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Mandatory treatment order for ex-condo building manager who stole from residents’ homes

aseanpr
3 minutes

SINGAPORE - A former Scotts Square condominium building manager was on Tuesday (Nov 9) ordered to undergo mandatory treatment order for 18 months, after he used an access card to enter residents' homes and steal from them. This means Teh Jiahe, now 37, who had major depressive disorder, will undergo treatment in lieu of jail time. The Singaporean had stolen $28,000 in cash and three Hermes handbags worth nearly $86,000 in total. He pleaded guilty last month to three counts of theft committed in three homes. Two other counts of theft linked to two apartments were considered during sentencing. He had stolen a pair of shoes worth $2,000 and two books from these two units. The books were How To Find Flower Fairies and The Tale Of Peter Rabbit: A Pop-up Adventure. His offences were committed between March and Sept 7 last year. In a statement to The Straits Times, real estate consulting company Edmund Tie & Co (SEA) that manages Scotts Square said Teh left the firm on Sept 10 last year. Without revealing any details, its spokesman also said additional measures have been implemented to ensure similar offences will not happen again. Scotts Square - a 43-storey development in Scotts Road - ...

SeaPRwire

DBS Q3 profit rises 31% to $1.7 billion, beating forecasts

elean
2 minutes

SINGAPORE - DBS Group Holdings posted on Friday (Nov 5) a better-than-expected increase in third-quarter earnings on improved asset quality and higher fee income at Singapore’s largest lender. Net profit rose to $1.7 billion, topping the $1.56 billion forecast by analysts in a Bloomberg poll. DBS has declared a dividend of 33 cents per share for the third quarter, up from 18 cents a year ago, bringing the dividend for the first nine months to 84 cents a share. This follows the Monetary Authority of Singapore's lifting of restrictions in July that capped dividend payouts from local banks and finance companies at 60 per cent of the previous year's dividend amid the coronavirus pandemic. DBS chief executive Piyush Gupta said broad-based business momentum was sustained in the third quarter and the bank's pipelines remain healthy into next year. "A progressive normalisation of interest rates in the coming quarters will be beneficial to earnings. Asset quality continues to be resilient and total allowances are likely to remain low," he said. He added that these factors will offset expected cost pressures as the economic recovery takes hold. DBS’ net interest income fell 3 per cent to $2....

SeaPRwire

UOB Q3 profit rises 57% to $1.05 billion, topping estimates

elean
2 minutes

SINGAPORE - UOB's earnings continued to rebound from last year on the back of loan growth and sustained fee income, as well as lower allowances. Singapore's third-largest lender on Wednesday (Nov 3) posted a 57 per cent year-on-year increase in third-quarter net profit to $1.05 billion - slightly above the $1 billion average estimate of four analysts polled by Bloomberg. UOB chief Wee Ee Cheong said the bank's results came amid a challenging macroeconomic backdrop with disruptions in global supply chains, a slowdown in China's economy and resurgent Covid-19 infections across the region. "Amid near-term uncertainties, the gradual reopening of borders bodes well for business flows and we remain positive of strong activities along the Greater China-Asean trade corridors," he added. Net interest income climbed 9 per cent to $1.6 billion, while net interest margin - a key gauge of banks' profitability - rose 2 basis points to 1.55 per cent. Net fee income rose 15 per cent to $589 million amid broad-based growth, especially in loan-related, wealth and fund management, and credit card fees. Other non-interest income dipped 5 per cent to $259 million, mainly from lower investment gains. To...

ACN Newswire
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Regional insurtech Igloo named among “2021 Inclusive Fintech 50”

indie
4 minutes

SINGAPORE, Nov 2, 2021 - (ACN Newswire via SEAPRWire.com) - Regional insurtech, Igloo, was named as one of the winners of the 2021 Inclusive Fintech 50 (IF50) competition, an annual competition hosted by The Center for Financial Inclusion. In its 3rd year, IF50 recognises early-stage Fintechs that are helping low-income customers and micro and small enterprises who are affected by the pandemic and help them rebound, rebuild and recover.Igloo's partnerships with foodpanda in Singapore and Thailand reflect this - in the midst of the Covid-19, Igloo and foodpanda saw a need to provide food delivery riders and their families with a peace of mind as they travel the roads to meet heightened demand from Covid-19 dining restrictions.Last year, Igloo partnered with foodpanda Thailand to introduce an insurance programme that provides free Covid-19 protection for delivery riders in Thailand. In Singapore this year, Igloo introduced PandaCare, a fuss-free and wallet-friendly insurance coverage for delivery riders. PandaCare is specifically designed for gig economy workers and encompasses six benefits: Accidental Death, Accidental Medical Expenses, Accidental Mobile Phone Screen Damage, Daily H...

