elean

New Silkroutes appoints Darrell Lim as acting chairman after Goh Jin Hian’s exit

elean 21 10 月

2 minutes

SINGAPORE (THE BUSINESS TIMES) - Troubled healthcare provider New Silkroutes Group announced on Tuesday night (Oct 20) the appointment of Darrell Lim Chee Lek as acting independent non-executive chairman of the board with effect from Oct 20. He replaces former chairman Goh Jin Hian, the son of former Singapore prime minister Goh Chok Tong, who resigned amid investigations by the Commercial Affairs Department (CAD) earlier this month. Mr Lim was appointed to the board of New Silkroutes on Aug 1, 2020 as an independent, non-executive director, and became lead independent director this month. As at late July he was listed as the executive board director of BRC Asia, co-founder of hedge fund Bright Point Capital and non-executive director of XM Studios. He was formerly the head of investor relations at the Singapore Exchange. Other members of the board include Shen Yuyun, who is executive director, Vivien Chen Chou Mei Mei as independent non-executive director, Andrew Chua Soon Kian as non-independent non-executive director and Alex Chua Siong Kiat as independent non-executive director. On Sept 30, the company disclosed that Dr Goh and then-finance director William Teo Thiam Chuan were...

Wall Street shares end higher on stimulus optimism

elean 21 10 月

3 minutes

NEW YORK (REUTERS) - Wall Street shares closed higher Tuesday (Oct 20) on growing optimism that US lawmakers are nearing a deal on a stimulus package aimed at cushioning the economic shock from the coronavirus pandemic. House of Representatives Speaker Nancy Pelosi said late on Tuesday that she hoped a coronavirus aid agreement could be accomplished by the end of this week. Pelosi spoke with Treasury Secretary Steven Mnuchin on the stimulus deal. "I think no matter who gets elected, we will get the stimulus," said Brian Reynolds, chief market strategist, at Reynolds Strategy. "The current headlines are short term in nature. Eventually, they would get together and produce more stimulus for the economy because all the sectors that are lagging need it badly," he added. Uncertainty over the coronavirus aid package weighed on Wall Street's main indexes on Monday and analysts expect market turbulence to increase with only two weeks left until Election Day. The Dow Jones Industrial Average closed up 113.37 points, or 0.4%, to 28,308.79, the S&P 500 ended 16.2 points higher, or 0.47%, to 3,443.12 and the Nasdaq Composite closed 37.51 points higher, or 0.33%, to 11,516.49. A majority of the...

Australian casino faces probe over money laundering

elean 20 10 月

2 minutes

SYDNEY • Crown Resorts' stock yesterday slumped the most since March after the casino operator said it is being investigated for possible breach of anti-money laundering and counter-terrorism financing rules. Australia's financial crimes regulator has started an enforcement probe into compliance at Crown's flagship Melbourne casino, the company said. Austrac's concerns arose during an assessment that started in September last year and focused on how the casino handled individuals deemed to be high-risk and politically exposed. It is not clear who those people were, but Crown has courted wealthy Asians as part of its programmes for high-stakes gamblers. With Crown's annual meeting set for Thursday, the probe piles pressure on a company already beset by governance failures. A separate inquiry in Sydney has unearthed lapses in anti-money laundering controls and there are growing calls from investors for a board shake-up and more independence from billionaire shareholder James Packer. Crown shares sank 8.23 per cent to close at A$8.25 in Sydney trading. That extended the year's slump to 32 per cent. Crown said it will fully cooperate with Austrac and respond to all information requests...

Telkomsel’s $954m tower sale will boost Singtel dividends: DBS

elean 20 10 月

3 minutes

The sale of 6,050 telecommunication towers by Singtel's Indonesian joint venture company for 10.3 trillion rupiah (S$954 million) will likely support the Singapore telco's dividends, said DBS Group Research. Jakarta-based Telekomunikasi Selular (Telkomsel), in which Singtel has a 35 per cent stake, is selling the towers to Dayamitra Telekomunikasi (Mitratel), Singtel said last Friday. In addition, Telkomsel has inked a 10-year lease arrangement with Mitratel to rent tower space after the sale. No details have been released on the tenancy ratio and the leaseback price. Indonesia-listed, state-owned giant Telekomunikasi Indonesia (Persero), also known as Telkom, owns the other 65 per cent interest in Telkomsel as well as the entire stake in Mitratel, which manages telecoms towers and serves all cellular operators in Indonesia. Singtel will receive about $333 million in pre-tax contributions from the Indonesian associate after the sale, noted DBS analyst Sachin Mittal, which will help it meet its dividend obligations for 2021. "We project $2 billion to be paid in dividends by Singtel in the 2021 financial year (ending next March), although half of this amount could potentially be paid...

