Tag: coronavirus

First national standard on e-commerce transactions launched in Singapore
13Jun By Mike TrudellNo Comments
Singapore

First national standard on e-commerce transactions launched in Singapore

As coronavirus prompts everyone to go online, Singapore launched its first standard on e-commerce transactions formulated to help businesses improve their online retail processes and policies.It covers e-commerce transactions from pre- to post-purchase activities and will serve as a practical reference for e-retailers and online intermediaries such as e-marketplaces.“The launch of the new standard - Technical Reference 76 (TR 76) - will help build trust and transparency in online transactions”, Enterprise Singapore (ESG) and the Singapore Standards Council said on Friday.Amid the coronavirus outbreak, e-commerce transactions have shot up with online retail sales generating an estimated 17.8% of total retail turnover in April, up from 5.5% in January.In comparison, online sales accounted fo...
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IMF may further cut global growth outlook in June as Covid-19 crisis drags on, says chief economist
13Jun By Michael SmithNo Comments
Asia

IMF may further cut global growth outlook in June as Covid-19 crisis drags on, says chief economist

The International Monetary Fund (IMF) on Friday said that it may again downgrade its already pessimistic outlook for the global economy in June given the possibility of a further decline in consumption, more job losses and the risk of a fresh wave of bankruptcies.The IMF in April predicted a 3% contraction of the world economy this year. It also warned at the time of the possibility of a deeper crisis which could result in a 6% decline in 2020 and 0% growth in 2021."We are putting out new numbers on June 24 and they will likely be worse than what we had in April," said IMF chief economist Gita Gopinath in a virtual address to the Seventh Asian Monetary Policy Forum on Friday.Gopinath noted that there is still profound uncertainty about how long the Covid-19 pandemic will persist and what w...
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COVID impact: Economy to contract even more than estimated earlier, says World Bank
10Jun By Michael SmithNo Comments
Asia

COVID impact: Economy to contract even more than estimated earlier, says World Bank

Due to COVID-19 outbreak, Pakistan’s economy would actually perform even worse than what previous estimates had warned about, The World Bank forecast said on Monday.In its latest report, ‘Global Economic Prospects’, the World Bank assessed that the country’s economy was likely to go into the red this fiscal year and would be unable to recover even next year.It forecast a negative GDP growth of -2.6pc for the current fiscal year (2019-20) and -0.2pc during the next (20-21).“Pakistan (-2.6pc in FY2019/20) and Afghanistan (-5.5pc in 2020) are both projected to experience contractions as mitigation measures are anticipated to weigh heavily on private consumption. Key labor-intensive export sectors are expected to contract sharply and recover only slowly”, the Bank said in its report.This would...
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Chinese cosmetic brands see rally despite global beauty downturn
8Jun By Mike TrudellNo Comments
Asia

Chinese cosmetic brands see rally despite global beauty downturn

With consumers staying at home for months and social gatherings banned across the world, the global cosmetics industry has been dealt a major blow by the coronavirus pandemic.Yet low-cost, online-savvy local beauty brands in China have seen their shares rally as investors spy an opportunity for the home-grown outfits to take market share amid the crisis.Hangzhou-based Proya Cosmetics Co has soared 88% this year, reaching a record high in May and is now trading at 68 times forward earnings, the highest among listed beauty companies worldwide and surpassing giants like Shiseido Co and Estee Lauder Cos.Another local make-up brand, Guangdong Marubi Biotechnology Co has surged 42% this year against a 3.9% decline in the Shanghai Composite Index and is now trading at 58.7 times forward earnings....
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Singapore start-ups can now apply to Fortitude Budget’s $285 million fund
7Jun By Mike TrudellNo Comments
Singapore

Singapore start-ups can now apply to Fortitude Budget’s $285 million fund

Promising start-ups in Singapore can now apply for special funding earmarked for them in the Fortitude Budget, to help them sustain innovation, gain access to credit, and bridge the financing gap they face amid the Covid-19 pandemic.The Special Situation Fund for Start-ups (SSFS) will be administered by EDBI, the corporate investment arm of Economic Development Board, and Seeds Capital, the investment arm of Enterprise Singapore, said both organizations in a joint statement on Friday.Under the scheme, EDBI and Seeds Capital will invest in selected start-ups with private sector co-investors in a one-to-one ratio.The SSFS will support early to late-stage innovative start-ups, though EDBI will focus on late-stage start-ups with larger funding needs and a wider employment base, while Seeds Cap...
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Europe should give up overdependence on China, consider India as alternative: Experts
5Jun By Mike TrudellNo Comments
Singapore

