BENGALURU (REUTERS) - US economic growth will lose momentum this quarter and next but expand faster than previously thought after that, according to a Reuters poll of economists, a firm majority of whom now expect the economy to reach pre-Covid-19 levels within a year. While the near-term economic outlook has dimmed again as the US remains the country worst-hit by the pandemic and on uncertainty about a fresh fiscal package, Wall Street stocks have reached record highs on positive vaccine news. The growth outlook for the current and next quarters was lowered in the Nov 30-Dec 8 poll. A few respondents predicted a double-dip, expecting the economy to contract again next quarter. "We expect the rising threat of Covid-19 to dampen growth through the first months of 2021, followed by further fiscal support from the prospective new administration in reaction to the rise in hospitalizations," noted Ellen Zentner, chief US economist at Morgan Stanley. "Downside risks are dominated by Covid-19, and particularly if broader-than-expected shutdowns over the winter and a delayed vaccine come in the absence of further fiscal stimulus. In this scenario, a more drawn-out recovery would lead to longer stints of unemployment and greater permanent job loss." But in response to an additional question, nearly two-thirds of economists, or 43 of 69, said US GDP would reach pre-Covid-19 levels within a year. Twenty-one said within two years and five said two or more years. That is a turnaround from the August poll findings, where none of the economists said "less than a year", with nearly 60 per cent predicting the economy would take two or more years to reach pre-pandemic levels. The wider poll showed GDP for Q3 is expected to remain unrevised at a record 33.1 per cent when the final data is issued later this month, after contracting at an annualized 31.4 per cent pace in Q2, its sharpest decline in at least 73 years. It was expected to grow 4.0 per cent this quarter, compared to 3.7 per cent predicted previously. For the first quarter the consensus was lowered to 2.5 per cent growth from 3.0 per cent last month, with nearly 11 per cent of respondents predicting the economy would contract in Q1. It was expected to expand 3.8 per cent, 3.9 per cent and 3.4 per cent in the following quarters of 2021, compared to 3.5 per cent, 3.5 per cent and 3.2 per cent predicted, respectively, last month. The world's largest economy was forecast to contract 3.6 per cent this year then grow 3.9 per cent next year and 3.1 per cent in 2022. Three-quarters of economists, or 44 of 58, who responded to a separate question said the outlook for the strength of the US economic recovery had either stayed about the same or improved from last month. "Near term (1-3 months) has worsened on the back of rising Covid-19 cases, which could lead to more containment measures being introduced at the expense of economic activity," said James Knightley, chief international economist at ING. "However, political risks have subsided and vaccine roll-out news offer clear positives on the medium (3-6 months) term outlook." More on this topic   Related Story US labour market losing steam as Covid-19 pandemic rages   Related Story US economic suffering may rise without stimulus: Fed minutes Still, only 21 per cent of 43 economists in response to a separate question expected the Federal Reserve to announce more stimulus at its December meeting. Thirteen economists said the Fed would change its policy next in 2021, six said in 2022 and 15 said 2023. "If economic data deteriorate and there is no fiscal policy response in sight we may see the Federal Open Market Committee (FOMC) use its asset purchase program to provide additional monetary stimulus," said Philip Marey, senior US strategist at Rabobank. "The FOMC could decide to indicate a longer horizon for asset purchases through forward guidance. However, if the Committee thinks the situation is more urgent, it could step up the pace of asset purchases or shift the composition to longer maturities." More on this topic   Related Story US job growth stronger than expected in October; unemployment rate falls to 6.9%   Related Story Biden names top economic adviser Brian Deese to fight climate change, jobs crisis   Related Stories:  Related Story Royal Caribbean passenger to take another Covid-19 PCR test on Thursday after retests were negative Related Story S'porean doctor in UK among first to get Covid-19 vaccine Related Story British grandma, 90, is first in world to get Pfizer Covid-19 vaccine outside trial Related Story HK to ban dining in restaurants from 6pm, Carrie Lam warns of harsher Covid-19 measures Related Story A year on, markets bustling in Wuhan, where Covid-19 was first reported Related Story India buys the largest number of Covid-19 vaccine doses in the world Related Story Phase 3 unlikely by end of year unless more use TraceTogether, experts say Related Story S'pore continuing to seek new travel bubble partners despite HK setback: Ong Ye Kung Related Story Choosing Singapore's Covid-19 vaccines

NEW YORK (BLOOMBERG) - Airbnb, within hours of DoorDash nearly doubling in its trading debut, priced its initial public offering (IPO) above a marketed range to raise about US$3.5 billion (S$4.68 billion), according to people familiar with the matter. The home-rental company's IPO - anticipated for years by eager investors - tops DoorDash's US$3.37 billion offering as a flurry of consumer-facing web-based companies going public this month continues. Airbnb's listing adds to what was already a record year for IPOs, with more than US$163 billion raised on US exchanges, according to data compiled by Bloomberg. Airbnb and its investors are selling about 52 million shares on Wednesday for US$68 each after marketing them for US$56 to US$60 each, said the people, who asked not to be identified because the information wasn't public yet. At that price, Airbnb has a fully diluted value of about US$47 billion (S$62.8 billion), which includes employee stock options and restricted stock units. A representative for Airbnb declined to comment. Other companies lined up for IPOs this month include video-game company Roblox Corp, installment loans provider Affirm Holdings and ContextLogic, the parent of online discount retailer Wish Inc. San Francisco-based Airbnb had seen a bounce back in domestic bookings since the early days of the pandemic crushed demand. Morgan Stanley and Goldman Sachs Group are leading the IPO. Shares of Airbnb are expected to begin trading on Thursday on the Nasdaq Global Select Market under the symbol ABNB. More on this topic   Related Story US food delivery giant DoorDash raises $4.5 billion in above-range IPO   Related Story US stocks end lower amid stimulus uncertainty

