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.

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 rethink. He turned his hand to building a business around music production in his bedroom, and it 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.

NEW YORK (AFP) - Wall Street stocks surged to fresh records on Friday (Dec 4), extending a post-election rally as disappointing US jobs data boosted the prospects for fiscal stimulus. All three major indices finished the week at all-time highs, with the Dow Jones Industrial Average gaining 0.8 per cent to 30,218.26. The broad-based S&P 500 jumped 0.9 per cent to close at 3,699.12, while the tech-rich Nasdaq Composite Index advanced 0.7 per cent to 12,464.23. The rally came even following government data showing the jobs recovery stalled, as US employers added just 245,000 new jobs in November. And though the unemployment rate dipped to 6.7 per cent from 6.9 per cent, the lowest since the pandemic struck, that was due to Americans leaving the workforce. Noting that new Covid-19 cases are “raging” in the US, FHN Financial’s Chris Low warned in a note “job growth will be sluggish for the next three or four months, minimum.”  Still, Low pointed out that US approval of the first coronavirus vaccine could come as soon as next week. Analysts said the weak jobs data provides further impetus for Congress to enact a new stimulus package, and Senate Republican leader Mitch McConnell and House Speaker Nancy Pelosi have revived efforts to hash out a deal. President-elect Joe Biden reiterated the need for immediate support, saying “if we don’t act now, the future will be very bleak. Americans need help and they need it now.” JJ Kinahan, chief market strategist at TD Ameritrade, said the fresh stock records “might seem jarring” in light of the soaring coronavirus counts in the United States, but noted that the market is looking to vaccines and an economic recovery in 2021. “Keep in mind that the stock market is a forward-looking beast, meaning that current activity in the main indices may be reflecting a good bit of investor anticipation of what might happen months from now,” Kinahan said in a note.  

WASHINGTON • The US economy showed more signs that the recovery is stalling as Covid-19 cases surge and more businesses are forced to close, adding a disappointing 245,000 new jobs last month, the government reported yesterday. And while the Labour Department data showed the unemployment rate dipped to 6.7 per cent from 6.9 per cent, the lowest since the pandemic struck, 10.7 million workers remain unemployed. The ranks of long-term unemployed - those jobless for 27 weeks or more - rose by 385,000 to 3.9 million, and more Americans left the workforce entirely, the report said, as the participation rate dipped two-tenths to 61.5 per cent. The consensus estimate was for a gain of 650,000 positions last month, but many economists warned the result could come in much lower, given signs that hiring had slowed last month as the coronavirus returned with a vengeance. That was reflected in the loss of nearly 35,000 retail jobs in November. And as mostly lower-wage positions fall victim to the pandemic, average hourly earnings rose slightly to US$29.58 (S$39.40), according to the report. Government employment fell by 99,000, largely due to layoffs of temporary census workers, while private hiring rose by 344,000, the report said. The number of temporary layoffs dropped by 441,000 to 2.8 million, but that is two million higher than the pre-pandemic level. The data raises the chances that President-elect Joe Biden will inherit an even weaker labour market next year, with the recovery at risk of stalling during the wait for widespread vaccine distribution. With almost four million Americans enduring long-term joblessness, the report may also help push Congress to pass new fiscal aid by year-end and could make Federal Reserve officials more inclined to provide new stimulus when they meet from Dec 15 to 16. US stock futures pared their increase after the report, while 10-year Treasury yields extended gains and the dollar fluctuated. "You are seeing the impact of the pandemic surge here," Mr Jeffrey Rosenberg, a senior portfolio manager at BlackRock, said on Bloomberg Television. "The market reaction is really looking through this to the policy response." The employment report is a mid-month snapshot, so jobs lost amid new restrictions and lockdowns put into place in the weeks since will not be reflected until December's data. The shift to online shopping this holiday season was especially evident in the data. Transportation and warehousing added 145,000 workers - the most since 1997 - while retail employment fell by 34,700, reflecting less seasonal hiring than normal in some sectors. Leisure and hospitality jobs rose by 31,000 following a 270,000 gain in October. Though effective vaccines could be rolled out as soon as this month, economic headwinds are likely to keep mounting before Mr Biden's Jan 20 inauguration. AGENCE FRANCE-PRESSE, BLOOMBERG

The holiday season has traditionally been one of the most important quarters for many businesses every year. Despite the impact of the Covid-19 pandemic on livelihoods and lifestyle habits, online shopping has grown more popular with people in many countries, with expectations for further growth. Deloitte forecasts online spending to increase by 25 per cent to 35 per cent this holiday season, as consumers direct outdoor entertainment and travel budgets to online shopping. 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.

