elean

Bitcoin mania is back in flashback to 2017 as cryptocurrency tops US$19,000

elean 25 11 月

4 minutes

NEW YORK (BLOOMBERG) - Celebrity endorsements, exchange outages, rafts of new trading accounts - Bitcoin mania is back. In a flashback to the frenzied run-up to Thanksgiving 2017, retail traders are piling into cryptocurrencies and driving prices back toward all-time highs. The number of first-time buyers is on course to eclipse December 2017, EToro, an Israeli-British firm, said. Bitcoin trades per day are 81 per cent greater than the rest of 2020 combined. Google searches for "coinbase," the crypto exchange, reached the highest level in at least a year, according to Google Trends. And crypto Twitter hasn't been this giddy in a long time. A quick tour through various hashtags yields a wealth of frothy posts. There's the GIF of a beaming waitress serving up glasses of champagne. "We bout to be rich," goes the tweet. Another fan charts Bitcoin's performance since 2017 and says, "...and here we are again." "Nothing like a pre-Thanksgiving Bitcoin run," said Catherine Coley, CEO of Binance.US. Bitcoin climbed within US$100 of its all-time high after surpassing US$19,000 (S$25,495) for the first time since 2017. It's now up more than 40 per cent in November alone and has more than doub...

MAS rolls out world’s first green loan grant scheme

elean 25 11 月

4 minutes

Companies of all sizes will get more support in securing green and sustainability-linked loans with a new grant scheme launched by the Monetary Authority of Singapore (MAS) yesterday. The initiative, called the Green and Sustainability-Linked Loan Grant Scheme, is a world first and will start in January next year, said MAS. It will also encourage banks to develop frameworks so that small and medium-sized enterprises (SMEs) can access such financing more easily. Green loans are those that help finance new or existing green projects, while sustainability-linked loans provide price incentives for borrowers to achieve sustainability performance targets. MAS managing director Ravi Menon said: "Loans are a key source of financing across Asia - be it for individuals, SMEs or large corporates. Therefore, there is significant opportunity to encourage firms across different industries to transition to more sustainable practices through green and sustainability-linked loans. "MAS' grants for green loans and bonds are an important part of the green finance ecosystem that Singapore is building - to support Asia's pivot towards a sustainable future." Singapore companies borrowed $10.2 billion th...

Events sector gearing up to help Republic retain its edge

elean 25 11 月

4 minutes

With several pilot events under way and others to come, Singapore's meetings, incentives, conventions and exhibitions (Mice) industry is gearing up to ensure that the Republic retains its position as a leading Mice hub. Experts said that there is a first-mover advantage to be captured, and Singapore's handling of the coronavirus crisis means that it is ready to reinforce its position as a global Mice destination, but with the necessary precautions in place. The Singapore Tourism Board (STB) is currently processing up to 50 applications to hold pilot Mice events with up to 250 participants each. At least 20 pilot events have been approved so far. Applications opened early last month, with event organisers required to comply with strict safe management measures and guidelines. The pilot events like last month's Singapore International Energy Week and the upcoming TravelRevive, where prototypes such as meeting pods for Mice events are put in place, provide insights that enable measures and guidelines to be refined, said Dr Edward Koh, executive director of conventions, meetings and incentive travel at STB. Pilot antigen rapid testing for Covid-19 will be scaled up at TravelRevive to p...

Indian units of Sembcorp, Saudi firm win govt auctions to sell solar power

elean 24 11 月

2 minutes

CHENNAI (REUTERS) - The Indian units of Sembcorp Industries and Saudi Arabia's Aljomaih Holding won government auctions to sell solar power for a record low of 2 rupees (S$0.036) per kilo watt hour (kWh), sources said. The tariff represented a discount of nearly a sixth from the lowest bid for solar power of 2.36 rupees in the auctions conducted by state-run Solar Energy Corp of India (SECI) in June. India, the world's third-biggest greenhouse gas emitter, has set a target of raising its renewable energy to 175 gigawatts (GW) by 2022 and 450 GW, from about 90 GW now. Sembcorp's Indian unit Green Infra Wind Energy will operate a solar plant with a capacity of 400 megawatts (MW), while Aljomaih Energy and Water will construct a 200 MW plant, a screengrab of the results of the auctions conducted by SECI showed. Three sources familiar with the matter, including a SECI official, independently confirmed the development. NTPC and Sembcorp declined comment. Reuters was not able to contact Aljomaih for comment beyond regular business hours. SECI, the country's main agency for renewable energy adoption, awards contracts to the company offering to sell electricity at the lowest price, followi...

