year

4 property trends to watch in 2021

elean 10 1 月

7 minutes

Singapore's property market witnessed a roller-coaster ride over the past year. Home sales plunged to historical lows during the April and May circuit breaker period. But at the end of the movement restrictions, property buying activities rebounded strongly across many market segments. Although the coronavirus may continue to cast a shadow over the broader economy, global markets have already looked past current headwinds and are banking hopes on the success of Covid-19 vaccines. The pandemic has accelerated some property trends and spawned new ones that may present attractive investment opportunities for buyers. We offer a preview of how the property market here may fare this year, and the key trends to keep an eye on. Singapore's property outlook hinges mainly on the country's ability - and global collective efforts - to rein in Covid-19. The real estate market is poised for a steady recovery and further price growth if our economy rebounds strongly this year. 1. Recovery to gather pace on fresh optimism Singapore's housing market is one of the sectors that are defying gravity. Despite the pandemic, we observed healthy sales for landed properties and the private and Housing Board...

Company briefs: SoftBank

elean 7 1 月

2 minutes

SoftBank SoftBank Group plans to sell its first bond in more than a year, joining a rush by companies globally to tap credit markets while borrowing costs are low. The Japanese technology conglomerate is preparing to sell about 100 billion yen (S$1.28 billion) of hybrid bonds, according to co-lead underwriter Nomura Holdings. It plans to price the deal this month. SoftBank Group's bonds and stock price rebounded sharply last year after initially diving when markets convulsed in early March due to the pandemic and concerns about the company's large debt burden. BLOOMBERG Michelin Michelin plans to cut as many as 2,300 jobs in France over about three years as it focuses on the premium tyre market while diversifying into recycling, new materials and projects in areas including hydrogen. Although no factories will be closed, a revamp of Michelin plants will result in as many as 1,200 job losses, mostly through early retirement and voluntary redundancy, it said in a statement yesterday. The remainder of the cutbacks will be in services to help boost efficiency by 5 per cent a year, it said. BLOOMBERG Amazon Amazon.com said on Tuesday it bought 11 Boeing 767-300 aircraft, as it looks to ...

Gardens by the Bay restarts full light and sound show from Friday

aseanpr 4 1 月

2 minutes

SINGAPORE - Visitors to Gardens by the Bay will get to enjoy the full suite of its light and sound show from this Friday (Jan 8) as Singapore moves into phase three of its reopening. Garden Rhapsody, the popular light and sound show at main attraction Supertree Grove, will return to its original time slots of 7.45pm and 8.45pm every evening, Gardens by the Bay said on Monday. The show had been paused during the circuit breaker last year and the two shows were replaced by soothing background music and soft lighting in September. The show, which sees the lights of 12 Supertrees moving to a musical soundtrack, is free and lasts for 15 minutes. There are 11 shows lined up for this year, the Gardens said in a statement. This month, visitors will get to experience Garden Waltz, a compilation of waltz music from well-known composers such as Frederic Chopin's Grande Valse Brilliante and Johann Strauss Junior's By The Beautiful Blue Danube. Safe distancing and security officers will be out in force to ensure safe management measures such as the wearing of masks and keeping a safe distance are adhered to. Gardens by the Bay senior director of programming and events Chua Yen Ling said: "Singa...

Opec+ warns of risk to oil recovery from resurgent Covid-19 pandemic

elean 4 1 月

4 minutes

LONDON (BLOOMBERG) - Opec warned of risks to the oil market from the resurgent pandemic, a day before the group and its allies meet to consider another increase in production. "The outlook for the first half of 2021 is very mixed," Opec Secretary-General Mohammad Barkindo said at a preparatory meeting on Sunday (Jan 3). "There are still many downside risks to juggle." The alliance of producers led by Saudi Arabia and Russia will decide on Monday whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve. Moscow believes that the group - which slashed output last year - can revive another 500,000 barrels a day of idle capacity in February, on top of an increase scheduled for this month. Riyadh, which has favored greater caution, is keeping its own views under wraps. But while the Sunday meeting hasn't addressed future output policy so far in any detail, a Saudi official there noted the fragility of the recovery, according to delegates who declined to be named. "We think the producer group will opt to forgo any further production increases for February with Covid-19 cases continuing to climb and the slower than ex...

