year

Over 42 million travellers entered Singapore in 2020, lowest in 5 years: ICA

aseanpr 8 2 月

3 minutes

SINGAPORE - Over 42 million travellers were cleared for entry and departure at Singapore's checkpoints last year, a plunge of more than 80 per cent from the year before, while the low-value goods that came in doubled in volume to over 21 million. The Immigration and Checkpoints Authority (ICA) said on Monday (Feb 8) that the volume of arrivals and departures in 2020 - which saw an 80.6 per cent fall from the more than 217 million in 2019 - was the lowest in five years. In its annual statistics report, the ICA said the volume of fell as demand for air travel came to a halt, with many countries imposing strict border control measures because of the Covid-19 pandemic. With many of those stuck at home doing their shopping online, the volume of low-value goods - which do not exceed $400 in cost - rose sharply. The ICA cleared more than 21 million low-value goods through air cargo checkpoints last year, double the 10.5 million in 2019. Meanwhile, the volume of cargo - including consignments, containers and parcels - coming into Singapore rose by 400,000 last year, a 3.6 per cent increase from 2019. The drop in travellers and vehicles entering Singapore led to a 55.4 per cent decrease in ...

China hedge funds add $268b in assets in 2020, trouncing Wall Street rivals

elean 8 2 月

4 minutes

BEIJING (BLOOMBERG) - China's army of tiny hedge funds are pulling further ahead of their better-known foreign competitors with outsized gains helping them attract more assets. The nearly 15,000 funds offered by Chinese managers returned 30 per cent on average last year, with the best-performers surging 10-fold, according to Shenzhen PaiPaiWang Investment & Management. That dwarfs the average 12 per cent gain for hedge funds globally. The out-performance is another impediment to global funds such as Bridgewater Associates and Two Sigma, which have struggled to make inroads into China's 3.8 trillion yuan (S$783.9 billion) hedge fund market since it was opened to foreign firms four years ago. Local funds added a record 1.3 trillion yuan (S$268 billion) in assets last year. "Foreign players are handicapped in China," said Yan Hong, director of the China Hedge Fund Research Center at the Shanghai Advanced Institute of Finance. While many global funds are "patient" given the potential riches of cracking the Chinese market, their persistently small size adds to regulatory constraints, "making it hard for them to distinguish themselves." China's early economic recovery from the pandemic f...

Record high number of offenders in community corrections in 2020

aseanpr 4 2 月

4 minutes

SINGAPORE - Ethan was still serving his year-long jail sentence for drug consumption when his stepfather spoke his last words to him. The man who had cancer, sternly warned the 32-year-old not to land himself behind bars again after this first offence. The conversation took place at home, as Ethan (not his real name) was allowed to serve part of his sentence at his place of residence. "Before he passed on, he told me, 'How many more times do you want to go into prison? Make sure this is the last time. I don't want to see you go to prison again,'" said Ethan. "These words were very impactful. It made me very determined not to go back to my old ways again, and to really start a new journey in life," he said, recalling the conversation that took place during his Singapore Prison Service (SPS) community-based programme. His stepfather died three weeks after he started the programme, in August last year. As at Wednesday (Feb 3), Ethan is a free man. He is currently enrolled in a law diploma programme, which he hopes to use for community work and pro bono services. His correctional rehabilitation specialist is Chief Warder 2 Sadhana Rai, who encouraged him during his seven-month communit...

Dip in those satisfied with public transport, but most feel improvement from previous year: PTC survey

aseanpr 2 2 月

4 minutes

SINGAPORE - Fewer commuters were satisfied with Singapore's public transport last year compared with 2019, despite those who said they were happy giving public transport here a higher score. Still, a vast majority of Singaporeans - 97.6 per cent - did not have too many complaints about the trains and buses here, and three in four said services had improved from a year ago. This is according to the annual public transport customer satisfaction survey conducted by the Public Transport Council (PTC). The survey seeks to better understand commuters' needs and identify areas for improvement. In results released on Tuesday (Feb 2), the PTC said satisfaction levels recorded last year were consistent with the pattern established in the previous four years, despite the unprecedented circumstances caused by the coronavirus. Some discontent over reduced bus services to match lower commuter demand, for example, was compensated by people who were impressed by the deployment of public transport workers and ambassadors to help commuters at MRT stations. Overall, public transport here was given an average score of 7.8 - same as in 2019 - by respondents. "Commuters continued to be satisfied with pu...

