SeaPRwire
Read More

Some tapped savings, borrowed heavily to get a piece of Ant IPO

elean
3 minutes

HONG KONG • Mom-and-pop investors who put in bids worth a record US$3 trillion (S$4.1 trillion) in China's Ant Group were stunned after regulators abruptly suspended what would have been the world's largest stock market debut. China blocked the fintech giant's US$37 billion listing on Tuesday, thwarting its debut in Hong Kong and Shanghai and dealing a blow to the company founded by Alibaba's billionaire co-founder Jack Ma. Retail investors in the two markets - from taxi drivers to students to young professionals - used their savings and borrowed heavily from banks and brokerages for what many saw as a once-in-a-lifetime investment opportunity. "I feel like I made a very wrong decision," said 21-year-old Hong Kong resident and Cambridge student Vincent Tse, who applied for 2,000 shares worth around HK$160,000 (S$28,000), a sum he earned doing a part-time job. "This situation really reveals a deep problem in the Chinese market and shows a lack of experience in holding such a large (initial public offering)," he said, adding that he will no longer invest in Ant and will instead reinvest in US, European or Japanese stock markets. In China, investors cited the changing business environ...

JCN Newswire
Read More

New MHIAEL Nagasaki Plant for Aero Engine Components Completed at Nagasaki Shipyard & Machinery Works

ruth
3 minutes

TOKYO, Nov 4, 2020 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) has completed construction of a new factory for aircraft engine components at its Nagasaki Shipyard & Machinery Works. Mitsubishi Heavy Industries Aero Engines, Ltd. (MHIAEL), which handles the aero engine business of MHI Group, began operations at the facility in November 2020 as its Nagasaki Plant, and is gradually expanding production. The factory will mainly manufacture engine components for short and medium range commercial aircraft, with further expansion planned to grow as a new facility for the aero engine business once aircraft demand resumes following recovery from the coronavirus crisis.New MHIAEL Nagasaki Plant and Opening ceremonyThis new factory, part of the redevelopment of the Nagasaki area, plays a role as a production center that takes over MHI's history of manufacturing, extending "From the Past - To the Present - To the Future." The opening ceremony, held at the factory site on November 4, was attended by such distinguished guests as Kenzo Yoneda, Director of the Kyushu Bureau of Economy, Trade and Industry, as well as Nagasaki Governor Hodo Nakamura, and Nagasaki Mayor Tomihisa Ta...

JCN Newswire
Read More

First Japan-built LNG-fueled PCC with FGSS Supplied by Mitsubishi Shipbuilding Has Entered Service

ruth
3 minutes

TOKYO, Nov 4, 2020 - (JCN Newswire) - Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries, Ltd. (MHI) Group, has completed installation of the first unit of an LNG (liquefied natural gas) fuel gas supply system (FGSS) for marine dual fuel engines, delivered in November last year, on the pure car carrier (PCC) built by Shin Kurushima Toyohashi Shipbuilding Co., Ltd. The first LNG-fueled PCC built in Japan was delivered to Nippon Yusen Kabushiki Kaisha on October 28, 2020, and has entered service. During the construction period after the delivery of the FGSS, Mitsubishi Shipbuilding maintained close cooperation with the shipyard and supported the successful delivery of the ship by conducting various adjustments and commissioning of the FGSS.LNG-fueled PCC "SAKURA LEADER"FGSS moduleMitsubishi Shipbuilding supported the shipyard by providing the relevant engineering services and technical support relating to the gas handling of the LNG-fueled PCC, as well as dispatching highly experienced engineers for a part of installation work and the gas testing. Engineers were also dispatched last month during the LNG fueling, the first ship-to-ship bunkering in Japan. The sam...