SeaPRwire

South Korea inflation hits near decade-high in October, raising rate hike bets

elean
2 minutes

SEOUL (REUTERS) - South Korea's consumer inflation accelerated to a near 10-year peak last month on higher costs in oil products, housing rentals and outdoor dining, putting pressure on policymakers ahead of the last monetary policy meeting of the year. The consumer price index (CPI) jumped 3.2 per cent from a year earlier in October, government data showed on Tuesday (Nov 2), the fastest growth since January 2012 and up from a 2.6 per cent rise in September. That matched a 3.2 per cent increase tipped by analysts in a Reuters survey and remained above the central bank’s 2 per cent target for a seventh straight month. The breakdown of data showed the cost of petroleum surged 27.3 per cent, while that of housing rentals rose 1.8 per cent on year. Costs of outdoor dining increased 3.2 per cent, while other services including accommodation also rose 2.3 per cent. That puts the Bank of Korea’s (BOK) monetary policy board under pressure to raise the base rate further at the Nov 25 meeting, following its first rate hike in almost three years in August. Governor Lee Ju-yeol last month flagged further tightening could come as soon as this month to curb rising inflation and household debt. ...

SeaPRwire

Troubles in China’s ‘Christmas town’ mean higher holiday prices

elean
5 minutes

BEIJING (BLOOMBERG) - This year, the Chinese city of Yiwu - the world's biggest hub for the manufacture of plastic reindeer, twinkle lights and other Christmas paraphernalia - is feeling a Grinch-like pinch. Factories are being hit by a shortage of raw materials that's raising their production costs, and once goods are on their way shipping snarls are delaying their journey to the store shelves of the West. Since mid-October, Yiwu has also been affected by China's ongoing electricity crunch, which has forced manufacturers to hunt for generators, or suspend production altogether. "I'm so stressed I couldn't sleep," said Lou Ting, the owner of a Christmas ornament factory, as she worked her storefront in Yiwu's biggest wholesale mall. "It should be great that we're getting more orders than last year, but there are so many uncertainties slowing the delivery process - and there's nothing we can do," said Ms Lou, who like many in Yiwu is battling manufacturing delays and record freight prices as she works to get candy canes and pine cones shipped to the US and Europe. Responsible for 80 per cent of the US$6.1 billion (S$8.2 billion) in Christmas products exported annually from China, th...

JCN Newswire
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DENSO Releases Financials for First Half of Fiscal Year, Shares Long-Term Policy 2030 Progress

ruth
3 minutes

KARIYA, JAPAN, Oct 29, 2021 - (JCN Newswire via SEAPRWire.com) - DENSO, a leading mobility supplier, today released its financial results for the first half of its fiscal year, ending September 30, 2021, for its 2022 fiscal year, ending March 31, 2022. The company also shared updates it has made in advancing its Long-Term Policy 2030, which is designed to enrich mobility and achieve sustainability, happiness and peace of mind for everyone."We need to respond to the needs of society with speed and further innovate our business activities," said Yasushi Matsui, a senior executive officer and chief financial officer at DENSO Corporation. "This is a task that we cannot do on our own, and it is necessary that we collaborate with our various stakeholders such as customers, suppliers, local communities, shareholders and employees."DENSO keeps moving forward toward its goals of zero traffic accidents and carbon neutrality across its global network of 200 facilities and 168,000+ employees.New updates and recent progress include:DENSO partnered with three universities to develop a biosensor that detects SARS-CoV-2 based on a new mechanism. The goal of the development of the biosensor is to d...

JCN Newswire
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DENSO Announces Second Quarter Financial Results

ruth
4 minutes

KARIYA, JAPAN, Oct 29, 2021 - (JCN Newswire via SEAPRWire.com) - DENSO, a leading mobility supplier, today announced its global financial results for its second quarter, ending September 30, 2021, for its 2022 fiscal year, ending March 31, 2022:- Consolidated revenue totaled 2,582.9 billion yen (US$23.1 billion), a 24.5 percent increase from the previous year.- Consolidated operating profit totaled159.3 billion yen (US$1,423.5 million).- Consolidated profit attributable to owners of the parent company totaled 112.7 billion yen (US$1,007.2 million)."Both revenue and operating profit increased due to recovery of vehicle sales from COVID-19 and because of profit improvements from the previous year, although the semiconductor shortage has occurred recently," said Yukihiro Shinohara, senior executive officer and representative member of the Board of Directors of DENSO Corporation."While it is difficult to project how the business environment might change due to factors like the lengthening of the semiconductor shortage, DENSO secured our full-year forecast from the previous announcement. Revenue is 5,540.0 billion yen (US$49.5 million) and Operating profit is 440.0 billion yen (US$3,931...

