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Post-Covid-19, will work habits change?

(BLOOMBERG) - When Ms Pam Hendrickson went into labour at a New York hospital three decades ago, she still had to take a call to sort out a problem at her work in a bank. Now, the vice-chair of investment firm Riverside expects Covid-19's terrifying toll to finally change the unhealthy work habits of many finance professionals. "The macho-ness definitely will go away," she said. "If you don't feel well - we've always said this, but I think some people haven't taken us seriously - keep your butt at home." The biggest banks see a path to returning to the office in Manhattan, London and financial capitals around the world after a devastating year. Now industry veterans are hoping that Covid-19 brings about lasting change, while welcoming the return of some ancient finance traditions. Mr Dochtor Kennedy looks forward to staring into the eyes of his rivals again. The president of AdvisorLaw represents brokers inside the industry's secretive arbitration system. Like so much else over the past year, his hearings have not been in person. "It's a joke doing it that way - it's terrible," he said. "It feels like you're less immersed in it. You struggle to try to convey the point." The distanc...

US billionaires becoming newspaper owners

(NYTIMES) - Billionaires in the US have had a pretty good pandemic. There are more of them than there were a year ago, even as the health crisis has exacerbated inequality. One arena in which the billionaires can still win plaudits as civic-minded saviours is buying the metropolitan daily newspaper. The latest example comes in the form of a US$680 million (S$907 million) bid by Mr Hansjorg Wyss, a little-known Swiss billionaire, and Mr Stewart Bainum Jr, a Maryland hotel magnate, for Tribune Publishing and its roster of storied broadsheets and tabloids such as the Chicago Tribune, the Daily News and The Baltimore Sun. Should they succeed in snatching Tribune away from Alden Global Capital, whose bid for the company had already won the backing of Tribune's board, the purchase will represent the latest example of a more than decade-long quest by some of America's ultra-wealthy to prop up a crumbling pillar of democracy. If there was a signal year in this development, it came in 2013, when Amazon founder Jeff Bezos bought The Washington Post and the Red Sox's owner John Henry bought The Boston Globe. Mr Bezos and Mr Marty Baron, the recently retired editor of the Post, famously led a ...

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Singapore to run for membership in UN’s main drug policymaking body

SINGAPORE - Singapore intends to run for membership in the United Nations Commission on Narcotic Drugs (CND), the main drug policymaking body of the UN. Membership will be for the term between 2024 and 2027. This was announced by Minister for Manpower and Second Minister for Home Affairs Josephine Teo when she addressed the 64th session of the UN CND in the Austrian capital, Vienna. The session was held from April 12 to 16 and was attended by the Singapore delegation virtually. The Singapore delegation, led by Mrs Teo, comprised officials from the Ministry of Home Affairs, the Ministry of Foreign Affairs, the Central Narcotics Bureau, the Singapore Prison Service (SPS) and the Health Sciences Authority. There are 53 member states in the CND, which meet annually to review and analyse the global drug situation, develop strategies on international drug control, and recommend measures to address the problem around the world. Singapore has been participating actively as an observer at the CND. This year's session saw the adoption of the CND statement on the impact of the Covid-19 pandemic on the world's drug problem. The statement emphasised the importance of continuing efforts, taking ...

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Morning Briefing: Top stories from The Straits Times on April 17

Good morning! Here are our top stories to kick-start your Saturday, April 17. Thomson Road building to be demolished: Owners of residential units left stunned "Taking the building away is like taking away my retirement fund," said one unit owner who is a semi-retired architect. READ MORE HERE 4 key challenges ahead for Singapore's next 4G leader Insight looks at the main issues that lie ahead and the traits needed to handle them. READ MORE HERE Senior research fellow at NUS one of two Covid-19 cases in the community His three tests done during quarantine on March 25, April 3 and April 10 were all negative. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news 'They played us for fools': Disgruntled vendors decry late, missing payments from Naiise They expressed frustration at how Naiise founder Dennis Tay blamed Covid-19 for the company's undoing. READ MORE HERE Biden, Suga vow unity as US, Japan take on China challenges While China loomed large in their discussions, Japan was also careful to appear to be isolating China. READ MORE HERE 5Cs? It's 3 new Cs such as caring for environment that resonate with young S'poreans: DPM Heng He acknowled...

