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Did you miss out on vacation this year? You’re not alone

NEW YORK (NYTIMES) - In a typical year, New York employees of the magazine publisher Condé Nast must use their vacation days before late December or lose them - a common policy across corporate America. But early this month, the company sent employees an email saying they could carry up to five vacation days into next year, an apparent acknowledgment that many scrimped on days off amid the long hours and travel restrictions imposed by the pandemic. "The carry-over will be automatic, and there is nothing further you need to do," the email said. Condé Nast was not alone in scrambling to make end-of-year arrangements for vacation-deprived workers. Some employers, however, have been less accommodating. "It's a big issue we're seeing now - competing requests for time off over the next two weeks," said Allan S. Bloom, an employment lawyer at Proskauer in New York. "Clients are struggling to figure it out." Mr Bloom and other lawyers and human resources experts said there was no clear pattern in how employers were handling the challenge. Many companies that already allow employees to carry vacation days into the next year - like Goldman Sachs (generally up to 10) and Spotify (generally up...

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Morning Briefing: Top stories from The Straits Times on Dec 29

Good morning! Here are our top stories to kick-start your Tuesday, Dec 29. SIA steward who works as part-time Grab driver is Singapore's sole Covid-19 community case The 48-year-old man is asymptomatic, and was detected through proactive testing arranged by the CAAS. READ MORE HERE Bosses in S'pore unlikely to mandate Covid-19 vaccination for staff: Experts Companies may offer incentives for staff to get the shots, such as giving them time off. READ MORE HERE US House approves US$2,000 coronavirus aid cheques sought by Trump It is not clear how the measure to increase aid checks will fare in the Senate. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news Dance troupe withdraws from Chingay 2021 after criticism over tap dance segment The withdrawal "is in consideration of the young dancers affected by cyber bullying", the troupe said. READ MORE HERE Storing up Covid-19 memories: Project helps future generations of S'poreans understand 2020 Submissions explore life here from many perspectives, including photos of panic buying in supermarkets. READ MORE HERE Downtown Line hit by signalling fault during evening peak hour: SBS Transit The journe...

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Tesla’s dominant position in China could be threatened next year

BEIJING (BLOOMBERG) - Tesla is coming to the end of its first year selling China-made cars with a commanding position in the world's biggest electric-vehicle (EV) market, but Elon Musk shouldn't rest on his laurels. While Tesla regularly topped monthly premium EV sales tallies this year, helped by the sedans churned out from its multibillion-dollar plant opened to much fanfare in Shanghai last December, 2020 was also marked by rivals catching up. In 2021, the breadth of the competitive attack that Tesla faces will be greater than ever. Whether Tesla can defend its lead in China will be key to its wider growth and earnings trajectory. While still in its infancy, China's electric-car market dwarfs that of other countries and the government is intent on further expansion amid commitments to reduce fossil-fuel use. Tesla's fate in China will also show whether it can grow into a truly global carmaker, an ambition investors are banking on after pushing the company's shares up almost 700 per cent this year. A trio of local champions - Nio, Xpeng and Li Auto - has emerged as the front line against Tesla. All traded in the US, and enjoying backing from government entities or internet giants...

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Hong Kong Exchange finding it tough to appoint a new CEO

HONG KONG (BLOOMBERG) - In a Hong Kong transformed by China's crackdown on everything from political dissent to the media and judiciary, picking a new top boss for the financial hub's stock exchange is proving difficult. Charles Li announced his intention to quit as head of the Hong Kong Exchanges and Clearing (HKEX) more than a year before his contract ended amid strained relations with chairman Laura Cha, according to people familiar with the matter. Ms Cha was put off by his free-wheeling style, which led him to sometimes not inform the board of important issues at an early stage, said the people, who asked not to be identified discussing private matters. More than seven months later and days before Mr Li formally steps down on Dec 31, the committee has yet to settle on a permanent replacement. It's split between prioritising a candidate who can operate with confidence in China or one with a strong international background, the people said. Ms Cha, who's well connected in China and close to Hong Kong leader Carrie Lam, sees the bourse's role as serving Bejing's interests and avoiding competition with the mainland's exchanges, one of the people said. Mr Li had seemed to thread th...