JCN Newswire
Read More

Hitachi Announces Lumada Alliance Program to Drive Economic, Social, Environmental and Quality of Life Innovation

ruth
7 minutes

TOKYO, Nov 4, 2020 - (JCN Newswire) - Hitachi, Ltd. (TSE:6501), today announced a new global partner program, the Lumada Alliance Program, that will bring together industry-leading partners from the domains of information technology, operational technology, vertical industries, academia, and government to collaborate on digital solutions that deliver economic growth as well as social, environmental, and quality of life innovations. Lumada is the name of Hitachi's advanced digital solutions and services for turning data into insights that drive digital innovation.Through its Social Innovation Business strategy, Hitachi aims to create new value and resolve social issues. The new Lumada Alliance will focus on co-creating digital solutions that combine Hitachi's deep expertise in IT, energy, mobility, smart life, and industry, with the unique capabilities and technologies of Lumada Alliance members. Hitachi President and CEO Toshiaki Higashihara announced the new program today at Hitachi's annual Social Innovation Forum event."This program will allow us to pursue collaborative creation and build a value-generating ecosystem together with all our diverse partners across industry lines, ...

ACN Newswire
Read More

CDL Appoints Deloitte as External Financial Advisor to Evaluate Investment in Sincere Property Group

indie
3 minutes

SINGAPORE, Nov 4, 2020 - (ACN Newswire) - City Developments Limited (CDL) announced today the appointment of Deloitte & Touche Financial Advisory Services Pte. Ltd. (Deloitte) as its External Financial Advisor to assist in further evaluating and reviewing its 51.01% joint venture equity investment in Sincere Property Group (Sincere) based in China.The CDL investment of an effective 51.01% stake in Sincere, completed in April 2020, is a strategic investment which provides CDL with a platform established over 26 years, comprising different asset classes across 18 cities in China. Sincere is ranked in China among the Top 100 Developers by China's Real Estate Association and one of the Top 10 Business Park Developers and Operators.As at 30 June 2020, CDL Group's global asset portfolio amounted to S$23.8 billion, of which China accounted for 14%. Excluding Sincere, the Group's China portfolio includes residences, office buildings, hotels, serviced apartments and retail malls.The CDL Board has mandated this evaluation and review by Deloitte in view of the challenges relating to Sincere's liquidity position following the outbreak of the pandemic and new measures to further tighten liq...

SeaPRwire
Read More

Parliament: Phase 3 could last over a year, restrictions may be reimposed if cases spike again

aseanpr
6 minutes

SINGAPORE - Phase 3 of the nation's reopening in the wake of Covid-19 could last a year or more, Health Minister Gan Kim Yong told Parliament on Wednesday (Nov 4). Ms Cheng Li Hui (Tampines GRC) had asked about phase 3, including what factors are taken into account when deciding on the maximum number of people allowed for various events, what safeguards will be put in place when activities resume on a larger scale, and what might happen if cases were to surge again. In response, Mr Gan reiterated that phase 3 - which Singapore could move into by year-end if the virus remains under control here - would not be a return to pre-Covid days. It would last until the rest of the world has the virus under tight control or when effective treatments or vaccines are widely available, he added. This means that measures must be put in place to enable everyone to stay safe while continuing to live, work and mark major life events. Mr Gan said group size limits depend on factors such as how frequently an activity takes place, what potential risks it has, and whether additional safety measures can be implemented to mitigate such risks. Pointing to the large clusters of Covid-19 cases that had forme...

SeaPRwire
Read More

Seven arrested for drug-related offences, 57 investigated for breaching Covid-19 rules

aseanpr
1 minute

SINGAPORE - Seven people have been arrested for suspected drug-related offences while 57 are under investigation for allegedly breaching Covid-19 measures. The police said on Wednesday (Nov 4) that those arrested for suspected drug activities comprised four men and three women, and they are being investigated by the Central Narcotics Bureau. Those who supposedly breached Covid-19 rules had gathered in groups of more than five and are between the ages of 19 and 66, the police added. Two men are also being investigated for providing public entertainment and selling liquor without a valid licence. All suspects were caught during enforcement efforts against unlicensed public entertainment outlets along Ubi Road 1 and Kallang Pudding Road between Oct 28 and Oct 31. The offence of providing public entertainment without a valid licence carries a fine of up to $20,000. The offence of supplying liquor without a valid licence also carries a fine of up to $20,000. The police said they "take a serious view of anyone found breaking the law, and offenders will be dealt with in accordance to the law."

