Top stories from The Straits Times on Thursday, Aug 1

Good morning! Here are our top stories to kick-start your Thursday, Aug 1.

US stocks tumble after Fed's hawkish cut, Dow down 1.2%

Traders work on the floor of the New York Stock Exchange after the Fed announced a cut in interest rates. PHOTO: AFP

Stocks fell sharply after Fed chairman Jerome Powell said the US central bank did not expect a "lengthy cutting cycle".


Household incomes, living standards have gone up in five years: Govt survey

Food serving services as a portion of food expenditure grew to 68 per cent from 64 per cent previously. PHOTO: ST FILE

Those living in one-room, two-room, three-room and five-room flats, as well as executive flats, saw their expenditure increase by 0.8 to 3.7 per cent a year.


North Korean leader Kim Jong Un supervised test firing of new rocket launcher: State media

North Korean leader Kim Jong-un (second left) claps after watching a missile launch on July 25, 2019. PHOTO: DPA

Mr Kim repeatedly expressed satisfaction over the result of the test-fire, state media said. 


SMRT deeper in the red as maintenance costs continue to increase, annual report shows

SMRT said its train business generated a lower revenue of $736.6 million in the 2018/2019 financial year, compared to $743.2 million in the previous financial year. ST PHOTO: CHONG JUN LIANG

For every $1 collected, 71 cents went to maintenance-related expenditure.


CCTV cameras up at hot spots, LTA receives 30 reports of errant PMD users through its app on first day

Members of the public can also now submit photos or videos of errant personal mobility device users through the Land Transport Authority's MyTransport.SG app. PHOTO: LIANHE ZAOBAO

Jurong West, Punggol, Sembawang and Woodlands are some areas where the CCTVs will be installed.


'I agreed Anwar will be next PM and I will stick to that promise,' says Malaysia's Mahathir

Malaysian Prime Minister Mahathir Mohamad said he won't renege on a Pakatan Harapan plan to make MP Anwar Ibrahim the next prime minister. PHOTO: REUTERS

"I'm not going against my own promise. Whatever happens, I will stick to the promise I made," said Dr Mahathir.


US has intel that Osama bin Laden's son is dead: Report

Hamza bin Laden had put out audio and video messages calling for attacks on the United States and other countries, especially to avenge his father's killing by US forces in Pakistan in May 2011. PHOTO: EPA-EFE

Questioned by reporters in the Oval Office, President Donald Trump did not confirm or deny the report.


CNA drops local rapper from upcoming documentary after his appearance in controversial rap video


Local rapper Subhas Nair was removed from CNA's upcoming music documentary. PHOTO: SUBHASMUSIC/INSTAGRAM

The move comes a day after police said they were investigating the online video, featuring Mr Nair and his sister, YouTuber Preeti Nair.


Younger sister wins court fight against elder sister over US$313k and 25% share in condo


The two fell out over the Northvale condominium unit they bought in the late 1990s with another sister. PHOTO: ST FILE

The judge described the case as "an unfortunate one, not only because of the number of serious allegations made by the sisters against each other, but also because they were previously close and now have fallen out with each other over money".


Raffles Hotel enters next chapter after two-year renovation

The grand lobby with new white flooring. ST PHOTO: LIM YAOHUI

Though the iconic Raffles Hotel underwent a nearly two-year revamp, designer Edmond Bakos says it would be a compliment if visitors do not feel like too much has changed.