elean

Cortina plans to acquire Sincere Watch for $84.5 million

elean 17 11 月

2 minutes

SINGAPORE (THE BUSINESS TIMES) - Mainboard-listed luxury watch retailer Cortina Holdings has proposed to acquire Sincere Watch for $84.5 million in cash, it said in an exchange filing early Tuesday morning (Nov 17). Cortina said the proposed acquisition will provide it with exclusive distributorship rights to the Frank Muller brand in 12 countries within the Asia-Pacific. It added that the deal will also give Cortina access to Sincere Watch's arsenal of brands that can be distributed across 40 combined outlets, and create operational synergies that will increase the Cortina group's value to both consumers and business partners. The target group to be acquired - including Sincere Watch's several subsidiaries and an associated company - operates 18 boutiques, with a portfolio including Omega, Audemars Piguet, Panerai and Tudor. Sincere Watch runs multi-brand retail under the Sincere brand in Singapore and Malaysia, and under the Pendulum brand in Thailand. In addition, it runs mono-brand boutiques for Franck Muller in Singapore and Australia, A. Lange & Söhne in Malaysia, as well as A. Lange & Söhne, Breitling and IWC in Thailand. The purchase price of $84.5 million represents a disc...

Tesla to join S&P 500 next month as largest-ever new member

elean 17 11 月

5 minutes

NEW YORK (BLOOMBERG) - Tesla, Elon Musk's 17-year-old upstart carmaker, took a giant step toward blue-chip respectability on Monday (Nov 16), getting named to one of the world's most famous stock indexes in an action that will greatly broaden its investor base. The announcement that Tesla will enter the S&P 500 on Dec 21 follows months of speculation, and one temporary setback, after the stock failed to make the cut during the index's quarterly rebalancing in early September. The anticipation has helped drive a nearly fivefold rally in the stock this year to almost US$390 billion (S$524.6 billion), making the electric vehicle (EV) pioneer the biggest company ever to be added to the gauge. It will also be one of the index's most influential constituents with a weighting that falls around those of Berkshire Hathaway Inc., Johnson & Johnson and Procter & Gamble Co. It's so big that S&P Dow Jones Indices said it is seeking feedback from the investment community to determine if Tesla should be added all at once or in two separate pieces. The company that Tesla is to replace in the index will be named later, the index provider said. Tesla shares rose as much as 15 per cent to US$467.50 o...

Airbnb IPO filing shows Q3 profit of $294.6m amid pandemic

elean 17 11 月

3 minutes

SAN FRANCISCO (REUTERS) - Airbnb's initial public offering paperwork showed on Monday (Nov 16) the home rental start-up turned a profit in the third quarter due to aggressive cost cuts, as it prepares for one of the most anticipated stock market debuts in recent years. Its quarterly numbers were helped by a pick up in local travel, even though the overall revenue growth for the first nine months of 2020 was hurt by the fallout of the Covid-19 pandemic. The IPO plans mark a turnaround of sorts for a company that was crippled at the outset of the health crisis. Airbnb's revenue fell 18 per cent to US$1.34 billion (S$1.8 billion) from a year earlier, but it reported net profit of about US$219 million (S$294.6 million) in the quarter, helped mainly by a clampdown on costs. "The recovery in the second and third quarters of 2020 is attributable to the renewed ability and willingness for guests to travel, the resilience of our hosts, and relative strength of our business model," Airbnb said. Airbnb had in May decided to lay off 25 per cent of its workforce, suspend marketing activities for the year and seek emergency funding from investors, including Silver Lake and Sixth Street Partners,...

Businessman Mark Wee makes offer for Blumont at 80% discount

elean 17 11 月

2 minutes

SINGAPORE (THE BUSINESS TIMES) - Businessman Mark Wee Liang Yee has triggered a mandatory unconditional cash offer to buy out Blumont Group after acquiring from Ultimate Horizon a 50.8 per cent stake in the company. The transaction was done through the purchase of some 14 billion shares at 0.04 cent each. As a result, it is making a similar offer for the shares it does not already own at the same price. But unlike most offers which are at premiums to the prevailing trading prices, Mr Wee's offer carries an approximately 80 per cent discount to Blumont's share price, whether for the one-, three- or six-month period leading up to its last trading day before the offer. So far, Ultimate Horizon has undertaken to reject the offer for its remaining 29.5 per cent stake in the firm. Ultimate Horizon is owned by Malaysian businessman and non-executive chairman of Blumont, Siaw Lu Howe. It had in August 2017 launched a mandatory takeover of the company at 0.0182 cent apiece, but failed to amass sufficient acceptances to push the deal through. Blumont was one of the companies implicated in the 2013 penny stock collapse. The penny stocks trial is ongoing. Its latest annual report listed its bu...

