SeaPRwire

US tech stocks lose tug-of-war amid inflation worries

elean 13 3 月

2 minutes

NEW YORK (AFP) - Wall Street closed out a volatile week mostly higher on Friday (March 12), but tech shares once again lost the battle between optimism over a stronger economy and concerns about inflation. US Treasury yields jumped again, returning to the pre-pandemic levels of February 2020, as the 10-year note rose above 1.6 per cent. That is a sign of growing investor fears that the Federal Reserve will have to raise borrowing rates sooner than expected to contain inflation - despite the central bank's assurances to the contrary. The tech-rich Nasdaq Composite Index recovered from the lowest point of the day, closing down 0.6 per cent at 13,319.87. The benchmark Dow Jones Industrial Average climbed 0.9 per cent to 32,778.64, setting another record, while broad-based S&P 500 edged up 0.1 per cent to 3,943.34, adding four points to the all-time high set Thursday. "There is a tug of war in the market regarding where inflation will settle," Quincy Krosby of Prudential Financial said, with traders watching how President Joe Biden's US$1.9 trillion (S$2.5 trillion) stimulus package will impact the economy, as well as the infrastructure package he's pushing. "No one is suggesting at th...

S’pore stretches healthcare dollar with targeted subsidies

aseanpr 13 3 月

1 minute

SINGAPORE - Healthcare spending has sometimes been compared to a balloon - squeeze it in one area and a bulge appears in another. The analogy speaks to how difficult it is to rein in rising healthcare costs, a challenge that Singapore has become increasingly familiar with as its population greys. 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.

65-year-old switches jobs from painter to senior technician after hotel’s reskilling programme

aseanpr 12 3 月

2 minutes

SINGAPORE - Mr Heng Soo Koy started as a painter when he joined Parkroyal on Kitchener Road nearly 30 years ago. About a year ago, "Uncle Heng", as the 65-year-old is known to his colleagues, became a senior technician. The switch was made possible by the hotel's job redesign efforts in 2019. Mr Heng had about six months of on-the-job training, where a colleague helped him learn the ropes. In the process, he picked up new skills such as basic electrical works, and also learnt ways to clean air-conditioning units and conduct preventive maintenance in guestrooms. "I am now more confident to handle new tasks," he said, adding that he appreciated having a colleague guide him. "I'm 65 this year and glad to have ample opportunity and time to pick up new skills," he said. Mr Heng, who joined the hotel in 1993 and is one of its pioneer employees, has no plans to retire just yet. He said he enjoys working alongside his colleagues and believes he has more to contribute. Mr Heng is not the only one to pick up new skills. Under the Job Redesign Reskilling Programme for the hotel industry, about 35 per cent of the workforce at Parkroyal on Kitchener Road have been trained for new or enhanced ro...

Revamped job redesign scheme to aid in workforce transformation in Singapore’s hotel industry

aseanpr 12 3 月

6 minutes

SINGAPORE - In a hotel in the future, front office staff will be experts in tailoring personalised tour itineraries, while housekeepers will be able track room cleanliness using mobile applications and robots are used for cleaning. In the kitchen, chefs will be proficient in food waste management and sensors will track stock levels. This is the vision for the Covid-19 battered hotel industry in Singapore, thanks to a revamp of the Job Redesign Reskilling (JRR) Programme. The revamp was announced by the Workforce Singapore (WSG) on Friday (March 12), along with the release of the 19th edition of the jobs situation report. Sixteen job roles, which would require tech know-how, have been identified. These include rank-and-file positions such as guest experience designers and food and beverage ambassadors, as well as professionals such as managers, executives and technician roles from technician sustainability specialists to human resource generalists. Hotels looking to participate in the revamped programme must offer job redesign projects that involve the adoption of technology. Previously, the programme was open to all job roles and covered three types of job redesign projects: cross-...

