elean

BT Podcast Special: How a pandemic means solid growth in finance, as driven by technology

elean 3 12 月

2 minutes

BT Podcast Special Ep 2: How a pandemic means solid growth in finance, as driven by technology Synopsis: The Business Times speaks with the Monetary Authority of Singapore's managing director Ravi Menon in a wide-ranging interview ahead of the annual Singapore Fintech Festival from Dec 7-11. This special edition will come with four exclusive podcasts for our listeners. Follow all our coverage of this year's festival at bt.sg/sffxswitch2020. In the second episode, BT's banking and finance editor Jamie Lee talks to Mr Menon about how fintech unexpectedly improved business performance and provided new jobs amidst a pandemic. How fintech showed resilience amid Covid-19 (0:44) A new demand for tech skills in the financial sector (1:58) Helping mid-career professionals move into a new sector (3:39) How banks can better integrate between foreign talent and locals (4:56) Produced by: Jamie Lee and Lee Kim Siang Edited by: Adam Azlee Follow upcoming episodes with MAS managing director Ravi Menon on: ST & BT Podcasts channel: https://str.sg/JWVR Spotify: https://spoti.fi/2PwZCYU Apple Podcasts: https://apple.co/2Lu4rPP Google podcasts: http://str.sg/googlestbt Websites: http://str.sg/stbtpod...

S&P 500 edges to another record in mixed Wall Street session

elean 3 12 月

3 minutes

NEW YORK (AFP) - Wall Street stocks finished a choppy session mostly higher on Wednesday (Dec 2) as investors weighed signs of economic weakness caused by rising Covid-19 cases against further progress on vaccines. After opening lower, the S&P 500 pushed to a second straight record at 3,669.01, up 0.2 per cent. The Dow Jones Industrial Average gained 0.2 per cent to 29,883.79, while the tech-rich Nasdaq Composite Index slipped 0.1 per cent to 12,349.37. Payroll services firm ADP said private employment rose by 307,000 positions last month, seasonally adjusted, though that gain lagged the expected level and was slower than October's upwardly revised gain of 404,000. Investors also took in a fairly downcast Federal Reserve report on economic conditions, with four of 12 regions seeing little or no growth, while four others saw activity begin to dip last month. But markets cheered news Britain cleared the Pfizer-BioNTech vaccine beginning next week, a major step in efforts to move the global economy beyond the coronavirus pandemic. That news also lifted Pfizer shares 3.5 per cent. Another big gainer was Dow member Boeing, which surged 5.1 per cent as American Airlines undertook a test ...

STI sinks 0.11% but local banks make gains

elean 3 12 月

2 minutes

The benchmark Straits Times Index (STI) sank into the red yesterday, declining 3.17 points, or 0.11 per cent, to close at 2,810.95. Among STI constituents, the local banks made gains. United Overseas Bank climbed 0.8 per cent to close at $22.75, while OCBC Bank ended up 0.6 per cent at $10.05. DBS inched up 0.52 per cent to close at $25.32. In a note on Tuesday, Jefferies equity analyst Krishna Guha said: "While the financial stability review highlights the pertinent risks... fiscal support and regulatory forbearance will help to tide over any adverse situation. Reflationary expectations and strong economic rebound may be priced in the steeper yield curve. All three banks will benefit in such a situation." At the bottom of the STI performance table, Thai Beverage slid 2.72 per cent to close at 71.5 cents. Decliners outnumbered advancers 246 to 190, with 2.55 billion securities worth $1.17 billion changing hands. The Hang Seng Index dipped 35.10 points, or 0.13 per cent, to 26,532.58, while the Shanghai Composite Index fell 2.56 points, or 0.07 per cent, to 3,449.38. South Korean shares jumped to a record close, partly lifted by chipmakers after Micron Technology raised its revenue ...

