Market

Don’t rely on a second stimulus check: How to manage your money during the coronavirus pandemic
2Sep By Desk TeamNo Comments
Market, World

Don’t rely on a second stimulus check: How to manage your money during the coronavirus pandemic

Millions of Americans who expected to receive a second stimulus check amid the continued economic fallout from the coronavirus pandemic may not see the $1,200 for some time, if ever. With negotiations ending in a standstill as Congress left for summer recess until early September, Americans likely won't receive any sort of stimulus money until October at the very earliest — and only if Congress and the White House can agree on a deal. The House and Senate have another big piece of legislation on their plate when they return: the September 30 deadline for deciding the federal budget for the next fiscal year. That doesn't leave a whole lot of time for coronavirus relief talks Whatever happens, it's not a great idea to count on receiving this windfall of cash. CNBC Select has rounded up some ...
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Targeted measures needed to help different types of companies, says Chan Chun Sing
2Sep By Desk TeamNo Comments
Market, Singapore, World

Targeted measures needed to help different types of companies, says Chan Chun Sing

SINGAPORE: Support measures must be “targeted” in order to help the different types of businesses survive the impact of the COVID-19 pandemic, said Trade and Industry Minister Chan Chun Sing on Thursday (Aug 13). Speaking during an interview on CNA’s Asia First, he said there are three different types of companies. The first type refers to those that continue to see a growing market despite the pandemic-fuelled downturn, such as those in the biopharma and precision engineering industries. The second category includes those in sectors such as retail, and food and beverage where demand has shrunk temporarily but will eventually recover. The third type of companies has been the hardest hit, according to Mr Chan, as “demand is not likely to come back in the short to medium term”. Thi...
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Jobless because of SARS, she built a thriving hostel. Now with COVID-19, it’s closing
1Sep By Desk TeamNo Comments
Market, Singapore, USA, World

Jobless because of SARS, she built a thriving hostel. Now with COVID-19, it’s closing

Last month, Viji Jagadeesh had only eight guests at Mitraa Inn, not even enough to cover the Internet bill. CNA Insider looks at how hostels like hers could face a wipe-out, in a series on micro SMEs beaten down or changed drastically by the coronavirus pandemic. SINGAPORE: During the severe acute respiratory syndrome (SARS) outbreak in 2003, Viji Jagadeesh lost her job when the accounting firm she was working in struggled with poor business. After being jobless for more than a year, she started a small outfit with 12 beds, offering short-term rental to budget travellers. Three years later, Viji opened hostel Mitraa Inn with 60 beds, riding the low-cost aviation boom which saw a spike in budget travellers in Singapore. Her business flourished and, over the years, became one of the ...
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China uses tech as tool of repression to monitor citizens: US commission
31Aug mmBy Mike TrudellNo Comments
China, Market, World

China uses tech as tool of repression to monitor citizens: US commission

According to a congressional commission of the US, the Chinese Communist Party (CCP) is committed to the production and use of technology that controls and surveys its population.Chairman Robin Cleveland and Vice Chairman Carolyn Bartholomew of the US-China Economic and Security Review Commission, in a joint statement, said that China's move to use technology as a tool of repression is "politically motivated to sustain the Party"."The Chinese Communist Party is committed to the production and use of technology that controls and surveys its population. The decision to use these tools of repression is politically motivated to sustain the Party," the statement read.Surveillance has become a booming business in China with number of tech start-ups moving in to meet the market demand with the go...
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Asia shares take a breather, hope for flexible Fed
31Aug By Desk TeamNo Comments
Asia, Market, World

Asia shares take a breather, hope for flexible Fed

Asian stocks will likely climb on Thursday after the S&P 500 and Nasdaq rallied to fresh records on upbeat corporate results, while the dollar eased a day before the U.S. Federal Reserve possibly sets a new course on inflation. SYDNEY: Asian shares touched two-year peaks on Thursday in the wake of Wall Street's record run as cheap cash drove up big-cap tech darlings, although Sino-U.S. tensions caused caution to creep in as the session progressed. MSCI's broadest index of Asia-Pacific shares outside Japan turned flat after earlier reaching its highest since August 2018. Japan's Nikkei eased 0.4per cent from levels not seen since mid-February, and South Korea fell 0.8per cent as a jump in coronavirus cases ended four days of rises. Even S&P 500 futures dipped 0.2per cent, although t...
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Government to implement programmes that boost investment, create more ‘good jobs’ for Singaporeans: Chan Chun Sing
31Aug By Desk TeamNo Comments
Market, Singapore, World

