Finance will play a pivotal role in transitioning Asia towards a more sustainable future. Banks and financial institutions in the region have been taking the fight to climate change through the provision of green finance - whether in the form of green bonds or sustainable lending products. 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.

When Robert De Niro's 70-year-old character takes up an internship at an e-commerce fashion start-up in the movie The Intern (2015), he starts off needing help with technology and not having much to do. But he finds ways to learn and help, and eventually becomes an invaluable member of the team. 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.

It may seem like a surprising time to quit a job, but for Ms Joyce Toh, the Covid-19 pandemic jolted her out of her familiar job in museums and into an internship at a start-up. Ms Toh, 44, left her job as a senior curator in September after 13 years as she felt her growth had plateaued. "Something about the pandemic and being at home forced me to think carefully about what is important in life," she said. 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.

Children's happiness is often linked to the financial preparedness of their parents, and what is worrying is that a survey conducted by Income found that about 75 per cent of parents here are concerned about not having enough money to provide things that make their children happy. "This is an important finding, because we also found that 47 per cent of parents in Singapore were willing to compromise their own lifestyle in order to financially provide for things that make (their children) happy," said Income chief marketing officer Marcus Chew. 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.

When Robert De Niro's 70-year-old character takes up an internship at an e-commerce fashion start-up in the movie The Intern (2015), he starts off needing help with technology and not having much to do. But he finds ways to learn and help, and eventually becomes an invaluable member of the team. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

NEW YORK (AFP) - After an unpredictable week, Wall Street finished Friday (Nov 13) on a high note, shrugging off concerns over the surge in Covid-19 cases and new pandemic restrictions that threaten to slow the US economy. The benchmark Dow Jones Industrial Average rose 1.4 per cent to close at 29,479.81. The broad-based S&P 500 also added 1.4 per cent to 3,585.15, a new record, while the tech-rich Nasdaq Composite Index climbed 1 per cent to 11,829.29. "Festering concerns regarding the implications of the persistent surge in new Covid-19 cases also had a hand in the bumpiness this week," Charles Schwab investment bank said, adding that "The earnings front continued to paint a positive picture." Dow-member Walt Disney gained 1.7 per cent after reporting its recently launched streaming television service Disney+ had hit 73 million subscribers, despite the company losing US$710 million (S$950 million) in the latest quarter. And fellow Dow member Cisco Systems jumped 7 per cent after topping earnings forecasts. Stocks that would benefit from a resumption of normal trade and travel patterns once a coronavirus vaccine becomes widespread also resumed their upward climb. Cruise line Carnival Corp surged 7.2 per cent, and Southwest Airlines jumped 4.7 per cent. But video conferencing platform Zoom, which has become popular during the pandemic, fell 5.8 per cent.

