SINGAPORE - South-east Asia's largest bank DBS has ramped up efforts to help small and micro businesses hit hard by the Covid-19 pandemic secure much-needed funding and improve the way they do business. The move is part of a broader plan to enhance its digital banking services amid greater competition from non-bank players who will soon be issued licences to carry out such services. Since March, DBS has approved nearly 10,000 loans to small and medium-sized enterprises (SMEs), it said in a statement on Wednesday (Dec 2). Of these, more than 5,000 loans totalling over $800 million went to micro enterprises, which translates to an average loan quantum of $160,000. Most of these loans were collateral-free. Ms Tan Su Shan, group head of institutional banking, told The Straits Times on Tuesday that DBS estimates there is unmet funding of about $1.2 billion to $3.2 billion for micro enterprises, or businesses with an annual revenue of up to $1 million. A study published last year by Validus Capital found that SMEs in Singapore face a financing gap of $20 billion. The fintech company had also announced it was applying for a digital bank licence. "While some micro enterprises may have flown under the radar, we're proactively reaching out to these businesses now. For us, these smaller companies would be better served digitally, end-to-end," said Ms Tan. Half of the loans given to micro enterprises since March were for customers who had no prior borrowing relationship with the bank. "This suggests a preference for micro enterprises to go with a trusted and established lender in taking out their first business loan," said DBS, which has more than 40,000 micro enterprise customers. The bank this year launched a collateral-free digital business loan of up to $200,000, to be disbursed within one working day, with no financial statements needed in the application process. Ms Joyce Tee, group head of SME banking, said micro enterprises have typically flown under the radar of lenders and may not be familiar with the support available to them, even though many have viable business models and potential to grow. "That is why we have gone out of our way to ensure micro enterprises are well-supported to weather the economic storm, and we are heartened that many businesses we supported through the early days of Covid-19 are beginning to see the green shoots of recovery." Besides loans, DBS is intensifying efforts to help firms improve their overall business operations, said Ms Tan. More on this topic   Related Story DBS says oil and gas sector accounts for biggest chunk of loans to industries hit by Covid-19   Related Story DBS supports social enterprises through $9 million in grants and loans Plans in the pipeline include a digital procurement hub that will link buyers and suppliers who have complementary needs. "It's about helping them to grow their topline with relevant data, reduce transaction costs, and putting them on trade platforms to find their supply chain and get them paid on time." "If we know that you're selling to a buyer who's our client, and through your transaction history we know that the buyer will pay you on time, we can offer you financing and hopefully at an even more competitive rate than what you would get in the market. Ms Tan added that the bank has mined and programmed its data trove to give businesses personalised advice. For example, it uses machine learning to send contextualised alerts to firms on platforms such as corporate banking portal DBS Ideal to advise them on how they can manage interest rate and foreign exchange risk, in response to real-time developments. It has also partnered the likes of IBM, NTUC Learning Hub and the Infocomm Media Development Authority to conduct webinars to help businesses in sectors most affected by the pandemic, such as tourism and food and beverage (F&B), to digitalise. More help is also on the way for specific sectors. In March, the bank launched an F&B digital relief package that enabled businesses to set up an online food ordering site in just three business days. It plans to roll out a similar package for SMEs in retail and tourism. More on this topic   Related Story DBS unveils 3rd round of coronavirus relief, including home loan deferment for individuals, $100,000 loan for SMEs   Related Story Most SMEs in S'pore confident of meeting loan repayment obligations: Survey

