ACN Newswire
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Champion REIT Announces 2022 Interim Results

indie
4 minutes

HONG KONG, Aug 19, 2022 - (ACN Newswire via SEAPRWire.com) - Champion Real Estate Investment Trust (Stock Code: 2778), the owner of Three Garden Road and Langham Place, announces its financial results for the six months ended 30 June 2022.Summary of financial results 1H 2022 1H 2021 ChangeTotal Rental Income (HK$ million) 1,196 1,260 - 5.0%Net Property Income (HK$ million) 1,044 1,137 - 8.2%Distributable Income (HK$ million) 704 790 - 10.9%Distribution per unit (HK$) 0.1064 0.1197 - 11.1% 30 Jun 2022 31 Dec 2021 ChangeGross Value of Portfolio (HK$ million) 64,761 65,296 - 0.8%Net Asset Value per unit (HK$) 8.15 8.25 - 1.2%Gearing Ratio 22.3% 22.9% - 0.6ppOverview As Hong Kong saw an overwhelming surge of the highly transmissible Omicron variant in early 2022, tenants under the Trust also experienced substantial disruptions in their operations in the first half of the year. Amid the fifth wave of the COVID-19 pandemic, the already subdued office and retail leasing activities were further dampened due to prolonged and tightened social distancing measures imposed by the government since early January. While we observed signs of recovery in tenants' sales and footfall after the relaxat...

SeaPRwire
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Streams Is Launching Its Mobile APP

pandora
3 minutes

This APP provides one of the easiest and most effective ways to lend digital assets SAN FRANCISCO, CA, May 27, 2022 – (SEAPRWire) – Streams (https://streams.xyz/) is an easy to use mobile app, secured by Ethereum, that protects traditional investors from inflation while they earn passive income from their digital assets. Founded in 2021 by Kieran Daniels (CEO) and Dziugas Butkus (CTO); Streams previously raised $1.3m in pre-seed funding and has just announced their highly anticipated private beta. The mobile app is launching in Summer 2022, but you can get early access now by joining the waitlist at streams.xyz. Where Does the Yield Come From? Unlike centralized products, such as Anchor Protocol or $UST – Streams is 100% non-custodial and secured by Ethereum. This means that each user personally controls their assets and does not rely on trusting a third party with their money. Streams is also utilizing the decentralized scaling solution Polygon to eliminate high gas fees, which are often a major blocker for new users. “Most people are ready to use Ethereum and start earning passive income, but they don’t understand the risks or how to take their first steps. We are excited about S...

ACN Newswire
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Champion REIT Announces 2021 Annual Results

indie
4 minutes

HONG KONG, Feb 21, 2022 - (ACN Newswire via SEAPRWire.com) - Champion Real Estate Investment Trust (stock code: 2778), the owner of Three Garden Road and Langham Place, announces its financial results for year ended 31 December 2021.Summary of financial resultsFY 2021 FY 2020 ChangeTotal Rental Income (HK$ mil) 2,495 2,633 -5.2%Net Property Income (HK$ mil) 2,197 2,347 -6.4%Distributable Income (HK$ mil) 1,503 1,554 -3.3%Distribution per unit (HK$) 0.2279 0.2496 -8.7%31 Dec 2021 31 Dec 2020 ChangeGross Value of Portfolio (HK$ mil) 65,296 67,318 -3.0%Net Asset Value per unit (HK$) 8.25 8.61 -4.2%Gearing Ratio 22.9% 23.0% -0.1ppOverview The persistent COVID-19 pandemic continued to pose challenges to the operating environment for our business in 2021. Amid the gloomy market conditions, Champion REIT recorded a drop in distributable income by 3.3% to HK$1,503 million and distribution per unit ("DPU") declined 8.7% to HK$0.2279. Three Garden Road Three Garden Road recorded a shrank of the rental income by 3.8% to HK$1,460 million in 2021 (2020: HK$1,518 million). Average passing rent decreased to HK$108.3 per sq. ft. (based on lettable area) as at 31 December 2021. Demand from new and ...