SYDNEY • Before the coronavirus, a decades-long aviation boom spawned a network of nearly 50,000 air routes that traversed the world. In less than a year, the pandemic has wiped almost a third of them off the map. Border closures, nationwide lockdowns and the fear of catching Covid-19 from fellow passengers have crippled commercial travel. As thousands of domestic and international connections disappear completely from airline timetables, the world has suddenly stopped shrinking. The crisis is unwinding a vast social and industrial overhaul that took place during half a century of air travel proliferation. In years to come, overseas business trips and holidays will likely mean more airport stopovers, longer journey times, and perhaps an additional mode of transport. Even when an effective vaccine is found, the economic reality of the recovery may mean some non-stop flights are gone for good. With borders effectively shut globally, the bulk of the world's dropped routes are inevitably cross-border. But thousands of domestic legs have also been axed, reflecting the pressure airlines face at home as they cut jobs and retire aircraft to find a cost base that reflects their shrunken situation. In late January, 47,756 operational routes criss-crossed the world, more than half of them in the United States, Western Europe and North-east Asia, according to industry consultancy OAG Aviation Worldwide. By Nov 2, there were just 33,416 routes on global schedules, the data shows. In Hervey Bay, a small tourist town on Australia's east coast, residents are mourning their last direct air connection with Sydney, the nation's main domestic and international gateway. The flight was one of eight regional routes scrapped by Virgin Australia after it collapsed in April under A$6.8 billion (S$6.65 billion) of debt. "We're living in hope that they come back," said the regional council's deputy mayor Darren Everard, who is responsible for economic development in the area. Among those hardest hit is a local manufacturer of truck body parts who relied on the flight to reach buyers in Sydney, he added. GLOBAL MOBILITY Hervey Bay, more than three hours' drive north of Queensland's state capital Brisbane, is best known as a jumping-off point for whale-watching tours and trips to nearby Fraser Island. The town's Sydney flight is one of more than 14,000 connections that have been abandoned globally since the pandemic broke out, according to OAG. Australia's capital, Canberra, has been scrubbed from international maps too. The city has no more direct flights overseas after Singapore Airlines ceased services from Singapore in September. "It will take a good four or five years for connectivity to return to the same level we saw at the end of 2019," said Mr Subhas Menon, director-general of the Association of Asia-Pacific Airlines, which represents regional carriers, including Singapore Airlines and Cathay Pacific Airways. "Some of these routes may never be put back." All this erodes aviation's financial clout. But it is the blow to airlines' contribution to global mobility and social opportunity that is harder to measure. Before the pandemic, the industry supported 65.5 million jobs - more than half of them indirectly through tourism - and had a global economic impact of US$2.7 trillion (S$3.6 trillion), according to the 2019 Aviation Benefits Report, a study by industry groups including the International Civil Aviation Organisation. FRAGILE MARGINS To be sure, many airlines are adding routes at home to tap pent-up demand in what is effectively their only functioning market. Commercial airline traffic in the US was back to more than half of pre-virus levels at the end of last month, according to data from flight tracking service FlightAware; in China, it has almost returned to regular levels. And Singapore Airlines earlier this week restarted its non-stop service between Singapore and New York, the world's longest flight, as the country struggles to retain its relevance as a global aviation hub. In Asia alone, 790 new routes are running this month that did not exist a year ago, according to aviation analytics firm Cirium. The eastern Chinese city of Yiwu in Zhejiang province, for instance, is scheduled to get 90 new direct flights from Beijing this month. But far outnumbering these new connections are the 2,279 routes in Asia that are not operating any more. In November last year, there were more than 1,000 scheduled flights between Almaty and Nur-Sultan in Kazakhstan, the data show. This month, there is none. In the US, American Airlines Group chief executive Doug Parker warned last month that parts of the country risk being cut off unless there is more support from the government. "There will absolutely be discontinuation of service to small communities, and there will be much less service to larger communities," he said in an Oct 8 interview on CNBC. He said the airline has stopped flying to 13 US cities and extended those cuts until this month. Routes with the most fragile profit margins will be the first to go, while airlines will try to keep the connections that feed passengers into larger travel hubs, said Mr Dirk-Maarten Molenaar, the Amsterdam-based head of Boston Consulting Group's travel and tourism practice for Europe, the Middle East and North Africa. "For the next couple of years, there will be a number of super-thin routes you can't justify flying," he said. BLOOMBERG

SINGAPORE - The disruptions on labour force and global supply chains amid the Covid-19 crisis have made companies and industries see the unique value of robots in mitigating the impact. Local start-up Cognicept Systems wants to seize this opportunity to make it easier and cheaper for firms to deploy robots in areas such as logistics and cleaning, through its technology and remote robot pilots. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

The disruptions on labour force and global supply chains amid the Covid-19 crisis have made companies and industries see the unique value of robots in mitigating the impact. Local start-up Cognicept Systems wants to seize this opportunity to make it easier and cheaper for firms to deploy robots in areas such as logistics and cleaning, through its technology and remote robot pilots. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