NEW YORK (BLOOMBERG) - More than US$722 billion (S$962.8 billion) worth of Chinese stocks will be unlocked for sale next year, testing a market where valuations are at a five-year high. That would be the largest amount since at least 2011, according to China Merchants Securities. It's also equivalent to about 7 per cent of the value of the entire Chinese equity market, data compiled by Bloomberg shows. From initial public offerings (IPOs) to additional placements, China's cash-hungry companies have been encouraged by Beijing to raise funds by selling new shares. There has also been a rush of additional sales by firms looking to avoid the turmoil in the nation's debt market. As a result, the number of restricted shares held by major shareholders, senior executives and early investors is swelling, driven by Beijing's market reforms and looser regulations. "More companies are going to issue shares to raise funds, especially after the rising default problems in the credit market," said Capital Securities analyst Amy Lin. "That means more restricted shares being unlocked in the future, which will be an issue affecting the market for a long time." In China, restricted stocks usually have a lockup period of anything between six months and three years after the date of listing. And when unleashed for company insiders to sell, the rest of the market can feel the impact. A gauge tracking the Star market fell 8.2 per cent in the three trading days after its one-year anniversary in July, when company insiders took their first chance to sell. That dragged the country's benchmark CSI 300 Index down by 4 per cent during the same period. On Wednesday morning, three companies saw their stocks fall after announcing equity sale plans by holders. Next year will see a concentration of unlocks in the second and third quarters, according to a recent Industrial Securities research note. Companies in electronics, medicine and biotechnology, and brokerage industries face the highest value of unlocks next year, according to China International Capital Corp (CICC), which said in a note that it expects a large amount of shares freed up on the main board in June and on the Star board in July. Chinese companies have raised 438 billion yuan (S$89.63 billion) from A-share IPOs this year, the highest level since 2010, according to Bloomberg-compiled data. This year the volume of private share placements hit the highest level since 2017. The five companies facing the largest amount of unlocks next year are Contemporary Amperex Technology, Shenzhen Mindray Bio-Medical Electronics, Foxconn Industrial Internet, CSC Financial and People's Insurance Co Group of China, with at least 198 billion yuan of shares to be unlocked each, CICC says. To be sure, while the market faces growing pressure from unlocks and insider selling, analysts believe a positive outlook for China's stock market next year could partly offset the impact, especially as the economy continues its recovery from the virus pandemic. Analysts at China Merchants Securities expect more than one trillion yuan of funds to flow into A shares via mutual funds and overseas investors. But the release of more previously restricted shares will still pressure the market, said Li Shuwei, chairman at Beijing WanDeFu Investment Management. "I would be wary of investing in stocks with high valuations and high proportions of shares waiting to be unlocked," he said.

TOKYO (REUTERS) - Asian shares rose to a record high and US stock futures gained on Wednesday (Dec 9) as investors tracked positive news on Covid-19 vaccines and ongoing efforts to launch more fiscal stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.51 per cent. At one point the index reached 646.10, an all-time peak. MSCI's gauge of stocks across the globe also hit a record high. Australian shares gained 0.7 per cent. Japan's Nikkei rose 1 per cent to approach a 29 ½-year high. Sentiment got an added boost after Japanese data pointed to a rebound in capital expenditure. Shares in China rose 0.2 per cent. South Korean stocks also jumped by 1.3 per cent to trade near a record high. Singapore's Stratis Times Index was up 0.5 per cent at 10.35am local time. US S&P 500 e-mini stock futures rose 0.1 per cent in Asian trade after shares on Wall Street notched new record highs on Tuesday, boosted by positive vaccine news and seeming progress on US stimulus talks. The British pound was little changed before make-or-break talks on a trade deal between Britain and the European Union. "While hopes are still alive that a fresh stimulus package for the United States will be agreed on soon, it is looking less likely a Brexit deal will be made with negotiators from both sides acknowledging a deal may not be achieved," analysts at ANZ Bank wrote in a research memo. "The next 24 hours will be critical and is likely to cause market volatility depending on what is or isn't agreed." The Dow Jones Industrial Average rose 0.35 per cent on Tuesday, the S&P 500 gained 0.28 per cent and the Nasdaq Composite added 0.5 per cent. US policymakers continued to negotiate over additional stimulus to help offset the economic impact of the pandemic while pursuing a stopgap government funding bill. Leaders in both parties remain adamant a deal must be struck but are still working through sticking points, including aid to state and local governments and business liability protections. The steady march of positive news on COVID-19 vaccines helped lift investor spirits. Britain on Tuesday became the first Western nation to begin a wide vaccination campaign, and Johnson & Johnson reported it could obtain late-stage trial results for a single-dose vaccine in January, earlier than expected. Meanwhile, Pfizer Inc cleared another hurdle when the US health regulator released documents flagging no new safety or efficacy concerns. But the looming prospect of a "no deal" Brexit weighed on sentiment for sterling, which last traded at US$1.3369 and at 90.61 pence per euro. British Prime Minister Boris Johnson will meet Ursula von der Leyen, president of the EU's executive European Commission, for dinner in Brussels on Wednesday to try and close gaps their negotiators have struggled with for months. Against a basket of currencies the dollar sat at 90.923, which is about half a percent above a two-and-a-half-year low it hit on Friday as short sellers piled in. Benchmark US 10-year Treasury yields edged up to 0.9344 per cent in Asia on Wednesday. Some dealers say expectations for more fiscal spending could push yields up more in the future. Brent crude futures fell 0.18 per cent to US$48.75 a barrel, while US West Texas Intermediate futures fell 0.22 per cent to US$45.50 following a rise in US crude inventories. Spot gold fell from a two-week high to US$1,868.21 per ounce as the start of vaccine treatment reduced safe harbour demand for the precious metal.

