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What a Biden win means for the financial markets

elean 9 11 月

1 minute

Several weeks ago, I ventured a guess that there is a two-thirds chance that Mr Joe Biden will win the presidential election. This has come to pass. While the Biden victory will see a shift in priorities and trigger a market scramble towards specific sectors, stocks and investments, the new administration will not have it easy. 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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elean 9 11 月

1 minute

askST What happens if you are retrenched? More workers are expected to lose their jobs this year as the recession deepens. Assistant News Editor Toh Yong Chuan explains what you should know if you are retrenched. str.sg/askst-layoff

Most SMEs in S’pore confident of meeting loan repayment obligations: Survey

elean 9 11 月

2 minutes

SINGAPORE - Seven in 10 small and medium-sized enterprises (SMEs) affected by the pandemic are confident of meeting repayment obligations for government-backed loans next year without impacting their business operations, a survey has found. The survey by DBS Bank covered close to 250 SMEs in three sectors that are most affected by Covid-19 - retail, food and beverage, as well as building and construction. The bank conducted the survey early last month, after the Monetary Authority of Singapore announced extended credit relief support measures for SMEs to partially defer the principal repayment of secured loans and Enterprise Singapore loans. Overall, some three-quarters of SME owners said that they continue to be "optimistic" and "determined". However, they also acknowledged the toll the outbreak has taken, with one in five indicating that they were "exhausted" from dealing with the ongoing economic fallout. DBS group head of SME banking Joyce Tee noted that while the survey shows that SMEs are wounded, they are "certainly not out for the count". "In fact, many SMEs are quietly preparing for a rebound and even those in the hardest-hit sectors have been busy reinventing themselves a...

What a Biden win means for the financial markets

elean 9 11 月

1 minute

SINGAPORE - Several weeks ago, I ventured a guess that there is a two-thirds chance that Mr Joe Biden will win the presidential election. This has come to pass. While the Biden victory will see a shift in priorities and trigger a market scramble towards specific sectors, stocks and investments, the new administration will not have it easy. 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.

Life insurers’ balancing act only gets harder

elean 8 11 月

1 minute

A persistent low interest rate environment and a tougher risk-based capital framework would make it harder for Singapore life insurers to deliver the projected non-guaranteed bonuses linked to participating or par funds, even though most of the 10 key life insurers are able to at least support any such payouts. Based on insurers' 2019 returns that were filed with the Monetary Authority of Singapore (MAS), Manulife Singapore, Prudential Singapore and AIA Singapore topped the geometric average net investment returns for par funds for the three-year, five-year and 10-year periods respectively. 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.

Drawn to relaxed lifestyle, investment opportunities

elean 8 11 月

1 minute

Patience is key when it comes to getting a good real estate deal amid the kind of uncertainty we are going through now. Food and beverage consultant Sandra Lim and her husband opted for the slow and steady approach by renting homes at Sentosa Cove before they were finally ready to buy. 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.

Investing in tech keeps business looking good

elean 8 11 月

1 minute

Beauty industry executive Amy Quek saw the value of building financial independence early in life after her father died when she was just 12. Ms Quek, 55, tells The Sunday Times: "He was the sole breadwinner in the family, and this taught me to be self-sufficient. 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.

Millennial women tend to leave money matters to men: Study

elean 8 11 月

2 minutes

(NYTIMES) - When even they are very successful in their careers, millennial women tend to defer to their husbands when it comes to money matters. A recent study by Swiss banking group UBS found that even the most educated and high-achieving millennial women were not as involved as their husbands in long-term financial decision-making. In fact, millennial women - part of a generation thought to have pushed for open-mindedness about gender roles - exhibited less financial independence than boomer women did. Among millennial women living with male partners, 54 per cent said they deferred to the men for long-term financial planning rather than sharing that responsibility or taking the lead themselves, compared with 39 per cent of boomer women, according to the study, which surveyed 1,320 women with at least US$250,000 (S$337,000) in investable assets. The primary reason those women deferred was a belief that their husbands knew more, the study found. There have been worrying signs of a lack of progress towards gender equality at all income levels. Another study by consulting firm McKinsey found that a third of mothers had considered leaving the workforce or downshifting their careers d...

Scare tactics to lure property investors come under fire

elean 8 11 月

1 minute

The Singapore authorities have criticised the "irresponsible" actions of some property investment educators and real estate agents who use scare tactics to attract customers to their investment courses. In particular, these people have been flagged for actively pushing the message that "HDB flats will become worthless after 99 years" on social media, so that worried owners will pay thousands of dollars to sign up for their investment courses or sell their Housing Board flats to invest in private or commercial properties. 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.