LONDON • Britain knows Christmas is coming when John Lewis Partnership launches its television ad. Selling the season as a time for acts of charity rather than any particular product, this year's edition will focus on food poverty and struggling parents. Yet as the coronavirus continues to wreak havoc, it is the department store chain itself that is now a window on the festive period in a country that relies more on consumer spending than any of the big European economies. With a partial lockdown in England closing all non-essential stores until at least Dec 2, rescuing the next six weeks from Covid-19 is critical for Britain's financial well-being and a government beset by accusations that it cannot get a grip on the pandemic. Further disruption to what retailers call the "golden quarter" could be disastrous for an industry that has already been battered. November and December account for one of every £5 of retail spending. The slump during Britain's spring lockdown precipitated the record decline in gross domestic product. It then contributed to most of the recovery in the third quarter reported by the Office for National Statistics on Thursday. The latest lockdown could cost retailers about £9 billion (S$15.9 billion), making what happens next month all the more important, said Mr Kyle Monk, director of insight at the British Retail Consortium, or BRC. Household spending increases by 25 per cent as Christmas comes. "If December is spent in lockdown, it would be pretty catastrophic," Mr Monk said. As lights and decorations start to go up on shopping streets, no retailer knows the importance of Christmas more than John Lewis, the store of choice for many middle-class Britons. Last year, about 14 per cent of the partnership's annual sales came in the last five weeks of the year. This year matters more than most for a 91-year-old company that is a microcosm of the economy's malaise, with job cuts, the accelerated shift to doing things online and the repurposing of staff and shops. John Lewis announced plans last Wednesday to cut as many as 1,500 jobs at its head office, taking the total toll this year to just under 4 per cent of the workforce. Those cuts only add to the bloodletting on Britain's main streets, where close to 125,000 jobs were lost in just the first eight months of this year, according to the Centre for Retail Research. Ms Sharon White, chairman of John Lewis, said in October when she revealed the partnership's turnaround strategy that hard decisions were needed to arrest a decline in profitability at one of the country's biggest private employers. She announced the closure of eight out of 50 stores, while permission from the local authorities to convert nearly half of John Lewis's flagship store on London's Oxford Street into offices has been granted. The company also cancelled annual bonuses this year. It is the first time in more than 70 years that its 78,000 staff who collectively own the partnership will receive no payout. In addition to dealing with Covid-19, Britain also faces the potential cost of leaving Europe's single market without a trade agreement in place. As Brexit talks drag on, retailers have had to activate contingency plans to try to mitigate any initial supply chain problems and disruption. John Lewis said last year that it was prepared for a no-deal Brexit but warned it will have a "significant impact", particularly on fresh food supplies at its Waitrose grocery chain. The BRC said the industry would face £3 billion of tariffs on food should Britain and the European Union fail to reach an accord. But for now the attention is on avoiding a bad Christmas. A Deloitte survey last year found British consumers were forecast to spend nearly 39 per cent more on average compared with shoppers in the rest of Europe in the period. "People underestimate just how geared the department store is towards the Christmas shopping period," said Mr Ian Cheshire, chairman of Barclays UK and former chairman of department store group Debenhams. "More than a year's profit is effectively made in that period." John Lewis started its Christmas ads a little over a decade ago. This year's production, called "Give A Little Love", started running on social media yesterday and will run on television at the weekend. In a sign of the struggles faced by households as well as retailers, it will include a direct appeal to support two charities helping people through the pandemic. BLOOMBERG

