Game of drones: Chinese giant DJI hit by US tensions, staff defections

SHENZHEN (REUTERS) - Chinese drone giant DJI Technology built up such a successful US business over the past decade that it almost drove all competitors out of the market. Yet its North American operations have been hit by internal ructions in recent weeks and months, with a raft of staff cuts and departures, according to interviews with more than two dozen current and former employees. The loss of key managers, some of who have joined rivals, has compounded problems caused by US government restrictions on Chinese companies, and raised the once-remote prospect of DJI's dominance being eroded, said four of the people, including two senior executives who were at the company until late 2020. About a third of DJI's 200-strong team in the region was laid off or resigned last year, from offices in Palo Alto, Burbank and New York, according to three former and one current employee. In February this year, DJI's head of US R&D left and the company laid off the remaining R&D staff, numbering roughly 10 people, at its flagship US research centre in California's Palo Alto, four people said. DJI, founded and run by billionaire Frank Wang, said it made the difficult decision to reduce staffing i...

SGX to see more IPOs this year, with new listings driven by growth sector firms: Experts

SINGAPORE - The pandemic has hit firms in many industries but also presented new opportunities to flourish for those in growth sectors. These effects are likely to spill over into Singapore's initial public offering (IPO) market, which is expected to see more listings this year by larger companies in businesses such as healthcare, tech and food and beverage, capital markets experts told The Straits Times. 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.

Health for life: New initiatives to keep S’poreans healthier longer, help them cope with illness better

SINGAPORE - A slew of new programmes and changes was announced by the Ministry of Health on Friday (March 5) to keep people healthier longer, and help them cope with illness better. Rei Kurohi summarises the key initiatives and when you can expect them. Striving for better health for all What An inter-agency task force has been set up to develop a five-year Child and Maternal Health and Well-being action plan, aimed at helping women prepare for motherhood, and helping children attain good health and well-being from their early years. When The task force will implement the plan in phases, with the first phase expected to be ready by early next year. What An updated Action Plan for Successful Ageing will be launched to improve seniors’ quality of life, empower them to continue contributing to society, and support them in staying connected to the community. When The Government will launch the plan next year. What A work group has been set up to improve the health of ethnic minority groups in Singapore. It will design programmes to rally the respective communities against poor health habits. When The group was formed last month and will start by focusing its efforts on the Malay commun...

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One third of Hin Leong founder’s ships sold to repay debt: Sources

SINGAPORE (REUTERS) - About one third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family have been sold as part of efforts to repay billions of dollars of debt owed to creditors, two sources told Reuters. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. The rest of the ships are majority-owned by Xihe Capital - currently under liquidation according to Singapore business registry records - and 10 single purpose companies. The ships owned by the Xihe group have been sold at prices of US$2 million (S$2.65 million) to US$3 million each for coastal barges and around US$30 million each for very large crude carriers (VLCCs), said the two sources. Buyers include Greek ship owners, one of the sources said. Further details, including the total sum of money raised so far, were not available. It is expected the rest of the ships will be sold by late this year, although some of them are tied up in various lawsuits as counterparties try to lay claim to the cargoes on t...

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Budget debate: Transformation to next-gen SAF on track despite Covid-19, says Ng Eng Hen

SINGAPORE - Despite the pandemic, the transformation of the Singapore Armed Forces (SAF) into a new-generation defence force by 2040 remains on track, Defence Minister Ng Eng Hen said on Monday (March 1). The delivery of new hardware such as helicopters and fighter jets is also still on schedule, along with the launch of new facilities and initiatives to sharpen the SAF's ability to meet emerging threats, Dr Ng said during the debate on the budget of the Ministry of Defence (Mindef). For instance, the Republic of Singapore Air Force's (RSAF) upgraded F-16 fighter jets are expected to be rolled out in the coming months, and its earlier-acquired H225M and CH-47F multi-role helicopters will arrive this year to replace the older Super Pumas and Chinooks respectively. "We remain on track to receiving four F-35 Joint Strike Fighters around 2026 and for the RSAF to start basing training in Guam from 2029 onwards," he added. But some key plans have been delayed, such as the completion of military training facility Safti City by 2024 instead of 2023, and the six-month delay for the navy's Invincible-class submarines to mid-2022. SAF continuing its transformation A new army "sense and strike...

