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Proposed law seeks to counter foreign interference in S’pore politics, measures include take-down and blocking orders

aseanpr 13 9 月

4 minutes

SINGAPORE - A proposed law will give the authorities new powers to counter foreign attempts to influence domestic politics, incite social tensions or sway key national decisions. The Foreign Interference (Countermeasures) Bill, which was introduced in Parliament on Monday (Sept 13), will provide the Government with a range of tools - including powers to compel Internet and social media service providers to disclose information on users, remove online content and block user accounts - to counter these hostile actors. The proposed law will strengthen Singapore's ability to prevent, detect and disrupt foreign interference in its domestic politics conducted through hostile information campaigns and the use of local proxies, said the Ministry of Home Affairs (MHA). Individuals and groups directly involved in Singapore's political processes will also be designated as politically significant persons (PSPs), who will be subject to measures to mitigate the risk of foreign interference, should the law come to pass. It will require political parties, politicians, election candidates and their election agents to declare any foreign affiliation. In a statement on the Bill, the Ministry noted th...

Singapore furnishing firms flourish in Africa

elean 13 9 月

1 minute

SINGAPORE - Firms that deal with furnishings and paints have reaped gains from forays into Africa. SMJ Furnishings, which started in Singapore in 1988, participated in a trade mission to Ghana and Cote d'lvoire in 2016 that generated opportunities. 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.

The new normal of hybrid work

elean 12 9 月

4 minutes

(BLOOMBERG) - Working from home around one day a week will boost productivity by 4.8 per cent as the post-coronavirus economy takes shape, according to a recent study of more than 30,000 US employees. Much of that one-off increase is projected to come from reduced commuting time, a factor not usually captured by economists. The transformation will deliver enduring benefits, according to Dr Steven Davis of the University of Chicago, who studies the evolving workplace and was one of the authors of the productivity study. The "positive consequences will be there indefinitely", he said. The clues were there even before Covid-19. In 2013, a landmark study by Stanford University found working from home boosted productivity by 13 per cent. For all the optimism surrounding these tectonic shifts, some economists strike a note of caution. While recent research from the Federal Reserve Bank of San Francisco acknowledges that sweeping changes to the way people do business could boost efficiency, it warns against reading recent gains in productivity numbers as due to more home-working, citing data distortions. Even the Bank of England accepts that hybrid meetings "may be more challenging". A ma...

Making a beeline for the office hive

elean 12 9 月

5 minutes

(NYTIMES) - Investment company Nuveen has spent US$120 million (S$161 million) renovating its office tower in midtown Manhattan, overhauling the lobby, devoting the second floor to amenities and refurbishing a 22nd-floor terrace. And the finishing touch? Two beehives on a seventh-floor terrace. All these are done with the hope of getting workers back to their office. Office workers who were sent home during pandemic lockdowns often sought refuge in nature, tending to houseplants, setting up bird feeders and sitting outdoors with their laptops. Now, as companies try to coax skittish employees back to the office and building owners compete for tenants when vacancy rates are soaring, many have hit on the idea of making the office world feel more like the natural world. Some of the more unusual nature-themed offerings include "treehouse" lounges and vegetable plots that let desk workers dig in the dirt. Beekeeping programmes - complete with honey tastings and name-your-queen contests - are, ahem, all the buzz. One upcoming project in Texas will include a bird blind, letting workers peek out at other winged creatures. "There's a lot more focus on amenities and how to make an office bett...

Construction firm Samwoh to face charges for unauthorised drainage works that caused Pasir Ris flood

aseanpr 11 9 月

6 minutes

SINGAPORE - National water agency PUB will be taking action against construction firm Samwoh for unauthorised drainage works that caused a prolonged flood in Pasir Ris last month. The junction of Tampines Avenue 10 and Pasir Ris Drive 12 is not flood-prone, but Samwoh's actions led to a flood that stranded cars and motorists for almost two hours on Aug 20, PUB said on Saturday (Sept 11). It will be filing charges against Samwoh under the Sewerage and Drainage Act. Those found guilty may be fined up to $50,000 for works affecting the storm-water drainage system, and up to $20,000 for unauthorised alteration of the system. A 200m section of the traffic junction was affected, with knee-high water in some places. Thirteen vehicles were partially submerged and several motorists required help to evacuate their vehicles. At least one person was taken to hospital. The flood persisted for almost two hours - an unusually long event, as most flash floods in Singapore subside within about 30 minutes. PUB said in a statement that the drainage system there was "more than adequate to cope with the rainfall intensity" on that day. Water is channelled to Sungei Api Api, a canal about 1km from the f...