LONDON (NYTIMES) - The British department store Debenhams can trace its history back 242 years to a shop on Wigmore Street in central London. On Tuesday (Dec 2), it finally succumbed to the pressures of 21st-century e-commerce. After more than a year of restructuring and several months of trying to find a buyer, the company said it would begin shutting down. Debenhams is the second big retailer to topple in two days, after Arcadia Group, which owns brands including Topshop and Miss Selfridge, filed for bankruptcy protection on Monday. The two are also linked because Arcadia's brands have a big footprint in Debenhams, with sections set aside for their clothes. And so, as Christmas lights flicker above the sidewalks in Britain's downtowns and as the busiest shopping period of the year begins after a monthlong lockdown in England, the nation is watching two of its largest retailers fall. They have about 25,000 employees between them. More bankruptcies are expected, as the lockdowns have relentlessly exposed the retailers that have failed to pick up on customers' willingness to shop online. "The retail house of cards on the high street is in danger of collapse," said Susannah Streeter, an analyst at Hargreaves Lansdown. Britain's fashion retailers enjoyed a golden period and were seen for a time as a source of national pride. The Debenhams eveningwear department was a middle-class destination for all of life's major celebrations. Marks & Spencer, which announced plans during the summer to lay off nearly 8,000 workers, was a byword for quality for decades, with its cotton underwear and cashmere knits a staple of British households. In the 2000s, Topshop - once considered the jewel in the crown of Philip Green's Arcadia Group - was a genuine style authority thanks to sellout collaborations with model Kate Moss and a vast Oxford Street emporium laden with catwalk-inspired knockoffs. But these brands have suffered for years. Fast-fashion giants from overseas, like Zara from Spain and H&M from Sweden, started selling cheaper, trendier clothes. They were followed by online-only upstarts such as Boohoo and Pretty Little Thing. Geared toward young women and powered by social commerce, they offer low-priced fashion products designed to be browsed, bought and worn on social media. The pandemic has hastened the demise of brands found in Britain's high street shopping districts. For about a third of the year, clothing stores and other nonessential retailers have been shuttered to comply with lockdowns, accelerating the move to e-commerce. Since February, online clothing sales have grown 17% in Britain, while in-store sales have slumped 22 per cent. The old guard retailers and department stores that were too slow to invest in their online operations have found themselves grappling with the costs of real estate empires visited by fewer and fewer people. Even accounting for scores of closures in recent years, Debenhams has 124 department stores, while Arcadia has 444 stores for its brands in Britain. "Like Arcadia Group, Debenhams might have stood a better chance had its footprint of retail stores been smaller, but they were stuck with too many shops, on long leases they could not wriggle out of," Ms Streeter said. Many fast-fashion retailers continue to thrive throughout the pandemic because they have few or no brick-and-mortar stores. Boohoo and Pretty Little Thing generally source from British-based manufacturers in cities like Leicester. Clothes can be produced quickly and distributed faster within the country. "If you are a high street shop, you have to sell a considerable amount in order to just break even," because of high business property taxes and rents, said Stewart Perry, a partner in the insolvency and restructuring practice at Fieldfisher, a European law firm. "They are competing with a warehouse in the back-end of nowhere." This summer, Boohoo came under intense public scrutiny after reports that its suppliers in Leicester were paying workers as little as £3.50 (S$6.28) an hour. But investors had already placed their bets on Boohoo. Its share price is up 7 per cent this year, while the benchmark stock index in Britain has dropped 15 per cent. In the past five years, Boohoo's share price has risen more than 800 per cent. In a sign of its growing influence, Boohoo bought the rights to onetime British fashion retailing stalwarts Karen Millen, Coast, Oasis and Warehouse after they collapsed. By this same method, parts of Debenhams and Arcadia could still be rescued. There is speculation that Boohoo might bid for some of Arcadia's brand portfolio, particularly Topshop. In January, the consultancy Brand Finance estimated the value of Arcadia's brands to be £800 million, the bulk of which was attributed to Topshop. More on this topic   Related Story UK retail collapse of Debenhams, Arcadia threaten 25,000 jobs in 24 hours   Related Story Barely back on their feet, UK small businesses face crushing new coronavirus lockdown This week's announcements are the latest in a slow-moving decline for both companies. Last year, Arcadia entered into a so-called company voluntary agreement in Britain, where it closed stores and renegotiated debt terms, and filed for bankruptcy in the United States. In April 2019, Debenhams went into administration, wiping out some shareholders, and did it again this April. The fact that neither company has been able to survive any longer even as the government is pouring tens of billions of pounds into shoring up businesses suggests that this trend for many retail stores is irreversible. Britain's Treasury has ushered in a series of programmes, breaks in the payment of business taxes, deferrals on sales taxes, protections from evictions, wage subsidies and grants. By one gauge, the measures have worked: Company insolvencies were 42 per cent lower in October than they were a year earlier. By another, they have failed: Britain's economy is expected to decline more than 11 per cent this year, worse than almost every other advanced economy, while it has spent more than most others on its fiscal response. There are likely to be more casualties before Britain climbs out of the economic hole. "Corporate insolvencies have nearly halved at a time when obviously the economy is tanking," Mr Perry said. "There are an awful lot of insolvencies being stored up."