SHANGHAI (REUTERS) - Stocks in Asia fell on Friday (Nov 13), following on from selloffs in the United States and Europe as investors feared the economic impact of an accelerating rise in coronavirus infections. The United States has reported fresh daily records for new Covid-19 case hospitalisations this week, prompting cities and states, including Chicago, Detroit and California, to re-impose public health restrictions. European officials have also warned against complacency and said measures to control infections must continue despite hopes that vaccines under development could help to slow the spread of the novel coronavirus. US Federal Reserve Chair Jerome Powell said on Thursday during a discussion with other central bankers that progress in developing a coronavirus vaccine was welcome news but that near-term economic risks remain as infections accelerate, underscoring the likely need for additional government stimulus. Against that grim backdrop, MSCI's broadest index of Asian shares outside Japan dipped 0.25 per cent in early trade as shares across the region stumbled. Japan's Nikkei 225 fell 0.95 per cent. Chinese blue-chips led losses, falling 1.21 per cent. Australian shares lost 0.47 per cent, Seoul's Kospi was down 0.16 per cent and the Hang Seng was 0.55 per cent lower. Singapore's Straits Times Index was down 0.36 per cent at 10.42am local time. Some investors saw a buying opportunity in the slump. "My view is this is the dark just before dawn," said Michael Frazis, portfolio manager at Frazis Capital Partners in Sydney. "You've got the second wave of coronavirus, new sets of shutdowns, clear problems around the world, travel dropping off again... But at the same time, we have the strongest possible evidence that we do have a vaccine and many people will be vaccinated over the next few months." "We think this is all actually very positive and it's actually a good time to be investing in markets," he said. Frazis said many risks nevertheless remained for short-term traders amid ongoing uncertainty over issues like the US stimulus response. On Thursday, top Democrats in the US Congress urged renewed negotiations over a multitrillion-dollar coronavirus aid proposal, but the top Republican immediately rejected their approach as too expensive, continuing a months-long impasse. Wall Street dropped on Thursday in a broad sell-off. The Dow Jones Industrial Average fell 1.08 per cent, pulled lower by industrial and financial companies sensitive to economic growth. The S&P 500 lost 1.00 per cent and the technology-heavy Nasdaq Composite dropped 0.65 per cent. US Treasury yields also sank on Thursday, weighed down by the persistent rise in coronavirus cases and data showing inflation remained benign in the world's largest economy. The US yield curve, viewed in part as a gauge of risk appetite, also flattened. On Friday, US yields continued to tick lower, with benchmark 10-year Treasury notes yielding 0.8766 per cent, compared to a Thursday close of 0.886 per cent. "Bond yields, which had been flirting with the 1.0 per cent level in terms of the US 10Y Treasury, have ... snapped back sharply in terms of yield," Rob Carnell, Asia Pacific head of research at ING said in a note. "That move most likely got a further nudge from the softer-than-expected US inflation data for October which were released yesterday, and which tally with a weaker economic reality." Rising risk aversion lifted the safe-haven yen, with the dollar dropping 0.18 per cent against the Japanese currency to 104.93 . The euro was flat in Asian morning trade and the dollar index ticked 0.2 per cent higher to 92.987. An unexpected rise in US crude stockpiles exacerbated virus-linked economic fears in commodity markets, pushing US crude 1.63 per cent lower to US$40.45 per barrel. Global benchmark Brent crude dropped 1.45 per cent to US$42.90 per barrel. Spot gold gained 0.17 per cent to US$1,878.97 per ounce.

SEOUL (REUTERS) - South Korea's Hanjin Group, owner of the nation's largest carrier Korean Air Lines, is in talks to acquire debt-ridden Asiana Airlines, local media reported on Thursday (Nov 12), citing unnamed investment banking sources. The Korea Economic Daily said Hanjin Group has been in talks with Korea Development Bank (KDB) and will be submitting a letter of intent to the bank next as early as next week. Hanjin Group told Reuters nothing has been decided, while Asiana Airlines said they were not aware of such talks. Asiana's lead creditor KDB said in an emailed statement talks with Hanjin Group was one of the options under consideration but also said that nothing had been decided. Shares of Asiana Airlines jumped as much as 25.6 per cent to hit a near seven-month high, Korean Air rose as much as 6.5 per cent in morning trade on Friday. Shares of Hanjin Kal, the holding company of Hanjin Group, were down 8.5 per cent versus a 0.2 per cent fall in the broader Kospi index as of 1256 GMT. "The sale itself is a good news for Asiana Airlines ... Korean Air will likely benefit from the country's No. 2 full service carrier dropping out of competition, while the integration may bring positive outcomes for South Korea's aviation industry," said Lee Han-joon, an analyst at KTB Investment & Securities. A planned sale of Asiana Airlines, South Korea's second-largest carrier, collapsed in September. More on this topic   Related Story A third of the world's air routes have been lost due to Covid-19   Related Story Flight to safety: How regional airlines are trying to stay aloft amid Covid-19 pandemic Hyundai Development and brokerage Mirae Asset Daewoo had agreed in December 2019 to purchase control of Asiana Airlines for about 2.5 trillion won (S$3 billion), but they called for better terms after the airline's debt surged after the coronavirus pandemic hit travel demand.

