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Public electric vehicle charging point tender draws 19 bids; 600 points to be up as early as end-August

aseanpr
3 minutes

SINGAPORE - A public tender for the installation of electric vehicle (EV) charging points at some 200 public carparks across Singapore has drawn 19 bidders, reflecting a growing interest among businesses to cash in on the government's EV push. Among those which submitted bids for the Urban Redevelopment Authority (URA) tender, which closed on March 31, were familiar names such as transport group ComfortDelGro, oil giant Shell, utility group SP Mobility and government-linked ST Engineering, according to tender documents. The tender called for bidders to build, operate and maintain more than 600 charging points for 12 years, starting as early as Aug 31 this year. The successful bidder will also have to carry out enforcement actions against non-EVs parked in the designated charging lots, as well as EVs which occupy the lots but are not charging. The network - which will be part of 60,000 points the government has committed to by 2030 - is likely to consist of 7kW chargers in Housing Board carparks, and at least 22kW chargers in other public carparks operated by agencies such as the URA, National Parks Board and JTC. Tender prices were based on concession fee per kW of energy payable t...

SeaPRwire

CDL can take flight again after shaking off albatross

elean
1 minute

SINGAPORE - Nineteenth-century German philosopher Friedrich Nietzsche once wrote an aphorism which went, "what doesn't kill you makes you stronger". The phrase may be particularly appropriate for listed property group City Developments (CDL), which has gone through its own annus horribilis over the past year. 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.

SeaPRwire

Q&M Dental shares advance on report of strong earnings trajectory

elean
2 minutes

SINGAPORE - Listed Q&M Dental Group's stock jumped as much as 4 per cent on Tuesday (March 30) after Maybank Kim Eng (MKE) put out a strong "buy" recommendation on it on Monday and set a target price of 87 cents. This is 25 cents, or 40 per cent, above the closing price of 62 cents yesterday. Some 8.5 million shares changed hands as the counter gained a nett 1.5 cents. Earlier, it hit an intraday high at 63 cents. MKE said that its target price pegged the group at 22 times FY2021 earnings, which "implies about 15 per cent discount to sector average of 26 times". "We expect the group to close the valuation gap against its bigger listed peers due to more superior earnings trajectory of 58 per cent/20 per cent/13 per cent for FY2021-FY2023," MKE analyst Eric Ong noted in the report, adding that this represents a three-year compound annual growth rate of around 30 per cent, compared with 14 per cent in FY2018-20. MKE noted that Q&M aims to open up to 30 outlets a year in Singapore and Malaysia from this year, for the next 10 years. The company's expansion into Covid-19 testing, its strong cashflows, low gearing and solid balance sheet were also cited as strong positive factors for futu...

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askST: What to look out for before signing up for a degree course at a private school

aseanpr
6 minutes

SINGAPORE - In the last part of the series on university education, The Straits Times responds to readers' questions on taking the private school route to a degree. Q: My daughter wants a business degree, but she did not do well enough to get into the business course at the local universities. I cannot afford to send her overseas, so she is thinking of one of the more established Private Education Institutions (PEIs) like the Singapore Institute of Management (SIM) or Kaplan Singapore. What should she look out for before signing up for a degree course at a PEI? A: Business is a popular course of study, so it is quite competitive at the local universities. I presume she has also tried the aptitude-based admissions route at the local universities. The six local universities, including the National University of Singapore and Nanyang Technological University, are considering more applicants based on more holistic admission criteria other than their grades. There are various options available in the private-education sector and it is good she is looking at the more established institutions, which have a track record. She should also check if the PEI offers the specific course and speci...

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Upside for stocks intact despite inflations fears

elean
4 minutes

SINGAPORE - US equities last week were rattled by a sharp upwards movement in US bond yields, which many market watchers fear is a sign of inflationary pressures which could prompt the Federal Reserve to reverse its market-supportive low interest rate policy. The bluechip Dow Jones index ended a volatile week at 30,932.37 points last Friday, down 561.95 points for the week, while the broader S&P index gave up 95.56 points to end the week at 3,811.15. The tech-heavy Nasdaq lost 682 points for the week to end at 13,192.34 as "big tech" came under selling pressure on valuation concerns. While Wall Street's volatility sent jitters through many global markets, Singapore seems to have focused on local factors, led by potential earnings recovery ahead. The Straits Times index gained 68.4 points for the week to end last Friday's session at 2,949.04 points - its second highest close in a month as market players focused on the improving outlook ahead. But the sharp hike in US 10-year bond yields to above 1.6 per cent last week has sent shivers through the market. As of Friday's close it was at 1.407, the highest since February 2020. If bond yields go any higher, they would would surpass the ...