S’pore’s tourist arrivals fell 85% to 2.7m, lowest in four decades due to Covid-19

aseanpr 1 2 月

2 minutes

SINGAPORE - Visitor arrivals to Singapore plummeted to 2.7 million last year, the lowest in about four decades, following unprecedented global travel restrictions and border closures amid the Covid-19 pandemic. Last year's arrivals nearly all took place during the first two months of the year, and the total number is a drop of 85.7 per cent from arrivals in the whole of 2019, said the Singapore Tourism Board (STB) on Monday (Feb 1). Tourism receipts also tumbled 78.4 per cent to $4.4 billion in the first three quarters of last year, from the same period in 2019. This was largely due to the unprecedented global travel restrictions and border closures, the STB said. STB chief executive Keith Tan said: "STB remains confident in Singapore's position as one of the world's safest and most attractive leisure and business destinations, and the long-term prospects of Singapore's tourism sector." While mass international travel is unlikely to resume in a major way this year, he said the STB will continue to work with industry partners to prepare for a recovery. Domestic demand has now become critical to support tourism businesses, with international travel at a standstill. The SingapoRedisco...

Singapore will have capacity to get population vaccinated against Covid-19 by Q3 2021, but may take longer to do so

aseanpr 1 2 月

2 minutes

SINGAPORE - Singapore will have the capacity and capability to get its population vaccinated by the third quarter of this year, said Senior Minister of State for Health Janil Puthucheary. However, it might take up to the end of the year to do so, depending on a combination of factors. These factors include vaccine supply, as well as the willingness of Singaporeans and long-term residents to get vaccinated, Dr Janil said. "Our ability to deliver on this is present, and will be present," he said. "But we hope that the communications, outreach and engagement necessary in order to make this happen is something that members of this House will assist with." He was responding to Workers' Party chairman Sylvia Lim (Aljunied GRC), who had asked for clarification on when the nationwide Covid-19 vaccine roll-out will be completed. Prime Minister Lee Hsien Loong said in December that the country will have enough vaccines for everyone in Singapore by the third quarter of this year, if all goes according to plan. Dr Janil replied that although this still holds true, there may be members of the public who require further explanation on why getting vaccinated is the right thing to do, or require f...

Blank-check company craze that’s taken Wall Street by storm now spreading to Asia

elean 1 2 月

3 minutes

HONG KONG (BLOOMBERG) - A raft of funds and financiers in Asia is leveraging their deal-sourcing capabilities and understanding of US capital markets to jump on one of the hottest bandwagons on Wall Street - special-purpose acquisition companies or SPACs. Among them are former Deutsche Bank and Lehman Brothers banker Joaquin Rodriguez Torres, who is now talking with more than a dozen companies in the region for his SPAC Poema Global Holdings that just raised US$345 million (S$458.6 million). Others diving into the action include LVMH-backed L Catterton's Asia unit, Hong Kong tycoon Richard Li, Singapore-based health-care entrepreneur David Sin and former hedge fund manager George Raymond Zage. "Asia is the next big treasure trove for SPAC candidates," said MR Torres, co-founder of investment fund Princeville Capital. "Funds that have expertise in both companies operating in Asia and how US capital markets work hold significant advantage." Known as blank-check companies, SPACs raise money from investors and then look to acquire another business, usually a private one. A record 248 SPACs debuted on US exchanges in 2020, raising nearly US$83 billion, and at least 93 have already begun...

Virus-hit US economy suffers worst showing in 74 years

elean 30 1 月

4 minutes

WASHINGTON • The United States economy contracted at its deepest pace since World War II in 2020 as the Covid-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty. Though a recovery is under way, momentum slowed significantly as the year wound down amid a resurgence in coronavirus infections and exhaustion of nearly US$3 trillion (S$4 trillion) in relief money from the government. The moderation is likely to persist at least through the first three months of this year. The economy's prospects hinge on the distribution of vaccines to fight the virus. President Joe Biden has unveiled a recovery plan worth US$1.9 trillion, but some lawmakers have baulked at the price tag as the initiative comes soon after the government provided nearly US$900 billion in additional stimulus late last month. White House economic adviser Brian Deese said the report from the Commerce Department on Thursday underscored the urgency for Congress to pass Mr Biden's plan, warning that the cost of doing nothing was too high. "Without swift action, we risk a continued economic crisis that will make it harder for Americans to return to work an...

