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Covid-19 situation pushed fresh grad onto entrepreneurship path

A one-year stint in Stockholm where he worked for medical technology firm Meloq and was exposed to budding entrepreneurs inspired Mr Yap Jun Yi to strike out on his own - a decision which he says was made easier with the coronavirus pandemic. The 25-year-old is one of five co-founders of personal finance company Taby Technologies, and the only one working full-time at the start-up. His co-founders, aged 24 to 29, are either studying or have other full-time jobs. The Covid-19 situation gave him "more assurance" to start his own business, said Mr Yap. "I'm going to give myself a year, till probably the end of next year, to see where this business is going to take me, and whether I want to continue with it or not," he said. "I think the current situation gave me the assurance to pursue my entrepreneurship passion." Many of his friends are on traineeships, and most of his peers would prefer the stability and security of a full-time job, instead of making it on their own fresh out of university. "But when I asked myself whether I would regret not pursuing this opportunity five years from now, I think I would," he said. The start-up received a capital grant of $30,000 from Startup SG Fou...

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More businesses set up in S’pore despite Covid-19 recession

Despite Covid-19 tightening the noose around some businesses, more firms have been set up in the past five months than in the same period last year, with experts describing this new wave of entrepreneurs as a sign of confidence in Singapore's recovery. About 5,500 to 6,400 new businesses were formed monthly between June and last month, compared with about 5,300 a month over the same timeframe last year, checks by The Sunday Times show. 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.

Gold prices headed further south as hopes rise for coronavirus vaccine

Gold prices were yesterday set for a third straight week of declines as growing optimism over a coronavirus vaccine drove investors into traditionally riskier assets and out of the safe-haven metal. Spot gold fell 0.2 per cent to US$1,807.86 per ounce in early trading yesterday. US gold futures were steady at US$1,806. Bullion was set to fall 3.3 per cent on the week. Asian shares stalled near record highs yesterday as AstraZeneca faces tricky questions about the success rate of its vaccine candidate that could hinder its chances of getting speedy United States and European Union regulatory approval. "For the markets, I don't think that (doubts over the effectiveness of a vaccine) changes the perception there's going to be a vaccine coming sooner than previously expected," said IG Markets analyst Kyle Rodda. Investors are starting to buy into the narrative that the economic recovery is going to gather steam next year and that is driving investors to liquidate gold holdings, he added. On the technical front, support for gold remains intact at US$1,800 an ounce, while silver continues to see supportive interest near the psychological US$23 level, MKS PAMP said in a note. Raising the ...

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More revenue for Singapore’s service sector in Q3 than Q2

Singapore's service sector reported a 9.5 per cent year-on-year drop in receipts in the third quarter, although receipts improved on a quarterly basis compared with the second quarter - the Republic's circuit breaker period - according to the Singapore Department of Statistics (SingStat) yesterday. The third-quarter performance marks a smaller contraction than that seen during the second quarter's year-on-year decline of 13.4 per cent. All industries except information and communications services registered lower business receipts year on year, said SingStat. The figures exclude wholesale and retail trade and accommodation and food services. On a quarter-on-quarter non-seasonally adjusted basis, however, overall business receipts grew 5.4 per cent in the third quarter, compared with the low base of activities due to circuit breaker measures imposed during Singapore's partial economic shutdown in April and May. All industries except financial and insurance reported higher revenue quarter on quarter, SingStat said. Among all the categories, recreation and personal services saw the largest drop of 41.3 per cent in revenue, attributed mainly to companies in the attractions segment. On ...

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Mazda Production and Sales Results for October 2020

HIROSHIMA, Japan, Nov 27, 2020 - (JCN Newswire) - Mazda Motor Corporation's production and sales results for October 2020 are summarized below.I. Production1. Domestic ProductionMazda's domestic production volume in October 2020 increased 2.8% year on year due to increased production of passenger vehicles.[Domestic production of key models in October 2020]CX-5: 40,806 units (up 26.9% year on year)MAZDA3: 14,768 units (up 14.5%)CX-3: 8,094 units (up 81.0%)2. Overseas ProductionMazda's overseas production volume in October 2020 increased 8.3% year on year due to increased production of passenger vehicles.[Overseas production of key models in October 2020]CX-30: 13,912 units (up 646.0% year on year)MAZDA3: 9,134 units (down 36.3%)MAZDA2: 8,057 units (up 30.6%)II. Domestic SalesMazda's domestic sales volume in October 2020 increased 13.5% year on year due to increased sales of passenger vehicles.Mazda's registered vehicle market share was 4.3% (down 1.0 points year on year), with a 2.1% share of the micro-mini segment (up 0.4 points) and a 3.4% total market share (down 0.5 points).[Domestic sales of key models in October 2020]MAZDA2: 2,159 units (down 5.7% year on year)CX-5: 1,831 unit...