ST Webinar to discuss sea-level rise threat and solutions

SINGAPORE - Globally, sea-level rise is increasing at a faster pace, threatening Asia's coastal megacities and low-lying island nations such as Singapore. Warming oceans and faster melting of ice caps are driving sea levels higher, but the severity of the problem depends on how much and how quickly we cut greenhouse gas emissions. Far from being a future problem, rising sea levels is a real threat today for many places around the globe. To discuss this urgent issue, The Straits Times is hosting a webinar on Wednesday (April 21) that will look at the latest science and projections of sea-level rise and solutions, including nature-based options, to hold back the seas. It promises to be a lively and insightful discussion featuring an expert panel comprising Professor Benjamin Horton, director of the Earth Observatory of Singapore at Nanyang Technological University; Dr Zeng Yiwen, senior research fellow at the NUS Centre for Nature-Based Climate Solutions; and Ms Hazel Khoo, director, coastal protection department, at national water agency PUB. The discussion will be moderated by Mr David Fogarty, ST's climate change editor. The topic is especially pertinent to Asia, where sea-level r...

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Thomson Road building to be demolished: Owners of residential units left stunned

SINGAPORE - News that a building in Thomson Road will be demolished to allow nearby excavation works to be carried out safely came as a shock to the owners of the 12 residential units there. For months, they and their tenants had engaged with the authorities about the need to vacate the building temporarily as its foundation had to be strengthened to withstand the impact from the construction of an underground tunnel for the upcoming North-South Corridor. All had moved out by February, but the expectation was that in two years, they would be able to return to their units or lease them out again. With the improved connectivity brought about by the transport corridor, which will have dedicated bus lanes, cycling trunk routes and pedestrian paths connecting towns in the north to the city, there were hopes of a collective sale in future. But any chance of a windfall was dashed by the sudden announcement on Friday (April 16) morning that the building at 68 to 74 Thomson Road and its 776 sq m site were being acquired for demolition. "I'm still in shock," said Mr Roger Ting, 63, who owns a unit in the building. "To us, this is a sudden U-turn by the Land Transport Authority and Singapore ...

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4 key challenges ahead for Singapore’s next 4G leader

SINGAPORE - A younger leader with a long enough runway to tackle the huge challenges of a post-pandemic world is what Singapore needs, said Deputy Prime Minister Heng Swee Keat when he stepped aside as the leader of the fourth-generation team. As the 4G political office-holders deliberate over their next leader, Insight looks at the main issues that lie ahead and the traits needed to handle them. Finding sweet spot amid volatile global landscape for next 4G leader 4G ministers (clockwise from top left) Chan Chun Sing, Ong Ye Kung, Lawrence Wong and Desmond Lee. PHOTOS: ST FILE Singapore's economy has just registered its first quarterly growth since the onset of the coronavirus pandemic, with gross domestic product growth this year likely to exceed the upper end of the official 4 per cent to 6 per cent forecast range. Some Covid-19 measures have lapsed in tandem with the recovery, and wage subsidies under the Jobs Support Scheme have tapered. But recovery is uneven. The export-oriented manufacturing sector has charged ahead, while the construction and services sectors are still affected by mobility curbs. Small and medium-sized enterprises which lack deep pockets and digital smarts ...

Dow, S&P 500 again end at records as Wall Street rally continues

NEW YORK (AFP) - Wall Street saw no reason to stop rallying as the US economy pulls out of its downturn, lifting the Dow and S&P 500 to their second consecutive record on Friday (April 16). At the close of US trading, the benchmark Dow Jones Industrial Average had gained 0.5 per cent to end at 34,201.13. The broad-based S&P 500 rose 0.4 per cent to hit 4,185.53. The tech-rich Nasdaq Composite Index saw slightly less ebullient trading, gaining 0.1 per cent to close at 14,052.34, about 125 points below its all-time high. Both the S&P 500 and Dow also posted their fourth consecutive weekly gains, ending a week that saw the government release data indicating weekly jobless claims hit their lowest point of the pandemic, and retail sales boomed in March thanks in part to government stimulus. Chris Low of FHN Financial said that data, combined with easy monetary policy from the Federal Reserve that its leadership indicated it wasn't looking to end, put traders in an optimistic mood. "We had tremendous data all week this week," he said. "In addition to strong data, we get reassurances from Fed officials all week, including the chair, that they're very comfortable with the economic and infl...