SeaPRwire
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How to start investing with bite-sized premiums starting as low as $1

elean
7 minutes

A lack of cash is one of the biggest stumbling blocks for new investors. It can be tempting to put off investing to some indeterminate point in the future – until one has saved up a tidy sum. However, starting early allows budding investors to benefit from compounding interest, and to seize time-sensitive opportunities, among others. Thanks to a growing range of easy-to-use investment solutions, investors are now finding it easier than ever to start building their nest eggs for the future. Conventional investment-linked plans (ILPs) and robo investors tend to be popular solutions for beginners. However, they often require a lump sum of cash to start with and can be out of reach for some. Those who wish to start small can turn to SNACK Investment, Singapore’s first micro ILP. Available on the SNACK by Income mobile app, this new product offers an intuitive way to invest even the tiniest sums. Start investing from just $1, with protection included As a micro ILP, SNACK Investment’s key purpose is to enable users to diversify their portfolios and start building their wealth. As is the case with conventional ILPs, users’ premiums are used to purchase units in professionally managed fun...

SeaPRwire
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S’pore’s revised carbon tax rate for 2024 to be announced in Budget 2022: Lawrence Wong

aseanpr
6 minutes

SINGAPORE - Singapore's revised carbon tax rate for 2024 will be announced in next year's Budget, which will also indicate what to expect up to 2030. Speaking at the 35th Singapore Economic Roundtable on Friday (Oct 15), Finance Minister Lawrence Wong said the Republic's carbon price today is too low. This is why the Government is reviewing the level and trajectory of its carbon tax, so that it reflects the cost of carbon and influences investment decisions effectively, he said. And as it introduces higher carbon taxes, it will also enhance U-save rebates to help lower- and middle-income households with the transition, Mr Wong added. Singapore was the first South-east Asian nation to introduce a carbon tax in 2019, but its rate of $5 per tonne is considered to be on the low end of the spectrum. Mr Wong said the carbon price is a key lever for the green transition of Singapore's economy, and the Government is mindful that businesses will need predictability and time to adjust. The most promising options today are clean hydrogen and carbon capture, but these technologies are not available for immediate deployment. And that is why Singapore is investing heavily in research and develop...

SeaPRwire

How to earn passive income all year round?

pandora
4 minutes

New York, NY / SEAPRWire / September 5, 2021 /– One of the world’s most famous investing mantras is: “Sell in May and go away, come back on St. Leger’s Day.” It refers to the practice, long-held by summer-loving Europeans especially, of not investing during the summer months and instead taking a break until September (when the St. Leger’s Day race was once held in the UK). This is because – in traditional markets at least – the summer tends to be a quiet time for investors, with stocks as investors do indeed take some profits to spend on their vacations. This has been proven by a number of studies that have shown a slight market downturn during this period, including one by LPL Research that shows the “Sell in May” mantra holding true in 7 out of 10 years between 2010 and 2020. Aside from the potential profit to be had from taking a break from the markets in the summer, we all need a holiday. It’s important for even hardened cryptocurrency traders to down tools and recharge their batteries for a while. This doesn’t mean, however, that you have to put your portfolio totally on hold during this time. Instead, you can look for a way to earn passive income on your summer vacation. An e...

JCN Newswire
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DENSO Announces First Quarter Financial Results

ruth
3 minutes

KARIYA, JAPAN, Jul 30, 2021 - (JCN Newswire via SEAPRWire.com) - DENSO, a leading mobility supplier, today announced its global financial results for its first quarter, ending June 30, 2021, for its 2022 fiscal year, ending March 31, 2022:- Consolidated revenue totaled 1,356.9 billion yen (US$12.3 billion), a 77.3 percent increase from the previous year.- Consolidated operating profit totaled 107.2 billion yen (US$969.3 million).- Consolidated profit attributable to owners of the parent company totaled 89.3 billion yen (US$808.0 million). "Revenue increased due to recovery of vehicle sales and production against COVID-19 from the previous year. Operating income increased due to higher production volume and profit improvements created by corporate reform from the previous year," said Yasushi Matsui, senior executive officer and member of the Board of Directors of DENSO Corporation."Although it is difficult to project how the business environment might change due to factors like COVID-19 and semiconductor supply, we have achieved a favorable result in our first quarter and raised our full-year forecast," said Yasushi Matsui, senior executive officer and member of the Board of Directo...

