A Singapore court has ordered Bloomberg and one of its reporters to pay S$460,000 (US$356,000; £266,000) in damages to two government ministers after finding they were defamed by an article about high-value property transactions.

The lawsuit was brought by Coordinating Minister for National Security K. Shanmugam and Minister Tan See Leng over a 2024 Bloomberg article that referenced their property dealings while examining Singapore’s luxury real estate market.

In its ruling, the court found that the article, when read in its entirety, conveyed an implication of wrongdoing by the ministers because it linked their transactions with discussions of secrecy, shell companies and money laundering.

The article, titled Singapore Mansion Deals Are Increasingly Shrouded in Secrecy, explored how some wealthy buyers of Good Class Bungalows—Singapore’s most exclusive category of luxury homes—have concealed their identities through mechanisms such as shell companies and trusts.

As part of its reporting, Bloomberg noted that Shanmugam had sold a Good Class Bungalow for S$88 million (US$68 million; £51 million) to an unnamed buyer through a trust structure.

Bloomberg had argued that the article did not accuse either minister of wrongdoing and said their transactions were cited as examples within a broader examination of trends in Singapore’s luxury property market. The company has not publicly commented on the court’s decision.

The judgment orders Bloomberg and reporter Low De Wei to jointly pay S$460,000 in damages to the two ministers.

Tech entrepreneur Elon Musk has become the first person in history to achieve a net worth of more than $1 trillion following the public market debut of SpaceX.

The milestone was reached after SpaceX shares began trading on the stock market in New York at approximately $150 per share. Investor demand quickly pushed the stock higher, with shares climbing to as much as $176 within the first two hours of trading.

Although the stock later retreated from its intraday high, it still finished the session strongly at $160.95 per share. The closing price represented an increase of about 19% above SpaceX’s own estimated debut valuation of $135 per share.

The surge in SpaceX’s market value significantly boosted Musk’s personal fortune, allowing him to cross the trillion-dollar threshold and secure his place as the world’s first trillionaire.

Musk is already one of the most recognizable figures in global business, known for leading SpaceX and electric vehicle manufacturer Tesla. Beyond his business ventures, he has attracted both admiration and criticism for his outspoken presence on social media and his comments on political issues in the United States and abroad.

The billionaire’s influence expanded further following his acquisition of the social media platform X, where he frequently shares views on politics, technology and current affairs.

Despite the strong opening performance, some analysts noted that the stock closed below the most optimistic forecasts. Several early estimates had suggested SpaceX shares could reach as high as $190 on their first day of trading.

According to Samuel Kerr, an analyst at Mergermarket, the initial trading performance was solid but not extraordinary. He said the more important measure of success will be how the stock performs over the coming weeks and months.

Kerr noted that while investors often focus on a company’s first day of trading, the longer-term stability of the share price will provide a clearer indication of market confidence in SpaceX’s future growth prospects.

Donald Trump has announced plans to raise tariffs on cars and trucks imported from the European Union to 25%, marking a major escalation in trade tensions between Washington and Brussels.

In a post on Truth Social on Friday, Trump accused the EU of failing to honour what he described as a fully agreed trade deal, although he did not specify which commitments he believed had been violated.

“I am pleased to announce that… next week I will be increasing Tariffs charged to the European Union for Cars and Trucks,” Trump wrote.

The move directly targets one of Europe’s most economically important industries, with automotive manufacturing playing a central role in major economies such as Germany and France.

The tariff increase comes less than a year after the United States and the EU reached a major trade agreement during talks held at Trump’s Turnberry Golf Resort in Scotland. That agreement had set tariffs on most European goods at 15%, helping the EU avoid the broader 30% tariffs Trump had previously threatened under his wider “Liberation Day” tariff programme.

In return, the EU agreed to increase investment in the United States and make policy adjustments expected to support stronger American exports.

The agreement was later approved by the European Parliament in March, although lawmakers added a safeguard clause allowing the deal to be suspended if the Trump administration was found to be undermining its purpose, discriminating against EU businesses, threatening member states’ security interests, or engaging in economic coercion.

Since then, trade talks have slowed again, particularly over disputes involving steel and aluminium tariffs. Several major European governments, including Germany and France, had pushed back against U.S. proposals to revise tariff structures across a broader range of goods.

Responding to Trump’s latest announcement, the European Commission said the EU remained committed to fulfilling its obligations and maintaining a stable transatlantic trade relationship, while also seeking further clarification from Washington.

A spokesperson said the bloc was implementing the deal “in line with standard legislative practice, keeping the U.S. administration fully informed throughout.”

The Commission added: “We remain fully committed to a predictable, mutually beneficial transatlantic relationship. Should the U.S. take measures inconsistent with the Joint Statement, we will keep our options open to protect EU interests.”