World

HONG KONG : The Hong Kong bourse is fielding a surge in inquiries from Chinese companies looking to list their shares on the exchange due to regulatory changes on the mainland and in the United States, its new head said on Wednesday. China said last month it would step up supervision https://www.reuters.com/world/china/china-step-up-supervision-overseas-listed-companies-2021-07-06 of its firms listed offshore and require any company with data for more than 1 million users to undergo a security review https://www.reuters.com/world/china/china-widens-clampdown-overseas-listings-with-pre-ipo-review-firms-with-large-2021-07-10 before listing shares overseas. The U.S. Securities and Exchange Commission also said last month that Chinese companies could not raise money in the U.S. unless they f...

Co-founder of cafe Old Hen Coffee Terry Lim similarly said that the weekend crowd, while not as big as usual, was better than the weekday crowd. Over the weekend, the dip in business was about 20 per cent, compared to about 50 per cent on weekdays, he added. The situation may be worse than when dining-in was barred, he said. During the Phase 2 (Heightened Alert) period, there were more delivery orders, he noted. "(Delivery orders) kind of compensated for the lack of walk-ins ... this time, walk-ins haven't really increased much and delivery (orders) have dropped also," he said. However, for Mr Ong from The Masses restaurant, the situation did not improve over the weekend. "We ramped up manpower and production of (food) prep, but ultimately, it (response) still fell short," he said. D...

NEW YORK: Oil prices weakened for a fourth session on Tuesday, on the back of surging cases of coronavirus in Japan, a weak demand picture in Asia and a belief in OPEC and among its allies that the market does not need more crude. Brent crude was down 39 cents, or 0.6 per cent, at US$69.12 per barrel as of 1.15pm ET US West Intermediate crude (WTI) fell 64 cents, or 1 per cent, to US$66.65 a barrel. Both contracts had fallen for three straight sessions. "We continue to see US$65 support in WTI but less forceful rebounds that see sellers pour in earlier," said Craig Erlam, senior market analyst at OANDA. "A move below here would be a significant technical breakout and surely reflect serious concerns about growth in the coming months as Delta (coronavirus variant) causes increasing restri...

SINGAPORE: After meeting a woman on the dating platform Tinder, a man secretly duplicated her keys and later used them to break into her house and steal S$40,000 worth of cash and jewellery. When the woman, who is now his ex-girlfriend, changed her locks, the man forged a police report and tricked a locksmith into opening the door for him. Filipino Moreno Nino Jusner Jashua Taguibao, 27, was given 22 months' jail on Tuesday (Aug 3) for his crimes. He pleaded guilty to one count each of housebreaking to commit theft and forgery, with another two charges taken into consideration. The court heard that Moreno met the victim, now 23, in 2015 on Tinder. They dated for a few years, and Moreno moved into the victim's home in 2018. The victim gave him a set of keys to her unit, but he secretly ...

HONG KONG :Chinese ride-hailing firm Didi Global Inc is in talks with state-owned information security firm Westone to handle its data management and monitoring activities, sources said, as part of its efforts to placate domestic regulators. The largest Chinese ride-hailing group became the target of an investigation by regulators in the country just days after it raised US$4.4 billion in an initial public offering in the United States. The powerful Cyberspace Administration of China (CAC) last month launched a data-related cybersecurity investigation into Didi, citing a need to protect national security and the public interest. Didi is in discussions with Westone Information Industry Inc, which would be the main third-party company to manage its massive data stored domestically as per ...

This could potentially increase our tax revenues depending on how it shapes firm decisions and investment choices. BRINGING BALANCE TO INTERNATIONAL TAX RULES Singapore has deemed it necessary to sign up to BEPS 2.0. As a member of the OECD Inclusive Framework, it believes a rules-based approach can close cross-border tax loopholes and create a global level playing field. A world without global tax consensus risks countries taking unilateral actions, imposing greater tax burdens, especially on tech companies with a worldwide presence, and distorting incentives. This race to tax the digital economy is coming into sharper focus with the rise of Internet companies and digital platforms. But the result has been a rise in digital services taxes, with varying rules and qualifying conditions...

BANGKOK: Foreign ministers from members of the Association of Southeast Asian Nations (ASEAN) are under pressure to appoint a special envoy to Myanmar this week after months of negotiations failed to find a consensus candidate. Six months after the military toppled Myanmar's democratically elected government, ASEAN foreign ministers meet on Monday (Aug 2) when diplomats say they will aim to finalise a special envoy tasked with ending violence and promoting dialogue between the military government and its opponents. The United Nations, United States and China, among others, have identified the Southeast Asian bloc, whose 10 members include Myanmar, as best placed to spearhead diplomatic efforts to restore stability in Myanmar. Myanmar has been racked by a deadly crackdown on protests, ec...

KUALA LUMPUR: Malaysia's Muar MP Syed Saddiq Syed Abdul Rahman pleaded not guilty to criminal breach of trust and misappropriation of funds belonging to his former party, Parti Pribumi Bersatu Malaysia (Bersatu). He was charged on Thursday (Jul 22) at the Sessions Court in Kuala Lumpur with criminal breach of trust involving RM1 million (US$236,000) from Bersatu, and dishonestly misappropriating RM120,000 in donations for the 14th general election campaign. For the first charge, Syed Saddiq, who was then chief of Bersatu's youth wing Armada, was accused of criminal breach of trust for withdrawing RM1 million through a cheque without the approval of Bersatu's supreme council. He was alleged to have committed the act on Mar 6, 2020. The charge under Section 405 of the Penal Code carri...

TOKYO: Reigning world champion Nesthy Petecio of the Philippines defeated Italian Irma Testa in the featherweight boxing semi-final on Saturday to keep her in the contest for what could be her country's second-ever gold medal in the Olympics. The diminutive 29-year-old lost the first round against a much-taller Testa but won the second and was on the front foot throughout the third, chasing her opponent with lightning-quick steps and rapid-fire punches. In an arena that gave Petecio a home-crowd feel thanks to roaring cheers from team mates, officials and Filipino journalists, Petecio grabbed the win in a split decision, crying and falling to her knees as her name was announced. "This means so much to me as not only is it my dream, it is my father's dream," said Petecio, whose father ta...

BERLIN: BioNTech wants to build on its success in COVID-19 by developing the first vaccine for malaria based on mRNA technology and aims to start clinical testing by the end on 2022, in an attempt to eradicate the mosquito-borne illness. The Mainz, Germany-based company, which developed a COVID-19 vaccine with its partner Pfizer, said on Monday (Jul 26) it is also exploring vaccine production in Africa as part of efforts to expand manufacturing capacity and increase global access. "The response to the pandemic has shown that science and innovation can transform people's lives when all key stakeholders work together towards a common goal," said BioNTech's chief executive and co-founder Ugur Sahin. Scientists around the world have been working for decades to develop a vaccine to prevent m...