JCN Newswire
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Mazda Production and Sales Results for September 2021 and for April through September 2021

ruth
3 minutes

TOKYO, Oct 28, 2021 - (JCN Newswire via SEAPRWire.com) - Mazda Motor Corporation's production and sales results for September 2021 and for April through September 2021 are summarized below.I. Production1. Domestic Production(1) September 2021Mazda's domestic production volume in September 2021 decreased 49.3% year on year due to decreased production of passenger vehicles.[Domestic production of key models in September 2021]CX-5: 18,921 units (down 38.9% year on year)MAZDA3: 7,260 units (down 45.7%)CX-30: 5,808 units (down 21.9%)(2) April through September 2021Mazda's total domestic production volume in the period from April through September 2021 increased 14.3% year on year due to increased production of passenger vehicles.[Domestic production of key models in the period from April through September 2021]CX-5: 139,403 units (up 25.8% year on year)MAZDA3: 48,124 units (up 29.6%)CX-30: 28,719 units (up 28.5%)2. Overseas Production(1) September 2021Mazda's overseas production volume in September 2021 decreased 34.0% year on year, reflecting decreased production of passenger and commercial vehicles.[Overseas production of key models in September 2021]MAZDA3: 13,322 units (down 0.8% ye...

SeaPRwire

Chip shortage dents earnings at GM and Ford

elean
4 minutes

NEW YORK (NYTIMES) - Two big Detroit automakers said on Wednesday (Oct 27) that the worldwide shortage of computer chips had weighed on their third-quarter earnings, but there were signs that the worst of the disruption was behind them. Of the two, Ford Motor fared better. Its revenue fell about 5 per cent from a year earlier, to US$35.7 billion (S$48.1 billion), while General Motors' revenue declined 25 per cent, to US$26.8 billion. "The quarter was challenging due to continuing semiconductor pressures," GM's CEO, Mary T. Barra, said in a letter to shareholders. A statement from Ford emphasized a brightening outlook. "Semiconductor availability remains a challenge, but markedly improved from the second quarter," it said. Ford investors were also upbeat. The company's shares rose 8 per cent after Ford's announcement, which came after the closing bell. General Motors gave its report before the market opened, and its shares ended the day down 5 per cent. Modern automobiles require dozens of computer chips - largely made in Asia - for a wide range of electronic components such as engine controllers and infotainment systems. With chips scarce because of pandemic-related manufacturing a...

SeaPRwire

South Korea economic growth slows on supply snags, Covid-19 curbs

elean
2 minutes

SEOUL (BLOOMBERG) - South Korea’s economic expansion cooled last quarter as global supply chain snags dragged down investment and a renewed virus outbreak weighed on household spending. Gross domestic product gained 0.3 per cent in the July-September period, decelerating from 0.8 per cent in the second quarter and just half the 0.6 per cent predicted by economists, data from the Bank of Korea (BOK) showed on Tuesday (Oct 26). The economy expanded 4 per cent from a year earlier. The result complicates the BOK’s plans for another interest-rate increase this year, after it began a tightening cycle in August. The central bank may choose to look through the slowdown after saying earlier this week that it expects rising vaccinations and lighter restrictions to give the economy renewed impetus. Governor Lee Ju-yeol has said the BOK will consider another hike in November in the event the recovery proceeds as expected, having projected a 4 per cent expansion for 2021. Growth had been expected to ease in the third quarter as daily infections surged above 1,000 from July and authorities imposed a semi-lockdown in Seoul and other major cities. In an online seminar on Monday, the BOK said it ex...

