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askST: What are the most recession-proof qualifications for an undergraduate?

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1 minute

A: With the Covid-19 pandemic upending industries and the job market, it is natural to wonder if there is a safe route your child can take to join the workforce after graduation. As your daughter will graduate three or four years from now, it is hard to say with certainty what skills and knowledge will be in demand then. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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Zoom classes. No chance meetings. Is virtual business school worth the cost?

elean
6 minutes

(NYTIMES) - Getting a master's degree in business administration is about a lot more than book learning. It's about the conversations in class and the chance meetings before and after lectures. It's about joining clubs that promote a professional or personal interest. Above all, it's about networking with fellow students as well as with corporate recruiters and successful alumni who come to campus - all in the hope of getting a career boost. It's not about sitting alone in your apartment and staring at a Zoom screen for classes, networking and socialising. Another virtual happy hour, anyone? And all this comes with a substantial tab. Many of the top business schools calculate the total annual cost - counting tuition, room and board - at more than US$100,000 (S$132,600), with some closer to US$120,000. That doesn't include the cost of not working for two years. And the schools have not reduced their tuition fees during this coronavirus pandemic. Students in the MBA class of 2021 across the United States have been hit particularly hard. They began their programme in the autumn of last year, and all went as usual until midway through the spring semester, when classes went virtual and ...

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US stocks retreat from records as pandemic stimulus talks drag on

elean
3 minutes

NEW YORK (AFP) - Wall Street stocks declined on Friday (Dec 18), retreating from records, as markets awaited resolution of long-running congressional talks on another relief package for the coronavirus-ravaged US economy. Congressional leaders have described the negotiations as in the home stretch, but there was still no deal Friday afternoon ahead of a midnight deadline to avert a government shutdown. The Dow Jones Industrial Average dropped 0.4 per cent to 30,179.05. The broad-based S&P 500 also fell 0.4 per cent to 3,709.41, while the tech-rich Nasdaq Composite Index slipped 0.1 per cent to 12,755.64. All three indices had closed at records on Thursday, in part on optimism about a stimulus package. Republicans and Democrats braced for possibly working through the weekend to conclude a US$900 billion (S$1.2 trillion) deal aimed at providing emergency relief for millions of struggling families and businesses amid signs of a worsening economy and as the country sees record high death tolls from the coronavirus pandemic. "While there's a lot of optimism about stimulus, it's important not to count on it," said TD Ameritrade's JJ Kinahan in a note Friday morning. "It's easy to see thi...

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Singapore start-ups serve up innovative waste solutions

elean
1 minute

Road construction material, beer and energy - these are some things that start-ups in Singapore are looking to produce as they reuse or recycle waste. Waste management is a growing sector here, with more innovators and entrepreneurs working across the entire supply chain, from collection to processing, and in education, said ecosystem players. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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STI slips 0.3% amid uncertainty over Brexit, US stimulus package

elean
2 minutes

Continued uncertainty about the Brexit talks and a United States stimulus package caused Singapore shares to end the week lower alongside other markets in the region. The benchmark Straits Times Index (STI) finished yesterday's trading session at 2,848.98, down 0.3 per cent or 9.04 points. On the broader market, advancers outpaced decliners 222 to 205, after some 1.76 billion securities worth $1.71 billion changed hands. Other Asian markets also slipped. Malaysia's KLCI lost 1.3 per cent, the Nikkei 225 fell 0.2 per cent and the Hang Seng Index shed 0.7 per cent. On Wall Street, however, traders were optimistic about a round of fiscal stimulus against the raging pandemic. All three indexes ended Thursday's trading session in the black. The Dow Jones Industrial Average rose 0.5 per cent; the S&P 500 gained 0.6 per cent and the Nasdaq climbed 0.8 per cent. But Mr Stephen Innes, chief global markets strategist at Axi, said some investors are looking to sell rather than hold on to investments. Keppel DC Reit was the biggest advancer for the day, gaining 2.2 per cent to close at $2.79. A few other real estate investment trusts (Reits) also had gains. Mapletree Logistics Trust added 2.1 ...

