SeaPRwire

Bitcoin plunge deepens beyond 20%, shaking faith in crypto boom

elean 12 1 月

3 minutes

NEW YORK (BLOOMBERG) - A steep selloff in Bitcoin is fueling concern that the cryptocurrency bubble may be about to burst. Bitcoin slid as much as 26 per cent over Sunday (Jan 10) and Monday in the biggest two-day slide since March. After dropping as much as 20 per cent during New York trading hours on Monday, the price continued to fluctuate wildly. Bitcoin has wiped out about US$185 billion (S$246 billion) in value since Friday, more than the market capitalization of 90 per cent of individual companies in the S&P 500. "It's to be determined whether this is the start of a larger correction, but we have now seen this parabola break so it might just be," said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. Bitcoin has more than quadrupled in the past year, evoking memories of the 2017 mania that first made cryptocurrencies a household name before prices collapsed just as quickly. Prices almost reached US$42,000 on Jan 8 with retail traders and Wall Street investors clamoring for a piece of the action. "It was a parabolic move," said Matt Maley, chief market strategist at Miller Tabak + Co. "What happens with all parabolic moves? You see severe corre...

SGX tightens auditing of listed companies, raises property valuation standards

elean 12 1 月

4 minutes

SINGAPORE - Almost all companies listed on the Singapore Exchange (SGX) will need to appoint a local auditor approved by the Accounting and Corporate Regulatory Authority (ACRA) from next month. SGX's regulatory arm, the Singapore Exchange Regulation (SGX RegCo), made the announcement Tuesday (Jan 12), about a year after it opened a public consultation on its plans to overhaul accounting oversight. The new rules on statutory audits will apply to all primary-listed companies. Secondary-listed firms from developed markets may continue to appoint auditors from their home jurisdictions, while SGX RegCo will assess the requirement on a case-by-case basis for all other secondary listings. The regulator also made some changes to qualifications needed of property valuers and standards for property valuation reporting. All the rule changes will become effective Feb 12. Mr Tan Boon Gin, chief executive officer of SGX RegCo, said the latest rule changes will raise the standards required of auditors and property valuers in their dealings with listed companies. "We expect the quality of the market and investor protection to improve as a result," he said. SGX RegCO said companies already listed ...

Elon Musk tweeted ‘Use Signal’ and investors sent wrong stock soaring 6,350%

elean 12 1 月

2 minutes

NEW YORK (BLOOMBERG) - A two-word app recommendation from Elon Musk has turned into a massive rally in the shares of a tiny medical device company in another case of mistaken identity. "Use Signal," the Tesla chief executive officer wrote on Twitter on Jan 7, apparently referring to the encrypted messaging service. Despite reports about the confusion on Friday, shares of the Texas-based company soared as much as 885 per cent on Monday (Jan 11) to US$70.85, before ending up 438 per cent at US$38.70. This from a closing price of 60 cents on Jan 6, a day before Mr Musk's tweet. That was enough to push Signal Advance's rally 6,350 per cent in three trading days giving it a market valuation of US$390 million (S$518.7 million). "We strongly recommend people do their due diligence and always invest with care," the company's chief executive officer, Dr Chris Hymel, said when reached by phone on Monday. Signal Advance doesn't have an association with Musk or the Signal app, he said. Signal Advance hasn't filed an annual report with the Securities and Exchange Commission since 2019. The company had no revenue from 2014 to 2016, according to the filing. The misunderstanding is the latest exam...

Twitter shares tumble on first trading day after Trump ban

elean 12 1 月

3 minutes

NEW YORK (REUTERS) - Shares of Twitter tumbled over 6 per cent on Monday (Jan 11) after its move to permanently suspend US President Donald Trump's widely-followed account spurred concern among investors over the future regulation of social networks. The stock ended down 6.4 per cent at US$48.18 after sinking as much as 12.3 per cent in the morning. Syill Twitter shares were still about 160 per cent higher that where they traded before Mr Trump won the Presidential election in 2016. Twitter said on Friday its suspension of Trump's account, which had 88 million followers, was due to the risk of further violence following the storming of the US Capitol last week. The move drew criticism from some Republicans for quelling the president's right to free speech, while European Union Commissioner Thierry Breton said the past week's events likely heralded a new era of heavier official control. German Chancellor Angela Merkel, whose relations with Mr Trump have been frosty, criticized Twitter's ban and warned through a spokesman that legislators, not private companies, should decide on potential curbs to free expression. The attention drawn to Twitter increased investors' worries that it co...

