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SINGAPORE: Lawyer Jeffrey Ong Su Aun, who faces multiple charges over S$33 million that went missing from a client's escrow fund, has been struck off the rolls in a disciplinary hearing sought by The Law Society of Singapore (LawSoc). Drew and Napier lawyers representing LawSoc said a striking off is the only appropriate sanction for Ong, saying his dishonesty and actions fall short of the integrity and trustworthiness expected of a solicitor. The Court of Three Judges, comprising the Chief Justice as well as Justices Judith Prakash and Tay Yong Kwang, agreed and ordered Ong to be struck off on Wednesday (Sep 14). Ong was a solicitor of 15 years and the managing partner of JLC Advisors at the time. The firm was engaged to hold monies on escrow in its client's account. An escrow account ...

LONDON : Oil prices have tumbled by around a quarter in the past three months, largely due to fears of a prolonged slump in global energy demand. But no major forecaster is actually predicting one. Two of the most closely followed predictors of global oil demand, the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) - the West's energy watchdog - see it growing by between 2 per cent and 3 per cent this year and next. That's nearly double the yearly average in the decade before the Covid-19 pandemic struck in 2020, when annual growth in global oil consumption averaged 1.2 million barrels per day (bpd). Despite economic storm clouds from Beijing to Washington, neither forecaster expects the post-pandemic rebound in oil consumption to be sig...

Employees sort and move boxes at the Deutsche Post DHL North Asia Hub in Shanghai, China. Qilai Shen | Corbis News | Getty Images Forecasts for global trade to slow down as supply chains reposition through nearshoring and reshoring of manufacturing operations is not happening, according to a new report by DHL Express and the NYU Stern School of Business. Trade is expected to grow slightly faster in 2022 and 2023 than it did in the previous decade, despite the headwinds of Covid, a global economic slowdown and the war in Ukraine. "Globalization did not lead to regionalization," said DHL Express CEO John Pearson in an interview with CNBC. "We have seen a finessing of some supply chains to the emerging markets. Vietnam is the clear winner." The report noted that cross border trucking problem...

In this article @JY.1 Follow your favorite stocks CREATE FREE ACCOUNT watch now The worst is not over for the Japanese yen — it could plummet even further in the coming months, according to Jesper Koll, director of financial services firm Monex Group. "I think the parabolic overshoot is still on track, so I expect we're going to see 150, 160 at some point over the next couple of months," Koll told CNBC's "Street Signs Asia" on Wednesday. related investing news Fund manager names 2 UK stocks he says look very attractive right now The Japanese yen slumped to a 24-year low on Wednesday, and stood at 144.35 against the U.S. dollar — the weakest it has been since August 1998. The currency has since pulled back slightly and traded around 144 against the greenback earlier on Thursday. Why is t...

Now, professional investors are turning the once privately hoarded assets into publicly investable, diversified offerings for clients. In July, Ben Cleary, portfolio manager at Tribeca Investment Partners, helped raise US$50 million for a fund that holds rare pale-violet Argyle diamonds, with a minimum investment of US$1 million. Institutionalising the asset class is also helping to lower the threshold for access, letting everyday investors in. Luxus, founded by former Blackstone veteran Dana Auslander, is trying to catch this trend by bringing diamond investments to retail investors at a lower price point. Though investors might not be able to afford a rare 11.7-carat yellow diamond, they will be able to own shares of it, and benefit when it is sold on. Luxus plans to IPO the US$1.7 mill...

NEW YORK :Oil prices extended their slide on Wednesday, led lower by worries that the global economy would slow further with renewed restrictions to curb COVID-19 in China. Brent crude futures for October due to expire on Wednesday, settled at $96.49, down $2.82 a barrel, or 2.8 per cent. The more active November contract lost $2.20 to $95.64 a barrel. U.S. West Texas Intermediate (WTI) crude futures ended down $2.09, or 2.3 per cent, at $89.55 a barrel. "The weakness coming out of China has played a significant role" in lowering prices, said Harry Altham, energy analyst for EMEA & Asia at StoneX Group in London. "There are fears of demand destruction across the West as interest rates rise and inflation concerns grip Western economies." The market has been primarily concerned with inade...

HONG KONG : Some of Asia's large China-focused hedge funds are buying more non-China stocks as regulatory scrutiny, policy uncertainties and a slowing mainland economy force them to cut exposure to offshore Chinese assets. Beijing's clampdown on technology companies, a real estate debt crisis, Sino-U.S. audit tensions and disruptions from zero-COVID policies, have hit sentiment, portfolio managers said, adding it was difficult to see how companies would grow. "The past year has been extremely difficult for funds that are based in Hong Kong and focusing on investing in offshore China stocks," said a Hong Kong-based hedge fund portfolio manager, who declined to be identified due to the sensitivity of the subject. "Many have had to cut exposure to China stocks and allocate some positions t...

Let's get you up to speed with the day's stories. The death toll from a fire on Tuesday night at a karaoke bar in southern Vietnam has risen to 32. The blaze engulfed the second floor of the building, trapping customers and staff. The building's staircase and emergency exit were blocked by the dense smoke. The initial cause of the fire was said to be an electrical short circuit, according to a report by authorities in Binh Duong province, north of Ho Chi Minh City. "I saw people up (at the rooftop), many of them were screaming. We thought we would die. Many people jumped," said one survivor, recounting his experience from a hospital bed. Former Malaysian prime minister Najib Razak was not given special treatment while serving his sentence and does not live in a house on the premises, t...

KUALA LUMPUR: Malaysia's central bank lifted its benchmark interest rate for the third straight meeting on Thursday (Sep 8), as it looks to rein in inflation amid robust economic growth. Bank Negara Malaysia raised its overnight policy rate by 25 basis points to 2.50 per cent, as expected by 19 of 20 economists polled by Reuters. It was the first time it had delivered three consecutive hikes since 2010. The economists polled also expect a fourth hike in November. BNM had raised rates at its two previous meetings from a historic low of 1.75 per cent. The central bank said in a statement that indicators pointed to continued growth in the economy, including improved labour market conditions and a recovery in investment activity and tourism following the reopening of borders. BNM's moneta...

In this article AAPL Follow your favorite stocks CREATE FREE ACCOUNT Eva-katalin | E+ | Getty Images Spending money you don't have has become easier than ever before. Buy now, pay later (BNPL) services have been on the rise for years, with companies such as Klarna, Zip, and Afterpay offering zero-interest payment plans for a variety of purchases from partner retailers — everything from mattresses to electronics, sporting goods, clothing, jewelry and more. Their apps are marketplaces full of major retail brands that beckon you with deals and offers, and the clincher: You don't have to pay for the whole purchase now. Apple already offers zero-interest payment plans on its products through Apple Card, but the company is adding a new BNPL option called Apple Pay Later that will be connected ...