(THE BUSINESS TIMES) - SCCPRE Hospitality Reit Management has been named the proposed new manager for troubled Eagle Hospitality Real Estate Investment Trust (EH-Reit), which is part of the stapled group Eagle Hospitality Trust (EHT). The announcement was made a day after the Monetary Authority of Singapore (MAS) ordered EH-Reit's trustee to remove the current manager within one month and to appoint a new manager "as soon as practicable". In a bourse filing on Tuesday morning (Dec 1), DBS Trustee confirmed that it received the financial regulator's directive on Monday, and will remove the incumbent manager. As for the proposed incoming manager, that was decided following the trustee's discussions with EHT's financial adviser Moelis. They evaluated proposals from interested parties after a comprehensive request-for-proposal (RFP) process "that explored all options available to EHT to protect the interests of the stapled securityholders", said DBS Trustee. It noted that the proposed manager is wholly owned by SCCPRE Nineteen (S) Pte Ltd, and both entities are part of the SC Capital real estate private-equity group controlled and owned by Suchad Chiaranussati. The SC Capital group also includes Singapore-based SC Capital Partners, a fund manager focused on real estate investments in the Asia-Pacific; as well as the managers of two listed real estate investment trusts (Reits) in Asia, namely Japan Hotel Reit Investment Corp and Thailand Prime Property Freehold and Leasehold Reit. DBS Trustee said the RFP took place over the last three months with 15 interested parties participating, and yielded "several comprehensive proposals". The process was concluded on Oct 28, after SCCPRE Hospitality Reit Management was selected. The syndicate of lenders under the Bank of America (BofA) facilities agreement were receptive to engaging in discussions with SCCPRE Hospitality Reit Management on the proposal that the latter would be appointed as EH-Reit's new manager, the trustee said. BofA is the administrative agent for the lenders, which earlier demanded EHT repay its US$341 million loan and restricted access to several bank accounts of the Reit and master lessees. DBS Trustee on Tuesday added that the proposed manager's proposal was more compelling than the others, given the SC Capital group's track record in managing and delivering strong asset performances, including the turnaround of Japan Hotel Reit. Besides, the group has a network of relationships with hospitality players, and has shown a track record of raising capital from its financial partners for its private fund and listed Reit platforms. SCCPRE Hospitality Reit Management's proposal also displayed a focus on the long-term rehabilitation of EH-Reit, according to the trustee. The company's appointment and confirmation as the new manager is subject to it agreeing with DBS Trustee on the proposals for EHT, among other things. Other conditions include the proposed Reit manager obtaining regulatory approvals and the relevant licences, and EHT stapled securityholders giving their approval at an extraordinary general meeting (EGM). DBS Trustee said that further details relating to the proposed appointment of the manager, the latter's proposal for EHT and the resolutions to be tabled at the EGM will be provided in due course for stapled securityholders' consideration. Regarding MAS's directive to remove the current Reit manager, the trustee believes that complying with it would serve the interests of stapled securityholders, seeing as EHT's present circumstances "require that any recapitalisation and restructuring proposal (which includes the appointment of the new Reit manager) be presented to stapled securityholders as soon as reasonably practicable". MAS's directive followed a notice of intention (NOI) it issued on Oct 26, in view of multiple breaches of the Securities and Futures Act by the current manager, EH-Reit Management, as well as "serious concerns" over the manager's ability to comply with rules and regulations. The NOI gave DBS Trustee and EH-Reit Management 10 days to respond as to why the manager should not be removed. But MAS said the written submissions it received raised "no new material facts". Trading of EHT stapled securities has been suspended since March.

BEIJING (REUTERS) - Activity in China's factory sector accelerated at the fastest pace in a decade in November, a business survey showed on Tuesday (Dec 1), as the world's second-largest economy recovers to pre-pandemic levels. The Caixin/Markit Manufacturing Purchasing Managers' Index(PMI) rose to 54.9 from October's 53.6, with the gauge staying well above the 50-level that separates growth from contraction for the seventh consecutive month. Analysts polled by Reuters had forecast the headline reading would slip to 53.5. Since Covid-19 paralysed huge swathes of the economy early this year, China has seen a strong rebound in activity, helped by strict virus containment measures, infrastructure-driven stimulus, strong exports of medical supplies, and pent-up demand. Surging infections and fresh lockdowns in some of its key trading partners could dent demand for Chinese exports, which have been surprisingly resilient so far. The Caixin PMI reading was the highest since November 2010, and comes after an official gauge of factory activity, focusing more on larger and state-owned firms, rose at the fastest pace in over three years. E-commerce shopping promotions in November showed strong consumer demand, bolstering confidence for small and medium-sized firms. Economic indicators ranging from trade to producer prices all suggest a further pick up in the industrial sector. "Manufacturing continued to recover and the economy increasingly returned to normality as fallout from the domestic Covid-19 epidemic faded," Wang Zhe, senior economist at Caixin Insight Group, wrote in a note accompanying the survey release. Gauges of both total new orders and factory output marked 10-year highs. New export orders rose more modestly. The private sector survey also showed Chinese factories hired workers for the third month in a row and at a faster pace. "Supply and demand improved at the same time. Employment recovered markedly and overseas demand kept expanding," said Wang. Input and output prices both rose, with respondents to the survey citing a sharp rise in the cost of raw materials, especially metals, he said. Analysts expect China's economy to grow about 2 per cent in 2020, the weakest since 1976 but still far stronger than other major economies. More on this topic   Related Story Hubei on the cusp of a new economic boom: China Daily contributor   Related Story China's service sector recovery strengthens in October, hiring picks up "We expect the economic recovery in the post-epidemic era to continue for several months. At the same time, deciding how to gradually withdraw the easing policies launched during the epidemic will require careful planning as uncertainties still exist inside and outside China," said Mr Wang.

