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Oil extends slide on surging coronavirus vases and US stimulus stalemate

SYDNEY (BLOOMBERG) - Oil extended its slide to a second day on a toxic cocktail of surging coronavirus cases in the US and Europe, dwindling prospects for pre-election stimulus in Washington and a steady resumption of supply from Libya. Futures in New York fell toward US$39 a barrel on Monday (Oct 26) after dropping 1.9 per cent on Friday. The US reported record infections for a second straight day, while Italy approved a partial lockdown and Spain announced a national curfew. In the US, Democrats and Republicans accused each other of "moving the goalposts" in interviews on CNN as hopes for a deal before next week's election appeared to be in tatters. The worsening demand outlook is coinciding with Libya's push to almost double crude output, which is gaining momentum as rival sides prepare for a new round of talks aimed at ending a nearly decade-long conflict. A force majeure has been lifted on the Ras Lanuf and Es Sider ports, and the country's state oil company said output would surpass 1 million barrels a day in four weeks. A little more than six months after Covid-19 sent oil prices into a tailspin, a second wave is threatening to take another bite out of energy demand. There a...

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Westpac takes $1.16 billion charge for laundering, refunds

SYDNEY (BLOOMBERG) - Westpac Banking Corp. has taken a A$1.2 billion (S$1.16 billion) charge against second-half earnings to cover a record money-laundering fine and the mounting cost of compensating customers for years of misconduct. The charge is the latest blow to Australia's oldest bank, which last month was hit with a A$1.3 billion penalty for the country's biggest breach of anti-money laundering laws. Earlier this year it deferred paying a dividend as bad-debt charges swelled amid the coronavirus-induced recession. Among the charges announced on Monday (Oct 26) were: A$415 million for the money-laundering fine, including legal costs. Westpac had previously provisioned A$900 million for a settlement, but the cost blew out after further breaches were uncovered. A$568 million to write down the value of its life insurance and auto-finance units, as well as software A$182 million to compensate customers, including business borrowers and wrongly-charged insurance fees A$55 million from asset sales and revaluations Chief executive officer Peter King is seeking to restore the bank's battered reputation after the money-laundering scandal led to the departure of predecessor Brian Hartz...

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Morning Briefing: Top stories from The Straits Times on Oct 26

Good morning! Here are our top stories to kick-start your Monday, Oct 26. Malaysia's King rejects emergency plan, PM Muhyiddin to discuss decision with Cabinet The King believes the government under Muhyiddin can continue implementing policies to tackle Covid-19. READ MORE HERE Use of 2 flu vaccines should stop temporarily after deaths in S. Korea: MOH The two vaccines are SKYCellflu Quadrivalent and VaxigripTetra. READ MORE HERE Malaysia's PM Muhyiddin loses emergency bid but wins royal endorsement The King may have rejected his request to declare an emergency but Muhyiddin has not come out empty-handed. READ MORE HERE Malaysia's King rejects state of emergency plan: What's next? Muhyiddin's leadership faces the prospect of defeat when Parliament reconvenes on Nov 2. READ MORE HERE Malaysians hail King's decision not to declare state of emergency #Daulat Tuanku, or long live the King, was trending on Twitter following the royal proclamation. READ MORE HERE WHO reports third straight daily record in coronavirus cases The WHO's complete figures for Saturday showed that 465,319 cases were confirmed. READ MORE HERE Shrinking base of white blue-collar voters makes it harder for Trump D...

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A ride to remember

A roller-coaster ride at the Wonderland Amusement Park in Kallang on its opening day on Aug 22, 1969. Buy this photo at: bit.ly/SGWonderland Photonico is a website offering high-quality stock photos that celebrate Asian contemporary culture and heritage. It is a platform that showcases the thousands of editorial and stock photos that our staff and contributing photographers shoot. These photos can be purchased for personal and commercial use at an affordable price. www.photonico.asia To contribute photos, get in touch with us at team@photonico.asia ​1 SEARCH SEARCH from a vast selection of curated Asian culture and heritage photos. 2 BUY BUY photos of old and modern Singapore, travel, nature, food, daily life and more. 3 USE USE the photos on different platforms with our various licensing options. 1 SHOOT SHOOT your own photos of Singapore and Asian street scenes, nature, daily life and travel. 2 SHARE SHARE them with us and be part of our community of photographers at Photonico.asia 3 EARN EARN when your photos are sold with our 50 per cent revenue share programme.

