year

Must-reads

aseanpr 16 11 月

2 minutes

THE BIG STORY Singapore signs world's largest trade pact The world's largest trade pact, the Regional Comprehensive Economic Partnership, was inked by ministers from 15 countries including Singapore. Prime Minister Lee Hsien Loong said it was a "major step forward for the world, at a time when multilateralism is losing ground, and global growth is slowing". THE BIG STORY Who should be given a Covid-19 vaccine first? A number of Covid-19 vaccine candidates are undergoing late-stage trials and if successful, may be used to inoculate millions from as early as next month. Senior health correspondent Salma Khalik speaks to experts to understand who should be given priority and how much protection the vaccines can give, among other things. SINGAPORE ST photojournalists' personal take on their word of the year Words may fail many of us in trying to capture the misery of the past few months, but the wise folk at Collins Dictionary - lexicographers is the word for them - have hit on "lockdown" as their word of the year. Armed with the adage that a picture is worth a thousand words, The Straits Times photojournalists give a personal take on their word of the year. OPINION Why Biden will be t...

Orchard Road malls keeping it simple for Christmas; shoppers find decor subtle but brilliant

aseanpr 15 11 月

4 minutes

SINGAPORE - Orchard Road malls are keeping it simple for Christmas, with pared-down decorations to mark the festive season. This year's light-up, which began last Friday (Nov 13), is a more subdued affair with malls cutting spending amid the slide in retail sales and the Covid-19 pandemic. Wisma Atria has outlaid 19 per cent less on Christmas decorations compared with last year, Tanglin Mall said it has spent "slightly less", while Mandarin Gallery's budget has been "moderated downward". Design and build company Dezign Format, which dressed up five Orchard Road malls this year, said decoration budgets have been "affected across the board". Malls such as Far East Plaza are reusing some decorations from last year, sprucing them up where necessary. Retail sales have taken a beating this year, with the latest government figures showing that for eight months since February, monthly retail sales excluding motor vehicles were down from a year ago. Sales excluding motor vehicles fell 12.7 per cent in September compared with the same month last year. Mr Amos Tan, a senior lecturer at Singapore Polytechnic's School of Business, said malls may be erring on the side of caution after retail sta...

Saving Christmas from Covid-19 critical for Britain’s economy

elean 14 11 月

4 minutes

LONDON • Britain knows Christmas is coming when John Lewis Partnership launches its television ad. Selling the season as a time for acts of charity rather than any particular product, this year's edition will focus on food poverty and struggling parents. Yet as the coronavirus continues to wreak havoc, it is the department store chain itself that is now a window on the festive period in a country that relies more on consumer spending than any of the big European economies. With a partial lockdown in England closing all non-essential stores until at least Dec 2, rescuing the next six weeks from Covid-19 is critical for Britain's financial well-being and a government beset by accusations that it cannot get a grip on the pandemic. Further disruption to what retailers call the "golden quarter" could be disastrous for an industry that has already been battered. November and December account for one of every £5 of retail spending. The slump during Britain's spring lockdown precipitated the record decline in gross domestic product. It then contributed to most of the recovery in the third quarter reported by the Office for National Statistics on Thursday. The latest lockdown could cost ret...

DBS Q3 profit drops 20% to $1.3 billion

elean 5 11 月

3 minutes

SINGAPORE - DBS Group Holdings posted a 20 per cent drop in third-quarter net profit to $1.3 billion from $1.63 billion a year earlier, as it set aside higher allowances for potential bad loans and lower net interest income. Earnings were better than expected, topping the $1.12 billion average estimate of eight analysts surveyed by Bloomberg. The board has declared an interim dividend of 18 cents per share, down from 30 cents for the year-ago period, to which the bank's scrip dividend scheme will be applied. South-east Asia's largest bank set aside allowances of $554 million in the third quarter. Together with allowances of $1.94 billion in the first half of the year, total allowances in the first nine months of this year quadrupled to $2.49 billion from a year ago, DBS said on Thursday (Nov 5). Three-fifths, or $1.5 billion, of this amount were general allowances conservatively set aside to fortify the balance sheet against macroeconomic risks. The bank’s non-performing loan (NPL) ratio weakened to 1.6 per cent from 1.5 per cent a year ago. DBS also saw lower net interest income, which fell 12 per cent year on year to $2.17 billion as loan growth was offset by a lower net interest...

