US stocks extend post-election rally, Dow up 2%

NEW YORK (AFP) - Wall Street stocks rose for a fourth straight session on Thursday (Nov 5) on continued positive momentum after the US election despite no closure yet to the presidential contest. The Dow Jones Industrial Average rose 2 per cent to 28,390.18, up around 540 points. The broad-based S&P 500 also gained 2 per cent to 3,510.45, while the tech-rich Nasdaq Composite Index jumped 2.6 per cent to 11,890.93. Analysts have said the rally reflects enthusiasm at the apparent outcome of the election, which may leave Washington politically divided and pose a barrier to sweeping policy changes that could upset investors, such as tax increases. Briefing.com pointed to the continued gains as evidence of a "fear of missing out" in the wake of a seemingly sky-bound market. The gains also come after major US indices last week suffered their worst week since March. There were no major developments in the US presidential contest, with five states still undeclared amid the counting of mail-in and absentee votes. Following a two-day meeting, the Federal Reserve restated its pledge to use all its tools to help the US economy recover from the coronavirus pandemic, but did not announce any new...

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Raffles Financial Appoints Mike Zhou as Executive Director

SINGAPORE, Nov 6, 2020 - (ACN Newswire) - Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) today announced that it has appointed Mike Zhou, previously Independent Director, as Executive Director for North America.Mr. Zhou's expertise, developed over the course of a decade, covers capital markets and international business strategy with a special focus on the technology sector. In recent years, he has held management positions and director roles throughout the FinTech, digital marketing, consulting, and financial sectors.From 2013 to 2015, Mr. Zhou served as Manager of Corporate Development for BiYond (China) Corp. Under his management, the firm successfully launched a multi-million-dollar FinTech Joint Venture and structured the merger & acquisition of a digital marketing corporation. In late 2015, Mr. Zhou also co-founded a private investment and consulting firm."Mike's industry background and in-depth knowledge of the FinTech sector paired with deep understanding of the Canadian capital markets landscape is a valuable asset for Raffles as we move towards our goal of becoming a global diversified financial services firm. We are pleased to have him on our Boa...

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Universities need to be more transparent about sexual misconduct

The recent case of the National University of Singapore (NUS) firing one of its staff for alleged sexual misconduct highlights the need for institutions to take the lead in the national conversation about this matter. On Tuesday, in response to MPs' queries in Parliament, Ms Sun Xueling, Minister of State for Education, revealed that institutes of higher learning - including polytechnics and the Institute of Technical Education - handled 172 cases of sexual misconduct by students and staff in the past five academic years. 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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Green finance seen as key in Singapore’s climate change fight

To ensure economic growth and fight climate change at the same time, Singapore needs to leverage green finance and mobilise capital for low-carbon investments, said Minister of State for Sustainability and the Environment Desmond Tan yesterday. And to succeed in its efforts, the country also needs to plan ahead for a smooth transition to low emissions and build resilience against environmental shocks, he added. "Covid-19 has accelerated pre-existing trends, including rising protectionism, rising inequalities and global warming," Mr Tan, who is also Minister of State for Home Affairs, noted in his speech at the European Union-Singapore Dialogue on climate change. But it has also slowed activities. "Companies should use this period to consider implementing energy efficiency improvement projects so that they can be more cost-competitive and emerge stronger from this crisis," he said. To implement these, they can tap the Economic Development Board's Resource Efficiency Grant for Energy as well as the National Environment Agency's Energy Efficiency Fund, Mr Tan added. Pointing to green finance, he said it is a "critical enabler of green growth" that allows companies to support sustainab...