SeaPRwire
Read More

Ex-cleaner sentenced to life in jail, 18 strokes of the cane for killing supervisor with grass cutter

aseanpr
4 minutes

SINGAPORE - Barely a month into his new job at Tanah Merah Ferry Terminal, a 27-year-old Malaysian cleaner had an argument with his supervisor, stabbed her with a pair of grass cutters, and bludgeoned her as she pleaded for mercy. Ahmad Muin Yaacob then stole the gold Madam Maimumah Awang, 54, was wearing, hid her body in a drain, and fled across the Causeway to Malaysia where he pawned the jewellery partly to pay for his wedding in Kelantan two weeks later. On Wednesday (Nov 4), Ahmad Muin was sentenced to 18 strokes of the cane and life imprisonment. In a courtroom filled with Madam Maimumah's family members, the court heard that during the altercation on Nov 24, 2016, Ahmad Muin was alone with her when he attacked her, thrusting the blades of the grass cutters into her chest. She fell and pleaded with him not to harm or kill her. She tried to get up, but he repeatedly hit her head with the grass cutters. He then pulled her body to a 1.8m drain outside, removed the drain covers, pushed her in and closed the covers. Having taken Madam Maimunah's jewellery and phone, he took a taxi to Woodlands Checkpoint, where he got on a bus to Johor. He pawned one of her bracelets for RM1,000 (...

SeaPRwire
Read More

Girl hurt in Woodlands crash wakes up after 11 days in coma

aseanpr
2 minutes

SINGAPORE (THE NEW PAPER) - An eight-year-old girl who was flung out of a van in a road accident in Woodlands last month woke up on Tuesday (Nov 3) after 11 days in a coma. Her father, Mr Eric Tan, 45, told The New Paper on Tuesday night that Lovelynn regained consciousness at about 4pm. "She cannot speak or respond yet. She just woke up and can only move the left side of her body," he said in Mandarin. Earlier in the day at about 7.30am, Mr Tan had posted an update on social media on his daughter's condition. He said the swelling in her brain had gone down and the blood clots were gradually dissolving. But the mobility on the right side of her body would be affected, and she is estimated to need a longer time to recover. "She will be required to stay in ICU (intensive care unit) for further observation," he wrote. Lovelynn is warded at KK Women's and Children's Hospital, where Mr Tan and his wife have been keeping vigil. She was one of four people injured in the accident involving a van driven by her uncle and a red Audi car on Woodlands Avenue 12 just after 8pm on Oct 23. More on this topic Related Story Father overwhelmed by support from public for 8-year-old in coma after Woodl...

ACN Newswire
Read More

JCB expands its merchant network with Paymentwall in digital media and home entertainment sector

indie
4 minutes

TOKYO & EUROPE, Nov 4, 2020 - (ACN Newswire) - JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., Japan's only international payment brand, and Paymentwall announce the activation of JCB cards in the digital media and home entertainment sector.This partnership will simplify the online transactional journey for digital media and home entertainment communities as they make in-app and online purchases from small and medium-sized companies across the world.Globally, throughout 2020 to date, the video game industry sector has seen a 7.4% increase in sales year-on-year and a user increase of 12.7% year-on-year, and it is forecasted that the market will reach an expected annual sales growth of a further 0.9% as we move towards 2025[1].This collaboration is set to expand the virtual media entertainment market even further. Additionally, this partnership will offer cardmembers enhanced fraud protection, speedier transactions, local payment processing and 24/7 in-app help and support functions.Mr. Honor Gunday, CEO of Paymentwall said, "establishing a relationship with JCB has been a key milestone for us as we expand into new regions where we can offer...