Singapore economy shrinks 5.8% in 2020 after contraction eases to 3.8% in Q4: Flash data

elean 4 1 月

3 minutes

SINGAPORE - Singapore's economy contracted by 5.8 per cent for the whole of 2020, according to the Ministry of Trade and Industry's (MTI) advanced estimates released on Monday (Jan 4). For the fourth quarter of last year, the economy shrank by 3.8 per cent year on year, an improvement from a revised 5.6 per cent drop in the third quarter, as more coronavirus related curbs on economic activity were lifted. The economy's fourth quarter performance was also better than the 4.5 per cent year- on-year drop by economists in a Reuters poll. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 2.1 per cent, following the 9.5 per cent expansion in the third quarter. The strong GDP growth seen in the third quarter was due to the phased resumption of activities following the circuit breaker period stretching from April 7 to June 1, as well as the rebound in activity in major economies during the quarter as they emerged from their own lockdowns, MTI said. The full-year 2020 MTI estimate tops earlier forecasts of a contraction of 6.5 per cent to 6 per cent made last month and is much lower than a previous estimate of a 7 per cent to 5 per cent shrinkage. In its maiden forecast...

Market volatility, giant valuations prompt warnings of IPO bubble

elean 4 1 月

5 minutes

NEW YORK • The initial public offering (IPO) market is manic. Stocks have not been this expensive since the dot.com era. The Nasdaq 100 has doubled in two years, leaving its valuation bloated - all while volatility remains stubbornly high. It is a set-up that has left investors sitting on fat returns from 2020, a year that defied easy explanation. It is also one that has a growing cohort of experts warning about a bubble. Knowing when market rallies turn from logical to excessive is always tough. It was nearly impossible as last year ended, with interest rates pinned near zero and the federal government unleashing another US$900 billion (S$1.19 trillion) into the economy. But history offers clues, and a raft of current market conditions meet criteria that would likely be found on a bubble checklist. Take a study by Harvard University researchers published in 2019. It noted that while not every stock surge meets with disaster, those that do share some attributes, including increased share issuance, heightened volatility, and a sector or index that doubles and is twice as high as the broader market. Check, check and almost check. "Are there areas of the market that are in a bubble? Y...

Opec+ meeting to decide output level, maintain market influence

elean 3 1 月

3 minutes

LONDON • Members of the Organisation of the Petroleum Exporting Countries (Opec) and their partners will hold a video conference tomorrow to decide on production levels for next month, hoping to turn the corner on a difficult year. The Opec+ ministerial meeting comes after oil consumption tanked last year due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia. Despite a pick up in prices towards the end of the year, the market levels for oil remain uncertain. After their last summit, from Nov 30 to Dec 3, the Opec+ members agreed to increase production by half a million barrels per day this month. At the meeting, the 13 members of the Opec cartel, led by Saudi Arabia, and their six allies, led by Russia, also agreed to meet at the beginning of each month in order to decide on any adjustments to production volumes for the following month. Russia and Saudi Arabia are, respectively, the second and third biggest oil producers in the world after the United States. The decision illustrates Opec's desire to maintain a strong influence on the oil market, and the gravity of the situation for crude producers last year. Before the pandemic, Opec members were content with...

Wall St ends wild year with Dow, S&P at record highs

elean 2 1 月

4 minutes

NEW YORK • US stocks ended a tumultuous year with the Dow and S&P 500 at record highs, as the three major US equity indexes notched solid-to-spectacular yearly gains despite an economy upended by the Covid-19 virus as investors looked to a post-pandemic world. In a year that marked the end of the longest bull market on record as pandemic-induced government lockdowns battered the global economy, equities stormed back, with the S&P 500 climbing more than 66 per cent from its March 23 low, resulting in the shortest bear market in history. The gains, which sent the Dow and S&P to record highs to close out the year and the Nasdaq to a record earlier this week, were fuelled in part by massive fiscal and monetary stimulus put in place to buttress an economy reeling from the coronavirus fallout, as well as progress on vaccines. For the year, the S&P 500 gained 16.3 per cent, the Dow 7.2 per cent, and the Nasdaq 43.6 per cent, which marked the biggest yearly gain for the tech-heavy index since 2009. "For broad indexes, this is a bullish year despite the craziness in the real world," said Mr Mike Zigmont, head of research and trading at Harvest Volatility Management. "It feels very much to m...