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OCBC Q4 profit drops 9% to $1.13 billion on lower total income

SINGAPORE (REUTERS) - Singapore's second-biggest listed-lender, Oversea-Chinese Banking Corp, reported a 9 per cent drop in quarterly profit on Wednesday (Feb 24), dragged down by a 15 per cent decline in total income in pandemic-hit markets. The bank's October-December net profit came in at $1.13 billion versus $1.24 billion a year earlier, and compared with the $955.9 million average estimate of four analysts, according to data from Refinitiv. OCBC's net interest margin, a key gauge of profitability, dipped to 1.56 per cent from 1.77 per cent a year earlier, as lower interest rates roil the banking sector. More on this topic Related Story OCBC again cuts interest rates on flagship 360 savings account Related Story Great Eastern Q4 earnings rise 19% to $341.3m on one-off tax impact

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Morning Briefing: Top stories from The Straits Times on Feb 21

Good morning! Here are our top stories to kick-start your Sunday, Feb 21. Over 8,600 fines issued for breach of Covid-19 safety measures From April to December last year, more than 6,900 fines were meted out to those who broke safe distancing and safe management rules. READ MORE HERE Two killed in Mandalay city in bloodiest day of Myanmar protests Hundreds of police and soldiers gathered at Yadanarbon shipyard in Mandalay to disperse protesters. READ MORE HERE Tanjong Pagar crash: Several factors could impact insurance claims If you voluntarily get into a car knowing there are risks involved, and end up in an accident, the amount - and result - of your compensation claims may be affected. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news 'I jaywalk because I'm fast enough': Why senior jaywalkers continue to risk life and limb The number of senior pedestrian deaths ranged from 25 to 28 between 2015 and last year. READ MORE HERE Marina Bay view could be priciest real estate feature in Singapore A collection of five penthouses, put up for sale recently at Marina Bay Residences with an indicative price of $138 million, will give a sense of ho...

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Philippines set to take rare top spot for IPOs in South-east Asia

MANILA (REUTERS) - A clutch of Philippine firms, including newly launched real estate investment trusts (Reits), could make the country South-east Asia's biggest IPO market this year, driven by attractive valuations and a recovering economy. Investors and bankers say consumer retailers and Reits are lining up record fundraisings that could top US$4 billion (S$5.3 billion) in 2021, more than the combined tally of the last seven years, according to Refinitiv data. Across the rest of the region, only a US$2 billion Singapore IPO by a subsidiary of Thai Beverage, smaller floats in Indonesia and insurance IPOs in Thailand, are among those lining up for launches this year. "We see a confluence of abundant liquidity, recovering macro fundamentals and relative valuation attractiveness contributing to the positive investor sentiment towards Southeast Asia IPOs," said Martin Siah, South-east Asia head of corporate and investment banking at Bank of America Merrill Lynch. "The strength in global capital markets has made it very attractive for quality Philippine issuers who have been timing their eventual IPOs." A US$1.5 billion float by Singapore sovereign fund GIC-backed Monde Nissin, the com...

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Four days added to River Hongbao 2021

SINGAPORE - The popular River Hongbao event, which this year limited crowd sizes, has been extended by four days with a final show on Saturday (Feb 20). The free event, held at Gardens by the Bay from Feb 10, features 24 giant lanterns, pre-recorded performances and a lion dance exhibition with artefacts from private collectors and organisations, some dating as far back as the 1950s. Minister for Culture, Community and Youth and Second Minister for Law Edwin Tong, who was there on its first two nights, said: "Many Singaporeans enjoy River Hongbao each Chinese New Year. "I am glad that this year's edition has been extended, so that more can experience the spectacular offerings while keeping safe." Around 23,000 people attended the event over the first four days. Due to safe management measures, organisers had limited attendance to a maximum of 2,000 people for each 1½ hour time slot during the day and the two hour slots at night. Mr Tan Aik Hock, chairman of this year's River Hongbao organising committee, said: "Many visitors have told us that they really enjoyed coming to River Hongbao in the new venue, as it is less crowded and they still get a taste of Chinese New Year festivitie...