Sustainability should be put at the core of post-pandemic recovery plans: Grace Fu

aseanpr 4 11 月

3 minutes

SINGAPORE - As Singapore revives its pandemic-hit economy, sustainability and the fight against climate change must be a fundamental driver in post Covid-19 recovery plans, said Minister for Sustainability and the Environment Grace Fu on Wednesday (Nov 4). "We are at a significant juncture, where we have the opportunity to put sustainability at the core of our recovery plans and policies, and change the way we produce and consume," the minister added. She said the country should continue strengthening its resilience against future shocks, including the "existential challenge" of climate change, supply chain disruptions and other public health threats. Ms Fu was delivering her keynote address at the Singapore Dialogue on Sustainable World Resources, organised by the Singapore Institute of International Affairs. Even as Singapore works hard to "build back better" in the face of an expected economic contraction of five to seven per cent this year, Ms Fu outlined how this can be done in a sustainable and inclusive manner. This includes driving climate action, catalysing innovation, and persisting with zero waste goals. She cited how Singapore submitted its enhanced plan for emissions r...

Great Eastern Q3 profit up 40% to $287.9 million

elean 4 11 月

2 minutes

SINGAPORE (THE BUSINESS TIMES) - Great Eastern Holdings on Wednesday (Nov 4) posted a 40 per cent rise in net profit to $287.9 million for the third quarter ended Sept 30, from $205.1 million a year ago. The insurance arm of OCBC said this was mainly due to the higher valuation of investments, on the back of improved financial market conditions during the quarter. Operating profit slipped 4 per cent to $171.4 million, from $178.5 million a year earlier. This was due to greater new business strain resulting from higher sales in Singapore, Great Eastern said. Meanwhile, non-operating profit came in at $50 million for the third quarter, reversing from a loss of $31.3 million in the preceding year. Profit from shareholders' fund rose 20 per cent to $74.9 million, from $62.3 million a year ago, due to higher mark-to-market gains from equities, the insurer noted. In addition, a pick-up of activity across all markets led to a 36 per cent growth in total weighted new sales to $432.8 million, from $317.5 million in the year-ago period. Amid higher sales, new business embedded value edged up 2 per cent to $160.2 million, from $157.4 million in the corresponding period last year. Group chief ...

Singapore-based hedge fund is world’s best-performing with 275% gains

elean 3 11 月

6 minutes

SINGAPORE (BLOOMBERG) - Long before he ran the world's best-performing hedge fund, Qian Yong Qiang chaired China's biggest online dating service. The Yale graduate would spend hours tracking down attractive users with suspicious profiles, sifting through accounts and deleting thousands of scammers to improve the site's authenticity and ensure its success. Now he's betting that same attention to detail and strong returns will help turn his Singapore-incorporated firm into a wealth management giant. Between January and September, QQQ Capital Management posted gains of 275 per cent, making it the top hedge fund in the world, according to Eurekahedge data. QQQ says assets under management rose to about US$1 billion (S$1.36 billion) last month, with most of the money coming from Mr Qian. The gains have come with concentration risks that many fund managers would balk at: QQQ has more than a third of its assets invested in Chinese education companies. While those stocks had soared this year, they've been hit with concerns about regulatory crackdowns and allegations of accounting fraud, and one has plunged in recent weeks amid downgrades from analysts. "When we invest, we know everything a...

With no grand festivities this year, crowds still visit Little India to shop ahead of Deepavali

aseanpr 2 11 月

4 minutes

SINGAPORE - There will be no grand festivities for Deepavali this year, but crowds still descended on Little India on Sunday (Nov 1) afternoon to get their shopping done ahead of the upcoming celebrations on Nov 14. However, shop owners and patrons told The Straits Times that crowds paled in comparison to previous years. With no trade fairs or festival villages organised this year, a small number of stalls belonging to existing shops have been set up at Campbell Lane. Mr Rajkumar Chandra, president of the Little India Shopkeepers and Heritage Association, said there was no space available this year for temporary festive stalls, and existing stallholders were only allowed to sell their goods within their premises and at permitted areas. "Those who have been vendors at bazaars have either given this year a miss or have resorted to online options. The online portal has helped many , but it cannot replace the experience of looking around and choosing items for themselves," he added. Stallholders selling flowers, decorations and festive snacks said that the past two weekends have been packed with customers in the lead up to Deepavali. Mr Iqbal Raja, 49, who works at Bawa's Delicacy, a s...

