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Quest to bridge the digital divide

SINGAPORE - While the Covid-19 pandemic has accelerated digitalisation in some sectors, it has also raised concerns that vulnerable segments of society are being left behind in a so-called digital divide. In the absence of a clear measure of the digital divide here, there are some official figures that suggest there could be some who fall through the cracks. 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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US job growth stronger than expected in October

WASHINGTON • The US labour market improved in October by more than forecast, defying expectations for more subdued gains amid an intensifying Covid-19 pandemic and lack of additional fiscal relief. Non-farm payrolls increased by 638,000 after an upwardly revised 672,000 gain in the previous month, according to a Labour Department report yesterday. That compared with the 580,000 median estimate of economists surveyed by Bloomberg, and reflected a decline of 147,000 in temporary census workers. The unemployment rate in the United States fell to 6.9 per cent from 7.9 per cent, a bigger decline than economists projected. Progress in the US labour market is holding up as household savings help fuel spending and business investment rebounds, providing whoever wins the presidential election with an economy that is in better shape than many analysts expected just six months ago. But jobs remain 10 million below pre-pandemic levels, and with coronavirus infections rising at a record rate this week, maintaining the pace of hiring may be difficult. Other figures point to an increasingly fragile labour market beneath the headline numbers. The number of permanent job losses was at 3.7 million l...

Look to China for opportunities: Minister

China's rebalancing of domestic and export growth drivers, diversification of its markets and supply chains, and changing demographics are three areas that present opportunities for future cooperation with Singapore, said Trade and Industry Minister Chan Chun Sing yesterday. He was delivering the opening keynote speech at the Singapore-China Trade and Investment Forum, organised by the Singapore Business Federation as part of this year's China International Import Expo. Pointing to Chinese President Xi Jinping's "dual circulation strategy", Mr Chan said this was a natural evolution of Chinese economic development, with its previous export-led model (external circulation) rebalanced with, and complemented by, a domestic-consumption one (internal circulation). "This presents many opportunities for the world, given the size of the Chinese market. To seize the new opportunities, we must deeply understand the complexities and diversity of the Chinese market," he said. "Different cities, provinces, age groups and education profiles have their unique needs, and we should never mistake the Chinese market as monolithic or homogenous." He also noted that Chinese companies were increasingly l...

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Ant to push ahead with Singapore digital bank licence application

Billionaire Jack Ma's Ant Group will continue with its application for a digital banking licence in Singapore, even after the company's record US$37 billion (S$49.9 billion) dual listings in China and Hong Kong were suddenly halted. A source familiar with the matter yesterday told The Straits Times it is business as usual in Singapore and Ant's other overseas markets. 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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SIA reports record H1 loss of $3.47 billion

Singapore Airlines' (SIA) net loss in the second quarter is double that in the first quarter as it reported a record net loss of $3.47 billion for the six months to September. The Q2 losses came on the back of an impairment charge for older aircraft as well as $42 million in retrenchment costs. The national carrier reported a loss of $1.1 billion for the first quarter to June. With H1 loss coming in at $3.47 billion, it means that it bled about $2.3 billion - twice the loss in Q1 - in the second quarter. The H1 net loss was a reversal from a $206 million profit for April to September last year, before it was blindsided by the coronavirus pandemic. Revenue was 80.4 per cent down at $1.63 billion for the first half of FY2021, compared with $8.3 billion in the preceding year. The hit from the pandemic has not only resulted in a steep decline in revenue, but also led the group to book an impairment of $1.33 billion on the carrying values of older-generation aircraft, said the carrier in a statement yesterday released after trading hours. Besides the impairment on aircraft, SIA has fully written down the goodwill of $170 million that was recorded when it took control of Tiger Airways in...