Make the most out of your shopping weekend at Scotts Square to get Chinese New Year-ready

aseanpr 27 1 月

5 minutes

Chinese New Year festivities might be a lot more subdued this year, but there’s no reason why you can’t still treat yourself to your usual pre-CNY ritual: shopping for new clothes, pampering yourself with skin treatments and indulging in good food. After all, embracing the self-confidence and belief that 2021 will be a better year than the last will kick off the new year on a good note. And a little help from beautiful clothes and good food will go a long way to helping you achieve that. As one of the Orchard Road belt’s boutique luxury shopping malls, Scotts Square is home to a well-curated mix of fashion labels, specialty services and dining selections, with the added bonus of a good location that makes it a shopping haven. Looking to get Chinese New Year-ready? One shopping weekend is all you need there, — so you hit all the must-visits and check off that Chinese New Year to-do list at the same time. Friday Night Fun Get a headstart on the shopping weekend by kicking things off on a Friday evening, when your spirits are still high from the end of a work week. Here’s how to make things strategic: PHOTOS: OCD To start off your weekend, go low-key. Update your wardrobe with casual ...

IMF boosts world growth outlook as vaccines outweigh uncertainty

elean 27 1 月

3 minutes

WASHINGTON (BLOOMBERG) - The International Monetary Fund (IMF) raised its forecast for global growth this year, betting the rollout of coronavirus vaccines and more fiscal stimulus will offset the immediate challenge posed by the resurgent pandemic. Global gross domestic product will soar 5.5 per cent this year, faster than the 5.2 per cent projected in October, the fund said on Tuesday (Jan 26). It credited improvement in the US for much of the upgrade, which was offset by cuts to its predictions for the euro area and UK. Such an expansion would match 2007 as the best in four decades of data and follow an upwardly revised 3. per cent contraction last year, which would still be the worst peacetime decline since the Great Depression. The IMF projected a 4.2 per cent global expansion for 2022. "Much now depends on the outcome of this race between a mutating virus and vaccines to end the pandemic, and on the ability of policies to provide effective support until that happens," IMF chief economist Gita Gopinath wrote in a blog post accompanying the World Economic Outlook. The fund sees major central banks holding their policy-rate settings through 2022, with financial conditions remain...

China was largest recipient of foreign direct investment in 2020

elean 25 1 月

2 minutes

BEIJING (REUTERS) - China was the largest recipient of foreign direct investment in 2020 as the coronavirus outbreak spread across the world during the course of the year, with the Chinese economy having brought in US$163 billion (S$216.5 billion) in inflows. China's US$163 billion in inflows last year, compared to US$134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released on Sunday (Jan 24). In 2019, the US had received US$251 billion in inflows and China received US$140 billion. China's economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-stricken 2020 in remarkably good shape and remained poised to expand further this year even as the global pandemic rages unabated. China's gross domestic product grew 2.3 per cent in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year. The world's second-largest economy has surprised many with the speed of its recovery from the coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade and other fro...

North West CDC raising $2 million to help retrenched residents

aseanpr 23 1 月

3 minutes

SINGAPORE - The Community Development Council (CDC) for Singapore's north-west region is raising at least $2 million to help laid-off residents amid the coronavirus pandemic. MP of Marsiling-Yew Tee GRC and Mayor of the North West CDC, Mr Alex Yam, announced this on Saturday (Jan 23). He said schemes emerging from the CDC's fund-raising efforts will make sure people do not have to wait for approval under existing government programmes, which could take too long. He said: "Government schemes will remain the bread-and-butter, but we want to be able to plug the gap in terms of timeliness and urgency. "As we look ahead, we are hopeful that the economy will stabilise a little bit more, but (this is) in case there are still more people who may face retrenchments or termination due to the economic downturn." Mr Yam was speaking during the WeCare @ North West-Service Weeks campaign, into its eighth year, this year. From Jan 6 to Feb 7, festive packs containing foods worth $50 such as soya milk powder, instant noodles, coffee, sunflower oil and oatmeal will be given to some 20,000 residents living in rental units. Corporate volunteers will also install appliances in some households. Gain Ci...