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Singapore start-ups find solutions to give waste a new lease of life

elean
1 minute

SINGAPORE - Road construction material, beer and energy - these are some things that start-ups in Singapore are looking to produce as they reuse or recycle waste. Waste management is a growing sector here, with more innovators and entrepreneurs working across the entire supply chain, from collection to processing, and in education, said ecosystem players. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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G.H.Y. Culture & Media up as much as 6.1% on SGX debut

elean
3 minutes

Entertainment and content provider G.H.Y. Culture & Media Holding began trading on the mainboard of the Singapore Exchange (SGX) yesterday at 70 cents, some 6.1 per cent higher than its initial public offering (IPO) price of 66 cents per share. As at 10.02am, the stock eased to trade at 66.5 cents, translating to a gain of about 0.8 per cent from the IPO price. With nearly 8.7 million shares having changed hands at that time, G.H.Y. was one of the most active counters by volume on the Singapore bourse in the morning. G.H.Y. group chief executive and chairman Guo Jingyu yesterday said the listing enables the firm - which produces and promotes dramas, films and concerts in the Asia-Pacific region - to enhance its profile both in Singapore and abroad. G.H.Y. sold 21.7 million shares priced at 66 cents apiece as part of its listing on the SGX. The offering comprised 18.7 million placement shares and a public offer of three million shares. The public offer closed at noon on Wednesday. The firm on Thursday evening reported that it received applications from both retail and institutional investors for 16 times the number of shares available in the IPO's public tranche. There were 1,402 va...

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World’s richest banker made $21 billion after brush with death

elean
5 minutes

NEW DEHLI (BLOOMBERG) - If it weren't for a cricket accident that almost killed him, Uday Kotak probably wouldn't be the world's richest banker. A ball that hit him in the head and led to an emergency surgery pushed a 20-year-old Kotak to abandon his dream of becoming a professional player. After a brief stint at the family's cotton-trading business, he went on to pursue his MBA at the prestigious Jamnalal Bajaj Institute of Management Studies in Mumbai before starting out in finance in 1985 at the age of 26. Mr Kotak, now 61, has a fortune estimated at around US$16 billion (S$21 billion), according to the Bloomberg Billionaires Index. While India has been grappling with a shadow-lending crisis, his Kotak Mahindra Bank has been able to rise through the crowd, gaining investors' trust by starting to slow lending to riskier sectors more than two years ago and keeping good corporate governance. When the coronavirus pandemic added to the industry's woes by eroding borrowers' ability to repay, the firm was one of the first to raise capital to fortify its balance sheet, helping boost investors' confidence that it will be among the biggest winners as the nation emerges from its Covid-indu...

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Coca-Cola to cut 2,200 jobs worldwide amid Covid-19 challenges

elean
2 minutes

NEW YORK (BLOOMBERG) - Coca-Cola is cutting 2,200 jobs worldwide, including 1,200 in the US, as the soda maker deepens its restructuring efforts amid ongoing shutdowns of soft-drink friendly venues like movie theatres, bars and stadiums. The reductions, totaling 2.5 per cent of the company's total workforce, involve a combination of voluntary buyouts and layoffs, a spokesman said on Thursday (Dec 17) via email. Coke had about 86,200 employees at the beginning of the year, including 10,400 in the US. "We are in the process of building an organisational structure that will address" customers' needs and behaviours, the company said. "The pandemic was not a cause for these changes, but it has been a catalyst for the company to move faster." The latest move comes after the company offered early-departure packages to almost 40 per cent of its North American workforce in August. It said then that involuntary cuts would follow. Like other makers of sugary beverages, Coke is navigating changing consumer tastes, as products such as flavoured seltzers gain in popularity, along with extended shutdowns of public venues that account for a significant portion of its sales. The workforce overhaul ...

