NEW YORK (REUTERS) - US stocks closed higher in a choppy session on Monday (Nov 23) as hopes for a Covid-19 vaccine lifted economically sensitive sectors such as energy and industrials, but a pullback in megacap shares curbed gains on the S&P 500 and Nasdaq. Cyclicals led gains, with energy ahead by more than 6 per cent while industrials and financials each rose more than 1 per cent, as data showed monthly business activity expanded at the fastest rate in more than five years. Energy shares got a boost from another gain in oil prices, which have risen on anticipation a vaccine will help demand recover. "It's Monday vaccine trade day," said Ken Polcari, managing partner at Kace Capital Advisors in Jupiter, Florida. "As they move out of those growth names, it's still this continued move into larger cyclical, value names, which is why you see the Dow performing so well and the Nasdaq under some pressure." Declines in technology and tech-related heavyweight names such as Apple Inc and Netflix Inc muted gains as investors rotated out of stocks seen as safe bets following a coronavirus-led crash earlier this year. Major averages got a late boost after the Wall Street Journal reported US President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to be the next Treasury secretary. "A known commodity in an uncertain situation is a potential boon for the market," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. "The Treasury is probably more important than congress in getting the next stimulus package through. This removes a huge roadblock." Unofficially, the Dow Jones Industrial Average rose 291.48 points, or 1 per cent, to 29,554.96, the S&P 500 gained 15.67 points, or 0.44 per cent, to 3,573.21 and the Nasdaq Composite added 12.95 points, or 0.11 per cent, to 11,867.92. Evidence of high efficacy rates in experimental Covid-19 vaccines had lifted the S&P 500 to a record high this month and brought the blue-chip Dow close to breaching 30,000 points for the first time, breathing new life into cyclical stocks that were beaten down during the recession. AstraZeneca Plc on Monday became the latest major drugmaker to say its vaccine could be around 90 per cent effective, while the US health regulator is likely to approve in mid-December the distribution of Pfizer Inc's vaccine. More on this topic   Related Story Oxford and AstraZeneca Covid-19 vaccine up to 90% effective in trials   Related Story Dosing error turns into lucky punch for AstraZeneca and Oxford Volume is expected to be on the lighter side given a trading week shortened by the Thanksgiving holiday on Thursday. Sentiment was dented by new lockdowns to contain a surge in coronavirus infections. Nevada on Sunday tightened curbs on casinos, restaurants and bars, while imposing a broader mandate for face-coverings over the next three weeks. Hopes of more monetary stimulus were dampened after Treasury Secretary Steven Mnuchin last week pulled the plug on some of the Fed's pandemic emergency lending programs. More on this topic   Related Story Biden to name longtime aide Antony Blinken as Secretary of State   Related Story Trump faces rising pressure from allies to concede election to Biden Richmond Federal Reserve Bank President Thomas Barkin said on Monday that households could struggle over the next several months without more government aid to provide support until a vaccine becomes widely available. Tesla Inc shares surged closer toward hitting US$500 billion (S$671.89 billion) in market capitalisation ahead of its inclusion in the S&P 500 next month.

SINGAPORE - While Singapore is turning the corner in its economic recovery, it still has a long way to go as it adapts to the new realities of the Covid-19 world, said Trade and Industry Minister Chan Chun Sing on Monday (Nov 23). The improvement in Singapore's economy in the third quarter of 2020 shows that the Republic is on the right path, he said. Singapore's economy beat estimates as it shrunk 5.8 per cent year on year in the third quarter, better than the 13.3 per cent decline seen in the previous quarter, which was also Singapore's worst quarterly performance on record. Speaking at a media briefing, Mr Chan outlined four factors which will impact the pace of economic recovery domestically and globally - two of which are within Singapore's control. The country's coronavirus infection rates and the ability of its businesses and workers to pivot and adapt to the Covid-19 world are within its control, he noted. "If we are able to continue to keep our infection rates low, we will be able to resume more activities and increase our interactions with the rest of the world. This will require the continued cooperation of our people to adhere to the prevailing measures," Mr Chan said. But global developments - the geopolitical dynamics between big countries such as US and China, and the recurring waves of infection happening globally - are outside Singapore's control, he noted. "We do not yet know how the new US administration will approach its relations with China. But we hope both sides will dial down tensions and return to a more open and inclusive global economic order," Mr Chan said, adding that the path forward lies in greater interdependence rather than independence. Meanwhile, recurring waves of infection abroad, leading to new and more frequent lockdowns, will also have a knock-on effect on global demand which will affect export-oriented economies like Singapore, he said. More on this topic   Related Story Singapore economy shrank 5.8% in Q3, better than estimate; 4% to 6% growth forecast for 2021   Related Story Singapore raises trade forecasts for 2020; non-oil exports up 6.5% in Q3 "So long as we manage the controllable factors well, and mitigate the risks of those beyond our control, I believe we can recover more quickly," Mr Chan said. Singapore now has the testing capabilities, isolation facilities and healthcare capacity to manage risks from imported cases, to ensure they do not infect the local community, which will allow Singapore to open its borders more, he said. This would allow more Singapore-based residents and workers to travel overseas for work, and for the necessary professionals and workers who drive the Republic's economy and support its social services to come in. In addition, Singapore will also be able to progressively host more significant meetings, incentives, conferences and exhibitions (Mice) events to maintain its position as a leading business node, Mr Chan highlighted, adding that he will share more on this at the TravelRevive trade show on Wednesday. "The number of imported cases may rise, but the risk to the local community will be mitigated," he said. Mr Chan said it is only a matter of time before Singapore's economy returns to pre-Covid-19 levels in terms of economic numbers, but the qualitative aspect of its recovery is more important, given how the economy would have changed permanently, such as in supply chain patterns and the surge in digitalisation and technological advancements. Singapore's economic measures must keep pace with the demands of the market, which is why it is imperative to help businesses and workers move towards new areas, he added. The Government's support measures towards businesses and workers will also pivot, he said, noting that it is "not possible" for the Government to indefinitely support business models that are no longer relevant and competitive in a Covid-19 world. "Going forward, our support must be more targeted and focus on positive outcomes for our businesses and workers," he said, adding that the authorities will help businesses strengthen existing capabilities and build new ones, expand into new overseas markets, as well as digitalise and access new opportunities through online platforms. Addressing questions on the delay to the Singapore-Hong Kong air travel bubble which was announced on Nov 21, Mr Chan said that the joint decision was made within the parameters of the agreement framework that both cities had agreed on. Explaining the process, he said: "As and when there are new information available (from) both sides, we will share with each other, and once we look at those numbers, we apply the framework and we make a joint decision." More on this topic   Related Story HK, S’pore to decide in December on new date for travel bubble flights postponed over HK Covid-19 cases   Related Story Singapore likely to rebound from recession, achieve 7 per cent GDP growth in 2021: Report