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Southeast Asian Film Financing Project Market 2020 Finalists Announced

SINGAPORE, Nov 6, 2020 - (ACN Newswire) - ScreenSingapore today announced finalists for the Southeast Asian Film Financing (SAFF) Project Market 2020.Ten projects from China, Malaysia, Myanmar, Netherlands, Philippines, Singapore and Thailand were selected based on the project's co-production viabilities and the strength of the filmmaking team.This year's SAFF Project Market sees entries coming in from 14 countries and regions across Asia, Europe and North America, including first-timers from Finland, France, and Iran.Taking Asian Storytelling to the WorldSince its launch in 2015, the SAFF Project Market has emerged as a recognised regional platform for established and upcoming content creators to come together and present their projects to the international marketplace.Finalists will be able to meet with financiers, commissioners, and investors - albeit virtually this year - who will be able to bridge them with the resources needed to take their projects to a global audience.Selected projects will join the ranks of SAFF Project Market alumni who have seen their projects produced, undergo production, or acquire financing."The SAFF Project Market funnels expertise and resource from ...

Southeast Asian Film Financing Project Market 2020 Finalists Announced

Singapore - Nov 6, 2020 - (ACN Newswire) - ScreenSingapore today announced finalists for the Southeast Asian Film Financing (SAFF) Project Market 2020. Ten projects from China, Malaysia, Myanmar, Netherlands, Philippines, Singapore and Thailand were selected based on the project's co-production viabilities and the strength of the filmmaking team. This year's SAFF Project Market sees entries coming in from 14 countries and regions across Asia, Europe and North America, including first-timers from Finland, France, and Iran. Taking Asian Storytelling to the World Since its launch in 2015, the SAFF Project Market has emerged as a recognised regional platform for established and upcoming content creators to come together and present their projects to the international marketplace. Finalists will be able to meet with financiers, commissioners, and investors - albeit virtually this year - who will be able to bridge them with the resources needed to take their projects to a global audience. Selected projects will join the ranks of SAFF Project Market alumni who have seen their projects produced, undergo production, or acquire financing. "The SAFF Project Market funnels expertise and resour...

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Honda: Consolidated Financial Summary for the Fiscal 2nd Quarter Ended September 30, 2020

TOKYO, Nov 6, 2020 - (JCN Newswire) - Despite a decrease in demand due to the impact of the COVID-19 pandemic, consolidated operating profit for the fiscal first half amounted to 169.2 billion yen, back in the black, due primarily to control of selling, general and administrative (SG&A) expenses resulting from a fundamental review of business activities in all areas.Consolidated operating profit for the fiscal second quarter amounted to 282.9 billion yen, an increase of 28.5% compared to the same period last year, due primarily to control of SG&A expenses and cost reduction efforts. This was despite a decrease in profit related to changes in sales revenue and model mix.Concerning the current fiscal year forecast, although the future outlook remains uncertain due to the impact of COVID-19, the forecast for consolidated operating profit was revised upward to 420 billion yen reflecting the business constitution built during the fiscal first half.Quarterly dividend for the fiscal second quarter will be 19 yen per share, an increase of 8 yen per share compared to the previously announced forecast; total dividends paid for the fiscal year are planned to be 68 yen per share. I. Co...

Yincheng Life Service (1922.HK) Celebrates the 1st Anniversary of its Listing

HONG KONG, Nov 6, 2020 - (ACN Newswire) - The leading enterprise in the property management industry in Nanjing and Jiangsu Province, the PRC, Yincheng Life Service CO., Ltd. ("Yincheng Life Service" or "the Company", together with its subsidiaries, "the Group"; Stock code: 1922) is pleased to celebrate the 1st anniversary of its listing on the main board of HKEx.With the effective expansion of business scale and continuous deep cultivation in the industry, the Company is providing more diversified and value-added services Yincheng Life Service's listing on the Hong Kong Stock Exchange on November 6, 2019 ushered in a golden period of development as the Company seizes good opportunities, implements a multi-pronged strategies, achieves record highs in various operating indicators, and attaining remarkable development in operational scale. From 2016 to 2019, the CAGR of the Company's contracted GFA and GFA under management were 45.6% and 58.0%, respectively, reaching 37.3 million sq.m. and 33.7 million sq.m. as of June 30, 2020. The CAGR of revenue and core net profit from 2016 to 2019 were 44.9% and 25.4%, respectively.Yincheng Life Service consistently promotes regional deep cultiv...