S’pore’s laws help prevent terror attacks like supermarket stabbing in New Zealand: Shanmugam

aseanpr 10 9 月

4 minutes

SINGAPORE - Singapore's laws have enabled the authorities to act quickly on cases of suspected radicalisation and prevent terrorist attacks like the recent stabbing in New Zealand, said Law and Home Affairs Minister K. Shanmugam. The Internal Security Act (ISA) allows law enforcement to detain people at an early stage as they are thinking of or planning attacks, he noted, adding that it also gives such suspected radicals better prospects for rehabilitation. Speaking to reporters on Friday (Sept 10), he said there have been many serious terror incidents in various regions in the 20 years since the terror attacks in the United States on Sept 11, 2001. Every country handles the threat of terrorism differently, and Singapore's approach is based on a few key fundamentals, he added. The minister listed good intelligence, a zero-tolerance approach towards violent extremism and strong inter-communal relations, as well as the ISA, as factors that help Singapore deal with the limited number of radicalised cases that emerge. He brought up the terror attack in the city of Auckland last Friday (Sept 3), where police shot and killed a violent extremist after he stabbed and wounded at least six p...

Tencent leads $80.6 billion loss as China’s gaming crackdown expands

elean 10 9 月

4 minutes

HONG KONG (BLOOMBERG) - Tencent Holdings and Netease shed more than US$60 billion (S$80.6 billion) of value as investor fears grow that Chinese regulators are preparing to tighten their grip dramatically on the world's largest gaming industry. Chinese regulators summoned industry executives to a meeting on Wednesday (Sept 8) to instruct them to break their "solitary focus" on profit and prevent minors from becoming addicted to games, according to the official Xinhua News Agency. Regulators also said China will slow down approvals for all new online games, the South China Morning Post reported on Thursday. The newspaper corrected an earlier report that said China had put a freeze on game approvals. Tencent's American depositary receipts (ADRs) then recovered some of their losses, closing 2.8 per cent down after falling as much as 5.2 per cent. Netease's ADRs finished 2 per cent lower after sliding as much as 6.9 per cent. Investors are already on edge because of a months-long government campaign to rein in industries from e-commerce and ride-hailing to social media. Xinhua made no mention of the approval suspension. Chinese President Xi Jinping's administration is waging a concurren...

What Xi means by ‘disorderly capital’ is $2 trillion question for investors

elean 10 9 月

5 minutes

SHANGHAI (BLOOMBERG) - If nothing else, Chinese President Xi Jinping is known for his pursuit of order. So how far the Chinese President's attack on the "disorderly expansion of capital" will go has emerged as a defining question for investors trying to navigate the country's wave of regulatory crackdowns. Since first appearing in a Politburo readout in December, the phrase has been employed by government agencies and researchers to explain actions against technology moguls, celebrities and private tutors that fueled a US$1.5 trillion (S$2 trillion) stock rout last month. The slogan, like "common prosperity", is among several Xi-isms feeding concerns that China is tilting away from free markets and back toward more ideologically driven centralised planning. Its meaning, however, is even more mysterious than its egalitarian-sounding cousin. The exact words "disorderly expansion of capital" have appeared only five times in documents directly connected with Mr Xi, according to a Bloomberg News review of nine years of the leader's speeches and meetings. All mentions came in the past 10 months. The phrase has appeared at least 38 times in the People's Daily newspaper, the Communist Part...

US stocks fall again in ‘exhausted’ market

elean 10 9 月

2 minutes

NEW YORK (AFP) - Wall Street stocks ended lower again on Thursday (Sept 9) as markets weighed better employment data against uncertainty over United States monetary policy and US President Joe Biden's infrastructure package. US jobless claims dropped for a second straight week, hitting a new pandemic low and getting closer to their level before Covid-19 broke out. Meanwhile, the European Central Bank (ECB) said it would slow the pace of its massive monthly bond purchases and lifted its growth forecast for this year. Though not a taper, the move is "an indication that the European Central Bank is beginning the process of lowering the level of accommodation," said Mr Tom Cahill, portfolio strategist at Ventura Wealth Management. The ECB move underscores questions about the Federal Reserve's plans to scale back asset purchases at a time when there is already uncertainty about congressional action on Biden's infrastructure plan. "The market is really, really extended, and I think it's exhausted," Mr Cahill said. "It's looking for some kind of a catalyst right now." The Dow Jones Industrial Average dropped 0.4 per cent to 34,879.38. The broad-based S&P 500 declined 0.2 per cent to 4,493...