LONDON • Opec and other oil-producing nations led by Russia, trying to gauge the strength of the global economy as the coronavirus continues to rage but with vaccines on the horizon, have reached a compromise to modestly increase production net month. However, the talks revealed strains in the unwieldy group known as Opec+, which has tried to manage the oil market since 2016. These tensions could make it more difficult for the producers to stay in line with production targets as the global economy recovers in the coming months. Under the agreement on Thursday, members of the Organisation of the Petroleum Exporting Countries, along with Russia and other countries, will increase production by 500,000 barrels a day (bpd) in January and, potentially, by a similar amount in the following two months. The increase, less than 1 per cent of the global oil market, comes while demand is still under pressure from the effects of the Covid-19 pandemic. The group will also hold monthly meetings to sign off on further adjustments. The arrangement was a compromise between countries that wanted to proceed with a much larger increase of two million bpd, which had been agreed upon at an earlier meeting, and others, led by Saudi Arabia, that preferred to maintain current production cuts, estimated at 7.7 million bpd, given the uncertainties stemming from the pandemic. Reaching a deal had been surprisingly difficult. The meeting on Thursday had been delayed for two days while officials struggled to reach a consensus. The recent news about the efficacy of vaccines to ward off the coronavirus, which has caused oil prices to climb to their highest levels since they crashed in April, probably made it harder to reach an agreement. Responding to those higher prices, some oil producers saw less need to keep supplies tight and wanted to increase pumping to try to make up for almost a year of dismal oil earnings. "As prices rise, the willingness to restrain supplies withers," said Mr Bhushan Bahree, an executive director at IHS Markit, a research firm. What was striking was that the United Arab Emirates (UAE), long the closest ally of Saudi Arabia, Opec's de facto leader, proved difficult to corral. Analysts say the UAE's ambitious leaders are irritated about several issues, including a tight quota that sharply crimps their plans to substantially increase oil production and the Saudi-Russia domination of oil decision-making in recent years. Analysts including Mr Bahree say the country, the third-largest producer in Opec after Saudi Arabia and Iraq, may be considering going its own way in oil matters. "They don't want to be sidelined and just be a follower," said Ms Amrita Sen, head of oil analysis at market research firm Energy Aspects. Out of frustration with the difficulty of forging a consensus, Prince Abdulaziz bin Salman, the Saudi oil minister and chairman of the Opec+ meetings, offered on Monday to resign from the chairmanship of an influential committee that prepares the way for decisions by the group. According to an Opec news release on Thursday, the oil producers urged him to continue leading the committee as well as Opec+ meetings, saying his efforts were "highly appreciated". NYTIMES

More irregularities have been uncovered in beleaguered Hin Leong Trading's affairs by its judicial managers, who are now investigating why "substantial misstatements" in the oil trader's audited financial statements were allegedly not detected by its external auditors Deloitte & Touche. Judicial managers PricewaterhouseCoopers (PwC) Advisory Services, in their second report to the High Court filed on Nov 6, found that Hin Leong's assets were overstated by US$3.07 billion (S$4.1 billion) for its 2019 financial year, comprising US$2.27 billion in fake accounts receivables (up from US$2.23 billion) and US$800 million in inventory shortfalls. 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.

TOKYO (REUTERS) - Japan's government is considering creating a one trillion to two trillion yen (S$12.82 billion to S$25.65 billion) fund to promote investment in environment-friendlier areas, three government officials with direct knowledge of the matter told Reuters. The fund will be part of the government's third stimulus package to be compiled next week, which will also consist of measures to prevent the spread of the novel coronavirus and spending for disaster-proof infrastructure, the officials said. It is one of several funds the government is considering creating, with targets including technical development in battery storage and carbon emission reduction, the officials said. Prime Minister Yoshihide Suga has pledged to make green investment a pillar of his policy agenda as Japan aims to cut greenhouse gas emissions to net zero by 2050. To that end, Japan may ban sales of new petrol-engine cars by the mid-2030s in favour of hybrid or electric vehicles, public broadcaster NHK reported on Thursday.

BENGALURU (REUTERS) - Affirm Holdings has agreed to buy Canadian buy-now-pay-later (BNPL) firm PayBright for C$340 million (S$352.5 million), as the lending start-up looks to expand outside the US. The deal marks the first major sign of consolidation in the BNPL industry, which is riding on an online shopping boom accelerated by the Covid-19 pandemic and is now seeing intensifying competition. The move comes about two weeks after Affirm, founded by PayPal Holdings' co-founder Max Levichin, disclosed an initial public offering (IPO) that showed revenue for the three months ended Sept 30 nearly doubled, while its net loss narrowed. Unlike Affirm, PayBright is a more traditional BNPL company, which lets customers pay for anything from shoes to furniture in interest-free instalments, typically over four bi-weekly payments. Through the deal, Affirm could expand its merchant network with PayBright's more than 7,000 retailers, which include Steve Madden and Samsung. Affirm's IPO filing showed that close to a third of its revenue for the September quarter came from just one merchant. The cash and stock deal is expected to close in the first quarter of 2021, Affirm said, adding that additional terms of the deal would not be disclosed. Affirm, whose major investors include Peter Thiel's venture firm Founders Fund and Singapore's sovereign wealth fund GIC, will be competing with Australia's Afterpay, the largest-listed BNPL firm, and Minneapolis-based Sezzle.

