elean

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,...

IBM to hire and train 300 S’poreans over next 4 years

elean 21 11 月

3 minutes

IBM will hire and train 300 Singaporeans in emerging technological areas over the next four years, under a memorandum of intent (MOI) that the tech giant and the Infocomm Media Development Authority (IMDA) signed yesterday. Applicants will receive training for roles such as data scientists and cloud architects in the company-led initiative, which falls under IMDA's TechSkills Accelerator programme. Of the 300 roles on offer, 60 are for mid-career professionals, while the other 240 are open to both new and mid-career professionals. The initiative is part of IBM's Future-Ready Intelligent Digital Workforce Programme, which aims to meet the demand for technology consulting and deep technical skills - both needed to support the acceleration of digital transformation across all industries. It is also in support of the SG-United Jobs and Skills Package. Participants in IBM's programme will be exposed to emerging technologies such as artificial intelligence (AI), blockchain and the Internet of Things. They will be assigned to work with local, regional and global teams on a variety of projects to gain practical experience. Communications and Information Minister S Iswaran, who witnessed th...

SPH shares jump 19% on heavy volume

elean 21 11 月

2 minutes

Shares of Singapore Press Holdings (SPH) surged yesterday amid active trading, prompting a query from the bourse operator. The stock surged 10.5 per cent to hit $1.16 at around 11.08am, according to ShareInvestor data. The last time the counter closed at such levels was in late July. It sustained its rally yesterday afternoon, jumping to $1.23 on a cum-dividend basis as at 3.38pm, up 17.1 per cent from Thursday's close. Some 69.5 million shares had changed hands by then, making the counter the second-most traded by value on the Singapore bourse, and fifth by volume. About 65 large trades - each valued at more than $150,000 - were done during the morning trading session. It eventually closed 19.05 per cent higher at $1.25, with 85.6 million shares changing hands. This represented over 5 per cent of SPH's issued and paid-up shares. The Newspaper and Printing Presses Act has, since 2002, prohibited any person from owning 5 per cent or more of a newspaper company without approval from the Minister for Communications and Information. In response to queries from the Singapore Exchange on the unusual trading activity, SPH said it regularly evaluates all opportunities across its portfolio ...

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...

Health-tech start-up SenzeHub uses wearables to monitor patients’ condition

elean 21 11 月

1 minute

SINGAPORE - Health-tech start-up SenzeHub develops wearables that monitor patients' vital signs such as heart rate and temperature. These devices help flag any deterioration in the user's condition and provide an early alert for emergencies. The Singapore-headquartered firm was set up last year after responding to an innovation challenge by Intellectual Property Intermediary, a non-profit organisation established by the Ministry of Trade and Industry. 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.

Japan’s consumer prices fall at fastest pace in decade, reviving deflation fears

elean 20 11 月

2 minutes

TOKYO (REUTERS) - Japan's core consumer prices fell in October at their fastest pace annual in nearly a decade as the boost from last year's sales tax hike petered out, heightening fears of a return to deflation for an economy still dealing with Covid-19. Analysts expect consumer prices to continue falling in coming months due to sluggish consumption, casting doubt on the central bank's view Japan will eventually see prices bounce back towards the central bank's elusive 2 per cent inflation target. The nationwide core consumer prices, which excludes volatile fresh food costs, fell 0.7 per cent in October from a year earlier, government data showed on Friday (Nov 20), matching a median market forecast. It was the third straight month of declines and the biggest year-on-year drop since March 2011, the data showed. The decline was largely a result of the high base effect of a boost to inflation last year, following a sales tax hike to 10 per cent from 8 per cent, as well as a more recent government discount campaign for domestic travel aimed at reviving tourism, which weighed on prices. Prices also fell for gasoline, fuel and hotel accommodation, the data showed. Japan's economy grew ...