SINGAPORE - Small- and medium-sized enterprises (SMEs) in Singapore can tap Government talent upskilling schemes to accelerate their innovation journeys, and leverage partnerships with public agencies and other companies to co-develop technologies for their business needs. Speaking at SME Day on Wednesday (Dec 9), Second Minister for Trade and Industry Dr Tan See Leng urged local enterprises to embrace science and technology as a key competitive advantage in the global economy which has changed fundamentally amid the coronavirus pandemic. "To sail forward amidst the winds of change, SMEs must adapt, pivot and transform to thrive in the new environment," he said at the event which brings together technology and solution providers from the public and private sectors. SME Day, organised by the Agency of Science, Technology and Research (A*Star) with support from Enterprise Singapore, is held in conjunction with the Singapore Week of Innovation and Technology, a five-day hybrid event which ends on Friday. In his speech, Dr Tan reaffirmed the Government's commitment to invest in upskilling Singapore's workforce and building a critical mass of research and development (R&D) talent to meet industries' demands. He also described initiatives businesses can tap, such as the Technology for Enterprise Capability Upgrading (T-Up) programme to access R&D talent. Under the programme, A*Star seconds research scientists and engineers to local companies to help them build in-house R&D capabilities and enhance their competitiveness. More than 900 scientists and engineers have been seconded to work with more than 800 local firms since the scheme started in 2003. On Wednesday, A*Star announced that three researchers were conferred the T-Up Excellence Awards for their exceptional contributions to local companies this year, while another three were given the T-Up Emerging Talent Awards for their great potential to meet industry needs and help local enterprises grow. Among the winners of the emerging talent award was Mr Tnay Guan Leong, senior research engineer at A*Star's Singapore Institute of Manufacturing Technology. During the six months he was seconded to aerospace engineering firm Fidel Engineering and Trading, Mr Tnay helped the firm build up new machining capabilities to accelerate production of complex marine aerospace components. He also trained the firm's staff on machining theories and 3D computer-aided design and manufacturing software. This helped to increase manpower productivity, he said. More on this topic   Related Story 'Queen bee' industry leaders to lend expertise to give SMEs a leg up in upskilling workers   Related Story Large firms step up to help SMEs with relief and training A*Star and the Singapore Institute of Technology (SIT) also inked a memorandum of understanding on Wednesday to establish tripartite relationships with local enterprises to develop an innovation and enterprise talent pipeline for the industry and enhance transfer of technological know-how. The partnership will see A*Star researchers on secondment to companies provide technical expertise and mentorship to SIT interns during their work-study programme. The programme was piloted with local fintech firm STYL Solutions in May 2020. Professor Tan Sze Wee, A*Star assistant chief executive of enterprise, said that the agency is committed to helping local SMEs increase their innovation capacity and global competitiveness through several initiatives, such as its operation and technology roadmapping programme. "In this current climate of economic disruption, such collaborations are even more crucial to help companies identify technology and skill gaps, as well as enable them to pivot to new markets or explore innovation of new products and services," he said. More on this topic   Related Story New programme launched to help SME leaders in Singapore drive transformation, growth efforts   Related Story 9 in 10 Singapore workers see urgent need to reskill, upskill in uncertain job market: Survey

SINGAPORE (THE BUSINESS TIMES) - Singapore's Building and Construction Authority (BCA) has certified Keppel Bay Tower as a Green Mark Platinum (Zero Energy) building. It is the first commercial property in the country to receive this accolade, said BCA and Keppel Land in a joint statement on Wednesday. A Green Mark Platinum (Zero Energy) building must achieve a low energy use index (EUI) of less than 115 kilowatt hours per square metre per year. All its energy consumption, including plug load, should also be supplied from renewable sources, both on-site and off-site. Situated along Harbourfront Avenue, Keppel Bay Tower is owned and operated by Keppel Land, the property arm of Keppel Corp. In 2018, BCA awarded Keppel Land a grant under the Green Buildings Innovation Cluster programme to implement new and emerging energy-efficient technologies at the tower. Technologies piloted included a high-efficiency air distribution system, an innovative cooling tower water management system, integrated sensor technology to optimise fresh air intake, smart LED lighting and an intelligent building-control system. By February 2020, the building's EUI or annualised energy consumption was reduced by 22.3 per cent. Some of the technologies are being replicated to the rest of Keppel Bay Tower following the pilot. Solar photovoltaic (PV) panels spanning more than 400 square metres will also be installed on the roof of the 18-storey building and its six-storey podium block. This installation will generate an energy yield of about 100,000 kilowatt hours per year. After these initiatives are completed, Keppel Bay Tower's annualised energy consumption will be down by over 30 per cent from its 2017 Green Mark Platinum level, and almost half of levels at typical office buildings in Singapore. The remaining energy use will be offset through the purchase of renewable energy certificates through Keppel Electric, generated from PV panels at Keppel Offshore & Marine's yards in Singapore. BCA chief executive officer (CEO) Kelvin Wong noted that the certification marks a milestone in Singapore's green-building journey and demonstrates how research and innovation can make zero-energy, high-rise commercial buildings a reality. "I believe this is just the first of many more to come, and I look forward to upcoming contributions from across the built-environment value chain to realise our collective goal of a greener and more sustainable Singapore," said Mr Wong. Keppel Land CEO Tan Swee Yiow said the company has been leveraging technological innovations to enhance the environmental performance of its buildings. More on this topic   Related Story Keppel Bay Tower to be Singapore's first commercial building fully powered by renewable energy   Related Story Keppel group's green efforts saved it $60m last year "We hope that this will pave the way for more zero-energy commercial buildings in the years to come," Mr Tan added. Shares of Keppel Corp rose S$0.01 or 0.2 per cent to close at S$5.24 on Tuesday. More on this topic   Related Story KepLand achieves carbon emission intensity target early