BENGALURU (REUTERS) - US bankruptcy filings fell last month to their lowest in more than 14 years, according to data compiled by Epiq Systems and provided by the American Bankruptcy Institute, a jarring disconnect with a worsening economic outlook as Covid-19 cases surge. The 34,440 bankruptcy filings of all types in November was the lowest monthly total since January 2006, driven by a decline in non-commercial filings. "These historic low bankruptcy filings reflect the overall uncertainty about our economic recovery," said Deirdre O'Connor, managing director of corporate restructuring at Epiq. "Bankruptcy is a legal tool to restructure but in this unknown financial environment, the benefit from seeking bankruptcy protection is unclear for individuals, families, and even large companies." Still, filings of the Chapter 11 bankruptcies used by companies to restructure their debts jumped 40 per cent to 654 last month, from 449 in November 2019, the data shows. New cases of Covid-19 have surged in the United States in recent weeks, prompting many people to stay at home more and some local authorities to shut some businesses to contain the spread. But unlike in March when the first lockdowns were imposed and threw the economy into a sharp recession, developers of vaccines are moving closer to government approvals. That potentially clears the way for the first inoculations to start within weeks and mass distribution within months. Economists expect a vaccine rollout to set the stage for faster economic growth next year. Government programmes that have helped households stave off bankruptcy, including eviction moratoriums and extended unemployment benefits, are slated to run out at the end of the year. Lawmakers in Washington have revived negotations over a new pandemic relief package in recent days. More on this topic   Related Story Americans should brace for 'surge upon surge' of coronavirus, US experts warn   Related Story US economic suffering may rise without stimulus: Fed minutes   Related Stories:  Related Story UK is first country to approve Pfizer-BioNTech Covid-19 vaccine for use Related Story S'pore's new Covid-19 case in dorm detected in proactive surveillance; S'porean among 8 imported Related Story How can Covid-19 affect pregnancy and childbirth? Related Story HSA reviewing Moderna's Covid-19 vaccine data as firm seeks approval for its use in S'pore 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 South Korea decides against tightening Covid-19 rules despite third wave Related Story Infected after holiday to Europe, pregnant S'pore mum gives birth to baby with Covid-19 antibodies

SINGAPORE (THE BUSINESS TIMES) - City Developments Limited's (CDL) subsidiary Millennium & Copthorne Hotels announced on Thursday (Dec 3) that its hotels in Singapore and London have had a jump in bookings for staycations and its restaurants on robust domestic demand ahead of the year-end festive season and Chinese New Year next year. Singapore hotels under M&C recorded bookings for 31,480 room nights from August to November, up nearly sevenfold from 4,698 room nights in the four months prior. M&C owns or operates over 2,000 hotel rooms in Singapore, including Orchard Hotel Singapore, Grand Copthorne Waterfront Hotel, Copthorne King's Hotel, M Social Singapore, M Hotel and Studio M. "Across major cities, we are seeing a clear trend of travellers choosing to holiday within their home countries as air travel is likely to remain restricted through 2021 due to the pandemic," said Lee Richards, M&C's vice-president (operations) for South-east Asia. "Our hotels worldwide are responding to this trend in domestic demand with digital marketing strategies and promotions." M&C operates 66 hotels in Asia, Europe and the UK, the US and New Zealand under the Millennium Hotels and Resorts (MHR) global brands, while 79 other properties are under franchise and management contracts. It has an inventory of over 40,000 rooms and operations in 29 countries. Online bookings for its Singapore hotels rose from 2,198 bookings in July to 10,566 in November. Meanwhile, dine-in revenue at restaurants in M&C hotels in Singapore has recovered between 20 and 50 per cent since the Phase 2 reopening on June 19. A similar trend is also playing out at M&C hotels in Europe, it said. More on this topic   Related Story Millennium & Copthorne Hotels improving processes, cost structure and marketing

NEW YORK (AFP) - Boeing shares jumped on Thursday (Dec 3) as it announced its first major order of the 737 Max after a lengthy grounding, while US stocks ended little changed following mixed economic data. Equities were in the green most of the day, but stocks weakened near the end of the session following a report that examined challenges in coronavirus vaccine supply chains. The Dow Jones Industrial Average gained 0.3 per cent to 29,969.52. The broad-based S&P 500 dipped 0.1 per cent to 3,666.72, while the tech-rich Nasdaq Composite Index advanced 0.2 per cent to 12,377.18, its second record high in three session. Progress on coronavirus vaccines has propelled indices to records over the last week, but the market retreated following a Wall Street Journal report saying deliveries of the Pfizer/BionNTech vaccine this year would be half the level previously thought, but that the companies expect to produce more than one billion doses next year. Markets also digested data showing slower growth in the US services sector in November and better-than-expected new unemployment claims ahead of Friday's closely-watched Labour Department jobs report. Investors have also monitored ongoing stimulus talks on Capitol Hill that have lifted hopes of a new spending package before the end of the year. "In general, the market is acting rationally in looking ahead to the other side of this," Art Hogan, chief market strategist at National Securities, said of the market's strength. But Hogan cautioned that stocks could be pressured later this month if rising US coronavirus cases stress hospital capacity, resulting in further business shutdowns. More on this topic   Related Story Boeing lands crucial 737 Max deal from Ryanair as grounding ends   Related Story Coronavirus claims 1.5 million lives globally with 10,000 dying each day Among individual companies, Boeing jumped 6 per cent as it sealed a deal with Irish no-frills airline Ryanair to sell 75 of 737 Max planes in the first major contract following a 20-month grounding after two deadly crashes. Tesla was another winner, gaining 4.3 per cent after Goldman Sachs upgraded the electric car company, saying the shift towards battery electric autos "is accelerating and will occur faster than our prior view."

