Catch the latest news reports on The Big Story, The Straits Times' weekday online news programme.

Federal Reserve officials raised interest rates by 75 basis points for the second straight month. Chairman Jerome Powell said a similar move was possible again, while rejecting speculation that the US economy is in recession.

With Wednesday's Fed rate hike, borrowing rates are likely to keep rising for households and businesses in Singapore.

Analysts indicated that the next six to twelve months could be painful for those who have a mortgage or who run a company that is highly geared with significant borrowing.

In other headlines, the trial involving a retrenched GlaxoSmithKline consumer healthcare employee, who is suing the company over not being considered for other roles after he was let go on the grounds of redundancy, has entered its second day.

Mr Justin Chan, a senior partner at law firm Tito Isaac & Co, discusses the compensation a retrenched employee can claim. He also talks about the situations in which retrenched employees can file a lawsuit against a company.