S’pore nearly replaces Thailand as Asia’s worst stock market this year

elean 2 11 月

2 minutes

Singapore stocks took a beating last week amid the twin uncertainties of the United States election and the worsening pandemic in the West, almost replacing Thailand as Asia's worst equity market this year. The Straits Times Index (STI) fell 1.1 per cent last Friday, taking its decline so far this year to 24.95 per cent, compared with a fractionally bigger 24.96 per cent loss for Thailand's SET index. The STI, which relies heavily on exports, was down about 4.5 per cent last week, among the region's worst performances. A recovery in Singapore's stocks from the market plunge triggered by the pandemic has been hampered by the economy's integration with global trade and supply chains, and a lack of technology shares in the index. More than 80 per cent of Singapore's benchmark is made up of cyclical equities - the most among regional peers. A resurgence in coronavirus cases in America and Europe and uncertainty surrounding stimulus in the US are expected to limit gains in the near term. "Singapore is particularly sensitive to global risk-off sentiment, and risk appetite has worsened from the resurgence in virus cases and expectations of a slow pace of economic recovery," said Ms Pan Ji...

Robinsons’ closure: Retailers in Singapore struggle amid 10-month high in closures for sector, more expected to shutter

aseanpr 1 11 月

4 minutes

SINGAPORE - Home-grown department store Robinsons has become the latest high-profile casualty in a growing list of retailers that the Covid-19 pandemic has claimed. Business cessations in the retail trade sector hit a 10-month high in September, with 457 companies calling it quits, according to figures from the Accounting and Corporate Regulatory Authority. Topshop, Esprit and Sportslink are among those that have bowed out or moved their operations online as safety restrictions and tighter purse strings dent store sales. Another wave of closures is expected after relief to protect qualifying commercial tenants unable to pay rent from eviction and hiked up interest rates ends on Nov 19, said retailers and observers. Winter wear retailer Universal Traveller, for example, is facing the possibility of folding if it is unable to work out a rental payment plan with landlords for its five outlets. With travel off the cards for most Singaporeans this year and few tourists in sight, its sales are down by up to 90 per cent. Reserves are running dry for the three-decade-old business, and pivoting is not easy with cash tied up in inventory, chief executive Trey Poh told The Straits Times. Mr T...

Ex-food deliveryman jailed for telling e-scooter users last year to start a riot after LTA announced ban

aseanpr 30 10 月

3 minutes

SINGAPORE - While working as a Foodpanda deliveryman, a man sent messages to his colleagues in two chat groups, rallying personal mobility device (PMD) users to gather at Punggol Park, arm themselves with weapons and cause injury to others. Benny Mok Swee Tian committed the offence on Dec 30 last year, in the wake of the Land Transport Authority's (LTA) announcement prohibiting e-scooters on footpaths. The 35-year-old Singaporean was sentenced on Friday (Oct 30) to eight weeks' jail and a fine of $500. He had pleaded guilty earlier to creating an electronic record containing an incitement to commit acts of violence and an unrelated theft charge involving five comic books worth nearly $37 in total. The court heard that Mok, who switched to becoming a social media marketing executive, had sent the messages one day before the end of an advisory period LTA gave to e-scooter users. The advisory period, between Nov 5 and Dec 31 last year, was for e-scooter users to adjust to the new rule. Deputy Public Prosecutor Chong Yong said that the first chat group had over 2,000 members and the second had more than 4,000. One of Mok's colleagues saw the offender's message at 3.09pm in one chat gro...

Wall Street rebounds as market eyes tech results, strong US data

elean 30 10 月

3 minutes

NEW YORK (REUTERS) - US stocks closed higher on Thursday (Oct 29), with the technology heavyweights rallying ahead of major earnings reports and upbeat domestic economic data calming investor jitters about surging coronavirus cases. The rebound came after a more than 3% slide a day earlier in Wall Street's main indexes, underscoring heightened market volatility ahead of the presidential election next week and growing fears of another Covid slowdown. Stocks rallied as investors anticipated strong results from a line-up of the biggest names in the US corporate universe - Apple Inc, Amazon.com Inc, Google parent Alphabet Inc and Facebook Inc - due after market close. "The earnings season so far has resulted in significant positive earnings surprises," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "We think that's helping to fuel today's rally in anticipation of positive surprises from these companies." Tech companies have seen demand surge for their products and services from people stuck at home during the pandemic. Better-than-expected earnings from Pinterest Inc, which forecast a rebound in ad spending, helped spur the rally. Shares of the image-s...