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Kazakhstan in line for Singapore trade deal

A new services and investment agreement between Singapore and Kazakhstan will bolster trade ties that have been growing in strength in recent years. Negotiations over the pact, which is part of a deal between Singapore and the Eurasian Economic Union (EAEU), are expected to be concluded soon, the Ministry of Trade and Industry (MTI) said earlier this month. 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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MOE to follow up with NUS, other varsities on students’ safety after dismissal of Tembusu fellow over sexual misconduct allegations

SINGAPORE - The Education Ministry is following up with the National University of Singapore (NUS) and other universities to ensure the safety of students, after the dismissal of former Tembusu College fellow Dr Jeremy Fernando amid allegations of sexual misconduct. In a Facebook post on Saturday night (Oct 24), Minister of State for Education Sun Xueling said that the university leadership has been asked what more can be done to prevent such instances from happening in the future. "At the end of the day, our institutes of higher learning (IHL) have a duty of care to their students. There must be zero-tolerance in our campuses for any form of sexual misconduct, harassment or violence," she wrote. Dr Fernando was sacked from NUS on Oct 7 after internal investigations found that he "had an intimate association" with an undergraduate - a serious breach of its code of conduct for staff, NUS said last Wednesday. Two students had alleged that Dr Fernando made non-consensual advances towards them, and the university said that it had made a police report, "given the seriousness of the allegations". Ms Sun said: "The issues around this case lead us to question: How can we better guard again...

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Morning Briefing: Top stories from The Straits Times on Oct 25

Good morning! Here are our top stories to kick-start your Sunday, Oct 25. Malaysia’s King calls for calm ahead of meeting with other royals to discuss emergency move Today's informal session will discuss Malaysia PM Muhyiddin's proposal of emergency measures. READ MORE HERE Over 400,000 TraceTogether tokens collected; 50% participation in digital contact tracing Singapore requires three-quarters of population to participate in digital contact tracing as it prepares for phase 3. READ MORE HERE Workplace convenience, saving phone battery power among reasons for rush for TraceTogether tokens Checking in with the TraceTogether app or token will be mandatory by end-December at all popular venues. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news Ex-NUS professor accused of sexual misconduct apologises, files police report Dr Jeremy Fernando said he has filed a police report on a related aspect of the situation. READ MORE HERE More cycling lanes? Learn from PMD experience While more on-road bike lanes are welcome, a lot more effort must go into clarifying rules, public education and promoting good road-usage habits, says associate editor Chua M...

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Residents grumble about TraceTogether: What’s wrong with just SafeEntry?

A grumpy chorus of "Why can't I continue to use just SafeEntry/SingPass/NRIC" arose among Straits Times Facebook users in response to the upcoming roll-out of TraceTogether-only SafeEntry. It's amazing how attached we can become to a system that's just a few months old. KDsquared Chewchew asked: "The question is why? SafeEntry was so awesome with the ability to check in my kids and spouse. Now can TT app do that as well?" 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.

AGC files disciplinary complaint against lawyer M. Ravi with Law Society

A disciplinary complaint against lawyer M. Ravi was filed with the Law Society by the Attorney-General's Chambers (AGC) last Friday. The complaint relates to "possible professional misconduct" by Mr Ravi, the AGC said in a statement last Friday evening. It was filed because Mr Ravi had neither apologised nor retracted statements he made earlier which the AGC had said were "false, misleading, and unfairly and illegitimately discredit AGC", the statement added. The AGC further said Mr Ravi's conduct "falls short of the standards of professional conduct to be expected from an advocate and solicitor of the court". Last Monday, Mr Ravi told alternative news website The Online Citizen that the prosecutor had been "overzealous" in prosecuting his client Gobi Avedian, and this "led to the death sentence" being given to him by a High Court judge. Mr Ravi made the comments after the five-judge Court of Appeal reversed a 2018 decision to convict Gobi on a capital charge for drug trafficking. He also said, among other things, the apex court's judgment calls into question "the fairness of the administration of justice in Gobi's case by the prosecution". The AGC said in last Friday's statement t...

