year

Low risk of severe haze from Indonesia this year: Singapore Institute of International Affairs

aseanpr 24 6 月

4 minutes

SINGAPORE - There is a low risk of severe haze originating from forest fires in Indonesia this year, a local think-tank has assessed. The report by the Singapore Institute of International Affairs (SIIA) released on Thursday (June 24) said this was due to a confluence of factors. These include improved land management policies by the Indonesian government, projected weather conditions and the growing recognition among the authorities there that the carbon-rich peatlands and forests in the country could be a source of carbon credits. This means there is now a business case for the conservation of these natural habitats - they no longer need to be drained and felled for oil palm or pulp and paper plantations in order for the land to reap economic gains. Peatlands are carbon-rich habitats that are naturally waterlogged. But for the land to be used to grow cash crops, they need to be drained - increasing the risk of fire and releasing lots of carbon into the atmosphere. On a scale of green, amber and red - with green being low risk and red being high - the 2021 haze outlook is green for the first time, said SIIA chairman Simon Tay in the report's foreword. In 2019 and last year, the ha...

Youth got his 2 half-brothers to perform sex act on him on separate occasions

aseanpr 23 6 月

3 minutes

SINGAPORE - A youth was at his mother's home last year when he instructed one of his two half-brothers, aged eight and 10, to perform a sex act on him. On another occasion, he got the other boy to do it too. The offender and the two victims have the same mother but different fathers. The 20-year-old pleaded guilty in a district court on Wednesday (June 23) to two counts of procuring the commission of an obscene act by a child. He cannot be named, as there is a gag order to protect the victims' identities. Deputy Public Prosecutor Bryan Wong said the offender went to his mother's home some time in August or September last year and played a video game with the older boy. The 10-year-old child was about to walk out of a room after losing a game when his half-brother grabbed his hand. The victim was then told to touch the youth's private parts as he had lost the game. The offender also offered to give the boy $5 to perform the act. The court heard that the child relented as he felt that the youth looked intimidating. The boy, who felt "disgusted and scared" after performing the act, declined to take the money when offered. Instead, he ran towards their mother in the living room and tol...

Man, 60, jailed for performing sexual act on teen he considered his own grandson

aseanpr 22 6 月

3 minutes

SINGAPORE - A 60-year-old man befriended his grandson's friend, 14, by meeting him almost daily to give him life advice. The boy's father even told the man to keep advising his son and the man responded that he thought of the boy as his own grandchild. But the man performed a sexual act on the boy at a staircase landing in January last year. On Tuesday (June 22), the man was sentenced to 20 months' jail on one charge of penetration of a child under the age of 16 while they were in an exploitative relationship. One other similar charge was taken into consideration for his sentencing. The man cannot be named to protect the boy's identity. The man was represented by lawyer Ng Pei Qi, who told the court that her client had "misjudged the relationship and thought it was a friendship where they (could) give each other sexual (favours)". The court heard that the man met the boy in November or December 2019 when the man was picking his grandson up from school. He offered the boy a cigarette and the pair started talking and the man asked for the boy's phone number. They met six times a week for about three hours each time, during which the victim would occasionally ask the man to buy him ci...

Exxon prepares to cull US white-collar ranks by up to 10%

elean 22 6 月

3 minutes

HOUSTON (BLOOMBERG) - Exxon Mobil Corp is preparing to reduce headcount at its US offices by between 5 per cent and 10 per cent annually for the next three to five years by using its performance-evaluation system to suss out low performers, according to people familiar with the matter. The cuts will target the lowest-rated employees relative to peers, and for that reason will not be characterized as layoffs, the people said, asking not to be identified because the information isn't public. While such workers are typically put on a so-called performance improvement plan, many are expected to eventually leave on their own. This year's evaluation is happening now but affected employees have not yet been notified, the people said. "Our annual performance assessment process has been occurring over the last several months," Exxon spokesman Casey Norton said in an email. "Where employees are not contributing to their highest ability, they may need to participate in an improvement plan. This is an annual process which has been in place for many years, and it is meant to improve performance. This process is unrelated to workforce reduction plans." The plan is separate from Exxon's announcem...

