World

US imposes sanctions on Russian, Chinese firms for supporting Iran missile programme
28Nov mmBy Mike TrudellNo Comments
China, World

US imposes sanctions on Russian, Chinese firms for supporting Iran missile programme

United States Secretary of State Mike Pompeo on Friday said that the country has imposed sanctions on four companies from China and Russia for supporting Iran’s missile programme that remains a “significant proliferation concern”.“The US has sanctioned four entities in China and Russia for their support of Iran’s missile programme, which remains a significant proliferation concern. We will continue to use all our sanctions tools to prevent Iran from advancing its missile capabilities,” Pompeo said.The companies are Chengdu Best New Materials Co Ltd and Zibo Elim Trade Co, Ltd. in China and Nilco Group, which is also known as Nil Fam Khazar Company and Santers Holding and Joint Stock Company Elecon in Russia for transferring sensitive technology and items to Iran’s missile programme.In 2018...
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Despite growing tensions, China buying computer chips from Taiwan firms
27Nov mmBy Walter ParezNo Comments
Asia, China, Market, World

Despite growing tensions, China buying computer chips from Taiwan firms

Despite growing tensions between Taiwan and China, Chinese technology companies have increased orders for computer chips or semiconductors made in Taiwan.According to media reports, Taiwan has reported a six per cent jump in export from July through September this year.Alicia Garcia Herrero, chief Asia-Pacific economist with the French investment bank Natixis said, “They (Chinese firms) know they’re not yet able to produce at least the highest-end semiconductors needed for 5G.”She added that Taiwan makes top-level semiconductors and is unlikely to give up as a leader in the field. Taiwan factories produce some of the world’s top computer chips. But during the past four years, it has pushed companies to depend less on the Chinese market.The two countries have been locked in a political disp...
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7000 PIA employees to be laid off: Pak aviation minister
25Nov mmBy Joe RodriguezNo Comments
Asia, USA, World

7000 PIA employees to be laid off: Pak aviation minister

Pakistan’s Federal aviation minister Ghulam Sarwar Khan on Tuesday announced that as many as 7,000 employees of the Pakistan International Airlines (PIA) will be laid off voluntary Separation Scheme (VSS).As per media reports, Sarwar said while PIA requires only 7000 employees to operate, it employs over 14,000 currently due to the politically influenced recruitments in the past by ruling parties.He further said that out of 14,000 employees currently working, half of the staff will be let go through VSS. “They will be given compensation,” he added.This comes despite the Pakistan Peoples' Party (PPP) criticism of the Imran Khan government last week over its plan to sack thousands of employees of the Pakistan International Airlines (PIA), Steel Mills and Railways and termed the decision ille...
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In Tibet, China preaches the material over the spiritual
25Nov By Desk TeamNo Comments
China, World

In Tibet, China preaches the material over the spiritual

LHASA, China: Dzekyid, a 54-year-old barley farmer, presents himself as a role model for his neighbours and for the success of China's efforts to tie economic development to social control in Tibet. Dzekyid's well-built house in Jangdam village has a hall filled with Buddhist scriptures and Thangka paintings, and a row of prayer wheels for his religious 76-year-old father, Tenzin, to spin twice a day. As a member of China's ruling Communist Party, Dzekyid is an atheist. "This house is possible because of good government policies. My heart is wholly with the party, not even one bit with religion," said Dzekyid, whose family was showcased to a group of reporters on a government-organised tour of Tibet, an area where access to foreign journalists is normally barred. Government official...
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Airlines scramble to prepare for ultra-cold COVID-19 vaccine distribution
25Nov By Desk TeamNo Comments
World

Airlines scramble to prepare for ultra-cold COVID-19 vaccine distribution

Airlines are scrambling to prepare ultra-cold shipping and storage facilities to transport COVID-19 vaccines developed by Pfizer and Moderna, whose doses, which require deep freezing, are likely to be among the first to be distributed. PARIS/FRANKFURT: Airlines are scrambling to prepare ultra-cold shipping and storage facilities to transport COVID-19 vaccines developed by Pfizer and Moderna, whose doses, which require deep freezing, are likely to be among the first to be distributed. A recent survey by an air cargo association and a drug shippers' group found only 15per cent of industry participants felt ready to transport goods near the minus 70 degrees Celsius (-94°F) required by the Pfizer Inc vaccine, while around 60per cent could meet Moderna Inc's less stringent -20°C requirement. ...
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Former Senior Minister of State for Transport Lam Pin Min joins car rental firm Lumens as senior adviser
25Nov By Desk TeamNo Comments
Singapore, World