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Olam plans to list food ingredients business by first half of 2022

elean
1 minute

SINGAPORE (REUTERS) - Agribusiness giant Olam International, which is dividing its portfolio of diverse products into two new operating businesses, said on Friday (Feb 26) it plans to list its food ingredients segment by the first half of next year. The carve-out and separation of Olam Food Ingredients (OFI), which includes its cocoa, coffee and edible nuts businesses, and Olam Global Agri (OGA), which includes grains and animal feed, edible oils, rice and cotton, is estimated to be completed by the end of 2021. Olam, in which Singapore state investor Temasek Holdings is the biggest shareholder, flagged the plan in January last year. The company is pursuing similar strategic options for OGA, it said. Olam also reported that net profit for the 2020 full year fell 22.3 per cent to $245.7 million due to an impairment charge. Operational profit after tax and minority interests, which excludes exceptional items, rose 36 per cent to $677.8 million. "We are seeing market conditions and sentiments beginning to improve as economies snap back from the worst impacts of COVID-19 in 2020 and we expect this favourable market environment to continue to improve in 2021," said CEO Sunny Verghese. M...

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Nearly 400 animals born in 2020, including first Malayan tiger cubs in over 20 years: WRS

aseanpr
3 minutes

SINGAPORE - Nearly 400 animals, including some critically endangered and threatened species, were born in local wildlife parks last year, Wildlife Reserves Singapore (WRS) said on Thursday (Feb 25). Among the brood from 107 species - of which 29 are threatened in the wild - were two critically endangered Malayan tiger cubs, the first successful births in Singapore since 1998. Dr Cheng Wen-Haur, deputy chief executive and chief life sciences officer at WRS, said: "With an estimated 150 Malayan tigers left in the wild (in the world), the birth of this duo is a significant addition to the population of this sub-species." Born on Dec 27, 2020, the cubs have yet to be named and are currently cared for by their mother Intan in an off-exhibit area at Night Safari, where the animal care team monitors their progress via closed-circuit cameras. Other births that have helped sustain the dwindling populations of rare species include two red-fronted macaws and seven black-legged poison frogs. Both species are endangered owing to habitat destruction and illegal trade. The black-legged poison frogs are kept as illegal pets despite being extremely poisonous and requiring high humidity levels to en...

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Name confusion sends ‘wrong’ ClubHouse shares skyrocketing 1,000%

elean
2 minutes

NEW YORK (BLOOMBERG) - ClubHouse Media Group, a self-described marketing and media firm targeting social media influencers, has surged over 1,000 per cent this year as retail traders mixed the company up with a similarly named app. California-based ClubHouse, which changed its name from Tongji Healthcare Group and promoted its influencer and social media focus starting last month, has drawn some confusion among investors. The company shares a name with the buzzy conversation app known as Clubhouse, which is backed by venture-capital firm Andreessen Horowitz and is not publicly traded. ClubHouse shares, which trade under the ticker CMGR, have soared 1,026 per cent this year with its market value ballooning to US$2.5 billion (S$3.3 billion) from just US$225 million in early January, according to data compiled by Bloomberg. That means the over-the-counter traded stock carries twice the last reported value of the audio-chat app, according to Axios. The stock rose 81 per cent on Tuesday (Feb 16) on more than eight times the average volume, according to data compiled by Bloomberg. Trading of ClubHouse shares caught Wall Street's eye on Feb 1 after Elon Musk made his debut on the Andreess...

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Singapore Budget 2021: Stay updated with ST’s live coverage

aseanpr
3 minutes

SINGAPORE - This year's Budget, which will be announced by Deputy Prime Minister and Finance Minister Heng Swee Keat on Tuesday (Feb 16), comes as Singapore has spent about a year tackling the Covid-19 pandemic and the subsequent economic fallout. Mr Heng has said that helping workers and firms adapt, innovate and grow will be a key priority for Budget 2021 - his sixth Budget speech. The Government will also continue to support workers and businesses, especially those in hard-hit sectors, he said. Find out how and why the Budget matters to you with The Straits Times, which will be offering live coverage of this year's announcements as they are delivered in Parliament from 3pm. Real-time updates Our live show, starting at 2.55pm, will have a live stream of Mr Heng's speech. Get instant, bite-size updates on our special live blog on straitstimes.com. Watch video highlights of the speech, and read in-depth analyses on what the Budget means for you on our various platforms. Stay updated through our Facebook and Twitter accounts, as well as our Telegram channel, and visit our microsite for more reports. Special-edition newsletter Get Budget highlights and a summary of key announcements ...