Markets adjusting to new emerging normal

elean 21 6 月

4 minutes

SINGAPORE - After "talking about talking about" tapering for months, the United States Federal Reserve finally acknowledged the build-up of inflationary pressures, sending markets into a tizzy during the past week. While suggesting a potential end to its quantitative easing in about two years, the Fed last Wednesday gave no indication as to when it would begin cutting back on its bond-buying programme. "You can think of this meeting that we had as the 'talking about talking about' meeting," Fed boss Jerome Powell said in a phrase that recalled a statement he made a year ago that the Fed was not "thinking about thinking about raising rates". Nevertheless, policymakers indicated at least two rounds of hikes in 2023, but done in a measured manner so as not to disrupt the financial markets. But the news was enough to trigger a knee-jerk selldown of stocks, making it the worst week on Wall Street since October last year. The Dow Jones fell sharply last Friday, the second consecutive weekly loss for the big board index, which ended at 33,290.08 for a 3.4 per cent loss. The broader S&P index lost 2 per cent to end at 4,166.45, while the tech-heavy Nasdaq ended flat for the week at 14,030....

How China’s carmarker Nio plans to rival Tesla

elean 20 6 月

7 minutes

(BLOOMBERG) - At a gala dinner in Shanghai, Mr William Li, the founder of Chinese electric carmaker Nio, can barely move forward in the buffet queue before being stopped for another selfie, handshake or hug. Over the next three hours, Mr Li, 46, poses for hundreds more photos, chatting with customers of the company he started just over six years ago and has built into a way of life - at least for the people who buy his cars - with clubhouses, a round-the-clock battery recharging service and even clothing, food and exercise equipment, all decked out in Nio's geometric logo. While other billionaire executives may cringe at spending their downtime glad-handing customers, for Mr Li, this is for his business, which relies on creating a sense of allegiance among buyers, who then persuade their friends and family to spread the word about its cars. Dubbed "rippling mode", the strategy evokes the ever-widening circles caused by throwing a single stone into a pond, he says. The scene in Shanghai was just what he was aiming for - a passionate customer base with the loyalty of Apple fans, and a dash of Tesla co-founder Elon Musk's cult of personality thrown in. It is an approach that has turne...

Be cautious when everyone is bullish

elean 20 6 月

5 minutes

(NYTIMES) - As Covid-19 vaccinations spread, the stock market has been generating fabulous returns. Many of the economic numbers have been nearly as impressive. If you have held on to broadly diversified stock funds over the past year, reading your latest portfolio statement will be a joyful experience. Savour those exorbitant gains while you can. But when numbers this gaudy appear, it's worth asking why. And, unfortunately, the most accurate answer is probably the simplest: Things were so terrible a year ago, they had nowhere to go but up. There have been a few mediocre stretches in the stock market lately. But compared with the early days of the pandemic in the United States, we have entered a period of balm and bliss. The endless tragedies of the past year, followed by a partial, cash-infused recovery, have skewed the numbers enough that any comparisons should be taken with an entire shaker of salt. But there are harbingers of trouble already: signs of incipient inflation, rising bond yields and occasional tremors in global markets in response to coronavirus flare-ups. For the most part, though, these portents are being muffled by the profit making. Recall how bad it was When pe...

Singapore exports growth pick up pace in May, but came lower than expected

elean 17 6 月

2 minutes

SINGAPORE - Singapore's non-oil domestic exports (Nodx) grew at a faster rate in May compared with the previous month, aided by electronic and non-electronic shipments such as machinery and chemicals. Nodx rose 8.8 per cent last month, following the 6 per cent gain in April, continuing the positive growth trend since December 2020, according to data released by Enterprise Singapore (ESG) on Thursday (June 17). But May's export growth was less than the 16 per cent growth forecast by analysts polled by Bloomberg. On a month-on-month seasonally adjusted basis, Nodx decreased by 0.1 per cent in May, after the previous month's 8.8 per cent decline. Export of electronic products rose by 11 per cent on an year on year basis, higher than the 10.9 per cent growth achieved in April. Shipments of diodes and transistors jumped by 53.9 per cent, and telecommunications equipment by 52.3 per cent, contributing the most to the growth in electronic Nodx. Non-electronic product exports grew by 8.1 per cent from the same month of 2020. In April they were up 4.7 per cent. Primary chemicals led the non-electronics growth, rising 96.8 per cent, specialised machinery was up 58 per cent and petrochemicals...

