US inflation surges to 30-year high; likely to get worse, say economists

WASHINGTON (BLOOMBERG) - After US prices climbed by the most in three decades, there's even worse news ahead for households and policy makers: Inflation likely has further to rise before it peaks. October's annual rate was 6.2 per cent, the highest since 1990, as price increases spread well beyond the parts of the US economy most disrupted by pandemic closures. Key drivers, like hot housing markets and a global energy crunch, show few signs of fading away soon - leading economists to predict even bigger jumps in the coming months. "We're going to see the inflation picture get worse before it gets better," said Sarah House, senior economist at Wells Fargo & Co. She doesn't expect much relief before next spring. For the Federal Reserve, and President Joe Biden, that likely seems a long way off - and pressure for a change of policy course will ratchet up in the meantime, as calls to rein in pandemic support grow louder. 'Tipping Point' Surging prices are eating into family budgets, wiping out the wage increases that US workers have battled for after last year's jobs wipeout, and squeezing profit margins for small businesses. The Fed has already begun to back away from the case it's be...

Oil prices plunge, roiled by inflation fears

NEW YORK (REUTERS) - Oil prices slumped on Wednesday (Nov 10), hit by a surge in the United States dollar after US President Joe Biden said his administration was looking for ways to reduce energy costs amid a broader surge in inflation. Brent and US crude futures dropped sharply at the end of the session as traders sold out of riskier assets, including stocks and commodities, driven by expectations that central bankers will take steps to curb rising prices. Consumer inflation data on Wednesday showed US prices were rising at a 6.2 per cent year-over-year rate, their fastest rate in three decades, and may spur both the White House and US Federal Reserve to take action to head that off. That boosted the dollar, which often trades inversely to oil. Brent crude futures settled down US$2.14, or 2.5 per cent, to US$82.64 a barrel. That contract hit a high of US$85.50 on the session before retreating. US crude settled down US$2.81, or 3.3 per cent, to US$81.34 after reaching a high of US$84.97 a barrel, just off seven-year highs touched in the last few weeks. "There's, no doubt, more pressure on the administration after the inflation reading numbers today," said Price Futures Group senio...

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PlayPad Integrates Blockpass for Augmented KYC

HONG KONG, Nov 10, 2021 - (ACN Newswire via SEAPRWire.com) - Blockpass is excited to reveal its most recent integration with IDO platform PlayPad. This effort will see Blockpass providing its enhanced solution for KYC, with a dedicated KYC remediation team, multiple reviews per identity, manual checks on selected profiles and spot reviews.PlayPad is a fully decentralized launchpad protocol in the metaverse which specifically targets Games and NFT centered projects with a 'Tiers' system that aims to create a fairer IDO process. Supporting VR, Gaming & Play2Earn projects in the metaverse, PlayPad offers multi-chain support, working with the Binance Smart Chain and Avalanche ecosystem, in addition to the Ethereum, Polygon, and Phantom networks.Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no inte...

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1982 Ventures invests in Lista, the MSME book-keeping app for the Philippines

MANILA, Nov 10, 2021 - (ACN Newswire via SEAPRWire.com) - Lista is a bookkeeping app for MSMEs based in the Philippines. Through its financial inclusion app, they offer Filipinos a free and secure way of managing finances such as tracking debts, recording transactions, and even issuing invoices.Lista founders: Aaron Villegas and Khriztina Lim (Lista)Lista raised an oversubscribed round from 1982 Ventures, East Ventures, Saison Capital, Alternate Ventures, Monde Nissin Family Ventures' Willy Arifin and prominent angel investors such as former Grab Philippines President and co-founder Brian Cu, Pinelabs CEO Amrish Rau, CRED Founder Kunal Shah, Jupiter Bank Chief Executive Officer Jitendra Gupta and Google APAC Senior Execs Aurelien Pichon, Alap Bharadwaj. Lista was founded by Aaron Villegas, an experienced entrepreneur with product experience, and Khriz Lim, a former Grab executive that led GrabFood's expansion into the region. Since its launch in September, Lista has helped collect close to US$1.5 million in receivables of MSMEs all over the Philippines.Aaron Villegas, co-founder of Lista, stated, "Helping Philippine MSMEs was an advocacy close to my heart. Growing up, I saw the cha...