Ant Group ‘has China nod for Hong Kong leg of $48b dual listing’

elean 20 10 月

2 minutes

HONG KONG • Investor Jack Ma's Ant Group has won key approval from the China Securities Regulatory Commission (CSRC) for its listing in Hong Kong, paving the way for what could be the world's biggest initial public offering, said people familiar with the matter. The CSRC gave Ant the green light to seek a listing hearing with Hong Kong Exchanges and Clearing as soon as yesterday, the people said, asking not to be identified as the information is private. Ant has already won approval from the Shanghai exchange for its onshore listing. The IFR reported the approval and hearing date earlier yesterday. A representative for Ant declined to comment, while a representative for CSRC did not respond to a request for comment. The nod from China's securities watchdog came later than expected, stirring speculation that Ant's initial public offering (IPO) was running into roadblocks. The firm could raise about US$35 billion (S$47.5 billion) in a dual listing in Hong Kong and Shanghai at a valuation of at least US$280 billion. Ant's IPO could be the biggest in the world, surpassing Saudi Aramco's record US$29 billion sale. Ant will not seek cornerstone investors for Hong Kong. The Hangzhou-based...

Singapore shares rally on hope of US stimulus

elean 20 10 月

2 minutes

Most key regional share markets rallied yesterday on the back of optimism that a new United States stimulus package would be passed before the Nov 3 presidential election. Speculation that President Donald Trump could be prepared to agree a deal exceeding US$1 trillion (S$1.36 trillion) lifted investors' mood, while expectations of further gains on Wall Street further ignited buying interest. The Straits Times Index (STI) was among the winners as it kicked off the week by rising 10.55 points or 0.42 per cent to 2,543.57 points. Gainers beat losers 220 to 198 with 1.59 billion shares worth $945.6 million traded. Ground handler and inflight caterer Sats was one of the STI's better performers, delivering a 0.99 per cent gain to $3.06. The firm has accelerated plans to diversify its revenue streams out of aviation and its domestic market of Singapore amid the impact of the coronavirus pandemic. STI debutant Keppel DC Reit had a flattish performance at $3.04 at the closing bell. Thai Beverage was the most active STI constituent with a trading volume of 40.38 million shares, but it closed unchanged at 58 cents. Regional markets were generally in an upbeat mood. Tokyo's benchmark Nikkei 2...

Dyson sells Singapore luxury penthouse for $62m

elean 20 10 月

2 minutes

British billionaire inventor James Dyson is selling his luxurious Singapore penthouse atop the city state's tallest building, his company said yesterday, about a year after buying it for a reported $73.8 million. Singapore's tallest penthouse, on the top three levels of the 64-storey Guoco Tower in Tanjong Pagar, is nearly $3,000 per sq ft on the strata area of 21,108 sq ft. It comes with its own infinity pool and private lift lobby from the basement carpark, and has panoramic views of the city, including the Marina Bay waterfront area. The tycoon's purchase of the Wallich Residence penthouse last year - after his electric appliance firm Dyson announced that it was shifting its global headquarters to the city state from England - set a record for Singapore penthouses. A spokesman told Agence France-Presse that an offer had been accepted for the three-floor residence, which also has a 600-bottle wine cellar and a dedicated butler service. He did not give details of the sale, but it appears that Mr Dyson has made a hefty loss. The Business Times reported that the property was bought by a businessman in the United States for $62 million. Despite the sale, the spokesman said: "Dyson re...

Japan export decline slows in September as shipments recover

elean 19 10 月

3 minutes

TOKYO (REUTERS) - Japan's exports in September fell at a slower pace than in the previous six months as US-bound shipments of cars started to recover from Covid-19 lows, suggesting the pandemic's pressure on the economy was easing. The slower decline in exports added to signs that the world's third-largest economy has started to gradually rebound from the shock of the health crisis after bottoming out. Official data on Monday (Oct 19) showed total exports lost 4.9 per cent year-on-year in September, a larger decline than the 2.4 per cent drop expected by economists in a Reuters poll. That still meant the pace of contraction in exports eased following six months of double-digit declines, including a 14.8 per cent drop in the previous month. Exports fell for their 22nd straight month, marking the longest run of declines since a 23-month run through to July 1987, driven by fewer exports of iron to Taiwan and ships to Panama. "We think (exports) should return to pre-virus levels before the end of the year," said Marcel Thieliant, Japan economist at Capital Economics. "However ... we only expect imports of goods and services to return to pre-virus levels by end-2022." A Reuters poll on ...