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Japan’s core consumer prices fall at fastest pace in 10 years, raising deflation fears

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2 minutes

TOKYO (REUTERS) - Japan's core consumer prices dropped at their fastest pace since late 2010 in November weighed by the government's travel discount campaign and weak energy prices, raising fears of a return to deflation. Nationwide core consumer prices, which exclude volatile fresh food costs, fell 0.9 per cent in November from a year earlier, government data showed on Friday (Dec 18), matching a median market forecast. It was the fourth straight month of falls and the fastest pace of year-on-year decline since September 2010, the data showed. The data was released ahead of the central bank's policy decision, due later on Friday. The Bank of Japan is expected to keep settings unchanged but could extend a range of steps aimed at easing corporate funding strains. The government's discount travel campaign to help the domestic tourism industry weighed on accommodation fees while weaker energy costs also pushed down consumer prices. Overall consumer spending remained subdued as the coronavirus crisis prompted people to refrain from dining out and shopping. Japan's cabinet on Tuesday approved a third supplementary budget to fund a US$708 billion (S$939 billion) stimulus package, to spee...

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Cryptocurrency exchange Coinbase files for IPO as Bitcoin soars past US$23,000

elean
4 minutes

SAN FRANCISCO (BLOOMBERG) - Coinbase Global, the biggest US cryptocurrency exchange, said it has filed confidentially with the Securities and Exchange Commission to go public in what's anticipated to be a breakthrough moment for the industry. The San Francisco-based company said in a statement that it expects its draft registration filing to become effective after the SEC completes its review process. The company didn't provide further details of its listing plans and a representative declined to comment beyond the announcement. Coinbase was valued at more than US$8 billion (S$10.6 billion) in 2018 after a US$300 million funding round led by Tiger Global Management. The company, started in 2012, has raised more than US$500 million from backers that also include Andreessen Horowitz, Y Combinator and Greylock Partners, according to its website. Coinbase said it has has more than 35 million verified users in more than 100 countries and more than US$25 billion in assets on its platform. Kyle Samani, co-founder of MultiCoin Capital, said he expects Coinbase going public to be a "huge event" for the industry. "It is a watershed moment for the asset class, both as a form of legitimisation...

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Mandatory Covid-19 vaccines for travel would ‘kill the sector’, says tourism lobby head

elean
4 minutes

NEW YORK (BLOOMBERG) - The rollout of vaccines against Covid-19 has intensified debate about whether they should be made mandatory, with the head of a major tourism lobby saying that doing so would cause irreparable harm to the struggling sector. "I don't think governments will require vaccination next year" for travel, Gloria Guevara, head of the World Travel and Tourism Council, said at a press conference on Thursday (Dec 17). "If they do that they will kill their sector." Those first in line to get the jabs include the elderly and vulnerable, who "are the last people who will travel," she said. Instead, rules for virus testing before departure are likely to be bolstered. Alan Joyce, the chief executive officer of Qantas Airways, ignited an industrywide debate last month when he said proof of vaccination would be a condition for travelers entering or leaving Australia on the carrier's planes. So far, no country has made inoculation compulsory or said it would be required for people crossing borders. Airlines are among the hardest hit by the health crisis, with global airline lobby IATA forecasting combined losses of $157 billion this year and next. When the broader tourism sector...

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New Zealand exits recession with record growth as it contains pandemic

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3 minutes

WELLINGTON (REUTERS) - New Zealand's economy grew a record 14 per cent in the third quarter from the previous three months, bouncing back from a Covid-19 lockdown earlier in the year that shut businesses and brought activity to a standstill, official data showed on Thursday (Dec 17). Annual gross domestic product (GDP) rose 0.4 per cent, Statistics New Zealand said, with both figures beating expectations in a Reuters poll for quarterly growth of 13.5 per cent and an annual contraction of 1.3 per cent. The GDP numbers also topped the Reserve Bank of New Zealand's November forecast of quarterly and annual growth of 13.4 per cent and minus 1.3 per cent respectively. The New Zealand dollar was largely muted in response, as markets had factored in a strong recovery after a sharp contraction in the second quarter following Covid-19 restrictions. Second quarter GDP was revised to a drop of 11 per cent from an initial estimation of minus 12.2 per cent. On an annual average basis GDP fell 2.2 percent in the year ended September 2020. "This is as close as you get to a true V-shaped recovery," said Kiwibank chief economist Jarrod Kerr. All industries recorded large increases in activity, and ...