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Firm charged over alleged unauthorised works that led to Pasir Ris flood in August

SINGAPORE - Construction firm Samwoh Corp was charged in a district court on Tuesday (Nov 9) over alleged unauthorised works that led to a flood in Pasir Ris on Aug 20. A drain, which was purportedly altered by the firm, is said to be one of the causes for knee-high water to inundate a 200m section of the traffic junction of Tampines Avenue 10 and Pasir Ris Drive 12. The drain is located along Tampines Avenue 10, between Tampines Industrial Avenue 5 and Tampines Link. Thirteen vehicles were partially submerged and several motorists required help to evacuate from their vehicles. At least one person was taken to hospital. The incident also caused a traffic congestion that lasted two hours. After the incident, national water agency PUB said the affected junction is not flood-prone. But the flood on Aug 20 persisted for almost two hours while most flash floods in Singapore would subside within about 30 minutes. Samwoh had allegedly removed an existing drain that was 1.8m wide and 4m deep and replaced it with a newly constructed drain of the same width but shallower at 3m. It is also accused of causing obstruction to the flow of the storm water drainage system by erecting scaffolds to c...

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HSA warns public against buying and using 3 ‘slimming’ health products

SINGAPORE - The Health Sciences Authority (HSA) has warned members of the public to avoid buying or consuming three health products. They are: Magic Mocha, Thao Moc Ho Tro Giam Beo Cenly and Cynthia Beauty EazyS Instant Coffee Powder. The products were found to contain the banned substance sibutramine, which can cause serious adverse effects, said the HSA on Wednesday (Nov 10). The agency has also received three reports from consumers who have experienced symptoms such as palpitations, nausea, extreme thirst, migraine and dizziness after taking the products. The continued intake of these products could have led to serious health consequences such as heart problems and central nervous system disorders, added the HSA. The three products were sold on Carousell, Lazada, Shopee, Qoo10, Facebook and Instagram, and marketed with claims that they were "fast-acting" and "fat-burning", as well as that they could "reduce fat storage" and "accelerate the breakdown of stubborn fat", among others. The HSA said it issued warnings to the sellers, and the product listings have been removed from the online platforms. Sibutramine was a prescription-only weight loss medicine that has been banned in Si...

13,000 disadvantaged students to get more help to stay in school

SINGAPORE - A pilot initiative by the Ministry of Education (MOE) to help at-risk students stay in school through after-school support and customised holiday programmes will be expanded to about 100 primary and secondary schools in the next few years. Prime Minister Lee Hsien Loong said on Wednesday (Nov 10) that around 13,000 students will benefit from this expansion, part of a fillip to a slew of programmes aimed at narrowing inequality at the starting gate. The scheme, known as the Uplift Enhanced School Resourcing programme, has been piloted in 23 schools since 2019, and has supported more than 2,000 students each year with their academic work and school attendance. The MOE said an additional four to five teachers will be deployed to each school in this programme, starting with another 24 schools from next year. Speaking at a virtual appreciation event for educators and community partners, Mr Lee said that results from the pilot have been encouraging, with improvements in students' attendance. More primary school pupils have enrolled in their school's student care centre, while secondary school students in the pilot now get along better with their classmates, he noted. While Si...

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BlocksOfTime Announces a Decentralized Time Capsule Built for the People

Tel Aviv, Israel, Nov 10, 2021 - (ACN Newswire via SEAPRWire.com) - BlocksOfTime announced on Tuesday, in preparation for its launch, that it will be releasing a decentralized time capsule. Built on the Tezos blockchain, BlocksOfTime will allow individuals to upload their personal stories on the blockchain for future generations to read. The goal of BlocksOfTime is to urge storytelling, share meaningful experiences and redefine what it means to build a legacy. All inputs are stored immutably and securely on the Tezos protocol. BlocksOfTime plans to roll out its V1 decentralized app (dApp) in Q4 2021. In this launch, it will have the ability to upload stories to the blockchain, in addition to a running feed of stories for all users to see. In V2, they will create a hash search feature and compatibility for photos and PDF's. Later on in their roadmap, they expect to create support for turning stories into NFTs, encrypted stories to open on a set date (like a real time capsule), and a DAO token for the community. "I'm very excited about the future for BlocksOfTime," said Adam Shinder, CEO. "We really believe that Tezos is the premier blockchain to host this project, as the ability to ...

