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Singapore to suspend green lane arrangements with Germany, Malaysia and South Korea for 3 months from Feb 1

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2 minutes

SINGAPORE - Singapore's reciprocal green lane arrangements with Germany, Malaysia, and South Korea will be suspended for three months from Monday (Feb 1). This is in view of the resurgence of Covid-19 cases worldwide, the Ministry of Foreign Affairs (MFA) said on Saturday. Singapore will review the reciprocal green lane arrangements at the end of the suspension period. Green lanes allow essential travel for business or official purposes between two countries. Travellers who have already been approved to enter Singapore under these arrangements can continue to do so, MFA said. Singapore had agreed on a green lane with Germany in October last year. Green lanes with Malaysia and South Korea were operational from August and September last year respectively. More on this topic Related Story Malaysia records new high as daily cases exceed 5,000 Related Story Outbreaks in South Korea’s Christian schools drive surge in Covid-19 cases Related Stories: Related Story Hong Kong’s Covid-19 pandemic management disappointing: Carrie Lam Related Story Outbreaks in South Korea’s Christian schools drive surge in Covid-19 cases Related Story Panic buying, circuit breaker and reopening: A timeline of ...

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Morning Briefing: Top stories from The Straits Times on Jan 30

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2 minutes

Good morning! Here are our top stories to kick-start your Saturday, Jan 30. 409 staff working at Jewel Changi Airport, T3 test negative for Covid-19 after special testing op The testing was a precautionary measure after 3 past cases were found to have the UK strain. READ MORE HERE Will the Covid-19 pandemic derail plans to raise retirement and re-employment ages in Singapore? Companies short of manpower would welcome the extension of retirement and re-employment ages. READ MORE HERE Anaphylaxis and other Covid-19 vaccine side effects: Should I be worried? Allergic reactions are a common risk for all vaccines, and allergies may or may not be known. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news ST-WEF webinar: How America can win back Asia Geopolitical Reset 2021: Implications for Asia | ST-WEF Webinar | Davos Agenda 2021 Offer global leadership in economic development, focus on the positive and start listening to allies again. READ MORE HERE EU tries to restrict vaccine exports to Britain with emergency Brexit rules in 'act of hostility' The move is a steep escalation of the bloc's battle to secure vaccine supplies. READ MORE HERE Asia...

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S’pore bourse declines in line with markets across region

elean
2 minutes

Local shares closed lower yesterday to mark a second week in the red amid a decline across the region. The uncertain sentiment left the benchmark Straits Times Index (STI) down 0.6 per cent or 17.78 points at 2,902.52 and 3 per cent or 89.01 points off for the week. "The mood has become quite gloomy on vaccinations, which may not be surprising, given we are in the pandemic's darkest time so far," said Mr Stephen Innes, chief global market strategist at Axi. But he added that the big picture on the market outlook does not change, with "an unprecedented amount of monetary and fiscal stimulus, a structural shift towards much more spending, a potentially unmatched economic rebound, and a reasonable chance of inflation for the first time in several decades". Losers beat gainers 294 to 208, with 2.82 billion shares worth $1.89 billion changing hands. Mapletree Industrial Trust was the top STI performer, climbing 1.4 per cent to $2.87. Keppel DC Reit, which also finished in the black, was the top gainer for the week. Keppel Corp was at the bottom of the performance table for the day and week. It plunged 8.2 per cent to $5.01 after unveiling a plan on Thursday to exit the rig business and ...

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Virus-hit US economy suffers worst showing in 74 years

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4 minutes

WASHINGTON • The United States economy contracted at its deepest pace since World War II in 2020 as the Covid-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty. Though a recovery is under way, momentum slowed significantly as the year wound down amid a resurgence in coronavirus infections and exhaustion of nearly US$3 trillion (S$4 trillion) in relief money from the government. The moderation is likely to persist at least through the first three months of this year. The economy's prospects hinge on the distribution of vaccines to fight the virus. President Joe Biden has unveiled a recovery plan worth US$1.9 trillion, but some lawmakers have baulked at the price tag as the initiative comes soon after the government provided nearly US$900 billion in additional stimulus late last month. White House economic adviser Brian Deese said the report from the Commerce Department on Thursday underscored the urgency for Congress to pass Mr Biden's plan, warning that the cost of doing nothing was too high. "Without swift action, we risk a continued economic crisis that will make it harder for Americans to return to work an...