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Wall Street climbs to record as fiscal aid bill signed

NEW YORK (REUTERS) - US stocks rallied on Monday (Dec 28), with each of Wall Street's main indexes closing at record levels as President Donald Trump's signing of a long-awaited US$2.3 trillion (S$3.06 trillion) pandemic aid bill increased optimism for an economic recovery. In a sudden reversal late on Sunday, Trump backed down from his threat to block the hard-fought bill, restoring unemployment benefits to millions of Americans and averting a federal government shutdown. "It's a positive tone to the US market and part of that is the signing of stimulus package by Trump, which appeared to be in doubt but is finally been accomplished," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "We still have a follow-on to the Christmas rally and the favorable market we've had for a while here," he added. Unofficially, the Dow Jones Industrial Average rose 207.58 points, or 0.69 per cent, to 30,407.45, the S&P 500 gained 32.34 points, or 0.87 per cent, to 3,735.4 and the Nasdaq Composite added 94.69 points, or 0.74 per cent, to 12,899.42. Stocks battered by coronavirus lockdowns, such as airlines and cruise lines, advanced. The S&P 1500 airlines index gained a...

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Siamese Asset PCL (SET: SA) Shows High Integrated Real Estate Business Potential

BANGKOK, Dec 28, 2020 - (ACN Newswire) - Siamese Asset PCL (SET: SA) is moving ahead to expand investment following its listing on the Stock Exchange of Thailand (SET), in a bid to become a leading integrated real estate developer in Thailand, fulfilling customer demand for residences and for long-term investment, and promoting continuous growth, despite the national economy in a slowdown mode. The current 9,446 million baht worth of backlog is being realized from 4Q2020 onward.Mr. Kajonsit Singsansern, Chief Executive Officer of Siamese Asset PCL, listed as an "Asset of Life" when the Company had its debut on the Stock Exchange of Thailand on December 25, under the SET designation "SA" in the Real Estate Development Category. This was the last Thai stock to be listed on the SET in 2020. The Company's high and leveraged superior strength compared to competitors will help to ensure interest in SA shares among investors.The Company aspires to become the real estate developer that can satisfy the demand of customers in every target segment with the best locations and at prices that are affordable to all Thai consumers. Through its vast experience as being construction contractor for a...

GF Securities Sponsored HKUST Entrepreneurship Competition for 4 Years, Assisting Hong Kong Youths to Start Businesses

HONG KONG, Dec 28, 2020 - (ACN Newswire) - The Grand Final and Awarding Dinner of the HKUST-Sino One Million Dollar Entrepreneurship Competition 2020 were successfully held recently. This year the Competition received more than 1800 entrepreneurship plans from 8 regions, namely Beijing, Shenzhen, Guangzhou, Yangtze Delta, Zhongshan, Foshan, Hong Kong and Macau. The top 20 teams were picked among the top 3 of each region to battle for the exclusive million-dollar championship. After a fierce competition, this year's triumph of the nation eventually went to Sitan Technology with a one-million-dollar cash prize.The Competition has already made a path of a decade since its establishment in 2011. Since 2016, the Competition started to step out of HKUST campus and expand from a single-region match to an 8-region one, growing into a renowned entrepreneurship contest in the Greater China region. As the platinum sponsor of the Hong Kong region, GF Securities has intensely sponsored the Competition for 4 consecutive years and set up the GF Innovation Award for 2 years in a row, to support certain spectacularly innovative business plans.The winner of the President Award, the highest rank in H...

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Dab the Perfume of Books and Fragrance of Ink on the 5G Era with Hisense A7

SHANGHAI, CHINA, Dec 28, 2020 - (ACN Newswire) - On Dec 22nd, Hisense's flagship A7 5G reading smartphone series was officially launched. This series is the continuation of the characteristics of Hisense A series' most typical ink screen design, namely e-ink screen, a kind of screen that uses electronic ink, which is also known as e-paper displays. This is the world's first 5G cellphone equipped with an ink screen, marking the official arrival of the 5G eye-caring reading era.Thanks to the strong support of ink/colorful ink screen, the Hisense A7 series has a higher eye-protection level, which can avoid highly frequent flicker of screen images and harmful blue light. From the perspective of reading comfort, Hisense A7 still adopts exclusively customized ink screen of E Ink Holdings with a 6.7-inch screen and a screen pixel of 300PPI, plus the ultra-narrow frame design, which increases the visible area of the screen by about 33%. Featured with full-screen turning at a press of the volume button, this cellphone can bring users extraordinary reading experience.At the same time, the Hisense A7 has also carried out comprehensive optimization and upgrading of its software. In-depth devel...

