and gross profit margins.

GOLD held a gain as traders monitored threats to energy supply routes that risk stoking inflation and putting pressure on the Federal Reserve to hike interest rates.

Bullion was trading around US$4,080 an ounce, after gaining almost 2 per cent during the previous session.

US President Donald Trump played down the prospect of immediate talks with Iran as the two sides exchanged strikes near the Strait of Hormuz, while Houthi militants in Yemen threatened shipping in the Red Sea.

Trump’s comments came after the 10th day of US and Iranian attacks and as mediators continued efforts to restart negotiations.

Oil prices again ticked higher on Wednesday, and have surged in July since hostilities resumed in the nearly five-month war. 

A spate of attacks on Russia’s Black Sea coast, which ships most of Kazakhstan’s oil, added further pressure.

The US-Iran war helped to end a multi-year bull run for gold, which has fallen more than a quarter from its January peak of close to US$5,600 an ounce.

Prices are now showing signs of support at the key psychological level of US$4,000 on dip-buying after two weeks of losses. Silver has also jumped, gaining more than 4 per cent on Tuesday.

Precious metals traders are weighing higher energy prices against soft US economic data as they scan for clues about the Fed’s path for interest rates.

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Elevated borrowing costs are a headwind for non-yielding bullion. 

“Gold is struggling for direction”, with central bank purchases supporting prices while exchange-traded funds sold holdings on rate-hike fears, analysts at Morgan Stanley including Amy Gower said in a note.

However, they see room for ETFs to re-enter the market on the expectation that the Fed will ultimately stay on gold this year and resume cutting rates next year. 

The analysts forecast gold at US$4,450 an ounce and silver at US$65.40 an ounce by the fourth quarter. 

Spot gold was 0.1 per cent higher at US$4,080.79 an ounce as at 7.52 am in Singapore. Silver was flat at US$58.83 an ounce.

Platinum and palladium edged higher. The Bloomberg Dollar Spot Index, a gauge of the US currency, was stable after rising 0.2 per cent the previous session. BLOOMBERG