KUALA LUMPUR (BLOOMBERG) - University of Nottingham Malaysia Sdn's owners are weighing a sale that could value the education provider at about RM500 million ($164.3 million), according to people with knowledge of the matter. Boustead Holdings, a Malaysian conglomerate with interests in finance, plantations and properties, is working with an adviser on the planned sale of its majority stake in the offshore campus of the British university, the people said. YTL Corp, which also holds a stake in the learning institution, may tag along in the exit, said the people, who asked not to be identified as the process is private. Boustead owns about 66 per cent of the University of Nottingham Malaysia, while YTL and the University of Nottingham hold approximately 4 per cent and 30 per cent respectively, according to the people. The partnership between the three parties was formally announced in 1998 following an invitation from Malaysia's education ministry to establish an overseas campus, according to its website. The Malaysian institution, among the first branch campuses of British universities established outside of the UK, welcomed its first students in September 2000. Nottingham University of Malaysia has an 125-acre campus in Semenyih, which is about 30 kilometres from Kuala Lumpur, as well as a teaching site in the country's capital. The education centre, which offers foundation level courses through doctoral degrees, has around 5,000 students from more than 85 different countries. Deliberations are still early and there is no certainty that Boustead and YTL will proceed with the deal, the people said. YTL executive chairman Francis Yeoh declined to comment, while representatives for Boustead and University of Nottingham Malaysia didn't immediately respond to requests for comment. Dealmaking in the education sector in South-east Asia has gained momentum in recent years as investors bet that rising incomes in the region will translate to higher spending on schooling. China Maple Leaf Educational Systems acquired Singapore's Canadian International School for $680 million this year, while International Schools Partnership in 2019 bought Tenby Education Group, which owns seven schools in Malaysia. In 2017, buyout firm EQT Partners invested in English teaching school ILA Vietnam. More on this topic   Related Story Coronavirus: Foreign students waiting to enter Malaysia   Related Story Malaysian students skip school over Covid-19 fears

SYDNEY (REUTERS) - Australia's competition regulator on Tuesday (Dec 8) said Citigroup, Australia and New Zealand Banking Group (ANZ), Deutsche Bank and senior executives have been committed to Australian Federal Court for trial on criminal cartel charges, in the country's biggest white collar criminal case. The regulator has accused the investment banks of colluding over a A$2.5 billion (S$2.48 billion) 2015 share issue to withhold unsold shares and keep the stock price from falling. Their client, ANZ, is also defending the case.

FRANKFURT (REUTERS) - Deutsche Bank on Monday (Dec 7) said it planned to join a small number of financial institutions that link management pay to environmental, social and governance-related (ESG) criteria. Germany's largest bank said that from 2021 management compensation would be tied to reaching targets on sustainable finance investments, on the sustainability ratings it receives from five leading ESG ratings agencies and on succeeding in reducing the bank's own energy consumption. Banks such as HSBC, BNP Paribas and UniCredit also have varying models in place that link pay to ESG, as more investors look to invest in companies that perform better on ESG metrics. It also comes as policymakers globally increasingly look to banks to help to promote a transition to a low-carbon economy and meet the goals of the Paris climate agreement. "It is our ambition to be a leader on sustainability in the financial sector, and contribute to an environmentally sound, socially inclusive and well-governed world," Deutsche Bank chief executive Christian Sewing said. The bank did not disclose how much of management pay is related to ESG. Banks such as BNP Paribas have tied around 20 per cent of variable pay to meeting ESG criteria. Deutsche Bank has said that it plans investments in sustainable financing worth more than 200 billion euros (S$323.63 billion) by 2025, with more than 20 billion euros this year, and to be carbon-neutral itself by 2025.

HONG KONG (REUTERS) - JD Health International shares rose as much as 46.5 per cent above the issue price in their Hong Kong trading debut on Tuesday (Dec 8), following an initial public offering (IPO) that was the city's largest of 2020. JD Health is a subsidiary of e-commerce giant JD.com specialising in online medical consultation and pharmaceutical sales. It was valued at US$29 billion (S$38.8 billion) ahead of the debut but the share price increase now puts that valuation nearer US$39 billion. The company sold the shares at HK$70.58 each to raise US$3.48 billion. The stock opened at HK$94.50 before rallying to as high as HK$103.3, becoming Hong Kong's most actively traded stock by turnover early in the session. The stock bucked a downward trend in the broader local market as the benchmark Hang Seng Index fell 0.4 per cent. Kingston Securities executive director of research Dickie Wong said with market capitalisation of that size, JD Health would likely be fast-tracked into the Shanghai Hong Kong Stock Connect and the Hang Seng technology index. "Investors are thinking they don't want to wait to buy the stock," he told Reuters. "Once the stock moves into the tech index, then index funds have to buy it no matter what they think of the company so investors are taking advantage of the likely move now." The rise in JD Health's first-day trading could make it vulnerable to a sell-off in the next few days, said Everbright Sun Hung Kai research analyst Kenny Ng. "JD Health provides a good opportunity for profit-taking in short term if its share price is above HK$100 since IPO investors have already got around 40 per cent return," he said. The firm's IPO prospectus showed it had 72.5 million annual active users as of June 30 versus 53.5 million at the same time last year. Its IPO was the largest in Hong Kong in 2020, followed by China Bohai Bank's US$2.05 billion listing in July. Dealmakers expect more activity to unfold during December. More on this topic   Related Story Asia stocks under pressure as pandemic concerns outweigh stimulus hopes   Related Story Five stocks on the Singapore market you wish you had bought in 2020 The float has taken Hong Kong's IPO proceeds to over US$25 billion in 2020, from over 100 individual deals, on track for the best year in a decade, Refinitiv data showed. Adding secondary listings - including JD.com's US$4.4 billion transaction in June - the value reaches US$39.1 billion so far this year.