Wall Street ends lower with Washington turmoil, earnings in view

elean 12 1 月

4 minutes

NEW YORK (REUTERS) - Wall Street's main indexes closed lower on Monday (Jan 11) as investors took some profits after last weeks' records while they waited for earnings season to begin and eyed events in Washington with trepidation. US stocks had rallied last week as investors bet that Democrats' win of Georgia runoff elections would bring a higher likelihood of a heftier fiscal stimulus package to boost the pandemic-savaged economy. But some investors worried stimulus could be delayed as House Democrats introduced a resolution to impeach US President Donald Trump, accusing him of inciting insurrection following a violent attack on the Capitol by his supporters. "When markets are looking at something as critical as the governance of the United States, even a little bit of uncertainty can have a meaningful impact," said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts. "What does that do to the ability of the parties to work together to pass policy things like stimulus." McMillan said investors also worried about more attacks. The FBI has warned of possible armed protests being planned for Washington, DC, and at all 50 US state capit...

Second landslip in 8 days at TPE slip road towards Loyang Avenue

aseanpr 11 1 月

3 minutes

SINGAPORE - A second landslip in eight days has occurred near the Tampines Expressway (TPE) slip road towards Loyang Avenue. The Land Transport Authority (LTA) announced on Sunday (Jan 10) that continuous rain caused soil erosion. The landslip was detected by LTA engineers and contractors who had been monitoring the slope after seven drain railings in a monsoon drain gave way in a similar incident on Jan 2. "Preliminary investigations indicate that the stability of the slope is not affected," the LTA said in a Facebook post. On Sunday night, the slip road was closed for repair works. In an update on Monday morning, the LTA said that one lane of the slip road has been reopened. The other lane remains closed while slope repair works continue. "Besides this slip road, motorists may continue to use alternative routes to get to destinations around the area too," it added. Responding to queries from The Straits Times, an LTA spokesman said that the authority will continue to monitor road conditions closely and take any necessary precautionary measures to ensure public safety. The latest landslip along the same slope was expected, and more could follow. "Repairing one spot where the slope...

Joining the Singapore navy is ‘not crazy’: New RSN recruitment ad

aseanpr 11 1 月

4 minutes

SINGAPORE - "Join the navy? You must be crazy," a father tells his daughter and flings her duffel bag - presumably packed for her first day of enlistment - into a swimming pool. This is the opening scene of a video posted by the Republic of Singapore Navy (RSN) on Monday (Jan 11) and sets the theme for its latest recruitment campaign: The way friends and family often react to news of a loved one signing on with the maritime force. "We really wanted to tell people that it's not crazy to join the navy, if you understand our mission, our ideas and all the things that we do to ensure the safety, security and sovereignty of this country," said Colonel Ho Jee Kien, who heads the RSN's personnel department. The action-packed, cinematic advertisement can be viewed on the RSN's social media channels. It will be complemented by shorter clips on different navy vocations that will be progressively rolled out over the course of the year. They form part of a new recruitment campaign seeking to appeal to Generation Z, or those born from the mid-1990s. But the RSN also aims to attract applications across the board, from Singaporeans who are either students, pre-enlistees to national service, full-...