SHANGHAI (REUTERS) - A broad gauge of Asian shares edged up to record highs on Monday morning (Nov 23) as hopes for imminent coronavirus vaccines buoyed investor sentiment, but worries over the impact of economic lockdowns and uncertainty over US stimulus capped gains. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.38 per cent, pushing past a previous record high touched on Friday. Trading activity was thin early in the Asian day, with Japanese markets closed for a holiday. Nikkei futures added 0.2 per cent to 25,785 and Seoul's Kospi was 0.8 per cent higher. Singapore's Straits Times Index was up 0.9 per cent at 9.41am local time. The regional index also got a boost from Australian shares which gained 0.8 per cent as the country eased some Covid-19 restrictions. most of the country has seen no new community infections or deaths in several weeks. In contrast, in the United States - where Covid-19 infections are quickening, total cases topped 12 million over the weekend and more than 255,000 have died - many hopes are focused on rapid vaccine rollouts. A top government official of the US government's vaccine development effort said Sunday that the first vaccines could be given to US healthcare workers and others recommended by mid-December. Apart from the impact of pandemic-related lockdowns, many investors have taken a dim view of the slow pace of progress over stimulus to boost the US economy. US Treasury Secretary Steven Mnuchin said on Thursday that key pandemic lending programs at the Federal Reserve would expire on Dec. 31, putting the outgoing Trump administration at odds with the central bank and potentially adding stress to the economy. "Discussion is only beginning and may take some time if the recent partisan disagreements over the composition and magnitude of fiscal spending are any indication," analysts at ANZ said in a note. US e-mini futures for the S&P 500 were 0.25 per cent higher at 3,563 on Monday after US shares slumped on Friday on a combination of dwindling aid for the US economy and rising novel coronavirus infection rates. The Dow Jones Industrial Average dropped 0.75 per cent, the S&P 500 fell 0.68 per cent and the Nasdaq Composite ended down 0.42 per cent. In currency markets, the dollar softened 0.06 per cent against the yen to 103.79, while the euro gained 0.16 per cent on the day to US$1.1872. More on this topic   Related Story First Americans could get Covid-19 vaccine by mid-December, says top US health official   Related Story Moderna to charge govts $34 to $50 for vaccine dose The dollar index, which tracks the greenback against a basket of six major rivals, nudged down to 92.278. US crude rose 0.07 per cent to US$42.45 a barrel and global benchmark Brent crude rose 0.33 per cent to US$45.11 per barrel. Spot gold rose 0.11 per cent to US$1,872.63 per ounce.