SINGAPORE - The Association of Banks in Singapore (ABS), working with Singapore Exchange Regulation (SGX RegCo), has enhanced guidelines that will raise the standards of due diligence conducted on companies planning to list here. The updated ABS Listings Due Diligence Guidelines was launched on Friday (Nov 13) with immediate effect. The previous guidelines were last revised in 2016. Issue managers and full sponsors will have to meet the higher standards resulting from the updated guidelines when they conduct due diligence work during an initial public offer (IPO), reverse takeover or listing process. ABS director Ong-Ang Ai Boon said regular updates are necessary to ensure that the guidelines continue to be relevant to the constantly-changing economic climate. "With the increase in issuers from more nascent sectors such as technology that are seeking equity capital, it becomes especially important for issue managers, full sponsors and their professionals to adapt due diligence practices that address the particular needs of the new market environment," she said. Key changes in the revised guidelines include: • An increased focus on the assessment of the adequacy and effectiveness of the issuer's internal controls to meet its business needs and challenges as a listed company • The assessment of the sustainability and viability of the issuer's business, taking into consideration, in particular, the challenges posed by the prevailing economic climate • Targeted guidelines for due diligence on issuers operating in specialised, restricted or niche industries, and/or in higher risk jurisdictions In January, SGX RegCo said issue managers will have to comply with the ABS due diligence guidelines, and that these would be incorporated into the mainboard listing rules, following feedback to a public consultation in late 2018. More on this topic   Related Story SGX strengthens rules for mainboard listing issue managers Tan Boon Gin, SGX RegCo CEO, told The Business Times, changes to the due diligence guidelines were prompted by cases seen, but declined to elaborate. He said in a media release: "Issue managers and full sponsors are our fellow frontline gatekeepers to our market. That is their first and foremost role and responsibility. They must therefore emphasise substance over form and exhibit a healthy dose of professional scepticism when conducting listings due diligence. "Where due diligence is robust and of a high standard, increased investor confidence and quality listings will follow."

HONG KONG (BLOOMBERG) - Governments around the world put out consultation papers all the time. But only in China can one vaguely worded, 22-page document on antitrust regulations ignite a US$290 billion (S$391 billion) equity selloff. As investors nurse their wounds, they want to know, why is China regulating Big Tech now? And what exactly does Beijing want? Emerging out of the Covid-19 recession, China got whacked by a K-shaped rebound. The economy is running at two speeds: Large technology companies are thriving, while storefront businesses continue to struggle. A year ago, e-commerce accounted for about 25 per cent of total retail sales; now, it's edging toward 30 per cent. The pandemic has only exacerbated the discrepancy between online and offline. This widening inequality doesn't sit well with Beijing. To make matters worse, Big Tech has been aggressive and unwilling to share profits with small businesses on their sites. In the antitrust draft, Beijing placed a heavy focus on the so-called "pick one of the two" tactic, the practice of forcing merchants into exclusive arrangements with one platform. Alibaba Group Holding and Tencent Holdings, longtime competitors, even asked powerful investment banks to pick sides. So where do mom-and-pop shops stand? The tech sector's heavy-handedness caused quite a bit of social uproar earlier this year. In April, when China just came out of the lockdown, Guangdong Restaurant Association published an open letter to Meituan, decrying the food delivery super-app's ability to keep raising commission fees thanks to its 60 per cent to 90 per cent market share in the province. The company has made some concessions since. But the broader problem hasn't gone away. If sales of offline goods remain shaky, services are still in the doghouse. In September, catering sales continued to contract, down 2.9 per cent from a year earlier. Many jobs are at stake for Beijing. Last year, the hotel and catering industry employed 33 million. Past consultation papers have also moved markets. Education stocks were all the rage until August 2018, when China decided to amend rules governing the country's lucrative private education sector. But these papers are, by definition, drafts. Beijing does tweak them. For instance, China is allowing banks to grow online cash-loan businesses, after the final version of commercial-bank guidelines relaxed capital requirements for this type of lending in July. The two previous consultation drafts in November 2018 and April 2019 were stricter, notes CLSA's banking analyst Hans Fan. So the billion dollar question is the scope and extent of China's latest regulation. Don't get me wrong, Beijing recognizes the economic benefit of natural monopolies. So if Alibaba wants to cross-sell cloud services, go ahead. But officials will balk big time if hard-nosed tech companies exacerbate a K-shaped recovery. All win some, not some win all. • Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder. More on this topic   Related Story China's big tech boom   Related Story China tech selloff deepens to over $269 billion after new antitrust rules