Mazda Production and Sales Results for September 2020 and for April through September 2020

ruth 29 10 月

4 minutes

TOKYO, Oct 29, 2020 - (JCN Newswire) - Mazda Motor Corporation's production and sales results for September 2020 and for April through September 2020 are summarized below.I. Production1. Domestic Production(1) September 2020Mazda's domestic production volume in September 2020 decreased 1.7% year on year due to decreased production of passenger and commercial vehicles.[Domestic production of key models in September 2020]CX-5: 30,964 units (up 15.3% year on year)MAZDA3: 13,377 units (down 14.5%)CX-3: 8,270 units (up 31.8%)(2) April through September 2020Mazda's total domestic production volume in the period from April through September 2020 decreased 45.8% year on year due to decreased production of passenger and commercial vehicles.[Domestic production of key models in the period from April through September 2020]CX-5: 110,800 units (down 45.5% year on year)MAZDA3: 37,129 units (down 61.3%)CX-3: 24,999 units (down 53.1%)2. Overseas Production(1) September 2020Mazda's overseas production volume in September 2020 increased 6.7% year on year, reflecting increased production of passenger vehicles.[Overseas production of key models in September 2020]MAZDA3: 13,436 units (up 8.5% year on ...

Share-A-Textbook returns for 38th year to help families in need in Singapore

aseanpr 29 10 月

2 minutes

SINGAPORE - An initiative making educational resources such as textbooks and assessment books more accessible to needy families is returning for the 38th year, this time to help those impacted by the Covid-19 pandemic as well. The Share-A-Textbook scheme by FairPrice has over the years collected, redistributed and recycled over 5.8 million textbooks. As part of its safe management measures, there will an extended distribution period this year and families will have to book time slots for the collection of textbooks. Noting how the pandemic has disrupted the economy and further impacted the less fortunate, FairPrice group chief executive Seah Kian Peng on Thursday (Oct 29) said: "Through this initiative, we hope to create a positive social impact by allowing students from less privileged background gain access to resources for their educational needs." FairPrice said that it will work with social service organisations and Community Development Councils to identify the students from low-income families and those impacted by the crisis. They can collect the textbooks at Our Tampines Hub between Dec 13 and 16. Families can start booking a time for collection from Nov 27, by scanning th...

Business Briefs: CapitaLand Mall Trust

elean 23 10 月

3 minutes

CapitaLand Mall Trust CapitaLand Mall Trust's (CMT) distribution per unit rose 1.3 per cent to 3.1 cents for its third quarter ended Sept 30, from 3.06 cents a year ago. For the third quarter this year, CMT's gross revenue tumbled 25.3 per cent to $150.3 million, from $201.1 million a year earlier. This was mainly due to rental waivers of $29.5 million granted to tenants affected by Covid-19, as well as lower gross turnover and other income, the manager said yesterday. Net property income fell 27.6 per cent on the year to $104.4 million for the quarter, from $144.2 million. Distributable income was up 1.1 per cent year on year to $114.3 million, from $113 million. Unit holders can expect to receive the distribution on Nov 19. THE BUSINESS TIMES Suntec Reit Suntec Real Estate Investment Trust's (Suntec Reit) distribution per unit fell 21.9 per cent to 1.848 cents for its third quarter ended Sept 30, from 2.365 cents a year ago. This came as distributable income from operations dropped 12.6 per cent year on year to $52.2 million, from $59.7 million. This was due to the absence of contribution from Suntec Singapore and one-off compensation received at Marina Bay Financial Centre prope...

Dyson sells Singapore luxury penthouse for $62m

elean 20 10 月

2 minutes

British billionaire inventor James Dyson is selling his luxurious Singapore penthouse atop the city state's tallest building, his company said yesterday, about a year after buying it for a reported $73.8 million. Singapore's tallest penthouse, on the top three levels of the 64-storey Guoco Tower in Tanjong Pagar, is nearly $3,000 per sq ft on the strata area of 21,108 sq ft. It comes with its own infinity pool and private lift lobby from the basement carpark, and has panoramic views of the city, including the Marina Bay waterfront area. The tycoon's purchase of the Wallich Residence penthouse last year - after his electric appliance firm Dyson announced that it was shifting its global headquarters to the city state from England - set a record for Singapore penthouses. A spokesman told Agence France-Presse that an offer had been accepted for the three-floor residence, which also has a 600-bottle wine cellar and a dedicated butler service. He did not give details of the sale, but it appears that Mr Dyson has made a hefty loss. The Business Times reported that the property was bought by a businessman in the United States for $62 million. Despite the sale, the spokesman said: "Dyson re...

