World

Resorts World Sentosa lays off staff in cost-cutting move amid COVID-19 pandemic
2Aug By Desk TeamNo Comments
Singapore, World

Resorts World Sentosa lays off staff in cost-cutting move amid COVID-19 pandemic

SINGAPORE: Resorts World Sentosa (RWS), one of Singapore's biggest private-sector employers, said on Wednesday (Jul 15) it was laying off staff as part of cost-cutting measures in the wake of the coronavirus pandemic. The resort, which is owned by Genting Singapore, declined to say how many staff members were affected when contacted by CNA. As of the end of last year, it had more than 7,000 full-time employees. RWS said in a statement it had already "reviewed all costs", eliminated non-essential spending and cut the salaries of management by up to 30 per cent, but had to make the "difficult decision" to retrench employees. "The global COVID-19 pandemic has brought about challenging economic times globally, generating a devastating impact on the tourism industry," RWS said. "In this...
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OCBC rolls out SingPass login access for its digital banking services
1Aug By Desk TeamNo Comments
Singapore, World

OCBC rolls out SingPass login access for its digital banking services

SINGAPORE: OCBC customers can now use their SingPass to log in to their accounts with the bank, the lender said on Thursday (Jul 16). This comes after OCBC rolled out the use of SingPass Mobile app on Jul 4 as an alternative login to access its digital bank services. The bank said that it is the first lender in Singapore to enable the use of SingPass for digital banking services. It can be used to log in to OCBC's Mobile Banking app or Internet banking. In a media release, the bank said the use of SingPass to log in to OCBC's digital banking platforms eliminates the need for customers to remember multiple access codes and PINs. This will "especially benefit" customers who do not use fingerprint or facial biometrics, it said. OCBC said it has 1.8 million digital customers. HOW IT W...
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This is not like the 90s tech mania because these companies have dependable profits, says SunTrust
1Aug By Desk TeamNo Comments
World

This is not like the 90s tech mania because these companies have dependable profits, says SunTrust

Traders work at the New York Stock Exchange in New York, the United States, March 16, 2020. (This story is for CNBC PRO subscribers only.) A handful of tech names have led the market's rebound since the coronavirus-induced sell-off in March, and as these companies become an ever larger share of the overall market, some investors have started to sound the alarm over potential risks. "Concerns of another technology bubble are rising," said Keith Lerner, chief market strategist at SunTrust, in a recent note to clients. "There is also growing concentration risk, with the top five stocks now accounting for 22% of the S&P 500 Index."
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Frenchman facing death in Indonesia for molesting hundreds of kids
1Aug By Desk TeamNo Comments
USA, World

Frenchman facing death in Indonesia for molesting hundreds of kids

JAKARTA: A French retiree could face the death penalty in Indonesia on charges that he molested over 300 children and beat those who refused to have sex with him, authorities said on Thursday (Jul 9). Police said they nabbed Francois Camille Abello, 65, last month at a hotel in Indonesia's capital Jakarta, where they found two underaged girls in his room. Abello could face life in prison or even execution by firing squad if he is convicted on a raft of charges under Indonesia's child protection laws, including accusations that he filmed the illicit encounters. Police said they had found videos on Abello's laptop computer that showed him engaging in illegal sex acts with hundreds of children aged between 10 and 17. The pensioner had entered the Southeast Asian nation on a tourist vi...
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Companies across the globe prodded to rely less on China — but few respond
1Aug By Desk TeamNo Comments
World

Companies across the globe prodded to rely less on China — but few respond

The United States, Japan and France are prodding their companies to rely less on China to make the world’s smartphones, drugs and other products. But even after the coronavirus derailed trade, few want to leave China’s skilled workforce and efficient suppliers of raw materials to move to other countries. Disruptions from the pandemic, on top of the U.S.-Chinese tariff war, fueled warnings that relying too much on China leaves global companies vulnerable to costly breakdowns in the event of disasters or political conflict. Drugmakers stand out as one industry that is trying to reduce reliance on Chinese suppliers by setting up sources of raw materials in the United States and Europe. But consumer electronics, medical devices and other industries are sticking with China. “I don’t know of ...
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Amid virus crisis, US bars imports of Malaysia’s Top Glove over labor issues
1Aug By Desk TeamNo Comments
World

