Inflation worries dominated Fed’s last meeting

WASHINGTON (NYTIMES) - Worries about inflation dominated the Federal Reserve's November policy meeting, with some policymakers suggesting that the United States central bank should move more quickly to reduce its bond-buying programme in order to give it flexibility to raise interest rates sooner if necessary. The Fed has been buying US$120 billion (S$164 billion) in bonds each month and has kept interest rates near zero, policy moves that have helped make borrowing cheap and keep money flowing through the economy. This month, the Fed took the first step towards withdrawing support for the economy when it announced that it would begin scaling back its Treasury bond and mortgage-backed security purchases by US$15 billion a month starting in November. "Some participants suggested that reducing the pace of net asset purchases by more than US$15 billion each month could be warranted so that the committee would be in a better position to make adjustments to the target range for the federal funds rate, particularly in the light of inflation pressures," minutes from the meeting showed, referring to the Federal Open Market Committee, which sets interest rates. Those comments reflected unce...

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Universitas Brawijaya developing digital halal certification system for Indonesian MSMEs

Malang, East Java, Indonesia, Nov 25, 2021 - (ACN Newswire via SEAPRWire.com) - Universitas Brawijaya (UB/Unibraw) is developing a digital halal certification system for micro, small and medium enterprises (MSMEs) in Indonesia, as part of the Reverse Linkage Project. According to the head of the project team, Dr. Hagus Tarno, the system will archive documents from the processing stage through to certification. By archiving documents digitally, MSMEs will find it easier to see the results of evaluation for each step of the process."MSMEs that will apply for halal certification through Brawijaya University will be directed to a system that will assist them to check which documents must be prepared and filled out. Continue to the certification process, there will be another system that will make sure that the business owners know the step they are currently in -- whether their documents are returned to them or they are going to the certification," Dr Tarno said during a webinar last Sunday.There has been a request from the Department of Cooperatives and SMEs, Malang Regency to assist 100 business owners who will apply for halal certification through Brawijaya University in the near fu...

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First batch under new PSLE scoring system does as well as previous cohorts; more also qualify for Express course

SINGAPORE - After nearly 50 years, the Primary School Leaving Examination (PSLE) T-score, or transformed score, came to an end with more pupils making the cut for the Express course under a new scoring system. The class of 2021 also saw 98.4 per cent of pupils doing well enough to progress to secondary school. It matches the figures recorded from 2016, and remains the best performance since the national exam was introduced in 1960. Of the pupils in the inaugural batch, 68.4 per cent qualified for the Express course, the Ministry of Education (MOE) said on Wednesday (Nov 24). This is slightly higher than the 66.3 per cent who made the grade last year. Another 18.9 per cent of this year's cohort are eligible for the Normal (Academic) level, down from 21.2 per cent last year. And 11.1 per cent are eligible for the Normal (Technical) course, similar to last year's 11 per cent. A total of 39,119 Primary 6 pupils sat the PSLE this year. Mr Wong Siew Hoong, MOE's director-general of education, said: "The outcomes under the Achievement Levels (AL) scoring system have remained very stable. "So we hope that students and parents will feel assured about the PSLE and the new AL scoring system. ...

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Primary 6 pupil tested positive for Covid-19 minutes before her PSLE paper

SINGAPORE - Primary 6 pupil Jennifer Muturaman was sent home after a positive Covid-19 antigen rapid test just minutes before she was about to sit the Primary School Leaving Examination (PSLE) in October. The Damai Primary School pupil, who was about to take the Malay language paper, took the Covid-19 test in school that morning as she had come into contact with a classmate who had the virus. "I was shocked when I saw that I had Covid-19," said Jennifer. "I felt unhappy because I didn't get to go for my mother tongue language and science papers." The science paper was the next day. After testing positive, her parents took her to a doctor and her polymerase chain reaction test that evening confirmed she had the virus. Jennifer, 12, was put on home recovery for three weeks and had to isolate herself from her parents. She is an only child. She said: "I had my double dose of the vaccine already so I was very hopeful that I could recover faster." But she was worried about spreading the virus to her parents, who are both fully vaccinated and in their 50s. Her father is a housekeeper and her mother, a kitchen helper. "They're very old now, and it could be worse for them (if they get Covid...