Chinatown Point evacuated after shop catches fire

aseanpr 12 3 月

2 minutes

SINGAPORE - Shoppers and tenants in Chinatown Point were evacuated on Friday morning (March 12) after a fire broke out. The fire is believed to have started inside Luxury City, a retailer of luxury bags and accessories located on the first floor of the mall. The shop's signage appeared to have been damaged. Ms Sharon Guan, 39, who works in the Samsung shop two units away, said the fire started at around 10.15am "At about 10.25am, there was smoke everywhere on the first floor, and the security told us to leave the premises," she said. "We weren't aware of the fire, but saw it from outside." A video of the incident showed a raging fire in the shop. Large cracks were visible on the glass windows. Around noon, tenants of the mall were told to gather at the entrance for a briefing, but were not allowed to return to their units. At least three fire engines from the Singapore Civil Defence Force (SCDF) were spotted at the scene. An SCDF spokesman said they were alerted to the fire at about 10.25am, and preliminary investigations showed that the fire was of electrical origin. The fire involved a signboard in the store and was extinguished by the mall’s sprinkler system prior to SCDF’s arri...

Travel corridors for vaccinated passengers could open in 2nd half of 2021: Ong Ye Kung

aseanpr 12 3 月

5 minutes

SINGAPORE - Bilateral travel corridors for vaccinated passengers from places with low to moderate infection rates may well happen in the second half of this year, said Transport Minister Ong Ye Kung on Friday (March 12) as Singapore continues to explore ways to open up its borders and revive air travel. In an interview with Money FM 89.3, Mr Ong said stay-home notices and other quarantine measures will kill travel. Singapore, he added, needs to find ways to get rid of such requirements, a point he also made last week during the debate on his ministry's budget. "Nobody is going to come to Singapore and stay for 14 days," he told radio DJ Elliott Danker. While vaccinations are changing the game, this needs to work in tandem with other measures such as testing, movement restrictions and identifying countries that are "safe" and have successfully controlled the virus, Mr Ong said. For example, Singapore could open up to travellers from places with moderate Covid-19 infection rates but have ongoing vaccination programmes. "(Combine that) with testing, and you can possibly open up a safe travel corridor," he added. On air travel bubbles, Mr Ong said such arrangements require reciprocity,...

HDB calls for sixth tender to install solar panels on 1,198 HDB blocks, 57 government sites

aseanpr 12 3 月

4 minutes

SINGAPORE - In its latest push to generate more clean energy in Singapore, the Housing Board (HDB) has called for its sixth tender to install solar panels across 1,198 HDB blocks and 57 government sites on Friday (March 12). This is to meet demand for the production of a total solar capacity of 70 megawatt-peak (MWp) across government sites and HDB blocks managed by Sembawang, Tampines and Tanjong Pagar town councils. Government sites that will participate in this tender include 40 primary and secondary schools, as well as the Tuas South Desalination Plant and Kallang Fire Station. It comes under the Government's SolarNova programme, which compiles solar demand from various agencies to enjoy economies of scale, and is jointly led by HDB and the Singapore Economic Development Board (EDB). As part of this tender, vendors will be required to install smart electrical sub-meters in HDB blocks to track energy consumption patterns and the performance of common services such as lifts, lights and water pumps in each block. With this data, the HDB and respective town councils will then be able to optimise maintenance cycles of these common services, as well as detect anomalies such as equipm...

HSBC bosses try to quell banker anger over bonus cuts

elean 12 3 月

4 minutes

LONDON (BLOOMBERG) - HSBC Holdings' chief executive officer Noel Quinn and his top lieutenants were forced to defend bonus cuts to unhappy investment bankers and traders after a year marked by hectic dealmaking and volatile markets. On calls last week with staff at its global banking and markets division, Mr Quinn, along with the unit's co-heads, Georges Elhedery and Greg Guyett, had to justify why the pool had to be scaled back at the only division that saw revenue increase last year, according to people familiar with the situation. The executives told employees that the pandemic had eroded the bank's overall performance and, combined with the stark economic backdrop, meant it couldn't pay more, said the people, declining to be named detailing a private call. Even some bankers who gained top marks for their performance were told that their bonuses would be cut and that they shouldn't expect a pay increase, they said. A spokesman for HSBC declined to comment. European lenders have been made acutely aware of the consequences of attempting to pay large sums to traders and bankers against the backdrop of the worst economic conditions in decades. Deutsche Bank scaled back plans for its...

