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Airbnb sets stage for blockbuster IPO with choice of Nasdaq listing

elean
2 minutes

NEW YORK (REUTERS) - Home-rental startup Airbnb plans to list its shares on the Nasdaq, setting the stage for one of 2020's most high-profile stock market debuts. Earlier this month, Reuters reported the company was aiming to raise US$3 billion (S$4.1 billion) in its initial public offering ( IPO), which could give it a valuation of more than US$30 billion, and that it was targeting a listing before the end of the year. The push to go public and the growth in its potential valuation underscores Airbnb's dramatic recovery from the Covid-19 pandemic earlier this year, when it secured emergency funding from investors and the outlook for the travel industry was uncertain. San Francisco-based Airbnb, which has benefited as travelers shy away from larger hotels and instead prefer to drive to local vacation rentals, said in July that customers had booked more than 1 million nights in a single day for the first time since March 3. Airbnb did not give a timeline for when it may complete its IPO. The company had filed confidentially for an IPO with US regulators in August. Reuters reported earlier this year that billionaire investor William Ackman had approached Airbnb about going public thr...

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Morning Briefing: Top stories from The Straits Times on Oct 28

aseanpr
2 minutes

Good morning! Here are our top stories to kick-start your Wednesday, Oct 28. S'pore strengthens status as global logistics hub amid Covid-19 crisis The sector weathers supply chain disruption and is expected to grow, create more quality jobs for Singaporeans, Trade and Industry Minister Chan Chun Sing said. READ MORE HERE Travellers from more countries allowed to serve stay-home notices at own place of residence These countries include Finland, Japan, Norway, South Korea and Thailand. READ MORE HERE TraceTogether tokens to be distributed one constituency at a time from Oct 29 This is to prevent long queues from forming at certain community centres. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news The double whammy of Covid-19 and automation Covid-19 is already inducing a global recession. At the same time, it has also accelerated companies' plans to automate work processes, which could lead to more job losses, says associate editor Vikram Khanna. READ MORE HERE Father overwhelmed by support from public for 8-year-old in coma after Woodlands crash "My phone has been ringing non-stop with people checking how they can help," said Mr Eric Ta...

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IATA slashes airline revenue forecast for 2021 on Covid-19 resurgence

elean
3 minutes

PARIS (AFP) - Airline industry revenues are expected to remain 46 per cent lower in 2021 than the US$838 billion (S$1.14 trillion) booked in the last pre-coronavirus year of 2019, industry body IATA said on Tuesday (Oct 27) in a marked worsening of its forecasts. Its previous outlook for a smaller drop of 29 per cent "was based on expectations for a demand recovery commencing in the fourth quarter of 2020." That is now unlikely to materialise because of renewed Covid-19 outbreaks and government restrictions in response, said the federation representing 290 airlines. Over the full year in 2020, IATA forecasts a 66-per cent drop in traffic compared to last year. "The fourth quarter of 2020 will be extremely difficult and there is little indication the first half of 2021 will be significantly better, so long as borders remain closed and/or arrival quarantines remain in place," IATA director general Alexandre de Juniac said in a statement. Even with drastic cost-cutting, airlines will need further government aid to avoid running out of cash, de Juniac said. IATA also urged airports and air traffic controllers not to increase their prices to cover shortfalls from the vastly lower traffi...

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Nearly 200 European airports risk going bankrupt if travel fails to recover

elean
2 minutes

PARIS (AFP) - Nearly 200 European airports risk insolvency in the coming months if passenger traffic does not recover, a trade association warned on Tuesday (Oct 27), as nations contemplate further lockdowns to combat a second wave of the coronavirus pandemic. ACI Europe said the 193 airports facing insolvency are mainly regional airports which serve local communities. But combined they support more than a quarter of a million jobs and US$15.6 billion (S$21.2 billion) in gross domestic product. "The threat of airport closure means Europe faces the prospect of the collapse of a significant part of its air transport system - unless governments step up to provide the required support," said the trade association. A number of European nations have moved to provide specific help for airlines in addition to support measures offered to all companies hit by pandemic-related restrictions. ACI Europe's figures show airport passenger traffic was down 75 per cent in mid-October, which means airports - like airlines - have trouble covering operating costs. The trade body called on European nations to shift to testing air passengers for coronavirus rather than imposing quarantines on travellers....