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Employers urged to help disadvantaged groups gain new skills

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3 minutes

After a stroke left him with speech difficulties and weakness in one hand, Mr Ang Kuan Heng struggled to find employment. That was until he landed a job with social enterprise Spic & Span, which yesterday received a visit from President Halimah Yacob. The head of state met employees of the cleaning firm, which creates job opportunities for people with disabilities and marginalised groups. She called on more social enterprises to harness technology to run businesses that do good. She also urged employers to spend time during the pandemic redesigning their work processes and jobs to prepare for future opportunities and help disadvantaged workers acquire new skills. In Mr Ang's case, he had physiotherapy for a year but continued to feel flustered when meeting people, making it hard to find work. Mr Ang joined Spic & Span as a project coordinator in October last year. He gained newfound confidence to try new things, even picking up computer skills despite the weakness in his right hand. "I was initially very worried about finding a job, but when I joined the company, I found people who accepted me just as I am and understood my condition," said the 57-year-old. During her visit to the ...

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Singapore firms upbeat on prospects after year of gloom

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3 minutes

The business expectations of firms in both the manufacturing and services sectors turned positive after a year of gloom, with sentiments boosted by the start of Covid-19 vaccinations across countries. Their sentiments were captured in the latest quarterly surveys, whose findings were released separately by the Economic Development Board (EDB) and Department of Statistics (SingStat) yesterday. A weighted 36 per cent of manufacturers expect better business conditions for the first six months of this year, while a weighted 4 per cent expect things to worsen, the EDB survey showed. Thus, an overall net weighted balance of 32 per cent of manufacturers were upbeat on their business outlook. This was the first overall positive outlook for the sector since April. A weighted percentage refers to an aggregate of the responses of manufacturers based on the proportion of output and value they add to the manufacturing sector. The service sector also turned optimistic after being downbeat for more than a year. Some 21 per cent of firms were optimistic about business conditions while 14 per cent were pessimistic, resulting in a net weighted balance of 7 per cent having a positive business outlook...

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Two F&B outlets to be charged, four ordered shut, six others and 131 individuals fined for Covid-19 breaches

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4 minutes

SINGAPORE - Two food and beverage (F&B) operators are to be charged on Tuesday (Feb 2) for allegedly breaching safe management measures, one of them while continuing to operate despite being ordered to close for multiple infringements previously. They were among 12 F&B outlets sanctioned, four of which were ordered to close and six fined. A further 131 people have also been fined for flouting Covid-19 rules. The Ministry of Sustainability and the Environment (MSE) in a statement on Friday (Jan 29) said all were nabbed as part of stepped up inspections by government agencies on F&B premises, malls and other public spaces last week on Jan 22 and Jan 23. The two F&B operators to be charged on Feb 2 are Mark Enterprise and Kim's Place Seafood Restaurant. Mark Enterprise had allegedly continued operations on July 18 despite having been issued an order to close for breaching multiple safe management measures. Kim's Place Seafood had allegedly allowed gatherings of more than five people split across multiple tables. It also allowed karaoke activities on its premises in September last year. For the breaches, Kim's Place Seafood was issued two closure orders totalling 30 days, from Jan 6 to...

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SIT introduces new degree programme to prepare students for era of automation

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2 minutes

SINGAPORE - A new degree programme will be offered by the Singapore Institute of Technology (SIT) to fulfil the anticipated demand in automation engineering in the future by training students to develop, deploy and maintain field robots. The Bachelor of Engineering in Robotics Systems is a four-year programme offered by SIT and designed in consultation with key partners such as the National Robotics Programme (NRP) and Economic Development Board (EDB), SIT said on Friday (Jan 29). "Robots are no longer just operating in the factory shop floor, but are also required to work for, and alongside humans in various field applications," said Professor Chua Kee Chaing, deputy president (academic) and provost of SIT. Figures by the Ministry of Trade and Industry Singapore showed over 4,400 industrial robots were installed in 2017, representing an increase of 72 per cent from 2016. Already widely used in manufacturing, Professor Quek Tong Boon, chief executive of NRP, said there will likely be an even greater adoption of industrial robots in the coming years. "With advances in technology that enable robots to interact more naturally, intelligently and safely with humans in people-centric env...