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Spritzer Malaysia Celebrates World Earth Day with Rainforest-themed Station at Pavilion KL

Experience "The Original Rainforest Water" and Bottle Recycling in the heart of Kuala Lumpur KUALA LUMPUR, Apr 16, 2021 - (ACN Newswire) - In conjunction with World Earth Day, which falls on 22 April 2021, join Spritzer Malaysia ("Spritzer" or the "Company") at its "The Original Rainforest Water" station in front of Pavilion Kuala Lumpur's Jalan Bukit Bintang entrance to get the refreshing taste of Spritzer Natural Mineral Water and Acilis by Spritzer while experiencing an interactive 3D Elite screen showcasing the source of this natural mineral water. The Spritzer Station featuring the layers of sand, the natural water filtration to underground waterThe rainforest-themed station is a collaboration between Spritzer and Pavilion Kuala Lumpur to drive the awareness of World Earth Day and will be there from 12 April to 23 May 2021. Visitors will have photo opportunities from this mini rainforest in the city set-up and can have a taste of original rainforest water through samples of Spritzer Natural Mineral Water and Acilis by Spritzer.Visitors interacting with the 3D Elite screen towering across the mall's entrance will see the importance of having clean water sources and its effects ...

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Morning Briefing: Top stories from The Straits Times on April 16

Good morning! Here are our top stories to kick-start your Friday, April 16. Scoot flights from S'pore barred from landing in Hong Kong for 2 weeks after 2 Covid-19 cases detected Scoot's passenger service from Hong Kong to Singapore will not be affected. READ MORE HERE What are the safety concerns of vaccinating those under 16 and is it necessary to do so? It is unlikely that Singapore would reach herd immunity without vaccinating kids, said one expert. READ MORE HERE Uncertainty will be a bigger feature of Singapore's political successions Singaporeans should get used to not knowing who the next PM is going to be, says associate editor Chua Mui Hoong. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news US sanctions Russia over cyber attacks, Moscow calls actions 'hostile steps' The move is in retaliation for Kremlin's US election interference, a massive cyber attack and other hostile activity. READ MORE HERE Novena Global Healthcare's Terence Loh has two more weeks to stave off bankruptcy Maybank began bankruptcy proceedings against him in a bid to recover over $3 million in outstanding debts. READ MORE HERE S'pore's health insurance revie...

Brexit hit on London financial hub worse than expected, says study

LONDON (REUTERS) - Over 400 financial firms in Britain have shifted activities, staff and a combined £1 trillion (S$1.84 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a study from New Financial think tank said on Friday (April 16). "We think it is an underestimate and we expect the numbers to increase over time: we are only at the end of the beginning of Brexit," the study said. The EU has offered Britain little in the way of direct market access for financial services, which were not included in the bloc's trade deal with the United Kingdom from January. "That access is unlikely to be forthcoming, so it is perhaps better for the industry to take the damage from Brexit on the chin and focus instead on recalibrating the framework in the UK so that it is more tailored to the unique nature of the UK financial services industry," the study said. Some 7,400 jobs have moved from Britain or been created at new hubs in the EU, the study said. Bankers have told Reuters that some staff moves have been delayed due to Covid-19 travel restrictions. The total of 440 relocations is higher than anticipated and well above the 269 in New Financial's 2019 su...

Traditional IPOs outperform Spacs as blank-cheque frenzy cools

NEW YORK (BLOOMBERG) - Special-purpose acquisition companies (Spacs) may have become the hottest must-have for business tycoons, celebrities and even athletes, but old-school initial public offerings (IPOs) have quietly outperformed them this year. More than 330 blank-cheque firms have listed in 2021, mostly in the US, making up just over a third of global IPO activity, data compiled by Bloomberg show. They join the 300 Spacs already floated last year, sparking concern among investors about their potential to find suitable acquisition targets and increased competition for the most attractive assets in the market. This year's Spacs are trading up about 1.2 per cent on average on an offer-to-date basis, whereas regular IPOs have gained 36 per cent, the data show. The strong performance for traditional listings signals there is brisk appetite for new companies coming to market, while investor sentiment toward Spacs is cooling. Early this year, retail traders helped fuel a strong rally in Spac stocks amid reports of several potential deals. Since reaching a peak in late February, the US IPOX Spac index, which tracks shares in US blank-cheque companies, has tumbled 21 per cent. "The bil...