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Former IMH employee who molested patients and insulted colleagues’ modesty given jail, caning

SINGAPORE - A member of the Institute of Mental Health (IMH) staff repeatedly abused the trust placed in him when he molested patients and insulted his colleagues' modesty at his workplace. He even recorded videos of himself molesting his victims. The 36-year-old Singaporean also took upskirt videos, including at Canberra MRT station. He is no longer working at IMH and his details cannot be revealed due to a gag order to protect the victims' identities. He was sentenced on Monday (Dec 28) to four years, nine months and a week's jail with 10 strokes of the cane after pleading guilty to four counts of insulting a woman's modesty. He also admitted to two counts each of molestation and voyeurism. Thirty-four other charges for similar offences were considered during sentencing. He was at work on Sept 6 last year when he spotted a 25-year-old female patient alone in a room, restrained to a hospital bed. He molested the woman and recorded a video of himself committing the offence. The court heard that he committed similar acts against a 29-year-old female patient on Nov 21 last year. He also targeted his colleagues and recorded videos of them while they were changing inside cubicles late ...

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Seat markings in hawker centres adjusted for maximum dining group size of 8 under phase 3

SINGAPORE - Seat markings in hawker centres here have been adjusted to signal the increase in maximum dining group size from five to eight on Monday (Dec 28), the first day of Singapore's third phase of reopening. The National Environment Agency (NEA) said in a statement that tables with eight seats or less will no longer have any seat markings, while tables with more than eight seats will have some seats marked out to ensure that dining groups remain a maximum of eight persons. "With phase 3, markings on seats and tables at the dining areas of hawker centres have been revised with simplicity and flexibility in mind to accommodate the increase in dining group size from five to eight persons," said NEA. The agency added that dining groups at hawker centres will still have to keep one metre from each other. Where adjacent tables are less than one metre apart, some seats may be marked out to maintain safe distancing. Safe Distancing Ambassadors will continue to be deployed at hawker centres to ensure compliance with safe management measures, said NEA. Singapore moved into the long awaited third phase of its reopening on Monday, more than eight months after the circuit breaker was intr...

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I had to help, says nurse who aided Clarke Quay brawl victim

SINGAPORE (THE NEW PAPER) - When she heard a scream and saw blood on the walkway as they were leaving The Central @ Clarke Quay on Dec 19, Ms Nurlydia Abdul Razak had only one thought. A woman was lying injured on a nearby walkway after a brawl involving more than 10 people, and the nurse knew she needed to step forward and help. What she did not expect was for videos of her at the scene to go viral, with family, friends and even colleagues asking her if she was involved in the altercation. So far, 12 people have been charged over their alleged involvement in the brawl, which happened at around 10.35pm outside The Tipsy Cow bar and bistro at 6 Eu Tong Sen Street. Three people were injured in the fight, including a woman, 27, and her male companion, 36. Speaking to The New Paper on Tuesday last week, Ms Nurlydia, 30, a mother of two young children, said she, her husband and some friends were celebrating a birthday at The Tipsy Cow when they heard the commotion. They left as quickly as they could, but as they were walking away, they heard screams. Ms Nurlydia's friend's sister-in-law was also a nurse so they rushed over. Ms Nurlydia said: "Out of fear (that the brawlers were still th...

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Teens in animal cruelty probe over use of frogs in foosball

SINGAPORE (THE NEW PAPER) - A group of teens are being investigated after they allegedly played foosball using live frogs. A video of the incident, which surfaced online over the weekend, shows the unidentified teens unboxing about a dozen live frogs in a Burberry shoe box, with the words "Merry Christmas" splashed across the clip. It then cuts to a scene of the teens playing at a foosball table, hitting the ball around with a frog on the table trying to avoid being hit. The words "Thanks for the 100 frogs" are splashed across a second clip. Another scene shows the teens placing the ball carefully on the table, before punting it straight at one amphibian, which is smacked onto the side of the foosball table before hopping away. A third clip claimed to feature the group's "last frog". Though no faces can be seen, the footage indicates three youths, one of whom was filming, and a teenage girl were involved in the incident. Ms Jessica Kwok, group director for community animal management at the Animal and Veterinary Service (AVS), said it was concerned about the incident and is investigating. "AVS takes all feedback received from the public seriously and will look into the cases report...