SEOUL (REUTERS) - Brisk global demand for South Korea's memory chips helped fuel a 4 per cent gain in its exports in November, bouncing back from a decline in October to signal a rebound from the pandemic-induced slump this year. The rate of growth was less than expected, however, as analysts had expected a 6.8 per cent jump from a year earlier. Exports stood at US$45.81 billion, slightly above October's US$44.90 billion, government data showed on Tuesday (Dec 1). Sales of memory chips soared 16.4 per cent on-year, continuing stellar growth trend as the nation's chipmakers including Samsung Electronics and SK Hynix post strong earnings. The Bank of Korea on Thursday raised its gross domestic product forecasts for this year as it sees export growth to be better-than-expected to offset risks from a third wave of coronavirus infections. "Strong sales of memory chips are leading the recovery but the pace of overall export growth could be somewhat slow until January due to the resurgence of the coronavirus across the US and Europe," said Moon Jung Hui, an economist at KB Bank. "We should see stronger pick-up in export growth from February or March, when virus concerns subside and vaccines get distributed." Of the nation's 15 major export items, shipments of 10 items, including memory chips, mobile devices, computers and cars increased in November. Imports declined 2.1 per cent to US$39.88 billion, also missing forecasts for a 0.2 per cent increase. By destination, exports to China, South Korea's biggest trading partner, gained 1.0 per cent on-year. More on this topic   Related Story South Korea export recovery continues with daily shipments rising   Related Story South Korea's 20-day exports return to growth for first time in 6 months

(THE BUSINESS TIMES) - CapitaLand has divested three malls in Japan and an office building in Korea for a total of $448.7 million, as part of its ongoing portfolio reconstitution strategy, it said Tuesday morning (Dec 1) in an exchange filing. It also announced that it has made its first foray into Japan's logistics sector, entering into a joint venture with Mitsui & Co Real Estate, with CapitaLand as the majority partner, to develop and operate a logistics project in Greater Tokyo. The divested properties in Japan are La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, as well as CO-OP Kobe Nishinomiya Higashi in Greater Osaka, which were sold for a total of 21.99 billion yen ($283.6 million). It also divested ICON Yeoksam in Seoul for 142.2 billion won ($165.1 million) in August this year. The office building was held through a private fund, Ascendas Korea Office Private Real Estate Investment Trust (REIT) 5. CapitaLand remains the asset manager of ICON Yeoksam and will continue to receive fee income. CapitaLand said the divestments were done above valuation, and the buyers are unrelated third parties. Post divestment, CapitaLand will retain $3.8 billion of assets under management (AUM) in Japan and $2 billion of AUM in Korea. With the divestments, the total gross value of divestments by CapitaLand and its real estate investment trusts (Reits) would be $3.02 billion, crossing its annual target of recycling $3 billion of capital. CapitaLand and its Reits have invested more than $3.3 billion into new assets as at end-November. "The divestment of these mature malls and office asset is part of CapitaLand's capital recycling strategy to unlock value by reinvesting the capital into new growth opportunities such as the logistics sector in Japan," said Jason Leow, president, Singapore & International, CapitaLand Group. "By paring down our exposure in Japan's retail sector and leveraging our logistics experience in markets such as Singapore, Australia and the United Kingdom to expand into the new economy sector in Japan, we are responding swiftly to shifting market trends and consumer behaviours, positioning CapitaLand for future growth," he added. CapitaLand's new logistics venture in Japan is close to Central Tokyo, and is expected to be completed in Q4 2022. The four-storey logistics facility will have a gross floor area of about 24,000 sq m. Gerald Yong, chief executive officer, CapitaLand International, said the logistics sector in Japan presents "significant opportunities" for CapitaLand. "The global pandemic has accelerated the growth of e-commerce and the logistics sector has been a prime beneficiary of this trend," Mr Yong said. "We aim to achieve meaningful scale over time by leveraging Mitsui & Co Real Estate Ltd's local knowledge and access to business opportunities to grow our logistics portfolio in Japan." CapitaLand shares closed at $3.13 on Monday, down one cent or 0.3 per cent. More on this topic   Related Story CapitaLand to grow investments in China business parks, logistics and data centres   Related Story CapitaLand flags 'materially adverse' hit on full-year results from Covid-19