Japan export decline slows in September as shipments recover

elean 19 10 月

3 minutes

TOKYO (REUTERS) - Japan's exports in September fell at a slower pace than in the previous six months as US-bound shipments of cars started to recover from Covid-19 lows, suggesting the pandemic's pressure on the economy was easing. The slower decline in exports added to signs that the world's third-largest economy has started to gradually rebound from the shock of the health crisis after bottoming out. Official data on Monday (Oct 19) showed total exports lost 4.9 per cent year-on-year in September, a larger decline than the 2.4 per cent drop expected by economists in a Reuters poll. That still meant the pace of contraction in exports eased following six months of double-digit declines, including a 14.8 per cent drop in the previous month. Exports fell for their 22nd straight month, marking the longest run of declines since a 23-month run through to July 1987, driven by fewer exports of iron to Taiwan and ships to Panama. "We think (exports) should return to pre-virus levels before the end of the year," said Marcel Thieliant, Japan economist at Capital Economics. "However ... we only expect imports of goods and services to return to pre-virus levels by end-2022." A Reuters poll on ...

Dysons sell 3-storey S’pore penthouse at Wallich Residence at a loss for $62m: Report

elean 19 10 月

2 minutes

SINGAPORE (BLOOMBERG) - The Dysons behind the self-named British consumer electronics company are selling their triplex penthouse at Wallich Residence for $62 million - less than the record purchase price of $73.8 million paid last year - The Business Times reported on Monday (Oct 19). Singapore's tallest penthouse, on the top three levels of the 64-storey Guoco Tower in Tanjong Pagar, is nearly $3,000 per square foot on the strata area of 21,108 sq ft; it comes with its own infinity pool and private lift lobby from the basement car park. The Dysons' purchase of the Wallich Residence penthouse in June last year set a record for Singapore penthouses. The buyer is an Indonesia-born tycoon Leo Koguan who is a US citizen and Texas resident and co-founder and chairman of IT provider SHI International, BT reported, without citing sources. The 99-year leasehold property has been held under Dyson founder James Dyson's wife, Deirdre. The British billionaire inventor moved his headquarters from Britain to Singapore last year, with a revamped St James Power Station to be its new global HQ. The Dysons still own a freehold bungalow in Cluny Road, facing the Singapore Botanic Gardens, which they...

Singapore non-oil exports grow at slower 5.9% pace in September

elean 16 10 月

3 minutes

SINGAPORE - Singapore's non-oil domestic exports (Nodx) grew at a slower pace in September, mainly driven by electronic goods from a low base last year, according to data from Enterprise Singapore (ESG) on Friday (Oct 16). September's 5.9 per cent year-on-year rise in shipments was lower than the 7.7 per cent expansion recorded in August. It also missed the 11.5 per cent rise forecast by economists in a Bloomberg poll. Nodx has now risen in seven out of the nine months of this year, compared with only one month of gain last year. The Government in August raised Singapore's 2020 trade forecasts, predicting Nodx to grow by 3 per cent to 5 per cent year on year, compared with an earlier forecast for a 1 per cent to 4 per cent fall. Electronic Nodx grew 21.4 per cent in September after a 5.7 per cent increase the previous month. Integrated circuits, disk media products and parts of PCs grew by 30.1 per cent, 15.2 per cent and 22.7 per cent, contributing the most to the growth in electronic shipments. Meanwhile, non-electronic Nodx rose by 1.8 per cent in September, following the 8.3 per cent growth the previous month. Non-monetary gold (+53.4 per cent), specialised machinery (+34.2 per...

Shares of PPE maker Medtecs up 7.4% after earnings boom

elean 14 10 月

2 minutes

SINGAPORE (THE BUSINESS TIMES) - Shares of medical products supplier Medtecs International advanced further on Wednesday (Oct 14), following its stellar third-quarter financial results that were boosted by explosive demand for personal protective equipment (PPE). The Catalist-listed stock climbed as much as 7.4 per cent or $0.11 to hit $1.59 at around 11.45am. It eased slightly to trade at $1.57 by the midday break, up 6.1 per cent or $0.09 from Tuesday's close, with 32.1 million shares changing hands. The counter was the most actively traded by value on the Singapore bourse, and clocked the fourth-highest volume. More than 70 large trades - each with a value of more than $150,000 - were recorded during the morning session, according to Shareinvestor data. Shares of Medtecs have rallied this year following the onset of the Covid-19 outbreak, as investors piled into the pandemic beneficiary. The stock price has spiked by some 4,140 per cent so far this year, from $0.037 at the end of last year. Medtecs reported on Tuesday after market close that its revenue had jumped to US$124.6 million for the three months ended September, increasing by 636 per cent from a year ago. Net profit sur...

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