Air travel in US, Europe was gaining momentum. Now what?

elean 20 11 月

6 minutes

NEW YORK (NYTIMES) - Confidence about the course of the Covid-19 pandemic has helped put passengers back on planes in recent months, and Thanksgiving week is shaping up to be one of the busiest periods for US air travel since it came to a near-standstill in the spring. News that effective vaccines may be close at hand lifted airline stocks. But new concerns over the spread of the virus are rattling travelers and threatening airlines' hopes for the months ahead. United Airlines said on Thursday (Nov 19) that bookings had slowed and cancellations had risen in recent days because of the surge in virus cases. The Centers for Disease Control and Prevention urged Americans to avoid holiday travel altogether, presenting the industry with its latest wrenching question: How dark can this winter get? "There's two trains running toward us," said John Grant, a senior analyst with OAG. "One is full of optimism on a vaccine, and the other is, sadly, full of more caution. Who gets there first?" When Angela Henry booked her Thanksgiving flights months ago, she had no idea that the United States would be setting new coronavirus infection records as the holiday approached. She also didn't know that ...

Fear for 4,700 jobs as two UK retailers go into administration

elean 20 11 月

2 minutes

LONDON (AFP) - UK fashion chains Peacocks and Jaeger have gone into administration, their owners announced on Thursday (Nov 19), putting 4,700 jobs at nearly 500 shops under threat. Parent company the EWM group, which had been searching for a buyer, said administrators had been appointed, although no redundancies or store closures had yet been confirmed. Peacocks is based in Cardiff and has 423 shops across the country with 4,369 staff. Jaeger runs 76 stores and concessions and has 347 employees. EWM earlier this month placed its Edinburgh Woollen Mill and Ponden Home businesses into administration and had hoped to find a buyer or investor to take over Peacocks and Jaeger. A two-week High Court deadline for them to do so has now expired. Joint administrator Tony Wright, from FRP Advisory, said they were in "advanced discussions with a number of parties and working hard to secure a future for both businesses". EWM blamed "the continuing deterioration of the retail sector" due to coronavirus closures and restrictions, which had complicated the process of finding a potential buyer. "While those talks are ongoing, we no longer have an option to extend the standstill agreement originall...

Former Wirecard boss stonewalls German lawmakers’ inquiry

elean 20 11 月

3 minutes

BERLIN (REUTERS) - Wirecard's former boss stonewalled questions from lawmakers on Thursday (Nov 19) when he was temporarily released from jail for an inquiry into post-war Germany's biggest corporate fraud. Markus Braun, wearing his hallmark turtle neck and a blazer, declined to answer more than 50 questions about Wirecard's demise, other than to say no German officials behaved inappropriately. Braun, who has denied any wrongdoing and said Wirecard was the victim of a wider fraud, is in jail awaiting trial. He told lawmakers on Thursday he had confidence in the German legal system but said little else in a prepared speech. The former chief executive's stance is a setback for lawmakers investigating the implosion of a German tech star once worth US$28 billion, which folded owing billions. Braun said he had also refused to speak to Munich state prosecutors, who have charged him with fraud and embezzlement, although he pledged to cooperate with them. Some of the German parliamentarians, who were visibly irritated, resorted to posing questions of Braun such as about his family, before the hearing was temporarily disbanded. Braun's appearance, which is being closely watched in Germany a...

US stocks gain on revived stimulus talks

elean 20 11 月

3 minutes

NEW YORK (AFP) - Wall Street stocks snapped a two-session skid on Thursday (Nov 19) as optimism over revived US stimulus talks countered worries about higher coronavirus cases. The Dow Jones Industrial Average added 0.2 per cent at 29,483.23. The broad-based S&P 500 gained 0.4 per cent to 3,581.87, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 11,904.71. Aides to top US lawmakers met to again discuss passing another spending Bill after months of stalemate on a package to support the coronavirus-ravaged US economy. That helped shift attention from the coronavirus as the US added more than 170,000 new Covid-19 cases, according to Johns Hopkins University. The US Centres for Disease Control and Prevention urged Americans against travelling for the Thanksgiving holiday next week in light of the worsening outbreak. Some states have begun to reimpose restrictions, but “Covid-fatigue” and public resistance makes extreme lockdowns unlikely, said economist Joel Naroff. “We will not be facing anything like what happened in the spring,” Naroff said in a note. “Nevertheless, the steps to reduce virus cases, hospitalisations and deaths are likely to cause workers to be laid ...