HONG KONG (BLOOMBERG) - Billionaire Richard Li, who broke away from his famous father Li Ka-shing decades ago to build his own business empire, is taking a page out of his dad's playbook by further expanding outside Hong Kong. Since last year, the younger Mr Li has stepped up investment in South-east Asia, agreeing to pay US$3 billion (S$4 billion) for a Thai insurance business and extending his insurance operations in Vietnam and Indonesia. He was part of a bid for a digital-banking permit in Singapore and - most recently - has teamed up with PayPal Holdings co-founder Peter Thiel to establish a US$595 million (S$796 million) blank-cheque firm for acquiring one or more South-east Asian companies. The moves come at a time of Hong Kong political uncertainty that echoes the late 1980s and 1990s, when Mr Li Ka-shing, Hong Kong's richest man, began hedging his bets on the city before its handover to China from Britain. The younger Mr Li may have struck out on his own, but he has learned risk management from his father, said Marshall Jen, project director of the Chinese University of Hong Kong's Centre for Family Business. "He is now taking the experience of what Mr Li Ka-shing did and making it the model of his own business," Mr Jen said. Mr Richard Li is also getting in on one of the hottest trends in global finance with the creation of a special purpose acquisition company (SPAC). Bridgetown Holdings, which listed on the Nasdaq in October, will seek to bring companies public by acquiring them. It's the same approach followed by other SPACs, such as those associated with billionaire investor Bill Ackman and former US House speaker Paul Ryan. Best-known Companies Mr Richard Li and Mr Thiel will first consider South-east Asia's best-known companies, people familiar with their partnership said, asking not to be identified as they aren't authorised to speak publicly on the matter. Bridgetown will focus on so-called new economy sectors including technology, financial services and media, and has begun discussions with potential targets, the people said. Mr Richard Li, 54, brings local connections from his extensive insurance and media operations in South-east Asia, while Mr Thiel provides his track record of picking technology winners, according to the people. Mr Thiel was the first outside investor in Facebook and also placed early bets on Spotify Technology and Airbnb. New economy startups face difficulties succeeding in South-east Asia due to the different languages, cultures, legal environments and consumer habits across the region, said Vincent Lam, chief investment officer of Hong Kong-based VL Asset Management, which has no holdings in MrRichard Li's companies. But he added that Mr Richard Li's knowledge of the region's consumer appetites and patterns will work in his favour. Mr Richard Li's partnership with Mr Thiel stems from a casual meeting in Hong Kong in 2015, the people said. Mr Thiel was touring China, where his book Zero to One sold well, and connected with well-known entrepreneurs including Mr Richard Li, the people said. A representative for Mr Richard Li declined to comment. Mr Thiel and his representatives didn't respond to requests for comment. Money Grab Blank-cheque firms have raised a record US$71.2 billion in initial public offerings (IPOs) on US exchanges so far this year, or about 46 per cent of all IPOs. They're seen as a way for companies to avoid the costly and time-consuming IPO process amid the uncertainties of the coronavirus pandemic. They're also appealing to sponsors such as Mr Richard Li, who buy founder shares that usually equal 20 per cent of the company's outstanding stock for a small consideration. But SPACs have also come in for criticism. Activist short seller Carson Block's Muddy Waters Capital called them "the great 2020 money grab", arguing that "a business model that incentivises promoters to do something - anything - with other people's money is bound to lead to significant value destruction on occasion". "Personally, I wouldn't buy when they haven't announced any targets," Andy Wong, a fund manager at LW Asset Management in Hong Kong, said on investing in SPACs. "But the most important thing is how much investors trust the M&A capability of the blank-cheque companies' founders." Mr Richard Li, who has a net worth of US$4.9 billion according to the Bloomberg Billionaires Index, is seeking to expand his empire outside Hong Kong at a time of turmoil for the city as China cracks down on dissent. More on this topic   Related Story Hedge fund billionaire Ray Dalio set to open family office in Singapore   Related Story Heirs to Asian fortunes tested on sustainability commitments by pandemic Amid months of anti-Beijing protests last year, Mr Richard Li was weeks behind some other tycoons, including his father, in issuing a personal statement calling for the resumption of social order. At the same time, Mr Richard Li has been careful not to offend the Chinese government. He's one of the members of the pro-establishment Hong Kong Coalition, founded earlier this year by former chief executives Tung Chee-hwa and Leung Chun-ying to promote social stability. More Conservative Although Mr Richard Li publicly voiced support for universal suffrage in 2006, he has taken a more conservative approach during the recent protests, said Dixon Sing, a professor at the Hong Kong University of Science and Technology who specialises in politics. Mr Richard Li dropped out of Stanford University, Mr Thiel's alma mater, in 1987 and later joined his father's group. But instead of inheriting a part of the ports-to-retail conglomerate, he decided to build his own empire. More on this topic   Related Story Billionaire hedge fund manager Ken Griffin's Citadel opens Singapore office He launched Star TV, before selling a controlling stake to Australian media mogul Rupert Murdoch's News Corp for US$525 million in 1993. He founded Pacific Century Group the same year and eventually resigned as deputy chairman of his father's Hutchison Whampoa in 2000. "I don't think there is anything wrong with being rebellious if it contributes to society," Mr Richard Li said of breaking away from his father in a 2018 fireside chat at the University of Hong Kong. Big Purchase During the dot-com bubble, Mr Richard Li's Pacific Century CyberWorks, now PCCW Ltd, became the largest Internet company in Asia outside Japan by market value. Then, Mr Richard Li outbid Singapore Telecommunications and its partner Murdoch's News Corp in 2000 to take over Hong Kong's then dominant phone company Cable & Wireless HKT. The acquisition burnished his reputation as a dealmaker, but Mr Richard Li borrowed US$12 billion from more than 30 banks to fund the purchase. When the dot-com bubble burst, PCCW's shares plunged. Partly to pare debt, Mr Richard Li sold 20 per cent of the company's stock in 2005 to state-owned China Network Communications Group Corp, which was later acquired by China Unicom Hong Kong. The group remains PCCW's second-largest shareholder with a stake of about 18 per cent. The troubles surrounding PCCW brought some tensions within the Li family into public view. Very Dissatisfied After China Network blocked Mr Richard Li's attempt in 2006 to sell PCCW assets to overseas investors, Francis Leung, a former banker who had worked closely with Mr Richard Li's father, offered to buy Mr Richard Li's stake in PCCW. It later came to light that the older Mr Li was involved in the deal. His son told local newspaper Ming Pao that he was "very dissatisfied" and would be "very happy" to see Mr Leung's proposal rejected by minority shareholders in his investment company - which it was. "Had I known of Mr KS Li's involvement, I would have at very least removed myself from the negotiations," Mr Richard Li said in a 2006 letter to a legislative panel probing the sale. Despite the drama, Mr Li Ka-shing said in 2012 that he would provide funding "any time" to his son's ventures. Later that year, the younger Mr Li announced the acquisition of some of Amsterdam-based ING Groep's Asian insurance units, which then became his acquisitive FWD Group. "A lot of resources that he has received were from his father," Mr Jen of the Chinese University of Hong Kong said. "Richard Li's ability, characteristics and vision are top-notch. But he also had a very good start." Share Sale Now, as Mr Richard Li proceeds with his plans to buy one or more South-east Asian companies through the SPAC, he's also looking to take his insurance empire public. FWD has chosen Goldman Sachs Group, JPMorgan Chase & Co and Morgan Stanley to work on a share sale that could raise as much as US$3 billion, people familiar with the matter said in September. FWD is also awaiting a licence to prepare for establishing a life insurance joint venture in mainland China. Time will tell how successful these overseas expansions will be, whether they're a wise diversification away from Hong Kong, and whether the SPAC model is here to stay. In the meantime, one private equity executive who worked with the Li family said his hands-on approach will help his cause. "Very much like his father, he can charm the birds from the tree," said Timothy Dattels, the managing partner of TPG Capital Asia. "He'll fly and go to see people, and that's very rare. He doesn't sit there like the king."

