World

Borrowers to get more time to repay loans as MAS extends financial relief measures
5Nov By Desk TeamNo Comments
Asia, Singapore, World

Borrowers to get more time to repay loans as MAS extends financial relief measures

SINGAPORE: With many borrowers expected to continue to face financial issues amid a prolonged COVID-19 pandemic, the Monetary Authority of Singapore (MAS) is extending its support measures for various groups of borrowers, including allowing those with property loans to apply to temporarily reduce their monthly instalment payments. Those with renovation and student loans may also opt for a longer repayment period, while small- and medium-sized enterprises (SMEs) will get to partially defer principal payments for some loans and receive customised restructuring options. These were announced by the MAS on Monday (Oct 5) as the clock ticks down to the end of the relief measures on Dec 31 this year. Since April, companies and individuals hurt by the pandemic have been able to request to d...
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Exclusive: Chinese regulatory probe delays approval for Ant’s IPO, sources say
5Nov By Desk TeamNo Comments
China, Market, World

Exclusive: Chinese regulatory probe delays approval for Ant’s IPO, sources say

China's securities regulator is probing a potential conflict of interest in fintech giant Ant Group's planned US$35 billion stock listing, delaying approval for what could be the world's largest IPO, three people with direct knowledge of the matter said. HONG KONG/BEIJING: China's securities regulator is probing a potential conflict of interest in fintech giant Ant Group's planned US$35 billion stock listing, delaying approval for what could be the world's largest IPO, three people with direct knowledge of the matter said. The China Securities Regulatory Commission (CSRC) is looking into the role of Alipay, Ant's flagship payment platform, as the only third-party channel through which retail investors could buy into five Chinese mutual funds investing in the IPO, the people told Reuters,...
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Trump’s stock market: A wild four years
4Nov By Desk TeamNo Comments
Market, USA, World

Trump’s stock market: A wild four years

The Trump rally, a trade war, and then a crippling pandemic: The four years since President Donald Trump's 2016 election victory have been a period like no other for the U.S. stock market. REUTERS: The Trump rally, a trade war, and then a crippling pandemic: The four years since President Donald Trump's 2016 election victory have been a period like no other for the U.S. stock market. Hours after Trump's unexpected win on Nov. 8, 2016, expectations of massive tax cuts and financial deregulation kicked off a stock rally that saw the S&P 500 surge 5per cent in a month. Wall Street continued its path higher through a trade war and impeachment, going on to new record highs following a deep slump caused by the coronavirus pandemic that continues to cripple the global economy. Graphic: Tru...
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Business as usual? Scant enforcement of Madrid’s new COVID-19 lockdown
4Nov By Desk TeamNo Comments
Asia, World

Business as usual? Scant enforcement of Madrid’s new COVID-19 lockdown

MRID: Madrid residents were largely coming and going as normal on Monday (Oct 5) despite a prohibition on non-essential travel in the first European capital to return to a coronavirus lockdown due to resurgent infections, which rose above 800,000 nationally. Police said 300 officers were manning 60 checkpoints, but commuters poured into the Spanish capital as usual and few said they had noticed extra controls. With 850 COVID-19 infections per 100,000 people, the Madrid area has Europe's highest rate, so 4.8 million people in the city and nine satellite towns came under new restrictions from Friday night. "I haven't seen any police controls. I don't quite understand this situation that they have created," said nutrition student Cristina Canete. Worried about further economic damage,...
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China challenging Vietnam dominance in Cambodia, Laos through BRI projects: Analyst
3Nov By Mike TrudellNo Comments
China, World

China challenging Vietnam dominance in Cambodia, Laos through BRI projects: Analyst

Defense analyst Derek Grossman has said that by leveraging Belt and Road Initiative (BRI) projects, China has increasingly challenged Vietnam’s dominance in Cambodia and Laos, and that Vietnam will have to find alternative means of engaging its neighbors to combat Chinese influence.In an opinion article, Grossman stated that China’s strengthening ties to Cambodia and Laos in recent years have real effects on Vietnam. “For example, Chinese support has likely contributed to Cambodian and Laotian decisions not to fully support Vietnam’s stance on ASEAN’s Code of Conduct negotiations in the South China Sea.”“China has increasingly challenged Vietnam’s dominance in Cambodia and Laos, primarily by leveraging Belt and Road Initiative (BRI) projects to raise its influence in the region. Outspent b...
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Amid worsening ties, China expected to sanction Australian copper, sugar
3Nov By Mike TrudellNo Comments
Asia, China, Market, World