Jail, caning for teacher who made former pupil his ‘godson’ and later molested him

aseanpr 9 9 月

3 minutes

SINGAPORE - A male teacher who made a former pupil his "godson" and later molested the boy during a sleepover was jailed for 2½ years on Thursday (Sept 9). The man, 36, was also sentenced to three strokes of the cane. He was earlier found guilty of two counts of molestation and another charge of attempted molestation after a trial. Details about the man, the boy and the school cannot be revealed because of a gag order protecting the victim's identity. The man has been suspended from service since July 2017 and no longer teaches in any school. He used to be the victim's Primary 6 form teacher and taught English, mathematics and science in 2016. The court had earlier heard that he and his victim had a "normal teacher-student relationship" at the time. But they also met outside the school three times that year. They grew closer after the release of the boy's Primary School Leaving Examination results. He had gone to the victim's home to help the child with selecting a secondary school. The court also heard that the boy had been raised by a single mother and he never had a father figure before the teacher came into his life. The boy agreed to become the teacher's godson in early 2017 a...

S’porean businessman sentenced to 3 years and 10 months’ jail for funding terrorist acts in Syria

aseanpr 9 9 月

5 minutes

SINGAPORE - A Singaporean businessman gave a Malaysian man cash totalling over $1,000 to facilitate the latter's journey to Syria to become a fighter for the Islamic State in Iraq and Syria (ISIS). Mohamed Kazali Salleh, now 51, who committed the offences in 2013 and 2014, was on Thursday (Sept 9) sentenced to three years and 10 months' jail. He admitted to two charges under the Terrorism (Suppression of Financing) Act involving RM1,000 (S$385) and US$351.75 (S$450). A third charge under the same Act linked to another RM500 was considered during sentencing. The Straits Times understands that this case marks the first time someone was prosecuted in Singapore for financing the travel of an individual to a foreign country to become or train to become a terrorist. Some time in 2009, Kazali went to Malaysia and befriended a Malaysian man identified as Wan Mohd Aquil Wan Zainal Abidin, also known as Akel Zainal. Akel also used to be a member of 1990s Malaysian rock band Ukays. Deputy Public Prosecutors Edwin Soh and Andrew Chia stated in court documents: "During this trip, Akel told the accused about his religious views, as well as his Jewish conspiracy theory - that the Jews wanted to c...

US stocks drop as more companies report supply chain woes

elean 9 9 月

2 minutes

NEW YORK (AFP) - Wall Street stocks ended lower on Wednesday (Sept 8) on worries over the economic hit from the latest coronavirus wave and as more large companies reported supply chain problems amid the pandemic. A report from the Federal Reserve said economic growth "downshifted slightly" in July and August amid shortages of workers and materials and as the Delta variant caused an uptick in Covid-19 cases. Also Wednesday, John Williams, president of the Fed's New York branch, cautioned in a speech that "a full recovery from the pandemic will take quite some time to complete." The Dow Jones Industrial Average dropped 0.2 per cent to finish trading at 35,031.07. The broad-based S&P 500 slipped 0.1 per cent to close at 4,514.07, while the tech-rich Nasdaq Composite Index fell 0.6 per cent to 15,286.64. More US companies pointed to persistent problems with supply chains that have led to shortages of key materials and pricing pressure. Sherwin-Williams fell 2 per cent after the paint company cut its third-quarter sales forecast due in part to a shortage of some raw materials linked to outages from Hurricane Ida, making it hard for the company to meet strong demand. And homebuilder Pul...