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Showa Denko Establishes Joint Corporation in Sichuan, China to Manufacture High-purity Gas for Electronics

TOKYO, Nov 6, 2020 - (JCN Newswire) - Showa Denko K.K. (SDK; TSE:4004) has established Chengdu Kemeite Showa Electronic Materials Co., Ltd. in Chengdu, China, jointly with Chengdu Kemeite Special Gas Co., Ltd. of China, aiming to strengthen SDK's business to produce and sell high-purity gases for electronics. The new company will start its operation in January 2021, and it will mainly be in charge of the implementation of final process in the manufacturing process of high-purity FC-14 gas (tetrafluoromethane: CF4) which is used in the process to manufacture semiconductors.Exterior view of the building of Chengdu Kemeite Special Gas Co., Ltd. where the new company will move inCF4 is one of major products of SDK's electronic gas business. CF4 is the primary and basic etching gas among high-purity gases for electronics, and has been mass-produced and used for more than 40 years. The demand for CF4 is expected to increase steadily because it is not only easy to handle but also suitable for micromachining of semiconductor chips which is improving further, and the amount of CF4 used in the process to produce leading-edge electronic devices including organic electroluminescent displays ha...

With Two Potential First-in-class Innovative Drugs’ Commercialization around the Corner, RemeGen is Expected to Explode upon Listing

HONG KONG, Nov 6, 2020 - (ACN Newswire) - According to Bloomberg, recent years have seen the strong performance of biopharmaceutical enterprises in Hong Kong stock market. Bonnie Chan, Head of Listing of HKEX, said at the HKEX Biotech Summit on 1st September this year that 20 pre-revenue biotechnology companies had been listed in Hong Kong by then, raising a total of HK$48 billion in IPOs, and a total of HK$46 billion in post-IPO financing. The public offerings of BeiGene, Innovent Biologics and Junshi Biosciences have all expanded multiple times upon their IPO in their market value. With the listing of RemeGen next Monday, Hong Kong is to welcome another biotech superstar.Popular subscription and substantial room for rise in market value post IPOThe public offering of Ant Group last week froze a large amount of capital, posing pressure on other pre-listing companies. However, offering from RemeGen still gained great traction, with its institutional books hundreds multiple times covered and retail book over 50-time subscription in pool A and hundreds of times in pool B. With the sudden halt of Ant Group's IPO and hundreds of billions of funds being refunded to Hong Kong investors, ...

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Shrinkflex (SET: SFT) is Listed on the Stock Exchange of Thailand

BANGKOK, Nov 6, 2020 - (ACN Newswire) - Shrinkflex (Thailand) PCL (SET: SFT) is a leading provider of integrated labeling solutions featuring plastic shrink films in ASEAN. On October 29 the company was listed in the Market for Alternative Investment (MAI). SFT executives are moving ahead with plans to invest in expanding the company's manufacturing facilities and adding new lines of products. The investment plans will add better value and boost the company's brand image in anticipation of continuing market growth in spite of the Covid-19 pandemic. This year's growth is expected to be in the double-digits.Mr. Sung Cheong Tsoi, SFT's Founder and Chief Executive Office, says he is confident that, having listed in the MAI under the symbol SFT, the company will receive great interest from investors because of the company's tremendous business potential.SFT's strength lies in its experience and expertise in the production of shrink film labels for more than 12 years. The company has helped its customers meet the challenge of building a positive image and adding value to their brand identity. Its integrated shrink film label solutions have long earned SFT customers' trust.Thailand is cur...