SPH Reit manager defends not disclosing key personnel salaries

elean 24 11 月

2 minutes

SINGAPORE (THE BUSINESS TIMES) - The manager of SPH Reit on Monday (Nov 23) defended its decision not to disclose the salaries of its key management personnel in the real estate investment trust's (Reit) latest annual report, in response to a query from the Singapore Exchange. In its query, SGX noted that SPH Reit had not complied fully with a provision in the corporate governance code addressing the disclosure of remuneration for key management personnel. In its bourse filing addressing the query, SPH Reit Management acknowledged that the remuneration and breakdown with respect to its key management personnel have not been disclosed in SPH Reit's annual report. However, the report sets out the remuneration policy, its key objectives, considerations in fixing remuneration packages and the mix of remuneration, the manager said. In explaining its policy, the manager said that the remuneration of its directors and employees are not paid out of the deposited property of SPH Reit. The remuneration is paid directly by the manager, which is a private company. The fees that the manager gets from SPH Reit are disclosed in the annual report. "(There) is no misalignment between the remunerati...

Cyclical boost lifts stocks; Yellen news gives short bump

elean 24 11 月

3 minutes

NEW YORK (REUTERS) - US stocks closed higher in a choppy session on Monday (Nov 23) as hopes for a Covid-19 vaccine lifted economically sensitive sectors such as energy and industrials, but a pullback in megacap shares curbed gains on the S&P 500 and Nasdaq. Cyclicals led gains, with energy ahead by more than 6 per cent while industrials and financials each rose more than 1 per cent, as data showed monthly business activity expanded at the fastest rate in more than five years. Energy shares got a boost from another gain in oil prices, which have risen on anticipation a vaccine will help demand recover. "It's Monday vaccine trade day," said Ken Polcari, managing partner at Kace Capital Advisors in Jupiter, Florida. "As they move out of those growth names, it's still this continued move into larger cyclical, value names, which is why you see the Dow performing so well and the Nasdaq under some pressure." Declines in technology and tech-related heavyweight names such as Apple Inc and Netflix Inc muted gains as investors rotated out of stocks seen as safe bets following a coronavirus-led crash earlier this year. Major averages got a late boost after the Wall Street Journal reported US ...

S’pore economy turns corner on long road to recovery

elean 24 11 月

3 minutes

Singapore's economy has turned a corner and will rebound next year, though the recovery is expected to be gradual. It is still poised to grow by the fastest pace in a decade, helped by a low base, the Ministry of Trade and Industry (MTI) said yesterday. In its maiden forecast for next year, MTI said the economy may expand by 4 per cent to 6 per cent - the most since 2011, when it grew by 6.3 per cent. However, gross domestic product (GDP) will probably not return to pre-Covid-19 levels until the end of next year, it said while presenting the Economic Survey of Singapore. Trade and Industry Minister Chan Chun Sing said that while the growth outlook may have improved, there was still much work to be done. "While we are turning the corner, we still have a long way to go in our economic recovery," he said. Meanwhile, some of the gloom brought on by the pandemic is being dispelled. There were signs that the continued expansion of trade and manufacturing, and a gradual recovery in construction-and tourism-related sectors, would spur the rebound. For this year, the economy will contract by 6.5 per cent to 6 per cent - less than the previous estimate of a 7 per cent to 5 per cent shrinkage...

Company Briefs: Keppel Corp

elean 24 11 月

2 minutes

Keppel Corp Keppel Corp is making a slew of leadership changes at a few of its key business units. Among the changes are Keppel Land's chief operating officer Louis Lim succeeding Mr Tan Swee Yiow as the unit's chief executive officer, with Mr Tan appointed senior managing director of urban development at Keppel Corp. Keppel Infrastructure CEO Ong Tiong Guan is retiring and will be succeeded by Ms Cindy Lim, who is Keppel Corp's director of group corporate development and Keppel Urban Solution's managing director. The changes take effect from Feb 15 next year. THE BUSINESS TIMES Broadway Industrial Group Broadway Industrial Group on Nov 17 received a draft binding letter of intent from a potential buyer to acquire its hard disk drive business. At the time, the company was confident an agreement would follow, and thus requested a trading halt on Nov 18. However, further negotiations with the potential buyer were required, and thus no binding agreement has been reached yet, Broadway Industrial said in a bourse filing on Sunday night. The mainboard-listed precision manufacturer added that it remains in negotiations with the potential buyer. THE BUSINESS TIMES QT Vascular Catalist-list...