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35 public housing projects recognised for good design and construction quality at HDB awards

SINGAPORE - The architecture firm behind the design of three blocks at St George's Towers Build-To-Order (BTO) project has bagged a top design award for Housing Board projects in a year that saw HDB name a record number of winners. Built in the Kallang-Whampoa district, and towering over lower-rise developments in the mature estate, each block boasts a sky terrace on the 24th storey fitted with fitness equipment and benches where residents can catch unblocked views of the city and the Whampoa River. On Monday (Dec 28), the HDB gave out a total of 35 awards for design, construction and engineering excellence, the largest number of awards given out since the HDB Awards started in 2008. The distinctive features of St George's Towers won Look Architects the HDB design award under the housing category. Unlike most HDB blocks, windows on the three blocks are laid out in a staggered format every six floors. Launched in 2014, St George's Towers' 738 flats comprises studio apartments, three-room and four-room flats. Half of the 151 studio apartments were set aside for seniors who wished to right-size to a smaller flatin the same town or within 2km of their previous flat, or to live near or ...

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Mazda Production and Sales Results for November 2020

TOKYO, Dec 28, 2020 - (JCN Newswire) - Mazda Motor Corporation's production and sales results for November 2020 are summarized below.I. Production1. Domestic ProductionMazda's domestic production volume in November 2020 decreased 3.8% year on year due to decreased production of passenger and commercial vehicles.[Domestic production of key models in November 2020]CX-5: 34,554 units (up 3.1% year on year)CX-30: 10,912 units (up 3.4%)MAZDA3: 9,708 units (down 24.6%)2. Overseas ProductionMazda's overseas production volume in November 2020 decreased 18.6% year on year due to decreased production of passenger and commercial vehicles.[Overseas production of key models in November 2020]CX-30: 16,359 units (up 124.8% year on year)MAZDA3: 11,147 units (down 25.8%)MAZDA2: 7,628 units (up 3.5%)II. Domestic SalesMazda's domestic sales volume in November 2020 decreased 0.4% year on year due to decreased sales of commercial vehicles.Mazda's registered vehicle market share was 3.9% (down 0.5 points year on year), with a 1.8% share of the micro-mini segment (up 0.2 points) and a 3.1% total market share (down 0.2 points).[Domestic sales of key models in November 2020]MAZDA2: 2,164 units (up 2.9% yea...

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Hitachi Capital, Hitachi Asia, and SANTEC Begin Collaboration to Drive Solar Power Generation Business in Thailand

TOKYO, Dec 28, 2020 - (JCN Newswire) - Hitachi Capital (Thailand) Co., Ltd., a subsidiary of Hitachi Capital Corporation, Hitachi Asia (Thailand) Co., Ltd., a subsidiary of Hitachi, Ltd., and SANTEC POWER SOLUTIONS CO.,LTD. entered into Memorandum of Understanding (MOU).Three companies will encourage installation of the commercial solar self-consumption equipment within Hitachi Group in Kingdom of Thailand (Thailand), based on MOU. As the first move of three companies' collaboration, it is planned to install the solar self-consumption equipment on Gateway factory roof (Chachoengsao, Thailand) of Hitachi Automotive Systems Asia, Ltd., and will start its power generation from the end of March 2021. Furthermore, it will expand its business to Japanese and local companies in Thailand in the medium to long term.In recent years, in light of the growing global climate change problem, there is a growing movement toward virtually zero greenhouse-gas emissions in order to realize a decarbonization society. In Thailand, the power development plan aims 33% of renewables share in the total power generation capacity in 2037. On the other hand, the needs of reducing carbon dioxide (CO2) emissions...