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1,000 new gardening plots to be available to public next year

Gardening enthusiasts and more families can nurture their own small gardens as the National Parks Board (NParks) is doubling the number of available plots to 2,000 over the next year. The new plots, each slightly larger than a queen-size bed, will be spread across 18 parks, including Aljunied Park, Choa Chu Kang Park, Punggol Waterway Park and West Coast Park. Applications are open until Nov 8. Along with the extra allotments, NParks will also distribute about 60,000 seeds - such as for kangkong and Chinese spinach - to the public, and hold free online master classes on how to grow more difficult varieties like capsicums and tomatoes. These virtual classes, which were launched as part of NParks' fourth Community Garden Festival at HortPark yesterday, are running this weekend. Participants can redeem free seeds of edible plants and learn planting tips and techniques through live demonstrations. The classes will also be available for free on the NParks YouTube channel. NParks also announced two new attractions yesterday - My Backyard Kitchen and Valley of Edibles - at HortPark, showcasing edibles such as lady's fingers and brinjal. The Community Garden Festival is part of the edible ...

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Tips for buying big-ticket items

(BLOOMBERG) - I am not a fan of bold pronunciations about spending, like: Never buy a boat! Stop drinking lattes! Don't buy a new car! They seem designed more to attract attention than impart wisdom. I prefer rational guidelines that help consumers make better spending decisions. No, you do not need to be a millionaire or make almost half a million dollars per year to purchase a new mid-sized sedan or small sport utility vehicle (SUV). What is more important is what makes people happy and how people often make financial decisions unconsciously. With that in mind, consider this as a better approach to big-ticket purchase decisions. Budget It is surprising how often people do not operate with a written monthly budget. Consumers need to understand their own balance sheets to be able to make intelligent financial decisions. Nothing is more basic than putting your financial life on a spreadsheet, including income and monthly expenses. Keeping track of annual costs such as travel or vacation, and the occasional irregular spending on items such as weddings or home repairs is a smart idea. You need to know what you can afford before you can even get to the question of whether you should bu...

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The cost of taking care of parents

How much is the cost of filial piety in Singapore? Of course, you would say that the love and care that you shower on your parents are probably priceless. 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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Criteo CEO has a feel for Olympian challenges

Ms Megan Clarken, chief executive of Criteo, knows a thing or two about tackling adversity. As a teenage star athlete in her native New Zealand, she held the women's record for long jump and had qualified to represent her country in the 1988 Olympics when a crunching knee injury sustained on her jumping leg put her out of contention. 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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Me & My Property: Look west for better rental yields

The western part of Singapore is an up-and-coming area and holds promise for property buyers looking for better rental yields, says ERA senior division director Neo Chee Seng. The 48-year-old is waiting for his new home in Clementi, which will be completed around 2023. The 1,292 sq ft Parc Clematis condominium unit will have four bedrooms. 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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Remote work can work out for the best

The Covid-19 pandemic has crushed the economy, sent joblessness soaring and killed over a million people worldwide. But there are a few ways in which it may prompt society to improve, and one is remote work. Though it was initially necessary to keep employees from getting sick, remote work promises to make people more productive and happier while helping the environment and preserving infrastructure. 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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Morning Briefing: Top stories from The Straits Times on Oct 24

Good morning! Here are our top stories to kick-start your Saturday, Oct 24. Malaysia's palace weighs request to declare emergency as PM Muhyiddin treads unprecedented path A declaration of emergency would allow the government to enact laws and approve expenditure without a parliamentary vote. READ MORE HERE Anwar slams PM Muhyiddin's emergency plan as means to cling to power Mr Anwar said the government was using the Covid-19 crisis as an excuse to justify its abuse of power. READ MORE HERE Firing of NUS don: Delay in reporting to police is out of concern for victims, says Tommy Koh The university will delay making a police report if doing so might cause the victim to self-harm, said college rector. READ MORE HERE Fears mount as South Korea probes cause behind 36 people's deaths after flu vaccination Investigations are underway to determine the exact cause of the deaths. READ MORE HERE Final US presidential debate more focused, but unlikely to shift public opinion Much of the debate ended up in reasonably robust but polite and inconclusive circular arguments. READ MORE HERE 'It is terrifying': Europe braces for lengthy battle with Covid-19 France became the second EU nation to repo...