Singapore raises trade forecasts for 2020; non-oil exports up 6.5% in Q3

elean 23 11 月

3 minutes

SINGAPORE - Singapore's overall trade and non-oil domestic exports (Nodx) are forecast to grow in 2021, in line with predictions that the global economy will expand over the next year from a low base. Total merchandise trade is expected to rise by 1 to 3 per cent for 2021, while Nodx is projected to expand by 0 to 2 per cent, government agency Enterprise Singapore said in its report on Monday (Nov 23). It has also raised its forecast for the Republic's total merchandise trade in 2020, predicting it to shrink at a slower pace of 7 to 7.5 per cent over last year, compared to the -10 to -8 per cent slide forecast in August. 2020 Nodx is tipped to grow by 4 to 4.5 per cent year on year, compared with the previous forecast of 3 to 5 per cent. The revised predictions were made amid better-than-expected performance for specific products such as non-monetary gold and specialised machinery, as well as electronics. Shipments expanded by 6.5 per cent in the third quarter on growth in both electronic and non-electronic Nodx, adding to the 5.9 per cent rise from the previous quarter. This was largely bolstered by growth in non-monetary gold and specialised machinery trade, ESG said. Non-electro...

Singapore economy shrank 5.8% in Q3, better than estimate; 4% to 6% growth forecast for 2021

elean 23 11 月

3 minutes

SINGAPORE - Singapore's economy will rebound in 2021, helped by a low base, but it will probably not return to pre-Covid levels until the end of next year. The economy will contract by 6.5 to 6.0 per cent in 2020, compared to the previous estimate of -7 to -5 per cent, the Ministry of Trade and Industry said on Monday (Nov 23) while presenting the Economic Survey of Singapore. The forecast for 2020 has been narrowed due to Singapore's better than expected economic performance in the first three quarters, said Mr Gabriel Lim, Permanent Secretary for Trade & Industry, in his opening remarks at a virtual press briefing on Monday. The economy is expected to grow by 4.0 to 6.0 per cent in 2021, helped by continued expansion of trade and manufacturing and a gradual recovery in construction and aviation- and tourism-related sectors, he said. "While growth is expected to rebound from the low base this year, our economic recovery is expected to be gradual, with GDP not likely to return to pre-Covid levels until the end of 2021," Mr Lim noted. "Furthermore, there remains uncertainty over how the Covid-19 situation will evolve globally in the year ahead, which will depend in part on the progr...

Putien: From hometown dishes to household name and global brand

elean 23 11 月

1 minute

SINGAPORE - When Mr Fong Chi Chung arrived in Singapore some 20 years ago from his native Fujian province to start his coffee shop eatery in Kitchener Road serving his hometown food, little did he imagine his humble venture would one day become an international chain of over 70 restaurants in 11 cities, including a Michelin-starred outlet. Besides 14 restaurants in Singapore, Putien now has outlets in Indonesia, Malaysia, the Philippines, Taiwan, Hong Kong and the Chinese cities of Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou. 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.

HSBC among banks driving greener future economy

elean 23 11 月

1 minute

With the coronavirus pandemic, attention has been drawn to the state of the planet, global warming and social issues such as inequality. This trend is set only to increase, said HSBC Singapore chief executive Tony Cripps, with financial institutions such as banks playing a growing role in sustainability efforts and leading the way for companies to enter the future green economy. 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.

Banks like HSBC to drive future green economy

elean 23 11 月

1 minute

SINGAPORE - With the coronavirus pandemic, attention has been drawn to the state of the planet, global warming and social issues like inequality. This trend is only set to increase, said HSBC Singapore's chief executive Tony Cripps, with financial institutions like banks playing a growing role in sustainability efforts and leading the way for companies to enter the future green economy. 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.

The secret of Estee Lauder’s success

elean 22 11 月

6 minutes

(BLOOMBERG) - In the midst of taking Estee Lauder public in 1995, Mr Leonard Lauder, the company's then chairman and chief executive, fielded a question from an investment banker during the roadshow. "If your products are so good," the banker asked Mr Lauder, then in his 60s, "why do you have so many lines on your face?" Fortunately, Mr Lauder writes in his new book, The Company I Keep: My Life In Beauty, "my wrinkles didn't deter investors". His comeback came in the stock's debut. It opened at US$26 a share and climbed to US$34.50 in its first day of trading. He hasn't quite written an autobiography; there isn't much discussion of his personal life, friends, travels or lifestyle. Most of the names you'll find in the book are hard-working employees whom Mr Lauder singles out for praise, various industry competitors and luminaries with whom he has collaborated in various industries. Aside from his mother, father, first wife Evelyn, and second wife Judy, even Mr Lauder's relatives don't get much print. Of his younger son Gary, who chose not to join the family business, Mr Lauder writes that "Gary has a dedicated sense of philanthropy and doing his own thing" and leaves it at that. Bu...