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AMD to buy rival chipmaker Xilinx in $47.7 billion all-stock deal

elean
4 minutes

NEW YORK (BLOOMBERG) - Advanced Micro Devices (AMD) agreed to buy Xilinx for US$35 billion (S$47.7 billion) in stock, taking the chipmaker into more diverse and profitable markets and adding to its data centre offerings. Xilinx investors will get 1.7234 AMD shares for each Xilinx stock they own. That values Xilinx at about US$143 a share, 25 per cent more than the closing price on Monday and 35 per cent above the price before news of a possible deal was reported earlier in October. The deal is a coup for AMD chief executive officer Lisa Su, creating a company with a larger research-and-development budget and a broader array of products to take on Intel Corp. Since taking over in 2014 when AMD was in crisis, she has slashed debt and overseen the development of more powerful processors. Revenue and profit have surged and the stock has soared. Now Ms Su is using that currency to snap up a company with complementary products that generate steady cash flow. Some investors and analysts were concerned that AMD might borrow heavily to pay for a Xilinx acquisition, repeating costly mistakes from more than a decade ago. The all-stock deal unveiled on Tuesday should calm those fears. AMD also...

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S&P 500, Dow slip on worries about earnings, US stimulus outlook

elean
3 minutes

NEW YORK (REUTERS) - Stocks on Wall Street closed little changed on Tuesday (Oct 27), with the Dow and S&P 500 slipping on disappointing earnings and little hope for a US coronavirus stimulus before Election Day, though the Nasdaq rose ahead of big technology company results. Investor sentiment sagged after the White House said a deal on Covid-19 relief could come in "weeks," meaning a deal is unlikely before the Nov 3 election. But the tech-heavy Nasdaq rose as Microsoft Corp firmed in the run-up to its results after the closing bell, and the technology heavyweights kept the S&P 500 slightly in the black for much of the session. Microsoft beat Wall Street estimates for quarterly revenue which rose 12% to $37.2 billion, as the software giant benefited more from a global shift to work and learning from home. Shares of drugmaker Eli Lilly and Co fell 6.9% after quarterly profits took a hit from increased costs to develop a Covid-19 treatment. A trial of its antibody therapy failed to show a benefit in hospitalised patients. "This pullback that we've seen is a little bit more of a risk-off move as an additional stimulus package now has been pushed aside," Kevin Flanagan, head of fixed...

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Biotechs get scalable early to late phase clinical offering from Avance Clinical and Cromos Pharma – announced at Bio-Europe 2020

indie
4 minutes

BIO-Europe, Munich, Oct 28, 2020 - (ACN Newswire) - Two dominant regional contract research organizations (CRO), Avance Clinical and Cromos Pharma, with operations in Australia and Central/Eastern Europe, respectively, are successfully collaborating on a scalable clinical solution for biotechs.The collaboration allows biotechs to quickly start their pre-IND early phase studies in Australia, then expand to Central/Eastern Europe to access the large patient populations for their Phase 2 and 3 studies.Importantly, the AU/EU model allows biotechs to keep their data and trial management in Australia, and take advantage of the Australian cash rebate of up to 43.5% on clinical trial costs, throughout all study phases, across both regions."We are very excited about this model that seamlessly incorporates two of the most compelling and complementary international clinical research hubs for our biotech clients from early to late phase studies," said Yvonne Lungershausen, CEO of Avance Clinical. "Our eClinical and early phase expertise is well augmented by Cromos Pharma's track record in late stage trials and rapid enrollment capabilities," she continued."We have been collaborating with Avanc...

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Infinito Wallet and Moonstake enable staking and investment tools for Cardano ADA community

indie
3 minutes

SINGAPORE, Oct 27, 2020 - (ACN Newswire) - Infinito Wallet, the leading multi-crypto wallet today announces a multitude of valuable new features targeted at ADA users. These include support for new Cardano blockchain upgrade, staking and trading features for ADA assets, as well as full wallet compatibility with Daedalus and Yoroi Wallet by allowing users to import 24-word and 15-word passphrase, respectively into Infinito Wallet. This new app release further cements Infinito Wallet's long-standing position to make crypto easy for mass adoption, still with extensive support for the Cardano community.Starting from September 2018, through a strong collaboration with IOHK, Infinito Wallet has been one of the first mobile wallets supporting ADA. With the recent arrival of Cardano's Shelley era and the explosive growth of ADA's market value by over 50%, Infinito Wallet continues its steady support for ADA user base. Just last month, Infinito Wallet has engaged in a strategic partnership with Moonstake, builder of Asia's Biggest Staking Network to enhance the staking Ecosystem and Defi projects. Starting today, Infinito Wallet users can easily earn staking rewards from ADA Moonstake pool ...