S’pore firms forging ahead with business growth in Asia: Poll

elean 3 12 月

3 minutes

Firms in Singapore are doubling down on expanding their business networks in Asia and building resilience in their supply chains despite having a more pessimistic economic outlook than businesses elsewhere, according to a survey. HSBC Bank's annual Navigator survey, released yesterday, also found that local firms expect a longer recovery from the coronavirus pandemic than those in the Asia-Pacific and beyond, due to Singapore's open and trade-dependent economy. Despite this, businesses here are continuing to increase their growth investment. Some 87 per cent of respondents plan to expand in the region over the next three to five years, compared with 76 per cent of businesses elsewhere. About half or 51 per cent of local firms are immediately investing in overseas expansion, compared with 44 per cent in the Asia-Pacific. This is despite over two-thirds of respondents in Singapore expecting cross-border trade to become more difficult than it was pre-pandemic, said HSBC. "Intra-regional trade dominates, with more than eight in 10 businesses trading within the Asia-Pacific," the report said. "Trade with leading partner, mainland China has grown, as it has with Malaysia." The survey con...

Retail cornerstones fall in Britain, pushed by fast fashion and pandemic

elean 2 12 月

5 minutes

LONDON (NYTIMES) - The British department store Debenhams can trace its history back 242 years to a shop on Wigmore Street in central London. On Tuesday (Dec 2), it finally succumbed to the pressures of 21st-century e-commerce. After more than a year of restructuring and several months of trying to find a buyer, the company said it would begin shutting down. Debenhams is the second big retailer to topple in two days, after Arcadia Group, which owns brands including Topshop and Miss Selfridge, filed for bankruptcy protection on Monday. The two are also linked because Arcadia's brands have a big footprint in Debenhams, with sections set aside for their clothes. And so, as Christmas lights flicker above the sidewalks in Britain's downtowns and as the busiest shopping period of the year begins after a monthlong lockdown in England, the nation is watching two of its largest retailers fall. They have about 25,000 employees between them. More bankruptcies are expected, as the lockdowns have relentlessly exposed the retailers that have failed to pick up on customers' willingness to shop online. "The retail house of cards on the high street is in danger of collapse," said Susannah Streeter,...

Hewlett Packard Enterprise becomes latest tech firm to leave Silicon Valley

elean 2 12 月

4 minutes

SAN JOSE, CALIFORNIA (BLOOMBERG) - Hewlett Packard Enterprise (HPE), formed from one of the founding companies of Silicon Valley, plans to relocate its headquarters to Houston from San Jose, California, following years of waning technology-industry dominance that came with the rise of newer businesses focused on mobile and internet-based computing. The company said it was already building a "state-of-the-art" new campus in Houston, the fourth-largest US city. HPE also reported quarterly revenue that topped analysts' predictions, suggesting that businesses are upgrading their data-centre hardware during the coronavirus pandemic. The pandemic, with its work-from-anywhere arrangements, has given a number of tech companies an excuse to exit California, known for its high cost of living, hefty taxes and difficult commute. But HPE's move is particularly notable because Hewlett-Packard, which was founded in 1939 in a Palo Alto garage, was one of the original Silicon Valley success stories, said CNBC. Data analytics software company Palantir Technologies moved its headquarters to Denver, Colorado from Palo Alto, California, earlier this year, CNBC reported. Dropbox CEO Drew Houston also re...

UK retail collapses of Debenhams and Arcadia threaten 25,000 jobs in 24 hours

elean 2 12 月

5 minutes

LONDON (BLOOMBERG) - The UK retail industry suffered one of the harshest blows yet after two of the country's best-known retailers collapsed, putting 25,000 jobs at risk in less than 24 hours. Debenhams said on Tuesday morning (Dec 1) it's preparing to close its doors for good after failing to find a buyer. Late on Monday, Philip Green's Arcadia Group, which owns brands including Topshop and Dorothy Perkins, began insolvency proceedings. Both retailers have anchored malls and main streets across Britain for decades and operate about 600 stores combined. UK retailers have suffered a double whammy: the pandemic hit as many were struggling to adjust to online competition. The industry is set to lose 235,000 retail jobs this year, according to the Centre for Retail Research. The failure of Arcadia and Debenhams is "truly devastating" in a country where main streets are being increasingly hollowed out, said Richard Lim, chief executive officer of Retail Economics, a consultancy. "We cannot overstate the significance of the collapse given the vast property portfolio, number of jobs impacted and the reverberations felt across the industry." The UK government stands ready to support employ...