SINGAPORE (THE BUSINESS TIMES) - Keppel Corp on Monday (Nov 23) announced a slew of leadership changes at a few of its key business units including the property, infrastructure and investment arms. Taking effect from Feb 15 next year, the changes are part of the conglomerate's succession planning and leadership renewal. These "next generation" leaders are part of the team that formulated the group's Vision 2030 plan that was unveiled in May this year. They are "ready to take on bigger roles and I am confident that they will bring new ideas and perspectives to our business units and lead them on their growth trajectories in pursuit of Vision 2030", said Loh Chin Hua, chief executive officer (CEO) of Keppel Corp and chairman of Keppel Infrastructure and Keppel Land. Keppel Land's chief operating officer (COO) Louis Lim will succeed Tan Swee Yiow as the unit's CEO. Mr Lim, 48, had been Keppel Corp's director of group strategy and development and concurrently Keppel Technology and Innovation's managing director. Before joining the group, Mr Lim was a partner with Bain & Co. Keppel Land's current CEO Mr Tan will be appointed senior managing director of urban development at Keppel Corp, and remain on the boards of Keppel Land and Keppel Reit Management. Keppel Infrastructure CEO Ong Tiong Guan is retiring and will be succeeded by Cindy Lim, who is Keppel Corp's director of group corporate development and Keppel Urban Solution's managing director. Ms Lim, 43, has held a range of leadership roles in the group, including general manager of group human resources and Keppel Infrastructure's executive director of infrastructure services. The group will announce the appointment of a new head of Keppel Urban Solutions in due course, to replace Ms Lim. Meanwhile, Dr Ong, who has spent more than two decades with the group, will be named an adviser. He will remain on the board of Keppel Infrastructure. Under Dr Ong's leadership, Keppel Infrastructure became "a growing pillar of recurrent earnings for the group, while contributing to a more sustainable world", said Mr Loh. Keppel Capital Alternative Asset's (KCAA) CEO Bridget Lee will be concurrently appointed COO of the group's asset management arm Keppel Capital. At KCAA, she spearheads Keppel Capital's efforts to invest in new platforms and initiatives. Ms Lee, 49, has over 20 years of experience in investment, corporate finance as well as mergers and acquisitions (M&A) in investment companies and financial institutions in Asia and the US. Before joining the Keppel group, Ms Lee spent more than 12 years with Mapletree Investments and Temasek Holdings. More on this topic   Related Story Keppel posts significantly lower net profit for Q3 Keppel Land China's president Ben Lee will be concurrently named Keppel Land's COO, succeeding Mr Lim. Mr Lee, 48, has worked in the real estate industry, especially in China, for more than 15 years. Keppel Corp will also get a new director of group M&A in Chua Hsien Yang, who is CEO of Keppel DC Reit Management at the moment. Mr Chua, 43, has extensive experience in the real estate fund management and hospitality industries. In his new role, he will drive Keppel Corp's "sharpened and more disciplined M&A strategy and refocus the group's portfolio on sustainable urbanisation solutions, as part of Vision 2030", the company said. Subject to regulatory approval, Anthea Lee, 46, deputy CEO and head of investment at Keppel DC Reit's manager, will take over as CEO there. Leadership positions in the group that remain unchanged include Keppel Offshore & Marine's CEO Chris Ong and the unit's chief financial officer Kevin Chng, as well as Keppel Reit Management's CEO Paul Tham. They were among business leaders that were involved in charting Vision 2030. Shares of Keppel Corp rose two cents or0.4 per cent to $5.17 on Monday after tghe announcement.

SHANGHAI (BLOOMBERG) - The headwinds that toppled Ant Group's initial public offering now threaten a US$22 billion (S$29.5 billion) dream of China's Ping An Insurance (Group) - to pivot from a finance group to a tech giant and be valued like one. While Ping An's Lufax Holding, which offers wealth management and retail lending services, was able to complete its US IPO days before new Chinese rules torpedoed Ant's US$35 billion sale, the stock has given up early gains and is now a target for short sellers. Renewed threats by US regulators to delist Chinese stocks also threaten Ping An's plans to take more of its in-house start-ups public. Ant's IPO suspension "fundamentally changed near-term investment appetite" for Chinese fintech stocks, with Lufax as "the community's No. 1 consensus short," according to a Nov 5 report from Procensus, which polled 84 global investors managing US$15.3 trillion. Short interest represented about 34 per cent of Lufax shares outstanding as of Nov.17, up from just 5 per cent when the Ant deal was pulled, according to data compiled by IHS Markit. Ping An owns about 39 per cent of Lufax after the IPO. China's tightening grip on fintech firms and an antitrust crackdown complicate Ping An's bid to lift its valuation closer to those garnered by tech giants like Alibaba Group Holding and Tencent Holdings. The Shenzhen-based finance firm, which gets three-quarters of its revenue from insurance, trades at about 10 times 2019 earnings; Alibaba's ratio is six times higher. Ping An has pledged to plow more than US$22 billion into research from big data to blockchain to make it more "tech" than "fin," while carving out some of its units through public listings to maximize value. Ten start-ups The finance group has developed at least 10 start-ups in recent years after using technology to improve its traditional insurance and banking services. The units, including publicly traded health-care portal Ping An Healthcare & Technology and fintech provider OneConnect Financial Technology, are aligned in five groups targeting finance, health, real estate, autos and urban life. China's move to place lending limits and boost capital requirements on fintech firms presents headwinds for the tech units, which also face threats in the US The Securities and Exchange Commission intends to propose a regulation this year that would lead to the delisting of companies for not complying with US auditing rules, people familiar with the matter have said. Lufax plunged 23 per cent on the Bloomberg News report Tuesday, paring gains to 8 per cent since its IPO last month. OneConnect fell 3.1 per cent, though it has still doubled this year. Ping An Healthcare was little changed last week in Hong Kong and has gained 78 per cent in 2020. The rapidly evolving regulatory framework for fintech firms and other issues like data privacy could delay the IPOs of Ping An's other units, according to Sanjay Jain,Singapore-based head of financials at Aletheia Capital. "Big tech will have to contend with growing regulatory oversight in various aspects, it is a global trend and unavoidable," he said. Other units that Ping An intends to take public include Ping An Smart City and Ping An HealthKonnect, which provides management tools for hospitals and other health-care businesses. "Ping An's pace of spinning off its tech subsidiaries in the past four years has not been as smooth as it originally guided the market, if we look at both the number of IPOs and their valuations," said Leon Qi, a Hong Kong-based analyst at Daiwa Capital Markets. Investors have yet to fully realize what technology can bring to Ping An, not just the value from IPOs, but synergies with its core business, executives including former Co-CEO Lee Yuan Siong have argued in recent years. Ping An declined to comment for this story. While management has said it's not in a hurry to launch IPOs for the tech units, a crackdown on peer-to-peer lending held up the listing of Lufax for a few years. What was once the largest P2P lender morphed into a wealth-management platform as the number of firms was cut to three from more than 5,000. More on this topic   Related Story China slams the brakes on Ant Group's record US$37 billion IPO   Related Story China Inc set for biggest US IPO year since 2014 amid spat "The company might have been ready to list a couple of years ago, but the regulations were still unclear," Lufax chief executive officer Gregory Dean Gibb said in an interview. Now, "the rules are clear, the requirements are clear." Gibb spoke just three days before Jack Ma and other senior executives at Ant were summoned by Chinese regulators, derailing the record IPO that sent shockwaves through financial markets. New regulations to root out monopolistic practices shaved almost US$290 billion off the market value of Chinese tech giants in two days. Lufax exposed While Lufax may not be impacted by China's new rules as much as Ant, it remains "quite exposed" to the risks of regulatory caps on its lending rates, said Kevin Kwek, an analyst at Sanford C. Bernstein. Mr Gibb said Lufax's offering of larger loans to small businesses by combining its financial and data strength better meet client needs. Its access to Ping An's distribution network also provides a moat against rival tech giants and banks, he said. More on this topic   Related Story Ping An-backed online wealth management platform Lufax files for US IPO   Related Story Ant Group's stalled IPO seen slashing its value by $188 billion