Amid virus crisis, US bars imports of Malaysia’s Top Glove over labor issues

U.S. Customs placed a detention order on imports of products made by subsidiaries of the world's largest medical glove maker, Malaysia's Top Glove Corp Bhd on Wednesday, an action taken against firms suspected of using forced labor. KUALA LUMPUR: U.S. Customs placed a detention order on imports of products made by subsidiaries of the world's largest medical glove maker, Malaysia's Top Glove Corp Bhd on Wednesday, an action taken against firms suspected of using forced labor. The bar on Top Glove products comes at a time when demand for the medical gloves and protective gear has skyrocketed due to the coronavirus pandemic, which has hit the United States harder than any other country. The U.S. Customs and Border Protection (CBP) website showed Top Glove Sdn Bhd and TG Medical Sdn Bhd...
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Daimler’s second-quarter earnings hit by coronavirus, restructuring costs
1Aug By Desk TeamNo Comments
World

Daimler’s second-quarter earnings hit by coronavirus, restructuring costs

Daimler said on Thursday it will stop building Mercedes-Benz sedans in the United States and Mexico as part of cost-cutting measures to streamline production, after saying it will post a smaller-than-expected operating loss in the second quarter. The company said it will post an operating loss of 1.68 billion euros ($1.91 billion) in the second quarter, pre-releasing earnings ahead of July 23. "Daimler pre-released better than consensus second-quarter numbers," Jefferies analyst Philippe Houchois said in a note late on Thursday. A slump in demand forced by dealership closures and lockdowns due to the coronavirus crisis pushed Daimler to report an adjusted second-quarter loss before interest and taxes (EBIT) of 708 million euros during the same period. At its Mercedes-Benz Cars & Vans u...
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UK economy to slump over 10%, debts to surge: Moody’s
31Jul By Desk TeamNo Comments
World

UK economy to slump over 10%, debts to surge: Moody’s

LONDON: Britain will suffer the sharpest peak-to-trough economic slump of any major economy this year, rating agency Moody's warned on Friday (Jul 10), while its debts as a share of GDP will surge by 24 percentage points. Moody's said the UK government's latest stimulus package, announced this week, would aid a gradual economic recovery but add further pressure to the UK's fiscal position. "The UK’s public debt ratio will likely rise by 24 percentage points of GDP or more relative to 2019 levels," a group of Moody's top analysts wrote in a note. "We forecast a contraction of 10.1 per cent in the UK's GDP for this year, but expect a gradual subsequent recovery on the back of the easing in lockdown measures, with growth rebounding to 7.1 per cent next year". Moody's rates Britain Aa2...
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MAS revokes capital markets services licence of financial institution Apical Asset Management
31Jul By Desk TeamNo Comments
Market, Singapore, World

MAS revokes capital markets services licence of financial institution Apical Asset Management

SINGAPORE: The Monetary Authority of Singapore (MAS) has revoked the capital markets services licence of Apical Asset Management (AAMPL) on Tuesday (Jul 28). The revocation of the company's license is due to "serious breaches of MAS' anti-money laundering/countering financing of terrorism (AML/CFT) requirements", according to the authority's media release. For a company to conduct financial activities under the Securities and Futures Act, it has to hold a capital markets services (CMS) licence. 'SEVERE DEFICIENCIES' The MAS said it uncovered "severe deficiencies" in the company’s AML/CFT controls from 2013 to 2018. The financial institution did not have the relevant basic policies and procedures in place which exposed it to the "risk of receiving and/or laundering the proceeds of...
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JB-Singapore RTS Link project signing ceremony to be held on Jul 30, says Malaysian transport minister
31Jul By Desk TeamNo Comments
Singapore, World

JB-Singapore RTS Link project signing ceremony to be held on Jul 30, says Malaysian transport minister

SINGAPORE: Malaysian Transport Minister Wee Ka Siong has confirmed that a signing ceremony will be held on Jul 30 to finalise the agreements between Singapore and Malaysia to proceed with the Rapid Transit System (RTS) Link project. In a parliamentary oral reply on Tuesday (Jul 21), Dr Wee said that the prime ministers for both countries will witness the ceremony, which will be held at the Johor-Singapore Causeway. He said that both countries have completed negotiations for the Johor Bahru-Singapore RTS Link project and are prepared to sign three agreements during the ceremony - a bilateral agreement, a concession agreement and an agreement to form a joint venture company to operate the rail line. He was responding to a question by Johor Bahru Member of Parliament Akmal Nasrullah ...
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