NEW YORK (AFP) - Hit with a collapse of demand, US airlines will end the year with the lowest number of workers since at least 1987, 90,000 fewer than when Covid-19 hit, an industry federation said on Thursday (Nov 12). Airlines for America said the number of full-time equivalent positions will drop to 370,000 at the end of December from 460,000 in March, a drop of nearly 20 per cent. As coronavirus cases explode, approaching the worst days of the pandemic, authorities have stepped up restrictions. The number of passengers carried in the United States in recent weeks has remained 65 per cent lower than the same period last year, the organisation said. Airlines initially cut staff through early retirement and voluntary furloughs. The companies pledged to hold off on any layoffs until September 30, in exchange for aid of US$25 billion (S$33.7 billion). But after Democrats and Republicans failed to agree on a news stimulus package that would extend the support, United Airlines and American Airlines laid off 32,000 workers in October. In addition, four smaller US carriers shut down, Airlines for America said in its study of the pandemic impact on the industry, which also showed that a quarter of aircraft have been grounded for at least 30 days. More on this topic   Related Story Top US airlines starting 32,000 furloughs as bailout hopes fade   Related Story US airlines burn $14 billion a month as traffic plummets from pandemic

HONG KONG (BLOOMBERG) - South-east Asian stocks, hit particularly hard by the shutdown of tourism and other service industries, are making a comeback as optimism grows over a return to travel. The MSCI Asean Index has surged 14 per cent in an eight-day winning streak, almost double the 7.4 per cent rally in the MSCI Asia Pacific Index over the same period. At its highest since March, the gauge of South-east Asian shares has narrowed the gap with its peers but still remains down about 14 per cent for the year. The broader Asian gauge is up 8 per cent. Investors are jumping on South-east Asian stocks as part of a global rotation into value and out of growth sectors after positive results from a Pfizer vaccine boosted sentiment. Governments across the region are looking to ease social distancing measures, with Singapore and Hong Kong announcing Wednesday they will start an air travel bubble replacing quarantine with Covid-19 testing from Nov 22. "The vaccine news opens up sectors under great stress like airlines and hotels," Leon Goldfeld, head of multi-asset solutions for Asia Pacific at JPMorgan Asset Management, said in a press briefing Wednesday, speaking about the wider trend. "What we've seen is a massive rotation in the market from growth to value." The value rotation will likely last three to six months and has "some room to run", he added. Asean activity The "stars are aligning" for a resurgence in South-east Asian stocks, amid signs that earnings have bottomed out, according to Devendra Joshi, a strategist at HSBC Holdings. The bank is overweight shares from Indonesia, Singapore and Thailand. "Activity in Asean has picked up considerably since the trough, as indicated by manufacturing PMIs and mobility," Mr Joshi wrote in a Tuesday note. With about a third of companies having reported earnings so far, 60 per cent have met or exceeded expectations, a higher proportion than the first two quarters of the year, he said. Thai demand The Thai market, hit especially hard due to the downturn in tourism and the widespread protests over the monarchy, is starting to attract interest from overseas investors again. Foreign buyers piled a net more than US$600 million (S$809 million) into Thai stocks on Tuesday, the biggest purchase in 10 years, as the benchmark SET Index jumped the most since April. Analysts at Credit Suisse Group have raised their rating for Thai stocks to overweight, thanks to progress on the coronavirus vaccine. Missed rallies For UBS Group strategist Niall MacLeod, South-east Asian stocks are finally reacting to the potential for a vaccine, after missing out on past rallies on the theme. That increases the possibility that at the very least they can outperform larger peers like China. "It might still be too early to call for a rotation where South-east Asia leads the overall market," he wrote in a note with colleagues Wednesday. "Nevertheless, the relative valuation and outperformance year-to-date suggest China and Taiwan could underperform the region on better vaccine news and broader opening up of the global economy."