US growth ‘downshifted’ amid labour, supply shortages, says Fed

elean 9 9 月

2 minutes

WASHINGTON (AFP) - US economic growth "downshifted slightly" in July and August amid shortages of workers and materials, as well as concerns about the rise of the Delta variant of Covid-19, the Federal Reserve said on Wednesday (Sept 8). The slowdown was largely due to "a pullback in dining out, travel and tourism in most districts, reflecting safety concerns due to the rise of the Delta variant," according to the Fed's "beige book" report. Activity declined in some areas of the country due to labour issues and "pervasive resource shortages" that also were driving up prices, the report said. Sales of autos and homes in the world's largest economy were depressed by low inventory, while retail sales growth slowed, but construction rose modestly, the report said. The analysis, prepared in advance of the Fed's next policy meeting on Sept 21-22, said contacts in most districts "remained optimistic about near-term prospects, though there continued to be widespread concern about ongoing supply disruptions and resource shortages." The rapid reopening of businesses following the pandemic shutdowns has posed a challenge for global shipping and raw materials, including a worldwide semiconduct...

Duiba’s Surprising 1H2021 Turnaround Supporting Bank SaaS Operations

indie 8 9 月

6 minutes

HONG KONG, Sep 8, 2021 - (ACN Newswire via SEAPRWire.com) - Duiba Group (Hong Kong) Ltd, the well-known platform provider of management software, and interactive advertising platform operator founded by Xiao Liang Chen in 2014 and headquartered in Hong Kong, released its interim financial report on August 27, for the First Half 2021. According to the report, Duiba (HKG:01753) recorded total revenues of RMB720 million, representing an increase of 53.82% from a year earlier, with profit attributable to owners of RMB62.804 million, representing a significant increase from a loss of RMB47.839 million in the First Half of 2020. Significantly, Duiba recorded revenues on Software as a Service (SaaS) user management processes of RMB68.56 million, representing a sharp increase of 142%. We could guess from the report that Duiba achieved strong First Half 2021 financial results with its existing strategies. But what of Duiba's potential future development?Getting through tough times to turn around poor profitabilityFounded in May 2014, Duiba is a SaaS user management systems provider and interactive advertising platform operator committed to providing enterprise customers with user acquisitio...

Covid-19 pandemic opens doors for firms to shape fairer, greener, more inclusive future: Finance Minister Lawrence Wong

aseanpr 8 9 月

5 minutes

SINGAPORE - Two years ago, like many people around the world, Finance Minister Lawrence Wong had not heard of video-conferencing app Zoom. He preferred to meet people for discussions and scoffed at the idea of having virtual meetings, he said. Yet today, nearly all his work meetings are conducted online. "I've found them to be equally effective in getting things done. I'm sure many of you share a similar experience," he told a group of corporate leaders on Wednesday (Sept 8). Speaking on the theme of Asia's Renaissance: The New Era Of Recovery And Reopening at the Singapore Institute of Directors Conference, Mr Wong added that traditional barriers to digital adoption are falling, especially in industries that were slow to adapt before. This will likely speed up digital transformation in sectors such as energy, construction and other domestic services, where there are still many opportunities for digital solutions to generate new value and productivity gains, he said. He added that Covid-19 is likely to become yet another endemic disease that people will have to learn to live with, such as chicken pox and influenza. "So we can't talk about post-Covid-19 anymore because Covid-19 will...

Bitcoin drops to lowest in month as El Salvador roll-out falters

elean 8 9 月

4 minutes

NEW YORK (BLOOMBERG) - Bitcoin plunged as much as 17 per cent to its lowest level in a month as El Salvador's crypto roll-out got off to a rocky start. The largest cryptocurrency fell as low as US$43,050 in New York on Tuesday (Sept 7), tumbling more than 10 per cent in the course of an hour, before recouping about half the losses. The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital tokens, lost as much as 19 per cent at one point. "Mystery selloffs, or selloffs where a legitimate reason is only found a significant while later are much more common in crypto than in other asset classes," said Stephane Ouellette, chief executive and co-founder of FRNT Financial. "The market remains far more opaque and global than most if not all other notable asset classes." The swiftness of the plunge was likely accelerated as more than 336,000 traders had their accounts liquidated over the past 24 hours, equal to around US$3.6 billion (S$4.85 billion) worth of crypto, according to data from Bybt, a crypto futures trading and information platform. The retreat comes as Bitcoin faces one of its biggest test in its 12-year history as El Salvador became the first country to adopt...

