Evergrande boss leads $62.7 billion in lost wealth for China’s property tycoons
HONG KONG (BLOOMBERG) - China Evergrande Group founder Hui Ka Yan was smiling as he attended the celebration of the Communist Party's 100-year anniversary in Beijing back in July. To many, his invitation was a sign he still had the government's back, and that gave his company's bonds a rare boost. But if any investor still had hopes then that Evergrande was too big to fail, those are far gone now. The developer's debt and shares are trading near record lows after the firm failed to honour its obligations and Fitch Ratings labeled it a defaulter. Chinese real estate tycoons are having their worst year since at least 2012 as the government cracks down on the companies' debt binge and President Xi Jinping aims to redistribute wealth to bring "common prosperity". The richest bosses behind the nation's property firms have lost more than US$46 billion (S$62.7 billion) combined this year, according to the Bloomberg Billionaires Index, a ranking of the world's 500 richest people that started in 2012. Mr Hui's wealth alone has plunged by US$17.2 billion, one of the biggest slumps for 2021. "The real estate sector in China has grown very fast over the past two decades thanks to an aggressive...
Wall Street pulls back, ending record streak
NEW YORK (AFP) - Major US stock indices dropped at the close of trading on Tuesday (Nov 9), ending a streak of record-setting sessions as traders digested the latest sign of high US inflation. After two back-to-back sessions in which Wall Street's main indices finished at all-time highs, analysts said a pullback was imminent, and while it finally happened it was not a dramatic reversal. The drop today "is technical in nature. The market is overbought and due for a slight correction, for a pause," Karl Haeling of LBBW told AFP. The benchmark Dow Jones Industrial Average lost 0.3 per cent to finish at 36,319.98. The tech-rich Nasdaq Composite Index fell 0.6 per cent to end the session at 15,886.54, and the broad-based S&P 500 declined 0.4 per cent to 4,685.25. Inflation has been a constant concern for investors, and Labour Department data showed the producer price index remained high in October with an 8.6 per cent increase from the same month in 2020. Consumer price data set for release on Wednesday may confirm continued increases in October, but Haeling said, "My view is that the bad news about inflation are already priced in the market." General Electric finished 2.7 per cent high...
296 people nabbed for alleged involvement in over 1,000 scams, victims lost over $6.4m
SINGAPORE - The police have arrested 296 people for suspected involvement in more than 1,000 scams, where victims lost over $6.4 million. The suspects, aged between 16 and 80, were involved as scammers or money mules, said the police on Friday (Nov 5) night. The scams comprise mainly Internet love, e-commerce, government-official impersonation, job and loan types. The 194 men and 102 women were arrested after officers conducted a two-week operation between Oct 22 and Nov 5. The suspects are being investigated for cheating, money laundering or providing payment services without a licence. Those found guilty of cheating can be jailed up to 10 years and fined. Those found guilty of money laundering can be jailed up to 10 years, fined up to $500,000, or both. Those found guilty of carrying on an unlicensed business of providing payment service can be fined up to $125,000, jailed up to three years, or both. The police said: "To avoid being an accomplice to crimes, members of the public should always reject requests by others to use your bank account or mobile lines as you will be held accountable if these are linked to crimes." For more information, members of the public can visit www.s...
Scammers posing as tech support try to cheat 2 people of their life savings, police issue alert
SINGAPORE - Scammers impersonating tech support staff from local telecommunication companies or government agencies are on the prowl and the police have issued an alert to the public on Thursday (Oct 14). In September, two people almost lost their life savings to the criminals, who gained access to their computers and tried to transfer more than $300,000 from each victim's bank account. Fortunately for these two people, vigilant bank officers and a fraud surveillance system from OCBC, the bank involved, detected the suspicious transfer requests and contacted the victims. The bank then stopped the transactions when it found out they were not authorised. The scammers operate by calling their victims and claiming to be from either a government agency or a telecommunication company. These "tech support staff" would tell the victims that their Wi-Fi routers are being used for illegal purposes. They may also tell the victims that their mobile devices have been infected with viruses. The scammers would then instruct the victims to install remote access software, such as TeamViewer or Anydesk, to grant them access to the devices. Once the scammers gain access to the computers, they would r...
$168m lost to top 10 scam types in first half of 2021; overall crime up by 11.2%
SINGAPORE - Scam victims lost $168 million to conmen in the top 10 scam categories in the first six months of this year, a sharp spike from $63.5 million in the same period last year. This comes on the back of a 16 per cent rise in the number of reported scam cases and a 11.2 per cent hike in overall crime, according to mid-year statistics released by the police on Monday (Aug 30). A total of 19,444 cases were reported between January and June this year, up from 17,492 in the same period last year. Scam cases climbed from 7,247 to 8,403. "Scammers are constantly evolving their tactics and have been taking advantage of the Covid-19 situation to prey on victims' heightened vulnerability and sense of uncertainty," said the police. In particular, loan scams had the highest number of reported cases among scam types, with $10.6 million cheated, compared with $5.6 million last year. The victims were mostly duped into providing personal information to supposed licensed moneylenders or banks. The scammers would ask them to pay a small percentage of the loan amount as administrative fees and become uncontactable after payment is made. E-commerce scams had the second highest number of reporte...