Malaysia Airlines restructuring talks prolonged, CEO tells staff

elean 19 10 月

2 minutes

SINGAPORE (REUTERS) - Malaysia Airlines' parent company is still holding negotiations with lessors and creditors over a restructuring plan to keep the carrier alive, but the talks are taking longer than planned, according to a staff memo seen by Reuters. "The negotiations are still ongoing and taking longer than the planned timeline, but we are gaining encouraging traction from the lessors and creditors thus far," Izham Ismail, chief executive of Malaysia Airlines and group CEO of parent Malaysia Aviation Group (MAG), said in a memo to staff on Oct 16. In response to a Reuters query, MAG said in an email on Saturday Oct 17) it is "continuing discussions with creditors on its ongoing restructuring exercise". MAG, owned by state fund Khazanah, said Izham's memo to staff was to address concerns among employees. Malaysia's national airline is seeking to restructure after the coronavirus pandemic forced it to slash operations. The carrier had restructured after two deadly crashes in 2014 but unlike at that time the government is unwilling to bail it out this time. Reuters reported last week that a group of lessors had rejected a restructuring plan that involved steep discounts, bringing...

Dysons sell 3-storey S’pore penthouse at Wallich Residence at a loss for $62m: Report

elean 19 10 月

2 minutes

SINGAPORE (BLOOMBERG) - The Dysons behind the self-named British consumer electronics company are selling their triplex penthouse at Wallich Residence for $62 million - less than the record purchase price of $73.8 million paid last year - The Business Times reported on Monday (Oct 19). Singapore's tallest penthouse, on the top three levels of the 64-storey Guoco Tower in Tanjong Pagar, is nearly $3,000 per square foot on the strata area of 21,108 sq ft; it comes with its own infinity pool and private lift lobby from the basement car park. The Dysons' purchase of the Wallich Residence penthouse in June last year set a record for Singapore penthouses. The buyer is an Indonesia-born tycoon Leo Koguan who is a US citizen and Texas resident and co-founder and chairman of IT provider SHI International, BT reported, without citing sources. The 99-year leasehold property has been held under Dyson founder James Dyson's wife, Deirdre. The British billionaire inventor moved his headquarters from Britain to Singapore last year, with a revamped St James Power Station to be its new global HQ. The Dysons still own a freehold bungalow in Cluny Road, facing the Singapore Botanic Gardens, which they...

Crown Resorts says regulator to probe Melbourne casino on money-laundering concerns

elean 19 10 月

2 minutes

BENGALURU (REUTERS) - Casino operator Crown Resorts said on Monday (Oct 19) that Australia's financial crime watchdog had launched a probe into its Melbourne business on suspicions of money-laundering and counter-terrorism financing, sending its shares over 4 per cent lower. The Australian Transaction Reports and Analysis Centre's (Austrac) concerns were identified following a review last September of Crown's management of "customers seen as high risk and politically exposed persons," the company said. Austrac did not immediately respond to a Reuters request for comment. Crown has been facing separate inquiries in Victoria state, home to its flagship Melbourne casino, and in New South Wales following reports the company did business with "junket" tour operators which brought in gamblers, largely from China, with suspected links to organised crime. At the NSW inquiry earlier this month held to decide whether Crown can keep its licence to operate casinos, company founder and one-third owner, billionaire James Packer, acknowledged a host of corporate governance shortcomings. The company is due to open a new casino in Sydney in two months time. More on this topic Related Story Blacksto...

Automation helps firm cope with labour crunch

elean 19 10 月

2 minutes

Manufacturer Koei Tool restructured its production process last year, so it could continue making plastic injection moulds despite the many challenges such as staff shortages that it later faced in the pandemic. The company, established here in 1989, automated machines so that they can now run unmanned. Previously, staff had to stand by to load and unload materials and manually change electrodes on the equipment. The automation of these processes has also lifted productivity. A CNC (computer numerical control) milling machine that manufactures electrodes, for example, has increased the capacity of the process from around 15 per cent to 20 per cent, to about 80 per cent to 90 per cent. A semi-automated inspection station also allows components to be reviewed while automatically generating the inspection programme and updating checked data for follow-up processes. This ensures maximum accuracy and eliminates human error. Koei Tool Singapore director Ng Poh Leong said: "Due to restrictions imposed during the pandemic, the company was not able to resume operations fully and workers were not able to come back from overseas. "We were faced with interrupted work schedules and limited reso...

Me & My Money: Education the best investment to make, says financial services exec

elean 18 10 月

1 minute

Hitting the books can be a slog for anyone, but moving up the learning curve can be the best investment decision you could ever make, reckons financial services executive Sam Lee. "Education is one of the most valuable tools in life and it can open the doors to success when we utilise it properly," says Mr Lee, 33. 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.