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Lawrence Wong outlines five strategies to prevent tribalism, identity politics taking root in Singapore

SINGAPORE - As Singapore turns the tide in its fight against Covid-19, it must not allow the differences that have emerged during the pandemic to become permanent divides that affect its politics, said Finance Minister Lawrence Wong on Tuesday (Nov 23). This is especially since people are naturally drawn to the security of their own tribes in tough times, and are tempted to look at others as the cause of their frustrations and pressure, he added. "Today we have a more diverse society, but we also have much more in common, and the Singaporean identity has become stronger," Mr Wong noted. "So how can we balance the competing demands of diverse identity groups while maintaining a cohesive and harmonious society?" Speaking at a conference on new tribalism and identity politics organised by the Institute of Policy Studies and S. Rajaratnam School of International Studies, Mr Wong laid out five possible approaches. 1. Strengthen relationships among people The first way is to strengthen human relationships through day-to-day interactions, he suggested. In doing so, people build up the trust they have in one another, which helps keep societies together. Yet this is not something the Govern...

NEA warns public against use of ultraviolet-C disinfection devices for homes

SINGAPORE - Households should not use ultraviolet-C (UVC) disinfection devices for their homes as many lack safety features that protect users from exposure to UV radiation, the National Environment Agency (NEA) warned on Tuesday (Nov 23). To prevent accidental exposure and health risks, the agency advised the public not to buy any UVC steriliser product that has no safety features. It added that UVC-based disinfection should be applied only in an industrial or commercial setting with appropriate safety features and safe use practices. Common uses for such devices include the sterilisation of mobile phones, jewellery and home surfaces. Exposure to UVC radiation due to inappropriate use or unsafe sterilisers can cause eye or skin injuries. These include damage to the cornea, with burning sensations and sensitivity to light, as well as burns resulting in redness and skin peeling. "Since the beginning of the Covid-19 pandemic, there has been growing demand for and availability of UVC disinfection devices," NEA said in its advisory. Households buying such sterilisers for disinfection purposes should choose only those with safety engineering features that prevent users from being expose...

Markets see June liftoff on US rate hikes after Biden sticks with Powell to lead Fed

WASHINGTON (BLOOMBERG, REUTERS) - Traders are pricing in a ramp-up in tapering bond purchases by the US Federal Reserve and the potential for a June liftoff on rate hikes after President Joe Biden selected Jerome Powell to serve another four years as the central bank's chair. Futures on the federal funds rate, which track short-term interest rate expectations, have fully priced in a quarter-point tightening by next June, up from more than 90 per cent before Mr Biden's announcement. The simple fact that the pick is now out of the way may allow the Fed to turn slightly more hawkish, said analysts. There has been a notable repricing already, related in large part to the fact that Lael Brainard - the candidate that Mr Biden did not tap to lead the Fed - was perceived as potentially less inclined to tighten policy than incumbent Mr Powell. But the removal of some concerns over renomination could also allow Mr Powell himself to cut loose a little more and follow the kind of less-expansive policy that some many observers believe is warranted. While the leadership of the US central bank is always important to markets, Mr Biden's decision takes on heightened significance this year as the Fe...

2 weeks’ jail for man who attacked 2 buses at Woodlands Depot while drunk

SINGAPORE - A man who attacked two buses at a Woodlands depot while drunk and caused $6,200 in damages was dealt with in court on Monday (Nov 22). Chinese national Zhu Honglu, 32, was sentenced to two weeks' jail for an act of mischief. A second charge of causing annoyance in a public place while drunk was taken into consideration. Deputy Public Prosecutor Hidayat Amir told the court that Zhu, a construction worker, drank seven cans of Heineken beer at home at about 6pm the day before the incident. On Nov 22 last year, he stood in the middle of the road outside the bus depot in Woodlands Industrial Park at around 1.30am. He saw an SMRT bus returning and started shouting as he ran towards it. When the driver stopped the bus, Zhu pulled apart the windscreen wiper and knocked on the windscreen, before attempting - but failing - to pull open the bus doors. He left after some time but attacked a second bus that stopped for him around 20 minutes later. Zhu shouted at the driver and pulled apart the side mirror on the driver's side of the bus, using it to hit the windscreen, causing several scratches. He kicked the door of the bus in an attempt to open it, but again failed, and pulled apa...

