Jun 24, 2018

Singapore says Trump-Kim summit cost $12 million

Photo: Saul Loeb/AFP/Getty Images

Singapore announced that this month's daylong summit between President Trump and North Korean leader Kim Jong-un cost the wealthy city-state approximately $12 million, per Reuters.

The big picture: Singapore's Foreign Ministry said that most of that cash went to security costs, announcing the full amount after local reports hinted at a much higher total. Reuters reports that marketing experts said the cost was worth up to 10 times the amount spent — given the copious branding and breathless media coverage of Singapore's glittering skyline — as it may entice tourists and other visitors.

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A busy week for IPOs despite upheaval from protests and pandemic

Illustration: Eniola Odetunde/Axios

This week is expected to be the busiest for U.S. IPOs since February, with Warner Music leading a group of four companies that could raise over $3 billion.

Why it matters: This shouldn't be happening, under any traditional rubric for how markets work.

How Big Tech has responded to the protests

A protester holds a sign in downtown Minneapolis to protest the death of George Floyd on May 31. Photo: Stephen Maturen/Getty Images

An explosive weekend in America sent Silicon Valley grasping for moral clarity. While many companies and executives spoke out against racial inequities, critics and even some of the rank-and-file found some of the companies' responses lacking.

Why it matters: Tech companies have giant platforms, and their leaders have become public figures, many of them household names. History will record their words and actions — which, in the case of platforms like Facebook, Twitter and YouTube, directly shape the bounds of public discourse.

Pandemic and protests can't stop the stock market

Traders work on the floor of the NYSE. Photo: Spencer Platt/Getty Images.

United States equities were on pace to open higher Monday following big gains in Asia and Europe and a risk-on bid in currency markets.

Why it matters: Stock markets could continue to rise despite an unprecedented global pandemic, violent protests over police violence in the U.S. not seen since the 1960s, and spiking tensions between the world's two largest economies.