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Singapore ranked third as least corrupt country in the world, top in Asia: Transparency International

aseanpr
3 minutes

SINGAPORE - Singapore has again made it to the top ranks of the least corrupt countries in the world based on a global survey released annually. The Republic along with Finland, Switzerland and Sweden scored 85 points each, tying for third place in the 2020 Corruption Perceptions Index released by the global anti-graft movement, Transparency International (TI), on Thursday (Jan 28). Denmark and New Zealand earned 88 points each to tie for top spot among the 180 countries and territories surveyed. Singapore took top spot in Asia, and was the only Asian country to make it to the top 10. TI chair Delia Ferrerira Rubio said the Covid-19 pandemic in the past year was as much a health and economic crisis as well as one of corruption which the world was failing to manage. "Those with higher levels of corruption have been less able to meet the challenge," she noted. "But even those at the top of the (index) must urgently address their role in perpetuating corruption at home and abroad." Corruption often intensifies the effects of a crisis, and when combined with a public health emergency like Covid-19, poses a threat to lives and livelihoods, said TI. The Berlin-based non-governmental orga...

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Top 20 hedge funds earned most in a decade for clients last year

elean
3 minutes

BOSTON (REUTERS) - The world's 20 best-performing hedge funds earned US$63.5 billion (S$84.3 billion) for clients in 2020, setting a record for the last 10 years during a chaotic time when technology oriented stocks led a dramatic rebound from a pandemic induced sell-off, LCH Investments data show. As a group, the most successful managers earned half of the US$127 billion that all hedge funds made last year, LCH Investments, a fund of funds firm that tracks returns and is part of the Edmond de Rothschild group, reported. Despite the pandemic that triggered a historic stock market sell-off in March, shut down large sectors of the economy and swallowed up millions of jobs, the 20 best hedge funds topped their 2019 returns of US$59.3 billion. That was despite 2020 not being as profitable as the previous year for hedge funds as a whole, which saw earnings fall from US$178 billion in 2019. The average hedge fund returned 11.6 per cent in 2020, according to Hedge Fund Research data, lagging behind the S&P 500 index' 16 per cent gain. "The net gains generated by the top 20 managers for their investors of US$63.5 billion were the highest in a decade. In that sense, 2020 was the year of the...

SeaPRwire

Cambodia, KrisEnergy venture starts crude oil production

elean
2 minutes

PHNOM PENH • Cambodia has begun extracting its first crude oil from fields in the Gulf of Thailand, in a venture between Singapore's KrisEnergy and the government, both parties said yesterday, bringing an end to years of delays. Prime Minister Hun Sen announced the news on social media while KrisEnergy said the concession started production on Monday and would progress in phases once new wells were commissioned and completed. "I... am pleased to inform all Cambodians about the start of Cambodia's first oil production in the long-awaited Block A," Mr Hun Sen said on his Facebook page. Mr Kelvin Tang, chief executive of KrisEnergy's Cambodian operations, called the event "an important strategic milestone" for the company. "There has been a steep learning curve for all involved," he added in a statement. Cambodia and Singapore-listed KrisEnergy signed a pact in 2017 to develop 3,083 square kilometres of the Khmer basin in the Gulf of Thailand known as Block A. Cambodia has struggled to develop its oil fields as few companies were willing to invest in the area, following a global oil price slump in 2014. Singapore-listed KrisEnergy, which has been a partner in the project for more than...