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As China’s property crisis spreads, Beijing says there’s nothing to see

NEW YORK (NYTIMES) - When times were flush for the property developer China Fortune Land, it bought a trophy soccer club and recruited star athletes from Argentina. These days, the players with the club, Hebei F.C., are on indefinite leave because it cannot afford to keep the lights on. The developer is one of a growing number facing financial strain in China, challenging the narrative from Beijing that it can keep the country's corporate debt crisis under control while avoiding the disorderly collapse of its property giants. Global markets just weeks ago were fretting over the possible failure of China Evergrande Group, the world's most indebted property developer. Central bankers and financial figures considered the impact that its more than US$300 billion (S$404 billion) of unpaid debts would have on China's economy if Beijing stuck to its commitment not to provide a bailout. The tumult at Evergrande appeared to die down more recently after the company made payments on multimillion-dollar bonds. But its financial woes have already set off a broader panic that has contributed to a wave of defaults among other developers. And their troubles are mounting. Money is becoming harder t...

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Man who stabbed flatmate in heart convicted of murder, judge rejects ‘accidental’ defence

SINGAPORE - A 52-year-old man who stabbed his flatmate in the heart during a quarrel over rent was found guilty of murder on Tuesday (Nov 9) after the judge rejected his defence that he had accidentally inflicted the fatal wound. In convicting Mohammad Rosli Abdul Rahim, High Court Justice Dedar Singh Gill said: "The evidence, on the whole, shows beyond a reasonable doubt that the fatal stab wound was intentionally inflicted by the accused." The case was adjourned for sentencing arguments. Rosli faces the death penalty or life imprisonment, but prosecutors said they would not be objecting to a life term. Rosli had killed 35-year-old Mohammad Roslan Zaini, his co-tenant, in a flat in Teck Whye Crescent on Aug 16, 2017, while two acquaintances looked on. In his trial, he claimed that during a chaotic melee in the poorly lit flat, he "accidentally poked" the victim's chest when he was swinging the knife downwards because the victim moved forward. Justice Gill said: "The defence's case, however, is not borne out by the evidence and is inherently incredible." The judge said it was clear, from the forensic evidence and the testimony of one eyewitness, that the fatal stab wound was inflic...

$5,600 fine for man who pressed stop plunger to halt MRT train, assaulted security officer

SINGAPORE - A man who pressed an emergency stop plunger to halt an MRT train at Buona Vista station before assaulting a security officer was on Tuesday (Nov 9) fined $5,600. Clement Joshua Tan Teck Kim's antics caused delay to commuters as the train remained stopped for about two minutes. The Singaporean, now 49, had earlier pleaded guilty to one count each of being a public nuisance, assault and using criminal force on another man. Tan had dropped his mobile phone on the tracks as he was boarding a train at Buona Vista MRT station around 11am on Feb 29 last year. When he sought assistance, an SMRT station manager said he could only retrieve the phone the following day as train services could not be disrupted. Tan insisted that the services be stopped and the station manager alerted the police. Tan left the station when officers arrived, only to return around 3.50pm that day. He told SMRT employees that he needed his phone urgently as his baby had a fever and he had to speak to his girlfriend about the matter. They replied that train services could not be disrupted and that his situation was not an emergency. Despite this, Tan marched towards a station platform where the plunger is...

Fed warns of peril in run-up of risky asset prices, stablecoins

WASHINGTON (BLOOMBERG) - The United States Federal Reserve is warning that prices of risky assets keep rising, making them more susceptible to perilous plunges if the economy takes a turn for the worse, and cited stablecoins as an emerging threat. "Asset prices remain vulnerable to significant declines should investor risk sentiment deteriorate, progress on containing the virus disappoint, or the economic recovery stall," the Fed said in its twice-yearly Financial Stability Report released on Monday (Nov 8). The central bank also said stablecoin threats are growing, that fragility in China's commercial real estate sector could spread to the US if it deteriorated dramatically, and that "difficult-to-predict" volatility similar to this year's meme-stock frenzy could become more frequent as social media increasingly influences trading. While the Fed is sounding alarms about high asset prices, some economists have said the central bank's own policies are behind much of the surge. As Covid-19 struck the US in March last year, the Fed cut interest rates to near zero and began buying massive amounts of Treasuries and mortgage-backed securities, contributing to rallies for stocks and other...