Police investigate 311 people in S’pore over alleged scams; victims lost more than $8.2 million
SINGAPORE - The police are investigating 219 males and 92 females, age between 16 and 84, for suspected involvement in 866 reported cases of scams where victims lost more than $8.2 million. This comes after a two-week operation between June 5 and Friday that uncovered a range of scams, including Internet love, government official impersonation and fake gambling platform. The suspects are being investigated for cheating, money laundering or providing payment services without a licence. Cheating offences carry an imprisonment term of up to 10 years and a fine. Money launderers may be jailed up to 10 years, fined up to $500,000 or both. Individuals providing a payment service in Singapore without a licence may be fined up to $125,000, jailed up to three years, or both. To avoid becoming accomplices, members of the public should always reject requests by others to use their bank accounts or mobile lines as they would be held accountable if these are linked to crimes, the police said. Those who have information on scams can call 1800-255-0000 or submit information at this website. More on this topic Related Story 2 men charged for alleged involvement in China officials impersonation sca...
Wall Street turns jittery, Dow closes lower
NEW YORK (AFP) - Fears about the state of the US economic recovery turned Wall Street negative at the close on Tuesday (May 25), reversing gains made in early trading. Equities rose at the open, but retreated following data from The Conference Board showing US consumer confidence flatlined in May, with Americans feeling less optimistic about employment and the business environment in coming months even as they viewed current conditions positively. "It may be the economic data with the disappointment in consumer confidence" that undermined stocks as the index was expected to increase modestly, Peter Cardillo of Spartan Capital Securities told AFP. The benchmark Dow Jones Industrial Average ended 0.2 per cent lower at 34,312.46, and the broad-based S&P 500 lost 0.2 per cent to finish at 4,188.13. The tech-rich Nasdaq Composite Index was flat at 13,657.17. Moderna, however, managed a gain of 3.1 per cent after the drugmaker said trials had shown its Covid-19 vaccine is "highly effective" in adolescents aged 12-17, and the company would seek regulators' approval in June. Lordstown Motors lost 7.5 per cent as the electric truck startup warned it would need to raise additional capital to...
Nasdaq drops 3% on inflation fears, WTI oil loses 7.1%
NEW YORK (AFP) - Rising bond yields spurred by concerns over inflation hammered tech stocks and sent Wall Street closing lower on Thursday (March 18), while oil markets slid on fears of a renewed demand slump. The tech-rich Nasdaq Composite Index slid 3 per cent to close at 13,116.17, while the broad-based S&P 500 lost 1.5 per cent to end at 3,915.47. The benchmark Dow Jones Industrial Average fell 0.5 per cent from its record close in the previous session to end at 32,862.17. In oil markets, West Texas Intermediate lost 7.1 per cent to end at US$60.00, while Brent North Sea crude fell 6.4 per cent to close at US$63.28. Traders have grappled in recent sessions with fears that a recovering US economy aided by massive government stimulus would bring with it inflation and force the Federal Reserve to end easy money policies rolled out early in the pandemic. Fed chairman Jerome Powell on Wednesday signalled that wouldn’t happen anytime soon leading the Dow and S&P 500 to notch record closes, but an uptick in Treasury bond yields caused sentiment to reverse sharply in Thursday trading. The 10-year US Treasury bond’s yield rose past 1.7 per cent, and Quincy Krosby of Prudential said data...
Two men in Singapore charged with cheating and forgery in Covid-19 funds ruses
SINGAPORE - Two men were charged in court on Friday (Jan 29) with forgery and cheating-related offences in their attempt to receive monies from the Covid-19 Support Grant (CSG) and the Temporary Relief Fund (TRF). In a statement, police said a 43-year-old man was charged after he allegedly attempted to cheat the Ministry of Social and Family Development (MSF) into disbursing funds from the CSG. He is said to have falsely declared in his application that he had lost his job due to the pandemic. "He is also alleged to have submitted a forged retrenchment letter and provided additional false information to MSF to support the false declaration in his CSG application. "MSF did not approve his CSG application," said the police. The grant supports those who had lost their jobs due to the Covid-19 situation, as well as employees placed on involuntary no-pay leave for at least three consecutive months and employees who have had their salaries reduced by at least 30 per cent for three consecutive months. These changes must have taken place after Jan 23 last year. Under the scheme, workers receive up to $800 a month for three months if they meet the job loss or no-pay leave criteria. The othe...
Nasdaq ends at records but Biden actions slam oil shares
NEW YORK (AFP) - The Nasdaq pushed to a fresh record on Thursday (Jan 21) on lingering optimism over the US presidential transition, but petroleum-linked shares were hammered by early policies unveiled by President Joe Biden. Fuelled by more gains in Apple, Facebook and other tech companies, the Nasdaq Composite Index finished up 0.6 per cent at 13,530.91, a second straight record. The broad-based S&P 500 also edged to a record at 3,853.07, up less than 0.1 per cent, while the benchmark Dow Jones Industrial Average fell less than 0.1 per cent to 31,176.01. Thursday's session was choppy after all three major indices surged to records on Wednesday in anticipation of an improving economic picture thanks to Biden's stimulus plan and efforts to bolster the Covid-19 vaccine rollout. But a series of announcement from Biden slammed petroleum-linked shares, including Dow member Chevron, which dropped 3.5 per cent, mid-sized producer Occidental, which fell 6.4 per cent and oil services giant Halliburton, which lost 3.3 per cent. Upon taking office, Biden canceled the permit for the Keystone XL pipeline and froze a plan to allow drilling in the Arctic National Wildlife Refuge. An Interior Dep...