(THE BUSINESS TIMES) - Keppel Corp's property arm, Keppel Land, is divesting its remaining 30 per cent interest in Dong Nai Waterfront City (DNWC) for about 1.95 trillion dong (S$115.9 million) in cash. The transaction follows the divestment of Keppel Land's 70 per cent stake in DNWC to Nam Long Investment Corporation (NLG), which was announced in 2019. DNWC has the right to develop a 170-hectare township in Dong Nai Province, Vietnam, Keppel Corp said in a press statement on Tuesday (Dec 1). The buyer is NLG, which will pay the consideration in two tranches upon completion of the deal. With the divestment of this remaining 30 per cent interest, Keppel Land expects to recognise a gain on disposal of about $52.5 million. The deal is expected to be completed in the first half of 2021, subject to certain conditions being fulfilled, including the issuance of a new enterprise registration certificate by the relevant Vietnamese authorities, Keppel Corp noted. Mr Joseph Low, general director of Keppel Land (Vietnam) said: "The divestment of Dong Nai Waterfront City is in line with Keppel's plan to monetise identified assets and apply the balance sheet space that is released for new growth opportunities under its Vision 2030." He added that Keppel Land will continue to expand its presence in Vietnam which is a key market, and contribute to the country's sustainable urbanisation. Based on Keppel Corp's latest audited financial statements, had the proposed divestment been completed on Dec 31, 2019, the net tangible assets per share as at end December would have increased to S$5.28 from S$5.25. Keppel Corp shares closed at $5.07 on Monday, down 17 cents or 3.2 per cent. More on this topic   Related Story Keppel Corp's business units get new leaders   Related Story Keppel Land and Sustainable Singapore Gallery launch exhibitions about rising sea levels

SINGAPORE - The residential property market has proven to be one of the few recession-proof sectors amid a pandemic that has plunged the Singapore economy into its worst-ever contraction. Analysts say this is due in large part to a slew of cooling measures to curb speculation and ensure that home buyers do not over-leverage, coupled with massive government stimulus to save jobs and prop up the economy. 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 - Several large companies are helping small and medium-sized enterprises (SMEs) stay afloat as the coronavirus outbreak continues to take a toll on their finances and operations. The initiatives involve providing much-needed relief and training to firms at a time when some government assistance tapers off as the economy gradually reopens. American software company Salesforce has partnered the Singapore Business Federation (SBF) to hand out $960,000 in cash grants to eligible SMEs. The programme is expected to benefit 120 firms, which will each receive a grant of $8,000. They can use the funds for their immediate cash-flow needs, such as rent and operating costs, to pay staff wages and to upgrade their skills or to digitalise. Singapore-registered SMEs with at least 30 per cent local shareholding, an annual revenue of $150,000 to $2 million, and who employ between five and 50 employees, are eligible to apply. Applications opened last Monday and close on Dec 23. Firms can go to this website to find out more. Salesforce Singapore vice-president and general manager Cecily Ng said it is the right time for Singapore businesses to tap the grant money to fuel growth, given the economy is beginning to recover. "This also presents a critical opportunity for larger and more established businesses to step in and give SMEs the support and resources they need to overcome challenges posed by Covid-19 and speed business transformation," she said. Meanwhile, financial services firm American Express is helping to drive foot traffic back to stores by bringing its global Shop Small campaign to Singapore. Card members can get $5 cashback when they spend at least $10 at participating businesses from tomorrow, for up to three times. Around 2,000 businesses - at 11 CapitaLand malls and in areas such as Kampong Glam and Telok Ayer - are participating. American Express, which has committed US$200 million (S$268 million) worldwide for its Shop Small campaigns, did not disclose how much it has set aside for the initiative here. Mr Elroy Lim, vice-president and general manager for merchant services at American Express in Singapore, said: "While Shop Small encourages people to spend, we want them to consider where they spend, not how much they spend, and to place more emphasis on spending on local businesses." Home-grown pastry shop Tong Heng is among the shops featured in the campaign. General manager Ana Fong said Tong Heng's main challenge as a traditional small business has been to evolve to stay relevant. The shop had to cease operations for three weeks during the circuit breaker and was lucky that it had adopted a digital strategy in recent years that allowed it to update customers, added Ms Fong. More on this topic   Related Story Most SMEs in S'pore confident of meeting loan repayment obligations: Survey   Related Story Small business to get help in restructuring debts under two new schemes SMEs - generally defined as companies with an annual turnover of less than $100 million or fewer than 200 staff - form a significant part of Singapore's economy, accounting for about 99.5 per cent of the country's enterprises and 70 per cent of the workforce. Besides financial assistance and incentives for shoppers, some companies are helping SMEs reinvent themselves through technology. GrabFood Singapore senior director Dilip Roussenaly said: "Even as the economy gradually reopens, we believe that the current challenges faced by SMEs such as resource limitations and the lack of know-how in the digital arena will persist." Grab's recent initiatives to address this digital gap include its Grab Merchant Academy, an online training programme launched in September with modules for businesses in areas such as online store management, menu optimisation and online marketing. Firms can access these modules through the GrabMerchant app. More on this topic   Related Story New programme launched to help SME leaders in Singapore drive transformation, growth efforts   Related Story Bigger grants, expanded loan schemes to help firms transform during Covid-19 pandemic: Chan Chun Sing Efforts by larger companies to offer a lifeline to SMEs come as some government assistance for these firms tapers off in the coming months. Support measures were earlier extended to allow businesses in sectors most affected by the Covid-19 outbreak to defer 80 per cent of principal payments on secured loans granted to them by banks or finance companies, until June 30 next year. Firms in other sectors can apply to defer 80 per cent of such payments until March 31 next year. Loans granted under Enterprise Singapore's enhanced working capital loan scheme and temporary bridging loan programme are also eligible for deferment.