SINGAPORE - Singapore's overall trade and non-oil domestic exports (Nodx) are forecast to grow in 2021, in line with predictions that the global economy will expand over the next year from a low base. Total merchandise trade is expected to rise by 1 to 3 per cent for 2021, while Nodx is projected to expand by 0 to 2 per cent, government agency Enterprise Singapore said in its report on Monday (Nov 23). It has also raised its forecast for the Republic's total merchandise trade in 2020, predicting it to shrink at a slower pace of 7 to 7.5 per cent over last year, compared to the -10 to -8 per cent slide forecast in August. 2020 Nodx is tipped to grow by 4 to 4.5 per cent year on year, compared with the previous forecast of 3 to 5 per cent. The revised predictions were made amid better-than-expected performance for specific products such as non-monetary gold and specialised machinery, as well as electronics. Shipments expanded by 6.5 per cent in the third quarter on growth in both electronic and non-electronic Nodx, adding to the 5.9 per cent rise from the previous quarter. This was largely bolstered by growth in non-monetary gold and specialised machinery trade, ESG said. Non-electronics Nodx grew 5.7 per cent for the third quarter, up slightly from the 4.6 per cent year on year increase seen in the previous three-month period. Electronics exports expanded by 9.5 per cent, compared with the 10.6 per cent rise from the previous quarter. While total trade performed slightly better than expected in the third quarter, declining 6.3 per cent compared with last year and easing from the 15.3 per cent year-on-year contraction recorded in the second quarter, it is still likely to see negative growth for the year. This is due to a decline in oil trade - 39.5 per cent year on year - amid lower oil prices and weaker demand than a year ago. Non-oil trade, on the other hand, bounced back in the third quarter, recording a 0.8 per cent year-on-year growth. Meanwhile, total services trade declined by 18.5 per cent in the third quarter, improving slightly from the 22.4 per cent contraction recorded in the previous period. It reached $111.9 billion for the three-month period, with exports dipping 17.8 per cent while imports were down 19.2 per cent. More on this topic   Related Story Singapore economy shrank 5.8% in Q3, better than estimate; 4% to 6% growth forecast for 2021   Related Story Singapore non-oil exports post surprise 3.1% drop in October Declines in services exports were attributed to the decrease in travel receipts, transport services exports and maintenance and repair services. Looking ahead, ESG noted that the International Monetary Fund expects the global economy to grow 5.2 per cent from a lower base in the coming year. It also highlighted that the World Trade Organisation expects global trade to rebound to 7.2 per cent in 2021. Higher expected oil prices in 2021 may provide some support to Singapore's oil trade and total trade for the year as a result, it added. More on this topic   Related Story How 7 industry-led coalition groups are preparing for Singapore's post-Covid economy   Related Story Singapore's recovery may hit some speed bumps along the way

Cleaning company director Jimmy Tey is only 23, but he has already invested about $200,000 in equities and endowment plans in an effort to grow his wealth. He is among a growing number of those in Generation Z, aged 18 to 23, who are cashing in on bearish markets amid economic uncertainty. 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.

While most people know they need some form of insurance, many get the wrong idea about the protection they need. Illness and calamity can hit people of all ages and it is prudent to take up insurance the moment you start working. Not only will it be cheaper, you will also avoid problems of not being insurable if you suddenly develop a health condition that excludes you from future coverage 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: Singaporean freelancers and self-employed people with less means and family support can receive financial support from the Self-Employed Person Income Relief Scheme (Sirs). The scheme disburses up to $9,000 in cash over three tranches to each eligible self-employed person (SEP). 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 - Buying property can be daunting, given factors like price, location and amenities to consider, but Knight Frank executive Linda Chern approaches the task with slide-rule precision. She has devised her formula over many years of real estate experience and applies it with a keen eye. 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.