Special skills, good service make workers valuable

elean 18 10 月

1 minute

I paid about $2,000 to a well-known company to have my home painted a couple of years ago. I expected a team of workers to be deployed, but, to my surprise, a lone painter, who was from Myanmar, came and he got the job done nicely in two days. 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 to prevent robots from taking your job

elean 18 10 月

1 minute

You probably think that the most important person in a restaurant is the chef. After all, a good one can make excellent dishes that will attract hordes of hungry diners. But it seems not all chefs are equal - some of those in dim sum restaurants in China have become the first batch of workers to get the boot because they are being replaced by machines that can supposedly churn out dumplings that are just as good. 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.

Tips for managing work stress

elean 18 10 月

1 minute

It's no surprise many of us are stressed given the way the pandemic has put jobs at risk and forced people to drastically change where and how they work, but there are ways to cope. Acknowledge that you are stressed and then take steps to look after your well-being. Here are five tips: 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.

This recession is hurting women workers more

elean 18 10 月

1 minute

As if working mothers did not have enough to worry about, experts are sounding the alarm that progress towards gender equality may be the latest in a long list of casualties of the coronavirus pandemic. Substantial research has shown that most professional gender gaps are motherhood gaps; women without children are much closer to parity with men when it comes to salaries and promotions, but mothers pay a large career penalty. 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.

Goh Jin Hian quits as New Silkroutes chairman amid probe

elean 17 10 月

2 minutes

New Silkroutes Group chairman Goh Jin Hian and finance director William Teo Thiam Chuan have quit amid Commercial Affairs Department (CAD) investigations. Dr Goh quit "to devote more time to his personal affairs", while Mr Tan stepped down "to focus on personal matters and to pursue other interests", the healthcare firm said late on Thursday night. Earlier that morning, New Silkroutes announced that its auditor Deloitte & Touche had issued a disclaimer of opinion on the financial statements of the group for the financial year ended June 30. On Sept 30, the company disclosed that Dr Goh, the son of former Singapore prime minister Goh Chok Tong, and Mr Tan were being investigated by the CAD over a possible offence under the Securities and Futures Act. New Silkroutes said then that it understood that the alleged offence was false trading and market rigging to do with past share buy-backs and share acquisitions. Dr Goh is also being sued by the judicial managers of an unrelated firm - oil trader Inter-Pacific Petroleum - over US$156 million (S$212 million) in losses it sustained due to his alleged breach of duties when he was its director. His resignation as New Silkroutes non-independ...

Garment workers hanging by a thread amid price-cut demands

elean 17 10 月

4 minutes

DHAKA • Millions of garment workers could lose their jobs, with global brands demanding price cuts and delaying payments to suppliers which are desperate for orders to survive the Covid-19 pandemic, researchers said yesterday. Suppliers have been asked to make their prices an average of 12 per cent cheaper than last year, research by the Centre for Global Workers' Rights (CGWR) at Penn State University in the United States found, describing such practices as "leveraging desperation". In a survey of 75 factories in 15 countries, suppliers said they had to wait an average of 77 days for payment, compared to 43 days before the pandemic, raising fears of further factory closures in an industry employing 60 million people worldwide. "We are seeing a dramatic squeeze down of price, reduced orders and late payment," said Mr Mark Anner, director of the CGWR and author of the report. "This worries me for the well-being of the suppliers and the workers. This will affect the small and medium suppliers first." Fashion companies cancelled orders worth billions of dollars earlier this year as Covid-19 shuttered stores worldwide, leading to wage losses of up to US$5.8 billion (S$7.9 billion), acc...

Tencent chooses co-working space for its first Singapore office

elean 17 10 月

3 minutes

Tencent Holdings has chosen a co-working space for its first office in Singapore, joining other Chinese technology giants in using the city state as a launching pad into the rest of Asia. The WeChat owner - which said last month it would open an office in Singapore - will have almost 200 seats at JustCo's co-working space in OCBC Centre East at Raffles Place. This was according to people familiar with the plans who asked not to be named because the matter is private. The space amounts to 10,000 sq ft. The lease runs for one year, giving China's largest social media and video gaming company flexibility to seek a larger space as it adds staff, the sources said. Representatives for Tencent and JustCo did not immediately respond to requests for comment. The deal paves the way for Tencent to make Singapore its beachhead for a push into South-east Asia. ByteDance, the owner of popular video app TikTok, is also expanding its office space in the city state, while Alibaba Group Holding earlier this year bought a 50 per cent stake in a Singapore office tower. The demand from Chinese tech firms could also boost Singapore's office market, which has been battered by the coronavirus pandemic, wi...

Copyright © 2020 ASEANPR.Com All rights reserved.