Baidu seeks up to $4.8 billion in Hong Kong second listing

elean 12 3 月

3 minutes

HONG KONG (BLOOMBERG) - Search engine giant Baidu is seeking to raise as much as HK$28 billion (S$4.8 billion) in a second listing in Hong Kong, kicking off the second such share sale by a US-traded Chinese firm in the city this year. Nasdaq-listed Baidu is selling 95 million shares in the offering and has set a maximum price of HK$295 for the portion of the sale reserved for Hong Kong retail investors, it said in a regulatory filing on Thursday (March 11). That price represents a 19 per cent premium to Baidu's Wednesday closing price in New York. Baidu rose 6.8 per cent on Thursday. Baidu aims to set the final price before the US market open on March 17 and start trading in Hong Kong on March 23. At US$3.6 billion (S$4.8 billion), it would be the biggest so-called homecoming listing of a US-traded Chinese company in Hong Kong since JD.com's June 2020 offering, which raised US$4.5 billion. Baidu follows online car-sales website Autohome in seeking a trading foothold in the Asian financial hub this year, after a wave of such share sales in 2020 which saw some US$17 billion raised. Other companies looking at selling shares in the city include Tencent Music Entertainment Group and vid...

Inflation already creeping into some corners of the world

elean 12 3 月

6 minutes

NEW YORK (BLOOMBERG) - The big question in financial markets is whether the post-pandemic recovery will bring a burst of inflation. In some corners of the world economy, it's already arrived. In commodities like soybeans or copper, industries like shipping and countries like Brazil, prices have been climbing rapidly - for reasons directly tied to the disruptions of Covid-19, the policy response, or the surge in demand that comes with hopes of recovery. None of this is enough to settle the great inflation debate one way or the other. Hawks say that pockets of inflation today will turn into across-the-board price increases tomorrow, with stimulus providing the fuel. Skeptics see price rises as largely driven by temporary spurts or bottlenecks - and point out that similar alarm bells were sounded after the 2008 crash, when inflation never showed up. Following are some of the areas already seeing a surge in prices - and how they connect to the broader inflation picture. Metals Government efforts to lift economies out of the pandemic slump have involved spending on infrastructure projects, and financial support for households who spent some of the cash on electronic gear. Both are contr...

Companies that rode Covid-19 pandemic boom get reality check

elean 12 3 月

6 minutes

NEW YORK (NYTIMES) - While the Covid-19 pandemic battered the economy, tech companies and consumer companies powered by digital technology stood out as islands of growth. But with coronavirus cases and deaths falling, more than 2 million Americans a day getting vaccinations and the overall economic outlook improving, investors are starting to turn elsewhere. In the past month, the shares of smaller Covid tech darlings have fallen sharply - Zoom off 18 per cent and Peloton 24 per cent. Zoom's price is down 40 per cent from its all-time high, reached in October. The largest tech companies have dropped less, but even they have not been immune to the changing mood. Apple, for example, has lost 10 per cent in the last month. The real turning point goes back to Nov 9, said David Readerman, a hedge fund portfolio manager. That was when Pfizer became the first company to announce a highly effective Covid-19 vaccine. Pfizer's chief executive, Dr Albert Bourla, called it "a great day for science and humanity." That announcement, Mr Readerman said, "was the start of what we're seeing now - visibility on reopening and economic recovery." Analysts predict US economic growth this year of 5 per c...

Coupang shares soar 41% in trading debut after biggest US IPO since Uber

elean 12 3 月

4 minutes

NEW YORK (BLOOMBERG) - South Korean e-commerce giant Coupang surged 41 per cent in its trading debut after delivering the biggest US initial public offering (IPO) since Uber Technologies. Coupang, whose biggest backer is Japanese conglomerate SoftBank Group, opened trading in New York on Thursday (March 11) at US$63.50 a share, an 81 per cent jump from its US$35 price in its upsized US$4.6 billion IPO on Wednesday. That briefly gave the company a market value of more than US$100 billion (S$134 billion). The shares closed at US$49.25, valuing Coupang at about US$84 billion. The offering by Coupang further accelerated the pace of IPOs on US exchanges this year, elevating the total raised to more than US$114 billion, compared with US$180 billion in all of last year, itself a record, according to data compiled by Bloomberg. Uber, which raised US$8.1 billion in its 2019 IPO, has a market value of US$110 billion. Coupang's IPO was also the biggest by any Asia-based company in New York since Alibaba Group Holding Ltd.'s US$25 billion listing in 2014, the biggest ever in the US Coupang and its investors sold 130 million shares for US$35 each in the IPO, after marketing them for US$32 to US...