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HDB to launch 17,000 BTO flats in 2021, including in Bidadari, Queenstown and Geylang

aseanpr
3 minutes

SINGAPORE - About 17,000 Build-To-Order (BTO) flats will be launched in 2021, keeping the supply of new flats in line with what was launched this year. However, given the economic uncertainty due to Covid-19, the Housing Board will monitor the housing market closely and calibrate flat supply if required, said National Development Minister Desmond Lee in a Facebook post on Monday (Dec 21). A total of 16,752 BTO flats were launched across three sales exercises this year. Typically, the HDB holds four BTO sales exercises in a year, but due to the Covid-19 pandemic, the May BTO exercise was deferred and combined with the August BTO exercise. Next year, new flats will be offered in mature estates such as Geylang, Kallang/Whampoa, Bidadari estate in Toa Payoh and Ulu Pandan estate in Queenstown. Non-mature estates such as Bukit Batok, Tengah and Woodlands will also see new flats, to offer flat buyers "a wide range of options to choose from", said Mr Lee. This includes Singapore's first assisted living public housing for seniors in Bukit Batok, which will be launched next February. These 160 flats, which are expected to be completed in 2024, come with a mandatory service package to suppor...

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A*Star, alternative protein firm Perfect Day setting up joint R&D lab in Singapore

aseanpr
4 minutes

SINGAPORE - Alternative protein company Perfect Day, which produces animal-free dairy proteins, is linking up with the Agency of Science, Technology and Research (A*Star) to set up a research and development lab here. The lab, which will open in April 2021, will support the California-headquartered firm's global R&D activities. It will help ensure the accuracy, specificity and consistency of the firm's processes and products, which can be used to make milk, cheese and ice cream. At the same time, Perfect Day will also hire and train a pool of researchers, scientists and engineers for microflora protein innovation in Singapore, helping to develop the local R&D talent and exposing them to high-value opportunities. It anticipates that its workforce in Singapore will be about 10 per cent of its headcount in the near term, said Perfect Day co-founder Perumal Gandhi. The firm currently has about 200 employees. Announcing the lab on Monday (Dec 21) during a visit to A*Star, Trade and Industry Minister Chan Chun Sing noted how the agri-food tech sector is one of growing importance in Singapore's economy as the world looks for innovative, cost-effective and sustainable food solutions to fee...

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Fed meeting may convey optimism on US economy

elean
4 minutes

WASHINGTON • After a year in which the Federal Reserve pushed out unprecedented lending to support the US economy while pleading for government stimulus that never came, central bankers could show signs of optimism this week. The policy-setting Federal Open Market Committee (FOMC) will open its final meeting of this year tomorrow, capping a year that saw the world's largest economy contract massively due to Covid-19, and Mr Joe Biden oust President Donald Trump in last month's presidential election. The Fed and its chair Jerome Powell likely will, as usual, steer clear of making any political statement, but experts expect them to update their view on how the economy will fare next year as vaccines against the virus are rolled out. However, the outlook is not entirely clear. "This is actually a pretty difficult FOMC to analyse," Mr Steven Englander of Standard Chartered Bank said. "Picking up the pieces is going to be more complicated and will kind of look more complicated in six months than it does now." Looming over the meeting is the continued failure of Congress to pass another spending package to help the virus-struck economy recover - something Mr Powell and other central bank...

ACN Newswire

NIU Technologies Announced Q3 2020 Financial Results: Revenue up 36.7% YoY, Total Volume of E-scooter Sales up 67.9% YoY

indie
3 minutes

HONG KONG, Nov 27, 2020 - (ACN Newswire) - NIU Technologies ("NIU", or "the Company") (NASDAQ: NIU), the world's leading provider of smart urban mobility solutions, announced its financial results for Q3 2020.Driven by Strong Growth in the China Market, Revenues and E-scooter Sales Volume increased significantlyFor Q3 2020, the revenue is RMB 894.5 million, which is an increase of 36.7% YoY. The net income is RMB 80 million for Q3 2020, compared with RMB 66.4 million in Q3 2019. The adjusted net income (non-GAAP) is RMB 90.6 million, compared with RMB 72.5 million in Q3 2019. Due to strong growth in China, the number of e-scooters sold reached 250,889 units, which is 67.9% YoY. The number of e-scooters sold in China reached 245,293, which is up 70.2% YoY. E-scooter sales revenues from China market is RMB 740.8 million, an increase of 39.2% YoY, which represents 92.6% of total e-scooter revenues. The increase is mainly driven by retail network expansion and new product launches in China. During Q3 2020, the number of franchised stores in China reached 1,266, which is an increase of 182 stores from Q2 2020. In the international market, the number of e-scooters sold reached 5,596 unit...