ACN Newswire
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CEKD Posts 7.1% Increase in Full-Year Revenue to RM28.23 Million

indie
3 minutes

KUALA LUMPUR, Oct 25, 2021 - (ACN Newswire via SEAPRWire.com) - CEKD Berhad ("CEKD" or the "Group", Stock Code: 0238), a die-cutting solutions provider has announced that the Company posted an increase of 7.1% full year revenue to RM28.23 million despite posting a decrease of 16.2% in revenue of RM5.77 million for the fourth quarter ended 31 August 2021 ("4Q2021"), in comparison with the revenue of RM6.88 million in the corresponding quarter of 2020 mainly due to lower orders from customers affected by the stricter nationwide lockdown from June to August 2021.Managing Director of CEKD, Ms. Yap Kai NingCEKD recorded an increase of 7.4% in full year profit before tax ("PBT") of RM8.54 million despite registering a PBT of RM1.47 million for 4Q2021, which is 28.7% lower than the PBT of RM2.06 million registered in the same quarter of 2020. CEKD recorded an increase of 4.3% in full year profit after tax ("PAT") while posting a 30.4% decline in PAT for 4Q2021 of RM1.09 million compared with the PAT of RM1.57 million in the corresponding quarter of last year. The Company, which listed on 29 September 2021 on the ACE Market of Bursa Malaysia, also incurred RM0.61 million for the full-year ...

SeaPRwire

How billionaire Charles Munger got into properties

elean
3 minutes

(BLOOMBERG) - Billionaire investor Charles Munger made a well-timed bet on suburban apartments in California - thanks to a neighbourhood teenager who showed up at his house with a Hebrew Bible. Mr Munger couldn't read it. But the encounter led to an improbable friendship and, over a decade later, an investment in apartment complexes in the west coast US state before the coronavirus pandemic sent values soaring. The young man's business, Afton Properties, has become a force in the market in the past few years. It bought more apartments in California than anyone else last year, on its way to building a real estate portfolio with an estimated value of US$1.2 billion (S$1.6 billion). Mr Munger and Afton declined to comment on how much of that growth was funded by the 97-year-old investor, who's best known as Mr Warren Buffett's longtime business partner. Still, his public remarks and other data provide a glimpse into a little-known chapter in his storied investment career. Afton, which is run by Mr Avi Mayer and Mr Reuven Gradon, has concentrated on a rather unglamorous corner of the real estate market: garden-style apartment buildings in the vast sprawl of Southern California. They sp...

SeaPRwire

Can Singapore’s climate targets be more ambitious?

aseanpr
1 minute

SINGAPORE - It is T-minus seven days to COP26, and the British host of the United Nations climate talks is urging world leaders to arrive in Glasgow with bolder climate pledges. In the lead-up to the annual meeting - postponed by a year because of the Covid-19 situation last year - more than 110 countries have already said they intend to have their planet-warming emissions reach net zero by a certain timeline. 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.

SeaPRwire

Hari Raya public holidays in 2022 pushed one day later under revised criteria: Muis

aseanpr
2 minutes

SINGAPORE - Based on astronomical calculations with new criteria, the Hari Raya public holidays next year will fall on later dates instead of those announced earlier in April. In a statement on Thursday (Oct 21), the Islamic Religious Council of Singapore (Muis) said Hari Raya Puasa will fall on May 3 and Hari Raya Haji is slated to happen on July 10. This pushes both dates one day later than what was previously announced in April this year. This means that there will be one more long weekend next year – making a total of six. With Hari Raya Haji next year falling on a Sunday, July 11 will be a public holiday, said the Manpower Ministry in a statement on Thursday. Hari Raya Puasa, also known as Hari Raya Aidilfitri, celebrates the end of the fasting month of Ramadan, while Hari Raya Haji marks the end of the annual haj pilgrimage to the holy city of Mecca. Said Muis: "The highest Islamic authorities of Brunei Darussalam, Republic of Indonesia, Malaysia and Republic of Singapore have agreed to adopt revised criteria of the astronomical calculation for the determination of the Islamic calendar from year 2022. "The agreement was reached among member countries after new findings emerge...

SeaPRwire

Enhanced crowd control measures for Little India in run-up to Deepavali

aseanpr
2 minutes

SINGAPORE - Enhanced safe management measures will be in place at Little India in the lead-up to Deepavali to prevent overcrowding, the authorities said on Monday (Oct 18). The popular pedestrian crossing at the junction of Campbell Lane and Serangoon Road will be switched off between 6pm and 1am from Oct 29 to 31, said the Singapore Tourism Board (STB). It will also be turned off from 6pm on the eve (Nov 3) of Deepavali to 2am the next day. This is as more visitors are expected in Little India in the run-up to the Festival of Lights. "Human traffic will be redirected to two other crossings at Sungei Road and Dunlop Street," it said. "This will ensure that crowds are spread across the precinct and prevent choke points during peak periods." STB added that it will be working with businesses in Little India to ensure that they do not extend their wares onto the pedestrian walkways, as this may narrow the lanes and lead to crowding. Some businesses will also extend their operating hours to allow shoppers to spread out their visits. This is the second year that the major Hindu festival is being celebrated in the midst of the Covid-19 pandemic. While the night bazaar remains suspended th...