More charges expected for woman caught on video not wearing a mask at MBS

aseanpr 15 6 月

4 minutes

SINGAPORE - More charges, including those involving the Immigration and Checkpoints Authority, are expected to be handed to a woman who was caught on video refusing to wear a mask at Marina Bay Sands (MBS) integrated resort amid the Covid-19 outbreak, a district court heard on Tuesday (June 15). The prosecutor mentioned the additional charges on Tuesday in asking for a three-week adjournment. Details about these charges were not revealed in court. Phoon Chiu Yoke, 53, currently faces seven charges over various offences, including failing to wear a mask at public places such as MBS, Bras Basah Complex and outside the State Courts building. The Singaporean, who was not represented by a lawyer, told District Judge Janet Wang on Tuesday that she wants to apply for these charges to be dropped. Stressing that she is a former naval officer, Phoon said that she had been "an eyewitness or plaintiff" in earlier cases linked to the Singapore Armed Forces (SAF) and that it would be difficult for her to have a fair hearing due to these cases. "I am not privy to discuss all these cases in court here without causing embarrassment or being prejudicial to the SAF and to the Government of Singapore....

Japan’s economy shrinks less than first reported during Covid-19 emergency

elean 8 6 月

2 minutes

TOKYO (BLOOMBERG) - Japan's economy shrank last quarter less than first reported, according to figures that come as yet another round of restrictions to contain the coronavirus threatens to prolong the slump. Gross domestic product contracted an annualized 3.9 per cent from the final quarter of 2020, the Cabinet Office reported on Tuesday (June 8). The result was better than the government's earlier estimate of a 5.1 per cent contraction. Economists had forecast a 5 per cent drop. A separate report showed wages gained in April from a year earlier at the fastest pace since late 2018 on climbing overtime pay. Since the start of the year, Japan's recovery has been put on pause by on-again-off-again declarations of emergency to try to contain virus flareups. A vaccine drive that didn't kick into high gear until recent weeks has allowed the crisis to drag on, even if case numbers are still far below US or European levels. With restaurants and bars being advised to close early, consumer spending has taken a hit and service businesses have chosen to cut or at least postpone investment until the outlook is clearer. While exports continue to rebound, the latest round of restrictions set to ...

US inflation data for May set to take centre stage this week

elean 7 6 月

4 minutes

SINGAPORE - Equity markets continued to grind northwards despite concerns about inflation and potential tightening of monetary policies by central banks. Indeed amid signs of supply side constraints which could put pressure on prices, one of the most closely watched numbers has been unemployment. Thus it was not surprising that the United States job figures for last month became the centrepiece of market attention last week. As it turned out, the job numbers came in below expectations despite being a significant improvement over April. Payrolls increased by 559,000 last month after a 278,000 gain in April. Economists were expecting a 675,000 rise last month. The numbers pleased the market. After falling sharply last Thursday, the Dow Jones rebounded last Friday, chalking up a 1 per cent weekly gain at 34,756.39. The S&P index edged 0.6 per cent higher for the week at 4,229.89, while the tech-heavy Nasdaq was up 0.5 per cent during a volatile week to close at 13,814.89 last Friday. However, the Straits Times index (STI) gave up 0.9 per cent to close at 3,151.04 as investors sold down banks and blue chips. DBS, OCBC and UOB declined by an average of 1.4 per cent last week. Still, the...