SINGAPORE (THE BUSINESS TIMES) - Credit Bureau Asia (CBA) began its trading debut at $1.13 on the Singapore Exchange's (SGX) mainboard on Thursday, 21.5 per cent or $0.20 above its initial public offering (IPO) price of $0.93 per share. The credit and risk information solutions provider was among the most active counters in early trade. As at 9.09am, the counter was trading 2.7 per cent or $0.03 higher at $1.16, with some 3.7 million shares changing hands. The company on Wednesday evening announced that its public offering of 1.5 million shares had been subscribed 60.8 times, with "strong interest" for its 28.5 million placement shares from institutional and other investors. Separately, cornerstone investors Aberdeen Standard Investments (Asia), Affin Hwang Asset Management, Eastspring Investments (Singapore) and Tokyo Shoko Research had subscribed for a total of 28 million new shares, constituting a 12.2 per cent stake in the company after completion of the offering and the issuance of the cornerstone shares. With a total of 230.39 million issued shares, based on the IPO price, CBA's market capitalisation is about $214.3 million. The net proceeds which the company has raised amount to $23.6 million, of which it intends to use $11.8 million for strategic investments, regional expansion and acquisitions. Another $7.1 million will be used for organic growth initiatives such as product development and business development, while the rest has been allocated for general corporate and working capital purposes.