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Two men in Singapore charged with cheating and forgery in Covid-19 funds ruses

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2 minutes

SINGAPORE - Two men were charged in court on Friday (Jan 29) with forgery and cheating-related offences in their attempt to receive monies from the Covid-19 Support Grant (CSG) and the Temporary Relief Fund (TRF). In a statement, police said a 43-year-old man was charged after he allegedly attempted to cheat the Ministry of Social and Family Development (MSF) into disbursing funds from the CSG. He is said to have falsely declared in his application that he had lost his job due to the pandemic. "He is also alleged to have submitted a forged retrenchment letter and provided additional false information to MSF to support the false declaration in his CSG application. "MSF did not approve his CSG application," said the police. The grant supports those who had lost their jobs due to the Covid-19 situation, as well as employees placed on involuntary no-pay leave for at least three consecutive months and employees who have had their salaries reduced by at least 30 per cent for three consecutive months. These changes must have taken place after Jan 23 last year. Under the scheme, workers receive up to $800 a month for three months if they meet the job loss or no-pay leave criteria. The othe...

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New BHG concept store replaces Robinsons at Raffles City Shopping Centre

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2 minutes

SINGAPORE - A new concept store selling beauty, fashion, as well as home and living products is now occupying shop units vacated by Robinsons at Raffles City Shopping Centre. One Assembly is the product of a partnership between BHG Singapore and Raffles City Singapore. It is located at levels one and two at the mall. The store will officially open in early February but a soft launch was held on Wednesday (Jan 27). On Friday, The Straits Times spotted around 10 people waiting for the store to open at 11am. Ms Judy Lau, 65, said she was there out of curiosity. She had previously frequented the Robinsons store to shop for clothes to mark Chinese New Year, which falls on Feb 12 and 13 this year. "We need to go in and take a look and see how it is different. By bringing in new brands, the store will elevate the shopping experience," she said. Robinsons, which occupied three levels at the mall, closed its store there on Jan 9, bringing 162 years of history to an end. The main store at The Heeren was shuttered earlier. Like its predecessor, One Assembly will offer a range of products including kitchenware and mattresses. There will also be items from Osim and luxury brand Tiffany & Co. A ...

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More than 1,000 job and training opportunities to be created for those with disabilities

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4 minutes

SINGAPORE - About 1,200 job and training opportunities will be created for people with disabilities by the end of this year, said Minister for Social and Family Development Masagos Zulkifli on Friday (Jan 29). This is part of efforts by the National Jobs Council that was set up last May to focus on creating jobs and building skills during and after the Covid-19 pandemic, as well as existing schemes by SG Enable. The Government is currently working to provide people with disabilities 150 new opportunities for employment, training and skills upgrading under three programmes, said Mr Masagos during a visit to Parkroyal Collection Marina Bay, managed by the Pan Pacific Hotels Group, on Friday. The group employs 27 people with disabilities in its corporate office as well as across its various hotels and serviced suites. They are in roles such as housekeeping and administrative work. Nine more will be joining in the coming months. The newly announced programmes - Place-and-Train, Attach-and-Train and Skills Development - are meant to complement existing efforts under the Open Door Programme administered by SG Enable that provides employment and training opportunities for people with disa...

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Elon Musk at it again, sending Shopify shares up with Twitter blast

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2 minutes

NEW YORK (BLOOMBERG) - Elon Musk is making headlines again for his Twitter use, with Shopify the latest beneficiary. The Tesla billionaire late Thursday (Jan 28) tweeted that the e-commerce software company was "great" in response to another user's comment, sending Shopify's stock up as much as 3.5 per cent in late trading in New York. Mr Musk has boosted the shares of at least a half-a-dozen companies this month after posting on Twitter, where the Tesla chief executive officer has more than 43 million followers. Recipients of Musk's tweets include US video-game retailer GameStop, Polish video-game maker CD Projekt, a Japanese toy company and the online marketplace Etsy. Tesla didn't immediately respond to an email seeking comment. Mr Musk's fondness for Twitter previously got him into trouble. He was sued in 2018 by the US Securities and Exchange Commission over posts about a plan to take Tesla private, eventually agreeing to a settlement that included a US$20 million (S$26.6 million) fine and a requirement that he relinquish his role as chairman. A more than 700 per cent rally in Tesla shares last year help make Mr Musk the world's richest person, with a fortune exceeding US$199 ...