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America’s zombie companies rack up $2.6 trillion of debt

elean
7 minutes

WASHINGTON (BLOOMBERG) - They were once America's corporate titans. Beloved household names. Case studies in success. But now, they're increasingly looking like something else - zombies. And their numbers are swelling. From Boeing, Carnival and Delta Air Lines to Exxon Mobil and Macy's, many of the nation's most iconic companies aren't earning enough to cover their interest expenses (a key criterion, as most market experts define it, for zombie status). More than 200 corporations have joined the ranks of so-called zombie firms since the onset of the pandemic, according to a Bloomberg analysis of financial data from 3,000 of the country's largest publicly-traded companies. In fact, zombies now account for nearly a quarter of those firms. Even more stark, they've added almost US$1 trillion (S$1.33 trillion) of debt to their balance sheets in the span, bringing total obligations to US$1.98 trillion (S$2.63 trillion). That's more than the roughly US$1.58 trillion zombie companies owed at the peak of the financial crisis. The consequences for America's economic recovery are profound. The Federal Reserve's effort to stave off a rash of bankruptcies by purchasing corporate bonds might ver...

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Bitcoin surpasses US$21,000 for first time amid dizzying rally

elean
3 minutes

NEW YORK (BLOOMBERG) - Bitcoin surpassed US$21,000 (S$27,900) for the first time, another milestone in what's been an eye-popping rally for the controversial digital asset this year. The world's largest cryptocurrency surged as much as 10 per cent to US$21,293 in New York on Wednesday (Dec 16), vindicating forecasts that were scoffed at months ago and leading to even higher prognostications. Bitcoin has almost tripled this year, with the rally accelerating on Wednesday after breaching US$20,000 earlier for the first time. "We have a new line in the sand and the focus shifts to the next round number of US$30,000," said Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender. This "is the start of a new chapter for Bitcoin. It's a narrative the media and retail crowd can properly latch onto because they've been noticeably absent from this rally". Bitcoin has surged despite a severe crash in March that saw it lose 25 per cent amid the coronavirus pandemic. Proponents have seized on the narrative that the coin could act as a store of wealth amid supposed rampant central-bank money printing, even as inflation remains mostly muted. In addition, some Wall Street firms ha...

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US stocks end mostly higher on stimulus hopes

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3 minutes

NEW YORK (AFP) - Wall Street stocks finished mostly higher on Wednesday (Dec 16), with the Nasdaq setting a fresh record, as markets cheered progress on US stimulus talks and a dovish Federal Reserve announcement. Congressional leaders said they were nearing a long-awaited agreement on a stimulus package for the pandemic-hit US economy, with top Senate Democrat Chuck Schumer describing the parties as "very close" to a deal. That helped lift the Nasdaq to a second straight record, closing at 12,658.19, a gain of 0.5 per cent. The Dow Jones Industrial Average shed 0.2 per cent to end the day at 30,154.54, while the broad-based S&P 50 climbed 0.2 per cent to 3,701.17. Progress on the stimulus package helped offset disappointment over the November retail sales report, which fell by a bigger-than-expected 1.1 per cent compared to October in a sign of the drag from higher coronavirus cases. Investors also took heart from a slightly upgraded Fed forecast for US growth in 2021 and 2022 as the central bank maintained ultra-low interest rates. "The case for fiscal policy right now is very strong. I think that is widely understood," Fed chairman Jerome Powell told reporters following the cent...

