Mark Zuckerberg’s net worth tumbled US$16.8 billion on Wednesday night after Facebook (NASDAQ:FB) released its earnings update for the latest quarter. Its shares slid 20 percent, wiping US130 billion in market value, after revenue and daily visitor growth both fell short of analyst estimates. Revenue increased 42% to US$13.2 billion, missing estimates by US$0.1 billion. Zuckerberg, consequently, slipped to the sixth spot in the world’s rich list. The sudden drop in Facebook share price left him with less than US$70 billion in net worth.
Home buyers now have an option of using DBS Group Holdings Limited‘s (SGX:D05) newly-launched online property marketplace. The new digital marketplace aggregates around 100,000 property listing from EdgeProp and Averspace. It is also intended to be one-stop-shop, where home-buyers can browse listings, make payments, link up with utility provides or even obtain renovation, cleaning and moving services. DBS hopes to hit 200,000 property listings by the end of the year.
Temasek Holdings is offering US1.35 billion (S$1.83 billion) of 10-year US dollar bonds with a coupon rate of 3.625%, 72 basis points over the US Treasuries. The issue was oversubscribed, having more than US$4.7 billion of orders from 174 accounts.
Venezuelan President Nicolas Maduro announced on Wednesday (July 25) that the country will remove five zeros from its currency, two more than originally planned. This comes amidst hyperinflation, which could reach one million per cent this year. He said that this is so that the country can have a “new, stable financial and monetary system”.
Singapore consumer price index rose 0.6% year-on-year in June, accelerating from a gain of 0.4% the month before. Core inflation, which leaves out volatile accommodation and private road transport costs, increased 1.7% year-over-year. The Monetary Authority of Singapore and Ministry of Trade and Industry said that imported inflation is “likely to rise mildly” on the back of higher oil prices and higher demand for food commodities. Higher domestic demand and faster wage rises are other domestic factors affecting inflation.
Core inflation averaged 1.5% in the first half of 2018 and is expected to rise gradually this year to the upper limit of the 1% to 2% forecast range. Food inflation was 1.5% in June, up from 1.3% in May. Services inflation was 1.7% in June, slightly up from 1.6% in May. Retail prices rose 1.6%, while private road transport inflated by 0.4% in June, from 0.1% in May. Housing costs increased 3% year-on-year in June, down from the 3.2% increase recorded in May.
Finally, a total of 44 Michelin stars were awarded to Singapore in 2018, down from 47 in 2017. Five restaurants were awarded two Michelin stars, with another 34 receiving one star. Unfortunately not a single restaurant received three stars. The city with the most number of three-star restaurants was Tokyo with 12. Kyoto had eight and Hong Kong, six.
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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. The Motley Fool Singapore has a recommendation on DBS Group Holdings Ltd and Facebook. Motley Fool Singapore contributor Jeremy Chia owns shares in DBS Group Holdings Ltd and Facebook.