Paramedics among 80 Home Team officers to receive Covid-19 vaccination

aseanpr 11 1 月

4 minutes

SINGAPORE - The start of the vaccination exercise for the Ministry of Home Affairs (MHA) will see 80 Home Team officers involved in front-line healthcare operations receiving their Pfizer-BioNTech Covid-19 shot on Monday (Jan 11). A total of 1,050 officers will be progressively vaccinated in the coming weeks, the ministry said in a statement. The vaccination exercise, including the second dose, is expected to be completed in six weeks. The personnel involved include Singapore Civil Defence Force's (SCDF) Emergency Medical Services (EMS) officers, staff from the Home Team Medical Services Division, and front-line officers from the Home Team Science and Technology Agency and Singapore Prison Service. The exercise is in line with the Expert Committee's recommendation that those at risk of being infected with Covid-19, in particular healthcare and front-line workers, should be vaccinated first. A total of 1,123 Home Team officers were identified for the first phase of the vaccination operation, and 94 per cent of them agreed to receive the jab. Prior to vaccination, all officers were screened for their vaccine eligibility, based on their medical history and pre-existing medical conditi...

Dean of SMU law school among three new Senior Counsel appointed

aseanpr 11 1 月

2 minutes

SINGAPORE - Three individuals were appointed as Senior Counsel at the opening ceremony of the new legal year on Monday (Jan 11). They are: Professor Goh Yihan, dean of Singapore Management University's (SMU) School of Law; Ms Kristy Tan of the Attorney-General's Chambers (AGC); and Mr Abraham Vergis, managing director of Providence Law Asia. Prof Goh joined the National University of Singapore as an assistant professor in 2011. He moved to SMU in 2014, and was appointed the dean of SMU's School of Law in 2017. Before academia, he was a justices' law clerk and later became the first-ever senior justices' law clerk at the Supreme Court of Singapore. In 2008, he was appointed an assistant registrar. Ms Tan was an equity partner in law firm Allen & Gledhill LLP before joining the AGC in 2018. She now serves as the head of the advocacy group in the organisation, dealing with litigation matters involving civil, commercial, criminal and public law. Mr Vergis, a lawyer with more than 21 years of legal experience, handles both local cases and international arbitration matters. He has also served as the chairman of the Law Society's Criminal Legal Aid Scheme Committee, defending criminal cas...

Singaporeans encouraged to give e-hongbao this Chinese New Year as safer, environmentally friendlier option

aseanpr 11 1 月

4 minutes

SINGAPORE - With Chinese New Year around the corner, the "hongbao" - or red packets - traditionally exchanged during this period are on the minds of many Singaporeans. While hongbao are usually given hand-to-hand, it has become common practice in China for relatives to send each other e-hongbao via messaging app WeChat. In a statement on Monday (Jan 11), the Monetary Authority of Singapore (MAS) encouraged Singaporeans to opt for e-hongbao this Chinese New Year. "They will help to reduce queues for physical notes and are more environmentally friendly," MAS said. One way to send e-hongbao is via PayNow. Those who bank with Citibank, DBS Bank , OCBC Bank, Standard Chartered Bank, UOB and Maybank will soon be able to add Chinese New Year greetings and graphics when they do so. The messages can be sent via WhatsApp or SMS. "PayNow enables the tradition of giving hongbao to continue, digitally and safely. Customers may contact their bank for more information on how to send hongbao digitally with PayNow," said the Association of Banks Singapore in a separate statement on Monday. Some Singaporeans prefer gifting new physical notes but these are often returned to the banks by the public af...

Goldman, Morgan Stanley to delist some products in Hong Kong

elean 11 1 月

1 minute

HONG KONG (BLOOMBERG)- Goldman Sachs Group, Morgan Stanley and JPMorgan Chase & Co will delist some Hong Kong-listed structured products as a result of US sanctions, according to filings from the Hong Kong stock exchange. A total of 500 structured products will be affected. The planned delisting of these products won't hurt the market and there will be sufficient investment choices to meet demand, Hong Kong Exchanges and Clearing said in a statement Sunday (Jan 10). "HKEX is working closely with the relevant issuers to ensure orderly delisting, and facilitate buyback arrangements being arranged by the issuers," the exchange said, adding that it has the world's largest market with more than 12,000 listed products. "We do not believe this will have a material adverse impact on Hong Kong's structured products market." The exchange said it remains competitive, citing its pipeline for initial stock offerings, and that it will continue to monitor these developments.