S’poreans welcome new year at home and across heartland

aseanpr 2 1 月

4 minutes

It had been a difficult year for Mr Abdul Rahim Safari, 56. Like many others, the administration officer had to work longer hours due to new work from home arrangements, and could not go visiting or go for prayers at the mosque during Hari Raya. In addition, he was hospitalised in March for suspected appendix issues. So, the New Year's Eve celebration with his family was something he had been looking forward to. "The end of the current year will be like the closing to a chapter, starting a fresh one with the next," the Yew Tee resident said. He and his family joined the festivities virtually this year due to the pandemic. "We were worried about the crowd, so we'd rather stay at home and keep ourselves safe while celebrating," said Mr Abdul Rahim, adding that his mother-in-law is 86, and might have serious complications if she caught Covid-19. "This year, we have really suffered. My (New Year's) wish is that Singapore will be free from Covid-19 and that we can enjoy ourselves as normal," he said. Mr Abdul Rahim and his family were among Singaporeans who rang in the new year with community countdown programmes, which went virtual for the first time in the heartland. Several of these ...

Wall Street closes out wild pandemic year with Dow, S&P at records

elean 1 1 月

4 minutes

NEW YORK (REUTERS) - US stocks ended a tumultuous year with the Dow and S&P 500 at records, as the three major US equity indexes notched solid-to-spectacular yearly gains despite an economy upended by the Covid-19 virus as investors looked to a post-pandemic world. In a year that marked the end of the longest bull market on record as pandemic-induced government lockdowns battered the global economy, equities stormed back, with the S&P 500 climbing more than 66 per cent from its March 23 low, resulting in the shortest bear market in history. The gains, which sent the Dow and S&P to record highs to close out the year and the Nasdaq to a record earlier this week, were fuelled in part by massive fiscal and monetary stimulus put in place to buttress the economy reeling from the coronavirus fallout, as well as progress on a vaccine. For the year, the S&P 500 gained about 16 per cent, the Dow roughly 7 per cent and the Nasdaq more than 43 per cent, which marked the biggest yearly gain for the tech-heavy index since 2009. "For broad indexes, this is a bullish year despite the craziness in the real world," said Mike Zigmont, head of research and trading at Harvest Volatility Management. "It...

STI is region’s worst performer of 2020

elean 1 1 月

1 minute

The pandemic hammered South-east Asian stock markets last year, with the Straits Times Index (STI) taking the biggest hit in region. The local bourse ended the year down nearly 12 per cent, a victim, like its regional peers, of the greater reliance on trade, travel and tourism - sectors that were all under siege as countries went into lockdowns. 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.

Move over Mukesh Ambani, Asia has a new richest person – China’s ‘Lone Wolf’

elean 31 12 月

2 minutes

BEIJING (THE BUSINESS TIMES) - Zhong Shanshan is a private billionaire who's rarely quoted in the press. Now, after an improbable career spanning journalism, mushroom farming and healthcare, he's become Asia's richest person, eclipsing India's Mukesh Ambani and a group of Chinese tech titans including Jack Ma. Mr Zhong's net worth has surged US$70.9 billion (S$93.8 billion) this year to US$77.8 billion, making him the 11th-richest person on the planet, according to the Bloomberg Billionaires Index. It's one of the fastest accumulations of wealth in history, and all the more remarkable considering that until this year he was little known outside of China. Mr Zhong, 66, isn't involved in politics and his business interests aren't entwined with other rich families such as the property tycoons, which is why he's known locally as the "Lone Wolf." He owes his success to two unrelated fields. He took Covid-19 vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co public in April, then months later Nongfu Spring Co, a maker of bottled water, became one of Hong Kong's hottest listings. Nongfu shares have jumped 155% since their debut, and Wantai's are up more than 2,000 per cent. Mr...