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HSBC sues oil tycoon and family to recover $116 million

HSBC Holdings is suing the Lim family and an employee of bankrupt oil trader Hin Leong Trading to recover US$85.3 million (S$115.7 million) of US$111.7 million that they allegedly obtained with bogus invoices and forged documents, according to court papers seen by The Straits Times. HSBC, the firm's largest creditor with about US$600 million owing, is the first bank to take legal action against oil tycoon Lim Oon Kuin, better known as O.K. Lim, and his two children to recover its losses. 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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Leading CBD Company Greenheart Launches IEO Pre-sales of PUNT

Curragha, County Meath, Ireland, Nov 5, 2020 - (ACN Newswire) - Irish company Greenheart CBD (greenheartcbd.ie) has announced November IEO pre-sales of the Greenheart PUNT, an ERC-20 token available now on the LATOKEN exchange platform. The PUNT is a DeFi sustainable token which aims to encourage the adoption of CBD products in the global community, and bring the advantages of blockchain to the wider CBD industry.The Greenheart PUNT token is backed by a real commodity - 1,000 liters of Greenheart's CBD oil a year at a retail value of US$4 million - allowing token holders to redeem their tokens for CBD oil if they wish. And during November pre-sales, PUNTers will receive bonuses ranging between 20% and 50%, depending on the date of token purchase. Official trading will begin on December 1st, when Greenheart will put 200,000,000 tokens into circulation at a price of 10 US cents per token. Moreover, Greenheart will offer 200,000,000 tokens for public sale on the 1st of December each year for the next 4 years, as it aims to sell 1,000,000,000 tokens in total.According to the Greenheart Team, the CBD industry faces lack of governance, transparency, and compliance in addition to high fee...

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Showa Denko Announces 2020 Third Quarter Financial Results

TOKYO, Nov 5, 2020 - (JCN Newswire) - Showa Denko K.K. (SDK; TSE:4004) today announced its 2020 third quarter financial results. - 2020 Third Quarter Consolidated Financial Statements and summaryhttps://www.sdk.co.jp/assets/files/english/ir/library/fss2020-3q.pdfAbout Showa Denko K.K.Showa Denko K.K. (SDK; TSE:4004, ADR:SHWDY) is a major manufacturer of chemical products serving from heavy industry to computers and electronics. The Petrochemicals Sector provides cracker products such as ethylene and propylene, the Chemicals Sector provides industrial, high-performance and high-purity gases and chemicals for semicon and other industries, the Inorganics Sector provides ceramic products, such as alumina, abrasives, refractory/graphite electrodes and fine carbon products. The Aluminum Sector provides aluminum materials and high-value-added fabricated aluminum, the Electronics Sector provides HD media, compound semiconductors such as ultra high bright LEDs, and rare earth magnetic alloys, and the Advanced Battery Materials Department (ABM) provides lithium-ion battery components. For more information, please visit www.sdk.co.jp/english/. Copyright 2020 JCN Newswire. All rights reserved....

RACE (Real Assets Community Economy) Announces a Digital Assets and Real Estate Platform

To Develop a Decentralized Protocol to Facilitate Secure Cross-Border Investments for Investors, Asset Owners and Property Developers in a Post-COVID-19 World - RACE™ (Real Assets Community Economy), a digital real estate ecosystem to facilitate asset and real estate capital transactions for Owners and Developers. - RACE™ plans to provide investors' access to institutional-grade assets while adhering to local and international regulations, and global security standards. - RACE™ expects to facilitate timely rescue capital and private debt to Asset Owners, Developers, and Businesses. London, U.K - November 5, 2020 - With The United States hitting an all-time high of 99,321 new coronavirus cases on Oct. 30, surpassing the previous high-water mark, and cases rising rapidly again in parts of Europe, it seems to be a foregone conclusion that technology will continue to play an accelerating and almost irreversible adoption in all aspects of domestic and cross-border transactions. Additionally, prolonged socioeconomic disturbances have undoubtedly affected some sectors within the global real estate market quite negatively. As an example, barring certain niche hotels, the overall hotel sect...

