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Man roped in teen to help receive crime benefits in bank account; teen decided to keep cash for himself

aseanpr 27 9 月

4 minutes

SINGAPORE - A man who agreed to assist an alleged accomplice in obtaining a bank account to receive $10,000 in ill-gotten gains approached another friend in turn for help to do so. After receiving the $10,000, Kshan Pillai Ganesan Pillai's friend, Rufus Rakesh Kumar Kalaiselvan, now 19, decided to keep the money for himself instead. Pillai, a 22-year-old Singaporean, was on Monday (Sept 27) sentenced to 21 months' probation. As part of his probation, the full-time national serviceman must remain indoors from 10pm to 6 am every day and perform 60 hours of community service. His parents were bonded for $5,000 to ensure his good behaviour. Last month, Pillai pleaded guilty to one count each of dealing with the benefits of criminal conduct and instructing a man known as Emmanuel Raymond to give false information to a public servant. Rufus pleaded guilty on Sept 17 to one count of criminal breach of trust and will be sentenced on Oct 25. Emmanuel, 19, pleaded guilty in April to giving false information to a public servant. He was later sentenced to nine months' probation. Cases involving two others, Ravivarthan, 20, and Mahendra Sakkaravarthi Samraj Ahsockan, 34, are still pending. The ...

Is Decentralized Finance Safe? What You Should Know?

pandora 27 9 月

5 minutes

Estonia / SEAPRWire / September 27, 2021 / – It is understandable that many savers and investors, especially those new to digital assets, are unsure about the safety of decentralized finance (DeFi). Cryptocurrencies as a whole remain an innovative area of finance, and DeFi is a greater innovation still, albeit one that is rapidly growing in popularity. Users are naturally attracted to DeFi by the high, stable APYs available on investment strategies, particularly on stablecoins – cryptocurrencies pegged to fiat money, such as USD Coin (USDC) and USD Tether (USDT), both pegged to the US dollar. DeFi has the power to transform the way we interact with our finances, including the way we bank, borrow, lend, and so much more. But perhaps for some these APYs – often 10% or more – make DeFi look even more suspicious. How can a stable passive income of 10% or more per annum be safe and reliable? It is natural to be skeptical, especially when it comes to such a nascent area of the market. Though the DeFi segment has now grown to more than $100 billion in managed assets, it remains a small part of the crypto universe, with the overall cryptocurrency market cap sitting at nearly $2 trillion (a...

Hyundai scion Chung turns to leveraged buyouts for green impact fund

elean 27 9 月

5 minutes

SEOUL (BLOOMBERG) - In the world of finance, leveraged buyouts are sometimes seen as controversial - the domain of fictional villain Gordon Gekko from "Wall Street" - where firms borrow large sums of money to buy their targets. But Kyungsun Chung, a grandson of the Hyundai Motor empire founder Chung Ju Yung, is hoping to combine leveraged buyouts with his connections to some of Asia's most powerful clans to drive impact investments that generate a profit but also do environmental, social and governance good. Where most ESG funds try to use slightly cheaper loans or minority stakes and shareholder votes to encourage companies to get greener, Mr Chung's Singapore-based Sylvan Capital wants to buy control of established businesses to force change from within. It's aiming to close an inaugural US$400 million to US$500 million fund by next year, with more than half of that already committed from at least three regional conglomerates before official fundraising begins. It's an idea with few precedents that could help spark a new way to improve the environment and society faster. But with impact investments often coming with added risks, borrowing money to impose 'green' business ideas co...

Contractors may face contractual disputes, claims as Covid-19 legal respite ends

elean 27 9 月

6 minutes

SINGAPORE - Contractors in Singapore could face yet another hurdle next month, after the temporary relief period protecting them from claims and other legal proceedings expires. Lawyers told The Straits Times that there are signs of lawsuits brewing, with contractors preparing for contract disputes when the relief period under the Covid-19 (Temporary Measures) Act ends on Sept 30. As a result, companies that are financially weak could go under, with many small and medium-sized enterprises (SMEs) likely to face financial distress, said lawyer Keith Han, partner and co-head of the restructuring and insolvency practice at Oon & Bazul. This will likely affect major construction projects and the sector at large, although the extent of the impact will depend on the degree of forbearance exercised by creditors such as banks and financial institutions, he added. "At the very least, though, we may see some delays in projects caused by key sub-contractors going bust," said Mr Han. The construction industry has been hit hard by the Covid-19 pandemic, with many firms grappling with acute manpower shortages, rising construction costs and reduced cash flow. Up to this point in time, the temporar...