He created the Web. Now he’s out to remake the digital world.

elean 11 1 月

7 minutes

(NYTIMES) Three decades ago, Tim Berners-Lee devised simple yet powerful standards for locating, linking and presenting multimedia documents online. He set them free into the world, unleashing the World Wide Web. Others became Internet billionaires, while Berners-Lee became the steward of the technical norms intended to help the web flourish as an egalitarian tool of connection and information sharing. But now, Berners-Lee, 65, believes the online world has gone astray. Too much power and too much personal data, he said, reside with tech giants like Google and Facebook - "silos" is the generic term he favours, instead of referring to the companies by name. Fuelled by vast troves of data, he said, they have become surveillance platforms and gatekeepers of innovation. Regulators have voiced similar complaints. The big tech companies are facing tougher privacy rules in Europe and some American states, led by California. Google and Facebook have been hit with antitrust suits. But Berners-Lee is taking a different approach: His answer to the problem is technology that gives individuals more power. The goal, he said, is to move toward "the web that I originally wanted." "Pods," personal ...

Elon Musk debates how to give away world’s biggest fortune

elean 11 1 月

4 minutes

(BLOOMBERG)- Elon Musk is not only the world's richest person, he lays claim to the biggest net worth ever recorded: US$209.3 billion (S$277.4 billion) as of Friday. What he does with it will be closely watched. Judging by Twitter, the Tesla co-founder's preferred medium of communication, philanthropy is on his mind. One of his first reactions on becoming the wealthiest human - after an initial shrug - was to solicit advice on how to give it away. Musk, 49, is a philanthropy neophyte compared with those he just leapfrogged on the Bloomberg Billionaires Index of the world's 500 wealthiest people. Longtime No. 1 Bill Gates and his friend Warren Buffett, co-founders of the Giving Pledge initiative that urges the ultra-wealthy to donate at least half their fortunes, have each given away tens of billions in cash and stock. Even Jeff Bezos, who has been criticised for being slow to establish himself as a philanthropist, has stepped up his game. He pledged to give US$10 billion to issues related to climate change last year and handed out US$791 million to 16 environmental groups in November. Despite signing the Giving Pledge, Musk has done relatively little publicly in the way of charity....

Singapore kept IPO flow steady last year despite pandemic-driven market volatility: PwC

elean 11 1 月

1 minute

SINGAPORE - In a year ravaged by a recession and wild swings in financial markets, the Singapore Exchange (SGX) managed to bring in as many new companies to list here as in 2019. The bourse attracted 11 initial public offerings (IPOs) in 2020 despite the coronavirus-induced uncertainty and market volatility, according to a report by PwC Singapore. 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.

Nio aims to overtake Tesla in China with its first electric sedan

elean 11 1 月

2 minutes

BEIJING • Chinese electric-car maker Nio is pitting itself further against market leader Tesla, unveiling its first sedan in direct competition with the United States company's most popular model and other international rivals. The all-electric sedan ET7, released by Nio founder and chief executive William Li at a company event in Chengdu on Saturday, will start at 448,000 yuan (S$91,700) before government subsidies. That compares with 265,740 yuan for an entry-level Tesla Model 3, built in China. Deliveries will start from the first quarter of next year. Nio also launched a bigger volume battery pack, an upgraded autopilot system and the second iteration of its battery-swop station, a concept whereby people can change the battery in their vehicle rather than recharge it. Nio targets reaching 500 power swop stations by the end of this year. In the early months of last year, the company looked to be running out of cash having spent heavily on marketing and splashy showrooms for its ES8 and ES6 electric sport utility vehicles (SUVs). But in April, it received a US$1 billion (S$1.3 billion) investment from entities led by the municipal government of Hefei and, in July, a US$1.5 billio...