SeaPRwire

Elon Musk, Jeff Bezos, other US billionaires paid little or no income tax: Report

elean
4 minutes

NEW YORK (AFP) - Several of the richest Americans have paid zero income tax in some years, according to an investigative report published on Tuesday (June 8) that comes as Washington weighs new proposals to address tax avoidance by the wealthiest individuals and companies. The bombshell report, by New York-based journalism nonprofit ProPublica, showed Amazon Chairman Jeff Bezos paid no income tax in 2007 and 2011, while Tesla chief Elon Musk avoided all payments in 2018. Some of the richest Americans "pay little in income tax compared to their massive wealth - sometimes, even nothing," said ProPublica, which did not disclose how it obtained the confidential tax data. Others who paid nothing to the Internal Revenue Service in some years included news industry billionaire and former New York City mayor Michael Bloomberg, activist investor billionaire Carl Icahn, and philanthropist and financial giant George Soros. ProPublica says the billionaires did nothing illegal in their tax declarations, but employed tax-avoidance strategies "beyond the reach of ordinary people". They also benefited from the way taxable income is defined in the US tax code, since it does not take into account th...

SeaPRwire

UOB Q1 profit rises 18% to $1 billion, beating expectations

elean
2 minutes

SINGAPORE - UOB, like DBS Group last week, posted a strong start to 2021 with broad-based growth driven by record fee income. Singapore's third-largest bank topped market forecasts, recording an 18 per cent increase in first-quarter earnings - its first rise in more than a year. The lender's net profit jumped to $1 billion from $855 million a year ago, and beat the $926 million average estimate of three analysts polled by Bloomberg. Chief executive Wee Ee Cheong expects this momentum to continue as economic and business activity picks up and market sentiment improves across the region, starting with Singapore and Greater China. "Across our key markets, we are seeing robust credit demand from our large corporate and institutional clients... Asia's prospects remain bright. Even so, we stay vigilant and nimble," he said. Net interest income dipped 4 per cent to $1.53 billion as loan growth was more than offset by the impact of rate cuts on margins across the region. Net interest margin - a key gauge of banks' profitability - was stable at 1.57 per cent. Fee income was 24 per cent higher at $638 million, led by wealth, loan-related and fund management fees. Trading and investment incom...

ACN Newswire
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Champion REIT Announces 2020 Annual Results

indie
4 minutes

HONG KONG, Feb 18, 2021 - (ACN Newswire) - Champion Real Estate Investment Trust (stock code: 2778), the owner of Three Garden Road and Langham Place, announces its financial results for year ended 31 December 2020.Ms. Ada Wong, CEO of Champion REITSummary of financial results FY 2020 FY 2019 ChangeTotal Rental Income (HK$ mil) 2,633 2,778 - 5.2%Net Property Income (HK$ mil) 2,347 2,481 - 5.4%Distributable Income (HK$ mil) 1,554 1,648 - 5.7%Distribution per unit (HK$) 0.2500 0.2662 - 6.1% 31 Dec 2020 31 Dec 2019 ChangeGross Value of Portfolio (HK$ mil) 67,318 81,178 - 17.1%Net Asset Value per unit (HK$) 8.61 11.04 - 22.0%Gearing Ratio 23.0% 18.0% + 5.0ppOverview The unprecedented and protracted COVID-19 pandemic had put our business as well as that of our tenants in a precarious situation. Against the backdrop of a global economic downturn, Champion REIT recorded a decline in distributable income by 5.7% to HK$1,554 million and distribution per unit ("DPU") dropped 6.1% to HK$0.2500. Three Garden Road Three Garden Road maintained the rental income at the stable level of HK$1,518 million in 2020, (2019: HK$1,512 million) and achieved a mild positive rental reversion. Average passing...