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SK Hynix Q4 profit surges four-fold on robust chip shipments

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2 minutes

SEOUL (REUTERS) - SK Hynix, the world's No.2 memory chip maker, posted a 298 per cent jump in fourth-quarter profit, ahead of expectations, as a better-than-expected rise in chip shipments offset lower chip prices and forecast solid demand this year. For 2021, SK Hynix said demand for server and mobile DRAM products, which go into devices, will remain high as global companies invest in new data centers and due to brisk 5G smartphone shipments. But supplies are expected to fall short of demand as the industry will see limited supply increase, the company said on Friday (Jan 29). In NAND memory chips that serve the data storage market, it expected the market to recover from the second half of the year, as customers use up inventory and start to ramp of their adoption of high-capacity chips. The South Korean company, which counts Apple among its customers, reported an operating profit of 966 billion won (S$1.15 billion) in October-December, up from a low base of 242 billion won a year earlier. That beat a Refinitiv Smartestimate for a 926 billion won profit. The Smartestimate, which gives more weight to consistently accurate analysts, was drawn from 20 analysts. Fourth-quarter revenue...

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GameStop frenzy has spread to Asia

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5 minutes

SINGAPORE (REUTERS) - Asia's retail investors, emboldened by the meteoric rise of US videogame retailer GameStop, are taking on short sellers and making their brokers nervous enough to cut off margin lending. In South Korea, small investors known as "ants" have borrowed so much money to dabble in stocks that at least half a dozen brokerages have stopped offering them leverage. GameStop's global impact is the latest manifestation of a day-trading mania driven by amateur investors that is boosting the price of assets ranging from cryptocurrencies to new stock market listings. "Not afraid, not flinching," said Ji-Han Kim, who works at a food delivery chain in Seoul and whose stock portfolio includes Chinese drone-maker Ehang, which he says has made him a 412 per cent return, and chip giant Samsung Electronics. "I see it as a bubble that doesn't burst for a while." However, this euphoria is not universal and Korea Financial Investment Association data shows six South Korean brokerages stopped margin lending this month, after loan values hit a record 21.6 trillion won (S$25.8 billion) this week. "Any more lending to ants would go against the capital requirement ratio for brokerages," sa...

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US stocks stage partial rebound from rout

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2 minutes

NEW YORK (AFP) - Wall Street stocks staged a partial rebound on Thursday (Jan 28) from the prior session's rout following mixed economic data as shares of GameStop and others continued to gyrate. The Dow Jones Industrial Average finished up 1 per cent at 30,603.36. The broad-based S&P 500 also won 1 per cent to 3,787.38, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 13,337.16. Major indices had shed more than 2 per cent on Wednesday due in part to worries about the coronavirus and lofty valuations. Investors had also been rattled by massive jumps in GameStop, AMC Entertainment and others, but the market applauded new restrictions on these trades by TD Ameritrade and Robinhood, analysts said. Wednesday's big fall set the stage for bargain-hunting on Thursday. "The restrictions put in place regarding the retail traders by the platforms... (have) helped to calm the market down," said Quincy Krosby, chief market strategist at Prudential Financial. "The worry in the market was, if this continue at this pace, it could cause even more damage to the overall market." Both GameStop and AMC fell sharply. More on this topic Related Story GameStop plunge wipes out US$11 bi...