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Nissin Foods Announces 2020 Q3 Financial Results

HONG KONG, Nov 6, 2020 - (ACN Newswire) - Nissin Foods Company Limited ("Nissin Foods" or the "Company", and together with its subsidiaries, the "Group"; Stock code: 1475) has today announced its 2020 financial information for the nine months ended 30 September 2020 ("the reporting period"). Revenue of the Group amounted to HK$2,685.6 million, representing a year-on-year (YoY) increase of 14.4% from HK$2,348.1 million. Gross profit increased by 16.3% YoY to HK$895.9 million (2019: HK$770.1 million), with gross profit margin increasing by 0.6pp to 33.4% (2019: 32.8%), mainly attributable to the reduction in utility overheads, the relatively stable price for key raw-materials YoY as well as the shift of product mix in Hong Kong, but offset by the increase in the purchase of finished goods. Profit attributable to owners of the Company was HK$264.0 million, representing an increase of 25.0% YoY from HK$211.2 million. Segment results improved by double-digit growth of 34.5% YoY to HK$346.9 million from HK$258.0 million. For the Hong Kong operations, revenue recorded an increase of 11.6% YoY to HK$1,071.3 million (2019: HK$960.2 million), mainly attributable to the surge in demand for mo...

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NEC Opens “NEC Mobility Test Center” for Demonstrating Private 5G and Video Analysis

The NEC Mobility Test Center, based in Gotemba City in central Japan, will contribute to the creation of safe, secure, and people-friendly cities through infrastructure-coordinated mobility services and the use of data obtained from sensors installed within a city's infrastructure. Infrastructure coordination is a system in which vehicles and roadway infrastructure exchange information quickly and accurately through wireless communications in order to prevent accidents, alleviate traffic congestion, provide support for automated driving, and more. In the "Declaration to be the World's most Advanced Digital Nation and the Basic Plan for Promotion of Public-Private Data Utilization (New IT Strategy)"(1) posted to the Government CIOs' Portal, Japan, guidelines have been set for new road traffic infrastructure linked with 5G communications standards and traffic lights. In fiscal 2020, basic specifications and roadmaps began to be formulated, and demonstration tests are planned to be carried out in the near future. The NEC Mobility Test Center is equipped with road equipment, such as traffic lights and pedestrian crossings, as well as edge-computing terminals, such as private 5G base st...

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800 low-income families to receive healthy food and resources on nutrition

SINGAPORE - A new initiative was launched on Friday (Nov 6) to help about 800 families better prepare meals for their children. The families will each receive a care pack of healthy food items, including food for babies and for children of pre-school age, such as multigrain baby puffs, multivitamins and milk. The initiative, called Healthy with KidStart, is a collaboration between insurer Prudential Singapore and the Early Childhood Development Agency (ECDA). Of the 800 families, 120 had also been supplied with fresh fruit and vegetables in October and will continue to receive these in November and December. Minister of State for Social and Family Development and Education Sun Xueling, who attended the launch at Prudential's office at Marina One, took part in a cook-off with Prudential Singapore chief executive officer Dennis Tan. Ms Sun made a cucumber and egg pita pocket, while Mr Tan made a vegetable and tuna sandwich. The 800 families are under ECDA's KidStart programme, which provides child development, health and social support for low-income families with children below the age of seven. Prudential is one of the community partners that ECDA works with to provide additional s...

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Robinsons’ closing down sale begins on Friday

SINGAPORE - Robinsons will begin its storewide sales on Friday (Nov 6) at its last two stores in Singapore at The Heeren and Raffles City Shopping Centre. There will be a storewide discount on fashion, beauty, homeware, accessories and travel items, said marketing agency BWP Group on Friday. "Everything has been reduced and must go... customers are encouraged to take advantage of these fantastic discounts while stocks last," it added. When contacted, a BWP spokesman said the sale would continue until all stocks were sold. The retailer's appointed liquidator, KordaMentha, has confirmed this announcement, adding in an update on Thursday (Nov 5) that customers who have ordered Simmons, Sealy, Serta or King Koil mattresses from Robinsons and have paid in full can expect these to be delivered. A fifth mattress company, Mattress International (MaxCoil), said that customers who have made a full payment should approach their bank to cancel it. After they redirect their purchases and make payment to MaxCoil, their orders will be fulfilled. KordaMentha added on Thursday that discussions with other mattress suppliers are ongoing and it will provide updates when they are available. As at 4pm T...