3 tips on managing money in a pandemic

elean 26 9 月

6 minutes

(NYTIMES) - Maybe you lost your job. Maybe your hours were cut. Or maybe you had to take over caregiving responsibilities. If your income fell precipitously in the past 18 months - even if things have become better - it is an uncertain time. High inflation in some sectors does not help, and neither do rising housing costs. Yet jobs - though maybe not the ones that hotel and restaurant workers, theatre people and small business owners had before - have been increasingly available in many parts of the country, though job growth has slowed recently. No two situations are exactly alike, but when you have been on edge - emotionally and financially - for this long, it is especially important to conduct three types of check-ins. First, find another human to talk to who has seen more (and hopefully knows more) than you. Then, do a quick nuts-and-bolts audit of your financial standing. Finally, check in on your feelings - which can influence how you plot a recovery from a pandemic that has permanently expanded our understanding of what qualifies as a volatile industry. 1. Everyone can use a good financial planner They are a reliable source of guidance, but you may not be able to afford one ...

Key car show in Europe goes green

elean 26 9 月

5 minutes

MUNICH (NYTIMES) - Before the pandemic, German car shows looked like this: Automakers competed to occupy the most floor space. Gleaming new models were unveiled to the accompaniment of cheesy light shows. Throngs of mostly male visitors ogled displays of the latest in horsepower and luxury from Wolfsburg, Munich and Stuttgart. But the throngs had been thinning out even before the pandemic brought mass gatherings to a halt. Europe's first major car show in two years, which opened in Munich recently, looks like this: The latest models are being exhibited in outdoor plazas rather than expensive pavilions. Serious discussions on topics such as autonomous driving have replaced light shows. And bicycles are on display. (Yes, bicycles.) What used to be known as the Frankfurt International Motor Show has moved to Munich and been rebranded IAA Mobility. (IAA stands for Internationale Automobil Ausstellung, or International Automobile Exhibition.) All forms of transportation are now welcome, regardless of their propulsion methods. The German Association of the Automotive Industry, which organises the show every two years, is responding to changes in technology as well as the increasing aware...

First RSAF women aircrew for F-15SG fighter jet take part in exercise in US

aseanpr 25 9 月

5 minutes

SINGAPORE - One has always dreamed of being a fighter pilot, while the other's interest in the air force was sparked by the fighter jets that fly on National Day. While fighter pilot Captain (CPT) Julie Lim and weapon systems officer Lieutenant (LTA) Hannah Teo did not join the air force by accident, ending up in the same F-15SG cockpit was more fortuitous. They are the first women fighter aircrew duo to fly the Republic of Singapore Air Force (RSAF) multi-role combat fighter together. In April this year (2021), both were posted to the RSAF's Peace Carvin V detachment in the city of Mountain Home, Idaho, in the United States, where they took part in the biennial integrated strike drill Exercise Forging Sabre. The drill started on Sept 14 and ends on Saturday (Sept 25). Asked if there was a deliberate plan to put them together, CPT Lim demurred. Both women started their aircrew training in 2016. "I think we just happened to be at the same place at the same time. "We started our training three courses apart, but because of the duration of the courses, we ended up graduating and getting posted to 142 Squadron at the same time," she said. Fighter pilots can operate with different weapo...

As US debt default looms, Yellen faces her biggest test yet

elean 24 9 月

7 minutes

WASHINGTON (NYTIMES) - When Janet Yellen was Federal Reserve chair in 2014, she faced a grilling from Republicans about whether the federal government had a plan if the nation's borrowing limit was breached and measures to keep paying the country's bills were exhausted. Ms Yellen, appearing at a congressional hearing, outlined a dire scenario in which financial institutions might try to make payments that they could not cover, because the Treasury Department was out of money, leading to a cascade of bounced checks. She pushed back against the notion held by some Republicans that an economic meltdown could be averted, warning that there was no secret contingency plan. "To the best of my knowledge, there is no written-down plan," Ms Yellen said at the time, adding that it was beyond her remit at the Fed. "That's a matter that is entirely up to the Treasury." Fending off such a calamity is now squarely the responsibility of Ms Yellen, who is confronting the biggest test she has faced in her eight months as US President Joe Biden's treasury secretary. Mr Biden chose Ms Yellen to help steer the economy out of the pandemic downturn. But in the face of congressional dysfunction, she has b...