Moonstake Partners with P2P Escrow Service Escaroo

pandora 11 3 月

4 minutes

SINGAPORE, Mar 5, 2021 - (ACN Newswire) - Today, Moonstake announces its partnership with Escaroo, a keyless blockchain-based peer-to-peer escrow service that offers an advanced smart contract solution for high profile individual and commercial clients within the real-estate, aviation and marine space. Through this strategic collaboration, Moonstake will help enable staking functionality for Escaroo escrow platform, providing its users a new way to control and earn with their cryptocurrencies. As a leading staking pool platform with a strong lineup of supported digital assets and hundreds of millions assets staked, Moonstake is thrilled to support yet another esteemed institution in the industry, accelerating the connection of staking to decentralized finance. Escaroo users will soon be able to earn passive income from staking within the Cardano and Tezos ecosystems.With the goal to help people safely create and manage crypto transactions, Escaroo utilizes its proprietary, US-patented smart contracts to facilitate transactions where funds are only released when all parties are in agreement. This allows Escaroo users to maintain funds securely within a unique individually created sm...

Man allegedly involved in impersonation scam charged over providing unlicensed payment services

aseanpr 11 3 月

2 minutes

SINGAPORE - A 66-year-old man who allegedly received $209,370 which he tried to transfer overseas was charged on Thursday (March 11) over providing payment services without a licence. Wang Wai Keong, who is also known as Wong Wai Keong, was arrested on suspicion of being involved in a China officials impersonation scam. Wang was offered bail of $10,000 and his case is expected to be mentioned again on April 1. Police, in a statement on Wednesday, said they received a report from a woman on April 9 last year in which she alleged that she had handed over $1 million to two women she believed to be Chinese authorities investigating her for transnational crimes. Preliminary investigations by the Commercial Affairs Department found that Wang allegedly received $209,370 in criminal proceeds from one of the scammers between March 31 and April 8 last year. The police believe he acted on the instructions of unidentified foreign clients to receive the cash and make arrangements with business contacts in Hong Kong. The sum has been recovered and seized by the police. Police have advised members of the public to take precautions when receiving unsolicited calls to hand over money. Those who col...

Woman who knocked into two people at Jurong carpark fined, disqualified from driving

aseanpr 11 3 月

2 minutes

SINGAPORE - A 33-year-old woman was fined $3,500 and disqualified from driving for nine months on Thursday (March 11) after she knocked into two people with her car at a carpark. Tan Chak Yee pleaded guilty to one count of causing grievous hurt by a negligent act. Another similar charge was taken into consideration during sentencing. The court was told that at about 4.40pm on Oct 27, 2019, Tan and her husband left Block 252 Jurong East Street 24 after having lunch at the coffee shop. They intended to return to their home at Teban Gardens. Tan was driving while her husband sat next to her in the front passenger seat. But as she drove off from the parking space and turned left towards the sheltered crossing, she knocked into two women who were walking in front of the car with a trolley. A minibus driver stepped forward to assist the victims, driving them to Ng Teng Fong Hospital. Tan's husband accompanied the victims in the minibus while she drove to the hospital separately. One victim, a 48-year-old woman, suffered rib fractures and minor injuries to her chest and right knee, and was given 14 days of hospitalisation leave. The other victim, a 55-year-old woman, suffered minor injuri...

Digital Currency Companies Leverage AsiaPresswire’s Press Release Distribution in Philippines

pandora 11 3 月

3 minutes

Manila, Philippines / SEAPRWire / Philippines is a new battlefield for Digital Currency giants. They leverage AsiaPresswire's Philippines press release distribution services to build their brand image and draw awareness of investors. Marketers in the Digital Currency industry are recognizing the value of the digital trend in Philippines as it relates to content campaigns and branding purposes. By analyzing customer and internal data in Philippines, businesses can optimize their operational procedures and effectively serve wider audiences. For Digital Currency company executives, AsiaPresswire's Philippines Press Release Distribution Platform offers effective content marketing channels through its large networks of varied downstream partners. To achieve their marketing target in Philippines, content marketers and SEO specialists will need to take advantage of the potential that data science possesses in relation to campaigns, according to Sammy Tisa, CEO of CryPlusTo. In a recent press release in Filipino language, CryPlusTo discussed the importance of business and customer data and how said data can be crucial when developing campaigns and navigating an industry. CryPlusTo went on ...