Frasers Centrepoint Trust reports 96% retail occupancy

elean 23 1 月

2 minutes

The manager of Frasers Centrepoint Trust (FCT) said that its performance for the final three months of last year remained resilient, with retail portfolio occupancy stable at 96.4 per cent. An exchange filing on Thursday said total tenants' sales remained stable near pre-pandemic levels, falling 1.3 per cent year on year last month. At the peak of the pandemic in May last year, total tenant sales had fallen 57.1 per cent year on year. Shopper traffic is at 60 per cent to 70 per cent of pre-Covid-19 levels, given the safe distancing measures in place, the manager added. Meanwhile, FCT renewed nearly a quarter of expiring leases which were due in financial year 2021 in the quarter that ended on Dec 31. FCT added that it had extended its debt maturity to three years in the first quarter of this year, compared with 2.1 years in the previous quarter, and reduced the cost of borrowing from 2.4 per cent to 2.2 per cent. Its total borrowings are over $2.2 billion, compared with nearly $1.3 billion in the last three months of last year. FCT completed its acquisition of AsiaRetail Fund and significantly expanded its portfolio, nearly doubling its total assets, it said. It also completed the ...

Probation for youth who used bogus Covid-19 grant applications to cheat MSF of $2.5k

aseanpr 19 1 月

3 minutes

SINGAPORE - A full-time national serviceman (NSF) who duped the Ministry of Social and Family Development (MSF) into disbursing $2,500 from the Temporary Relief Fund (TRF) for his benefit was sentenced on Tuesday (Jan 19) to 18 months' probation. The court heard that Yee Jia Hao, 20, used his ill-gotten gains to gamble and has not made any restitution. Yee had submitted four bogus Covid-19 grant applications in April last year to receive monies from the TRF, a fund to deal with the economic and social impact of the Covid-19 outbreak. Three applications were accepted while one was rejected. The fund is administered by MSF and the People's Association. As part of his probation, the Singaporean has to remain indoors from 10pm to 6am every day and perform 60 hours of community service. He must also attend a gambling-relapse prevention programme. His parents and brother were bonded for $5,000 to ensure his good behaviour. Yee had pleaded guilty last year to three counts of cheating and one count of attempted cheating. Six other charges, mainly for cheating, were considered during sentencing. The TRF, a financial support scheme the Government announced in March last year as part of the R...

Tackling Covid-19 through Total Defence a key focus in N.E.mation! competition this year

aseanpr 17 1 月

5 minutes

SINGAPORE - The Covid-19 pandemic was a key issue tackled by teams in this year's N.E.mation! competition. The annual contest sees students and youth produce short animation clips to express their views on total defence. Of the 1,064 submissions for the student and youth categories this year, 70 per cent highlighted how Singaporeans could apply the concept of total defence during the pandemic. Themed "Together We Keep Singapore Strong", the 15th edition of the annual competition moved online this year due to Covid-19. Teams in the youth category produced animation clips with online mentoring from industry partners. The mentors include Lucasfilm, the production firm behind the Star Wars franchise, and Singapore Press Holdings' content marketing agency Sweet. Participants in this category are aged 17 to 25, from post-secondary educational institutions. This year, those in the student category - for participants aged 13 to 16 - competed in storyboarding instead of animation production. Only the top three teams turned their concepts into animation clips, while the other seven teams within the top 10 had their storyboards turned into illustrations. The N.E.mation! open house was held at...

China exports beat forecasts with 18.1% growth in December

elean 15 1 月

3 minutes

BEIJING • Chinese exports grew by more than expected last month, Customs data showed yesterday, as coronavirus disruptions around the world fuelled demand for Chinese goods even as a stronger renminbi made exports more expensive for overseas buyers. A robust domestic recovery also spurred Chinese appetite for foreign products last month, with import growth quickening from the month prior and beating expectations in a Reuters poll. Exports rose 18.1 per cent last month from a year earlier, slowing from a 21.1 per cent jump in November but beating expectations for a 15 per cent rise. Imports increased 6.5 per cent year on year last month, topping a 5 per cent forecast and picking up pace from November's 4.5 per cent growth. Buoyant exports helped drive an impressive rebound in China's manufacturing sector last year, as the pandemic wreaked havoc abroad. China is expected to be the only major economy to have seen positive growth last year. Exports grew 3.6 per cent over the full year and imports fell 1.1 per cent. While the pandemic will bring challenges, a reviving global economy and a steady recovery in China's domestic economy provide a foundation for China to maintain trade growth...