S&P 500, Nasdaq end at records on coronavirus vaccine, stimulus hopes

elean 2 12 月

3 minutes

NEW YORK (AFP) - Major US stock indices closed at records again on Tuesday (Dec 1) as optimism over potential coronavirus vaccines and revived stimulus talks in Congress offset worries about rising Covid-19 cases. All three major indices won solid gains, with the broad-based S&P 500 ending at 3,662.45, up 1.1 per cent, topping last week's record. The tech-rich Nasdaq Composite Index gained 1.3 per cent to finish at 12,355.11, also a record, while the Dow Jones Industrial Average climbed 0.6 per cent to 29,823.92. The market was back in rally mode after pausing Monday when equities finished lower. The European Medicines Agency said it would hold an extraordinary meeting on December 29 "at the latest" to consider emergency approval for a vaccine developed by Germany's BioNTech and US giant Pfizer. The announcement further advances the timeframe to finally bring the pandemic under control after it has dragged down the global economy. France plans to prioritise the most fragile and exposed groups to receive the vaccine in early 2021, followed by a second campaign for the rest of the population between April and June, President Emmanuel Macron announced. "For the first time since the pa...

CapitaLand divests 3 malls, office building for $448.7m

elean 2 12 月

3 minutes

CapitaLand has divested three malls in Japan and an office building in South Korea for a total of $448.7 million, as part of its ongoing portfolio reconstitution strategy, it said yesterday in an exchange filing. The real estate giant also announced it has made its first foray into Japan's logistics sector, entering into a joint venture with Mitsui & Co Real Estate, with CapitaLand as the majority partner, to develop and operate a logistics project in Greater Tokyo. The divested properties in Japan are La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, as well as Co-op Kobe Nishinomiya Higashi in Greater Osaka, which were sold for a total of 21.99 billion yen (S$283.6 million). It also divested Icon Yeoksam in Seoul for 142.2 billion won (S$165.1 million) in August. The office building was held through a private fund, Ascendas Korea Office Private Real Estate Investment Trust (Reit) 5. CapitaLand remains the asset manager of Icon Yeoksam and will continue to receive fee income. The group said the divestments were done above valuation, and the buyers are unrelated third parties. Post-divestment, CapitaLand will retain $3.8 billion of assets under management (AUM) in Japan an...

Bitcoin soars to all-time high as bulls say this time is different

elean 1 12 月

4 minutes

LONDON (REUTERS, BLOOMBERG) - Bitcoin soared to a record high against the US dollar on Monday (Nov 30), as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors that saw the virtual currency as a safe-haven and a hedge against inflation. The digital unit touched an all-time peak of US$19,864.15 (S$26,615), breaking its prior record set nearly three years ago. It was last up 6.1 per cent at US$19,306.35. Bitcoin, however, remains highly volatile. Last Friday, it dropped more than 8 per cent, below US$17,000, before rebounding on Monday. Bitcoin has posted an average daily move of 2.7 per cent this year, according to data compiled by Bloomberg. That compares with swings of 0.9 per cent for the price of gold, which is sometimes contrasted with digital assets and also hit a record in 2020. Bitcoin overall has gained more than 170 per cent this year, fuelled by a demand for riskier assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance. "Bitcoin is a natural safe haven for those seeking shelter from rapidly increa...