Asia shares fall as fresh Covid-19 outbreaks overshadow vaccine progress

elean 19 11 月

3 minutes

NEW YORK (REUTERS) - Asian stocks followed Wall Street's sharp selloff on Thursday (Nov 19) as concerns about rising coronavirus infections and new shutdowns in major US cities hosed down earlier investor enthusiasm about Covid-19 vaccine developments. Bearish sentiment triggered a late-session retreat in stock markets on Wednesday after a surge in new Covid-19 infections prompted New York City, which has the largest school district in the United States, to halt in-person learning starting from Thursday. The news of the shutdowns overshadowed Pfizer Inc's announcement that its covid-19 vaccine was 95 per cent effective and that the company would apply for emergency US authorization within days. Pfizer's vaccine has a similar effectiveness as the candidate developed by Moderna Inc. "It's like a seesaw, the fight between the growth of Covid and the excitement about the vaccine is really weighing on the market," said Hilary Kramer, chief investment officer for Kramer Capital Research in New York. Australia's S&P/ASX 200 lost 0.5 per cent in early trading, while Hong Kong's Hang Seng index futures lost 0.02 per cent. Japan's Nikkei 225 fell 0.4 per cent. New York City joined other larg...

Google to integrate bank accounts in payments app

elean 19 11 月

2 minutes

SAN FRANCISCO (AFP) - A Google bank account? The internet giant said on Wednesday (Nov 18) it would be partnering with commercial banks and credit unions starting next year to allow users to manage mobile-based accounts through the Google Pay platform, in the latest move by tech giants into consumer finance. "People do almost everything on their phones today, but for many, the way they save, pay and engage with their bank has remained unchanged," said Caesar Sengupta, vice president of Google Payments. "That's why we're working with trusted financial institutions to create Plex, a new mobile-first bank account integrated into Google Pay." The Plex Accounts for US consumers will be offered with no monthly fees, overdraft charges or minimum balance requirements, according to Google, which said 11 banks and credit unions were participating. Google at the same time said it was updating its Google Pay app to help users better organise payments to people and businesses. "Instead of showing a stack of cards or a long list of transactions, the new Google Pay app focuses on the friends and businesses you transact with most frequently," Mr Sengupta said. The initiative comes with tech giants...

Former Yahoo CEO Marissa Mayer makes comeback with new app to organise contacts

elean 19 11 月

2 minutes

WASHINGTON (AFP) - Former Yahoo chief executive Marissa Mayer began her comeback to the tech scene on Wednesday (Nov 18) with the launch of a new mobile app aimed at helping people organise their contacts. The start-up created by Ms Mayer after her departure from Yahoo in 2017 unveiled its app called Sunshine Contacts, which "automatically creates a comprehensive set of your personal and professional contacts from disparate places like your phone, online address books, and email," according to the company. "The essential technologies that help us stay connected to those who matter most are antiquated," said Ms Mayer, co-founder and CEO of Sunshine, which was previously known as Lumi Labs. "At Sunshine, we believe there's an immense opportunity to make the mundane magical. It's been an extremely challenging and rewarding problem to tackle and we're just getting started." Sunshine, based in Silicon Valley, has raised US$20 million in capital and plans to launch a series of other applications. The Sunshine Contacts app, which is free and available for the Apple iOS operating system, aims to help users create more organisation of their personal and professional contacts. "If you are li...