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Best kids’ subscription boxes: Learning out of the box during the pandemic

SINGAPORE - When Ms Ziyi Sheena Cheong signed up for a children's books subscription service in January, she did not realise how useful it would turn out to be. At the time, the busy mum of two wanted to find age-appropriate titles and was impressed by the detailed questions from One Happy Book. Chace, four, and Scarlett, two, were "absolutely delighted" by their monthly package of surprises, she says. Their subscription proved a godsend during the circuit breaker, when they read twice a day. "The kids and I got to spend quality time. They loved pointing at the illustrations and they pretended to know how to read the words (they're still learning) but it was very nice," says Ms Cheong, 34, a florist who runs ForPeopleWhoLoveFlowers. "It helped accompany us during the day and in the evening when we were getting them ready for bed. After reading them over and over again many times, I gift them to my friends' kids so the books get love over and over again." The pandemic has renewed interest in such subscription boxes for kids as families spend more time at home and parents seek out meaningful ways to engage their little ones. While there are many overseas-based services, there are now...

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You can’t always teach an old drug new tricks

The Covid-19 pandemic is unprecedented in terms of its impact on the world. While other pandemics have been more deadly, such as the plague, cholera and the 1918 Spanish flu, they occurred before the modern era of antimicrobials. Since the start of the Covid-19 pandemic, doctors and scientists have been looking hard for drugs which can be used to treat and prevent Sars-CoV-2 infection. Public health interventions such as quarantine and contact tracing were and still are widely used to prevent infection. However, once infection occurs, there is only supportive care. This often means time in an intensive care unit (ICU) with the use of oxygen and other standard medical treatments, but no specific targeted options against either the virus or the host immune response. With the development of penicillin and other antibiotics for bacterial infections, many previously deadly infectious diseases such as pneumonia and meningitis are no longer as deadly, and neither are malaria and tuberculosis. Highly active antiviral agents were also developed for the human immunodeficiency virus and hepatitis C. When developing new virus-specific drugs from scratch, it can take years (probably about 10 to...

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Science Talk: You can’t always teach an old drug new tricks – lessons from WHO’s Covid-19 drug trial

The Covid-19 pandemic is unprecedented in terms of its impact on the world. While other pandemics have been more deadly, such as the plague, cholera and the 1918 Spanish flu, they occurred before the modern era of antimicrobials. Since the start of the Covid-19 pandemic, doctors and scientists have been looking hard for drugs which can be used to treat and prevent Sars-CoV-2 infection. Public health interventions such as quarantine and contact tracing were and still are widely used to prevent infection. However, once infection occurs, there is only supportive care. This often means time in an intensive care unit (ICU) with the use of oxygen and other standard medical treatments, but no specific targeted options against either the virus or the host immune response. With the development of penicillin and other antibiotics for bacterial infections, many previously deadly infectious diseases such as pneumonia and meningitis are no longer as deadly, and neither are malaria and tuberculosis. Highly active antiviral agents were also developed for the human immunodeficiency virus and hepatitis C. When developing new virus-specific drugs from scratch, it can take years (probably about 10 to...

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Man jailed for bid to bribe police officer enforcing mask rule

A 28-year-old man was sentenced yesterday to four weeks in prison for attempting to bribe a police officer to avoid Covid-19 enforcement action. Individuals convicted of a corruption offence such as bribery can be fined up to $100,000 and imprisoned for up to five years. The Chinese national was spotted on May 7 by a patrol team from the Public Transport Security Command with his mask down near the smoking corner of Boon Lay MRT station. The four police officers approached Chen Long and instructed him to wear his mask properly. He complied, but was spotted soon after by the same patrol team with his mask pulled down to expose his nose. Chen, who is on a work permit in Singapore, was then taken to a room in the MRT station to be interviewed. During the interview, Chen showed the money in his wallet to police officer Chan Hui Shi and offered $50 to be let go. The officer refused his offer, and Chen was issued a composition fine of $300 for an offence under the Covid-19 (Temporary Measures) Act. The incident was later reported to the Corrupt Practices Investigation Bureau. Anyone caught not wearing a mask outside the home faces a fine of $300 for a first offence and $1,000 for a secon...