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SDK to Split Its Optical Semiconductor Business

ruth
6 minutes

TOKYO, Oct 27, 2020 - (JCN Newswire) - Showa Denko (SDK; TSE:4004) decided at its Board of Directors' meeting today to split its business in optical semiconductors and rare earth alloys through an absorption-type company split effective January 1, 2021 (hereinafter "the Company Split"). Showa Denko Photonics Co., Ltd., a wholly-owned subsidiary of SDK, will succeed to the business.As the Company Split is to be implemented through a simplified absorption-type company split between SDK and its wholly-owned subsidiary, part of details is omitted in this disclosure.1. Objective of the Company SplitIn its medium-term business plan "The TOP 2021," SDK aims to establish itself as a "KOSEIHA Company," which means a group of KOSEIHA businesses that can maintain their profitability and stability at high levels over a long period. The optical semiconductor business is classified as one of the "Grow" businesses under the plan. SDK aims to expand the business in this growth market by providing products and technologies meeting customer needs, thereby developing it into one of its KOSEIHA businesses.To achieve this goal, SDK will make the business an operating company, increasing the speed of de...

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Hitachi: “Paperless & Office” Innovations to Achieve New Workstyles in the New Normal

ruth
5 minutes

TOKYO, Oct 27, 2020 - (JCN Newswire) - Hitachi, Ltd. (TSE:6501) announced today that it is undertaking efforts with a view toward adopting new workstyles under the "New Normal," in which a use of "Working from Home" will be the standard, starting from April 2021. Initiatives will include process innovations and office innovations, such as eliminating personal seals (commonly used in Japan in place of signatures), and reducing paper usage by about 500 million pages per year. At the same time, Hitachi will further promote a "Time- & Location-Free" workstyle, in which employees are not required to work at a specified office location.Hitachi will further encourage a diversification of workstyles, in which "Working from Home" serves as a driver for innovations. Furthermore, to draw out the full potential of each employee and increase productivity, it will apply frameworks based on job descriptions and performance management to further accelerate the transition to job-based human resources (HR) management, in which each employee's work, role, and the expected output are clearly defined.Main initiatives targeting new workstyles under the "New Normal"1. Process innovations eliminating ...

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Endpoints News Presents “Why Australia and Agilex Biolabs for your Next Clinical Trial” for Bio Europe 2020

indie
4 minutes

ADELAIDE, AU, Oct 27, 2020 - (ACN Newswire) - Agilex Biolabs, Australia's most advanced FDA-inspected specialist bioanalytical laboratory for clinical trials, has partnered with Endpoints News to produce an exceptional step-by-step webinar on how to run your trial in Australia, and why Agilex Biolabs is the leading biolabs partner. Watch here (no charge) https://tinyurl.com/yyzf6o44Agilex Biolabs is known internationally for its continued investment in the latest technology, and for attracting some of the leading scientists from Australia and around the world.The webinar was launched as part of Agilex Biolabs' presence at Bio Europe. Click here to meet Agilex Biolabs at Bio Europe via the partneringone tool. https://informaconnect.com/bio-europe-virtual/Dr Kurt J. Sales, Agilex Biolabs Director, Immunoassay B.Sc (Med)(Hons), M.Sc, PhD, PGCM led with a presentation detailing the rapid trials process in Australia.He stressed the importance of talking to Agilex Biolabs early, even before selecting a CRO and other partners, due to the depth of advice the scientific team can offer Sponsors, and the time it can take to develop some assays.The webinar also featured leading clinical resear...

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Mitsubishi Corporation: Cross-Industry Investment by Seven Enterprises in New TradeWaltz Platform

ruth
3 minutes

TOKYO, Oct 27, 2020 - (JCN Newswire) - Seven Japanese enterprises are pleased to announce that they have agreed to jointly invest in TradeWaltz Inc. (TradeWaltz), the company that manages the trade data sharing platform that operated by the same name. Partaking in the investment are NTT DATA Corporation (NTT DATA), Mitsubishi Corporation (MC), Toyota Tsusho Corporation (Toyota Tsusho), Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine Nichido), MUFG Bank, Ltd. (MUFG), Kanematsu Corporation (Kanematsu), and Sompo Japan Insurance Inc. (Sompo Japan). TradeWaltz is headquartered in Tokyo's Chiyoda Ward. Its President & CEO is Mr. Hirohisa Kojima.Fig. 1. Conventional communications framework before rollout of TradeWaltzFig. 2. Centralized, cross-Industry management of trading operations following rollout of TradeWaltzTrading operations cover a wide range of products and involve numerous procedures, including documentation, consistency confirmations, and other work that can be costly to perform manually. Furthermore, considering multiple parties engaged in a single transaction, developing a system accurately and safely to share information has been a challenge faced b...