SINGAPORE - The supply of private residential housing from confirmed sites under the government land sales (GLS) programme for the first half of next year has been modestly increased after being sharply reduced in the second half of this year due to the impact of the Covid-19 pandemic. The private home supply of 1,605 units from four confirmed list sites is 235 units or about 17 per cent more than the 1,370 units from such sites under the second half of the 2020 GLS programme, according to the figures released by the Ministry of National Development (MND) on Thursday (Dec 3). It is still below the 1,775 units from such sites under the first half of the 2020 GLS programme. The confirmed list includes one executive condominium (EC) site which can yield about 590 units. The other three sites also offer up 9,200 square metres gross floor area (GFA) of commercial space. On the reserve list are five private residential sites (including one EC site), three white sites and one hotel site. These sites can yield about 5,440 private residential units (including 700 EC units), 92,000 sq m GFA of commercial space and 1,070 hotel rooms. A total number of 7,045 private homes can thus be potentially developed on the confirmed and reserve list sites. This is 5.6 per cent more than the 6,670 units under the GLS programme for the second half of this year. The land supply was "carefully calibrated to take into account the Covid-19 and macroeconomic situation," said MND. "Given the continued uncertainties in economic and labour market conditions, the Government has decided to maintain a moderate supply of private residential units on the Confirmed List. "Nonetheless, there is a good selection of sites with additional supply in the Reserve List that developers can initiate for development if they assess that there is demand." As with the second half of this year, no new sites for predominantly commercial or hotel use will be launched for sale in the first half of 2021. A total of five residential sites, three white sites and one hotel site was carried over to the first half of next year. The GLS private housing supply from confirmed list sites in the second half of this year was cut by 23 per cent to the lowest since the second half of 2009, during the global financial crisis when no confirmed list sites were released. But the Singapore private housing market has remained resilient despite the economic downturn. Private home prices edged up 0.1 per cent in the first nine months this year compared with 2.1 per cent growth last year, and minus 5.2 per cent during the global financial crisis. New home sales from project launches were up for five straight months this year, while developers have been actively if cautiously bidding for GLS sites. "The increase in supply is a response to healthy demand in the market," said Mr Lee Sze Teck,  research director at property agency Huttons Asia. "Perhaps in cognizant that the effects of the pandemic may continued to be felt in the next few quarters, the land supply has not been bumped up more," he added. He also noted signs of more activity in the property market: The number of uncompleted unsold units has declined since the first quarter of 2019 to 26,483 units, the recent GLS tender  saw a large number of bidders and the en-bloc market witnessed  two collective sales in the span of two weeks. MND on Thursday said the Government will continue to monitor economic and property market conditions closely and "adjust the supply of future GLS programmes, as necessary." More on this topic   Related Story First EC site at Tengah, new condo site at Ang Mo Kio launched for sale   Related Story URA launches site at Farrer Park; JTC offers parcels at Sembawang, Tampines

HONG KONG (BLOOMBERG) - Fear of owning HSBC Holdings shares is turning into a fear of missing out on a major rally. Europe's biggest lender is up 51 per cent in Hong Kong since touching its 25-year low in September, and is the best-performing stock on the Hang Seng Index this quarter. Just two months ago, investors were fretting over how mounting regulatory and economic pressures would squeeze the firm's key businesses in Asia. But a lot has changed since then. British regulators have signaled they would consider softening their stance on a dividend ban imposed on banks in March at the height of the pandemic. Also, HSBC recorded better-than-expected third quarter results on cost savings while investors have piled into financial stocks as part of a sector rotation. Shares of HSBC rallied 3.7 per cent on Wednesday (Dec 2) in Hong Kong, while the Hang Seng fell 0.1 per cent. They gained 3 per cent in London. "HSBC's fortunes have improved with a US presidency change likely to ease trade and China-US tensions, as well as increasing cost savings expectations and a likely return to dividends in 2021," said Jonathan Tyce, an analyst at Bloomberg Intelligence. HSBC's Hong Kong-listed stock has punched through several major resistance levels and is now trading above its 50-day, 100-day and 200-day moving averages. Its 14-day relative strength index is at 73, a level indicating the stock is in overbought territory. China Plans The gains come after a testing period for the bank in its crucial China market. HSBC shares in Hong Kong plunged to their weakest since 1995 in September after it was seen as a possible candidate for China's "unreliable entity list" that aims to punish firms, organizations or individuals that damage national security. Chinese media blasted it over its role in the US investigation of Huawei Technologies. HSBC had also faced pressure to publicly endorse China's new security law in Hong Kong. But there are indications that the standoff with China may be easing. Last month, the Communist Party's Global Times newspaper highlighted on Twitter comments from HSBC chairman Mark Tucker about the bank's China expansion plans. China's UK ambassador Liu Xiaoming quoted the tweet supporting the move. Still, most analysts have yet to soften their stance on the bank's outlook. Just this week, Deutsche Bank and Credit Suisse Group analysts reiterated negative ratings on the firm's shares in London, according to data compiled by Bloomberg. Only six of the 31 analysts tracked by Bloomberg who follow HSBC recommend buying and 13 give it a sell. On the other hand, Citigroup raised its price target for HSBC by 24 per cent late last month saying that it's better positioned than other Hong Kong banks going into 2021 on stronger earnings recovery and an expected dividend restart. Goldman Sachs Group recommended a buy rating. HSBC has some hurdles ahead, with the ongoing pandemic forcing the firm to step up cost-cutting plans to contain debt. The firm also mulled plans to offload its US consumer franchise. Beyond the company's strengthening outlook, the bank has also been a beneficiary of investors piling into bank stocks in a move widely attributed as sector rotation. Standard Chartered has gained about 41 per cent so far this quarter, while Industrial & Commercial Bank of China is up 27 per cent in Hong Kong. More on this topic   Related Story HSBC's iconic Hong Kong lions make return in subdued city   Related Story HSBC loyalists lose faith after stock's $114 billion plunge this year

