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1. Singapore's CDL pauses trading due to father-son dispute
Singapore-based real estate investment firm City Developments Limited has paused trading in its shares on the Singapore Exchange because of a dispute between Executive Chairman Kwek Leng Beng and his son, Group CEO Sherman Kwek, HNN's Terence Baker reports. According to Kwek Leng Beng, the dispute in question is an "attempted coup" by Sherman Kwek to control the board.
A statement from the company announced it "has taken the decision to temporarily suspend trading in our shares today, in view of the disagreement within the board in relation to the composition and constitution of the board and the board committees. Despite this temporary suspension, our business operations remain fully functional and unaffected.”
Sherman Kwek will remain in his current position "until such time as there is a board resolution to change company leadership."
2. US consumer confidence down significantly in February
The Conference Board's Consumer Confidence Index dropped 7 points in February to 98.3, the largest monthly decline in consumer confidence since August 2021. Its Present Situation Index also fell 3.4 points, and its Expectations Index dropped 9.3 points to 72.9, below the threshold of 80 that usually signals a recession ahead.
“This is the third consecutive month-on-month decline, bringing the Index to the bottom of the range that has prevailed since 2022. Of the five components of the Index, only consumers’ assessment of present business conditions improved, albeit slightly. Views of current labor market conditions weakened. Consumers became pessimistic about future business conditions and less optimistic about future income. Pessimism about future employment prospects worsened and reached a 10-month high," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in a news release.
3. Apple REIT, Summit report earnings
Apple Hospitality REIT and Summit Hotel Properties reported their fourth-quarter and full-year 2024 earnings on Tuesday, with both of the real estate investment trusts boasting steady performance during those timeframes.
Apple REIT's comparable hotels revenue per available room was up 2.7% in the fourth quarter to $109.14 and 1.4% to $119.36 for the full year, HNN's Bryan Wroten reports. The REIT also posted a net income of $214.1 million in 2024, up 20.6% year over year.
Summit's pro-forma RevPAR was up 1.4% to $117.21 in the fourth quarter, with pro-forma average daily rate increasing 0.9% to $164 in the quarter, HNN's Natalie Harms reports. Its full-year total revenue of $731.8 million was down slightly compared to $736.1 million the year prior.
4. East Coast, Gulf Coast dockworkers approve labor deal
The International Longshoremen's Association voted in favor of a new labor deal that will bring a 62% pay raise and the promise of labor peace at ports from Maine to Texas for the next six years, the Wall Street Journal reports. The approval of the labor deal comes months after the union went on its first coastwide strike in nearly 50 years, disrupting some of the U.S.'s busiest ports.
The new contract “will provide stability to East Coast and Gulf Coast ports, which is vital for retailers and their supply chains," said Matthew Shay, CEO of the National Retail Federation.
5. Pair of flights abort landings due to safety concerns
Two U.S. domestic flights had to stay in the sky rather than landing Tuesday morning to avoid potential safety hazards, the Associated Press reports.
An American Airlines plane arriving at Ronald Reagan Washington National Airport discontinued its landing to avoid getting too close to another aircraft departing from the same runway. Less than two hours later, a Southwest Airlines flight arriving at Chicago's Midway Airport had to climb back into the sky due to a smaller jet entering the runway it was set to use.