Asia shares fall as fresh Covid-19 outbreaks overshadow vaccine progress
NEW YORK (REUTERS) - Asian stocks followed Wall Street's sharp selloff on Thursday (Nov 19) as concerns about rising coronavirus infections and new shutdowns in major US cities hosed down earlier investor enthusiasm about Covid-19 vaccine developments. Bearish sentiment triggered a late-session retreat in stock markets on Wednesday after a surge in new Covid-19 infections prompted New York City, which has the largest school district in the United States, to halt in-person learning starting from Thursday. The news of the shutdowns overshadowed Pfizer Inc's announcement that its covid-19 vaccine was 95 per cent effective and that the company would apply for emergency US authorization within days. Pfizer's vaccine has a similar effectiveness as the candidate developed by Moderna Inc. "It's like a seesaw, the fight between the growth of Covid and the excitement about the vaccine is really weighing on the market," said Hilary Kramer, chief investment officer for Kramer Capital Research in New York. Australia's S&P/ASX 200 lost 0.5 per cent in early trading, while Hong Kong's Hang Seng index futures lost 0.02 per cent. Japan's Nikkei 225 fell 0.4 per cent. New York City joined other larg...
14-year-old boys got lost in MacRitchie forest trying to find WWII Japanese shrine
SINGAPORE (THE NEW PAPER) - On a whim, two teenagers decided to look for the remnants of a World War II Japanese shrine and ended up lost for several hours in the forest at MacRitchie Reservoir. Broadrick Secondary School student Richard Goh, 14, found out about the Syonan Jinja shrine while searching the Internet for interesting places to explore last month. When he told his classmate Soo Xiang Lin, also 14, they decided to take a bus to MacRitchie Reservoir to look for it, arriving at the Lornie Road entrance at 3pm on Oct 18. The boys, who did not inform their parents of their plan, had no food or water because they assumed there would be vending machines there. Clad in T-shirts, shorts and track shoes, they took the Terentang Trail suggested by Apple Maps until they reached an opening, which they used to enter the forest. It was 5pm by then. They met a man who was also looking for the shrine, but he soon gave up his search. The boys pressed on and realised they were lost at 6.45pm when their attempt to follow pieces of orange plastic tied to surrounding trees led them deeper into the forest. Richard told The New Paper last week: "There was that sense of hopelessness when I real...
STI ends week higher, in line with Wall Street
Local shares ended the week on a high, in tandem with Wall Street stocks that rose on hopes of a stimulus package. Market watchers noted that the final US presidential debate on Thursday was less chaotic than the first, but offered little in terms of new information on which way the vote counts were turning. The benchmark Straits Times Index (STI) ended yesterday up 0.4 per cent or 8.98 points at 2,537.39. Decliners outnumbered advancers 213 to 177, with some 1.25 billion securities worth $928.7 million having changed hands. The positive investor sentiment was evident on Wall Street. The Dow Jones Industrial Average and S&P 500 indices each gained 0.5 per cent, and the Nasdaq Composite inched up 0.2 per cent. AxiCorp's chief global market strategist Stephen Innes said: "Markets are trading higher, but cautiously in line with the current stimulus, 'before-election' theme as stocks ebb and flow on the unwind and rotations swivel." He said Mr Joe Biden's comments on a US$2 trillion (S$2.7 trillion) "clean-energy plan" should support the narrative that "the greatest amount of fiscal stimulus would materialise under a Democratic presidency and sweep of Congress". Three out of four of th...
Regional markets mixed on uncertainties in US
Regional investors seemed stuck in limbo yesterday seeking signs of certainty regarding a stimulus package in the United States while also keeping a wary eye on the looming presidential election there. Local shares reversed gains in the morning session to close 0.1 per cent or 3.03 points lower at 2,525.61. Losers outnumbered gainers 243 to 182 with 1.32 billion shares worth $1.25 billion changing hands. AxiCorp's chief global markets strategist Stephen Innes said: "It was evident from the get-go in Asia that a distinct reflationary theme was building, confirming that hope for near-term stimulus is growing. "The market is in a repetitive mode as traders try to shake the final mind-war around inaccurate polls," he said. There is also talk that there has been too much focus on United States' fiscal stimulus packages, which has fuelled investor optimism over the past few weeks. "The one lesson we can take is that the US fiscal stimulus package remains the only thing financial markets are concentrating on, to the exclusion of everything else," noted Oanda Asia-Pacific senior market analyst Jeffrey Halley. "I will reiterate the risks though, of material corrections in asset markets if n...