Morning Briefing: Top stories from The Straits Times on Jan 10

aseanpr 10 1 月

2 minutes

Good morning! Here are our top stories to kick-start your Sunday, Jan 10. Indonesian plane crashes into the sea with more than 60 on board The Boeing 737-500 jet was carrying 50 passengers, including seven children and three infants, and 12 crew members. READ MORE HERE 234 Crowne Plaza hotel staff test negative for Covid-19 MOH closed the hotel from Friday until Jan 21 as a precautionary measure. READ MORE HERE Why Singapore consistently excels in the IB exams Some of the schools which offer the programme take in better students to begin with, observers said. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news Muhyiddin's parliamentary majority in jeopardy as Umno MP withdraws backing Muhyiddin’s Perikatan Nasional has only 110 lawmakers backing it in the 220-member Parliament. READ MORE HERE Post White House, Trump’s personal power base remains potent weapon Trump's power base is personal. And the more beleaguered he seems, the more his base rallies around him. READ MORE HERE US ends curbs on official American contacts with Taiwan: Pompeo The move is likely to anger China and increase US-Sino tensions in the waning days of Trump’s presiden...

Madrasah student scores high in IB despite juggling it with Islamic studies

aseanpr 10 1 月

3 minutes

SINGAPORE - As a student at the Madrasah Aljunied Al-Islamiah, Abdul Hakam Nor Razak had to take 10 subjects as part of the Islamic curriculum at the religious school. On top of that, he was enrolled in the International Baccalaureate Diploma Programme (IBDP). Early last week, the 18-year-old was one of 25 students in the madrasah who received their IB results. They are the pioneer batch in this programme, which began in January 2019. Even while juggling it with his Islamic education, Hakam managed to score 42 points out of the maximum 45. He was the madrasah's top scorer. The IB curriculum consists of six subjects and three core components - namely theory of knowledge, an extended essay, and creativity, activity and service. In this last component, students have to complete a project related to those three concepts. Hakam's six chosen subjects were chemistry, mathematics, Arabic, English, Malay literature and politics. On how he did so well, he said: "I enjoy learning and studying isn't a chore for me. "During the holidays, I read up about science and maths, which supplemented my knowledge about the subjects." He also has a keen interest in politics and English. He frequently read...

IB diploma and A levels: How the two routes differ

aseanpr 10 1 月

3 minutes

SINGAPORE - The International Baccalaureate Diploma Programme (IBDP) and the A levels are both two-year-long programmes that cater mainly to students between 16 and 18 years old. In Singapore, more students tend to opt for the A-level route. In 2019, 12,405 students sat the national exam. A-level students are graded almost entirely on their final exams, which tend to be content-heavy. The IBDP is considered a less frequently chosen option. Last year, 2,228 students from Singapore, including those from schools such as Anglo-Chinese School (Independent) and St Joseph's Institution (SJI), sat the diploma exam in November. Each year, there is another sitting in May, taken mainly by international schools in Singapore. In the IBDP, the final IB exams account for about 70 per cent to 80 per cent of the total mark for each subject, while assignments assessed by teachers and checked by external examiners contribute the rest of the final grade, according to a note on SJI's website. The curriculum places emphasis on the research processes of the students, as well as on their inquiry and problem-solving skills. Other key external assessments are the theory of knowledge essay and the individual...

Why do S’pore students ace IB exams all the time?

aseanpr 10 1 月

1 minute

SINGAPORE - Singapore students once again came out tops in the latest International Baccalaureate (IB) diploma results released last Monday, outshining their global peers. Of the 99 students worldwide who attained the perfect score of 45 points in the exam last November, more than half - 55 - were from schools in Singapore. 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.

CFO not one to chicken out of skills upgrading

elean 10 1 月

1 minute

Chief financial officer (CFO) Koh Ing Chin may hold the same job title he had in his previous company, but his job scope is quite different. His role at poultry producer Kee Song Food Corporation now demands more management and leadership capabilities, beyond financial management knowledge. 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.

Copyright © 2020 ASEANPR.Com All rights reserved.