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Beryl 8 Plus (SET: BE8) aims to become the leading digital transformation driver in ASEAN

BANGKOK, Nov 8, 2021 - (ACN Newswire via SEAPRWire.com) - Beryl 8 Plus PCL (SET: BE8), an end-to-end digital transformation expert, is launching an investment plan following its listing on the MAI, highlighting the growth potential of its shares in the tech industry with an eye on developing technological innovations and its own solutions. By joining forces local and foreign business partners, a strong foundation will be laid for the company to provide a comprehensive service offering that will help clients across all industries be ahead of digital disruption curve to grow and succeed. The company launched its international expansion plan with the opening of its office in Vietnam in 2019 to pursue greater growth opportunities and to become a leading digital transformation driver in ASEAN.Mr. Apisek Tewinpagti, Chief Executive Officer Beryl 8 Plus, whose shares hit the Market for Alternative Investment (MAI) under the Technology Industry Group with the symbol "BE8" on Nov. 8, 2021, said that BE8 is confident that the company's strong foundation in end-to-end digital transformation will make BE8 the technology stock to watch. Investors will be attracted by the company's plan to drive...

Embrace technology to improve development of sustainable infrastructure: Indranee Rajah

SINGAPORE - With more data, financing sources and better use of the right technology, it is now possible to plan, design, construct, upgrade and maintain all types of infrastructure so that they are more sustainable, said Minister in the Prime Minister's Office Indranee Rajah. Ms Indranee, who is also Second Minister for National Development and Finance, said that despite significant efforts by governments around the world to catalyse sustainable financing and investing, Covid-19 has strained already limited financial resources. "To ensure that the development of sustainable infrastructure continues to advance in tandem with population and economic growth, we need to prioritise projects and embrace technology to support growth areas that align with the trinity of national interests, regional needs and global trends." She was speaking on Monday (Nov 8) at the inaugural meeting of the Asia Sustainable Infrastructure Advisory Panel, which she chairs. The meeting of the international panel of experts provides a platform for the public and private sectors to exchange views on global trends and best practices on sustainable infrastructure in Asia. The meeting is being held in Singapore o...

S’pore law students create guide for donors to know charities better

SINGAPORE - Many of us donate to charity and likely want to do more but there is always one question eating away at us: Which one really deserves our hard-earned money? Even if you have a beneficiary in mind, there are the nagging doubts that your money will not really help those in need or that a large portion of the donation will go on the organisation's admin costs. 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.

How an employee came to control $1.6b Scholastic

(NYTIMES) - When her phone buzzed on June 6, Ms Iole Lucchese was still absorbing a shock that had come the day before. Her long-time boss M. Richard Robinson Jr, chairman and CEO of the Scholastic publishing company, had died suddenly while taking a walk. Now, Scholastic's general counsel Andrew Hedden was delivering a second surprise. He had called to inform her that the 84-year-old man - who turned his father's book and magazine business into the largest publisher and distributor of children's books such as Hunger Games and Harry Potter - had left Ms Lucchese 53.8 per cent of Scholastic's Class A stock. The company where she had worked for 30 years, rising from a junior employee in the Canadian market to one of its top executives, was now controlled by her. Being handed control of the company, which is valued at US$1.2 billion (S$1.6 billion), has made Ms Lucchese, 55, one of the most powerful women in book publishing, and the stock provides her - the daughter of a construction worker and a homemaker - with significant wealth. The gift also shifts the business, which had been passed from father to son, to a person outside the family and puts Scholastic in an extremely unusual po...