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Phoon Huat goes digital: Taking a beloved Singapore brand into the future

Phoon Huat is no stranger to Singaporeans, particularly during the baking frenzy that gripped the island last year during the circuit breaker. Behind its 20-and-counting brick-and-mortar outlets, however, is a team that’s committed to digital transformation – one initiative at a time. “Our objective is to integrate digital tools into all areas of business operations, while concurrently improving digital literacy across the company,” says Phoon Huat’s chief financial officer (CFO) Mr Lee Tjen Chew, 45, of the company’s digital transformation strategy. Mr Lee Tjen Chew and other SME leaders share why a mindset shift is essential in digital adoption. Watch the video below. Mr Lee, who is currently double-hatting as the company’s chief information officer, shares: “I don't think we had doubts about going digital. But we had doubts about whether we were capable enough, and how we would go about doing that. If you asked me whether we had the necessary skill sets back then, I would have said ‘no’. This was something we actively worked to build.” And build they did – together with a task force of employees who saw to the implementation of various digital initiatives, including a handheld m...

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Certis officers among group who lifted car, helped victims in accident outside Parliament House

SINGAPORE - When an accident left a woman pinned under a car outside Parliament House last Sunday (Nov 14), a group of Certis Cisco officers immediately stepped forward to help. Staff Sergeant Mohammad Jamaludin, 48, was on duty at the Supreme Court that morning when he heard a loud crash. He was one of the first to rush to the site of the accident that involved a BMW and Honda at about 8.15am. The auxiliary officer saw that the Honda had flipped over next to some bollards and the driver was stuck in the shattered window of the car. "His body was halfway inside the car, and there was shattered glass all around," said SSG Mohammad. "I pulled him out carefully and he collapsed on the ground, so I supported his head and asked about his condition." The driver, who was conscious, appeared to be in a state of shock, but was able to tell the officer that he had a female passenger. By then, Sergeant Jackson Toh, 40, an auxiliary officer who was on duty at Parliament House, had arrived at the scene and realised the woman was pinned under the Honda. He said there were many passers-by who stepped forward, and they became increasingly worried about the woman. "We were all afraid that the weigh...

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Dress Show Announces the Launch of Its Game-Fi Metaverse

Ho Chi Min City, Vietnam / November 19, 2021 / SEAPRWire / – Dress Show Team is proud to announce the launch of its Game-Fi platform http://nftdress.show/. Game-Fi has become another important direction in the crypto world after DeFi and NFT. The difference is that Game-Fi’s powerful “Play-to-Earn” mode makes its users super sticky, and the possibilities and development prospects of the entire industry are far beyond DeFi+NFT alone. The current leader of the Game-Fi track, Axie Infinity, has a single-day income that has exceeded any DeFi or NFT competitor many times, and has attracted widespread attention in the industry. Some investment institutions have predicted that Game-Fi will replace traditional games in the future, and its market size may exceed one trillion US dollars. In the crypto world there are many glory-seekers, but high-quality projects are few and stand out easily. Experts in this wave of entrepreneurship quickly realize Dress Show’s immense potential. Dress Show is a blockchain game centered on dress-up as the core gameplay, and with DeFi and NFT integrate in an innovative and vibrant ecosystem. Compared with traditional games, their mode and ecosystem are way mor...

Technology is key to resilient supply chains, experts say

SINGAPORE - As supply chain snags continue into 2022, it is important to strike a balance between efficiency and resilience, and make use of technology to build trust among countries. In that respect, governments have an important role to play in facilitating trade by setting good rules for the digital economy and allowing free flow of data across borders, said Mastercard vice-chairman and former United States trade representative Mike Froman on the third day of the Bloomberg New Economy Forum on Friday (Nov 19). "We are seeing many countries move towards more protectionist measures when it comes to data, often driven by legitimate concerns," he said. "But we can work through those concerns, for example, by protecting individual privacy but at the same time, permitting data to flow in a way that allows supply chains to be more transparent and efficient." Also speaking at the panel discussion titled "Untangling Supply Chains" was Micron Technology president and chief executive Sanjay Mehrotra, who said that strong partnerships between suppliers and customers across the ecosystem are critical. Supply chain transparency requires collaboration on technology and building intelligent sys...