Fewer offenders placed on probation in Singapore last year, as less urgent cases were deferred amid Covid-19

aseanpr 4 6 月

4 minutes

SINGAPORE - Fewer offenders were placed on probation last year (2020), as the courts deferred hearing the less urgent cases during the circuit breaker. A total of 428 new probation orders were issued last year, about 20 per cent fewer than the 538 in 2019. Probation is a community rehabilitation sentence ordered by the courts that requires the offender to be supervised by a probation officer for a period between six months and three years. The Ministry of Social and Family Development (MSF) released the Probation and Community Rehabilitation Service 2020 annual report on Friday (June 4). The number of orders granted depends on factors such as the risk profile of the offenders and their suitability to be placed on probation, said the MSF. It added that there were 10 per cent fewer referrals for pre-sentence reports, which determine suitability for probation, from the courts last year, compared to 2019. This could be due to the adjournment of the less urgent cases during the circuit breaker between April 7 and June 1 last year. The fall in referrals for the pre-sentence reports, among other reasons, was a contributing factor for the lower number of probation orders issued last year, ...

Nomination Opens for “Directors Of The Year Awards 2021”

indie 3 6 月

5 minutes

HONG KONG, Jun 3, 2021 - (ACN Newswire via SEAPRWire.com) - The "Directors Of The Year Awards 2021" championed by The Hong Kong Institute of Directors ("HKIoD") is open for nominations today. "Leading in New Normal" is the theme of the Awards this year, aiming to promote a positive attitude and mindset among directors in navigating the complex global environment in 2021. Outstanding directors and boards capable of dynamic steering in circumstances ever-changing, and leading their organisations towards sustainable development will be acknowledged. Dr Christopher To, Chairman of HKIoD, said, "According to a global director survey co-organised by HKIoD, two-thirds of the company directors responded said they have committed 50 percent or more time in leading their companies in recalibrating corporate focus and strategy in the Covid-19 crisis. And, among the respondents who gave high marks to themselves and their management teams, many credited prior scenario planning as a good foundation for responding effectively to the tests brought by the pandemic. From their responses, it is clear that being prepared is the key to success of directors in their roles. This year, we look forward to h...

HDB resale prices rise for 11th straight month as volume dips on tighter Covid-19 rules

aseanpr 3 6 月

3 minutes

SINGAPORE - Tightened Covid-19 measures had some cooling effect on the Housing Board resale market last month as fewer property viewings were conducted in person, resulting in fewer flats changing hands. However, HDB resale prices continued to climb for the 11th straight month, rising 1.2 per cent last month compared with April, according to flash data from real estate portal SRX released on Thursday (June 3). A total of 1,966 resale flats were sold last month, a 16 per cent fall from April. Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, noted that the drop was not as drastic as during the circuit breaker period in April last year, when even tighter measures were introduced. Then, the HDB resale volume dropped by about 78.5 per cent, from 1,969 units in March to 423 units in the following month, she said. Resale volume for HDB flats in May was 440.1 per cent higher than the same month last year. Under the current phase two (heightened alert) measures, expected to be in place till June 13, households can receive only two unique visitors each day. PropNex head of research and content Wong Siew Ying said that this has affected property viewings t...

Singaporean teen who threatened to kill EPL football player and his family admits to harassment

aseanpr 2 6 月

4 minutes

SINGAPORE - A Singaporean teenager who threatened to kill English Premier League (EPL) football player Neal Maupay has admitted to his offences. Derek Ng De Ren, now 19, also threatened to kill the sportsman’s family members. The 23-year-old forward with Brighton and Hove Albion Football Club and his family were in Britain when the threats were made in June and July last year. Deputy Public Prosecutor Jeremy Bin said in court on Wednesday (June 2): “As a result of these messages, the victim felt distressed, believing the accused’s threats to be legitimate and credible. “The victim and his family did not leave their home as far as possible, for fear of being attacked.” Ng pleaded guilty on Wednesday to two counts of harassment. Two other similar charges will be considered during sentencing. On June 20 last year, Mr Maupay scored the winning goal against Arsenal Football Club in a match that saw Arsenal goalkeeper Bernd Leno carried off the pitch injured after a tussle with Mr Maupay. DPP Bin told District Judge May Mesenas: “The accused watched the match... in his grandmother’s home in Singapore. “The accused, an Arsenal supporter, was angered by the victim’s goal and Arsenal FC’s (...