In the midst of taking Estee Lauder public in 1995, Mr Leonard Lauder, the company's then chairman and chief executive, fielded a question from an investment banker during the roadshow. "If your products are so good," the banker asked Mr Lauder, then in his 60s, "why do you have so many lines on your face?" 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 (REUTERS) - US stocks closed lower on Friday (Nov 20) as investors wrestled with fiscal stimulus developments, concerns over a lengthy rollout of vaccines, and a growing number of state-level shutdowns to combat the spiralling Covid-19 pandemic. Stay-at-home plays such as Zoom Video Communications and Netflix, which have outperformed throughout the health crisis, helped curb the Nasdaq's loss. Throughout the week, the ebb and flow of vaccine news and spiking infections had investors oscillating between economically-sensitive cyclical stocks and pandemic-resistant market leaders. The S&P 500 and the Dow posted marginal losses for the week, while the tech-laden Nasdaq settled a bit higher from last Friday's close. "Markets are still stuck in a push-and-pull between the dramatic rise of new Covid cases versus apparent progress on vaccines," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "This is likely to continue until we have an approved and distributed vaccine." US Treasury Secretary Steven Mnuchin announced late on Thursday that he would allow key pandemic-relief lending programmes at the Federal Reserve to expire at the end of the year, saying the US$455 billion (S$600 billion) allocated last spring under the CARES act should be returned to Congress to be reallocated as grants for small companies. The decision to pull the plug on lending programmes deemed essential by the central bank comes at a time of spiralling new coronavirus infections and a fresh wave of layoffs, and was called "disappointing" by Chicago Federal Reserve president Charles Evans. "This dust-up between the Fed and Treasury could have serious implications, as markets want to see the two institutions working well together," Carter added. "The timing of this dust-up is unfortunate, as the risk of Covid is still very much with us." Record infection numbers have caused Covid hospitalisations to soar by 50 per cent and have prompted a new round of school and businesses closures, curfews and social distancing restrictions, hobbling economic recovery from the deepest recession since the Great Depression. In the latest development in the race to develop a vaccine, Pfizer has applied to the US Food and Drug Administration for emergency use authorisation of its Covid-19 vaccine, the first application of its kind in the battle against the disease. The drugmaker's shares rose 1.4 per cent, and provided the biggest lift to the S&P 500. The Dow Jones Industrial Average fell 219.75 points, or 0.75 per cent, to 29,263.48, the S&P 500 lost 24.33 points, or 0.68 per cent, to 3,557.54 and the Nasdaq Composite dropped 49.74 points, or 0.42 per cent, to 11,854.97. More on this topic   Related Story A quarter of a million people have died in the US from Covid-19   Related Story US medical leaders urge Trump to share Covid-19 data with Biden as states tighten limits Of the 11 major sectors in the S&P 500, only utilities eked out a gain by closing bell. Tech and industrials suffered the largest percentage losses on the day. Stay-at-home beneficiary Zoom provided the biggest lift to the Nasdaq. Gilead Sciences Inc shed 0.9 per cent as a World Health Organisation panel advised against use of the company's Covid-19 treatment remdesivir, citing lack of evidence the drug improves survival or reduces the need for ventilation. More on this topic   Related Story G-20 determined to use all tools to contain coronavirus pandemic, save jobs, incomes   Related Story Biden says Trump will go down in history as 'one of the most irresponsible presidents' Declining issues outnumbered advancing ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favoured advancers. The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 122 new highs and 10 new lows. Volume on US exchanges was 10.69 billion shares, compared with the 10.70 billion average over the last 20 trading days.   Related Stories:  Related Story Hong Kong to tighten Covid-19 measures as pandemic hits 'severe' stage Related Story Malaysia lifts Covid-19 curbs in 4 states, places Kelantan on lockdown Related Story Donald Trump Jr tests positive for coronavirus Related Story Coronavirus microsite: Get latest updates, videos and graphics Related Story Five new coronavirus cases in Singapore, all imported for 11th day Related Story Almost a million people inoculated with Chinese Covid-19 vaccine: Sinopharm Related Story Canada seeing a massive spike in Covid-19 cases, hospitals could be swamped: PM Related Story askST: Can I get infected with Covid-19 from touching a contaminated surface? Related Story Fauci says Pfizer, Moderna Covid-19 vaccine data is 'solid' Related Story India's coronavirus cases pass nine million as Delhi struggles