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Nursing home staff tested for Covid-19 once every two months as part of surveillance measures: MOH

SINGAPORE - Nursing home staff in Singapore are now being tested for Covid-19 once every two months as part of measures to ensure that senior citizens in the homes are kept safe from the virus. In response to queries from The Straits Times, a Ministry of Health (MOH) spokesman said that all nursing home providers will complete one round of testing of all staff every two months as part of a regular surveillance testing programme that began in the last days of October. There are about 9,000 nursing home employees here and 16,000 residents. Surveillance testing of nursing home residents will also be conducted in the coming months, added the spokesman. The ministry will also study how to introduce testing for other groups that interact with nursing homes, such as volunteers and external vendors, as other methods of testing - like Antigen Rapid Testing - emerge. "This will help maintain the level of protection for seniors in nursing homes, in the light of the higher risks that can come with the overall safe reopening," said the spokesman. All nursing home staff and residents underwent one round of mass testing in May as a precautionary measure. At the time, the mass testing exercise als...

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Chinese citizen sentenced to 14 months’ jail, $2,000 fine for forging passport stamps, illegal stay

SINGAPORE - For more than three years, Chinese national Chen Bichun paid for new forged passport stamps in order to remain in Singapore illegally to work as a sex worker. Her illicit stay started on March 19, 2016 and came to an end on July 23, 2019, when she was finally caught in a Balestier hotel room during a police raid. On Thursday (Nov 5), Chen was sentenced to 14 months' jail and a $2,000 fine for two charges, one under the Immigration Act and another for the forged documents. One other similar charge was taken into consideration during sentencing. The court heard that her passport contained 19 entry stamps and an application to extend her short-term visit pass, all of which were forged. Investigations found that Chen came to Singapore on March 4, 2016 and was granted 14 days of stay on a social visit pass. A friend then told her that she could help her stay in Singapore and make it seem to the authorities that Chen's stay was legal. Each extension would cost $200 and last about two months. Chen agreed to the arrangement. After her friend was arrested in April 2017 and repatriated to China, Chen started getting contacted by an unidentified person to get the extensions. She w...

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No fireworks display at Marina Bay New Year’s Eve countdown this year

SINGAPORE - There will be no fireworks this year at the New Year's Eve countdown celebration at Marina Bay to minimise crowds in the area amid the pandemic. Fireworks will instead be set off at different heartland locations across Singapore, the Urban Redevelopment Authority (URA) said on Thursday (Nov 5), adding that agencies are still working out the details. This is the first time the Marina Bay New Year’s Eve countdown celebration will be marked without fireworks since the yearly tradition began in 2005. "As health and safety remain a priority, we have adopted a different format to ensure that the public can celebrate safely and meaningfully," said URA chief executive Lim Eng Hwee. Instead of fireworks, there will be two light shows in Marina Bay in December. The first will feature student artworks from various institutions projected on the facades of three landmarks in Marina Bay - The Fullerton Hotel Singapore, ArtScience Museum and the Merlion. Organised in partnership with the National Volunteer and Philanthropy Centre, these landmarks will be lit nightly from Dec 25 to Dec 31, depicting moments this year when people came together to uplift the vulnerable in the community. ...

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Two special education schools to be redeveloped and located at new joint campus in 2025

SINGAPORE - Two special education schools serving students with mild intellectual disability will have a joint campus, and redeveloped to accommodate more students. Chaoyang School and Tanglin School, which are both run by the Association for Persons with Special Needs, will also have more facilities to cater to students across the autism spectrum. The special education (Sped) schools will be located at the former Da Qiao Primary School in Ang Mo Kio in 2025. Chaoyang School is currently also located in Ang Mo Kio and Tanglin School is in Bukit Merah. At the new site, Chaoyang School will provide 400 primary-level places and Tanglin School will have 350 secondary-level places. They currently have 320 and 260 students enrolled respectively. Minister of State for Education Sun Xueling, who spoke to reporters during a visit to Chaoyang School on Thursday (Nov 5), said the schools hope to provide more places for children with mild intellectual disability who live in the north-Eastern and central regions of Singapore. Ms Sun, who is also Minister of State for Social and Family Development, said it will be more convenient for families to have both schools located at the same site. It wil...