Reformative training for youth who had sex with 2 underage girls and impregnated them

SINGAPORE - At just 21 years old, he is already the father of two children by different mothers, one of whom he had sex with when she was 15. The other mother was not a minor when she had sex with him and is now 18. The offender had also impregnated a third victim when she was a 12-year-old child but she aborted the foetus. All three were his girlfriends at different times but they are no longer with him, a district court heard. On Friday (Nov 19), the offender was sentenced to undergo reformative training for at least one year. This means that he will be detained in a centre and made to follow a strict regimen that includes foot drills and counselling. The Singaporean youth pleaded guilty on July 13 to four counts of having sex with a minor. He also admitted to one count of assaulting the 18-year-old girl. The offender turned 21 later that month. Seventeen other charges, mainly relating to sexual acts with the underage girls, were considered during sentencing. He committed the offences between 2017 and last year. The three victims cannot be named due to a gag order, while the youth cannot be identified as he was just 16 years old when he started committing the offences. He was in ...

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Alibaba outlook disappoints after China slowdown hurt sales

HONG KONG (BLOOMBERG) - Alibaba Group Holding slashed its outlook for fiscal 2022 revenue after intensifying competition and dwindling consumer spending depressed growth at China's top e-commerce firm. The disappointing forecast followed sales that missed analyst estimates for a second straight quarter. Alibaba posted a less-than-expected 29 per cent rise in revenue for the September quarter to 200.7 billion yuan (S$42.6 billion). It forecast 20 per cent to 23 per cent growth in fiscal 2022 revenue, short of the 27 per cent that analysts were projecting. Net income plummeted 81 per cent to 5.4 billion yuan, lagging estimates after the Internet giant marked down the value of equity investments. On Thursday (Nov 18), executives fielded a barrage of questions from analysts concerned about the longer-term picture for growth and Alibaba's efforts to fend off rivals. The lacklustre numbers underscored the former stock market darling's struggle to revive businesses walloped by macroeconomic and regulatory turmoil. Alibaba's American Depositary Receipts fell 11 per cent in New York, the most in almost 11 months. The results missed already lowered consensus by 3.2 per cent, Citigroup analys...

S&P, Nasdaq end choppy session at records

NEW YORK (AFP) - The S&P 500 and Nasdaq finished a choppy session at fresh records on Thursday (Nov 18), lifted by strength in large technology equities and mostly good earnings. Apple and Amazon were among the companies that enjoyed outsized gains, along with chip company Nvidia, which shot up more than 8 per cent following strong earnings. But analysts pointed to lingering worries about inflation and supply chain problems as drags on the trading session, which saw all three major indexes drift at times into the red. The Dow Jones Industrial Average was the only one to end lower, dropping 0.2 per cent to 35,870.95. The broad-based S&P 500 gained 0.3 per cent to finish at 4,704.54, while the tech-rich Nasdaq Composite Index climbed 0.5 per cent to 15,993.71 - both overtaking previous records set Nov 8. Among other companies reporting results, Macy's shares won 21.1 per cent and Kohl's jumped 10.7 per cent, while Dow-member Cisco Systems slumped 5.5 per cent. Meta, the parent company of Facebook and Instagram, was the exception among large tech companies that mostly rallied, falling 0.6 per cent on news that a group of American states are probing allegations that Instagram supplied ...

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Eisai Receives the ‘Most Liked!’ IR Award at The 2021 IR Award

TOKYO, Nov 18, 2021 - (JCN Newswire via SEAPRWire.com) - Eisai Co., Ltd. has announced that it has been selected as the winner of the "Most Liked!" IR Award at the 2021 IR Award, hosted by the Japan Investor Relations Association. The "Most Liked!" IR Award has been newly created for commemorating the 25th anniversary of the Best IR Award in 2020. The award is designed to reflect the viewpoints of companies that applied for the IR Award based on their voting, share their proactive IR experiences, and realize best practices. The theme for 2021 is "IR activities contributing sustainability," awarding companies that have actively promoted information disclosure and their dialogue with investors on sustainability-related matters. Of the companies that applied for the 2021 IR Award, 178 companies entered the 'Most Liked!" IR Award and the top 17 companies, including Eisai, were selected based on a mutual vote by the candidate companies.For further details, please visit the JIRA website: https://www.jira.or.jp/english/.Eisai has focused on disseminating information regarding financial capital and non-financial capital value relevance that link to corporate value for longer-term as well a...

