The pound dropped to a more than one-year low, stocks fell and gilts extended a fourth day of losses on concern the Labour government will struggle to keep the deficit in check as borrowing costs surge. Sterling fell for a third day, sliding as much as 1% to $1.2239, the lowest since November 2023. Gilts fell sharply at the open, with the 10-year yield rising as much as 13 basis points to 4.92%.
Open Flip
Domestic gas allocations to Indraprastha Gas Limited (IGL) have been increased by 31% effective January 16, boosting the share of domestic gas in the CNG segment from 37% to 51%. This move is expected to significantly improve IGL’s profit margins as it benefits from lower-cost domestic gas. The increase comes after GAIL revised allocations, enhancing supply to meet rising demand.
Open Flip
Singapore's Suntec Real Estate Investment Trust said on Wednesday that investment holding firm Aelios has increased the offer price to buy the REIT's shares it does not already own, valuing Suntec at S$3.48 billion ($2.54 billion). Aelios, owned by billionaire couple Gordon and Celine Tang, raised the offer to S$1.19 per share, up from the previous bid made in December of S$1.16 apiece.
Open Flip