Mr Nelson Loh, 40, co-founder of Novena Global Healthcare Group (NGHG) which is under police investigations, has left Singapore, said his cousin and former business partner Terence Loh. This came in a statement yesterday from Mr Terence Loh, 43, in response to an application by DBS Bank to wind up NGHG subsidiary Novena Global Healthcare. "Perhaps more than anyone else, I feel deeply betrayed by Nelson, who has left Singapore and appears to have no intention to sort out this terrible mess we are left with." The Straits Times understands from sources that Mr Nelson Loh is in China. The Singapore Police Force said it is unable to confirm whether Mr Nelson Loh has left the country, while the Immigration and Checkpoints Authority said it cannot discuss the details of individual cases for reasons of confidentiality. On Tuesday, DBS had applied to the High Court to wind up Novena Global Healthcare, which is believed to owe the bank millions of dollars. The application will be heard on Dec 11 and the subsidiary faces possible liquidation if the court agrees. The Singapore subsidiary of the Cayman Islands-incorporated group also faces further enforcement action from the Accounting and Corporate Regulatory Authority for failing to file its annual returns, due on June 29, 2018. In a letter sent to over 30 shareholders yesterday, Mr Terence Loh said he has been assisting the Commercial Affairs Department on the alleged forgery of certain NGHG documents. He wrote: "To update stakeholders, these investigations have also included the flow of money from the loans, and the business activities of various entities of NGHG and related parties." But he said he "firmly believes" the potential liquidation of the Singapore subsidiary, which operates six aesthetic clinics in Singapore, "may not necessarily result in the demise" of the parent company. Accounting and consulting firm RSM has been appointed by the supervisory committee of NGHG to act as its special accountant. Mr Terence Loh said: "I will continue to engage with RSM until any liquidation occurs and will assist any appointed liquidators to recover value." He also said that after Mr Nelson Loh left Singapore, he had called for the first of several meetings on Sept 29 to discuss with the five banks which have extended loans to NGHG. These banking relationships began only less than a year ago, he added. More on this topic   Related Story DBS applies to wind up Novena Global Healthcare founded by Loh cousins   Related Story Loh cousins behind Newcastle bid to legally split all business interests ST understands from sources that the other banks are Citibank, United Overseas Bank, Maybank and Standard Chartered Bank. Mr Terence Loh also told shareholders that he has been "salvaging the business in Taiwan and increasing sales at the Novu level". There are six Novu aesthetic clinics - formerly known as PPP Laser - in Singapore, which are run by the group. When ST visited two of the outlets - at Raffles City and Bedok Mall - yesterday afternoon, they were busy with customers. One customer from China, who wanted to be known only as Ms Lena, said she had been getting laser treatments at the clinic "since PPP days". Just last week, she spent about $1,000 on a new package for 22 laser treatments at the Raffles City outlet. The 40-year-old, who works in the information technology sector, said she was shocked to learn that the company could face possible liquidation. She said: "I was planning to get a treatment next week, but the clinic is already fully booked. Maybe I should try to book a slot at other outlets and try to use up my package soon." A member of the staff at the Bedok Mall outlet told ST that Mr Terence Loh had informed them via e-mail yesterday morning about the possible liquidation of the subsidiary and assured the staff that business would carry on. The person, who asked not to be named, said: "Even though there has been a lot of negative news about the company lately, business continues to be good. "All the staff are paid on time. Some customers have asked if we will shut down, but when we told them no, they continue to visit us to buy new packages. "I think most people are not too worried, because our packages are affordable at just over $1,000, not $10,000." More on this topic   Related Story More distance themselves from Singapore's Loh cousins behind Newcastle bid after Obama photo controversy   Related Story Doctored Obama photos and unverified claims: How a S'pore-based firm’s bid for Newcastle United turned into an own goal

SINGAPORE - Health-tech start-up SenzeHub develops wearables that monitor patients' vital signs such as heart rate and temperature. These devices help flag any deterioration in the user's condition and provide an early alert for emergencies. The Singapore-headquartered firm was set up last year after responding to an innovation challenge by Intellectual Property Intermediary, a non-profit organisation established by the Ministry of Trade and Industry. 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.

Wirecard Wirecard's former chief executive stonewalled questions from lawmakers on Thursday when he was temporarily released from jail for an inquiry into post-war Germany's biggest corporate fraud. Markus Braun declined to answer more than 50 questions about Wirecard's demise, other than to say no German officials behaved inappropriately. He told lawmakers that he had confidence in the German legal system but said little else in a prepared speech. Braun also refused to speak to Munich state prosecutors, who have charged him with fraud and embezzlement. REUTERS JTB Corp Japanese travel agency JTB Corp will cut its workforce by 6,500 members to 22,500, a company official said yesterday, in the latest sign of the dire impact of the coronavirus on the travel industry. JTB will also close 115 of its outlets, or 25 per cent of the total it had in the 2019 financial year, by the next fiscal year, and freeze the hiring of new graduates, the official said. The travel agency will also need to slash personnel costs by 30 per cent in terms of the annual incomes of all the employees in the next financial year, said the official, who declined to be identified. REUTERS Boeing China's aviation regulator will not yet allow Boeing's troubled 737 Max jet to fly in the firm's biggest market owing to lingering safety concerns, despite the United States lifting a ban on the plane's commercial flights. Boeing's best-selling aircraft was grounded worldwide early last year following two crashes that killed 346 passengers. The Civil Aviation Administration of China said yesterday that there was "no set timetable" for the resumption of flights, according to state broadcaster CCTV, dealing a blow to the plane-making giant. AGENCE FRANCE-PRESSE

The Straits Times Index (STI) gained 36.01 points, or 1.3 per cent, to close at 2,813.01 yesterday, on the back of a modest overnight rebound by United States stocks that was led by tech stocks. On the local bourse, about 2.78 billion shares worth $1.52 billion changed hands, with gainers outnumbering losers 322 to 125. The index's largest gainer was Jardine Matheson, which added 4.8 per cent to US$53.68, following a series of share buybacks by the firm. Retailer group Dairy Farm International continued its descent, finishing 1.84 per cent lower at US$4.27. Oceanus was the most active counter of the day, trading strong with a volume of 642.7 million shares, as it added 22.22 per cent to close at $0.022. The stock has been rallying since Nov 9, when the seafood and consumer goods firm posted its highest revenue since FY2011 for the nine months ended Sept 30. Blumont also saw high trading volume, with 302.9 million shares changing hands as its share price added 75 per cent to $0.007, after an offer for the firm was made this week but at an approximately 80 per cent discount. Over the week, the STI gained 3.75 per cent, with four days of gains and just one day of loss. Around the region, markets finished mixed on the relatively data-light trading day. Shanghai added 0.44 per cent, while the Hang Seng rose 0.36 per cent. Malaysia's KLCI also added 0.64 per cent, but the Nikkei 225 shed 0.42 per cent. Investors are keeping an eye on Washington, where talks are due to resume on a new rescue package for the world's top economy. Oanda analyst Edward Moya said: "A lot will need to go right, but the economic pain of many small businesses... should keep Congress motivated in getting a deal done." Additional information from Agence France-Presse