Covid-19 infection and death rates should be on a par with seasonal flu by mid-2022: Bill Gates

SINGAPORE - Through a combination of natural immunity, vaccine immunity and new oral treatments, the death and disease rates for Covid-19 are coming down dramatically - and by the summer of 2022, should be on a par with, or even lower than, the average levels of seasonal flu, said Mr Bill Gates on Thursday (Nov 18). Once this happens, it is likely that economic activity will resume fully, notwithstanding some remaining hot spots, said Mr Gates, the co-chair of the Bill & Melinda Gates Foundation, at the Bloomberg New Economy Forum in Singapore. Responding to moderator and Bloomberg editor-in-chief John Micklethwait's question on countries' different approaches to the Covid-19 pandemic, he said that any country that was able to do what China did - which was to spot the disease early and lock down its borders - is "blessed". But there are consequences to such extreme measures, he said. "That means they have very little natural immunity, and so they have to drive their vaccination coverage up dramatically before they drop that wall that has allowed them to (stop infected people) from coming in. "Maintaining that wall is very hard. And many countries decide that, between vaccination ra...

Not in US’ interests to decouple from China, says former US treasury chief Henry Paulson

SINGAPORE - There are those in the US who advocate financial decoupling from China, but wholesale financial decoupling is impossible and partial decoupling is likely to make America, China and the world more susceptible to financial crises, said former US treasury secretary Henry Paulson on Thursday (Nov 18). It is crucial to have a mechanism for the world's first- and second-largest economies to coordinate, as this is the only way to put out the next big financial and economic fire, he said on the second day of the Bloomberg New Economy Forum in Singapore. Mr Paulson said the United States benefits from having its pre-eminent financial institutions operating in China on a level playing field. Chinese capital markets will also be safer if the world's leading institutions are present in the country, as they have best-in-class practices in relation to management accounting and governance. "US regulators will have first-hand market knowledge. And if US firms don't operate there, it will be difficult to maintain their global leadership when the British and European and Japanese firms do," he said. He acknowledged that China's "opaque accounting and murky corporate governance rules" nee...

China tech war clouds SK Hynix’s plans for a key chip factory

SEOUL (REUTERS) - Plans by Korea's SK Hynix to overhaul a huge facility in China so it can make memory chips more efficiently are in jeopardy, sources familiar with the matter told Reuters, because US officials do not want advanced equipment used in the process to enter into China. The potential setback could make SK Hynix, one of the world's biggest suppliers of Dram memory chips that go into everything from smartphones to data centres, the next victim of the geopolitical struggle between the United States and China. SK Hynix production plans call for the company to upgrade a mass production facility in Wuxi, China, with some of the latest extreme ultraviolet lithography (EUV) chipmaking machines made by Dutch firm ASML, three people with knowledge of the matter said. The US in the past has objected on the grounds that shipping such advanced tools to China could be used to strengthen the country's military. A senior White House official declined to comment specifically on the matter of whether US officials would allow SK Hynix to bring EUV tools to China. But the official told Reuters the Biden administration remains focused on preventing China from using US and allied technologie...

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SoftBank Corp. and Honda Start Use Case Verification of Technologies to Reduce Collisions Involving Pedestrians and Vehicles Using 5G SA and Cellular V2X

TOKYO, Nov 17, 2021 - (JCN Newswire via SEAPRWire.com) - SoftBank Corp. and Honda R&D Co., Ltd. announced they have started a use case-based verification of technologies to reduce collisions between pedestrians and vehicles using a 5G standalone mobile communication system ("5G SA")(1) and a cellular V2X communication system ("cellular V2X")(2) in the effort to realize a society where both pedestrians and vehicles can enjoy mobility safely and with total peace of mind.Using SoftBank's 5G SA experimental base station installed at Honda's Takasu Proving Ground (located in Takasu Town, Hokkaido Prefecture) and Honda's recognition technology, SoftBank and Honda are conducting technology verifications for the following three use cases:Use Case Validation OverviewUse case 1: Reduce collisions involving pedestrians who are visible to vehiclesIn an environment where a pedestrian can be seen from the moving vehicle, and when the vehicle's on-board camera recognizes the risk of a collision such as the pedestrian entering the roadway, the vehicle sends an alert to the pedestrian's mobile device directly or via an MEC server.(3) This will enable the pedestrian to take evasive action to pre...