The US government has slapped a 522% import tax on Chinese steelmakers. The US Commerce Department said the five-fold increase on Chinese-made cold steel was because the products were being sold in the US market below cost and with unfair subsidies.
The demand for bonds in Singapore appears to be bordering on relentless. Last week, S$2 billion worth of bonds was snapped up through eight separate deals. This week, another two deals for bonds issued by Manulife Financial Corporation and Mapletree Logistics Trust (SGX: M44U) attracted orders of S$4.3 billion.
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Fitch has downgraded the credit rating of Noble Group (SGX: N21) to junk. It said the commodity trader’s debt-maturity profile is no longer consistent with an investment-grade rating. It did, however, say the outlook is stable.
Singapore’s non-oil domestic exports fell 7.9% in April. It was not as bad as analysts were expecting. It was not even as bad as the previous months 15.7% plunge. But it was still the second consecutive month of decline.
And finally, a UK receptionist has collected more than 120,000 signatures in a petition. Nicola Thorp’s petition calls for Britain to make it illegal for companies to require women to wear high heels at work. Thorp, who turned up for work in flat shoes, was sent home without pay for refusing to go buy a pair of heels.
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