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Green finance among options needed to address economic, climate objectives: Desmond Tan

SINGAPORE - To address economic and climate objectives at the same time, Singapore needs to adopt a three-prong approach that includes leveraging green finance to manage the risks of climate change and mobilise capital for green and low-carbon investments. Speaking at the European Union (EU)-Singapore Dialogue on climate change on Thursday (Nov 5), Minister of State for Sustainability and the Environment Desmond Tan said that to succeed in its efforts, the country also needs to plan ahead for a smooth low-carbon transition and build resilience against environmental shocks. "Covid-19 has accelerated pre-existing trends, including rising protectionism, rising inequalities and global warming. "The onus is on us to continue to look beyond the immediate Covid-19 crisis and prepare for these long-term challenges, notably climate change. "This has always been Singapore's approach to development - to look and plan long term," said Mr Tan. He said the Government's strategy sends a powerful signal for other stakeholders to act, especially the private sector and investors. "If we all develop and implement long-term decarbonisation plans, it will facilitate the shifts needed for the transition...

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Jiashan China 2020 International Investment and Trade Fair Held

Jiashan, China, Nov 5, 2020 - (ACN Newswire) - The Jiashan China 2020 International Investment and Trade Fair was held at the Jiashan Yunlan Bay International Convention Center, Zhejiang Province on October 28th. More than 600 business people, including representatives of the relevant provincial and municipal departments, management of domestic companies and foreign businessmen from the UK, Japan, Germany, Italy and Spain attended the event. Jiashan County, one of the top 100 counties in China, has held the Jiashan Trade Fair annually since 2003, and has been ranked among the top 10 counties attracting foreign investment to Zhejiang Province for 18 consecutive years.Opening the 2020 Trade Fair, Hong Hupeng, member of the Standing Committee, Jiaxing Municipal Committee of the Communist Party of China and Secretary of the Jiashan County Party Committee, pointed out that Jiashan was the brightest water town south of the Yangtze River. Jiashan supported and offered opportunity with favourable policies, first-class planning and innovative reforms. Jiashan encouraged entrepreneurship and innovation by introducing the best science and technology resources, and attracted high-end talent by...

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NEC Selected as a Vendor for NTT DOCOMO’s Standalone 5G Mobile Core

TOKYO, Nov 5, 2020 - (JCN Newswire) - NEC Corporation (TSE: 6701) today announced its selection by NTT DOCOMO, Inc. as a vendor of a 5G mobile core network (5GC) compatible with Standalone (SA) 5G that NTT DOCOMO plans to launch in 2021. NEC 5GC Use CaseContribution to NTT DOCOMO's core networkIn addition to the 5GC, NEC will provide a compact user data processor, the "UPF mini"(1), as part of driving further development of NTT DOCOMO's SA 5G, and meeting the diverse network needs of the 5G era, including support for 5G features such as enhanced Mobile Broadband (eMBB), massive Machine Type Communications (mMTC), and Ultra-Reliable and Low Latency Communications (URLLC).This SA 5GC features flexible operations, enabled by the adoption of container technology(1), in addition to the virtualization adopted by virtualized Evolved Packet Core (vEPC). Moreover, the SA 5GC enables the provision of sliced networks that are ideal for the various services that take advantage of 5G features, while also improving scalability. This SA 5GC is also provided in the cloud, as NEC promotes its expansion into the global market. In addition, the UPF mini data processor is smaller and saves more power ...

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Financial sector’s credibility key to Singapore’s economic success

SINGAPORE - Establishing and maintaining a clean and trusted financial hub has been at the core of Singapore's economic success. While its strategic geographical location made it a port of choice on the world shipping map, the emergence and continued growth of credible financial services assured thriving trade flows. 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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RIWI Predicted the Tight Race Seen in Today’s Results, and Now Publicly Releases All RIWI Election Reports Prepared Since September 8 for American, British and Asian Finance Clients