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Coronavirus: Two more individuals plead guilty to being part of illegal gathering of 13

aseanpr
3 minutes

SINGAPORE - Two more individuals admitted on Tuesday (Oct 27) to being part of a gathering in June that flouted safe distancing measures amid the Covid-19 pandemic. Mohamad Iman Abdul Rahim, 19, and Norsyahmi Norhesham, 21, each pleaded guilty to one count of breaching rules under the Covid-19 (Temporary Measures) Act by meeting more than four people not living in the same place of residence as themselves. When sentencing each of them at a later date, Deputy Principal District Judge Seah Chi-Ling will take into consideration one similar charge for flouting safe distancing rules and another charge for drinking in public between 10.30pm and 7am. On Tuesday, he called for reports to assess if the duo are suitable for probation. They are expected to be back in court on Dec 8. Iman and Norsyahmi were among a group of 13 who gathered illegally until the wee hours of June 28 at the fitness corner near Block 42 Beo Crescent, off Havelock Road. There were two minors in the group. As part of phase two of Singapore's economic reopening, which took effect on June 19, groups of up to five people can meet outside of homes, such as at restaurants for meals. They should practise safe distancing an...

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RSAF Chinook helicopter makes first landing on Royal Australian Navy ship

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3 minutes

SINGAPORE - A Chinook helicopter from the Republic of Singapore Air Force (RSAF) has made its first landing on an Australian ship, a move that demonstrates the trust and interoperability between the two sides and could lead to better cooperation in times of crisis. The landing of the CH-47D Chinook, from the RSAF's Oakey Detachment in Queensland, Australia, on the landing helicopter dock ship HMAS Adelaide took place in the waters off Townsville last Saturday (Oct 24). The defence ministries of both countries said the move demonstrated the closeness of the two armed forces and their ability to work together. In a Facebook post on Tuesday, Singapore's Ministry of Defence said landing on a ship was not easy as it involves precise manoeuvres and teamwork due to challenging conditions at sea. "The deck-landing is a reflection of the high levels of cooperation and interoperability between the two militaries," it said. The event was part of the lead-up to the commemoration of 30 years of Singapore Armed Forces training in Shoalwater Bay Training Area, Queensland, later this year. Oakey Detachment commander, Lieutenant-Colonel Jimmy Neo, said: "It means a lot to Oakey Detachment for the s...

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MHI Opens “Yokohama Hardtech Hub”

ruth
4 minutes

TOKYO, Oct 27, 2020 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) has opened Yokohama Hardtech Hub (YHH) in the Honmoku area of Yokohama (Kanagawa Prefecture) as a space for venture firms, manufacturing companies, local government bodies, educational institutions, and other organizations to come together for co-creation and development. It is intended as a central hub that will give rise to new technologies and businesses through co-creation, in order to generate and realize innovative ideas in hard tech(1) to be implemented in society.Yokohama Hardtech HubThe YHH will occupy a building on the site of the Honmoku Plant (Naka-ku, Yokohama) with equipment and facilities to meet the manufacturing requirements of hardtech companies, including cranes, power supplies, and other utilities, as well as an eight meter-high ceiling and high soil bearing capacity. The 20,000m2 co-creation hub also offers a multipurpose space suitable for hosting events, meeting rooms, and other facilities necessary for business.MHI will utilize the YHH as a space for innovation emergence centered on technology, and by fostering connections among a wide variety of participants, provide assistance f...

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1,300 jobs available in S’pore’s logistics sector amid Covid-19 pandemic; 1 in 3 for PMETs

aseanpr
5 minutes

SINGAPORE - About 1,300 jobs are currently on offer in the logistics sector, with about one in three for professionals, managers, executives and technicians (PMETs). This makes up over 60 per cent of the more than 2,100 jobs and training openings available as at end-September, said the Ministry of Manpower (MOM) in its weekly jobs report on Tuesday (Oct 27). The PMET jobs include roles such as regional business sales managers and business development managers, with monthly salaries of between $4,000 and $7,000, with a median of $5,000. Meanwhile, logistics managers earn about $3,700 to $7,250 a month, with a median of $5,500. The bulk of the jobs - about 64 per cent - are non-PMET roles, as the sector requires a workforce to carry out functions such as warehousing, transportation, and value-added services like labelling and packaging. These non-PMET jobs include transport clerks, who typically receive monthly salaries of $1,900 to $2,400, with a median of $2,175. Material and freight handling workers earn between $1,600 and $2,350 monthly, with a median of $2,050. Apart from jobs, there are also about 510 company-hosted traineeships and attachments, as well as about 290 training op...