SHANGHAI (BLOOMBERG) - Just over half of American companies are more optimistic about doing business in China on expectations of better trade relations with the US under a Biden administration, according to a survey from the American Chamber of Commerce in Shanghai. "Companies broadly view the prospect of a Biden administration favorably," the trade lobby said in a statement on Friday (Nov 20), citing the result of a survey of 124 American companies. "This may be due to expectations that the US-China relationship will become more stable than it was the past four years, though it is unlikely to return to the pre-2016 paradigm." The survey, conducted November 11-15, showed 54.8 per cent of the respondents have become more upbeat about their business prospects in China, while only two companies said they are more pessimistic. Nearly 57 per cent of respondents do not expect trade restrictions or tariffs to increase, according to the survey. It remains unclear whether President-elect Joe Biden will aim to counter China's rise as robustly as Donald Trump did in the last four years. On the campaign trail Biden stopped short of specifics on which parts of the Trump-era China policies he would change, though he also criticized Beijing for its actions in Hong Kong and Xinjiang. Despite the uncertainty, US manufacturers in China have no intention of pulling out. Some 82 per cent of businesses have no plans to offshore their manufacturing in the next three years. One company intends to move all of its production offshore, while two anticipate moving more than 30 per cent offshore. Managers of some Chinese manufacturers interviewed by Bloomberg early this month said they are worried the US under Biden will remain hostile toward the nation. US tariffs on billions of dollars worth of Chinese goods will be retained, as will strict restrictions on technology and investment, they said. The following is a key summary of the Amcham survey: 54.8 per cent said they are more optimistic about doing business in China; 35.5 per cent see no change; 8.1 per cent are much more optimistic, while only 1.6 per cent (or two companies) said their thinking about doing business in China was now more pessimistic Asked about investment or de-risking plans under a Biden administration, 53.2 per cent of companies expect no change in their investment plans, 13.7 per cent expect an increase, and just 5.6 per cent will "commence, continue, or consider a China de-risking strategy" More on this topic   Related Story Biden's China policy? A balancing act for a toxic relationship   Related Story China says US should stop unreasonably suppressing Chinese firms Companies are more optimistic now about their expected 2020 revenue outcome compared to July, with 47.6 per cent of respondents expecting an increase over 2019 results 29.8 per cent of respondents believe that US-China trade tensions will continue indefinitely, versus the 26.9 per cent who agreed with this statement in a separate survey of Chinese businesses by the chamber

SYDNEY (REUTERS) - Global stocks came under pressure on Friday (Nov 20) after US Treasury Secretary Steven Mnuchin called for an end to pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury and weighing on sentiment. Asian shares staged a mixed open and futures for the S&P 500 fell 0.66 per cent, erasing the firmer lead from a strong Wall Street session overnight. Japan's Nikkei was 0.5 per cent lower, Australia's S&P/ASX 200 edged up 0.1 per cent while South Korea's Kospi index was flat. Singapore's Straits Index was up 0.4 per cent at 9.05am local time. US markets had previously rallied after Senate Democratic Minority Leader Chuck Schumer said Republican Majority Leader Mitch McConnell had agreed to revive talks to craft a new fiscal relief package. However, that sentiment faded after Treasury Secretary Mnuchin later asked the Federal Reserve to return money earmarked under the March pandemic relief act for emergency lending to businesses, nonprofits and local governments. That would mark an end on Dec 31 to most of the crisis-response programmes the Fed deemed vital to keeping the economy stable. "The White House wants to pull the unused portions back so Congress can spend the money elsewhere, while the Fed is pushing back," said Stephen Innes, Global chief market strategist at axi. "Indeed, this does not help the push-pull tug of war around short-term versus long-term markets narrative at a time when it important that all levels of government, including the Fed, at least put up the pretense of a unified front." Investor sentiment was also tinged by data that showed COVID-19 hospitalizations across the US jumped by nearly 50 per cent in the last two weeks, threatening the recovery of the world's largest economy as cities and states began to impose lockdowns. "A meaningful stimulus package will aid small companies, the underlying economy, as well as the unemployed and people most at need," said Thomas Hayes, chairman of Great Hill Capital in New York. "And there might be less of an inclination for cities to shut down." Nearly 79,000 people were being treated for COVID-19 infections in US hospitals on Thursday, a Reuters tally showed, the most at any time during the pandemic. The surge in cases has weighed on investors as the United States recorded 161,607 new daily cases on a seven-day rolling average as of Wednesday. More on this topic   Related Story Mnuchin pulls plug on some Covid-19 pandemic lending programmes that Federal Reserve considers essential   Related Story Wall Street ends down after US Treasury Secretary Mnuchin dims stimulus hopes All three major stock indexes, however, got a healthy boost after Schumer said he had agreed with McConnell to allow their staff to begin meetings for "a real good COVID relief bill." A senior Democratic aide told Reuters there had been a mid-afternoon meeting on Thursday among congressional aides that discussed coronavirus relief and efforts to pass a US$1.4 trillion bill to keep government agencies operating beyond Dec. 11 when current funding expires. Of the 11 major sectors in the S&P 500, energy and tech shares gained the most, while utilities and healthcare were the only losers in percentage terms. The Dow Jones Industrial Average rose 0.15 per cent, the S&P 500 gained 0.39 per cent and the Nasdaq Composite added 0.87 per cent. US Treasury yields slipped on the news of Mnuchin's letter to Fed Chair Jerome Powell, which came out after Wall Street closed. The yield on the benchmark 10-year note was last at 0.842 per cent. US stock futures also fell 0.84 per cent when trading resumed. Oil prices reversed losses and edged higher in after-market trade, after Brent settled down 0.3 per cent at US$44.20 per barrel with US crude 0.2 per cent lower at US$41.70.