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GameStop plunge wipes out US$11 billion as platforms curb trades

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5 minutes

NEW YORK (BLOOMBERG, REUTERS) - GameStop snapped a dizzying six-day rally to wipe out nearly US$11 billion (S$14.6 billion) in market value on Thursday (Jan 28) after moves by brokerages to curb trading of the stock on their apps whipped up volatility and enraged the company's retail fanbase. The stock plunged 44 per cent during regular trading hours after Robinhood Markets, Interactive Brokers Group, E*Trade Financial and others took steps to curtail activity in several high-flying stocks, including GameStop and AMC Entertainment Holdings. The video-game retailer on Thursday triggered 19 volatility halts on its way to shedding more than twice what it was worth on Monday. Volume also fell, with about 55 million shares traded by Thursday afternoon, a far cry from Friday's record of 197 million. But in the latest turn of the GameStop roller-coaster, its shares surged 34 per cent in after-hours trading on Thursday after Robinhood said it would allow its customers to resume trading on the company. The earlier trading curbs resulted in howls of outrage on Reddit's WallStreetBets forum, which has been the launching point for many of this week's blistering rallies, and Robinhood was hit b...

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Singapore ranked third as least corrupt country in the world, top in Asia: Transparency International

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3 minutes

SINGAPORE - Singapore has again made it to the top ranks of the least corrupt countries in the world based on a global survey released annually. The Republic along with Finland, Switzerland and Sweden scored 85 points each, tying for third place in the 2020 Corruption Perceptions Index released by the global anti-graft movement, Transparency International (TI), on Thursday (Jan 28). Denmark and New Zealand earned 88 points each to tie for top spot among the 180 countries and territories surveyed. Singapore took top spot in Asia, and was the only Asian country to make it to the top 10. TI chair Delia Ferrerira Rubio said the Covid-19 pandemic in the past year was as much a health and economic crisis as well as one of corruption which the world was failing to manage. "Those with higher levels of corruption have been less able to meet the challenge," she noted. "But even those at the top of the (index) must urgently address their role in perpetuating corruption at home and abroad." Corruption often intensifies the effects of a crisis, and when combined with a public health emergency like Covid-19, poses a threat to lives and livelihoods, said TI. The Berlin-based non-governmental orga...

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3,000 hotel staff in S’pore receive Covid-19 vaccination

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4 minutes

SINGAPORE - About 3,000 workers in the hospitality industry have received the Covid-19 vaccine as at Monday (Jan 25), after an inoculation programme for the industry was rolled out on Jan 15. About two-thirds are staff in stay-home notice (SHN) dedicated facilities, said Minister of State for Trade and Industry Alvin Tan on Thursday. He was speaking on the sidelines of a visit to the vaccination centre at Raffles City Convention Centre, where he witnessed hospitality staff receiving their first shot. The industry was picked as an early recipient of the vaccine, as its workers have been on the front line since March last year, with 70 hotels serving as SHN dedicated facilities, said Mr Tan. He emphasised that vaccination is just one of the country's pillars in the fight against Covid-19, alongside testing, contact tracing and safe management measures. Mr Tan said the inoculation programme will give workers in the industry confidence, especially with the risk of exposure to the virus when attending to those travelling from overseas. Singapore Hotel Association president Kwee Wei-Lin hopes the vaccination programme will also help return the industry to some normalcy. "We hope it bring...

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‘Wait for your whole family to die’: Woman convicted after spitting at KFC staff in Nex

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3 minutes

SINGAPORE - A woman who was caught on video spitting at KFC staff last year was convicted on Thursday morning (Jan 28). Lin Si Ting, 43, pleaded guilty to one count each of harassment and using criminal force on the staff. A third charge under the Covid-19 regulations will be taken into consideration for sentencing. At about 12.40pm on April 22 last year, Lin went to the KFC outlet at Nex Shopping Centre and placed her order at the counter. After just six minutes, she approached the counter again and shouted at the staff, asking why her order was taking so long and demanding that it be served to her immediately. The service manager, a 40-year-old woman, apologised and explained to Lin that there were orders ahead of hers. She told Lin to wait about five more minutes for her food. The accused became unhappy, and demanded a refund if she was not served her food immediately. The service manager agreed to give Lin a refund and asked for the receipt, which the accused threw at her. While the refund was being processed, Lin pulled down her mask and spewed a string of vulgarities at the staff. She also pointed at the service manager and said: "Wait for you to die, wait for your whole fami...