Asia

[Market] Singapore life insurance sales rise 10% amid Coronavirus scare
20Jun By Desk TeamNo Comments
Asia, Market, Singapore

[Market] Singapore life insurance sales rise 10% amid Coronavirus scare

While Coronavirus has destroyed many lives and economies, Singapore's life insurance industry saw new business, in terms of total weighted premiums, grow 10 per cent to $965.8 million for the first quarter from January to March 2020.A year ago, total weighted premiums amounted to $877.8 million.“This comes as more consumers took action to secure their financial future in view of Covid-19's drastic impact on the global and local markets”, said the Life Insurance Association (LIA), Singapore."However, with circuit-breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters," LIA president Khor Hock Seng said.Sales of annual-premium policies grew 3 per cent year on year, resulting in $672.4 million in total...
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​ As overseas markets ‘lockdown’, China exporters look inwards
20Jun By Desk TeamNo Comments
Asia, China, Market

​ As overseas markets ‘lockdown’, China exporters look inwards

China exporters are now left in a crisis as the coronavirus hits its trading partners worldwide leading to cancelled shipments, returned goods and a dearth of new orders - accelerating a long-standing push towards domestic consumption.The world's second-largest economy is stirring back to life after virus cases dwindled from a peak in February, when activity came to a near-halt. But as China’s economy started to recover, lockdowns and restrictions in other countries has forced exporters to focus on domestic markets.Chinese online marketplace Taobao said the number of foreign trading companies opening stores on its domestic-focused platform spiked 160 percent from February to May.And policymakers - who have sought for years to wean the country off cheap exports and government spending in fa...
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[Tech] Foodpanda waives commissions for one month for COVID hit Singapore hawkers joining the app
20Jun By Desk TeamNo Comments
Asia

[Tech] Foodpanda waives commissions for one month for COVID hit Singapore hawkers joining the app

As hawkers across the nation continue to borne the brunt of the dine-in ban in light of COVID-19, Foodpanda on Friday announced that the hawkers who get on board will not have to pay commission for the first month as part of a new initiative to ease hawkers' entry onto the food delivery app.Dubbed the "pandasupport hawker initiative", the incentive is being rolled out with "the understanding that commission fees are factored as a substantial barrier that is currently preventing hawkers from coming on board Foodpanda", the company said in a press statement.Over the last few months, food delivery apps have faced heat for charging steep commissions of 30 to 40 per cent, eating into hawkers' already-thin margins. Foodpanda's latest move comes as the food and beverage sector prepares for contin...
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Chinese tech giant Baidu to invest $70.3 million into the live-streaming sector
20Jun By Desk TeamNo Comments
Asia

Chinese tech giant Baidu to invest $70.3 million into the live-streaming sector

Chinese tech giant Baidu is going to invest $70.3 million into the live-streaming sector in a bid to take on rivals Douyin, China’s version of Tiktok, and Kuaishou in that space. The move comes in the wake of the three players jostle for dominance amidst a series of tit-for-tat lawsuits, and as Baidu on Monday announced better-than-expected revenue for the March quarter, causing its U.S.-listed shares to rise 8% in extended trading.Baidu’s new investment will be spent on growing its live-streaming user base and attracting high quality content creators, according to Baidu’s vice president Shen Dou. Baidu, best known for operating a Google-like search engine, plans to boost its short video operations by sending traffic from the rest of its ecosystem to creators’ content.Haokan content will b...
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[News] Langar during pandemic helps people with food
20Jun By Desk TeamNo Comments
Asia

[News] Langar during pandemic helps people with food

Langar or community kitchen at Sikh temples is always open to everyone, even during during the pandemic. A Sikh organization Khalsa Aid has started working with Sanctuary Health, a group focused on refugee and migrant health, to provide  family meal hampers.Jatinder Singh, the director of the Canadian chapter of the group, said groceries to thousands of people across the country is being provided. The beneficiaries include undocumented refugees living in isolation without much help.It is in Sikh religion to help anyone irrespective of race or religion. UN Secretary-General Antonio Guterres called for an “all-out effort” against the “tsunami of hate and xenophobia” in the wake of pandemic.  The Sikhs are helping in the wake of right-wing groups and conspiracy theorists blaming various ethni...
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[America] Sikhs in Detroit delivers food to hospitals, police stations, fir stations
20Jun By Desk TeamNo Comments
Asia