Evergrande bondholders seek clarity on payments after hope fades on Thursday deadline

elean 24 9 月

5 minutes

HONG KONG (REUTERS) - Evergrande US dollar bondholders were still waiting for information about a key interest payment due Thursday (Sept 23) but the property developer was instead expected to provide more clarity in the coming month, a source familiar with the situation said. China Evergrande Group's payment obligations have captured global attention in recent weeks as fears have spread that its difficulties could pose systemic risks to China's financial system and possibly to other markets. Evergrande resolved one coupon payment on a Shenzhen-traded bond earlier in the week but was due to pay US$83.5 million (S$112.6 million) in interest on a US$2 billion offshore bond on Thursday and also has a US$47.5 million dollar-bond interest payment next week. Both offshore bonds would default if the company, which has outstanding debt of US$305 billion, fails to settle the interest within 30 days of the scheduled payment dates. Some holders had given up hope of getting a coupon payment on the US$2 billion offshore bond by Thursday, a source familiar with the matter said. A holder of the US dollar bond said that they had not received payment as of the close of Thursday in Asia. As the clos...

Evergrande debt troubles seem particular to China: US Fed chief

elean 23 9 月

2 minutes

WASHINGTON (REUTERS, BLOOMBERG) - United States Federal Reserve chair Jerome Powell said on Wednesday (Sept 22) that the debt problems of property developer Evergrande seem particular to China and that he did not see a parallel with the US corporate sector. A potential default by Evergrande, Asia's biggest junk bond issuer, drove a steep sell-off on Wall Street and widened spreads on US high-yield bonds on Monday, although markets have steadied since then. "In terms of the implications for us, there's not a lot of direct United States exposure. The big Chinese banks are not tremendously exposed, but you would worry it would affect global financial conditions through global confidence channels and that kind of thing," Mr Powell told reporters after the Fed's policy meeting. "But I wouldn't draw a parallel to the United States corporate sector." He added that with the onset of the coronavirus pandemic last year, the Fed was concerned about a wave of defaults by highly leveraged companies, noting that did not materialise to a significant extent because of the US Cares Act and action by the central bank. Currently, corporate default rates are "very, very low", he said. As for Evergrand...

US stocks rally on Evergrande assurances, Fed decision

elean 23 9 月

2 minutes

NEW YORK (AFP) - Wall Street stocks advanced on Wednesday (Sept 22) following reassurances from China's Evergrande over its finances, while the Federal Reserve kept interest rates low, as expected. The embattled Chinese property titan said it had agreed to a deal with domestic bondholders that should allow it to avoid missing one of its interest payments, somewhat mollifying a major source of market angst this week. Worries about the fallout from an Evergrande failure had slammed stocks on Monday. Later, the Fed kept interest rates low, while adding that it may nonetheless "soon" be ready to begin removing stimulus it provided during the pandemic. The Dow Jones Industrial Average finished up 1 per cent at 34,258.32. The broad-based S&P 500 gained 1 per cent to finish at 4,395.64, while the tech-rich Nasdaq Composite Index also won 1 per cent to close at 14,896.85. National Securities chief strategist Art Hogan attributed the rally to the better Evergrande news, saying, "it feels like we've reconciled that Evergrande is not going to be the start of a financial crisis". Mr Hogan said investors are not especially worried about the building debate in Washington over raising the debt ce...

US Fed says may ‘soon’ be time to remove stimulus

elean 23 9 月

2 minutes

WASHINGTON (AFP) - The Federal Reserve said on Wednesday (Sept 22) that increasing Covid-19 cases have slowed the United States' economic recovery, but it may nonetheless be ready to "soon" begin to remove stimulus. The economy has healed to the point that the central bank may slow the pace of its massive monthly bond purchases "if progress continues broadly as expected", the policy setting Federal Open Market Committee (FOMC) said in a statement after concluding its two-day meeting. When the pandemic hit the country in March last year, the Fed slashed its benchmark interest rate and began buying bonds and other securities to ease lending conditions and ensure the financial system would not seize up. Fed chairman Jerome Powell has signalled that the start of the taper process could begin before the end of the year, but an increase in the key borrowing rate would not come until later. But in their quarterly forecasts, more members of the committee now see at least one interest rate hike next year, and as many as three in 2023. That tightening would come amid rising prices, as the median inflation forecast is now 4.2 per cent for the year, even as their growth outlook was cut to just...