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Manufacturing, finance and infocomm industries bright spots in Singapore economy in 2020

SINGAPORE - The manufacturing, finance and insurance, and information and communications industries were the few bright spots in Singapore's economy in 2020, posting rare growth while most sectors declined amid the coronavirus pandemic. The same industries are expected to continue seeing steady growth this year, while the economic outlook remains uneven across industries, the Ministry of Trade and Industry (MTI) noted in its economic survey released on Monday (Feb 15). On the other hand, tourism- and aviation-related sectors are likely to see a weaker recovery than previously expected, while other industries such as construction and marine and offshore engineering are likely to recover from the low base recorded last year. Singapore's economy contracted 5.4 per cent in 2020 - its worst full-year recession since independence. The manufacturing sector saw 7.3 per cent growth year on year for the whole of 2020, reversing the 1.5 per cent decline seen the previous year, because of output growth in the electronics, biomedical manufacturing and precision engineering clusters. Manufacturing accounts for more than 20 per cent of Singapore's gross domestic product, and is likely to expand a...

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Singapore Budget 2021: 5 things to look out for

SINGAPORE - This year's Budget will be unveiled on Tuesday (Feb 16) as Singapore continues to tackle the Covid-19 pandemic and its economic fallout. Deputy Prime Minister and Finance Minister Heng Swee Keat 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. Last year, the Government set aside a war chest of almost $100 billion - or nearly 20 per cent of gross domestic product (GDP) - to cope with the pandemic, with most of the funds used to support businesses and help workers keep their jobs. Here are five things to look out for on Tuesday: 1. More targeted support This year's Budget is expected to target sectors hit hardest by the pandemic, but overall spending will be reined in after extensive support measures were rolled out last year. Mr Liang Eng Hwa, chairman of the Government Parliamentary Committee for Finance, Trade and Industry, told a pre-Budget round-table last month: "I expect this Budget to be a lot more targeted and differentiated than before, so we really channel and alloca...

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Singapore economy to grow by 4-6% this year; 2020 contraction shaved to 5.4%

SINGAPORE - The Singapore economy will grow by 4.0 to 6.0 per cent this year, said the Ministry of Trade and Industry (MTI) on Monday (Feb 15), maintaining its forecast announced last November, after weighing positive and negative developments in key external economies. The ministry raised its final estimate for coronavirus-hit 2020, stating that the economy shrank by 5.4 per cent, making it Singapore's worst-ever recession since independence. Still, this figure tops the flash estimate of 5.8 per cent given last month and is higher than the 6.25 per cent average for the 6.5 to 6.0 per cent range it gave in November. The economy grew by 1.3 per cent in 2019. MTI said that since the last Economic Survey of Singapore in November 2020, there has been further progress in Covid-19 vaccine development and deployment, with several approved vaccines being rolled out in many economies around the world. "Although the speed of vaccine deployment varies, advanced economies like the US and Eurozone are likely to reach population immunity by the second half of this year, which should in turn spur their economic recoveries," it said in a press release issued on Monday (Feb 15). Growth prospects fo...

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Singapore’s economy able to bounce back this year, but some sectors will take longer to recover: PM Lee

SINGAPORE - The bulk of Singapore's economy should be able to bounce back this year following the heavy hits it took last year with the Covid-19 pandemic, said Prime Minister Lee Hsien Loong. Such a rebound will however be uneven, and Mr Lee cautioned on Friday (Feb 12) that sectors like tourism, transport, aviation and construction will take longer to recover. "We are expecting some rebound this year. Last year was minus five to six percent. That was particularly also because we had a circuit breaker period, which had a big impact on activity," he told reporters at Changi General Hospital after visiting workers in essential services on the first day of Chinese New Year. "This year, we expect to bounce back," he added. "The Year of the Ox should be better than the Year of the Rat in terms of the economy." But the prime minister added that while Singapore is likely to perform better, it is not guaranteed that it can get to an economic level beyond where it was in 2019, before the pandemic hit. The most recent official forecasts project the economy to expand by between 4 and 6 per cent this year, after shrinking by an unprecedented 5.8 per cent in 2020. The country's recovery will de...