TOKYO (REUTERS) - Sony Corp's PlayStation 5 (PS5) console launched in core markets on Thursday (Nov 12) to intense interest online, but with first day real-world sales limited to pre-order pick-ups due to the Covid-19 pandemic that has driven a boom in gaming demand. Sony has made launch sales online only to maintain social distancing, calling for consumers to "be safe, stay home, and place your order online". The next-generation console, which retails for US$500 (S$674) or US$400 without a disk-drive, was sold out on major retailing sites in Japan with some conducting lotteries to distribute limited stock. On Japan's top flea market platform from Mercari, consoles were selling for more than US$900. Pent-up demand for the PS5, which offers cutting-edge graphics, faster load times and a new controller with immersive feedback, has been exacerbated by the pandemic, which has seen consumers flock to gaming but has strained supply chains. Analysts see shortages of consoles from Sony and rival Microsoft, which launched Xbox devices on Tuesday, extending into 2021. More on this topic   Related Story Is your TV ready for next-gen PS5 and Xbox Series X game consoles?

SINGAPORE (THE BUSINESS TIMES) - Singapore Telecommunications (Singtel) on Thursday (Nov 12) posted a net profit of $466.1 million for the six months ended Sept 30, 2020, reversing from a net loss of $127 million a year ago. This was mainly due to lower exceptional losses compared with a year ago, when Singtel took on a $1.93 billion pre-tax share of Bharti Airtel's $5.49 billion exceptional provision. Earnings per share stood at 2.86 cents for the quarter, from a loss per share of 0.78 cent the year before. Operating revenue for the half year was down 10.2 per cent to $7.42 billion, from $8.26 billion a year ago. This was due to lower equipment sales, roaming and prepaid mobile revenue. Singtel group chief executive Chua Sock Koong said the impact of Covid-19 was felt across the group, with significant reductions in roaming and prepaid revenues and weaker customer spend. The weak performance was compounded by the structural challenges of the fixed-line business in Australia, with the low margin national broadband network (NBN) resale. However, the information and communications technology segment was the bright spot, with strong growth from NCS and Singtel's cloud and cybersecurity services in Asia-Pacific as more enterprises adopted and accelerated digitalisation, Ms Chua said. "While the challenging operating environment is expected to continue as uncertainties from the pandemic persist, we are seeing encouraging signs of modest recovery across our businesses with sequential quarter revenue growth of 10 per cent in the second quarter, as lockdown measures ease and customer spending returns," she added. Meanwhile, pre-tax contributions from regional associates rose 11 per cent for the six months ended Sept 30, as improved performance from Airtel offset the impact of Covid-19 and price pressures in other associates' markets, Singtel said. More on this topic   Related Story Singtel dividends to get boost from associate's $950 million tower sale, says DBS   Related Story Singtel launches 5G standalone trial network for enterprises Singtel's directors on Wednesday approved an interim dividend of 5.1 cents per share for the financial year ending March 31, 2021, down from 6.8 cents a year ago. The interim dividend will be paid on Jan 15, 2021, after books closure on Nov 30. Singtel's board also approved the adoption of a scrip dividend scheme and the application of the scheme to the interim dividend. As for its outlook, Singtel said it will not provide guidance except that dividends from regional associates will be approximately $1.3 billion and that the group's capital expenditure, including for 5G networks, will be around $2.2 billion, comprising A$1.5 billion ($1.47 billion) for Optus and $700 million for the rest of the group. Singtel shares closed at $2.23 on Wednesday, up $0.01 or 0.5 per cent.