TOKYO (REUTERS) - Asian stocks came under pressure in early trade on Tuesday (Dec 8) as investors struggled to balance hopes for more economic stimulus and vaccines with anxiety over the growing number of Covid-19 cases. A mixed Asian open followed a similarly mixed Wall Street session with the tech-heavy Nasdaq Composite closing at a record high as investors flocked to mega-cap growth stocks while the two other major US indices fell. "You saw more than a slight moderation to the S&P 500, and the Dow, but you're still looking at these markets at record highs," said Tom Piotrowski, a market analyst with CommSec. "It's a matter of looking out for what the next catalyst is for these markets." MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.13 per cent in early trade. Australia's S&P/ASX 200 inched up 0.09 per cent in while Japan's Nikkei 225 fell 0.63 per cent. Singapore's Straits Times Index was up 0.09 per cent at 9.57am local time. Hong Kong's Hang Seng index futures were up 0.31 per cent. On Wall Street, the Nasdaq Composite rose 0.45 per cent while the Dow Jones Industrial Average dropped 0.49 per cent and the S&P 500 lost 0.19 per cent. Investors are watching whether US policymakers can reinvigorate efforts to pass additional pandemic stimulus. The US Congress is expected to vote this week on a one-week stopgap funding bill to give negotiators more time to strike a compromise, as the business community cautioned inaction could spur a deeper recession. At the same time, California, the nation's most populous state, announced new restrictions on travel and business activity after record case numbers and hospitalizations. And officials in New York warned similar restrictions could be employed soon, which further weigh on the nation's recovery. The dollar slid against most currencies on Monday as investors eyed potential stimulus and vaccine development. An index that tracks the dollar against a basket of currencies was little changed at 90.843, not far from 90.471, its weakest since April 2018. But US Treasury yields did fall on Monday as investors bought the safe-haven securities. More on this topic   Related Story Coronavirus microsite: Get latest updates, videos and graphics Brent crude fell 0.9 per cent and US crude dipped 1.1 per cent. Prices came under pressure after Reuters reported that the US was prepping sanctions on at least a dozen Chinese officials over alleged roles in Beijing's disqualification of elected opposition legislators in Hong Kong. Spot gold prices were 1.3 per cent higher at US$1,860.49 per ounce, and US gold futures settled up 1.4 per cent at US$1,866, as investors bet on more stimulus money being pumped into the financial system.   Related Stories:  Related Story S'porean who returned from Indonesia among 13 new Covid-19 cases Related Story Phase 3 unlikely by end of year unless more use TraceTogether, experts say Related Story S'pore continuing to seek new travel bubble partners despite HK setback: Ong Ye Kung Related Story Choosing Singapore's Covid-19 vaccines Related Story How can Covid-19 affect pregnancy and childbirth? Related Story Mystery still shrouds Covid-19 origin Related Story US scientists developing nasal spray to prevent Covid-19 Related Story Americans should brace for 'surge upon surge' of coronavirus, US experts warn Related Story Baseless Covid-19 cure-alls rampant in Malaysia despite authorities' warning Related Story Infected after holiday to Europe, pregnant S'pore mum gives birth to baby with Covid-19 antibodies

LONDON (BLOOMBERG) - The pressure on money managers is ramping up as the industry's record-low fees are set to be squeezed even further in 2021. More than half of asset managers plan to reduce charges next year, according to a survey from Brown Brothers Harriman out on Tuesday (Dec 8). Average fees in Europe have already hit a record low, as the rising popularity of cheap passive products increases competition, Morningstar said in a separate report. As investors yank money out of actively managed funds and park it in cheaper passive funds, the average fee paid in Europe has plunged nearly a third since 2013 to 0.69 per cent, Morningstar said. The pressure on fees and assets is likely to mean more pain for active managers and drive further consolidation in the industry. "Managers need to reflect and take a hard look at themselves," said Shawn McNinch, managing director of investor services and head of US sales at Brown Brothers Harriman. "The challenge for mid-sized managers is to really focus on where they're different and where they can add value." Within the cheapest 25 per cent of funds in Europe, passive ones saw inflows of 10.1 billion euros (S$16.34 billion) this year through October, compared with outflows of two billion euros in active funds, according to Morningstar. The drop in fees was led by passive funds, with increased competition for assets also forcing fees of exchanged-traded funds lower. The average fees charged by a growing cohort of funds taking into account environmental, social and governance factors are also undercutting their non-ESG peers, Morningstar said. Even passive fund specialist Vanguard Group, which amassed US$6.3 trillion (S$8.4 trillion) on a once-contrarian idea that it could thrive by cutting costs for investors, is feeling the toll of such a price war. Net flows to Vanguard's funds have slowed in 2020 as rivals roll out similar products, and the company has retreated in recent months from some of its global expansion plans. The competition has already driven some active managers to join forces, with Franklin Resources buying Legg Mason this year. Yet the results of such consolidation have been mixed, with Janus Henderson Group and Standard Life Aberdeen failing to staunch outflows since their mergers three years ago. More than a third of managers in the Brown Brothers Harriman survey, involving over 50 executives overseeing US$18 trillion, said they would explore starting new passive or exchange-traded funds (ETFs), which are cheaper and could help them recoup some of the money that's being pulled from active funds. That's a complete shift in mindset for Mr McNinch. "People are looking at ETFs differently than they were five years ago," he said. "Now managers are really embracing ETFs as a structure itself, because they can create active products within those." More on this topic   Related Story Nomura to hire 100 for Asia wealth, fixed income expansion   Related Story Singapore's assets under management jumped 15.7% to $4 trillion in 2019: MAS