Spotlight on single-owner plots, older CBD offices

elean 30 12 月

2 minutes

Single-owner plots and older central business district (CBD) offices are now in the spotlight as residential property developers eye strong residential sales. Cushman & Wakefield (C&W) expects more buzz in residential investment activity in the early part of 2021 as residential sales continue to keep pace, it said in its market outlook 2021 series. C&W executive director of capital markets Shaun Poh said the recent sale of the Guillemard-Jalan Molek site at $93 million has sparked a wave of interest among residential developers, particularly mid-sized ones, to look at sites that will help them ride the current cycle. These include single-owner plots and older CBD offices that can take advantage of the CBD Incentive Scheme which motivates owners of these buildings to redevelop their properties into mixed-use projects, including residential. Private residential prices registered a gain of 0.8 per cent in the third quarter of the year, compared with the second quarter, bringing prices to its peak since the third quarter of 2013. For the full year, sales are expected to come in at around 20,000 units, C&W said. Ms Christine Li, C&W head of research for Singapore and South-east Asia, sa...

Did you miss out on vacation this year? You’re not alone

elean 29 12 月

6 minutes

NEW YORK (NYTIMES) - In a typical year, New York employees of the magazine publisher Condé Nast must use their vacation days before late December or lose them - a common policy across corporate America. But early this month, the company sent employees an email saying they could carry up to five vacation days into next year, an apparent acknowledgment that many scrimped on days off amid the long hours and travel restrictions imposed by the pandemic. "The carry-over will be automatic, and there is nothing further you need to do," the email said. Condé Nast was not alone in scrambling to make end-of-year arrangements for vacation-deprived workers. Some employers, however, have been less accommodating. "It's a big issue we're seeing now - competing requests for time off over the next two weeks," said Allan S. Bloom, an employment lawyer at Proskauer in New York. "Clients are struggling to figure it out." Mr Bloom and other lawyers and human resources experts said there was no clear pattern in how employers were handling the challenge. Many companies that already allow employees to carry vacation days into the next year - like Goldman Sachs (generally up to 10) and Spotify (generally up...

Former IMH employee who molested patients and insulted colleagues’ modesty given jail, caning

aseanpr 28 12 月

4 minutes

SINGAPORE - A member of the Institute of Mental Health (IMH) staff repeatedly abused the trust placed in him when he molested patients and insulted his colleagues' modesty at his workplace. He even recorded videos of himself molesting his victims. The 36-year-old Singaporean also took upskirt videos, including at Canberra MRT station. He is no longer working at IMH and his details cannot be revealed due to a gag order to protect the victims' identities. He was sentenced on Monday (Dec 28) to four years, nine months and a week's jail with 10 strokes of the cane after pleading guilty to four counts of insulting a woman's modesty. He also admitted to two counts each of molestation and voyeurism. Thirty-four other charges for similar offences were considered during sentencing. He was at work on Sept 6 last year when he spotted a 25-year-old female patient alone in a room, restrained to a hospital bed. He molested the woman and recorded a video of himself committing the offence. The court heard that he committed similar acts against a 29-year-old female patient on Nov 21 last year. He also targeted his colleagues and recorded videos of them while they were changing inside cubicles late ...

Mazda Production and Sales Results for November 2020

ruth 28 12 月

2 minutes

TOKYO, Dec 28, 2020 - (JCN Newswire) - Mazda Motor Corporation's production and sales results for November 2020 are summarized below.I. Production1. Domestic ProductionMazda's domestic production volume in November 2020 decreased 3.8% year on year due to decreased production of passenger and commercial vehicles.[Domestic production of key models in November 2020]CX-5: 34,554 units (up 3.1% year on year)CX-30: 10,912 units (up 3.4%)MAZDA3: 9,708 units (down 24.6%)2. Overseas ProductionMazda's overseas production volume in November 2020 decreased 18.6% year on year due to decreased production of passenger and commercial vehicles.[Overseas production of key models in November 2020]CX-30: 16,359 units (up 124.8% year on year)MAZDA3: 11,147 units (down 25.8%)MAZDA2: 7,628 units (up 3.5%)II. Domestic SalesMazda's domestic sales volume in November 2020 decreased 0.4% year on year due to decreased sales of commercial vehicles.Mazda's registered vehicle market share was 3.9% (down 0.5 points year on year), with a 1.8% share of the micro-mini segment (up 0.2 points) and a 3.1% total market share (down 0.2 points).[Domestic sales of key models in November 2020]MAZDA2: 2,164 units (up 2.9% yea...