SeaPRwire
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Real household incomes decline for first time in more than 10 years

aseanpr
2 minutes

SINGAPORE - The Covid-19 pandemic hit Singapore households hard last year, with overall median household income from work falling by 2.5 per cent in nominal terms from $9,425 to $9,189. After taking into account inflation, this works out to a 2.4 per cent drop in real terms - the first such decline in more than 10 years since after the economy was battered by the global financial crisis. In 2009, median monthly household income from work fell by 1.9 per cent in nominal terms, or 2.5 per cent in real terms after factoring in inflation. In a new report released on Monday afternoon (Feb 8), the Department of Statistics (DOS) found that lower-income households were the hardest hit, with those in the bottom 10 per cent seeing a 6.1 per cent real decline in income. In contrast, the rest of the households recorded real declines of 1.4 per cent to 3.2 per cent. But government transfers and taxes also significantly reduced the Gini coefficient from 0.452 to 0.375. The Gini coefficient measures income inequality from 0 to 1, with 0 being most equal. "This can be attributed to the significant amount of government support provided during the Covid-19 crisis in 2020, especially for households s...

JCN Newswire
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DENSO Announces Third-Quarter Financial

ruth
3 minutes

KARIYA, JAPAN, Feb 2, 2021 - (JCN Newswire) - DENSO, a leading mobility supplier, today announced its global financial results for the third quarter, beginning Oct. 1 and ending Dec. 31, 2020, for its 2021 fiscal year, which ends March 31, 2021:- Consolidated revenue totaled 3,508.6 billion yen (US$33.9 billion), a 9.9 percent decrease from the previous year.- Consolidated operating profit totaled 66.6 billion yen (US$643.8 million).- Consolidated profit attributable to owners of the parent company totaled 43.1 billion yen (US$416.3 million)."Revenue is recovering steadily due to increased vehicle sales in the second and third quarters, but sales for fiscal year 2021 are still down compared to last fiscal year due to the significant decline in the first quarter. Revenue for the third quarter (3 months) increased to 1,433.9 billion yen (US$13.9 billion). Operating income was also in the black for all of the third quarter due to an increase in revenue and the effects of measures. Operating income for the third quarter (3 months) increased to 136.3 billion yen (US$1.3 billion). Our full-year forecast reflects the strong performance in the third quarter, with revenues projected at 4,74...

SeaPRwire
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Probation for youth who used bogus Covid-19 grant applications to cheat MSF of $2.5k

aseanpr
3 minutes

SINGAPORE - A full-time national serviceman (NSF) who duped the Ministry of Social and Family Development (MSF) into disbursing $2,500 from the Temporary Relief Fund (TRF) for his benefit was sentenced on Tuesday (Jan 19) to 18 months' probation. The court heard that Yee Jia Hao, 20, used his ill-gotten gains to gamble and has not made any restitution. Yee had submitted four bogus Covid-19 grant applications in April last year to receive monies from the TRF, a fund to deal with the economic and social impact of the Covid-19 outbreak. Three applications were accepted while one was rejected. The fund is administered by MSF and the People's Association. As part of his probation, the Singaporean has to remain indoors from 10pm to 6am every day and perform 60 hours of community service. He must also attend a gambling-relapse prevention programme. His parents and brother were bonded for $5,000 to ensure his good behaviour. Yee had pleaded guilty last year to three counts of cheating and one count of attempted cheating. Six other charges, mainly for cheating, were considered during sentencing. The TRF, a financial support scheme the Government announced in March last year as part of the R...