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Once a billionaire factory, South Korea’s beauty industry turns ugly

SEOUL (BLOOMBERG) - Three years ago, Suh Kyung-bae was the second-richest person in South Korea. Today he's barely Top 10, a stark reversal in a K-beauty boom known for minting billionaires, not breaking them. Mr Suh's US$3.6 billion fortune (S$4.78 billion) - down from roughly US$8 billion in 2017 - is largely comprised of shares in his family's cosmetics conglomerate, Amorepacific Group, which have fallen more than 40 per cent from a mid-January high. The parent of brands like Innisfree, Laniege and Sulwhasoo, Amorepacific was struggling even before Covid-19, and the pandemic has ushered in a slew of lifestyle changes that have made cosmetics less central to women's daily routines. That's brought a halt to the wealth created by the rapid rise in popularity of Korean beauty products and the deal-making frenzy that followed. From 2010 to 2014, foreign companies spent at least US$215 million to acquire cosmetics firms there, according to a September report by Samjong KPMG. In the five years that followed, the country became the world's fourth-largest exporter of beauty products, and the deal volume ballooned to US$5 billion, not including transactions for undisclosed sums. Estee Lau...

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Chinese banks to feel fund-raising pain as investors fear bad loans

BEIJING (REUTERS) - Chinese banks are expected to face headwinds raising funds next year as profit-conscious investors cling to the sidelines, expecting a wave of bad loans to hammer the sector and erode already slimming margins. The sector is ending its worst annual performance in years after putting aside record provisions due to Covid-19 while Beijing urged banks to sacrifice profits to help the economy. Next year as lenders end pandemic-related loan forbearance - which let borrowers suspend repayments or pay less in interest - banks must bolster their capital against loans previously not classified as nonperforming. Big and medium-sized lenders also need to improve their capital adequacy as demanded by global and domestic watchdogs. China's banks raised 1.2 trillion yuan (S$24 billion) in the first 11 months of the year, off the pace of 1.5 trillion yuan for all of 2019, data from Fitch Ratings shows. The 26 listed banks may need to replenish at least 1.25 trillion yuan of capital in 2021, Shenzhen-based brokerage Guosheng Securities estimates. "The pressure of capital-raising for the whole banking industry is still pretty big," said Vivian Xue, Fitch's director of Asia-Pacific...

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No swift recovery in 2021, but Singapore job market on the mend

SINGAPORE - Hopes for a better 2021 are aplenty, but recovery for the labour market is likely to be protracted, experts say. Although the latest quarterly labour market data released earlier this month shows the employment situation for Singapore residents is on the mend, uncertainties still abound. Ms Selena Ling, OCBC Bank's head of treasury research and strategy, said it may take till 2022 for unemployment rates to return to pre-Covid-19 levels, barring a Covid-19 panacea. "The biggest challenge is not really new per se - that there is a significant SME (small and medium-sized enterprise) base and older, low-income workers and even PMETs (professionals, managers, executives and technicians) who may find the pace of change accelerated and disruptive and have a more difficult time adapting and transforming," she said. It remains to be seen how the labour market will react next year when the Jobs Support Scheme wage subsidies taper off and some of the traineeships, attachments and training programmes introduced to help job seekers end. National Trades Union Congress secretary-general Ng Chee Meng said in a recent webinar organised by The Straits Times that the local and global heal...

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NTUC Income to double its licensed financial advisers

Insurer NTUC Income plans to double its licensed financial advisers in the next few years, as part of a broader effort to transform the business and reach out to younger customers. Chief executive Andrew Yeo, 49, told The Straits Times this month that many young clients knew about Income through their parents, who buy insurance for them. 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.

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China tells Ant to return to its roots in payments services

BEIJING • Chinese regulators have ordered billionaire Jack Ma's online financial titan Ant Group to return to its roots as a provider of payments services, threatening to throttle growth in its most lucrative businesses of consumer loans and wealth management. The People's Bank of China summoned Ant executives over the weekend and told them to "rectify" the firm's lending, insurance and wealth management services, the central bank said in a statement yesterday. While it stopped short of directly asking for a break-up of the firm, it stressed that Ant needed to "understand the necessity of overhauling its business" and come up with a timetable as soon as possible. Ant said in a statement yesterday that it will set up a special team to create proposals and a timetable for an overhaul. It will maintain business operations for users, vowing to keep costs for consumers and financial partners unchanged, while stepping up risk control. The edicts represent a serious threat to the expansion of Mr Ma's online finance empire, which has grown rapidly from a PayPal-like operation into a full suite of services over the past 17 years. Before regulators intervened, Ant was poised for a public lis...