Verofax Secures $1.2M Seed Round for Automation and Traceability Platform

pandora 11 3 月

2 minutes

ABU DHABI, UAE, Mar 9, 2021 - (ACN Newswire) - Verofax Limited, an automation and traceability platform, has secured $1.2M in a Seed funding round, led by Trove Capital Limited UK. Other investors included MFD Holding, Kepler Fund Managers, and Casablanca Holding. This funding marks Verofax porting its platform on Microsoft Cloud and its recent Q4 expansion into Asia and Africa. Mssrs Wassim Merheby and Jamil Zablah of Verofax Limited.Established in 2018, Verofax has developed an automation and traceability platform that allows enterprises to prevent counterfeit, improve manufacturers' engagement with consumers, and increase staff productivity with data insights. Verofax offers services such as Item ID serialization, traceability, and transaction certification on private Blockchain with cost and time to market advantage.Wassim Merheby, CEO and Co-Founder of Verofax, commented on the round, "Counterfeit is exceeding 20% of global trade in some industries and accounts for $1.8T losses to businesses. With retailers and manufacturers adopting traceability and item serialization in their operations, Verofax enables supplier screening, consumer engagement, and inventory optimization."US,...

BuzzFeed in talks to go public via Spac merger

elean 11 3 月

2 minutes

NEW YORK (BLOOMBERG) - BuzzFeed, the digital-media outlet founded in 2006, is in talks to go public through a merger with 890 5th Avenue Partners, a special purpose acquisition company (Spac), according to people with knowledge of the matter. Once public, the company may use its currency to target future acquisitions, said one of the people, who requested anonymity because the talks are private. A transaction value couldn't immediately be learned. As with any deal that hasn't been finalized, it's possible terms change or talks fall apart. 890 5th Avenue - named after the fictional Avengers mansion - is led by executive chairman Adam Rothstein and CEO Emiliano Calemzuk. The blank-cheque firm raised US$287.5 million (S$386.5 million) in a January initial public offering and has said it's focused on technology, media and telecommunications. Representatives of BuzzFeed and 890 5th Avenue didn't immediately respond to requests for comment. The deal talks follow a tumultuous year for BuzzFeed, which laid off employees during the pandemic and lost revenue from advertising and live events. The company's balance sheet had improved by last November, when it agreed to buy the HuffPost online ...

China’s $5,700 electric cars tap huge market Tesla can’t reach

elean 11 3 月

5 minutes

BIEJING (BLOOMBERG) - Chinese factory worker Weng Changqing knew he wanted an electric car before he even had his driver's license. Living in a small town in eastern China and looking to start a family, he figured the savings on gas and maintenance would allow him to afford to buy his first ride. He wasn't in the market for a Tesla Model 3, which starts at about US$38,000 (S$51,000) in China. Instead, the 37-year-old bought a 66,900 yuan (S$13,800) crossover from local electric-vehicle maker Hozon Auto. It's one of a growing number of vehicles that run on batteries and electric motors gaining popularity in lower-income parts of the country because of their modest prices and lower running costs. (EVs don't need oil changes, spark plugs, or the various belts that have to be replaced periodically on gasoline cars.) Cheap, reliable EVs like Changqing's have the potential to open car ownership - and the increased mobility that brings - to a whole class of people who previously couldn't afford to have their own wheels. Changqing estimates the cost of electricity to charge his car for an entire year to be less than US$400, which would buy only 377 litres of petrol in China - enough to dri...

Sydney housing boom lifts prices to all-time high

elean 11 3 月

1 minute

SYDNEY (BLOOMBERG) - Housing prices in Sydney soared to an all-time high, gaining 5.7 per cent since last year's low in October as the economy continues to recover. Sydney property values are now higher than the prior peak in 2017, CoreLogic data released on Thursday (March 11) showed. However, Melbourne remains 1.3 per cent below its pre-pandemic high and Perth is almost 17 per cent below the top of 2014. "The fresh record high is great news for Sydney home owners, but highlights the challenges for non-home owners looking to participate in the housing market as values rise faster than incomes," said Tim Lawless, CoreLogic's executive research director. The rapid gains have been fueled by record-low borrowing rates, an improving economic outlook, an under-supply of listings and government incentives. While house prices are also surging from Singapore to Canada and the US, a return to boom times in Australia threatens to swell an already worrisome pile of household debt and make it harder for young people to buy their first property. More on this topic Related Story Australia home prices surge at fastest pace since 2003 in February Related Story Property prices in Australia surge to...

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