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Mazda CX-30 Named Thailand Car of the Year 2020

HIROSHIMA, Japan, Nov 27, 2020 - (JCN Newswire) - Mazda Motor Corporation's crossover SUV, Mazda CX-30, has been named Thailand Car of the Year 2020 by the Thai Automotive Journalists Association. This is the third time in history and the second year running that a Mazda vehicle takes the award after the Mazda3 and CX-3 won the award in 2019 and 2016 respectively.MAZDA CX-30The CX-30 was chosen as the top pick among seven finalists by a judging panel comprised of over 60 automotive journalists.The CX-30 is a compact crossover that combines the bold proportions of an SUV with elegant styling that embodies Mazda's Kodo design language. The vehicle is brought to life through reflections of the surroundings on its body that beautifully change according to the vehicle's movement, location and the season. Furthermore, the CX-30 enriches time spent with loved ones with its cabin that comfortably sits four adults and offers a high level of quietness, as well as the vehicle's high-quality interior that has been refined down to the smallest details.Since February 2020, the Thai specification model of the CX-30 has been locally produced at AutoAlliance (Thailand) Co., Ltd.Mazda continues its ...

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S’pore factory output down 0.9% in Oct

Singapore's manufacturing output dropped for the first time in three months in October, with only the biomedical and precision engineering clusters seeing growth. Factory output fell 0.9 per cent year on year, after a revised 25.6 per cent jump in September and a 16.4 per cent rise in August, according to data released yesterday by the Economic Development Board (EDB). Economists had expected a 6.2 per cent increase, according to the median in a Reuters poll. However, most analysts said the unexpected turn was unlikely to change the trajectory of the economic recovery. They said that even the relatively slow start to the fourth quarter will eventually give way to stronger output next year, backed by rising global demand. On a seasonally adjusted month-on-month basis, last month's output shrank 19 per cent - after four consecutive months of sequential improvement, and was the worst since February when it dropped by 22 per cent. Transport engineering led the output decline with a 31.8 per cent year-on-year plunge. EDB said in a statement yesterday that levels of activity in aerospace firms and shipyards remained low as new orders were adversely impacted by travel restrictions and a w...

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Financial sector moves to develop S’porean core

More measures to help develop and retain a core Singaporean workforce for the financial sector were unveiled yesterday. One initiative is the Work-Study Support Programme that will fund 80 per cent of internship stipends, capped at $1,000 per month, for Singaporean undergraduates who serve their internships at financial institutions. The aim is to develop job-ready graduates and build a Singaporean talent pipeline for the sector. It is part of the SkillsFuture Work-Study Degree Programme (WSDeg), which enables students to gain meaningful work experience and acquire work-relevant skills. The financial services sector has been a major participant of the WSDeg scheme since its introduction in 2017, and the Work-Study Support Programme will help scale the programme in strategic growth areas, the Monetary Authority of Singapore (MAS) noted at a webinar yesterday. MAS will also extend the Training Allowance Grant for company-sponsored trainees by six months from Dec 31 to June 30. Additional support is coming from the Institute of Banking and Finance, which will extend its 5 per cent additional course fee credit to cover the same period. The scheme aims to boost job retention through ups...