SINGAPORE (BLOOMBERG) - Singtel shares soared after its consortium with Grab Holdings was awarded a licence to run a digital full bank in Singapore. The telecom operator rose as much as 11 per cent, the most since October 2008. The stock was the top gainer by value on the Singapore Exchange. At 10.16am, Singtel was up 16 cents or 6.8 per cent to $2.50 with 50.2 million shares changing hands. Digital full banks will be allowed to take deposits and provide banking services to both retail and corporate customers. The Grab-Singtel venture has said it will hire 200 people before the virtual lender's launch in early 2022. Singtel provides mobile, fibre broadband and TV services, and owns 40 per cent of the partnership. US-listed Sea Ltd was the second entity to be awarded a full bank licence. Its shares rose 8.3 per cent on Friday, the biggest gain in about four months. Meanwhile, an Ant Group-led entity and a venture involving China's Greenland Financial Holdings Group won wholesale bank licences. Shares of Singapore-listed iFast Corp plunged as much as 34 per cent, the most on record, after it failed to win a licence. Hong Kong-listed Razer - another contender - fell as much as 12 per cent. More on this topic   Related Story Singapore to have 4 digital banks, with Grab-Singtel and Sea getting digital full bank licences   Related Story Grab-Singtel consortium to hire 200 staff in banking, fintech, tech roles for its digital bank

SINGAPORE - Singaporeans can now view their funds and investments on a single online platform instead of having to visit each bank or government agency's website, allowing for more effective financial planning. The Singapore Financial Data Exchange (SGFinDex) is the world's first public digital infrastructure that uses a national digital identity - SingPass. Users are able to see at a glance their financial information held across different government agencies and financial institutions. The feature was unveiled by Deputy Prime Minister Heng Swee Keat during his opening address at the Singapore FinTech Festival and Singapore Week of Innovation and Technology on Monday (Dec 7). It is a joint initiative by the Monetary Authority of Singapore (MAS), the Smart Nation and Digital Government Group, and financial institutions. Several participating banks, such as DBS Bank, OCBC Bank and United Overseas Bank, have tapped SGFinDex to offer financial planning services, including retirement planning and identifying protection needs through insurance coverage. In the next phase of SGFinDex rollout, users will also be able to access information on their insurance policies and stock holdings at the Central Depository. MAS managing director Ravi Menon said: "SGFinDex empowers the individual to consolidate his financial information for a comprehensive view of his portfolio, and use digital tools like MyMoneySense to make better financial decisions. "SGFinDex is a tangible expression of harnessing digital technology to enhance the financial well-being of Singaporeans." DBS Singapore country head Shee Tse Koon said that the launch of SGFinDex is timely given the economic challenges amid Covid-19 which have revealed an acute need for financial planning among Singaporeans. "We applaud the MAS's foresight in introducing SGFinDex, which will amplify industry efforts to help people achieve financial wellness," he added. Mr Samuel Tsien, chairman of The Association of Banks Singapore and group CEO of OCBC Bank, noted: "SGFinDex not only showcases Singapore banks' digital abilities but also our financial planning capabilities." Here are seven things to know about SGFinDex: 1. What is SGFinDex? It is a digital infrastructure that enables you to retrieve your financial data from government agencies (via MyInfo) and private sector organisations such as banks, and share it with an organisation of your choice. For example, you can choose to share your data with a bank making the data visible t on the financial planning platform the bank runs. These include DBS' NAV Planner, OCBC's Your Financial OneView and UOB's One View platforms. You can also choose to share the data with MyMoneySense, a digital financial planning service developed by the Ministry of Manpower and the Government Technology Agency (GovTech). More on this topic   Related Story Welcome to a cashless world: CBDC may be the future of money   Related Story Singapore can add to global recovery from Covid-19 with investment in innovation, collaboration: DPM Heng 2. How does it work? It links the various data sources from participating entities to facilitate the sharing of your personal financial information. This allows you to securely retrieve your personal financial data, such as deposits, loans or Central Provident Fund balances, from these sources and presents you with a consolidated view of your financial information on the financial planning application or website of your choice. 3. Who created the digital infrastructure? SGFinDex was developed by the public sector in collaboration with the Association of Banks in Singapore and seven participating banks: DBS, OCBC, UOB, Citibank Singapore, HSBC Singapore, Maybank Singapore and Standard Chartered Singapore. 4. How safe is the system? Can people steal or copy my data from the platform? There are stringent security measures in place to safeguard your personal data that passes through SGFinDex. It will only transmit but not store any personal financial data. Your data is encrypted when it is retrieved through SGFinDex and only the financial planning application or website that you have authorised to receive your data is able to decrypt it. The authentication and authorisation process must be verified through SingPass, and explicit user content is required for each data retrieval. Users can revoke their consent for banks to release data at any time, either through the banks' financial planning applications or websites, or through the MyMoneySense website. More on this topic   Related Story Digital banks will transform Singapore landscape for the better, say experts   Related Story Singapore to have 4 digital banks, with Grab-Singtel and Sea getting digital full bank licences 5. How do I sign up to use SGFinDex? You will need a valid SingPass account and can either use MyMoneySense or participating banks' financial planning applications to authorise your bank(s) to release data through SGFinDex. To use any of the participating banks' applications, you will also require a valid internet banking account with the financial institution. 6. How long does my consent for data release last? Your consent period will last for one year from the time your consent was first provided. For example, if you provide consent to one bank to provide your data through SGFinDex on Jan 1, 2021, and subsequently provide consent to another bank on March 1, 2021, both these authorisations will expire on Dec 31, 2021. You will need to provide consent again if you wish to release your data from Jan 1, 2022. 7. Do I need to pay to use SGFinDex? You will not currently be charged for using SGFinDex via a participating financial planning application or website. More on this topic   Related Story Your bank is now invisible and everywhere