Asia stocks gain as vaccine shields Covid-19 second wave worries

elean 16 11 月

4 minutes

SYDNEY (REUTERS) - Asia's stock markets opened higher on Monday (Nov 16), as vaccine optimism offset worries about rising coronavirus cases in Europe and new lockdowns in the United States, while oil prices and risk-exposed currencies also edged higher. Japan's Nikkei opened 1 per cent higher at 29-year peak. Australia's ASX 200 rose 1 per cent to an eight-month high and MSCI's broadest index of Asia-Pacific shares outside Japan stood at its highest since January 2018. S&P 500 futures rose 0.7 per cent following the index's record closing high on Friday and futures pointed to positive a positive start to the week in Hong Kong. The US dollar, meanwhile, was marginally lower against the Antipodean currencies. Oil prices crept higher, though not enough to recoup late-week losses on worries about the winter ahead. Traders are expecting more good vaccine news as soon as this week from drugmaker Moderna, following the successful trial of Pfizer's similar drug - and that seems enough to assuage nearer-term concerns about the virus' economic harm. "There's just mountains of cash sitting on the sidelines, waiting to be put to work and since we've got this vaccine news, as well as diminished...

Japan exits recession as economy rebounds from record slump

elean 16 11 月

3 minutes

TOKYO (AFP, REUTERS) - Japan’s economy exited recession in the third quarter, growing a better-than-expected 5 per cent, government data showed on Monday (Nov 16), as signs of recovery began to emerge after a record contraction. A rise in domestic demand as well as exports helped drive the quarter-on-quarter growth, after the coronavirus pandemic and a consumption tax hike slammed the economy into reverse earlier in the year. The positive figures come after three quarters of contraction in the world’s third-largest economy, with revised data showing the economy shrank 8.2 percent in Q2, more than the previously estimated 7.9 per cent. That was the worst figure for Japan since comparable data became available in 1980, exceeding even the brutal impact of the 2008 global financial crisis. The Q3 growth will be welcome news for Japan’s government, which has avoided the tough lockdown measures seen in some other countries as it tries to balance preventing the spread of coronavirus with protecting the economy. The results also beat economist expectations of 4.4 per cent growth, and analysts said the recovery was likely to continue into the final quarter of the year. “Between July and Sep...

Walmart to sell most of Japan supermarket chain Seiyu to KKR and Rakuten

elean 16 11 月

1 minute

TOKYO (REUTERS) - US retailer Walmart has agreed to sell most of Japanese supermarket chain Seiyu to investment firm KKR and e-commerce company Rakuten in a deal that values Seiyu at 172.5 billion yen (S$2.22 billion), the companies said. KKR will buy 65 per cent of Seiyu and Rakuten will acquire a 20 per cent stake while Walmart will retain 15 per cent, the companies said in a joint statement. The move will enable to Seiyu to accelerate its digital transformation, they said. More on this topic Related Story Walmart to hire 20,000 holiday staff to meet expected online demand Related Story Walmart joins Microsoft bid for TikTok as TikTok CEO quits

How business networks are helping members amid pandemic

elean 16 11 月

3 minutes

SINGAPORE - With the Covid-19 pandemic showing no signs of abating, business networks in Singapore have been facilitating information exchanges through webinars and establishing new initiatives to support member businesses. Business luncheons that used to be held face to face have been moved online to ensure that members can continue to engage with one another. The coronavirus outbreak has shown the value and importance of partnerships between businesses, the community and the authorities, chamber representatives said. Dr Lei Hsien-Hsien, chief executive of the American Chamber of Commerce in Singapore (AmCham), said: "Collaboration between businesses and with the Government will be crucial to help return the economy to pre-Covid-19 levels of productivity and activity." AmCham is launching a programme later this month to support close to 200 of its small and medium-sized enterprise members, through avenues such as strategic partnerships and training and development, to help these firms grow and transform their businesses. The Singaporean-German Chamber of Industry and Commerce (SGC) has conducted eight surveys over the past few months to better understand the impact of Covid-19 on ...

Unlikely partners join hands as part of Sweden-S’pore initiative

elean 16 11 月

1 minute

SINGAPORE - Two unlikely partners are gearing up to organise a virtual storytelling competition for migrant workers in Singapore. Local textile boutique Aaria Creations is linking up with British-Swedish pharmaceutical giant AstraZeneca for a good cause. 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.

Preserving wealth with gold you can touch

elean 15 11 月

1 minute

This is what more than $4 million worth of gold looks like. In all, these two stacks of pure gold bullion comprise 50 pieces, each smaller than the palm of your hand but weighing a hefty 1kg. 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.

Singlife CEO channels funds to where he can add value

elean 15 11 月

1 minute

Cars may be depreciating assets in Singapore and are generally regarded as a poor investment from a financial standpoint, but Singlife founder and group chief executive Walter de Oude considers his car - a 2005 Aston Martin DB9 - a great investment. The 47-year-old South African native, who became a Singapore permanent resident in 2008, thinks that older cars in Singapore are good investments because they do not depreciate in value as much, are not as expensive to maintain as many would think and can always be resold or exported. 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.

Older interns impress with growth mindset

elean 15 11 月

1 minute

When Robert De Niro's 70-year-old character takes up an internship at an e-commerce fashion start-up in the movie The Intern (2015), he starts off needing help with technology and not having much to do. But he finds ways to learn and help, and eventually becomes an invaluable member of the team. 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.

