World

HONG KONG: BlackRock plans to launch its first product in China's US$220 billion onshore exchange-traded fund (ETF) market later this year and has started hiring staff accordingly, two people with direct knowledge of the matter told Reuters. The world's largest money manager, which thrives on the rise of passive investing with 70 per cent of its US$10 trillion global portfolio in ETFs and index funds, will be the first wholly owned foreign fund manager to tap the onshore Chinese ETF market. Currently, the US firm manages overseas assets of a handful of China's large state-backed investors such as the country's sovereign wealth fund and national pension fund via offshore units, as all products sold are foreign-domiciled. The first BlackRock ETF product launch is scheduled for the fourth ...

Walmart is seeking a new trial in a case over the firing of a longtime employee with Down syndrome. A jury in July found Walmart wrongfully terminated the employee, Marlo Spaeth, and awarded her monetary damages. In a court filing late Tuesday, Walmart said it did not know about the link between Spaeth's disability and her struggles to adapt to a new work schedule, which ultimately led to her firing. Spaeth served as a store associate at a Walmart SuperCenter in Wisconsin for nearly 16 years. The big-box retailer further claims the U.S. Equal Employment Opportunity Commission, which represented Spaeth in the case, did not show proof that Walmart "discriminated against her 'with malice or with reckless indifference to [her] federally protected rights.' " The company is asking that the dam...

This approach is part of a police partnership with IMH, piloted in March 2021, to better ensure cases of attempted suicide get the right kind of help more quickly. Attempted suicide was decriminalised at the start of 2020. Dr Ng noted that the focus has “very much shifted” to healing, recovery and getting rid of the stigma related to suicide and the criminal justice process. “In the past, when the person attempted suicide, we arrested them, brought them back to the police station and after that they might be brought to IMH, and that process takes a long time,” he said. “And if this person was mentally ill, I think that it is really not very fair to the patient, not very patient-centred. The person would already be in distress, and we have got a lot of feedback that their condition got w...

:Australia and New Zealand Banking Group, the country's No. 4 lender, beat estimates for first-half profit as it set aside less money for COVID-19 related loan defaults and flagged an end to shrinking margins as interest rates start to rise. The Melbourne-based retail lender set an upbeat tone for a slew of Australian bank results scheduled in the next week, the first since the country's central bank ended a decade of rate cuts by raising the official rate a day earlier amid raging inflation and soaring property prices. Australia's so-called Big Four banks have been experiencing shrinking profit margins as record-low interest rates created strong competition. A reversal of that pattern, which ANZ said may continue over a protracted period, would see those margins expand again. "All else...

NEW YORK :Oil prices sank about 6 per cent on Monday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook. Brent crude fell $6.45, or 5.7 per cent, to settle at $105.94 a barrel. U.S. West Texas Intermediate crude fell $6.68, or 6.1 per cent, to settle at $103.09 a barrel. Both contracts have gained about 35 per cent so far this year. Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. "The COVID lockdowns in China are negatively impacting the oil market, which is selling off in conjunction with equities," said Andrew Lipow, president of Lipow Oil Associ...

WASHINGTON: Two months after warning that Beijing appeared poised to help Russia in its fight against Ukraine, senior US officials say they have not detected overt Chinese military and economic support, a welcome development in the tense US-China relationship. US officials told Reuters in recent days they remain wary about China's long-standing support for Russia in general, but that the military and economic support that they worried about has not come to pass, at least for now. The relief comes at a pivotal time. President Joe Biden is preparing for a trip to Asia later this month dominated by how to deal with the rise of China and his administration is soon to release his first national security strategy about the emergence of China as a great power. "We have not seen the PRC provide...

HONG KONG: The dollar climbed to around a two-year high against the euro and an 18-month high versus the pound as fears about the economic impact of China's COVID-19 lockdowns and an aggressive pace of US rate hikes sent investors scrambling for safety. China's offshore yuan was steadier in early trading, however, at 6.5770 per dollar after the People's Bank of China said late on Monday (Apr 25) it would cut the amount of foreign exchange banks must hold as reserves. That helped the currency to recover from a year low of 6.609 per dollar on Monday, hurt by fears about China's economic growth. The dollar index, which measures the greenback against six main peers, was at 101.58, after jumping 0.58 per cent on Monday and hitting a two-year peak of 101.86. It has gained 3.3 per cent so far...

SINGAPORE MUST “STAY OPEN” Nonetheless, Singapore’s strategy must be "to stay open, and make our economy stronger and more resilient”, said the prime minister. Singapore must “keep seizing opportunities for growth, developing new capabilities and becoming a more competitive economy”, he added. “Then despite the uncertain climate, despite the pressures against globalisation, investors will still find it worthwhile to put their projects in Singapore, our exports will still find foreign markets, and we can still earn a living for ourselves in the world.” Economic success alone is not enough, noted Mr Lee. He said: “Our growth must be matched by social and political cohesion. There is war in Europe, there are major troubles in the world, and great power rivalry in the region. Facing all t...

MANILA: Philippine motorcycle enthusiast John Aldwin Bagabagon rode easier than many other local motorcyclists and drivers this year as domestic fuel prices surged to record levels. Bagabagon, 35, and his family are among 200,000 consumers turning to a homegrown app to secure credits for bulk fuel supplies at low prices, saving about 50 per cent on their gasoline purchases over the past four months. "I save a lot especially now that gasoline prices are rising weekly," Bagabagon said. The app PriceLOCQ allows users to stock up on fuel at a set price by converting purchases to digital credits that are later redeemed at SEAOIL Philippines petrol stations. Mark Yu, who launched the PriceLOCQ app in 2020 and whose family owns independent fuel company SEAOIL, says the use of the app has "sky...

SINGAPORE: The Singapore men's football team fell to their first defeat at the SEA Games in Vietnam following a 5-0 loss to Thailand on Monday (May 9). Thailand dominated much of the possession in the first half as they made continuous forays into Singapore’s half, but the Lions kept a cool head in defence for the opening 20 minutes. The fancied Thais, who have won SEA Games gold on 16 occasions, were backed by a capacity crowd at the Thien Truong Stadium in Nam Dinh as they looked to bounce back after their shock opening match defeat to Malaysia. Singapore’s first attack of note came in the 30th minute down the right flank and the resulting corner saw the Thai goalkeeper make a close-range save from Harhys Stewart. The first half was a cagey affair with few clear-cut chances until it ...