Amid worsening ties, China expected to sanction Australian copper, sugar

As relations between China and Australia continue to get worse on a range of issues, importers across Beijing are expected to brace for a round of sanctions on copper ore and copper concentrate as well as sugar this week.The General Administration of Customs of China (GACC) has issued a notice to exporters claiming that it had found a pest in imported log timber from Queensland and has banned all log exports from the Australian state. It further claimed that it had found contamination in barley shipments from Australian grain exporter Emerald Grain as well.As per repots, bans on copper ore and copper concentrate, as well as sugar, are expected to be introduced this week.In September, China suspended barley imports from Australia’s largest grain exporter, CBH Group, after also detecting pes...
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Oil gains nearly 2% as robust China trade data offsets returning supply
3Nov By Desk TeamNo Comments
China, Market, World

Oil gains nearly 2% as robust China trade data offsets returning supply

An aerial drone view of a crude oil storage facility on April 23, 2020 in Cushing, Oklahoma. Oil prices rebounded on Tuesday, supported by robust economic data from China that offset returning supply in other regions but gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise. Brent crude futures were up 72 cents, or 1.7%, to $42.44 a barrel. West Texas Intermediate crude futures settled 77 cents, or 1.95%, higher at $40.20 per barrel. On Monday, both benchmarks fell nearly 3%. China, the world's top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from August and up 17.5% from a year earlier, but still below the record high level of 12.94 mln bpd in June, customs data showed. "Oil prices, which suffer...
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Trump vs Biden: Potential implications for investors
3Nov By Desk TeamNo Comments
Asia, China, Market, Singapore, World

Trump vs Biden: Potential implications for investors

As the clock ticks down to the US presidential election, Money Mind looks into the potential impact of a Trump or Biden victory, and what this means for investors. SINGAPORE: As the clock ticks down to the US presidential election on Nov 3, the intensity of the contest between Republican President Donald Trump and Democratic challenger Joe Biden is rising. For investors, the anticipation of the outcome has led to some wild rides in the markets. A survey conducted by wealth management firm UBS in September found that investors favoured Mr Trump for economic direction and job growth. However, Mr Biden was their pick to manage the COVID-19 downturn, foreign policy, and healthcare. Over the past month, much has happened. From a first presidential debate that some have called disastrous...
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At least 25 dead, scores missing after Typhoon Molave lashes Vietnam
2Nov By Desk TeamNo Comments
World

At least 25 dead, scores missing after Typhoon Molave lashes Vietnam

HANOI: Vietnam deployed hundreds of soldiers and heavy machinery on Thursday (Oct 29) to search for survivors after landslides triggered by torrential rains from Typhoon Molave, one of the strongest typhoons in the region in decades. The landslides, which hit remote areas in the central province of Quang Nam late on Wednesday, killed 13 with 40 missing as rescue efforts were hampered by bad weather at the tail end of the storm, the government said. State media said 12 fishermen died at sea. "We can forecast the storm path or the amount of rain, but can't predict when landslides happen," Deputy Prime Minister Trinh Dinh Dung said in a statement. "The road is covered under deep mud and heavy rains are still lashing the area, but rescue work has to be carried out quickly," Dung said. ...
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Wall Street shares close higher on stimulus hopes
2Nov By Desk TeamNo Comments
Market, World

Wall Street shares close higher on stimulus hopes

Wall Street's main indexes climbed on Tuesday on growing signs that U.S. lawmakers were making headway in their talks over stimulus to support an economic recovery from the impact of the COVID-19 pandemic. NEW YORK: Shares on Wall Street ended higher on Tuesday on growing optimism that talks among U.S. lawmakers are progressing with respect to a U.S. stimulus package aimed at cushioning the economic shock from the coronavirus pandemic. House of Representatives Speaker Nancy Pelosi said she was optimistic Democrats could reach a deal with the White House that could get aid out by early next month. She added there should be an indication of a possible agreement later on Tuesday. "I think no matter who gets elected, we will get the stimulus," said Brian Reynolds, chief market strategis...
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