No swift recovery in 2021, but Singapore job market on the mend

elean 28 12 月

3 minutes

SINGAPORE - Hopes for a better 2021 are aplenty, but recovery for the labour market is likely to be protracted, experts say. Although the latest quarterly labour market data released earlier this month shows the employment situation for Singapore residents is on the mend, uncertainties still abound. Ms Selena Ling, OCBC Bank's head of treasury research and strategy, said it may take till 2022 for unemployment rates to return to pre-Covid-19 levels, barring a Covid-19 panacea. "The biggest challenge is not really new per se - that there is a significant SME (small and medium-sized enterprise) base and older, low-income workers and even PMETs (professionals, managers, executives and technicians) who may find the pace of change accelerated and disruptive and have a more difficult time adapting and transforming," she said. It remains to be seen how the labour market will react next year when the Jobs Support Scheme wage subsidies taper off and some of the traineeships, attachments and training programmes introduced to help job seekers end. National Trades Union Congress secretary-general Ng Chee Meng said in a recent webinar organised by The Straits Times that the local and global heal...

Pharma industry drives rebound in factory output

elean 25 12 月

3 minutes

As a year weighed down by the coronavirus pandemic drew to a close, Singapore's manufacturing industry rebounded last month, partly because the pharmaceutical segment grasped the opportunities created by the outbreak. Semiconductors also turned in a strong performance. Despite the Republic weathering its worst recession since independence, manufacturing has been a rare picture of resilience this year, and is riding the demand arising from the pandemic and 5G markets. Factory output beat analysts' expectations and expanded 17.9 per cent year on year, reversing the 0.8 per cent decline seen the previous month, according to data released by the Economic Development Board yesterday. Economists polled by Bloomberg had forecast a 14.1 per cent jump. Analysts said the sector is likely to end the year on a positive note, with over 6 per cent growth. Maybank Kim Eng senior economist Chua Hak Bin said the manufacturing sector has been "remarkably resilient" this year, unlike previous recessions, where it had been a major casualty. It is likely to continue the third quarter's 10 per cent growth into the fourth quarter, he added. The volatile biomedical cluster, which has been one of the best-...

Company Briefs: AMTD International

elean 25 12 月

2 minutes

AMTD International Investment banking firm AMTD International, which is dual-listed in New York and Singapore, has promoted Mr William Fung to chief executive, succeeding Mr Calvin Choi. This is in addition to Mr Fung's current position of group vice-president of the company's parent, Hong Kong-based AMTD Group. Mr Fung was AMTD International's chief investment officer and head of asset management. Meanwhile, Mr Choi and the vice-chairman Andrew Chiu will step down from the company's board. THE BUSINESS TIMES Telegram Encrypted messaging app Telegram will launch pay-for services next year, its Russian-born founder Pavel Durov said Wednesday, as the growing company needed "at least a few hundred million dollars per year". "Telegram will begin to generate revenue, starting next year," Mr Durov said in a statement. "We will be able to launch countless new features and welcome billions of new users." Mr Durov, 36, said he did not plan to sell the company and therefore needed to look for other ways to come up with funding. AGENCE FRANCE-PRESSE Ezion Holdings The offshore and marine player posted a net loss of US$224.5 million (S$298.4 million) for the third quarter ended Sept 30, wideni...

Watershed year for Singapore’s economy

elean 25 12 月

1 minute

Singapore’s economy saw its worst recession since independence this year, with global supply and demand battered by the coronavirus pandemic. While the Republic’s industries have seen some signs of recovery over the second half of the year, the economic indicators reflect the uncertainty of the global picture.

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