Government to implement programmes that boost investment, create more ‘good jobs’ for Singaporeans: Chan Chun Sing

SINGAPORE: Despite a changing world economy disrupted by COVID-19 and geopolitical tensions, the Government will implement new programmes to bring in business investments, support local entrepreneurship and create “good jobs" for Singaporeans, said Minister for Trade and Industry Chan Chun Sing on Wednesday (Aug 26). Mr Chan was outlining how his ministry will support key priorities laid out by President Halimah Yacob at the opening of Singapore’s 14th Parliament on Monday. Mdm Halimah had said the Government will provide greater social support and strengthen safety nets for Singaporeans in the long term amid the COVID-19 pandemic. Mr Chan said on Wednesday that Singapore is confronting the crisis “from a position of strength”, given the country’s reputation for “transparency, rule ...
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Free lunch! Bosses lure bankers back where they can see them amid COVID-19
30Aug By Desk TeamNo Comments
Market, USA, World

Free lunch! Bosses lure bankers back where they can see them amid COVID-19

LONDON: Investment banks in London are trying to tempt more staff members into the office, laying on free food, Friday night drinks and other perks to lure bankers back where they can pass skills to others - and compliance departments can keep a closer eye on them. Mass remote-working has been largely successful for many financial firms, improving communications and sparing staff from long commutes during a near-global COVID-19 lockdown. But some firms are keen to reunite teams after the hiatus. In public, they tend to cite the importance of building teams, boosting morale and mentoring junior staff. "Relationship building and developing a knowledge base are important for new associates and others, and that's easier in the office," said Ram Nayak, Deutsche Bank's global head of fixe...
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Billionaire Fredriksen names Svelland head of holding firm Seatankers
30Aug By Desk TeamNo Comments
Market, World

Billionaire Fredriksen names Svelland head of holding firm Seatankers

Norwegian-born billionaire John Fredriksen appointed a hedge fund manager on Friday as next head of his family's key holding company, which controls assets ranging from oil tankers and rigs to real estate, fish farming and finance. OSLO: Norwegian-born billionaire John Fredriksen appointed a hedge fund manager on Friday as next head of his family's key holding company, which controls assets ranging from oil tankers and rigs to real estate, fish farming and finance. Fredriksen, 76, said Tor Andre Svelland, 53, will become chief executive of Seatankers Group, top shareholder of world number one salmon producer Mowi , tanker firm Frontline and offshore driller Seadrill . Seatankers also controls dry bulk shipper Golden Ocean and real estate firm Norwegian Property , as well as Fredriks...
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In China, fears of financial Iron Curtain as US tensions rise
29Aug By Desk TeamNo Comments
China, Market, Singapore, World

In China, fears of financial Iron Curtain as US tensions rise

SHANGHAI: A sharp escalation in tensions with the United States has stoked fears in China of a deepening financial war that could result in it being shut out of the global dollar system: A devastating prospect once considered far-fetched but now not impossible. Chinese officials and economists have in recent months been unusually public in discussing worst-case scenarios under which China is blocked from dollar settlements, or Washington freezes or confiscates a portion of China's huge US debt holdings. Those concerns have galvanised some in Beijing to revive calls to bolster the yuan's global clout as it looks to decrease reliance on the greenback. Some economists even float the idea of settling exports of China-made COVID-19 vaccines in yuan, and are looking to bypass dollar settl...
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US weekly jobless claims edge down to 1.19 million
29Aug By Desk TeamNo Comments
Market, World

US weekly jobless claims edge down to 1.19 million

WASHINGTON: The number of Americans seeking unemployment benefits fell last week, but remained significantly high, suggesting the labour market was stalling as the country battles a resurgence in new COVID-19 cases that is threatening a budding economic recovery. Initial claims for state unemployment benefits totalled a seasonally adjusted 1.186 million for the week ended Aug 1, compared to 1.435 million in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 1.415 million applications in the latest week. Coronavirus cases soared across the country last month, forcing authorities in some of the hard-hit areas in the West and South to either shut down businesses again or pause reopenings, sending workers back home again. Though infections ha...
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