US food delivery giant DoorDash, with GIC among its investors, in $3.8b IPO

elean 1 12 月

3 minutes

NEW YORK (BLOOMBERG) - DoorDash, the biggest US food delivery company, is seeking to raise as much as US$2.8 billion (S$3.8 billion) in an initial public offering (IPO) that's part of an end-of-year US listings rush. The San Francisco-based company said in a filing on Monday (Nov 30) that it plans to sell 33 million shares for US$75 to US$85 each. At the top end of this range, the company could be valued at about US$32 billion. This valuation is an increase from when private investors valued DoorDash at about US$16 billion in June. The company's IPO price range could still change depending on demand for its stock on its roadshow with investors over the next week. After the listing, co-founder and chief executive officer Tony Xu will hold almost 42 per cent of DoorDash's Class B super-voting shares, which have 20 votes each. He also has voting control over the rest of the 20-vote shares, which are split between his co-founders, Stanley Tang and Andy Fang. They will control about 79 per cent of the voting power, according to the filing. SoftBank Group's Vision Fund will be the largest outside investor, with 25 per cent of the Class A shares. Venture capital firm Sequoia will own more...

Dow wraps best month since 1987 on Covid-19 vaccine hopes

elean 1 12 月

2 minutes

NEW YORK (AFP) - The Dow concluded its best month in more than three decades on Monday (Nov 30), with gains propelled by expectations for a 2021 recovery based on coronavirus vaccine progress. The blue-chip index suffered a 0.9 per cent drop in the session to finish at 29,638.64, but that's nearly a 12 per cent gain for all of November, making it the best month since January 1987. The broad-based S&P 500 dropped 0.5 per cent to 3,621.63, while the tech-rich Nasdaq Composite Index slipped 0.1 per cent to 12,198.74. The November gains followed a bruising October amid worries over rising coronavirus cases and fears of a contested US presidential election. But stocks have gained ground since the Nov 3 US presidential election as investors now expect an uneventful transfer of power at the White House, even though President Donald Trump has not conceded the race to former vice-president Joe Biden. Mr Trump has filed dozens of lawsuits but Mr Biden's victory has been confirmed after key states certified the results. Besides easing fears over political uncertainty, markets have rallied in the wake of a series of upbeat announcements on coronavirus vaccines, including one on Monday from Mod...

S&P Global to buy IHS Markit for $59 billion in 2020’s biggest merger

elean 1 12 月

5 minutes

NEW YORK (REUTERS) - Business information provider S&P Global agreed on Monday (Nov 30) to pay US$44 billion (S$59 billion) in stock to acquire IHS Markit in the year's biggest acquisition that will create a new data powerhouse serving Wall Street and the corporate world. The deal raises the stakes in the consolidation sweeping the fragmented financial information services industry, as companies race to create one-stop shops to lure the biggest clients and invest in artificial intelligence and machine learning. The agreement comes after London Stock Exchange Group's US$27-billion deal last year to acquire financial data provider Refinitiv from buyout firm Blackstone Group and Thomson Reuters, the parent of Reuters News. It puts pressure on rivals such as Bloomberg, Intercontinental Exchange, Factset Research Systems and Moody's to pursue similar moves. Not all of them provide the same financial data, yet most of them chase the same clients, from investment bankers and traders to corporate executives and treasurers. The combination of S&P Global and IHS Markit is bound to be reviewed extensively by antitrust regulators given the scrutiny that the London Stock Exchange's acquisition ...

S&P 500 ends down after rallying to best November ever

elean 1 12 月

3 minutes

NEW YORK (REUTERS) - The S&P 500 index ended lower on Monday (Nov 30) as investors took profits following a sharp rally in recent weeks that led to the benchmark's best November ever. Nine out of 11 of the major S&P 500 sectors fell, with the energy index tumbling 5.4% and leading losses, tracking a drop in crude prices. The S&P 500 technology index rose 0.7%, thanks in part to a 2.1% rise in Apple Inc shares. IHS Markit jumped 7.4% after data giant S&P Global agreed to buy the financial information provider in a US$44 billion deal that would be the biggest corporate acquisition of 2020. Month-end rebalancing of portfolios played into Monday's weakness, analysts said, as investors cashed in on gains after a strong month marked by updates of Covid-19 vaccines making headway and hopes of a swift economic rebound next year. A rotation into energy, industrials and financials, all expected by many investors to outperform as the economy recovers from its downturn, drove gains of almost 11% for the S&P 500 in November and helped the Dow Jones Industrial Average make its biggest monthly gain since 1987. "I would attribute (Monday's drop) to compounding concerns over the coronavirus, combin...