S’pore cannot rely solely on vaccines to fight Covid-19 Delta variant, says NCID director

aseanpr 7 9 月

7 minutes

SINGAPORE - When it comes to the Delta variant of Covid-19, one thing has become clear: Vaccination is not enough. This means Singapore cannot let up in its fight against the disease, said Professor Leo Yee Sin, executive director of the National Centre for Infectious Diseases (NCID). "If I did 100 per cent in 2020, this year I have to do 200 per cent - because that is what the Delta variant demands of us," she told The Straits Times in an interview to commemorate the centre's second year of operations. "We cannot solely rely on vaccines." In other words: Keep your mask on, hands clean and guard up, even if you have been vaccinated against Covid-19. Three characteristics make the Delta variant - which accounts for 99.6 per cent of the 1,100 community cases the NCID has treated this year - more contagious than its wild-type predecessor, Prof Leo said. First, infected people emit larger quantities of the virus. International studies have shown that the Delta strain can better attach to a person's upper respiratory tract, making it more easily transmitted to others. And it has a reduced incubation period of three to five days, meaning it can be passed to others more quickly. If the ou...

The Online Citizen repeatedly fails to declare all its funding sources: IMDA

aseanpr 7 9 月

4 minutes

SINGAPORE - The Online Citizen (TOC) has repeatedly failed to declare all its funding sources for last year despite reminders and extensions, and it has been asked to explain its non-compliance, the Infocomm Media Development Authority (IMDA) said on Tuesday (Sept 7). TOC has informed IMDA that it does not intend to comply with its obligations under the law, IMDA said, adding that it may take "appropriate enforcement action" if TOC is unable to provide good reasons for its non-compliance. It did not elaborate on what action it might take. In a media statement, IMDA said that there is no reason for TOC not to comply with the declaration requirement as other registered Internet content providers provide such information to maintain transparency of their sources of funding. It noted that TOC complied with the annual declaration when it was first registered in 2018, but has not fully complied with this obligation since 2019. The regulator added that TOC failed to verify a donor and clarify discrepancies in its foreign advertising revenue in its 2019 declaration, for which a warning was issued on May 4. "The threat of foreign interference in our domestic politics has always been present...

Hillview Heights condo management flagged by security association for discriminatory hiring practices

aseanpr 7 9 月

4 minutes

SINGAPORE - The managing agent of Hillview Heights condominium has been flagged by the Security Association Singapore for discrimination against non-Mandarin speakers and older workers in its tender for security services. In a Facebook post and statement to the press on Monday (Sept 6), the association highlighted clauses of the tender by Savills Property Management, which stipulate that a security agency must provide a "Chinese-speaking" security guard for more than six shifts each month, with those who speak dialect acceptable. Penalties for not complying include a warning letter and deduction of $100 per shift. The security agency could also be fined $100 if the guard provided is not within the age limit of 21 to 60 years old. The tender, which lasts a year from Nov 1 to Oct 31 next year, closed on Sept 3. The security association said that while there were other clauses that were of concern, it shared these particular ones "because they appear to penalise security agencies unless they exercise discrimination in their hiring and deployment of security officers". The statement said Mandarin and the dialects are not the same, "so what exactly is the job requirement here that Savil...

Unemployment benefits expire for millions of Americans without pushback from Biden

elean 7 9 月

5 minutes

WASHINGTON (NYTIMES) - Expanded unemployment benefits that have kept millions of Americans afloat during the pandemic expired on Monday (Sept 6), setting up an abrupt cutoff of assistance to 7.5 million people as the Delta variant rattles the pandemic recovery. The end of the aid came without objection from US President Joe Biden and his top economic advisers, who have become caught in a political fight over the benefits and are now banking on other federal help and a pickup this fall in hiring to keep vulnerable families from foreclosure and food lines. The US$1.9 trillion (S$2.55 trillion) economic aid package Biden signed in March included extended and expanded benefits for unemployed workers, including a weekly US$300 federal supplement to state jobless payments, additional weeks of assistance for the long-term unemployed and the extension of a special program to provide benefits to so-called gig workers who traditionally do not qualify for unemployment benefits. Monday's expiration means that 7.5 million people will lose their benefits entirely and another 3 million will lose the weekly US$300 supplement. Republicans and small-business owners have assailed efforts to extend ai...

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