US Q1 budget deficit surges to record US$573 billion amid pandemic

elean 14 1 月

2 minutes

WASHINGTON (AFP) - As spending remained high amid the coronavirus pandemic, the US budget deficit surged by 61 per cent in the first three months of the 2021 fiscal year, the Treasury Department said on Wednesday (Jan 13). Spending compared to the prior year grew by US$213 billion (S$282.6 billion) from October to December, driving the budget gap to US$573 billion and setting quarterly records, a senior Treasury official told reporters. The deficit for the 2020 fiscal year exploded, jumping more than 200 per cent to an all-time high of US$3.1 trillion, which was more than double the prior record. The first quarter pace will keep the deficit well below that level in the future, but President-elect Joe Biden has pledged to push for trillions of dollars in new measures to help struggling families and boost the economy. US government expenditures increased last year due to the mammoth programs Congress approved to help workers and businesses hit by the Covid-19 shutdowns. However, spending tapered later in the year as some programs lapsed while lawmakers worked to pass a new relief package, and the Treasury official said the impact of a US$900 billion measure approved December 27 will ...

Man accused of defacing a statue of Mary in church courtyard acquitted of all charges

aseanpr 12 1 月

2 minutes

SINGAPORE - A man accused of trespassing into the premises of the Church of the Nativity of the Blessed Virgin Mary last year and defacing a statue of Mary was acquitted of all charges in a district court on Monday (Jan 11). Race Koh Jun Xian, now 38, was handed a discharge amounting to an acquittal, which means he cannot be charged again with the same offences. The State Courts online portal did not disclose reasons behind his acquittal. Koh was charged on Nov 20 last year with one count of each of criminal trespass and defiling a place of worship with intent to insult a religion. He had earlier told the court: "I did not do this intentionally. I was sincere in wanting to pray to Mother Mary. I wanted to beautify her, I did not know this was an offence." He was then ordered to be remanded at the Institute of Mental Health. According to court documents, the church was closed to the public at the time of the offence on Nov 12 last year because of renovation works. Police received a report that same day that the statue in the courtyard of the Catholic church in Upper Serangoon Road had been defaced. Koh was identified after officers from Ang Mo Kio Police Division conducted ground in...

Singaporeans encouraged to give e-hongbao this Chinese New Year as safer, environmentally friendlier option

aseanpr 11 1 月

4 minutes

SINGAPORE - With Chinese New Year around the corner, the "hongbao" - or red packets - traditionally exchanged during this period are on the minds of many Singaporeans. While hongbao are usually given hand-to-hand, it has become common practice in China for relatives to send each other e-hongbao via messaging app WeChat. In a statement on Monday (Jan 11), the Monetary Authority of Singapore (MAS) encouraged Singaporeans to opt for e-hongbao this Chinese New Year. "They will help to reduce queues for physical notes and are more environmentally friendly," MAS said. One way to send e-hongbao is via PayNow. Those who bank with Citibank, DBS Bank , OCBC Bank, Standard Chartered Bank, UOB and Maybank will soon be able to add Chinese New Year greetings and graphics when they do so. The messages can be sent via WhatsApp or SMS. "PayNow enables the tradition of giving hongbao to continue, digitally and safely. Customers may contact their bank for more information on how to send hongbao digitally with PayNow," said the Association of Banks Singapore in a separate statement on Monday. Some Singaporeans prefer gifting new physical notes but these are often returned to the banks by the public af...

Singapore kept IPO flow steady last year despite pandemic-driven market volatility: PwC

elean 11 1 月

1 minute

SINGAPORE - In a year ravaged by a recession and wild swings in financial markets, the Singapore Exchange (SGX) managed to bring in as many new companies to list here as in 2019. The bourse attracted 11 initial public offerings (IPOs) in 2020 despite the coronavirus-induced uncertainty and market volatility, according to a report by PwC Singapore. 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.

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