Singapore’s budding start-ups: Producing food-grade protein in a resource crunch

elean 30 11 月

1 minute

SINGAPORE - Sophie's Bionutrients, a Singapore-based start-up, has been working on plant-based protein flours that can be used to make milk alternatives or energy beverages. Its co-founder and chief executive Eugene Wang, 51, shared that the market for plant-based liquids is more accessible than the one for meat alternatives, given that plant-based milk does not require the same extensive research and development that meat-like products do. 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.

Producing food-grade protein in a resource crunch

elean 30 11 月

1 minute

Sophie's Bionutrients, a Singapore-based start-up, has been working on plant-based protein flours that can be used to make milk alternatives or energy beverages. Its co-founder and chief executive Eugene Wang, 51, shared that the market for plant-based liquids is more accessible than the one for meat alternatives, given that plant-based milk does not require the same extensive research and development that meat-like products do. 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.

Banking on technology for good

elean 30 11 月

1 minute

We are in the midst of a digital boom. Consumers have rapidly moved to online or mobile channels, with the Covid-19 pandemic speeding this shift. Companies have doubled down on their digital transformations to better interact with the newly minted digeratis. A record number of digital banking transactions are taking place in the banking and financial services sector, even among senior citizens. Every swipe on a mobile device or click of the mouse builds up data that organisations can distil. 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.

Strong demand for Landmark units on launch weekend

elean 30 11 月

2 minutes

The property market continues to draw interest amid the pandemic, with over 90 per cent of the 120 units released for The Landmark condominium snapped up on its launch weekend. About 110 units were sold as at yesterday, representing some 30 per cent of the total number of units at the 99-year leasehold project in Chin Swee Road. The units went for an average price of $2,250 per square foot (psf). About half of them are one-bedders with a starting price of $1,955 psf. Most of the buyers are Singapore citizens and permanent residents, said developer Landmark JV yesterday. Located on the northern foothills of Pearl's Hill, The Landmark comprises a single 39-storey tower of 396 one-to three-bedroom units with five decks of lifestyle facilities as well as views of the city skyline and southern coastline. It is expected to obtain the temporary occupation permit in March 2025. Landmark JV is a joint venture between MCC Land, SSLE Development and ZACD Group. The partners bought the site through a collective sale of the former Landmark Tower in May 2018 for some $286 million, or $1,406 psf per plot ratio. This includes a lease upgrading premium of $57 million. They also had to buy some adjo...

Large firms step up to help SMEs as govt aid tapers off

elean 30 11 月

4 minutes

Several large companies are helping small and medium-sized enterprises (SMEs) stay afloat as the coronavirus outbreak continues to take a toll on their finances and operations. The initiatives involve providing much-needed relief and training to firms at a time when some government assistance is tapering off as the economy gradually reopens. American software company Salesforce has partnered the Singapore Business Federation to hand out $960,000 in cash grants to eligible SMEs. The programme is expected to benefit 120 firms, which will each receive a grant of $8,000. They can use the funds for their immediate cash-flow needs, such as rent and operating costs, to pay staff wages and to upgrade their skills or to digitalise. Singapore-registered SMEs with at least 30 per cent local shareholding, an annual revenue of $150,000 to $2 million, and which employ between five and 50 employees, are eligible to apply. Applications opened last Monday and close on Dec 23. Firms can go to this website to find out more. Salesforce Singapore vice-president and general manager Cecily Ng said it is the right time for Singapore businesses to tap the grant money to fuel growth, given that the economy ...

The quicksand of overspending

elean 29 11 月

1 minute

By the time you read this, you might have already spent quite a bit of money shopping for great deals in the Black Friday sale, and there is still Cyber Monday to come. Christmas is just weeks away, so now seems as good a time as any to splurge with a vengeance. 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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