When staff can choose to work to 100 and beyond

elean 22 11 月

1 minute

The traditional concept of retirement has been, well, retired at Prudential Singapore. The insurer is one of very few companies here that has done away with the notion of retirement for all its employees, including long-serving staff like Ms Sue Li, 64, Mr Abdullah Rahim and Ms Mary Goh, both 62. 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.

Investors should look at how companies are run

elean 22 11 月

6 minutes

When it comes to choosing stocks, most investors use traditional financial metrics such as earnings, return on equity and net asset value. Some might look at charts while others use a combination of fundamentals and technical indicators. It is about time retail investors looked at another important aspect - the company's corporate governance. This is because companies that are well governed tend to perform better than those with weak or poor governance. A research paper, "Good governance driving corporate performance?" by Deloitte and Nyenrode Business University, found there is conclusive evidence that good governance variables - namely, board independence, diversity, remuneration, characteristics of the chief executive officer, oversight and ownership structure - are all important in enhancing corporate performance. In 2017, a Boston Consulting Group study noted: "An analysis of more than 300 of the world's largest pharmaceutical, consumer goods, oil and gas, banking and tech companies found that those with more ethical operations... make bigger profits and are more highly valued than competitors." In that same year, a Singapore Management University study noted that the Singapor...

Critical for insurance to be more transparent

elean 22 11 月

1 minute

Many of us shove our insurance policies into the drawer and give them no further thought, yet they are probably the second-most valuable "asset" families have after their homes. After all, it is not uncommon for people to take out life policies to insure themselves for hundreds of thousands or even millions of dollars. 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.

When staff can choose to work to 100 and beyond

elean 22 11 月

1 minute

The traditional concept of retirement has been, well, retired at Prudential Singapore. The insurer is one of very few companies here that has done away with the notion of retirement for all its employees, including long-serving staff like Ms Sue Li, 64, Mr Abdullah Rahim and Ms Mary Goh, both 62. 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.

Wall Street closes lower as surging Covid-19 cases offset vaccine hopes

elean 21 11 月

4 minutes

NEW YORK (REUTERS) - US stocks closed lower on Friday (Nov 20) as investors wrestled with fiscal stimulus developments, concerns over a lengthy rollout of vaccines, and a growing number of state-level shutdowns to combat the spiralling Covid-19 pandemic. Stay-at-home plays such as Zoom Video Communications and Netflix, which have outperformed throughout the health crisis, helped curb the Nasdaq's loss. Throughout the week, the ebb and flow of vaccine news and spiking infections had investors oscillating between economically-sensitive cyclical stocks and pandemic-resistant market leaders. The S&P 500 and the Dow posted marginal losses for the week, while the tech-laden Nasdaq settled a bit higher from last Friday's close. "Markets are still stuck in a push-and-pull between the dramatic rise of new Covid cases versus apparent progress on vaccines," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "This is likely to continue until we have an approved and distributed vaccine." US Treasury Secretary Steven Mnuchin announced late on Thursday that he would allow key pandemic-relief lending programmes at the Federal Reserve to expire at the end of the year,...

Nelson Loh said to have left Singapore as police probe firm

elean 21 11 月

4 minutes

Mr Nelson Loh, 40, co-founder of Novena Global Healthcare Group (NGHG) which is under police investigations, has left Singapore, said his cousin and former business partner Terence Loh. This came in a statement yesterday from Mr Terence Loh, 43, in response to an application by DBS Bank to wind up NGHG subsidiary Novena Global Healthcare. "Perhaps more than anyone else, I feel deeply betrayed by Nelson, who has left Singapore and appears to have no intention to sort out this terrible mess we are left with." The Straits Times understands from sources that Mr Nelson Loh is in China. The Singapore Police Force said it is unable to confirm whether Mr Nelson Loh has left the country, while the Immigration and Checkpoints Authority said it cannot discuss the details of individual cases for reasons of confidentiality. On Tuesday, DBS had applied to the High Court to wind up Novena Global Healthcare, which is believed to owe the bank millions of dollars. The application will be heard on Dec 11 and the subsidiary faces possible liquidation if the court agrees. The Singapore subsidiary of the Cayman Islands-incorporated group also faces further enforcement action from the Accounting and Corp...

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