Citi’s new CEO taps familiar strategy with retail banking exits

NEW YORK (BLOOMBERG) - As Citigroup simplifies its sprawling businesses, new chief executive officer Jane Fraser is reaching for a familiar playbook: her own. Ms Fraser, who rose to the top of the firm last month, is on familiar ground as she moves to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa as part of a strategic overhaul. Within a year of taking over the company's operations in Latin America in 2015, the former consultant oversaw sales of retail-banking and credit-card operations in Brazil, Argentina and Colombia. Once the world's biggest bank, Citigroup has spent more than a decade cleaving businesses, and Ms Fraser is now showing no sign of relenting as she carries out a multi-year remediation effort in the wake of regulatory rebukes. The lender already has shed almost US$1 trillion (S$1.33 trillion) in assets since it nearly succumbed to the 2008 financial crisis. Long known as one of the most global banks, it will soon operate retail branches in just six countries, down from 50 in 2006. "While these are excellent franchises we don't have the scale we need to compete," Ms Fraser said during a call Thursday to discuss earnings. "We decid...

JPMorgan sells US$13 billion of bonds in largest bank deal ever

NEW YORK (BLOOMBERG) - JPMorgan Chase & Co sold US$13 billion (S$17.35 billion) of bonds on Thursday (April 15), the largest deal ever by a bank, taking advantage of some of the cheapest borrowing costs in years to boost its capital after the Federal Reserve let pandemic relief measures lapse. The deal, which followed the bank's best quarter ever, hit the market as corporate borrowers continue to see heavy demand for debt that provides a decent premium over Treasuries. Order books grew to about US$26 billion, allowing JPMorgan to trim the interest on the debt from the relatively high spreads it initially offered, according to a person with knowledge of the matter. The jumbo offering may have been related to recent changes in regulatory relief for banks, according to Bloomberg Intelligence analyst Arnold Kakuda. Treasuries liquidity disappeared in March 2020. In response, the Fed told banks they didn't have to factor in Treasuries or deposits when calculating their supplementary leverage ratios, which tells them how much capital to set aside to back up their holdings. That exemption went away two weeks ago. Banks were left in the position of needing to sell Treasuries or add capital...

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Covid-19 mixed-vaccine regimen requires studies to assess efficacy, safety: Experts

SINGAPORE - Mixing Covid-19 vaccines is possible and could even be beneficial at inciting a more robust immune response to the coronavirus. But experts warn that more studies are needed to ascertain the effectiveness of such a regime, and to determine that doing so will not produce any side effects. The experts were responding to queries from The Straits Times, following news that other countries are considering a mixed-vaccine regimen. Earlier this week, for instance, local media in China reported that the country is considering the mixing of different Covid-19 vaccines for its inoculation programme. The BBC had reported last December that scientists in Britain and Russia were teaming up to trial a combination of the Oxford-AstraZeneca and Sputnik V vaccines to see if protection against Covid-19 could be improved. Dr Zenaida Reynoso Mojares, head of vaccine clinical development at the International Vaccine Institute, told ST that the idea of mixing vaccines is still being discussed and studies are under way, to meet emergency needs and possibly assist in the formulation of public health policies in the future. She added: "Since Covid- 19 vaccines are developed in various platforms...

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‘We are really unlucky’: Employee of moneylender robbed twice in five months

SINGAPORE - It was deja vu when staff at a Jurong East moneylender experienced the second robbery at their shop on Monday (April 12), just five months after the first. The November case involved a knife, with the culprit pulling the hair of an employee at OT Credit while holding the weapon. He fled with $48,000. The stakes were even higher in Monday's case - Aetos officer Mahadi Muhamad Mukhtar, 38, is said to have robbed OT Credit while armed with a revolver. He allegedly took $24,000. When The Straits Times visited the unit at Block 135 Jurong Gateway Road on Thursday, an employee, who declined to be named, told ST: "I just think we are very unlucky." The second robbery took place after tighter security measures were taken by the shop, including the installation of a new alarm system. The employee said the shop is working with the police to further increase security, but did not elaborate, citing safety reasons. The two cases have also caused concern to a neighbouring shop, NBL Money Transfer, whose staff on Thursday urged the authorities to step up patrols and checks in the area. "It has happened twice here within five months," Madam Lutfunnesa Shahanaz, 53, the money remittance...