ITE murder: Retiree who stabbed ex-wife sentenced to life imprisonment

aseanpr 22 9 月

4 minutes

SINGAPORE - A retiree who stabbed his former wife to death in a carpark at the Institute of Technical Education (ITE) College Central campus was sentenced to life imprisonment on Wednesday (Sept 22). Seet Cher Hng was convicted of a reduced murder charge last week, after he indicated that he would not be contesting the charge. The 69-year-old had been demanding money from his former wife, Ms Low Hwee Geok, 56, before the incident. He believed the money was due to him after their divorce. The High Court heard that he had even engraved on a knife dates on which he believed he had caught her having an affair. The knife was one of three that he took along with him when he ambushed Ms Low at the Ang Mo Kio campus and confronted her inside her car at about 7.30pm on July 19, 2018. A struggle ensued and as she tried to get away from him, he stabbed her eight times. He then stabbed himself 13 times on his upper torso and collapsed on top of her. It was revealed in court that he told passers-by "let me die, don't save me". A forensic pathologist said each of the three wounds to Ms Low's left upper chest, left mid-back and left lower back was sufficient to cause death. He was initially charg...

Spritzer Joins Hands with NGOs and Pledges Aid for Vulnerable Groups Affected by COVID-19

pandora 22 9 月

2 minutes

The Company, which turns 32, affirms commitment to help communities in distress KUALA LUMPUR, Sept 21, 2021 – (ACN Newswire) – Spritzer Malaysia (“Spritzer” or the “Company”), which produces Malaysia’s best-selling natural mineral water, is committed to the wellbeing of the community and has endeavoured to send aid to the vulnerable and less privileged in society during these challenging times brought on by the COVID-19 pandemic. It is especially poignant for Spritzer as the Company turns 32 today, that the best way of celebrating another milestone in its corporate journey is to continue the commitment to support fellow Malaysians, especially those who have been marginalised by society and lack the basic necessities such as food, shelter or even safe drinking water. Spritzer Malaysia recognises that the pandemic has been especially hard on those in the Bottom-40 income bracket, the Orang Asli, the homeless and those living in rural areas. The Company escalated its community outreach programme in April 2021 by working through non-governmental organisations (“NGOs”) to send them aid in the form of clean drinking water amid the third wave of the COVID-19 pandemic. The Company has, to-...

Bitcoin swept up in global sell-off sparked by Evergrande

elean 21 9 月

4 minutes

NEW YORK (BLOOMBERG) - Cryptocurrency prices slumped as a broad sell-off sparked by worries about contagion from China Evergrande Group swept through global markets. Bitcoin was down 8.1 per cent to trade around US$43,743 as of 5.11pm in New York. It had dropped as much as as 10.7 per cent earlier, which pushed it below US$43,000 and to its lowest level since the beginning of August. Ether briefly dropped below US$3,000. Popular DeFi tokens some of the biggest declines: Cardano fell more than 10 per cent over the last 24 hours, as did Dogecoin, while Polkadot lost roughly 16 per cent, according to CoinMarketCap.com. The losses mirrored the action in the broader market as global investors weighed the risks coming from Evergrande's debt woes and this week's Federal Reserve meeting. The S&P 500 fell 1.7 per cent in its worst session since May, while European equities tumbled the most in more than two months. "Some have attributed the sudden dip to the currently ongoing Evergrande situation in China which has already caused turmoil in traditional markets," wrote Jonas Luethy, a sales trader at GlobalBlock, the UK-based digital asset broker. "Analysts have suggested a choppy week is ahe...

Wall Street ends sharply lower in broad sell-off

elean 21 9 月

2 minutes

NEW YORK (REUTERS) - Wall Street plunged on Monday (Sept 20) as fear of contagion from a potential collapse of China's Evergrande prompted a broad sell-off and sent investors fleeing equities for safety. The Nasdaq fell to its lowest level in about a month, and Microsoft, Alphabet, Amazon.com, Apple, Facebook and Tesla were among the biggest drags on the index as well as the S&P 500. All 11 major S&P 500 sectors were lower, with economically sensitive groups like energy down the most. Investors also were nervous ahead of the Federal Reserve's policy meeting this week. The banking sub-index dropped sharply while United States Treasury prices rose as worries about the possible default of Evergrande appeared to affect the broader market. "You kind of knew that when there was something that caught markets off guard, that it was going to lead to probably a bigger sell-off and you didn't know what the reason would be," said senior global market strategist Sameer Samana at Wells Fargo Investment Institute. "I guess it's the China news but... it's not altogether surprising given how bullish people were." Wednesday will bring the results of the Fed's policy meeting, where the central bank i...