US stocks sag as New York shuts schools on Covid-19 rise

elean 19 11 月

3 minutes

NEW YORK (AFP) - Wall Street stocks fell for a second straight session on Wednesday (Nov 18), tumbling after New York City ordered public schools closed with anxiety over the coronavirus deepening. Equities were choppy throughout the day, but took a distinct downward path once New York Mayor Bill de Blasio announced the school closures after the city hit its target of a seven-day average coronavirus positivity rate of 3 per cent. The move came as US coronavirus cases tick higher, with Johns Hopkins University reporting nearly 162,000 new cases in the last day. The Dow Jones Industrial Average finished down 1.2 per cent at 29,438.42. The broad-based S&P 500 also shed 1.2 per cent to 3,567.79, while the tech-rich Nasdaq Composite Index lost 0.8 per cent at 11,801.60. "This is a tug of war between vaccine excitement and nervous trepidation" about the virus, said Art Hogan, chief market strategist at National Securities. Still, Hogan noted that stocks are still at a high level, with both the Dow and S&P 500 ending at records on Monday. Among individual shares, Pfizer rose 0.8 per cent as said it planned to apply for emergency use authorisation of a coronavirus vaccine "within days" fol...

Virgin Australia to position itself as mid-market airline, new CEO says

elean 18 11 月

2 minutes

SYDNEY (REUTERS) - Virgin Australia will position itself as a mid-market airline targeting around a one-third share of the domestic aviation market under the ownership of US private equity firm Bain Capital, the airline's new chief executive said on Wednesday (Nov 18). Virgin's shift from being a full-service carrier will mark the end of a decade-long arms race with Qantas Airways for corporate travellers involving lavish airport lounges, celebrity chefs and lie-flat business seats on longer domestic flights. "Australia already has a low-cost-carrier and a traditional full-service airline, and we won't be either," new Virgin Australia chief executive Jayne Hrdlicka said in a statement, in reference to Qantas and its low-cost offshoot Jetstar. "Virgin Australia will be a mid-market carrier appealing to customers who are after a great value airfare and better service." The country's second-biggest airline said it would introduce new on-board food purchase options in economy class but would retain business-class seats and airport lounges in major cities. It would also continue to include checked baggage in its economy-class fares. In-flight Wi-Fi and entertainment remains under review...

ST Engineering to reorganise into commercial and defence & public security clusters

elean 18 11 月

2 minutes

SINGAPORE (THE BUSINESS TIMES) - Mainboard-listed ST Engineering will be reorganised into two main clusters from the new year - commercial, and defence & public security, which replace the sector-structure of aerospace, electronics, land systems and marine. The change in structure was announced in a regulatory filing on Tuesday (Nov 17), which ST Engineering said will position the group for its next phase of growth, and propel it towards becoming a global technology, defence and engineering powerhouse. The commercial cluster will drive the group's international growth in commercial aerospace, urban solutions and satellite communications. This cluster combines into one integral unit the group's smart-city technologies and capabilities, which now reside in the four sectors. The commercial aerospace team will continue to drive long-term growth of the aerospace businesses in aero structures and systems, maintenance, repair and overhaul (MRO), and aviation-asset management. Urban solutions and satellite communications teams will drive the group's smart-city business growth, said ST Engineering. The defence & public cluster will integrate capabilities in digital systems and cyber, land s...

Amazon launches online pharmacy in new contest with drug retailers

elean 18 11 月

3 minutes

NEW YORK (REUTERS) - Amazon.com on Tuesday (Nov 17) launched an online pharmacy for delivering prescription medications in the United States, increasing competition with drug retailers such as Walgreens, CVS Health and Walmart. Called Amazon Pharmacy, the new store lets customers price-compare as they buy drugs on the company's website or app. Shoppers can toggle at checkout between their co-pay and a non-insurance option, heavily discounted for members of its loyalty club Prime. The move builds on the web retailer's 2018 acquisition of PillPack, which Amazon said will remain separate for customers needing pre-sorted doses of multiple drugs. Shares of pharmacy chains, drug wholesalers and grocers fell in afternoon trading. Amazon's shares were up nearly 1 per cent. Over the past two years, Amazon has worked to secure more state licences for shipping prescriptions across the country, which had been an obstacle to its expansion into the drug supply chain, according to analyst notes from Jefferies Equity Research. The company founded as an online bookseller has disrupted industries including retail, computing and now potentially pharmaceuticals, drawing criticism of its size and power...