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Hitachi Named a Leader in 2020 Gartner Magic Quadrant for Industrial IoT Platforms

ruth
5 minutes

TOKYO, Oct 27, 2020 - (JCN Newswire) - Hitachi, Ltd. (TSE: 6501) and its digital infrastructure and solutions subsidiary Hitachi Vantara today announced that Hitachi was named a Leader in the 2020 Gartner Magic Quadrant for Industrial IoT Platforms based on Gartner Inc.'s evaluation of the company and its Lumada IoT software. Hitachi also received the highest placement in the 2020 Leaders quadrant for ability to execute. The company had previously been positioned in the Visionaries quadrant for the past two years."Hitachi is thrilled to be recognized as a Leader in Gartner's Magic Quadrant for Industrial IoT Platforms, which we feel is a positive testimony to our multi-year effort and investment in Lumada technology, solutions and services," said Brad Surak, president, Digital Solutions, Hitachi Vantara. "Lumada enables data-driven innovations that connect people, products, and processes for industrial transformation. Today our clients are deploying Lumada in complex industrial environments as a key enabler of their digitalization strategies.""Lumada acts as an engine for Hitachi's long-term growth strategy to deliver technology and services that create new value from data and impr...

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Jail, caning for ex-SAF regular who molested a girl and tried to molest another 4 months later

aseanpr
4 minutes

SINGAPORE - A former Singapore Armed Forces (SAF) regular was sentenced on Tuesday (Oct 27) to 7 1/2 years' jail and six strokes of the cane for molesting a girl and attempting to molest another victim four months later. Mohamed Ardlee Iriandee Mohamed Sanip was convicted on Feb 27, following a trial, of molesting an eight-year-old girl in January 2018. On March 23, he admitted in court that he had tried to molest a 10-year-old girl in May that year as well. The two girls cannot be named due to a gag order. Court documents did not disclose Ardlee's rank and role at the Safti Military Institute - his deployment at the time of the offences. Before sentencing Ardlee on Tuesday, District Judge John Ng noted that the 40-year-old was a first-time offender but added that his offences were "very serious" and they involved young schoolgirls. Judge Ng said the punishment should be severe enough to "reflect the condemnation" of such acts. In her submissions, Deputy Public Prosecutor Sruthi Boppana stated that Ardlee had developed an interest in young girls a month before targeting the first victim. The DPP added that he was also "predisposed to thoughts of molesting them, and had thought of d...

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New joint task force to champion protection of local PMEs

aseanpr
3 minutes

SINGAPORE - Professionals, managers and executives (PMEs), particularly older ones, now have a champion in the form of a new task force that aims to protect their career prospects and keep them relevant for the new economy. This was announced on Tuesday (Oct 27) by National Trades Union Congress (NTUC) secretary-general Ng Chee Meng, who said PMEs, especially those aged between 40 and 60, are more vulnerable due to economic transformation and technological disruption. Co-led by NTUC assistant secretary-general Patrick Tay and Singapore National Employers Federation (SNEF) executive director Sim Gim Guan, the task force comprises union and industry representatives from the industrial, service and public sectors. Mr Ng and SNEF president Robert Yap will be its advisers. During his keynote speech at the Labour Research Conference 2020 on Tuesday, Mr Ng outlined the task force's three key areas of focus. It will work towards enhancing employability and reducing risk of retrenchment; encouraging employers to retain and build capabilities for the workforce; and enabling PMEs through upskilling and reskilling. Over the next six months, the group will engage PMEs and employers through poll...

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Discount broker Charles Schwab to cut 1,000 jobs

elean
1 minute

NEW YORK (REUTERS) - Charles Schwab Corp said on Monday (Oct 26) it is laying off about 1,000 positions in the combined workforce of Charles Schwab and TD Ameritrade to streamline and reshape their branch network. "These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms," Charles Schwab, which completed the acquisition of TD Ameritrade earlier in October, said. The largest discount brokerage in the US also said it won't be executing any additional company-wide reductions for the rest of 2020. In November last year, Charles Schwab had agreed to buy TD Ameritrade Holding in an all-stock deal valued at US$26 billion (S$35.4 billion). "Employees whose roles are impacted by today's changes will have early access to all newly opened positions and be treated as internal candidates for the more than 1,000 currently open positions at Schwab through their 60-day notice period", the company said on Monday. Earlier this month, Charles Schwab reported third quarter adjusted earnings per share of 51 cents, topping analysts' estimates of 46 cents a share, according to Refinitiv IBES data.