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An extra special reunion after months of uncertainty

Having been separated from her family here for almost a year, yes-terday's reunion dinner was extra special for housewife Cynthia Tan Kloth, who has been living in Germany with her husband and two children. After months of uncertainty over travel curbs and lockdowns, the 39-year-old Singaporean flew here on Dec 31 with her sons - Friedrich, six, and Maximilian, one. She had booked a direct Singapore Airlines flight from Frankfurt, a three-hour drive from their residence in Lenzkirch, Germany. The trio spent New Year's Eve in quarantine at the Regent Singapore hotel near Orchard Road. Mrs Kloth's husband, chief digital officer Eckhard Kloth, usually travels with them to Sin-gapore once a year but had to remain in Germany due to work commitments. The couple met while he was working here in 2013, and they relocated to Germany in 2015. She said: "Over the five years I lived away from Singapore, I had always returned for Chinese New Year. "It is the most important season of the year for us, a time when we get to meet our relatives. "I did not want to miss it this year as well." Mrs Kloth finally returned to her parents' flat in Punggol on Jan 14. She will be spending the next few days c...

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Sri Trang Gloves PCL (SET: STGT) takes serious action to protect employees against new Covid-19 outbreak

Confident in plan to boost capacity with no labor shortage this year BANGKOK, Feb 9, 2021 - (ACN Newswire) - Sri Trang Gloves (Thailand) PCL (SET: STGT) enacts protective measures against the new Covid-19 outbreak - infection screening, weekly disinfectant spraying, mask wearing, and social distancing. Foreign workers are required to have work permits and passports. Additionally, Reduced congestion and increased hygienic housing are to be provided for employees to reduce risks. No labor shortages are expected while four new manufacturing plants are scheduled to open this year.Ms. Jarinya Jirojkul, Chief Executive Officer of STGT, a global producer of latex and nitrile gloves, reports that since the outbreak of Covid-19 infections early last year, STGT has put considerable effort into providing safety measures to screen and protect all plant and office employees to assure customers that its premises have strict hygienic measures and are able to continue production uninterrupted.Currently, STGT employs more than 9,000 persons, about 3,000 or 40% of whom are foreign. As a matter of policy and pride, the company provides both foreign and Thai workers a safe working environment and welf...

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No reunion lunch this year, but 180 elderly residents in Bukit Merah cheered by festive bentos

SINGAPORE - A decade-long tradition of reunion lunches for elderly residents living in Bukit Merah had to be cancelled due to the Covid-19 pandemic, but 180 of the seniors still received a festive treat as bentos were distributed to them on Thursday morning (Feb 11). Mr Ong Chong Beng, 79, was all smiles when he received the bento set and a tote bag with two containers of pineapple tarts and two oranges. "I feel very happy receiving all these; I like eating Chinese New Year snacks," he said in Mandarin. Mr Ong has lived in the block for over 30 years and would go for the reunion lunches, which began in 2010. His favourite part of the lunches would be chatting and catching up with his neighbours. "This year we can't gather because of Covid-19, so I'm looking forward to next year, hopefully we can all meet up together," he added. The Henderson-Dawson Citizens' Consultative Committee (CCC) and Henderson-Dawson Integration and Nationalisation Champions (INC) started hosting the Chinese New Year Eve lunches for elderly residents who live alone. However, safe distancing measures in place mean that a reunion lunch in a large group was not possible this year. On Thursday, more than 20 volu...