[America] Sikhs in Detroit delivers food to hospitals, police stations, fir stations

Shalinder Singh is among the Sikhs suburban Detroit, who have been paying for and delivering hundreds of pies to hospitals, police stations and fire departments since the gurdwara suspended in-person services.Singh and his family wanted to carry on a tenet of their faith: helping others through langar, the communal meal shared by all who come. "It just popped up in my mind, this is the time to take care of the heroes in the front," said Singh, the 40-year-old owner of a pet products company. "I spoke to a couple of doctors and they said pizza is the best because they're working 12 to 16 hours and they don't have time to sit and eat."The family have delivered more than 1,000 pizzas since early April, with no plans to slow down. They drive as much as an hour to spread their pizza love once a...
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Indonesian dollar bonds see record sale
20Jun By Desk TeamNo Comments
Asia

Indonesian dollar bonds see record sale

Investors are flocking to buy Indonesia dollar bonds with the sales was seen at record level  as the country’s strong fiscal track record in recent years fuels optimism on its ability to weather the COVID-19 crisis. Including the sovereign, note sales in the US currency from Indonesia this year total more than $15 billion, a year-to-date record and almost three-times the tally for the same period in 2019. In one of the most recent offerings, state-owned miner PT Indonesia Asahan Aluminium sold $2.5 billion of notes on Monday, with demand exceeding the issuance size by six times. Indonesia has run a small budget deficit over many years and foreign currency reserves were at a near record level at the start of 2020. That gives it some cushion amid the massive challenges all countries, and eme...
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Singapore’s IUIGA raises US$10 million
20Jun By Desk TeamNo Comments
Asia

Singapore’s IUIGA raises US$10 million

Singapore-based online retailer IUIGA has announced that it has raised US$10 million, which will be invested across IUIGA’s Singaporean and Indonesian operations, with Indonesia being the key focus for 2020. The fresh money was raised in Series A round of funding, led by Konimex Technologies, a subsidiary of Indonesian conglomerate Konimex Group. IUIGA will also invest in Big Data and Artificial Intelligence to deepen its e-commerce personalisation. “Most immediately, we’re intending to grow our Indonesian operations with the target of doubling the office’s headcount in the coming six months. Indonesia’s potential is immense, with its burgeoning tech-savvy demographics. We want to be right in the action and unlock the economic potential in growth by 2025,” said Jaslyn Chan, Chief Growth Of...
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China invests in EV Charging Infrastructure to offset Coronavirus-led economic slowdown
20Jun By Desk TeamNo Comments
Asia

China invests in EV Charging Infrastructure to offset Coronavirus-led economic slowdown

China is investing in the EV Charging Infrastructure to offset economic slowdown caused by the coronavirus. China will spend almost $1.5 billion between now and the end of the year,  to install 200,000 EV chargers throughout the country, 20,000 of which will be public chargers, according to the National Development and Reform Commission. It’s all part of a plan to stimulate China’s economy after the coronavirus shutdown with more infrastructure investment in EV charging, ultra high voltage electrical grids, intercity transit systems, and 5G technology. That last part is important because the EV chargers that will be installed can accumulate a large amount of data. Sun Huifeng, president of CCID Consulting, tells China Daily the data can be used to improve the charging experience for EV own...
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Indonesian coffee chain Kopi Kenangan raises $109m
20Jun By Desk TeamNo Comments
Asia

Indonesian coffee chain Kopi Kenangan raises $109m

In a Series B funding round led by existing investor Sequoia Capital, Indonesia’s grab-and-go coffee chain Kopi Kenangan has raised $109 million. The deal marks one of the largest consumer investments in the region. The round was joined by new investors including B Capital, Horizons Ventures, Verlinvest, Kunlun and Sofina as well as return backer Alpha JWC Ventures. DealStreetAsia had earlier on Tuesday reported that the startup had raised around $100 million from investors including Sequoia, Sofina, Verlinvest, B Capital and Horizons Ventures. In its statement, Kopi Kenangan said it plans to use proceeds from the round to strengthen its operations in Indonesia, launch new products, invest in technology to better serve its customers, and protect employees amid the COVID-19 pandemic.     “T...
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