Asia

Want to buy a ship? Oil tanker that received stolen fuel in Shell Bukom heist up for police auction
11Jun By Desk TeamNo Comments
Asia, Market, USA, World

Want to buy a ship? Oil tanker that received stolen fuel in Shell Bukom heist up for police auction

SINGAPORE: Over the years, the police have auctioned off various items seized from crimes: Clothes, cameras, computers and, once in a while, a supercar or two. But the latest article up for sale is quite different – it is more than 100m long, weighs more than 3 million kg and, according to court documents, is valued at US$4.5 million (S$5.9 million). The item in question is the chemical oil tanker Prime South, which the police seized in 2018 after it was used to receive stolen marine gas oil worth an estimated US$7.1 million from Shell's Pulau Bukom refinery. The pilfering was part of the largest marine fuel heist from Shell's biggest petrochemical production and export centre in the Asia-Pacific. Not many items seized by the police and auctioned off are valued in the tens ...
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In meeting today’s great challenges: Think ‘moonshot’
11Jun By Desk TeamNo Comments
Asia, Market, World

In meeting today’s great challenges: Think ‘moonshot’

Moonshots are in. I’m not referring to space travel, although the regular launches and landings of space probes suggest that the conventional use of the word is apropos. Here, “moonshots” are grand, government-backed missions that unite the considerable powers of the state, its scientists and its entrepreneurs to accomplish a single goal. There are many potential moonshots, from creating a vaccine for COVID-19 to solving global warming. What differentiates them from other problems is that they address extraordinary, if not existential, challenges. The pursuit of moonshots is forcing a reassessment among governments that normally — wrongly in many cases — view industrial policy as an aberration, a dangerous indulgence that is inefficient at best and corrupt at worst. China’s impressive pe...
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Israel’s foreign policies won’t change much even as a new coalition looks set to take power, ambassador says
10Jun By Desk TeamNo Comments
Asia, USA, World

Israel’s foreign policies won’t change much even as a new coalition looks set to take power, ambassador says

A new coalition may soon take power in Israel, but that doesn't signal a change in the country's foreign policies, according to Israel's ambassador to Singapore. "As far as foreign policy is concerned, we're about to see a continuation of previous policies of the government," Sagi Karni told CNBC's "Capital Connection" on Wednesday. That means Israel will still want to maintain and expand the Abraham Accords, engage with the rest of the world, and "see a change" in Gaza, he said. Israel's parliament, the Knesset, will be voting on a new government on Sunday. If successful, the coalition led by opposition party leader Yair Lapid will feature tech millionaire Naftali Bennett as prime minister, replacing Benjamin Netanyahu, Israel's longest-serving head of government. The coalition includes a...
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Indian rupee rose to 73.81 paisa.
7May mmBy Mike TrudellNo Comments
Asia

Indian rupee rose to 73.81 paisa.

As decline in new Covid-19 cases over the past few days. The India rupee rose 14 paise to 73.81 against the US dollar on Tuesday morning.The India rupee opened at 73.83 at the interbank forex market then strengthened to 73.81, gaining 14 paise from its Monday’s close.The Bombay Stock Exchange (BSE) opened 0.13 per cent higher at 48,781 points in early trade, while the NSE Nifty rose 0.08 per cent to 14,646 points on Tuesday morning.Foreign institutional investors (FIIs) were net sellers in the capital market on Monday, as they sold shares worth Rs 2,289.46 crore, as per exchange data.India’s total Covid-19 cases crossed 20 million (m) after 3,57,229 new infections were reported on Monday. The cumulative death toll due to Covid-19 rose to 2,22,408 after 3,449 new fatalities were reported, ...
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India taking steps for economy growth.
6May mmBy Mike TrudellNo Comments
Asia

India taking steps for economy growth.