SINGAPORE - Continued investment and global collaboration are ways in which Singapore can contribute to global recovery amid the coronavirus pandemic, said Deputy Prime Minister Heng Swee Keat on Monday (Dec 7). As new opportunities are created through technology and innovation, Singapore is also taking steps to ensure inclusive and sustainable growth for its firms and workers, he said. In his opening address at the Singapore Fintech Festival and the Singapore Week of Innovation and Technology 2020 (SFF x Switch 2020), Mr Heng highlighted how the Covid-19 crisis has spotlighted inequalities in many societies and the need for the world to take a more inclusive approach in global recovery plans. The five-day event, which lasts till Friday, is expecting more than 60,000 participants from across 130 countries. Mr Heng, who is also Coordinating Minister for Economic Policies and Finance Minister, noted that the Government invests about 1 per cent of the country's gross domestic product in research and development each year. Singapore continues to deepen its capabilities to keep its tech ecosystem vibrant, he said. "Our commitment to innovation and to work together will be key to driving economic recovery and growth." The Asian Institute of Digital Finance, which is hosted by the National University of Singapore and backed by the Monetary Authority of Singapore and the National Research Foundation, will be launched on Monday. One of its first projects is to build a data-sharing platform that can train models to improve credit assessments, Mr Heng said, which will pave the way for improved financing of small businesses to enable a stronger post-pandemic recovery. The institute will also help to nurture global fintech talent for Asia and take in its first batch of post-graduate students in 2021. Deputy Prime Minister Heng Swee Keat speaking in a pre-recorded speech at SFF x Switch 2020 on Dec 7, 2020.  ST PHOTO: KEVIN LIM Singapore is also launching its first major blockchain research and translation programme, the Singapore Blockchain Innovation programme, he said. "The programme will expand blockchain research to the needs of the industry, and will also look into scalability and inter-operability of blockchain solutions." Inclusive and Sustainable Recovery Mr Heng outlined the need to ensure that growth and recovery is done in an inclusive and sustainable manner, with opportunities from technology and innovation benefiting the broad majority of people. "To avoid widening inequality, we must recover from this crisis in a manner that is inclusive. We must speed up the time that it takes for the last company and worker to access and benefit from technology," he said. He pointed out how Singapore is levelling up the capabilities of its small and medium-sized enterprises (SMEs) by helping them adopt digital solutions and scale beyond Singapore's shores. The Business sans Borders initiative, which is going live this week, connects businesses to other platforms around the world, as well as logistics and financial services providers, and will help SMEs identify prices and sales opportunities in a global marketplace, Mr Heng said. More on this topic   Related Story Joint fintech and innovation festival returns in December in hybrid form with Covid-19 focus   Related Story SGFinDex: How you can check your bank and CPF accounts online on one platform He cited how home-grown furniture maker Source-Sage has used the platform to connect to other digital marketplaces, discovering more buyers and recently acquiring a new buyer on the India business-to-business platform. Like other countries around the world, Singapore is fully committed to do its part for climate change through innovation, Mr Heng said, noting how Singapore is deploying at least 2 gigawatts of solar power by 2030 and will also accelerate the deployment of electric vehicles as well as explore smart charging technologies. "We believe that putting sustainability at the core of what we do can create economic growth opportunities," he added. In his address, Mr Heng emphasised that the foundation for a more inclusive and sustainable post Covid-19 future lies in the creation of a more resilient global commons. "One key element of a resilient global commons is stronger governance on the use of technology. Fair and ethical rules that are generally accepted will allow more people to trust and use technology," he said. He noted how Singapore's Model AI Governance Framework, which was released in 2019 and provides guidelines on addressing ethical and governance issues when deploying artificial intelligence solutions, has had its best practice adopted by companies such as Google, Microsoft and DBS Bank. On Monday, Mr Heng also unveiled the Singapore Financial Data Exchange, which will allow Singaporeans to view their consolidated financial information through financial institutions' financial planning services or the Singapore government's MyMoneySense app. "Such an approach to trusted data sharing - involving both innovation and conducive regulations - can potentially be applied in other areas and in other jurisdictions," he said. SFF x Switch is organised by the Monetary Authority of Singapore and Enterprise Singapore, and will have events taking place around the clock such as technology exhibitions and masterclasses by fintech and deep tech experts. Among the 1,400 speakers expected are New Zealand Prime Minister Jacinda Ardern, chief executive of Google's parent company Alphabet Sundar Pichai and Microsoft co-founder Bill Gates. More on this topic   Related Story Bill Gates among star speakers at Singapore's biggest fintech festival   Related Story Fintech sector to grow in Singapore, offer more job opportunities: Ng Chee Meng

