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S’pore firms must innovate to seize opportunities in electronics, manufacturing: Chan Chun Sing

aseanpr
5 minutes

SINGAPORE - Companies here need to continue to innovate for Singapore to successfully capture new economic opportunities in electronics and manufacturing created by advances in technology such as artificial intelligence (AI) and the Internet of Things (IoT). Making this call on Tuesday (Jan 12), Trade and Industry Minister Chan Chun Sing encouraged companies involved in the distribution of electronic components and in wholesale trade to "take bold steps... and chart new paths of growth through innovation". "We also need our local hardware technology start-ups to continually innovate and develop new technologies, participate in (Singapore's) growth and improve the resilience of our manufacturing sector," he said. Speaking at the official launch of the PlanetSpark Innovation Centre in Changi Business Park, Mr Chan cited two emerging global trends the Government is trying to address that companies can play a role in: the transformation of the electronics and advanced manufacturing sectors, and the growing need to improve the resilience of supply chains. On the first trend, he noted that the Covid-19 pandemic has accelerated efforts to digitalise and this will continue as companies see...

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Covid-19 shows how scientists must collaborate to make breakthroughs, says DPM Heng

aseanpr
4 minutes

SINGAPORE -The fight against Covid-19 shows international collaboration is crucial if the world wants to continue making scientific breakthroughs, Deputy Prime Minister Heng Swee Keat told young scientists at a global virtual summit on Tuesday (Jan 12). He said sharing the virus genome with the global community had allowed various diagnostic test kits to be developed quickly and led to the creation of safe and effective vaccines in record time. "We must build on the positive momentum of collaboration in the fight against Covid-19 and redouble our efforts to work in stronger partnership - across disciplines, across borders, and across industries, academia and governments," he said in the pre-recorded opening address at the 2021 Global Young Scientists Summit. "This will allow us to not only overcome this pandemic, but also other global challenges such as poverty, ageing and climate change." The annual summit, which runs from Tuesday until Friday and is hosted by the National Research Foundation (NRF), will feature 21 globally recognised scientists and involve more than 500 young researchers from 30 countries. In his opening speech, Mr Heng - who is also the NRF's chairman - emphasis...

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

elean
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...

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SGX tightens auditing of listed companies, raises property valuation standards

elean
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 ...

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

elean
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...

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Twitter shares tumble on first trading day after Trump ban

elean
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...

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Wall Street ends lower with Washington turmoil, earnings in view

elean
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...

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HKIRA’s first virtual IR Annual Symposium concludes with positive response

indie
4 minutes

HONG KONG, Jan 11, 2021 - (ACN Newswire) - Hong Kong Investor Relations Association ("HKIRA") announces that its first virtual IR Annual Symposium (the "Symposium") was successfully held last Friday. Over 300 participants joined the event online, sharing their views and insights on the latest trends and practices of the IR industry.Mr. Wilfred Yiu, Managing Director & Head of Markets of Hong Kong Exchanges and Clearing Limited receives an Appreciation Certificate as the keynote speaker for the Symposium from Dr. Eva Chan, Chairman of HKIRA.HKIRA was honoured to have Professor Louis Cheng, Dr S H Ho Professor of Banking and Finance of The Hang Seng University of Hong Kong (Research Institute for Business) to present the Appreciation Certificate to Mr. Tomakin Lai, Executive Director & CFO of China Resources Beer, the 1000th member of HKIRA.Casual catch-up before the Symposium officially started in the afternoon. From left to right: Professor Louis Cheng, Dr S H Ho Professor of Banking and Finance of The Hang Seng University of Hong Kong (Research Institute for Business), Dr. Eva Chan, Chairman of HKIRA, Mr. Wilfred Yiu, Managing Director & Head of Markets of Hong Kong Ex...

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Blockpass Provides KYC Services for Blitz Network

indie
4 minutes

HONG KONG, Jan 11, 2021 - (ACN Newswire) - Blockpass is proud to reveal another new partnership, this time with Blitz Network - a union of miners, cross border traders and early cryptocurrency investors. As part of the financial landscape, Blitz Network requires KYC certification for larger volume users, which Blockpass will provide in a seamless and effective manner through its KYC Connect solution. In addition, Blitz Network has made a strategic investment in Blockpass.Blitz Network has been trading over-the-counter for high net-worth individuals (whose eligibility is subject to KYC checks and other requirements) since 2013, and pools its liquidity from clients and partners in Beijing, Hong Kong and Tokyo. By actively networking with banks, exchanges and brokers, Blitz aims to work closely with counter-parties to transfer value globally as fast as possible. It currently supports BCH, BTC, ETH and EOS, and has a USD50,000 requirement for OTC trading.Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. From the Blockpass Mobile App, users can create, store, and manage a data-secure ...