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The Hong Kong Institute of Directors Announces Winners of Directors Of The Year Awards 2020

HONG KONG, Nov 26, 2020 - (ACN Newswire) - The Hong Kong Institute of Directors ("HKIoD") has announced the winners of Directors Of The Year Awards ("DYA") 2020, which is a project that reaches the milestone of 20th Anniversary. This year, it is themed "Vanguard in Challenging Times".Dr Christopher To, Chairman of HKIoD, said, "Hong Kong is facing a complex situation that has never been seen before. Unanticipated political developments combined with an unprecedented epidemic and rapid digitisation have made it difficult for the commercial sectors to plan and implement development strategies. Amid such challenging conditions, the foresight and governance capability of business leaders have never been more important. They have to respond quickly to protect the interests of stakeholders, while adhering to corporate principles. Through the Awards, we hope to recognise outstanding directors for their insightfulness, as well as to inspire and encourage corporations to demonstrate outstanding corporate governance. Together, we can overcome any difficulty."Mr Kenneth Wong, Chairman of 2020 Directors Awards Organising Committee, said, "In the past, it took years to determine whether a busin...

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Public service report card: Incomes of Singaporeans rise and inequality falls, but growth hit by Covid-19

SINGAPORE - Even as Singapore wrestles with the fallout from Covid-19, the Government has managed to boost incomes and reduce wealth inequality, while making sure necessities such as housing and healthcare remain affordable. Singapore also continues to be business-friendly and internationally competitive. These are among the key achievements of the public service up till 2019 in most cases, according to a new report released by the Ministry of Finance (MOF) on Thursday (Nov 26). The Singapore Public Sector Outcomes Review (Spor), a stock-take of the sector's work that is unveiled every two years, rounds up key figures in such areas as the economy and social support. But unlike past editions, this year's review has a special section in recognition of the whole-of-nation effort to fight the coronavirus pandemic. Titled "Emerging Stronger as One", it highlights how Singaporeans, businesses and the community have stepped forward to partner the Government to help those in need. Here are four key takeaways from the report: 1. Lower income inequality, more work opportunities For the first time in five years, 2019 shows Singapore's Gini coefficient - a measure of income inequality - dippin...

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Parents collect PSLE results of son who died from cancer

SINGAPORE - In 2008, when he was but an eight-month-old baby, Raphael Lee was diagnosed with rhabdomyosarcoma in his left forearm. He underwent treatment for this rare form of soft tissue cancer for a year and the disease went into remission. But in 2016, when Raphael was a Primary 2 pupil, he was diagnosed with osteosarcoma, or bone cancer. It started in his left arm again, and eventually spread to his right collarbone and both lungs. On Nov 13, the 12-year-old died due to complications from surgery. His parents, Mr William Lee, 47, and Mrs Winnie Lee, 45, collected his Primary School Leaving Examination (PSLE) results from Alexandra Primary School on his behalf on Wednesday (Nov 25). Raphael was their only child. Mr Lee, who works as a course manager with St John Singapore, said: "We expected his lifespan would be shortened, but we didn't know death would come so soon. "We told him that our focus was not on his studies but on his health. We would tell him 'Just do your best, there is no stress' but he wanted to prove himself. "As much as possible, he tried to complete his homework." The Catholic couple said that the Church of St. Bernadette, that they attend, as well as Raphael's...

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S’pore economy turns corner on long road to recovery

Singapore's economy has turned a corner and will rebound next year, though the recovery is expected to be gradual. It is still poised to grow by the fastest pace in a decade, helped by a low base, the Ministry of Trade and Industry (MTI) said yesterday. In its maiden forecast for next year, MTI said the economy may expand by 4 per cent to 6 per cent - the most since 2011, when it grew by 6.3 per cent. However, gross domestic product (GDP) will probably not return to pre-Covid-19 levels until the end of next year, it said while presenting the Economic Survey of Singapore. Trade and Industry Minister Chan Chun Sing said that while the growth outlook may have improved, there was still much work to be done. "While we are turning the corner, we still have a long way to go in our economic recovery," he said. Meanwhile, some of the gloom brought on by the pandemic is being dispelled. There were signs that the continued expansion of trade and manufacturing, and a gradual recovery in construction-and tourism-related sectors, would spur the rebound. For this year, the economy will contract by 6.5 per cent to 6 per cent - less than the previous estimate of a 7 per cent to 5 per cent shrinkage...