SINGAPORE - Sophie's Bionutrients, a Singapore-based start-up, has been working on plant-based protein flours that can be used to make milk alternatives or energy beverages. Its co-founder and chief executive Eugene Wang, 51, shared that the market for plant-based liquids is more accessible than the one for meat alternatives, given that plant-based milk does not require the same extensive research and development that meat-like products do. 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.

Sophie's Bionutrients, a Singapore-based start-up, has been working on plant-based protein flours that can be used to make milk alternatives or energy beverages. Its co-founder and chief executive Eugene Wang, 51, shared that the market for plant-based liquids is more accessible than the one for meat alternatives, given that plant-based milk does not require the same extensive research and development that meat-like products do. 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.

We are in the midst of a digital boom. Consumers have rapidly moved to online or mobile channels, with the Covid-19 pandemic speeding this shift. Companies have doubled down on their digital transformations to better interact with the newly minted digeratis. A record number of digital banking transactions are taking place in the banking and financial services sector, even among senior citizens. Every swipe on a mobile device or click of the mouse builds up data that organisations can distil. 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.

By the time you read this, you might have already spent quite a bit of money shopping for great deals in the Black Friday sale, and there is still Cyber Monday to come. Christmas is just weeks away, so now seems as good a time as any to splurge with a vengeance. 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.

(BLOOMBERG) - Should you give money to your parents? As your parents get older and you get more established, they may turn to you for financial support. And now may be the time older people need help. 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.

Despite a recent uptrend in business formations in Singapore, entity closures are also expected to rise in the coming months, experts told The Sunday Times. Around 35,400 were deregistered between January and October - lower than the average of 41,100 seen over the same 10-month period between 2015 and last year, according to data from the Accounting and Corporate Regulatory Authority (Acra). But Mr Gerard Toh, partner at professional services firm KPMG, expects closures to rise in the coming months, given that initiatives such as the Jobs Support Scheme and debt moratoriums are tapering off. Brick-and-mortar retailers, firms that have yet to explore digitalisation, and those which are subject to limits on physical crowds, are more likely to close, he added. The recently-introduced Simplified Insolvency Programme, which helps companies that are no longer viable to wind up efficiently, is also expected to make it easier and cheaper for some micro and small firms to exit the market. The Acra data may not have fully reflected the current slate of declining businesses, said Professor Wong Poh Kam of the National University of Singapore. He pointed out that winding up a company could take up to a year, as debts and legal obligations need to be settled before the firm can be deregistered. In some cases, the process could take several years, he added. Mr Tee Wey Lih, director at restructuring specialist Acres Advisory, said winding up micro companies with annual revenue of less than $1 million usually takes nine months to a year. While his firm has not seen an increase in closures in the second half of the year so far, he added that there was a significant increase in inquiries this month, especially from the retail and food and beverage sectors. The businesses ranged from start-ups to more established organisations, and most of them had cash-flow issues, Mr Tee noted. "With so much uncertainty, the owners are not prepared to inject capital to sustain the businesses," he added. More on this topic   Related Story Cadet pilot and friends aim to inspire next generation of aviators   Related Story Covid-19 situation pushed fresh grad onto entrepreneurship path

When project engineer David stumbled on the chance to buy a second-hand car without down payment, he felt that it was too good a deal to miss. David (not his real name) was earning about $4,500 a month and could not afford a new car, as he would need to pay cash for at least 30 per cent of the price. 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.