Resiliency and optimism shine through in Vietnam across the video industry

indie 20 9 月

4 minutes

HANOI, Vietnam, Sep 20, 2021 - (ACN Newswire via SEAPRWire.com) - The Asia Video Industry Association hosted its country-focused virtual conference, Vietnam in View, on 8 September, to over 320 international and local speakers and delegates, sharing great optimism in a country that has arguably proven itself as one of the more resilient economies in Southeast Asia.The conference opened with a presentation on the State of the TV and Video Industry in Vietnam by Vu Tu Thanh, Consultant, AVIA, and Deputy Regional Managing Director & Representative, US-ASEAN Business Council. Over the last 3 years, Vietnam has seen significant developments with a completion of full digitalisation of its free-to-air (FTA) broadcast infrastructure. Competition was seen to be growing at all levels, between telcos and pay TV operators and between domestic industry and foreign services. Coupled with the fast development of OTT platforms, and with over 26 million television households almost all having access to TV and video, it has become a very promising market for the industry. In terms of revenue share, cable is still dominant, and by far the biggest revenue earner at almost US$300 million in 2020, u...

Probation not recommended for S’porean at UK uni who took voyeuristic videos of women: Prosecutor

aseanpr 20 9 月

3 minutes

SINGAPORE - Probation is not recommended for a Singaporean student from a top British university who filmed multiple women at various places here, a district court heard on Monday (Sept 20). The prosecution told this to the court after the offender was earlier assessed, including by a probation officer, for his suitability for probation. On July 29, the man, 23, had pleaded guilty to seven counts of insulting the women's modesty and an offence under the Films Act. On Monday, defence lawyer Kalidass Murugaiyan told the court that he had some questions for the probation officer and psychologist who attended to the offender. The lawyer told District Judge Tan Jen Tse he wanted to know how the risk assessment was undertaken. The offender, who cannot be named due to a gag order, is now out on bail of $20,000. His pre-trial conference will be held on Oct 18. During the earlier proceeding on July 29, the court heard that the clips he recorded involved 11 identified women and one unknown victim. Deputy Public Prosecutor (DPP) Foo Shi Hao then applied to the court for the gag order on his identity to be lifted, noting that the victims were unanimous in supporting the move. The gag order had...

Younger, fully vaccinated Covid-19 patients should recover at home amid strained hospitals: Ong Ye Kung

aseanpr 19 9 月

3 minutes

SINGAPORE - While the overall intensive care unit (ICU) capacity is holding up, Singapore healthcare system's Accident and Emergency (A&E) departments, as well as general wards, are "coming under pressure", Health Minister Ong Ye Kung said on Sunday (Sept 19). "Our hospitals and healthcare workers cannot be overburdened. At this point, this is MOH's biggest challenge and we are doing our best to solve this," Mr Ong said in a Facebook post, adding that this is why younger, fully vaccinated people are being encouraged to recover at home. His comments come a day after the Ministry of Health (MOH) said some public hospitals here have been experiencing a surge in patients who have rushed to their A&E departments with mild respiratory infection symptoms. Although MOH did not specify which hospitals it was referring to, public hospitals had put up announcements last week alluding to the situation. Last Tuesday, Singapore General Hospital put up a Facebook post saying it was seeing a high number of patients at its emergency department, and said priority would be given to the critically ill. "If your condition is not critical, please seek medical attention at a general practitioner (GP) or ...

Concrete proposals to tackle women’s issues to be presented in early 2022: PM Lee

aseanpr 18 9 月

4 minutes

SINGAPORE - A White Paper with "concrete proposals" to tackle issues concerning women will be presented in Parliament early next year, Prime Minister Lee Hsien Loong said on Saturday (Sept 18). The Government will study the views it has received on issues brought up during a year-long review of issues concerning women to develop and implement these proposals, he said. PM Lee was speaking at the closing session of Conversations on Singapore Women's Development, where he outlined three broad areas in which Government policies and programmes can help level the playing field for women. These are: more equal workplace opportunities, more caregiver support and increased protection for women, both physically and online. In addition, a garden at Dhoby Ghaut Green will be dedicated to the women of Singapore to honour and celebrate their pioneering spirit and contributions, said PM Lee. The proposal was put forward by the Singapore Council of Women's Organisations (SCWO), and includes the naming of public spaces such as gardens and roads to reflect the central role that Singapore women have played in society and nation. The Conversations on Singapore Women's Development initiative was launch...

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