TORONTO, Nov 5, 2020 - (ACN Newswire) - RIWI Corp. (TSXV: RIWI) (OTC: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm, today publicly released all of the U.S. Election reports that the Company prepared for global finance clients since September 8, 2020.In contrast to almost all public polling and mainstream media forecasts that predicted a "Blue Wave" and blowout victory for former Vice President Joe Biden, RIWI's final client report on November 2, at 10 am Eastern Standard Time, showed a different story: the much tighter race that we see in today's results. RIWI's randomly engaged forecasters represented a continuous evaluation of the views of 100,584 different Americans.RIWI's approach is unique. "For RIWI technology, one truly random forecast from one randomly engaged, anonymous person is worth far more than 10 non-randomly engaged, non-random traditional survey respondents who habitually offer their personal opinions, sometimes even in exchange for incentives," said Neil Seeman, RIWI's Chief Executive Officer. "Ensuring the anonymity of any respondent, without ever collecting personally identifiable information, is essential to both accu...

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DBS Q3 profit drops 20% to $1.3 billion

SINGAPORE - DBS Group Holdings posted a 20 per cent drop in third-quarter net profit to $1.3 billion from $1.63 billion a year earlier, as it set aside higher allowances for potential bad loans and lower net interest income. Earnings were better than expected, topping the $1.12 billion average estimate of eight analysts surveyed by Bloomberg. The board has declared an interim dividend of 18 cents per share, down from 30 cents for the year-ago period, to which the bank's scrip dividend scheme will be applied. South-east Asia's largest bank set aside allowances of $554 million in the third quarter. Together with allowances of $1.94 billion in the first half of the year, total allowances in the first nine months of this year quadrupled to $2.49 billion from a year ago, DBS said on Thursday (Nov 5). Three-fifths, or $1.5 billion, of this amount were general allowances conservatively set aside to fortify the balance sheet against macroeconomic risks. The bank’s non-performing loan (NPL) ratio weakened to 1.6 per cent from 1.5 per cent a year ago. DBS also saw lower net interest income, which fell 12 per cent year on year to $2.17 billion as loan growth was offset by a lower net interest...

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Whoever wins US election, investors see China, green and easy money bets as winners

LONDON/HONG KONG/SINGAPORE (REUTERS) - The close and inconclusive US election has scuppered some short-term trades premised on a clear Joe Biden sweep, but money managers say they are sticking to bets on plentiful stimulus, a Chinese rebound and a green boom, regardless of who triumphs. US President Donald Trump's battle against Biden, the Democratic challenger, is going down to the wire, with millions of votes still to be counted as more states report results. From trade to taxation to climate, the two men have vastly different policy platforms. Biden's pledge to tie the US economic recovery to tackling climate change is set against Trump's desire to remove regulatory hurdles to oil, gas and coal. Lulled by Biden's opinion poll lead, some investors had positioned for higher US bond yields and renewables shares. Some of those trades took a hit - shares in US solar firms and European wind farms fell, while US Treasuries gained and European shares initially underperformed. Traders were also quick to dump automotive stocks as the spectre of more Trump protectionism resurfaced following years of a trade war with China. "We expect quite a lot of market volatility. However, the core inve...

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US stocks end solidly higher in post-election surge

NEW YORK (AFP) – Wall Street stocks jumped on Wednesday (Nov 4) as markets absorbed the latest developments in the still-unresolved US presidential contest and apparently shrugged off the risk of legal challenges by President Donald Trump. The Dow Jones Industrial Average climbed 1.3 per cent to finish at 27,847.66, rising for a third straight session. The broad-based S&P 500 gained 2.2 per cent to 3,443.44, while the tech-rich Nasdaq Composite Index advanced 3.9 per cent to close at 11,590.78. Analysts attributed the rally to the demise of a “blue wave” election outcome that would have seen a complete Democratic sweep of Washington, including a takeover of the Senate and a White House win by Joe Biden. Biden is still well positioned to win the presidency, carrying leads in key states, but the Senate looks poised to remain in Republican hands. That outcome will “moderate” policies from Washington, lessening the chances of major tax increases or overhauls to health care and other realms, said Shawn Cruz, senior market strategist at TD Ameritrade. The market had “a little bit of a collective sigh of relief,” Cruz said. Investors for now have shrugged off worries about a protracted le...