A one-year stint in Stockholm where he worked for medical technology firm Meloq and was exposed to budding entrepreneurs inspired Mr Yap Jun Yi to strike out on his own - a decision which he says was made easier with the coronavirus pandemic. The 25-year-old is one of five co-founders of personal finance company Taby Technologies, and the only one working full-time at the start-up. His co-founders, aged 24 to 29, are either studying or have other full-time jobs. The Covid-19 situation gave him "more assurance" to start his own business, said Mr Yap. "I'm going to give myself a year, till probably the end of next year, to see where this business is going to take me, and whether I want to continue with it or not," he said. "I think the current situation gave me the assurance to pursue my entrepreneurship passion." Many of his friends are on traineeships, and most of his peers would prefer the stability and security of a full-time job, instead of making it on their own fresh out of university. "But when I asked myself whether I would regret not pursuing this opportunity five years from now, I think I would," he said. The start-up received a capital grant of $30,000 from Startup SG Founder, said Mr Yap, who graduated with a mechanical engineering degree from the National University of Singapore earlier this year. The programme, which is overseen by government agency Enterprise Singapore, helps first-time entrepreneurs get their businesses off the ground through capital support and mentorship. The firm is working on a savings tracker that helps children keep track of their savings, with different segments to save for various reasons, such as a future trip. It intends to expand the app so that there is a social aspect to the savings journey, as well as for parents to come onboard so that they can keep track of their children's savings. The start-up will also implement a rewards programme for parents to incentivise the savings process, Mr Yap added. The app has had its beta launch and a fuller roll-out is scheduled for next month. More on this topic   Related Story Cadet pilot and friends aim to inspire next generation of aviators   Related Story More firms tipped to close in coming months, say experts

The office may never reach its past heights in the post-pandemic world, but the outlook for Singapore and Hong Kong offices is promising. Relatively small homes in these cities, short commutes to work and new tech firm tenants bode well for property trusts that focus on these markets. Domestically focused real estate investment trusts (Reits) in these hubs have outperformed their peers in Australia and Japan this year, and continue to rise on the back of a rotation to economically sensitive stocks. Hong Kong's Champion Reit, whose tenants include Citigroup, Singapore's Keppel Reit and Mapletree Commercial Trust, has beaten baskets of equally weighted trusts in Australia and Japan, according to Bloomberg-compiled data. To be sure, no one expects Singapore and Hong Kong offices to be left unscathed from the pandemic. Companies like Citigroup, Mizuho Financial Group in Singapore and Macquarie Group in Hong Kong are giving up office space as demand wavers and they confront a future of some remote work. Singapore's vacancy rates have already risen to 4.9 per cent in the third quarter from 3.3 per cent a year earlier, while the rates for Hong Kong's Grade A office spaces were up at 9 per cent in September from 6.1 per cent over the same period last year, according to data from Colliers International Group. But these cities have kept the coronavirus under relative control. Unlike London or New York, these cities do not have a significant hinterland of suburbs where workers can flee to. That is probably why their Reits are just about 13 percentage points from erasing losses this year, while Australian and Japanese office Reits are down an average of 24 per cent. Singapore's office market is likely "in one of the best positions" globally because living spaces are small, supply is tight and tech companies are increasingly looking to the country for office space, said Mr Shern-Ling Koh, a portfolio manager at Principal Real Estate Investors. He said that after Singapore's office Reits, he likes those of Hong Kong and then Tokyo, in that order. Hong Kong's imposition of a controversial national security law this year is drawing firms to Singapore, while tech giants like China's Tencent Holdings and Amazon.com are setting up regional headquarters in the South-east Asian city. "These incoming office-space users from these newer industries should offset what Singapore may lose in others," said Singapore-based fund manager Yoojeong Oh of Aberdeen Standard Investments Asia. It helps that Reits in these two cities are relatively cheap, while offering attractive dividend yields, especially when compared with bond yields. Analysts estimate Keppel Reit and Mapletree Commercial will yield 5.4 per cent and 4.1 per cent for the 2021 fiscal year respectively, while Champion Reit will offer 5.3 per cent. Mr Joachim Kehr, portfolio and regional manager for Asia-Pacific at Centersquare Investment Management, said: "Remote working will remain prevalent for some time, but the long-term demise of the office is an illusion and it's a good time to buy office Reits in Singapore and Hong Kong." BLOOMBERG