Europe should give up overdependence on China, consider India as alternative: Experts

Members of the European Parliament (MEPs) and experts on Thursday said that the European Union that has been hit hard economically due to Wuhan-originated coronavirus and that India being a diplomatic nation provides a conducive atmosphere for the European investors.  “The countries were relying too much on China and they needed to look for other markets,” Thierry Mariani, a Member of the European Parliament and Former Minister of State for Transport of France said at a webinar.The event was organized by the Economic Development Foundation, Istanbul (IKV), a non-governmental research organization specialized on the EU and Turkey-EU relations.Mariani further said: "For me, this new Silk Road is just one opportunity but it cannot be said that it is the only opportunity. If we want to have pe...
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COVID-19 outbreak: Leaked document contradicts China’s official stand on Wuhan wet market
5Jun By Joe RodriguezNo Comments
China

COVID-19 outbreak: Leaked document contradicts China’s official stand on Wuhan wet market

A recent investigative report on Wednesday claimed that novel coronavirus did not originate from China’s Wuhan market, saying that the earliest documented patient was not connected to the market.As per the report, scientists still haven’t determined the virus’s origin. U.S. officials, citing intelligence, said the virus was likely naturally occurring, but may have leaked from a virology research lab in Wuhan.According to latest estimates by Johns Hopkins University, more than 6.5 million cases of Covid-19 have been reported worldwide, including at least 388,000 deaths. In US alone, more than 1.8 million coronavirus cases have been recorded, including at least 108,000 deaths.Chinese authorities have repeatedly refused offers of assistance from the United States and other countries in resear...
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Eligible Singaporeans to receive care and support package cash payments from June 18: MOF
4Jun By Mike TrudellNo Comments
Singapore

Eligible Singaporeans to receive care and support package cash payments from June 18: MOF

Singapore’s Ministry of Finance on Thursday announced that “eligible” Singaporeans will receive cash from June 18 as part of the the Care and Support Package.“Those eligible will receive cash payments of S$300 or S$600 via PayNow on June 18”, the Ministry said.Citizens who do not have PayNow linked to their NRIC by June 11 but have previously provided their bank account details for receiving Government payouts will receive the cash on June 25 via direct bank crediting, with the rest receiving the payments via cheque between Jun 30 and Jul 9.In addition, parents with at least one Singaporean child aged 20 and below in 2020 will each receive an extra S$300.Singaporeans aged 50 and above in 2020 will each receive an extra S$100 cash, in place of the earlier announced PAssion Card top-up."As p...
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China approves $20 billion petrochemical complex in Shandong oil hub
3Jun By Joe RodriguezNo Comments
China

China approves $20 billion petrochemical complex in Shandong oil hub

China has given initial approval for a $20 billion refinery and petrochemical project to be built in eastern Shandong province as part of efforts to dial up infrastructure spending to support an economy struggling with the impact of the coronavirus pandemic.The 400,000 barrel-per-day (bpd) refinery and 3 million tonne-per-year ethylene plant in Yantai, Shandong, the country’s hub for independent oil refineries, was proposed years ago but approval has been slowing in coming because of China’s struggle with excess refining capacity.China’s state planner, the National Development & Reform Commission (NDRC), gave initial approval on Monday for the project, allowing Shandong province to start planning for construction, said the sources with knowledge of the approval.The investment in the pr...
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2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey
1Jun By Joe RodriguezNo Comments
China, Singapore

2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey

Only a third of Singaporeans and permanent residents have enough funds to last them more than six months if they were to lose their jobs now, according to an OCBC survey released on Monday.An Oversea-Chinese Banking Corporation (OCBC) survey conducted in Mid-May found that about 18 per cent have enough savings to cover one month of expenses.The bank surveyed 1,000 working adults aged between 21 and 65, earning from $2,000 a month. Around half had already suffered wage cuts, were prescribed no-pay leave or had their commission earnings reduced.“The survey aimed to understand the impact of the coronavirus crisis on residents' financial well-being”, OCBC said.More than half the respondents said their savings had taken a hit. Around 20 per cent indicated their savings fell by more than 20 per ...
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