BT Podcast Special Ep 2: How a pandemic means solid growth in finance, as driven by technology Synopsis: The Business Times speaks with the Monetary Authority of Singapore's managing director Ravi Menon in a wide-ranging interview ahead of the annual Singapore Fintech Festival from Dec 7-11. This special edition will come with four exclusive podcasts for our listeners. Follow all our coverage of this year's festival at bt.sg/sffxswitch2020. In the second episode, BT's banking and finance editor Jamie Lee talks to Mr Menon about how fintech unexpectedly improved business performance and provided new jobs amidst a pandemic.  How fintech showed resilience amid Covid-19 (0:44) A new demand for tech skills in the financial sector (1:58) Helping mid-career professionals move into a new sector (3:39) How banks can better integrate between foreign talent and locals (4:56) Produced by: Jamie Lee and Lee Kim Siang Edited by: Adam Azlee Follow upcoming episodes with MAS managing director Ravi Menon on: ST & BT Podcasts channel: https://str.sg/JWVR Spotify: https://spoti.fi/2PwZCYU Apple Podcasts: https://apple.co/2Lu4rPP Google podcasts: http://str.sg/googlestbt Websites: http://str.sg/stbtpodcasts https://bt.sg/moneyhacks https://bt.sg/mark2mkt Feedback to: podcast@sph.com.sg  --- Discover more niche podcast series by ST and BT below: Follow BT Money Hacks Podcast on: http://bt.sg/btmoneyhacks Follow Health Check Podcast on: https://str.sg/JWaN Follow Asian Insider Podcast on: https://str.sg/JWa7 Follow Green Pulse Podcast on: https://str.sg/JWaf Follow Life Weekend Picks Podcast on: https://str.sg/JWa2 Follow #PopVultures Podcast on: https://str.sg/JWad Follow Lunch With Sumiko Podcast on: https://str.sg/J6hQ Follow Bookmark This! Podcast on: https://str.sg/JWas Follow #GameOfTwoHalves Podcast on: https://str.sg/JWRE Follow our shows then, if you like short, practical podcasts!

SYDNEY (AFP) - Australia has exited its first recession in almost 30 years, after official figures released on Wednesday (Dec 2) showed the economy grew 3.3 per cent in July-September compared with the previous quarter. With local transmission of Covid-19 largely under control, official data showed businesses have begun to rebound and consumer spending has surged. The Australian Bureau of Statistics said household spending largely drove the economic bounce, rising 7.9 per cent compared with the previous quarter. However, central bank governor Philip Lowe warned that positive economic indicators masked lingering difficulties. "These figures... cannot hide the reality that the recovery will be uneven and bumpy and that it will be drawn out. Some parts of the economy are doing quite well, but others are in considerable difficulty," he told lawmakers on Wednesday. Australia's central bank has predicted the country's economy will not return to pre-pandemic levels until the end of 2021. The economy has yet to fully recover from the coronavirus-fuelled recession, recording a 3.8 per cent slump for the year to September. The return to economic growth followed a record seven per cent decline in the June quarter and a 0.3 per cent dip in the first quarter of 2020. A recession is defined as two successive quarters of negative economic growth. The positive growth comes despite Victoria state -- which accounts for about 25 per cent of Australia's economic output -- spending much of the September quarter in one of the world's strictest lockdown, curtailing economic activity there. In a pattern repeated across the globe, economic shutdowns to curb the spread of the coronavirus sent Australia tumbling into recession as whole industries ground to a halt. Around a million people lost their jobs and many more were forced to take pay cuts or saw their hours slashed. In response, the government and the central bank have embarked on a vast stimulus spending programme, pumping billions into the economy to avert a full-blown depression. Last month, the Reserve Bank of Australia also cut interest rates to a record low of 0.10 per cent as it attempted to help hasten the recovery. Higher unemployment is expected to linger, with the jobless rate rising to seven per cent in October. Closed borders continue to drag on the economy, with trade detracting 1.9 per centage points from GDP in the September quarter as exports fell due to weaker demand for Australian mining commodities and travel restrictions. Wednesday's figures were roughly in line with economists' expectations, coming as Australia continues to roll back virus restrictions and open domestic borders after largely containing major outbreaks. The country has been relatively successful in its pandemic health response to date, recording just under 28,000 cases and 980 deaths.