US stocks retreat from records amid Covid-19 gloom

elean 18 11 月

2 minutes

NEW YORK (AFP) - US equities had another bumpy ride on Tuesday (Nov 17), pulling back from new records to close lower as the spike in coronavirus infections undermined tentative optimism about the economic recovery. The bellwether Dow Jones Industrial Average fell 0.6 per cent to end at 29,783.35, after finishing at an all-time high on Monday. The S&P 500, which also closed at a record Monday, lost 0.5 per cent to 3,609.53, while the tech-rich Nasdaq Composite Index dipped 0.2 per cent to 11,899.34. Wall Street has lurched up and down in recent weeks, with changing economic fortunes. The recent rally has been propelled by optimism over news of two successful coronavirus vaccines. But sentiment has been blunted by worries over skyrocketing Covid-19 cases that are leading to new restrictions and undermining hopes economic activity can return to normal soon. Federal Reserve Chair Jerome Powell highlighted the need for caution, noting "significant challenges and uncertainties" about the timing, production, distribution and efficacy of the vaccines. "With the virus now spreading at a fast rate, the next few months may be very challenging," Powell said in a discussion. "So it's probably ...

Retailers and stores fret ahead of holiday season this year

elean 18 11 月

4 minutes

NEW YORK • The formula for retailers on Black Friday is usually pretty simple: Cut prices, stock shelves, prepare for crowds and make sure orders arrive on time. This year - like everything in 2020 - is anything but. America's biggest apparel retailers and department stores are anxious ahead of the crucial holiday period. That is because all the new tools they have hastily rolled out and scaled up amid the global pandemic, such as in-store and curbside pickup and direct shipping from stores, have not really been battle-tested. So if they fail, an already disastrous year could get that much worse. "These companies are used to somewhat regular patterns," said Fitch Ratings retail analyst David Silverman. "All of that has gone out of the window." Companies have laid out how they are getting ready: Kohl's Corp chief executive Michelle Gass, for example, said she is pushing shoppers to retrieve their online purchases in stores, instead of getting them shipped to their homes. This would relieve the company's distribution centres. Old Navy CEO Nancy Green, meanwhile, said the budget apparel chain is shipping more products directly from stores to customers' homes. But it is clear that this...

Singapore non-oil exports post surprise 3.1% drop in October

elean 17 11 月

2 minutes

SINGAPORE - Singapore's non-oil domestic exports (Nodx) shrank unexpectedly in October, snapping four straight months of growth, due to fewer shipments of non-monetary gold and electronics such as integrated circuits. Nodx fell 3.1 per cent, after expanding a revised 5.8 per cent in September, according to data from Enterprise Singapore (ESG) on Tuesday (Nov 17). Shipments also missed the 5.1 per cent growth forecast by analysts in a Bloomberg poll. Month on month and seasonally adjusted, Nodx in October fell 5.3 per cent, less than the previous month's drop of 11.4 per cent. Electronics shipments dipped 0.4 per cent, after rising 21.4 per cent the previous month. Integrated circuits, other computer peripherals and PC parts fell by 12.8 per cent, 6.9 per cent and 1 per cent respectively, contributing the most to the decline in electronic Nodx. Shipments of non-electronics also had a poorer performance, shrinking 3.9 per cent in October after a 1.7 per cent expansion the previous month. Exports of non-monetary gold plunged 61 per cent, while petrochemicals and miscellaneous manufactured articles fell 15.3 per cent and 37.3 per cent respectively, contributing the most to the decline ...

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