US stocks end best week in months with muted session

elean 7 11 月

1 minute

NEW YORK (AFP) - Wall Street stocks finished their best week in months with a muted session on Friday (Nov 6) as Joe Biden inched closer to victory in the still-unresolved presidential election. The broad-based S&P 500 finished at 3,509.44, down less than 0.1 per cent for the session, but up 7.3 per cent for the week, its best since April. The Dow Jones Industrial Average shed 0.2 per cent to 28,323.40, while the tech-rich Nasdaq Composite Index added 0.4 percent at 13,254.32.

SIA reports record H1 loss of $3.47 billion

elean 7 11 月

3 minutes

Singapore Airlines' (SIA) net loss in the second quarter is double that in the first quarter as it reported a record net loss of $3.47 billion for the six months to September. The Q2 losses came on the back of an impairment charge for older aircraft as well as $42 million in retrenchment costs. The national carrier reported a loss of $1.1 billion for the first quarter to June. With H1 loss coming in at $3.47 billion, it means that it bled about $2.3 billion - twice the loss in Q1 - in the second quarter. The H1 net loss was a reversal from a $206 million profit for April to September last year, before it was blindsided by the coronavirus pandemic. Revenue was 80.4 per cent down at $1.63 billion for the first half of FY2021, compared with $8.3 billion in the preceding year. The hit from the pandemic has not only resulted in a steep decline in revenue, but also led the group to book an impairment of $1.33 billion on the carrying values of older-generation aircraft, said the carrier in a statement yesterday released after trading hours. Besides the impairment on aircraft, SIA has fully written down the goodwill of $170 million that was recorded when it took control of Tiger Airways in...

Ant to push ahead with Singapore digital bank licence application

elean 7 11 月

1 minute

Billionaire Jack Ma's Ant Group will continue with its application for a digital banking licence in Singapore, even after the company's record US$37 billion (S$49.9 billion) dual listings in China and Hong Kong were suddenly halted. A source familiar with the matter yesterday told The Straits Times it is business as usual in Singapore and Ant's other overseas markets. 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.

Look to China for opportunities: Minister

elean 7 11 月

2 minutes

China's rebalancing of domestic and export growth drivers, diversification of its markets and supply chains, and changing demographics are three areas that present opportunities for future cooperation with Singapore, said Trade and Industry Minister Chan Chun Sing yesterday. He was delivering the opening keynote speech at the Singapore-China Trade and Investment Forum, organised by the Singapore Business Federation as part of this year's China International Import Expo. Pointing to Chinese President Xi Jinping's "dual circulation strategy", Mr Chan said this was a natural evolution of Chinese economic development, with its previous export-led model (external circulation) rebalanced with, and complemented by, a domestic-consumption one (internal circulation). "This presents many opportunities for the world, given the size of the Chinese market. To seize the new opportunities, we must deeply understand the complexities and diversity of the Chinese market," he said. "Different cities, provinces, age groups and education profiles have their unique needs, and we should never mistake the Chinese market as monolithic or homogenous." He also noted that Chinese companies were increasingly l...

US job growth stronger than expected in October

elean 7 11 月

3 minutes

WASHINGTON • The US labour market improved in October by more than forecast, defying expectations for more subdued gains amid an intensifying Covid-19 pandemic and lack of additional fiscal relief. Non-farm payrolls increased by 638,000 after an upwardly revised 672,000 gain in the previous month, according to a Labour Department report yesterday. That compared with the 580,000 median estimate of economists surveyed by Bloomberg, and reflected a decline of 147,000 in temporary census workers. The unemployment rate in the United States fell to 6.9 per cent from 7.9 per cent, a bigger decline than economists projected. Progress in the US labour market is holding up as household savings help fuel spending and business investment rebounds, providing whoever wins the presidential election with an economy that is in better shape than many analysts expected just six months ago. But jobs remain 10 million below pre-pandemic levels, and with coronavirus infections rising at a record rate this week, maintaining the pace of hiring may be difficult. Other figures point to an increasingly fragile labour market beneath the headline numbers. The number of permanent job losses was at 3.7 million l...