SeaPRwire

Fed policymakers hone in on November taper timeline

elean
5 minutes

WASHINGTON (REUTERS) - Three United States Federal Reserve policymakers on Tuesday (Oct 12) said the economy has healed enough for the central bank to begin to withdraw its crisis-era support, cementing expectations the Fed will start to taper its monthly bond purchases as soon as next month. "I myself believe that the 'substantial further progress' standard has more than been met with regard to our price-stability mandate and has all but been met with regard to our employment mandate," Fed vice-chair Richard Clarida told the Institute of International Finance virtual annual meeting. He was referring to the Fed's promise to keep buying US$120 billion (S$162.8 billion) of Treasuries and mortgage-backed securities each month until the economy had met that standard on both its mandates. Fed policymakers at their last meeting agreed that tapering "may soon be warranted" and would likely conclude in the middle of next year, he said. Mr Clarida's upbeat assessment likely echoes the sentiments of his boss, Fed chair Jerome Powell, who previously said that he only needed to see a "decent" September US jobs report to be ready to begin to taper bond buys in November. The economy has strength...

SeaPRwire

Sept equity pullback an opportunity for investors

elean
5 minutes

SINGAPORE - Today, the spectre of stagflation haunts many economies as they try to break free of Covid-19 and regain some semblance of normality. Inflation is already making a comeback after a two year break. Unemployment - or rather under-employment - remains an issue many governments are grappling with. This is the scenario against which stock markets are struggling to make headway as we enter the final quarter of 2021. That said, markets ended the week on a stronger note as the US Senate took steps to pass a short term US$480 billion (S$650 billion) increase in Treasury borrowings to avert a debt default later this month. Sentiment was also helped by the better than expected US jobless claims data, with initial claims at 326,000 compared to consensus estimate of 348,000. That said, September added 194,000 jobs versus a forecasted 500,000, suggesting that hirings have slowed significantly in the world's largest economy. Still, the unemployment rate fell to 4.8 per cent versus an expected 5.1 per cent. However under-employment has become persistent, especially amongst workers in the over-55 years category. US data suggest many older workers are also dropping out of the regular wor...

SeaPRwire

Banks cashing in on ESG bonds amid climate crisis

elean
3 minutes

(BLOOMBERG) - While many banks have been condemned for contributing to the climate crisis by helping fossil fuel producers raise cash in debt markets, the banking industry as a whole is making more money from underwriting ESG-related bond sales. Banks have earned about US$3.6 billion (S$4.9 billion) in fees this year from arranging sales of bonds advertised as instruments of green, social or sustainable development for companies, governments and other organisations, according to data compiled by Bloomberg. That's more than double the US$1.6 billion that banks have pocketed so far this year from issuing debt for fossil-fuel companies. The numbers provide further evidence of the seemingly unrelenting cascade of money pouring into environmental, social and governance (ESG) investing. About US$750 billion worth of ESG-related bonds have been issued this year, compared with US$468 billion during all of 2020, Bloomberg data shows. Whether those bonds actually fund what they say they fund is another question, given the growing phenomenon of greenwashing, as industries scramble to mollify governments and consumers increasingly attuned to the consequences of climate change. Analysts say whe...

SeaPRwire

Vehicular accidents top cause of workplace deaths in first half of 2021

aseanpr
3 minutes

SINGAPORE - Vehicular accidents were the top cause of workplace deaths in the first half of this year, according to mid-year statistics on workplace safety and health released by the Ministry of Manpower (MOM) on Friday (Oct 8). Twenty-three workers died on the job between January and June, six of them in accidents involving vehicles. Four who died were delivery or dispatch riders, of whom three were killed due to other negligent road users. A work group comprising the Workplace Safety and Health Council, the National Delivery Champions Association and companies such as Grab and SingPost has been formed to discuss how to reduce these deaths, MOM said. Emerging technology solutions such as collision alert systems and rider behaviour monitoring systems will also be put on a trial at logistics and food delivery firms, the ministry added. A two-month enforcement operation on vehicular safety will also be conducted from this month, targeting sectors where workplace traffic hazards are common, such as the transportation and storage sector, construction and manufacturing. The construction sector and the transportation and storage sector each accounted for seven deaths in the first half of...