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Singapore raises trade forecasts for 2020; non-oil exports up 6.5% in Q3

SINGAPORE - Singapore's overall trade and non-oil domestic exports (Nodx) are forecast to grow in 2021, in line with predictions that the global economy will expand over the next year from a low base. Total merchandise trade is expected to rise by 1 to 3 per cent for 2021, while Nodx is projected to expand by 0 to 2 per cent, government agency Enterprise Singapore said in its report on Monday (Nov 23). It has also raised its forecast for the Republic's total merchandise trade in 2020, predicting it to shrink at a slower pace of 7 to 7.5 per cent over last year, compared to the -10 to -8 per cent slide forecast in August. 2020 Nodx is tipped to grow by 4 to 4.5 per cent year on year, compared with the previous forecast of 3 to 5 per cent. The revised predictions were made amid better-than-expected performance for specific products such as non-monetary gold and specialised machinery, as well as electronics. Shipments expanded by 6.5 per cent in the third quarter on growth in both electronic and non-electronic Nodx, adding to the 5.9 per cent rise from the previous quarter. This was largely bolstered by growth in non-monetary gold and specialised machinery trade, ESG said. Non-electro...

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Spike in wrongful dismissal claims in Singapore in Q2

SINGAPORE - There was a significant spike in wrongful dismissal claims in the second quarter of this year, in tandem with the decline in local employment during that period. A total of 436 such claims were lodged under Section 14 of the Employment Act between April and June, compared with between 209 and 279 per quarter in the preceding four quarters, said a report on employment standards released on Thursday (Nov 19) by tripartite groups and the Ministry of Manpower (MOM). Many of the claims were lodged by employees who were unhappy over the abrupt manner in which they were let go, due in part to restrictions in face-to-face meetings during the circuit breaker period, and "there is no evidence that more employers terminated their employees unfairly to deny them of retrenchment benefit", said the report. Observers have expressed concern recently about the possibility of more disguised retrenchments, where employers terminate the employment of workers through other means to avoid paying retrenchment benefits. There were 69 claims for retrenchment benefits lodged in the second quarter, which is low, said the report by the MOM, the Tripartite Alliance for Dispute Management (TADM) and...

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More Singapore employers investigated for possible discriminatory hiring practices

SINGAPORE - More employers are being investigated for possible discriminatory hiring practices, said a report on employment practices released on Thursday (Nov 19). The Tripartite Alliance for Fair and Progressive Employment Practices (Tafep), the national watchdog on fair employment, investigated about 260 cases of such practices in the first half of this year, 60 per cent more than the 160 cases in the same period last year. Some 90 employers eventually had their work pass privileges suspended due to discriminatory hiring practices as at August this year, up from 35 for the full year of 2019. This means the Ministry of Manpower (MOM) barred them from hiring new foreigners or renewing the work passes of existing foreign staff for a period of time. About 43 per cent of them were identified through data analytics as part of MOM's proactive investigation efforts. The remaining 57 per cent were identified based on complaints received by the ministry and Tafep, said an MOM spokesman in response to media queries. Errant employers that breach the Tripartite Guidelines on Fair Employment Practices will be barred from hiring new foreign workers or renewing existing ones for 12 months to 24...

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MAS unveils 2021 Year of the Ox coins, which feature Coney Island where bull roamed

SINGAPORE - Collectors can now pre-order the 2021 Year of the Ox coins. The Monetary Authority of Singapore (MAS) unveiled the limited-edition coins on Thursday (Nov 19). The coins will be sold by The Singapore Mint, with the last day of pre-orders on Dec 20. Coins that are oversubscribed will be allocated by balloting, said the MAS. The 2021 coin features an ox against the backdrop of Coney Island Park, which the MAS described as "one of Singapore's ecologically sustainable parks with rich biodiversity". The obverse of each coin bears the Singapore coat of arms with the year 2021. A famed but elusive Brahman bull once roamed Coney Island until its death in September 2016. How the bull had found its way onto the island - connected by two bridges to Punggol Promenade and Pasir Ris Coast Industrial Park 6 - has remained a mystery. The National Parks Board first found it while in the process of setting up the 50ha Coney Island Park that opened to the public in October 2015. There will be 10 versions of the Year of the Ox coin that will be issued on Jan 1, 2021. PHOTO: MONETARY AUTHORITY OF SINGAPORE There will be 10 versions of the Year of the Ox coin that will be issued on Jan 1, 202...