India’s exports in April jumped took a high jump from $10.17 billion, according to commerce ministry’s preliminary data released on Sunday. Imports too rose to $45.45 billion last month as against $17.09 billion in April 2020. “India is thus a net importer in April with a trade deficit of $15.24 billion, which increased by 120.34 per cent over the trade deficit of $6.92 billion in April 2020,” the ministry said in a statement. The three-fold jump in exports came amid signs that India’s economy may shrink in the current quarter ending in June as Covid-19 cases surged. Sonal Varma, India chief economist at Nomura, said the country is “clearly going to see a sequential growth hit” in its first quarter. India’s fiscal year begins in April and ends in March the following year. She pre...
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Ola to oncrease 100,000 scooter chargers in India
1May mmBy Michael SmithNo Comments
Asia, Market

Ola to oncrease 100,000 scooter chargers in India

MUMBAI – As Indian ride-hailing startup Ola the company launches two wheeler charging points nationwide, to 100,000 to accommodate the company’s scooter slated for launch.The Ola Hypercharger Network will start out with a first-year push to install 5,000 charging stations in 100 cities -- "more than double the existing charging infrastructure in the country," the company says.Plans are for 100,000-plus charging points in 400 cities in five years. They will be compatible with Ola two-wheeler products, including the Ola Scooter due out in the coming months.Backed by Japan's SoftBank Group, Ola offers a ride-hailing app serving mostly India. In 2020, it announced the acquisition of Dutch manufacturer Etergo with the aim of building electric two-wheelers. Talent hailing from General Motors an...
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Huawei may have been listening to all the phone calls on Dutch mobile network
20Apr mmBy Brian ThompsonNo Comments
Asia

Huawei may have been listening to all the phone calls on Dutch mobile network

Amsterdam, Netherlands: According to the Dutch newspaper Volkskrant the Chines telecom equipment supplier Huawei was able to monitor all the conversations made through the Netherlands's largest mobile networkHuwaei was able to listen in to conversations made by government ministers and also had access to a database of phones which were being tapped, according to a Capgemini report dating from 2010.Former state company KPN dominated the mobile phone market in 2009, with 6.5 million subscribers and Huawei was an integral part of its technological base.Lawmakers from across the political spectrum have called for a government statement about the role of Chinese telecoms company Huawei in the KPN mobile phone network.Looking to cut costs further, the company asked Capgemini to draw up a risk a...
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Under construction China Town sparks anti-Beijing sentiment
12Apr By Online DeskNo Comments
Asia

Under construction China Town sparks anti-Beijing sentiment

A Chinatown in South Korea expected to be completed in 2022 has sparked anti-Chinese sentimentwith a petition calling for an end to its construction.“An online petition has been filed on the Cheong Wa Dae [government] website recently, calling foran end to the ongoing construction of a Chinatown and Legoland in Chuncheon, Gangwon Province,”reported an English-language newspaper The Korea Times.The petition has gained more than 415,000 signatures until now.“The petitioner wrote that Koreans do not understand why Korea should provide culturalexperiences from China, or why there should be a ‘little China’ in Korea.”Korea-China Culture Town will feature “a range of facilities and attractions”, including traditionalChinese gardens, and will be 10 times the size of South Korea’s only “official”...
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US blacklists Pakistan-based human smuggling organization
12Apr By Online DeskNo Comments
Asia

US blacklists Pakistan-based human smuggling organization

The United States has slapped sanctions on a Pakistan-based human smuggling organization, whichhas been accused of being involved in smuggling migrants to the United States, including foreignnationals.The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Pakistaninational Abid Ali Khan and the Abid Ali Khan Transnational Criminal Organization (TCO) of being “aprolific human smuggling organization,” as well as three people and one entity associated with theorganization.“According to court documents, between January 2015 and December 2020, Abid Ali Khan, 40,allegedly organized, led, and worked, with others in his Pakistan-based smuggling network tofacilitate the travel of undocumented individuals to the United States,” the Justice Department saidin a release...
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H&M forced to shut 20 stores in China over remarks on Xinjiang cotton: Report
10Apr By Online DeskNo Comments
Asia

H&M forced to shut 20 stores in China over remarks on Xinjiang cotton: Report

Soon after giving out a statement on forced labour in Xinjiang, Swedish fashion retailer H&M wasforced to close 20 stores in China.Recently, several companies including H&M and Nike are facing pressure after they said that theywere concerned about allegations that forced labour has been used to produce cotton in Xinjiang.The ruling Communist Party lashed out at H&M, Nike and other shoe and clothing brands last weekafter the United States, the European Union, Britain and Canada imposed travel and financialsanctions on officials accused of abuses in Xinjiang in China’s northwest.H&M has shut down about 20 of its 500 outlets in the communist country. Some of the closuresmight have been the result of Chinese landlords forcing out the shops, while local consumers vowedto boycot...
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