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US Fed opens policy final 2020 meeting amid uncertain economy

elean
3 minutes

WASHINGTON (AFP) - US central bankers on Tuesday (Dec 15) opened their final policy meeting of the year to review how best to support the economy as the Covid-19 vaccine rollout gets underway. But with the benchmark lending rate already at zero, there is little left for the Federal Reserve to do, absent an agreement in Congress on a new federal relief package to help ailing businesses and unemployed workers. At most, economists say officials in the policy-setting Federal Open Markets Committee (FOMC) could provide more information on potentially increasing the pace of bond purchases above the current US$120 billion a month. But economist Diane Swonk of Grant Thornton said anyone waiting for an announcement of more asset purchases is "likely to be disappointed." "Officials will only increase asset purchases if credit markets hit another roadblock and begin to seize," Ms Swonk said in an analysis. However, she said "they are likely to signal they will keep those purchases in place until the economy is well beyond the current crisis." Officials could make adjustments in the types of assets they buy, extending into longer-term debt as an insurance policy against the near-term risks. Ev...

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US and Singapore ink memorandum to improve trade relations

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2 minutes

WASHINGTON (AFP) - The United States on Tuesday (Dec 15) announced it had signed a memorandum of understanding to improve trade relations with Singapore, as both countries eye economic recoveries following the Covid-19 pandemic. The United States is already the largest foreign investor in Singapore, which is in turn the fourth-largest Asian investor in the American economy. In a statement, the US Commerce Department said the renewable, two-year memorandum would "enhance the availability of and access to trade financing options for US and Singapore companies." "This (memorandum of understanding) will help Singapore importers finance the purchase of US exports and support Singapore investors looking at opportunities in the US," Commerce Secretary Wilbur Ross said in the statement. The agreement made in the final weeks of US President Donald Trump's administration comes after Singapore last week signed a free trade agreement with the United Kingdom following Britain's departure from the European Union. "As like-minded partners, Singapore and the US are committed to supporting our businesses as they respond to the global economic disruptions caused by Covid-19," Singapore's Minister fo...

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Nasdaq ends at fresh record in bullish Wall Street session

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2 minutes

NEW YORK (AFP) - The Nasdaq powered to a fresh record on Tuesday (Dec 15), fuelled by optimism over coronavirus vaccines and revived congressional efforts to pass a spending package to boost the pandemic-hit US economy. All three major indices finished solidly higher, with the tech-focused Nasdaq Composite Index gaining 1.3 per cent to 12,595.06. The Dow Jones Industrial Average rose 1.1 per cent to close at 30,199.31, while the broad-based S&P 500 climbed 1.3 per cent to 3,694.62. Investors were cheered by positive statements from the US Food and Drug Administration about the Moderna Covid-19 vaccine, a strong sign that a group of experts that meets in two days could vote to approve it just days after the agency cleared the Pfizer-BioNTech vaccine. The market also took an optimistic view of reports that bipartisan congressional leaders were set to meet in person Tuesday afternoon for the first time in months to advance a fiscal spending package after numerous earlier failures to reach agreement. The gains came as the Federal Reserve opened its final two-day monetary policy meeting of 2020. The US central bank is not expected to change policy, but will update its members' forecasts...

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Sale of new, resale private homes on the rise

elean
1 minute

The private home market resumed its upward march in November, with sales up nearly 19 per cent compared with the previous month following a surge in the number of new homes launched. Last month's uptick in sales to 767 units from 645 in October came following a temporary pullback in October's sales after the Urban Redevelopment Authority clamped down on the re-issue of options to purchase. The market's resilience could well spill over into this month, analysts say. The private resale market also continued to recover, with flash figures from real estate portal SRX Property showing that resale prices and transaction volumes increased last month. The highest transacted price last month was for a resale luxury apartment at Nassim Jade, which sold for $11.7 million.