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Honda e Becomes First Japanese Vehicle to Win ‘German Car of the Year’; Adds to Growing Tally of Global Accolades

TOKYO, Nov 18, 2020 - (JCN Newswire) - Honda's first battery-electric vehicle for Europe, the Honda e, has been named 'German Car of the Year 2021' in the country's prestigious annual Car of the Year Awards, becoming the first vehicle from a Japanese brand to do so. The car also won in the "New Energy" category.This is the latest in a series of prestigious accolades to be given to the Honda e since its launch in Spring 2020, including the top honour in the Red Dot Design Awards.The German Car of the Year awards are decided by a jury of leading German car journalists. The panel tests and reviews the latest cars, ranking them according to their usability, driving characteristics, market relevance and level of innovation. The winners of five categories - Compact, Premium, Luxury, New Energy and Performance - then go head-to-head to decide an overall winner."For Honda e to be the first Japanese car to be awarded German Car of the Year is a great honor and one we are incredibly proud to receive," added Katsuhisa Okuda, CO & President of Honda Motor Europe. "Customer and media response to the Honda e since it was first unveiled has been overwhelmingly positive. The Honda e is a perfe...

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Retailers and stores fret ahead of holiday season this year

NEW YORK • The formula for retailers on Black Friday is usually pretty simple: Cut prices, stock shelves, prepare for crowds and make sure orders arrive on time. This year - like everything in 2020 - is anything but. America's biggest apparel retailers and department stores are anxious ahead of the crucial holiday period. That is because all the new tools they have hastily rolled out and scaled up amid the global pandemic, such as in-store and curbside pickup and direct shipping from stores, have not really been battle-tested. So if they fail, an already disastrous year could get that much worse. "These companies are used to somewhat regular patterns," said Fitch Ratings retail analyst David Silverman. "All of that has gone out of the window." Companies have laid out how they are getting ready: Kohl's Corp chief executive Michelle Gass, for example, said she is pushing shoppers to retrieve their online purchases in stores, instead of getting them shipped to their homes. This would relieve the company's distribution centres. Old Navy CEO Nancy Green, meanwhile, said the budget apparel chain is shipping more products directly from stores to customers' homes. But it is clear that this...

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Singapore non-oil exports post surprise 3.1% drop in October

SINGAPORE - Singapore's non-oil domestic exports (Nodx) shrank unexpectedly in October, snapping four straight months of growth, due to fewer shipments of non-monetary gold and electronics such as integrated circuits. Nodx fell 3.1 per cent, after expanding a revised 5.8 per cent in September, according to data from Enterprise Singapore (ESG) on Tuesday (Nov 17). Shipments also missed the 5.1 per cent growth forecast by analysts in a Bloomberg poll. Month on month and seasonally adjusted, Nodx in October fell 5.3 per cent, less than the previous month's drop of 11.4 per cent. Electronics shipments dipped 0.4 per cent, after rising 21.4 per cent the previous month. Integrated circuits, other computer peripherals and PC parts fell by 12.8 per cent, 6.9 per cent and 1 per cent respectively, contributing the most to the decline in electronic Nodx. Shipments of non-electronics also had a poorer performance, shrinking 3.9 per cent in October after a 1.7 per cent expansion the previous month. Exports of non-monetary gold plunged 61 per cent, while petrochemicals and miscellaneous manufactured articles fell 15.3 per cent and 37.3 per cent respectively, contributing the most to the decline ...

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Airbnb IPO filing shows Q3 profit of $294.6m amid pandemic

SAN FRANCISCO (REUTERS) - Airbnb's initial public offering paperwork showed on Monday (Nov 16) the home rental start-up turned a profit in the third quarter due to aggressive cost cuts, as it prepares for one of the most anticipated stock market debuts in recent years. Its quarterly numbers were helped by a pick up in local travel, even though the overall revenue growth for the first nine months of 2020 was hurt by the fallout of the Covid-19 pandemic. The IPO plans mark a turnaround of sorts for a company that was crippled at the outset of the health crisis. Airbnb's revenue fell 18 per cent to US$1.34 billion (S$1.8 billion) from a year earlier, but it reported net profit of about US$219 million (S$294.6 million) in the quarter, helped mainly by a clampdown on costs. "The recovery in the second and third quarters of 2020 is attributable to the renewed ability and willingness for guests to travel, the resilience of our hosts, and relative strength of our business model," Airbnb said. Airbnb had in May decided to lay off 25 per cent of its workforce, suspend marketing activities for the year and seek emergency funding from investors, including Silver Lake and Sixth Street Partners,...