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Former Yahoo CEO Marissa Mayer makes comeback with new app to organise contacts

elean
2 minutes

WASHINGTON (AFP) - Former Yahoo chief executive Marissa Mayer began her comeback to the tech scene on Wednesday (Nov 18) with the launch of a new mobile app aimed at helping people organise their contacts. The start-up created by Ms Mayer after her departure from Yahoo in 2017 unveiled its app called Sunshine Contacts, which "automatically creates a comprehensive set of your personal and professional contacts from disparate places like your phone, online address books, and email," according to the company. "The essential technologies that help us stay connected to those who matter most are antiquated," said Ms Mayer, co-founder and CEO of Sunshine, which was previously known as Lumi Labs. "At Sunshine, we believe there's an immense opportunity to make the mundane magical. It's been an extremely challenging and rewarding problem to tackle and we're just getting started." Sunshine, based in Silicon Valley, has raised US$20 million in capital and plans to launch a series of other applications. The Sunshine Contacts app, which is free and available for the Apple iOS operating system, aims to help users create more organisation of their personal and professional contacts. "If you are li...

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Ambani wages price war with Amazon for US$200 billion India prize

elean
6 minutes

MUMBAI (BLOOMBERG) - Billionaire Mukesh Ambani obliterated rivals in India's telecommunications sector by selling US$2 data plans and free voice calls. Four years later, he's deploying a very similar tactic - cutthroat pricing - to gain an edge in the country's increasingly competitive e-commerce space. As India this week hits the peak of its biggest shopping season, the festival of Diwali, the tycoon's retail websites - including JioMart - are elbowing their way into a space long dominated by Amazon.com and Walmart's local unit Flipkart Online Services. Ratcheting up competition, Mr Ambani's portals are offering blockbuster discounts of as much as 50 per cent on popular sugary confections and other holiday staples like spice mixes for India's rice delicacy, biryani. Meanwhile, his Reliance Digital website is selling some flagship Samsung smartphones at prices cheaper than rivals, with as much as 40 per cent rebates. It's a push that comes as Mr Ambani's sprawling conglomerate, Reliance Industries, is flush with cash. After raising an eye-popping US$20 billion (S$27 billion) for its technology venture, it's shifted fundraising to its retail arm, which has won over US$6 billion in i...

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Singapore team’s Covid-19 neutralising antibody test kit is first to get US FDA approval

aseanpr
4 minutes

SINGAPORE - A kit that detects whether someone has antibodies which neutralise the coronavirus, invented by local researchers, has become the first of its kind to receive authorisation from the United States' Food and Drug Administration (FDA). On Friday (Nov 6), the FDA said on its website that it had given emergency use authorisation for the kit, known as cPass. cPass was invented by a team led by Professor Wang Linfa, director of Duke-NUS' emerging infectious diseases programme, and co-developed with biotech company GenScript Biotech Corporation and the Agency for Science, Technology and Research's (A*Star) Diagnostics Development Hub (DxD Hub). It can be used to see if vaccines work, check what proportion of the population has already been infected, and to assist in contact tracing by enabling the health authorities to retrace the steps of the virus. cPass also does not require highly specialised equipment or training to use, and returns results in just an hour. On Sunday, Prof Wang told The Straits Times that the FDA's approval was extremely significant not just for his team, but for Singapore as well. He said: "To have the FDA approval as the first and only commercial kit to ...

JCN Newswire
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NEC to Host Inaugural NEC Visionary Week, a Fully Virtualized Conference and Exhibition

ruth
2 minutes

TOKYO, Oct 30, 2020 - (JCN Newswire) - NEC Corporation (TSE: 6701) today announced that it is hosting the NEC Visionary Week, which will be conducted entirely online, from November 12 to December 4, 2020.Themed "Co-creation for tomorrow, designing the future," this NEC flagship event will feature more than 80 conferences and programs, while digitally showcasing the company?s latest innovations and solutions in the fields of AI, Biometrics, Digital Government, 5G mobile communications and more.One of the highlights for international audiences will be the "Global Week," which will start from December 1 with a joint keynote by Mr. Takashi Niino, President and CEO, NEC Corporation, and Mr. Akihiko Kumagai, President of the Global Business Unit, NEC Corporation.During the Global Week, guests can also attend a series of presentations and sessions by leaders from world-renowned organizations, including Mr. Eric S. Yuan, Founder and CEO of Zoom Video Communications Inc., Mr. Jeffrey Goh, CEO of Star Alliance, and Ms. Enrica Porcari, Chief Information Officer of the United Nations World Food Programme (WFP).Mr. Makoto Enomoto, Chief Marketing Officer (CMO), NEC Corporation, said, "We have b...