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Uber sees $1.5 billion loss on ride-hailing revenue plunge

SAN FRANCISCO (AFP) - Uber on Thursday (Nov 5) reported that it lost US$1.1 billion (S$1.5 billion) in the recently ended quarter as the pandemic walloped its ride-hailing business, but boosted its food delivery service. Revenue in Uber's mobility unit was down 53 per cent from the same quarter last year, while money taken in from drivers delivering restaurant meals or other orders more than doubled, according to the San Francisco-based company. "Despite an uneven pandemic response and broader economic uncertainty, our global scope, diversification, and the team's tireless execution delivered steadily improving results," chief executive Dara Khosrowshahi said in an earnings release. Uber shares that had been buoyed by the triumph of an initiative that lets drivers remain classified as independent contractors in California sank nearly three percent in after market trades. Demand for rides directly correlates to pandemic lock-down restrictions in cities, and Uber's mobility and deliver units are positioned to take advantage of returns to pre-virus lifestyles, Mr Khosrowshahi said in an earnings call. "Uber is becoming the go-to app for getting around or getting something delivered yo...

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Toyota to double full-year profit forecast to over $13 billion: Report

TOKYO (REUTERS) - Toyota Motor will likely more than double its full-year operating profit forecast when it reports second quarter earnings on Friday (Nov 6) as vehicle sales rebound in the United States and China, the Mainichi daily reported. Japan's top automaker is likely to project an operating profit of more than 1 trillion yen (S$13 billion) for the year to March 31, 2021, from the 500 billion yen projected in August, the Mainichi said, without citing sources. A Toyota spokesman declined to comment on the report. In its most recent forecast, Toyota predicted a full-year 500 billion yen operating profit, the weakest in nine years, following a slump in demand caused by the coronavirus pandemic. That compares with a 2.47 trillion yen profit last business year. The average estimate from 26 analysts polled by Refinitiv is for full-year operating profit of 1.25 trillion yen. More on this topic Related Story Tesla profit doubles as electric car deliveries surge

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Morning Briefing: Top stories from The Straits Times on Nov 6

Good morning! Here are our top stories to kick-start your Friday, Nov 6. US election: Biden urges patience, Trump mounts legal bids as White House race narrows Biden is 6 electoral votes away from the minimum of 270 needed to win. READ MORE HERE MOM won't take further action against Liew Mun Leong's family over illegal deployment of Parti Liyani MOM had initiated a review of the case and conducted further investigations. READ MORE HERE Trump campaign loses legal fights in Georgia and Michigan, vows Nevada lawsuit One judge said there was “no evidence” that ballots were invalid. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news Trump, Biden supporters stage protests across US, as vote tally trickles in Ballot counting drags on in a handful of states that will decide the election. READ MORE HERE US presidential election: The pandemic may have the last laugh The coronavirus crashed Trump’s booming economy and drove a surge in mail-in ballots. READ MORE HERE HSBC sues Lim family, saying they 'fraudulently deceived' bank into lending US$111.7 million to Hin Leong It's the first bank to take legal action against oil tycoon Lim Oon Kuin to recov...

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GIC, Thrive invest $202.6 million in IAC’s video platform Vimeo

NEW YORK (BLOOMBERG) - Barry Diller's IAC/InterActive Corp said ts online video platform Vimeo raised US$150 million (S$202.6 million) from Thrive Capital and Singapore's sovereign wealth fund GIC, valuing the unit at US$2.75 billion. The capital will be used to fund investments in research and development, sales and international expansion, the company said in a statement on Thursday (Nov 5). IAC is also considering spinning the unit off to shareholders. "Fourteen years ago, we acquired Vimeo as part of a small collection of assets for very little capital, and through the creativity, grit, and sheer talent of a group of leaders at Vimeo, the business has become a real leader in a large and growing market, and in control of its own destiny," IAC chief executive officer Joey Levin said in the statement. In remarks to shareholders, Mr Levin said spinning Vimeo off would give it access to less-expensive capital than what it can tap being part of IAC. That access would be "helpful to enable Vimeo to achieve its highest ambitions," he said, and be used to hire employees, invest in research and development or make acquisitions. IAC, a media and internet company with more than 150 brands ...