SEOUL (REUTERS) - Electronics giant Samsung Electronics announced a small reshuffle of senior executives on Wednesday (Dec 2) without replacing its recently deceased chairman or changing top leadership positions including that of vice chairman Jay Y. Lee. Heir apparent Lee, whose father and Samsung Electronics chairman Lee Kun-hee passed away in October, is currently facing two separate trials that analysts say could land him in jail for a second time. With the trials' uncertain outcomes hanging over Lee, Samsung is seen taking its time before making big changes in leadership positions such as Lee rising to fill the vacant chairmanship, analysts said. "Practically he has been at the helm of the company for six years, since his father was hospitalised in 2014," said Park Sang-in, a professor at Seoul National University, adding that business conditions for Samsung were good and there was little need to change leadership. "At least one of the trials will have to end before Lee may change position or cast a new vision for the company." Current co-CEOs Kim Ki-nam, head of device solutions, Kim Hyun-suk, head of consumer electronics, and Koh Dong-jin, head of IT & mobile communications, retain their positions, Samsung said in a statement. Lee Jae-seung, head of digital appliance business, Lee Jung-bae, head of memory business and Choi Si-young, head of foundry business, were promoted to president. Of the trials Jay Y. Lee is a defendant in, one concerns the 2015 merger of two Samsung affiliates that helped Lee assume greater control of Samsung Electronics. The other relates to his role in a bribery scandal that led to the impeachment of a former South Korean president, and for which he has previously been jailed for a year. The latter trial in the Seoul High Court is expected to hold its final hearing this month.

SINGAPORE (THE BUSINESS TIMES) - There is "nothing unusual or improper" about the voting procedures adopted for the proposed merger of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit. Sabana Reit's manager made that point in a bourse filing on Wednesday morning (Dec 2) in response to concerns raised by the deal's key opponents, adding that the procedures apply equally to all unitholders of the trust. The voting procedures are also the same as those adopted in all Reit mergers in Singapore to date, in that unitholders - including nominee companies and custodians - were only allowed to appoint one proxy, and unitholders could only vote their units in one direction. The approach for the Sabana-ESR merger and scheme has also been adopted for schemes of arrangement relating to public takeover transactions involving Singapore-listed companies, the manager said. Sabana Reit is seeking approval for an amendment to its trust deed, to allow for the appointment of only one proxy for the scheme meeting (versus two proxies for any meeting of the Reit) by custodians. If approved at Friday's extraordinary general meeting (EGM), this amendment will be applicable for the scheme meeting later that day, when unitholders vote on the merger. Quarz Capital Management and Black Crane Capital recently raised concerns that this voting process may be stacked against their interests. The two activist funds have for months publicly opposed the controversial merger as a "panic sell" of Sabana Reit at a substantial discount. In a Nov 30 letter to the Monetary Authority of Singapore, Quarz and Black Crane flagged potential "voting irregularities" as a result of that "one-proxy rule" for custodians or nominee companies (typically banks or brokers) submitting the vote of unitholders who are their clients. The fund managers claimed that the restrictions, for custodians to submit only one proxy form, would mean that custodians cannot fully represent all unitholders' votes at the scheme meeting. They also said certain custodian banks were determining their proxy vote using either an "offsetting" or a "simple majority" rule. For example, assuming investors A and B held Sabana Reit units via a custodian bank, and A submits three votes in favour while B submits two votes against, a custodian using the "simple majority" rule would submit three votes in favour but none against the merger. And under the "offsetting" rule, the same situation described above would see the custodian submit only one vote in favour. The votes against would be offset by the votes in favour. On Wednesday, the Sabana Reit manager noted that it is not privy to and has no control over the internal processes of the nominee companies and custodians or how they take instructions from their clients. As such, it is not in a position to comment on these internal processes, the manager added. It will act upon the proxy forms that are duly completed and submitted by the unitholders, including nominee companies and custodians. "A proper process is in place to ensure that the proxy forms are counted and verified," the Sabana Reit manager said. The unit registrar, Boardroom Corporate & Advisory Services, will receive and count the proxy forms, after which the scrutineer, DrewCorp Services, will scrutinise and verify the forms. In order for the scheme resolution to be passed at Friday's scheme meeting, both the headcount condition - approval by more than half of the total number of Sabana Reit unitholders present and voting - and the value condition - approval by at least 75 per cent of the value of units voted - have to be fulfilled. The manager said on Wednesday that requiring unitholders to appoint only one proxy and to cast all the votes they use at the scheme meeting in one way ensures that each proxy submitted will count as one, under the headcount condition. "This will enable the Sabana manager to determine clearly if the Sabana unitholder is voting for or against the scheme for the purposes of the headcount condition," the manager said. The virtual EGM and scheme meeting will be held this Friday at 2pm and 2.30pm respectively, and voting is only permitted via proxy forms that have been submitted by Tuesday. Units of Sabana Reit closed at 35 cents on Tuesday, up 1.5 cents or 4.5 per cent. ESR-Reit finished unchanged at 40.5 cents.