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Six men arrested for buying contraband cigarettes from online peddlers

SINGAPORE - He thought he was doing his colleagues a favour by consolidating orders and fulfilling them - except that the orders were for contraband cigarettes. He was among six men - five Chinese nationals and one Malaysian aged between 32 and 43 - arrested in an enforcement operation by Singapore Customs on Tuesday (April 13) which targeted those who bought duty-unpaid cigarettes from online peddlers. A total of 9.8kg - or 40 cartons, 85 packets and 116 sticks - of duty-unpaid cigarettes were seized in the operation. The total duty and goods and services tax (GST) evaded amounted to about $4,500. Three of the men arrested have been charged in court while investigations are ongoing for the others. Another 11 men - six Chinese nationals and five Malaysians - were issued composition fines ranging from $500 to $5,000. Customs officers were able to track down the buyers from the digital footprint of peddlers who were arrested earlier this month. The Straits Times accompanied the enforcement officers on Tuesday afternoon. At an industrial building in Second Chin Bee Road, four men in blue-collared shirts were led out by Customs officers into vans, where they were informed about the off...

Dow ends over 34,000 for 1st time on good bank earnings, upbeat US economic data

NEW YORK (AFP) - Wall Street stocks shot to fresh records on Thursday (April 15) following blowout earnings from large banks and strong US economic data showed the recovery picking up speed. The Dow Jones Industrial Average climbed 0.9 per cent to a record 34,035.99, and the first close above 34,000. The broad-based S&P 500 also ended at a record, gaining 1.1 per cent to 4,170.42, while the tech-rich Nasdaq Composite Index jumped 1.3 per cent to finish at 14,038.76. The records came as Citigroup and Bank of America joined the parade of large banks reporting at least a doubling of quarterly profits on strong trading results and large reserve releases amid the improving economic outlook. "Across the board, the banks surprised to the upside," said Quincy Krosby, chief market strategist at Prudential Financial, who also cited strong economic reports as a factor in the rally. Meanwhile, retail sales surged 9.8 per cent in March compared to the prior month, as Americans spent more in restaurants and on sporting goods, gardening and cars as coronavirus vaccines became more widespread. And new applications for jobless benefits plunged to 576,000 last week, the fewest filed since the week e...

ITE student made false report against ex-boyfriend after she breached curfew

SINGAPORE - A 20-year-old student who did not want to get into trouble for breaching her curfew made a police report against her former boyfriend, falsely claiming that he had assaulted her and forced her into a van. Police later learnt the incident did not happen. Tharuna Thirunavukkarasu, a student with the Institute of Technical Education (ITE) College East, had made up the story because she was out drinking with friends on Jan 19 and did not want to end up in prison. On Thursday (April 15), Tharuna pleaded guilty to making the false report with the intent of causing the police to investigate her former boyfriend. At the time of the purported incident, Tharuna was supposed to comply with e-tagging and a curfew after being released under a reformative training (RT) supervision scheme. Details of the curfew were not mentioned in court documents. She was sentenced in September 2018 to time in an RT centre for offences that were not stated in court documents. Those in RT centres have to follow a strict regimen that includes foot drills as well as counselling. On Jan 19, she breached her curfew while out drinking with friends in Telok Blangah. Afraid it would mean she could end up in...

First 300,000 smart water meters in S’pore to be installed by SP Services from 2022

SINGAPORE - SP Services will install Singapore's first 300,000 smart water meters from early next year as part of the national plan to digitalise the water system. At no cost to customers, these meters that use digital technologies to monitor water usage and leaks will be rolled out to homes, commercial and industrial buildings at seven locations, said national water agency PUB on Thursday (April 15). The locations are the new housing estates of Tampines North and Tengah, as well as Bukit Batok, Hougang, Jurong West, Tampines and Tuas. The first phase of PUB's smart water meter programme is set to be completed by 2023. The award of the estimated $123.7 million project to the subsidiary of government-owned SP Group follows an open tender exercise which attracted seven local and foreign tenderers. PUB added that SP Services was selected as it demonstrated a strong track record and the necessary technical resource capability to undertake this project, alongside its network solutions provider Itron's experience in deploying nearly 800,000 smart water meters overseas. SP Services will be responsible for the supply and installation of the smart meters and supporting infrastructure, as we...