Former Senior Minister of State for Transport Lam Pin Min joins car rental firm Lumens as senior adviser

SINGAPORE: Former Senior Minister of State for Transport and Member of Parliament Lam Pin Min has joined Lumens, a private car rental company, as a senior adviser. Dr Lam was part of the People’s Action Party team that lost to the Workers' Party in the newly formed Sengkang Group Representation Constituency (GRC) at the Jul 10 General Election. He was previously an MP for Sengkang West Single Member Constituency. On Tuesday (Oct 27), Dr Lam said he was “pleased” to join Lumens in a Facebook post. “I am glad to have met the motivated and professional team this morning to better understand their vision, aspiration and challenges in today’s increasingly complex environment,” Dr Lam said. “And I look forward to working with the team to advance Lumens’ business development and growth ...
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Commentary: No worker is untrainable. Employers have to step up to help
25Nov By Desk TeamNo Comments
Market, Singapore, World

Commentary: No worker is untrainable. Employers have to step up to help

The words 'upskill' and 'retrain' accompany almost every report on jobs. PeopleSearch’s Jaime Lim weighs in on how companies can work with employees who find it a struggle. SINGAPORE: As the COVID-19 pandemic continues to batter the economy, the threat to jobs remains formidable. According to the Ministry of Manpower, retrenchments in the second quarter more than doubled to 8,130 from the first quarter figure of 3,220. Global economic uncertainties are likely to continue weighing down the labour market for the rest of the year. As displaced workers struggle to take their next steps, the Government has been substantially boosting its training support programmes. Recently, Deputy Prime Minister Heng Swee Keat announced a six-month extension of the Enhanced Training Support Package to...
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Philippines braces for another cyclone, after typhoon kills 20
22Nov By Desk TeamNo Comments
Singapore, World

Philippines braces for another cyclone, after typhoon kills 20

MANILA: Philippines' President Rodrigo Duterte on Monday (Nov 2) warned of another potentially damaging cyclone approaching the country, as the death toll from the world's strongest typhoon of the year rose to 20. Typhoon Goni, which battered provinces south of the capital Manila on Sunday with gusts of up to 310kmh, is the 18th to hit the Philippines this year and one of the strongest typhoons since Haiyan killed more than 6,300 people in 2013. The country's disaster agency on Monday said 20 people had been killed in Albay and Catanduane provinces, up from the 16 it had previously reported. Officials said a forcible evacuation of more than 345,000 people had averted more deaths. The remains of a truck submerged in mudflow from Mayon Volcano triggered by heavy rains from Typhoon Gon...
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Wild 2020 is shaping up to be a surprisingly normal year for buy-and-hold investors
22Nov By Desk TeamNo Comments
Market, World

Wild 2020 is shaping up to be a surprisingly normal year for buy-and-hold investors

People pass by the exterior of New York Stock Exchange (NYSE) on November 4, 2020 in New York. Kena Betancur | AFP | Getty Images By now, "2020" has become four-digit shorthand for the unprecedented, unsettling and unbelievable. Yet in the markets, from point to point, this year has been surprisingly normal for a buy-and-close-your-eyes investor. After last week's tension-release rally, the S&P 500 has posted an annualized gain of about 10% for 2020, or 12% or so including dividends, right in line with the historical yearly average. For investors in a traditional balanced portfolio of 60% stocks and 40% bonds, the returns are almost the same – a bit better than the long-term average for this strategy, but not by much. Now, sure, the path has been wild. Since the year began, the S&P 500 we...
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Anti-China protests gain momentum in Argentina
21Nov mmBy Mike TrudellNo Comments
China, Market, USA, World

Anti-China protests gain momentum in Argentina

Between 2005 and 2019, Argentina has received maximum investment from China amounting to US$30.6 billion, which is 39 per cent of the total Chinese investment in South America.At the heart of the new Chinese investments in Argentina, is the proposal to build 25 industrial pig farms in Argentina, which will significantly increase pork exports to China. The project involving investment of US$3.8 billion, is expected to generate annual production of 900,000 tons amounting to US$2.5 million in annual exports.As per media reports, the pig farms will be set up with Chinese investment in partnership with local producers in Argentina, which currently has 10 industrial pig farms exclusively for export to China. In addition, 25 new farms are due to start operation in the next six years, which will e...
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