SINGAPORE (THE BUSINESS TIMES) - Agri-food company Japfa will sell 80 per cent of its South-east Asia-branded dairy business to affiliates of investment firms TPG and Northstar Group for US$236 million (S$315 million) in a strategic partnership, it said in an exchange filing on Monday (Dec 7). Japfa will retain 20 per cent of the shareholding in Greenfields Dairy Singapore (GDS), which is the holding company of Japfa's Greenfields dairy business. Japfa will continue to support TPG and Northstar in the management of the business. Based on the consideration, the implied equity valuation of the GDS group is US$295 million, which is around four times the net asset value of US$81.3 million as at Sept 30, 2020. Japfa expects to receive approximately US$244 million in cash following the proposed transaction, comprising cash proceeds of US$236 million from the transaction, and US$8 million from the repayment of a shareholder loan by GDS. Japfa intends to utilise approximately US$150 million from the proceeds to declare and pay an interim special dividend of 10 cents per share to its shareholders following completion. It said further details on the dividend, if declared, will be announced only after completion. The balance will be used for the payment of transaction expenses, the repayment of existing bank loans, and general working capital and corporate purposes. The Greenfields dairy business is a vertically integrated business from dairy farming to branded dairy products in South-east Asia. GDS has subsidiaries in Indonesia, Malaysia and Hong Kong. With a herd size of over 16,000 Holstein and Jersey cattle, Japfa's dairy farm operations are the largest in Indonesia by volume of premium fresh milk produced. It sells a range of dairy products including fresh milk, yogurts, UHT milk and premium cheeses under the Greenfields brand. "The group's dairy business has grown considerably in recent years both in China and South-east Asia and there is potential for further growth," said Tan Yong Nang, chief executive officer of Japfa. "We are pleased to form this strategic partnership with TPG and Northstar to accelerate the next phase of development in South-east Asia through their strong track record of developing consumer and retail businesses," he added. With the proposed transaction, Japfa's senior management will be able to focus on its "fast expanding" China dairy business, as well as its other two core business pillars, namely poultry in Indonesia and swine in Vietnam, Japfa said. TPG is a global investment firm with around US$85 billion of assets under management. Northstar is a private equity firm in South-east Asia, headquartered in Singapore, that manages more than US$2.2 billion in committed equity capital. "This is the third recent investment for TPG in the dairy sector and we are delighted to do another investment in Indonesia," said David Tan, managing director of TPG Capital Asia. "We strongly believe that the Greenfields brand and product quality will allow it to continue to grow in consumer appeal." More on this topic   Related Story Japfa scales up to feed emerging Asia Sunata Tjiterosampurno, co-chief investment officer of the Northstar Group, said: "We believe the trend of increasing consumption of dairy products will continue in South-east Asia as people become ever more focused on health and wellness." The proposed transaction is conditional upon shareholder approval, and consent of existing bank lenders. Completion is expected to take place in February next year. Credit Suisse (Singapore) is the exclusive financial adviser to Japfa Ltd for the transaction. Shares of Japfa were trading at 80.5 cents as at 9.13am on Monday, up 3.5 cents or 4.6 per cent.

SINGAPORE (THE BUSINESS TIMES) - CapitaLand on Monday (Dec 7) said it has formed a joint venture (JV) to acquire and develop multifamily assets worth some US$300 million (S$416.1 million) in the US. The JV will invest in assets in the south-east and South-west markets of the US, with an initial focus on Austin, Texas, the property giant said in a press statement. The JV partner is an Austin-based real estate investment, development and property management firm, which has developed over 25,000 multifamily units in the US since its inception 25 years ago, CapitaLand said. Both parties have acquired a freehold land parcel in the "high growth, technology driven" city of Austin to develop the JV's first multifamily project, the company noted. CapitaLand holds an 80 per cent stake in the project, while its partner holds the remaining 20 per cent. The 4.7-acre (1.9 hectare) land parcel will be developed into a mid-rise and green 341-unit suburban multifamily property, which is expected to be completed in 2023. According to CapitaLand, the property is situated close to commercial, residential and leisure activities, and a five-minute drive from The Domain, which is commonly referred to as "Austin's second downtown". The Domain comprises over 1.8 million square feet (sq ft) of retail amenities and over 3.4 million sq ft of office space, as well as 3,700 apartments and 900 hotel rooms. The upcoming development is also adjacent to the McKalla Place Major League Soccer Stadium, which is slated to open in spring 2021. Designed to cater to residents in a post Covid-19 landscape, the property will have features such as keyless entry to the apartments, as well as smart home features. It will also offer a mix of studios, one and two-bedroom apartments with separate work and living areas for residents to work from home, CapitaLand noted. Dang Phan, managing director for the US at CapitaLand International, noted that across the US, multifamily rents have recovered faster than other asset types during past recessions. "Prior to Covid-19, allocation of investment capital towards the multifamily sector has exceeded that of other property types and the pandemic has accelerated this preference. Growing our investment in the resilient, liquid and stable-yielding multifamily portfolio will provide income stability." He added that despite the pandemic, Austin continues to be an "attractive technology, business, government and investment hub with a steady outlook". "Austin's business-friendly policies, high quality of life and skilled workforce have attracted major technology and Internet companies such as Amazon, Apple, Google, IBM, Oracle and Tesla to set up substantial operations in the city... The demand for quality housing has risen correspondingly, with rents increasing 50 per cent over the past decade," said Mr Phan. More on this topic   Related Story CapitaLand divests 3 malls, office for $448.7m, makes first foray into Japan's logistics sector   Related Story CapitaLand to grow investments in China business parks, logistics and data centres Jason Leow, president of Singapore & International at the CapitaLand group, noted that the latest acquisition adds to CapitaLand's portfolio of 16 freehold suburban multifamily properties which it acquired in 2018. With this new investment, CapitaLand will have $4.7 billion of assets under management in the US. CapitaLand shares closed at $3.17 on Friday, up four cents or 1.3 per cent.

The Covid-19 pandemic is an unprecedented global crisis that has overwhelmed healthcare systems and upended businesses around the world. While it has ravaged economies worldwide and consumer sentiment remains largely subdued, the skies seem brighter for Singapore's property sector so far. A surge in buying activities and an uptick in sales were observed across many housing segments after the circuit breaker period. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SINGAPORE - Entrepreneur Willie Lee wanted to work in a bank after getting his degree in business management in Melbourne but the global financial crisis put paid to that idea and forced a re-think. Mr Lee turned his hand to building a business in his bedroom around music production, which eventually branched out to video and multiple media disciplines. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

The ardent job of presenting five Singapore Exchange-listed stocks that performed brilliantly in the first 11 months of this year starts with some simple objectivity and reasoning. First, the five were among the 50 most traded stocks on the Singapore Exchange (SGX). Second, they generated the strongest gains and were the best performers in their respective industries. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.