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CrowdEngine Launches the Most Customizable Investor Management Solution in the Commercial Real Estate (CRE) Industry

SALT LAKE CITY, UT, Nov 5, 2021 - (ACN Newswire via SEAPRWire.com) - CrowdEngine, the leading private-label JOBS Act investment crowdfunding platform, announced it's launching a new customization service so CRE firms can have a custom investment website with personalized dashboards and brand specific front-ends. In addition, CRE firms will also benefit from CrowdEngine's ability to support capital raises under any U.S. regulations, including Reg. D, Reg. S, Reg. A, and Reg CF."Offering investors online dashboards and reports, as well as being able to raise capital online, has become a 'must' for CRE firms who want to stay competitive in light of the pandemic, but current solutions are not customizable, so we've launched a CRE specific solution to take advantage of our unmatched customization capabilities and proven fundraising technology," said Jim Borzilleri, CEO of CrowdEngine. "Unlike other investor management software, CrowdEngine clients can customize 98% of the front-end, or if you don't have those capabilities, we can do it for you - and if you need specific reporting or dashboards, we can do that too," said Justin Turner, CTO. CrowdEngine can also build custom integrations ...

Mudslides off Bukit Batok Nature Park cliff ongoing for 2 months: Residents

SINGAPORE - Concerns about safety have emerged after frequent mudslides off the face of a cliff at Bukit Batok Nature Park were spotted by parkgoers and residents in the vicinity. A regular at the park, who wanted to be known only as Mr Tin, said he has observed mud falling down the cliff for close to two months in his twice-daily visits there. "Mud has piled up ever since," said the 75-year-old retired engineering manager. "I can even hear the sound at night from where I live," said the resident of a condominium at Hillview Avenue located about 600m away. "It can get a bit scary if a bigger chunk of mud comes down," he added, noting that some large boulders and trees growing on the cliff had also been dislodged. Mr Tin added that a smaller mudslide, which has since stopped, also occurred about two to three months ago at a nearby slope, closer to one of the transmitting towers of Bukit Batok Transmitting Station. "I'm worried if the mudslides will affect the tower." When The Straits Times visited the park at around 11.30am on Friday (Nov 5), a pile of sand-coloured mud could be seen at the foot of the cliff, which used to be part of a quarry. Large boulders and tree branches could ...

4 years’ jail for man who molested young boys on public buses

SINGAPORE - A 53-year-old man who molested two boys, aged 15 and 20, on public buses, was sentenced to four years' jail on Friday (Nov 5). Nooraman Mohd Noor pleaded guilty to two counts of outrage of modesty, and another two similar charges involving victims aged 12 and 18 were taken into consideration for sentencing. This is the sixth time he has been sentenced for outrage of modesty offences since 1997. In the last case before this, he was sentenced to two years and three months' jail in May 2019 for molesting a 31-year-old man on the MRT. On Friday, the court heard that on Jan 21, at around 6.30pm, his first victim, a 15-year-old secondary school student, boarded a bus and sat in the last row. Nooraman sat next to him and leaned towards the victim such that their arms were touching. He then groped the victim's groin area and touched him over his pants, positioning his hand in such a way that it was covered by his long-sleeved shirt. The victim stood up immediately and walked away. He later lodged a police report. Nooraman struck again less than a month later. On Feb 8, at around 5.15pm, he groped the groin area of a 20-year-old polytechnic student as they were boarding a bus at...

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NextPlay Announces a Request for Proposals for Its Upcoming Suite of Stable Coins

SUNRISE, FL, Nov 5, 2021 - (ACN Newswire via SEAPRWire.com) - NextPlay Technologies, Inc. (Nasdaq: NXTP), a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, announces it is seeking partners to power a suite of digital stable coins. NextPlay's suite of coins will be built on top of recently acquired enabling technologies from Token IQ Inc. and enabled by NextPlay's Longroot and NextBank units.The suite of coins will cover a broad array of assets including various fiat currencies across a group of crypto chains with the goal of maximizing both the fiat and digital currency interoperability. With this goal in mind NextPlay is soliciting information from technology, banking, exchange, and digital chain partners."We are seeking partnership with technology minded financial institutions and compliance minded crypto infrastructure providers throughout the world with a particular focus on Southeast Asia and Africa," said Mark Vange, NextPlay CTO.Initial use-cases for the stable coin span the breadth of NextPlay's operations including video game currency, in-game advertising, travel and travel-related offers as well as banking, investment and payment...