SeaPRwire
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NTUC Income to double its licensed financial advisers

elean
1 minute

Insurer NTUC Income plans to double its licensed financial advisers in the next few years, as part of a broader effort to transform the business and reach out to younger customers. Chief executive Andrew Yeo, 49, told The Straits Times this month that many young clients knew about Income through their parents, who buy insurance for them. 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.

SeaPRwire
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Cabbie hit by plunge in income pushes for pay-as-you-use rental

aseanpr
3 minutes

SINGAPORE - Cabbie Peter Quek used to make 150 trips a week before the pandemic struck. That has fallen by a third to just more than 100 now. The 44-year-old's monthly take-home income is down by half, from $3,000 to $1,500. Thankfully, he qualified for the Self-Employed Person Income Relief Scheme launched in March, which disburses $1,000 per month for nine months. Explaining why his income has fallen by half even though the number of trips has not, the cabbie of 5 1/2 years, who drives 60 hours a week, said: "Pandemic or not, whatever I make in the first few hours of driving goes to covering operating costs. "It's only after about seven hours that I break even for the day, and then begin to earn my income, so the fall in income is disproportionate to the decrease in passengers." Mr Quek, who tracks his expenses and earnings using Excel spreadsheets, said his daily operating costs work out to about $180, after rental relief from the taxi operator and the Government. "This includes 'hidden costs' that others might not consider, like Medisave contributions and income tax deductions," said the single father of two daughters aged 14 and 16. His parents live with him. "Many drivers mig...

SeaPRwire
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Mobile phone seller is first person to be charged with failing to register GST for online sales

aseanpr
3 minutes

SINGAPORE - A man who sold mobile phones has become the first person in Singapore to be charged with failing to register the goods and services tax (GST) for online sales. Edwin Pang Chung Jie used to own two firms - Edmobile and Moggi - through which he sold mobile phones and accessories on platforms such as Lazada, Shopee and Carousell. The 40-year-old Singaporean was also charged on Friday (Oct 30) with two counts of submitting incorrect income tax returns without reasonable excuse, as well as two counts of failing to keep proper records of the invoices he received linked to his businesses. In a statement, the Inland Revenue Authority of Singapore (Iras) said that the total amount of tax undercharged and tax due is $129,411. On Oct 30, 2013, Pang allegedly failed to notify the Comptroller of GST of his liability to be registered for the tax. This is said to have resulted in $118,023.23 in tax due for the period between Dec 1, 2013, and Sept 30, 2015. Pang is accused of making an incorrect return by understating his income on April 16, 2014, resulting in income tax undercharged totalling $8,792.87. On April 16, 2018, he is said to have understated his income tax return by $26,336...

ACN Newswire
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Raffles Announces 2020 Fiscal Year-End Financial Results

indie
6 minutes

Vancouver, BC, Oct 29, 2020 - (ACN Newswire) - Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) ("Raffles" or "the Company") today announces its financial results for the fiscal year ended June 30, 2020, highlighted by revenue of $8,866,672 and adjusted comprehensive income before other items and income tax expenses of $12,220,573. All amounts expressed are in Singapore dollars.2020 Financial Highlights:- Total Revenue of $8,866,672 (2019: $11,533,334)- Adjusted comprehensive income before other items and income tax expenses3 of $12,220,573 (2019: $10,750,652)- Cash Flow from operations of $7,044,654 (2019: $11,002,734)- The Company generated cash inflow from financing activities of $20,296,000 (2019: cash outflow of $8,900,000) related to the completion of a private placement for gross proceeds of $20,296,000.Comparative Summary of Key Financial Metrics for 2019 and 20202020 - 2019Revenue $8,866,672 $11,533,334Unrealized gain on investments $4,748,139 -Operating expenses(*1) $1,565,443 $782,682Listing expenses for RTO(*2) $6,052,280 -Adjusted comprehensive income before other items and income tax expenses(*3) $12,220,573 $10,750,652Net Income (Loss) ($425,229) $...