SINGAPORE (THE BUSINESS TIMES) - The customs of Singapore and the US have tied up to explore the exchange and reuse of trade data via a system link-up between both countries' trade platforms. These trade platforms are Singapore's Networked Trade Platform and the US Automated Commercial Environment. The Singapore Customs and the US Customs and Border Protection (CBP) signed a letter of intent (LOI) on Tuesday (Nov 10) to explore "single window" connectivity to facilitate cargo clearance and enhance supply chain security. Single windows are electronic systems that automate and expedite the processing of import and export data by allowing traders to input standardised information in a single entry point to fulfil all import and export requirements. This reduces cost, enhances accountability and improves collaboration among government agencies and the trade community, the CBP said on Tuesday. Exchanging trade data would facilitate customs declarations by the business community and allow both customs administrations to better conduct advance risk assessments, the Singapore Customs said in a separate press statement on Wednesday. Under the initiative, both parties will start to explore the interoperability of their national single window systems through data mapping and sharing of technical competencies. A pilot trial may be carried out between both countries, the results of which will be used to refine the system linkage, the Singapore Customs said. Singapore Customs deputy director-general Lim Teck Leong said: "The signing of this LOI signifies the first step towards trade data connectivity between the two customs administrations, and reinforces our commitment to maintain the security of international supply chains, while facilitating legitimate trade." Brenda Smith, executive assistant commissioner of CBP's Office of Trade, said: "Government-to-government data sharing is rapidly becoming an important component of efficient and secure trade, and CBP looks forward to working with Singapore Customs on this forward-thinking approach to trade facilitation." More on this topic   Related Story Asean ministers ink pact to ease flow of essential goods in region amid Covid-19 pandemic Two-way trade in goods between the US and Singapore totalled US$57.6 billion (S$77.7 million) in 2019, making Singapore the US's 17th largest trading partner and second-largest Asean trading partner. The US and Singapore negotiated a free trade agreement in 2004, followed by the Authorized Economic Operator-Mutual Recognition Agreement and the Customs Mutual Assistance Agreement concluded by both CBP and Singapore Customs in 2014. The Singapore Customs is also working on bilateral single window connectivity initiatives with its counterparts in Australia, China, Indonesia and the Netherlands.

MELBOURNE (REUTERS, BLOOMBERG) - Oil prices rose in early trade on Thursday (Nov 12), taking the week’s gains to more than 12 per cent on growing hopes that the world’s major producers will hold off on a planned supply increase as soaring cases of Covid-19 dent fuel demand. Algeria’s energy minister said on Wednesday that Opec+ - grouping the Organization of the Petroleum Exporting Countries (Opec) and other suppliers including Russia - could extend current production cuts of 7.7 million barrels per day (bpd) into 2021, or deepen them further if needed. The weakening outlook has piled pressure on Opec+ to delay a supply increase of two million bpd scheduled for January, which the market is now pricing in, analysts said. US West Texas Intermediate (WTI) crude futures climbed 35 cents, or 0.8 per cent, to US$41.80 a barrel at 0130 GMT, while Brent crude futures rose 31 cents, or 0.7 per cent, to US$44.11 a barrel. Both Brent and WTI have soared this week, lifted by hopes that the global coronarivus pandemic can be brought under control after initial trial data showed an experimental Covid-19 vaccine being developed by Pfizer and Germany’s BioNTech was 90 per cent effective. “It’s great news, no question about that ... But it will take time for vaccines to be rolled out, and therefore it will take time for demand to be positively impacted by that,” said Lachlan Shaw, National Australia Bank’s head of commodity research. In the meantime, fuel demand is under pressure from rising infections in Europe, the United States and Latin America. As a result, Opec has said demand will rebound more slowly in 2021 than previously thought. “In many ways the market is looking forward into 2021, to a time when we do have vaccines rolling out, and to a time where Opec and allies have held back some of those scheduled supply increases,” National Australia Bank’s Shaw said. More on this topic   Related Story Oil soars 8% on promising Covid-19 vaccine results   Related Story It's Asia to the rescue again as oil demand wavers elsewhere Meanwhile, talks between Opec and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates. Saudi Arabia and Russia, leaders of the 23-nation coalition, have already indicated publicly that they are thinking twice about easing production cuts in January as the resurgent pandemic hits fuel demand. The presidents of both Russia and the Opec have even mentioned the option of cutting production deeper. This idea hasn’t garnered widespread support so far among other members, one delegate said. Less than three weeks before members meet to take a final decision, the alliance is instead increasingly focused on maintaining the current cutbacks into early 2021, the delegates said, asking not to be identified as the talks are private. The alliance is keeping about 7.7 million barrels a day off-line right now, or 8 per cent of global output. More on this topic   Related Story Putin makes painful climbdown as Russia sues for peace in oil price war   Related Story Saudi, Russia press on with oil cut deal at G-20 talks, US offers help Nothing is certain until ministers hold an online meeting from Nov 30 to Dec 1. The United Arab Emirates, which has recently chafed at its Opec commitments, emphasized on Monday that consensus is necessary for the deal to be amended. “We have to be all convinced that tweak is required,” Energy Minister Suhail Al Mazrouei said at the online Adipec conference.