Uber sees $1.5 billion loss on ride-hailing revenue plunge

elean 6 11 月

2 minutes

SAN FRANCISCO (AFP) - Uber on Thursday (Nov 5) reported that it lost US$1.1 billion (S$1.5 billion) in the recently ended quarter as the pandemic walloped its ride-hailing business, but boosted its food delivery service. Revenue in Uber's mobility unit was down 53 per cent from the same quarter last year, while money taken in from drivers delivering restaurant meals or other orders more than doubled, according to the San Francisco-based company. "Despite an uneven pandemic response and broader economic uncertainty, our global scope, diversification, and the team's tireless execution delivered steadily improving results," chief executive Dara Khosrowshahi said in an earnings release. Uber shares that had been buoyed by the triumph of an initiative that lets drivers remain classified as independent contractors in California sank nearly three percent in after market trades. Demand for rides directly correlates to pandemic lock-down restrictions in cities, and Uber's mobility and deliver units are positioned to take advantage of returns to pre-virus lifestyles, Mr Khosrowshahi said in an earnings call. "Uber is becoming the go-to app for getting around or getting something delivered yo...

Toyota to double full-year profit forecast to over $13 billion: Report

elean 6 11 月

1 minute

TOKYO (REUTERS) - Toyota Motor will likely more than double its full-year operating profit forecast when it reports second quarter earnings on Friday (Nov 6) as vehicle sales rebound in the United States and China, the Mainichi daily reported. Japan's top automaker is likely to project an operating profit of more than 1 trillion yen (S$13 billion) for the year to March 31, 2021, from the 500 billion yen projected in August, the Mainichi said, without citing sources. A Toyota spokesman declined to comment on the report. In its most recent forecast, Toyota predicted a full-year 500 billion yen operating profit, the weakest in nine years, following a slump in demand caused by the coronavirus pandemic. That compares with a 2.47 trillion yen profit last business year. The average estimate from 26 analysts polled by Refinitiv is for full-year operating profit of 1.25 trillion yen. More on this topic Related Story Tesla profit doubles as electric car deliveries surge

GIC, Thrive invest $202.6 million in IAC’s video platform Vimeo

elean 6 11 月

3 minutes

NEW YORK (BLOOMBERG) - Barry Diller's IAC/InterActive Corp said ts online video platform Vimeo raised US$150 million (S$202.6 million) from Thrive Capital and Singapore's sovereign wealth fund GIC, valuing the unit at US$2.75 billion. The capital will be used to fund investments in research and development, sales and international expansion, the company said in a statement on Thursday (Nov 5). IAC is also considering spinning the unit off to shareholders. "Fourteen years ago, we acquired Vimeo as part of a small collection of assets for very little capital, and through the creativity, grit, and sheer talent of a group of leaders at Vimeo, the business has become a real leader in a large and growing market, and in control of its own destiny," IAC chief executive officer Joey Levin said in the statement. In remarks to shareholders, Mr Levin said spinning Vimeo off would give it access to less-expensive capital than what it can tap being part of IAC. That access would be "helpful to enable Vimeo to achieve its highest ambitions," he said, and be used to hire employees, invest in research and development or make acquisitions. IAC, a media and internet company with more than 150 brands ...

US stocks extend post-election rally, Dow up 2%

elean 6 11 月

2 minutes

NEW YORK (AFP) - Wall Street stocks rose for a fourth straight session on Thursday (Nov 5) on continued positive momentum after the US election despite no closure yet to the presidential contest. The Dow Jones Industrial Average rose 2 per cent to 28,390.18, up around 540 points. The broad-based S&P 500 also gained 2 per cent to 3,510.45, while the tech-rich Nasdaq Composite Index jumped 2.6 per cent to 11,890.93. Analysts have said the rally reflects enthusiasm at the apparent outcome of the election, which may leave Washington politically divided and pose a barrier to sweeping policy changes that could upset investors, such as tax increases. Briefing.com pointed to the continued gains as evidence of a "fear of missing out" in the wake of a seemingly sky-bound market. The gains also come after major US indices last week suffered their worst week since March. There were no major developments in the US presidential contest, with five states still undeclared amid the counting of mail-in and absentee votes. Following a two-day meeting, the Federal Reserve restated its pledge to use all its tools to help the US economy recover from the coronavirus pandemic, but did not announce any new...

HSBC sues oil tycoon and family to recover $116 million

elean 6 11 月

1 minute

HSBC Holdings is suing the Lim family and an employee of bankrupt oil trader Hin Leong Trading to recover US$85.3 million (S$115.7 million) of US$111.7 million that they allegedly obtained with bogus invoices and forged documents, according to court papers seen by The Straits Times. HSBC, the firm's largest creditor with about US$600 million owing, is the first bank to take legal action against oil tycoon Lim Oon Kuin, better known as O.K. Lim, and his two children to recover its losses. 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.

Financial sector’s credibility key to Singapore’s economic success

elean 5 11 月

1 minute

SINGAPORE - Establishing and maintaining a clean and trusted financial hub has been at the core of Singapore's economic success. While its strategic geographical location made it a port of choice on the world shipping map, the emergence and continued growth of credible financial services assured thriving trade flows. 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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