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President Halimah urges Singaporeans to get vaccinated in Chinese New Year message

SINGAPORE - The response to Singapore's Covid-19 vaccination effort has been encouraging but could be better, President Halimah Yacob said as she urged all Singaporeans to get vaccinated against the virus. In a Chinese New Year message on Wednesday (Feb 10), she said Singapore is entering the Year of the Ox with a greater sense of hope and optimism because a Covid-19 vaccine is now available. "However, having the vaccine is only one part of the equation. What is of equal importance is to make sure that everyone is vaccinated," she said. "The response has been encouraging but we can do even better. So please get vaccinated to protect yourselves and your loved ones." Even with a vaccine, it will still be important to continue practising safe distancing, as it will take some time to develop immunity, the President noted. "The faster we resolve this health crisis, the quicker we will recover economically. Everyone has a part to play." Madam Halimah said she understood how difficult it will be to celebrate Chinese New Year with the various restrictions in place this year due to the coronavirus, but added that she hoped Singaporeans will still be able to spend time meaningfully with thei...

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DBS posts 33% fall in Q4 profit to $1.01 billion

SINGAPORE - DBS Group Holdings posted a 33 per cent plunge in fourth-quarter earnings as its net interest margin fell and it set aside higher allowances for potential bad loans. South-east Asia's biggest lender on Wednesday (Feb 10) reported net profit of $1.01 billion, down from $1.5 billion a year ago. Its earnings were in line with an average estimate of $1.02 billion from four analysts, according to estimates compiled by financial data platform Refinitiv. The board has declared a final dividend of 18 cents a share, down from 33 cents for the year-ago period, to which the bank's scrip dividend scheme will apply. The bank's net interest income dipped 13 per cent year on year to $2.12 billion. Its net interest margin fell 37 basis points to 1.49. Net interest margin is a key gauge of profitability for banks, measuring the difference between income earned from loans and the interest paid to depositors. Total allowances at $577 million, were almost five times higher than the year before. DBS' earnings per share for the fourth quarter stood at $1.54, a decrease from $2.31 a year ago. For the full year, the bank's net profit dropped 26 per cent to $4.72 billion due to a decline in net...

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Malay residents put up CNY decorations at Tampines block corridor for elderly neighbours

SINGAPORE - With its decorations, fairy lights and flowers, the fourth-floor corridor at Block 117 Tampines Street 11 resembles a brightly lit village. But 36-year-old resident Abdullah Abdul Rahman is really hoping to represent the kampung spirit, something he says is in abundance in the block where he lives with many retirees as neighbours. Mr Abdullah, who lives on the fourth floor, put up the Chinese New Year decorations to thank his neighbours for supporting his family after his 83-year-old father's death last December. "After my father died, we had to move to my sister's home to host visitors as our flat did not have enough room. "While we were away for a month, our neighbours kept the corridor in front of our unit clean and watered our plants. I wanted to show my appreciation and also bring the different races together to celebrate Chinese New Year (which falls on Feb 12)," he said. Mr Abdullah, who works as a sales assistant, puts up similar decorations for Hari Raya each year, in a bid to share festival cheer with his neighbours. Most of his neighbours are elderly residents living alone or with their spouses. His brother Azman Haji Mohd Salleh, 59, helped with the decorati...

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22 people charged with breaching SHN in 2020

SINGAPORE - Twenty-two people were charged with breaching stay-home notice (SHN) requirements last year, said the Immigration and Checkpoints Authority (ICA) on Monday (Feb 8). They included a 34-year-old Singaporean man who breached his 14-day SHN in March last year after returning from Myanmar to eat bak kut teh, as well as a former nurse who left her residence during her SHN period to buy bubble tea. She later tested positive for Covid-19. In its annual statistics report, the ICA said that more than 280,000 SHNs were issued in 2020. At the peak in April last year, the authority monitored more than 40,000 people placed on SHN. To help with its enforcement efforts, the ICA last August introduced electronic monitoring wristbands for people serving their SHN at non-dedicated facilities. More than 16,000 wristbands were issued last year. "This has allowed ICA to monitor this group of travellers in a more effective and efficient manner, thereby helping to reduce the risk to the community should they breach their SHN," said the authority. The ICA also enhanced online services to cater to the increased number of applications for short-term visit pass extensions, as many foreigners found...