Travel refund-related complaints in S’pore spiked in 2020 amid Covid-19 pandemic: Case

aseanpr 31 5 月

4 minutes

SINGAPORE - Complaints by travellers who were unable to get refunds on deposits and pre-payments from cancelled or postponed tour packages, flights, or hotel bookings made up the bulk of coronavirus-related complaints to the Consumers Association of Singapore (Case) last year. There were also more complaints against gyms and fitness clubs, hotels and restaurants, medical consumables firms, and wedding-related companies such as bridal businesses, as consumers sought full or partial refunds. Along with a 23 per cent spike in overall complaints compared with 2019, one in seven of the 18,335 complaints received last year were pandemic-related, said Case in a statement on Monday (May 31). In a year of heightened global travel restrictions, around half of the complaints received were against the travel and airlines industries. Besides being unable to recover their deposits, some consumers were charged a penalty or administrative fee for postponing their trips, while others were given travel vouchers to be used at a later date instead of a cash refund. Case said it asked two local travel associations to urge their members to offer consumers a full refund for pre-payments made for tour pac...

Indian economy faces resilience test amid risks from virus

elean 31 5 月

3 minutes

(BLOOMBERG) - The Indian economy's resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one's yet doubting its potential to pull off the world's fastest pace of growth among major economies this year. The economy is on track to grow 10 per cent in the year that began April 1, according to the median of 12 estimates compiled by Bloomberg News. That's after several economists downgraded their forecasts in recent weeks to factor in local curbs on activity, including in India's political and commercial hubs. But the downgrades are a message to not take the economy's recovery for granted. Economists say the relaxation of restrictions across states will determine the strength of the rebound, while the willingness of consumers to spend - as they did last year when lockdown curbs were lifted - will also be key. It was pent-up demand for everything from mobile phones to cars that spurred consumption in Asia's third-largest economy when it reopened last year after one of the strictest lockdowns that lasted more than two months. Data due later on Monday (May 31) will probably show gross domestic product grew 0.9 per cent in the three months ende...

Keppel saves $68 million from energy-efficient initiatives

elean 31 5 月

3 minutes

SINGAPORE - Green initiatives might seem a burden for companies already grappling with a challenging operating environment but they have paid off in spades for Keppel Group. Its energy-efficient measures saved an estimated 1,040,420 gigajoules of energy, translating to cost savings of around $68 million last year. Chief executive Loh Chin Hua said in its sustainability report out on Sunday (May 30): "Covid-19 caused significant human suffering and disruption. "It also highlighted the interconnectedness of the global ecosystem and our vulnerability to trans-border risks, whether from pandemics, environmental degradation or climate change, and the importance of sustainable development and building resilience." In May last year, Keppel unveiled its vision to transform the company from a group of diverse parts into an integrated business providing solutions for sustainable urbanisation by 2030. Part of the move involved the company shifting its focus to greener solutions. It announced, for instance, that it will exit the offshore rig building business after completing existing projects. It has been pivoting towards renewables and cleaner fossil fuels such as liquefied natural gas. Kepp...

Number of child abuse cases in S’pore investigated last year highest in 10 years

aseanpr 29 5 月

1 minute

SINGAPORE - The number of child abuse cases investigated by the authorities last year was the highest in a decade, according to fresh data from the Ministry of Social and Family Development (MSF). The Covid-19 pandemic forced some vulnerable families into tight quarters, increasing the chances of conflict. 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.

Manufacturing to drive Singapore’s recovery for another year amid Covid-19 resurgence

elean 29 5 月

1 minute

The recent Covid-19 resurgence may have baked in the prospects of an uneven and gradual economic recovery through the year led by the trade-driven manufacturing sector. That suggests the pace of growth will depend on the health of external demand for goods and services produced in Singapore - a critical node for global trade. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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