SeaPRwire
Read More

Sustainability should be put at the core of post-pandemic recovery plans: Grace Fu

aseanpr
3 minutes

SINGAPORE - As Singapore revives its pandemic-hit economy, sustainability and the fight against climate change must be a fundamental driver in post Covid-19 recovery plans, said Minister for Sustainability and the Environment Grace Fu on Wednesday (Nov 4). "We are at a significant juncture, where we have the opportunity to put sustainability at the core of our recovery plans and policies, and change the way we produce and consume," the minister added. She said the country should continue strengthening its resilience against future shocks, including the "existential challenge" of climate change, supply chain disruptions and other public health threats. Ms Fu was delivering her keynote address at the Singapore Dialogue on Sustainable World Resources, organised by the Singapore Institute of International Affairs. Even as Singapore works hard to "build back better" in the face of an expected economic contraction of five to seven per cent this year, Ms Fu outlined how this can be done in a sustainable and inclusive manner. This includes driving climate action, catalysing innovation, and persisting with zero waste goals. She cited how Singapore submitted its enhanced plan for emissions r...

JCN Newswire
Read More

MITSUBISHI MOTORS New Environmental Plan Seeks 40% CO2 Emissions Reduction and 50% Ratio of Electric Vehicles by 2030

ruth
2 minutes

TOKYO, Nov 3, 2020 - (JCN Newswire) - MITSUBISHI MOTORS CORPORATION (MMC) has formulated a new Environmental Plan for the next 30 years. To contribute to realizing a society with net zero carbon dioxide (CO2) emissions in 2050, the company aims for 40 percent reduction in the CO2 emissions from its new cars and business activities, and raising the proportion of electric vehicles in the total sales to 50 percent by 2030. MMC will be fulfilling its responsibility as a manufacturer and seller of automobiles to make ongoing contributions toward a future dynamic, sustainable society.Considering social trends since the adoption of the Paris Agreement, this new Environmental Plan takes a medium- to long-term perspective. The plan is comprised of three parts--MMC's Environmental Policy, which was revised to incorporate a medium- to long-term outlook; Environmental Vision 2050, which defines the vision of society and the direction of MMC's initiatives toward 2050; and Environmental Targets 2030, which set out specific targets to achieve by 2030 in order to realize the vision.For the full report, please visit https://www.mitsubishi-motors.com/en/newsrelease/2020/detail1300.html.About Mitsubi...

SeaPRwire
Read More

US stock futures climb with early vote counts coming in

elean
4 minutes

NEW YORK (BLOOMBERG) - US equity futures pointed to further gains after the biggest two-day rally since September, while Treasury futures slid as investors speculated America would get a clear election decision and Congress will deliver a spending bill this year. December contracts on the S&P 500 added 0.7 per cent as of 7.25pm in New York. The cash index jumped 3 per cent in the past two days. The US dollar fell and Treasury futures dropped as trading kicked off in Asia. Polls have started closing on much of the East Coast, including in some key battle grounds like Georgia. Florida and Pennsylvania accept votes until 8pm. Final polls taken before voting began on Tuesday showed Democrat Joe Biden with a solid lead nationally over Republican Donald Trump, adding to speculation a winner could be declared without protracted legal battles. "Where markets have concern is uncertainty - if we have a disputed outcome," Stephen Dover, head of equities at Franklin Templeton, said by phone. "So the market is telling us today in this big up market that there's a likelihood of having some clarity about the outcome within the next week or so." Markets have been volatile during the final weeks of...