Q: My employer owes me several months’ worth of salary and says he cannot afford to pay me yet because business is really bad due to Covid-19. What should I do?

elean 15 11 月

1 minute

A: Under the Employment Act, your employer must pay your salary within seven days after the end of a salary period, which cannot be longer than one month. For overtime work, salary must be paid within 14 days after the end of a salary period. 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.

How parents can plan for their kids

elean 15 11 月

1 minute

Children's happiness is often linked to the financial preparedness of their parents, and what is worrying is that a survey conducted by Income found that about 75 per cent of parents here are concerned about not having enough money to provide things that make their children happy. "This is an important finding, because we also found that 47 per cent of parents in Singapore were willing to compromise their own lifestyle in order to financially provide for things that make (their children) happy," said Income chief marketing officer Marcus Chew. 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 ends volatile week with gains, S&P at record

elean 14 11 月

2 minutes

NEW YORK (AFP) - After an unpredictable week, Wall Street finished Friday (Nov 13) on a high note, shrugging off concerns over the surge in Covid-19 cases and new pandemic restrictions that threaten to slow the US economy. The benchmark Dow Jones Industrial Average rose 1.4 per cent to close at 29,479.81. The broad-based S&P 500 also added 1.4 per cent to 3,585.15, a new record, while the tech-rich Nasdaq Composite Index climbed 1 per cent to 11,829.29. "Festering concerns regarding the implications of the persistent surge in new Covid-19 cases also had a hand in the bumpiness this week," Charles Schwab investment bank said, adding that "The earnings front continued to paint a positive picture." Dow-member Walt Disney gained 1.7 per cent after reporting its recently launched streaming television service Disney+ had hit 73 million subscribers, despite the company losing US$710 million (S$950 million) in the latest quarter. And fellow Dow member Cisco Systems jumped 7 per cent after topping earnings forecasts. Stocks that would benefit from a resumption of normal trade and travel patterns once a coronavirus vaccine becomes widespread also resumed their upward climb. Cruise line Carni...

Help from local start-up Cognicept Systems to deploy robots more easily and at lower cost

elean 14 11 月

1 minute

SINGAPORE - The disruptions on labour force and global supply chains amid the Covid-19 crisis have made companies and industries see the unique value of robots in mitigating the impact. Local start-up Cognicept Systems wants to seize this opportunity to make it easier and cheaper for firms to deploy robots in areas such as logistics and cleaning, through its technology and remote robot pilots. 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.

Helping firms deploy robots more easily and at lower cost

elean 14 11 月

1 minute

The disruptions on labour force and global supply chains amid the Covid-19 crisis have made companies and industries see the unique value of robots in mitigating the impact. Local start-up Cognicept Systems wants to seize this opportunity to make it easier and cheaper for firms to deploy robots in areas such as logistics and cleaning, through its technology and remote robot pilots. 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.

Saving Christmas from Covid-19 critical for Britain’s economy

elean 14 11 月

4 minutes

LONDON • Britain knows Christmas is coming when John Lewis Partnership launches its television ad. Selling the season as a time for acts of charity rather than any particular product, this year's edition will focus on food poverty and struggling parents. Yet as the coronavirus continues to wreak havoc, it is the department store chain itself that is now a window on the festive period in a country that relies more on consumer spending than any of the big European economies. With a partial lockdown in England closing all non-essential stores until at least Dec 2, rescuing the next six weeks from Covid-19 is critical for Britain's financial well-being and a government beset by accusations that it cannot get a grip on the pandemic. Further disruption to what retailers call the "golden quarter" could be disastrous for an industry that has already been battered. November and December account for one of every £5 of retail spending. The slump during Britain's spring lockdown precipitated the record decline in gross domestic product. It then contributed to most of the recovery in the third quarter reported by the Office for National Statistics on Thursday. The latest lockdown could cost ret...

Semiconductor firms face hiring challenges even amid sector boom

elean 14 11 月

1 minute

The semiconductor sector is booming and continues to offer good job opportunities despite the economic downturn caused by the Covid-19 pandemic. But the problem is that not enough people are signing up to join the industry, the Singapore Semiconductor Industry Association told The Straits Times. 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.

A third of the world’s air routes have been lost due to Covid-19

elean 13 11 月

6 minutes

SYDNEY (BLOOMBERG) - Before the coronavirus, a decades-long aviation boom spawned a network of nearly 50,000 air routes that traversed the world. In less than a year, the pandemic has wiped almost a third of them off the map. Border closures, nationwide lockdowns and the fear of catching Covid-19 from fellow passengers have crippled commercial travel. As thousands of domestic and international connections disappear completely from airline timetables, the world has suddenly stopped shrinking. The crisis is unwinding a vast social and industrial overhaul that took place during half a century of air-travel proliferation. In years to come, overseas business trips and holidays will likely mean more airport stopovers, longer journey times, and perhaps an additional mode of transport. Even when an effective vaccine is found, the economic reality of the recovery may mean some non-stop flights are gone for good. With borders effectively shut from Europe to New Zealand, the bulk of the world's dropped routes are inevitably cross-border. But thousands of domestic legs have also been axed, reflecting the pressure airlines face at home as they cut jobs and retire aircraft to find a cost base th...

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