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Rhotex Inc Launches Environmentally-Sound Options to Crypto Mining

indie
2 minutes

TORONTO, Jan 11, 2021 - (ACN Newswire) - Rhotex ( www.rhotex.com ) has officially launched 3 miner cases configured with an in-built factory cooling system to ensure 100% efficiency as the chips generate heat. From Rhotex, this first of its kind innovation designed by seasoned crypto industry experts provides an environmentally responsible solution to today's challenges with the traditional miners by consuming lesser power supply compared to the output performance.Rhotex currently offers a range of products in their new offer: RHO Lite, RHO Pro, and RHO Rack which comes with incredible features such as low power consumption, high-performance output, Wi-Fi / Ethernet connection, easy setup and productive compatibility with various blockchain options. These combined with its inbuilt cooling system increases expected hash rate conversion hence giving it an edge in the industry. All products in the RHO series were painstakingly analyzed and tried under intense conditions.Rhotex Inc.'s algorithm solutions integrate world-class hardware and software technologies for edge and cloud-to-edge enterprise solutions and mines Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash at high levels in ...

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Edvantage Group (0382.HK) announced successful college conversion, Renamed as Guangzhou Huashang College

indie
6 minutes

HONG KONG, Jan 11, 2021 - (ACN Newswire) - Edvantage Group Holdings Limited ("Edvantage Group" or the "Group", stock code: 0382.HK), the largest private higher education group in the Guangdong-Hong Kong-Macao Greater Bay Area ("GBA"), is pleased to announce that the conversion of Huashang College Guangdong University of Finance and Economics ("Huashang College") into a private higher education institution has been approved and the college was renamed as Guangzhou Huashang College. The completion of Huashang College's conversion will provide beneficial impacts to school running perspective and operational perspective of the Group. After the conversion, the college will have more autonomy in school running and establishment of school running model, more flexibility in establishment of professional courses, more resources to improve educational level. It will create beneficial conditions for the future school running level development of the Group. After completion of the conversion, it will also proactively raise the Group's profitability and add value to its efficiency.(Picture: The conversion of Huashang College Guangdong University of Finance and Economics ("Huashang College") int...

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Kansai Halifax Holdings Releases Report on Tencent Increasing Stake in Commodity Start-up Xingsheng Youxuan

indie
3 minutes

TORONTO, Jan 11, 2021 - (ACN Newswire) - Kansai Halifax Holdings have today released a research report on Tencent Holdings Ltd increasing its stake in Xingsheng Youxuan. The global technology conglomerate is investing $100 million in the Chinese online grocery startup, which is valued at around $5 billion."In addition to Tencent, Xingsheng Youxuan is also in talks with other potential investors including Beijing Kuaishou Technology Co. to raise more funding," said Jonathan Scott, Director of EMEA Wealth Management at Kansai Halifax Holdings.The capital injection from Tencent arrives as community buying platforms witness a boom in funding, and comes quickly after e-commerce giant JD.com Inc. acquired stock in the grocery delivery platform with their own $700 million investment.According to researchers at Kansai Halifax Holdings, the current funding round could precede an initial public offering (IPO), although specifics such as timing and listing exchange are yet to be confirmed.Changsha-based Xingsheng is one of several online group-buying apps that have popped up in China in recent years. These platforms enable individual consumers, families, local businesses, and households - typ...

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

aseanpr
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...

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

aseanpr
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-...

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

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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...

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Dean of SMU law school among three new Senior Counsel appointed

aseanpr
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...

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

aseanpr
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...

ACN Newswire
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Japan Datacenters: Market Insights 2021

indie
2 minutes

Japan, Jan 11, 2021 - (ACN Newswire) - Want to learn how Japanese datacenters are reshaping the country's economy?W.Media is hosting a webinar on Wednesday, 20th January, 10:30-12PM (GMT+9) dedicated to this explosive industry, with top-level speakers including:- Tsutsomu Toneyama, PTS Consulting Japan - Rui Takei, BICSI- Dominik Steiner, 650; VPC Asia KK- Takuya Yusa, NTT Facilities- Paul Dwyer, EquinixRegistrations are now open! https://bit.ly/38unI1MJapan's Datacenter Market is making a huge impact on the national economic landscape. Increased speculation from foreign companies and accelerated adoption of digital technologies across public and private sectors are the underlying driving factors to this rapid evolution.A majority of development is in the Tokyo metropolitan area, with Osaka close behind.Furthermore, the Japanese government inked a deal to migrate all HR systems to the cloud by 2025, a sign of the cross-industry embrace of cloud technologies currently transforming the country.But while the data center market is experiencing this unprecedented investment, there is simultaneously a growing call for such investment to be sustainable. Japanese Data Centers are pioneerin...

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Goldman, Morgan Stanley to delist some products in Hong Kong

elean
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.

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

elean
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 ...