SeaPRwire
Read More

Great Eastern Q3 profit up 40% to $287.9 million

elean
2 minutes

SINGAPORE (THE BUSINESS TIMES) - Great Eastern Holdings on Wednesday (Nov 4) posted a 40 per cent rise in net profit to $287.9 million for the third quarter ended Sept 30, from $205.1 million a year ago. The insurance arm of OCBC said this was mainly due to the higher valuation of investments, on the back of improved financial market conditions during the quarter. Operating profit slipped 4 per cent to $171.4 million, from $178.5 million a year earlier. This was due to greater new business strain resulting from higher sales in Singapore, Great Eastern said. Meanwhile, non-operating profit came in at $50 million for the third quarter, reversing from a loss of $31.3 million in the preceding year. Profit from shareholders' fund rose 20 per cent to $74.9 million, from $62.3 million a year ago, due to higher mark-to-market gains from equities, the insurer noted. In addition, a pick-up of activity across all markets led to a 36 per cent growth in total weighted new sales to $432.8 million, from $317.5 million in the year-ago period. Amid higher sales, new business embedded value edged up 2 per cent to $160.2 million, from $157.4 million in the corresponding period last year. Group chief ...

SeaPRwire
Read More

UOB Q3 profit falls 40% to $668 million on higher provisions

elean
3 minutes

SINGAPORE - United Overseas Bank posted a 40 per cent drop in third-quarter net profit to $668 million from $1.12 billion a year earlier as the bank built up on allowances for potential bad loans amid the Covid-19 pandemic. Earnings were better than expected, topping the $641 million average forecast by analysts in a Bloomberg poll. An additional $339 million in credit allowance for non-impaired assets was set aside to strengthen provision coverage, bringing total credit costs on loans to 68 basis points in the third quarter from 23bps a year ago, the bank said in a statement on Wednesday (Nov 4). The non-performing loan (NPL) ratio improved to 1.5 per cent from 1.6 per cent, as NPL formation stayed low coupled with more recoveries in the quarter, said UOB. Operating profit rose 3 per cent quarter-on-quarter to $1.25 billion on improved margins and higher fees rose as economic activity gradually resumed. Net interest income decreased 13 per cent to $1.47 billion as effects from margin compression offset loan growth of 2 per cent. Non-interest income dropped 15 per cent to $786 million, as business activities across corporate and retail customers declined. Trading and investment inc...

SeaPRwire
Read More

Jack Ma’s personal wealth drops US$3 billion after Ant Group IPO freeze

elean
2 minutes

HONG KONG (BLOOMBERG) - Jack Ma was poised to become Asia's richest person with Ant Group's public offering. Instead his net worth has tumbled almost US$3 billion (S$4.1 billion) and both retail and institutional investors who were betting on a big first-day pop are in limbo. Alibaba Group Holding's US-traded shares slid 8.1 per cent in New York trading on Tuesday (Nov 3) after Ant said its listings in both Shanghai and Hong Kong have been suspended. Ma, a 56-year-old former English teacher who co-founded Alibaba with US$60,000 and turned it into China's largest e-commerce company, would have leaped up the wealth rankings with Ant's planned US$37 billion share sale. The IPO was the most anticipated in years, attracting at least US$3 trillion in orders for its dual listing. The stampede for shares had fueled predictions of a big first-day jump and sparked a frenzy among individual investors in China clamouring for a piece. The sale would also have boosted the fortunes of a group of early investors and employees, with more than a dozen other people slated to become billionaires. Ma owns 4.2 per cent of Alibaba, which owns about a third of the fintech company that was expected to begi...

SeaPRwire
Read More

Jack Ma’s blunt words just cost him US$37 billion

elean
5 minutes

HONG KONG (BLOOMBERG) - Jack Ma is a very busy man. China's richest man has been busy launching the world's biggest IPO. He has been busy preparing for Alibaba Group Holding's grandest four-day Double Eleven shopping extravaganza. And yet two weeks ago, Ma somehow found the time to opine on China's banking system at a high-profile financial forum in Shanghai, once again throwing himself into the eye of the storm. In that speech, apart from labeling the global banking Basel Accords as an "old people's club," Ma said "systemic risk" is not the issue in China. Rather, China's biggest risk is that it "lacks a financial ecosystem." Chinese banks are like "pawn shops", where collateral and guarantees are the hard currencies. As a result, some decided to go so big they are not allowed to fail. "As the Chinese like to say, if you borrow 100,000 yuan from the bank, you are a bit scared; if you borrow a million yuan, both you and the bank are a little nervous; but if you take a one billion yuan loan, you are not scared at all, the bank is," Ma said. The consequences came this week. On Monday (Nov 2), Beijing's top financial watchdogs summoned Ma and dressed him down. Beijing also issued draf...