Gold prices were yesterday set for a third straight week of declines as growing optimism over a coronavirus vaccine drove investors into traditionally riskier assets and out of the safe-haven metal. Spot gold fell 0.2 per cent to US$1,807.86 per ounce in early trading yesterday. US gold futures were steady at US$1,806. Bullion was set to fall 3.3 per cent on the week. Asian shares stalled near record highs yesterday as AstraZeneca faces tricky questions about the success rate of its vaccine candidate that could hinder its chances of getting speedy United States and European Union regulatory approval. "For the markets, I don't think that (doubts over the effectiveness of a vaccine) changes the perception there's going to be a vaccine coming sooner than previously expected," said IG Markets analyst Kyle Rodda. Investors are starting to buy into the narrative that the economic recovery is going to gather steam next year and that is driving investors to liquidate gold holdings, he added. On the technical front, support for gold remains intact at US$1,800 an ounce, while silver continues to see supportive interest near the psychological US$23 level, MKS PAMP said in a note. Raising the prospect for further stimulus, the European Central Bank's chief economist warned that tolerating "a longer phase of even lower inflation" would hurt consumption and investment. Gold has gained 19.2 per cent this year, driven by large stimulus measures that raised concerns of inflation, against which the metal is considered a hedge. "With real interest rates remaining considerably low, the dollar structurally weak, and with the upcoming selection of (Janet) Yellen as the next US Treasury Secretary, the longer-term appeal of gold as safe haven would remain good," Phillip Futures senior commodities manager Avtar Sandu said. Silver fell 1 per cent to US$23.21 per ounce. Platinum dropped 0.7 per cent to US$954.93 and palladium was 0.5 per cent higher at US$2,394.02. Meanwhile, bitcoin and other digital peers steadied after posting some of the biggest declines since the onset of the pandemic. Investors are starting to buy into the narrative that the economic recovery is going to gather steam next year and that is driving investors to liquidate gold holdings.   A day after tumbling 9.7 per cent, bitcoin edged higher to US$17,050 at 9.05 am in London. Ethereum was steady at US$514.50, while XRP rose 3 per cent to 53.65 US cents. Fears over tighter cryptocurrency regulations and profit-taking after a frenetic rally were among the reasons cited for Thursday's sell-off. "After big rallies in shares and various other assets, they are all vulnerable to a bit of a pause," said head of investment strategy Shane Oliver of AMP Capital Investors in Sydney. REUTERS, BLOOMBERG

Singapore's service sector reported a 9.5 per cent year-on-year drop in receipts in the third quarter, although receipts improved on a quarterly basis compared with the second quarter - the Republic's circuit breaker period - according to the Singapore Department of Statistics (SingStat) yesterday. The third-quarter performance marks a smaller contraction than that seen during the second quarter's year-on-year decline of 13.4 per cent. All industries except information and communications services registered lower business receipts year on year, said SingStat. The figures exclude wholesale and retail trade and accommodation and food services. On a quarter-on-quarter non-seasonally adjusted basis, however, overall business receipts grew 5.4 per cent in the third quarter, compared with the low base of activities due to circuit breaker measures imposed during Singapore's partial economic shutdown in April and May. All industries except financial and insurance reported higher revenue quarter on quarter, SingStat said. Among all the categories, recreation and personal services saw the largest drop of 41.3 per cent in revenue, attributed mainly to companies in the attractions segment. On a quarterly basis, however, this category surged 137 per cent from the second quarter, when most attractions and sports facilities were closed. Transport and storage saw the next biggest decline in revenue at 21.6 per cent year on year, largely due to the disruption affecting the air transport segment amid the Covid-19 pandemic. But they saw a quarterly improvement of 3.6 per cent from the second quarter. Business services took 14 per cent less revenue year on year, but on a quarterly basis, receipts rose 7.2 per cent. Firms in the professional services, such as those providing legal, business and management consultancy and architectural and engineering services, registered lower revenue owing to weaker demand for their services, SingStat said. Among all the categories, recreation and personal services recorded the largest drop of 41.3 per cent in revenue, attributed mainly to the firms in the attractions segment.   Although health and social services reported a 1.8 per cent year-on-year drop in receipts, revenue jumped 15.8 per cent quarter on quarter, with hospitals resuming non-urgent elective surgery in the third quarter. Information and communications services appear to be the brightest spot, registering both yearly and quarterly growth. Revenue rose 3.5 per cent year on year and 5.6 per cent quarter on quarter. This was mainly because software publishers and firms engaged in information service activities such as Web hosting and Web portal services saw a rise in demand for their services, SingStat said. THE BUSINESS TIMES