PARIS (AFP) - Emerging markets switching from petrol and diesel engines to electric vehicles (EVs) could save US$250 billion (S$336 billion) annually and slash expected growth in global oil demand by as much as 70 per cent, an industry analysis showed on Friday (Nov 20). As more and more nations such as China and India look to grow their electric fleet, they are in turn reducing reliance on imported oil, with EVs forecasted to soon be cheaper to make and run than their fossil-fuel-fired cousins. An analysis of EV cost trends by industry watchdog Carbon Tracker found that a switch to EVs could save China - a world leader in the technology - US$80 billion each year by 2030. Increased EV production would drastically reduce the cost of oil imports, which account for 1.5 per cent of China's GDP and 2.6 per cent of India's. The analysis found that the EV revolution could essentially fund itself as component costs fall over time and governments turn away from fossil fuel infrastructure such as pipelines and refineries which risk becoming stranded assets as transportation gets greener. "This is a simple choice between growing dependancy on what has been expensive oil produced by a foreign cartel, or domestic electricity produced by renewable sources whose prices fall over time," said Kingsmill Bond, Carbon Tracker energy strategy and lead report author. "Emerging market importers will bring the oil era to an end." 'Peak oil' Transport in emerging markets accounts for more than 80 per cent of all expected growth in oil demand by 2003. Analysing the International Energy Agency's business as usual emissions scenario, the report found that half of that growth is forecast to come from China and India. It calculated that by switching to the IEA's Sustainable Development Scenario - under which EVs account for 40 per cent of car sales in China and 30 per cent in India - oil demand growth would be slashed by 70 per cent this decade. More on this topic   Related Story Why building an electric car is so expensive, for now   Related Story Singapore solar power firm to install 10,000 electric vehicle charging points here by 2030 The authors said a fall of 20 per cent in battery costs in a decade had driven "huge new markets" for EV growth. Using industry baseline figures, the analysis calculated that the cost of importing oil to run an average car over its 15-year lifetime (US$10,000) is already 10 times higher than the cost of the solar equipment needed to power an equivalent EV. Last year, EVs accounted for 61 per cent of China's two-wheeler sales and 59 per cent of bus sales. "Factor in the war on plastics hitting petrochemical demand and rising EV penetration in developed markets, it becomes ever more likely that we have seen peak oil demand in 2019," said Mr Bond.

LONDON (AFP) - Tax evasion is costing the world about US$427 billion (S$574 billion) per year with cash funnelled via murky tax havens, according to data published on Friday (Nov 20) by the Tax Justice Network. The TJN said in a statement that it has sifted through records worldwide in the first global study of its kind - and urged global action over shadowy tax havens that have diverted billions of dollars from nations currently fighting the Covid-19 pandemic. The network, which is an umbrella grouping of non-governmental organisations, examined multinationals' tax declarations and figures gathered by the paris-based Organisation for Economic Co-operation and Development (OECD) from 2016. It also assessed individuals' 2018 data from the Bank for International Settlements. "Countries are losing a total of over US$427 billion in tax each year to international corporate tax abuse and private tax evasion," the TJN concluded in its study. This amounted to the equivalent of almost 34 million nurses' annual salaries per year, it said. The TJN also estimated that the total tax-evasion sum comprised US$245 billion committed by businesses - and US$182 billion committed by individuals. Multinational corporations are shifting about US$1.38 trillion of profits via tax havens, while private individuals are investing more than US$10 trillion in assets there, according to the study. The world's richest regions including Europe and North America take the biggest financial hit from evasion. The study named British overseas territory the Cayman Islands as the haven responsible for the greatest global tax loss. Other leading tax havens include other British overseas territories, the Netherlands, Luxembourg, low-tax US states such as Delaware and Hong Kong. More on this topic   Related Story Tax havens and the damage they can do: Inquirer columnist   Related Story Director gets fine and $1 million penalty for understating company's income tax "Under pressure from corporate giants and tax haven powers like the Netherlands and the UK's network, our governments have programmed the global tax system to prioritise the desires of the wealthiest corporations and individuals over the needs of everybody else," said TJN chief executive Alex Cobham. "The pandemic has exposed the grave cost of turning tax policy into a tool for indulging tax abusers instead of for protecting people's well-being. "Now more than ever we must reprogramme our global tax system to prioritise people's health and livelihoods over the desires of those bent on not paying tax."