SeaPRwire
Read More

SFA directs recall of 2 ‘gluten-free’ cereal products for containing the protein

aseanpr
2 minutes

SINGAPORE - Two cereal products which are labelled as gluten-free are being recalled for containing the protein, said the Singapore Food Agency (SFA) on Tuesday (Nov 3). The products - Blue Frog Zesty Raspberry with Coconut & Toasted Almonds Gluten Free Cereal and Blue Frog Apricot with Vanilla & Hemp Heart Gluten Free Cereal - were imported into Singapore by Home & Health Distributors. SFA has instructed the Singapore-based importer to recall these products after government agency Food Standards Australia New Zealand stated that they were recalled in the two countries for containing an undeclared gluten allergen. The affected raspberry cereal packages bear the best-before dates of Feb 13, 2021, to Aug 6, 2021. The apricot cereal packets bear the best-before dates of Feb 19, 2021, to Aug 6, 2021. Those who are allergic to gluten should not eat these cereal products and seek medical advice if they have concerns, added the agency. Under the Sale of Food Act, cereals containing gluten must be clearly labelled to protect public health. Consumers can contact the importer on 9160-9443 for an exchange or refund of the affected products. More on this topic Related Story SFA recalls peaches...

SeaPRwire
Read More

Covid-19: Automated wireless system that monitors blood oxygen successfully piloted

aseanpr
5 minutes

SINGAPORE - A new weapon has been added to Singapore's arsenal against Covid-19: an automated system that monitors oxygen levels in the blood. Low blood oxygen could be a symptom of Covid-19. The new system utilises Bluetooth-enabled pulse oximeters to measure blood oxygen levels. It will help automate manual tasks and compile pulse oximeter readings from thousands of individuals neatly on a dashboard. A team of researchers from the National University of Singapore (NUS) - in consultation with clinicians from the National University Hospital and Singapore General Hospital - worked on the new system from April to June. The project was also supported by both Temasek Foundation and the National Research Foundation. This new system consists of several components: wireless nodes to capture data from the Bluetooth-enabled pulse oximeters, individual Bluetooth-enabled pulse oximeters which individuals can use to take their readings, WiFi stations and a dashboard that presents the data. Workers living in dormitories need to measure and record their oximeter readings twice a day as part of precautionary measures to identify new cases of infection. This process is currently done manually. Wi...

SeaPRwire
Read More

SGO, No. 1 Oilless Bearing Company in Korea, Goes Online

pandora
2 minutes

Seoul, Korea - The demand for bearings used in mechanical equipment has been increasing worldwide, and the bearing market is expected to grow rapidly. SGO is Korea's No. 1 manufacturer of oilless bearings, owing to its leading technology. Established in 2000, SGO has been specializing in design, development, and production of oilless bearings for use in plastic injection molding machines and molds, hydraulic cylinders and joints of excavators, and steel manufacturing facilities. Currently, SGO is exporting its products to 30 countries, including Japan, Germany and the United States, which are called technologically advanced countries. With patents granted in a number of countries, SGO is increasing its market shares not only in Korea but also in overseas markets. As the opportunity for meeting the buyers face-to-face has declined due to the cancellation and postponement of the exhibitions due to the worldwide COVID-19 pandemic, SGO promotes its products by participating in the online exhibitions, aiming to increase the sales, discover new buyers, and expand its shares in overseas markets. Some of the exhibitions confirmed for participation this year are as follows. Germany - Exhibi...