Singapore economy rebounds from virus-induced recession

SINGAPORE - Singapore's economy grew 7.2 percent last year, rebounding from its worst recession since independence sparked by the coronavirus pandemic, government data showed Monday.

The city-state plunged into its worst economic performance in 2020 as businesses and international borders shut down, choking its trade and tourism economic lifeline.

Authorities initially imposed tough measures to restrict movement and gatherings but later shifted to a policy of living with the virus as the majority of residents got fully vaccinated.

Singapore has logged a total of 280,290 cases with 829 deaths as of Sunday.

The trade ministry released advance estimates Monday showing the economy expanded by 5.9 percent year-on-year in the fourth quarter to December.

This brought full-year economic growth to 7.2 percent, reversing a 5.4 contraction in 2020, the country's worst since independence in 1965.

Manufacturing, a pillar of the trade-reliant economy, surged 12.8 percent year-on-year driven by global demand for semiconductors and semiconductor equipment, the ministry said.

Construction, a driver of domestic growth, rose 18.7 percent for the full year.

Prime Minister Lee Hsien Loong however said in his New Year message that Singapore was not out of the woods yet.

"Entering the new year, the fight against COVID-19 is not over. The Omicron variant has brought new uncertainties," Lee said.

He added, however, that Singapore was in a better position to deal with the virus compared to two years ago as booster jabs have been rolled out and vaccination of children under 12 years is underway.

"We have also learnt to better manage the public health challenges while minimizing the hit on our economy," he said.

"As we brace ourselves for the impact of omicron, we can be quietly confident that we will cope with whatever lies ahead."

He added that the economy is expected to grow 3.0 to 5.0 percent this year.

Agence France-Presse

Singapore eyes sports, conferences, concerts for vaccinated residents

SINGAPORE - Singapore is aiming to allow bigger gatherings for conferences, live music, sports, weddings and religious events for people fully vaccinated against coronavirus later this month, when it expects more than half of its population to be immunized.

The plan would follow a loosening of some coronavirus restrictions from next week, including allowing up to five people to dine at restaurants, its health ministry said on Wednesday.

The announcement came as Singapore sees an accelerated COVID-19 vaccination rate and very few locally transmitted cases in recent weeks.

Authorities are aiming for more liberal social measures for those fully vaccinated, like gatherings of up to eight people, the ministry said.

More may also be allowed to return to the workplace, based on the percentage of fully-vaccinated employees.

However, the looser measures would apply only to those inoculated under the national program, which uses Moderna and the vaccine jointly developed by Pfizer and BioNTech.

Sinovac's CoronaVac is only available in private healthcare institutions and is not a part of Singapore's national program. 

-reuters-

Malaysia reports first suspected Zika case

SINGAPORE - Malaysia on Thursday reported its first suspected case of Zika, a 58-year-old woman believed to have contracted it in neighboring Singapore where more than 100 cases have been confirmed.

The Malaysian woman had made a brief trip in late August to visit her daughter, who has already been confirmed as having the Zika virus, Malaysia's health ministry said in a statement.

After returning to her home near Kuala Lumpur, the woman fell ill and was diagnosed with "suspected" Zika, based on a urine test. Full confirmation via blood tests is pending.

"The source of infection is suspected to have occurred in Singapore," the statement said.

The Aedes mosquito-borne Zika, which has been detected in 67 countries and territories including hard-hit Brazil, causes only mild symptoms for most people such as fever and a rash.

But pregnant women who catch it can give birth to babies with microcephaly, a deformation marked by abnormally small brains and heads.

Singapore authorities say 115 people have now tested positive for the virus, including a pregnant woman and 57 foreigners living and working in the city-state.

Singapore depends heavily on foreign labor, and industries like construction and the marine sector are dominated by workers from China and South Asia.

Among the foreigners infected, 23 are from China, 15 are from India and 10 from Bangladesh, the health ministry said Thursday. The rest are from Malaysia, Myanmar, Indonesia and Taiwan.

"All had mild illness. Most have recovered while the rest are recovering well,” the ministry said in a statement.

The city-state's environment agency workers have been ramping up efforts to eradicate mosquitoes in a bid to curb the spread of the disease, expanding a fumigation campaign centered on the "ground zero" of the outbreak in the eastern suburb of Aljunied.

They have also turned efforts to three other areas beyond the original cluster, sending teams of inspectors round homes fumigating and checking for breeding sites.

Indonesia and Malaysia have intensified monitoring of border points for passengers arriving from Singapore, while Indonesian health official Muhammad Subuh said those arriving from the city will be given a card telling them to report to hospitals if they show Zika symptoms within 10 days of arrival.

Tropical Malaysia -- which already has struggled in recent years to control the spread of Aedes-borne dengue fever -- has been bracing for Zika after Singapore last weekend reported a surge in cases.

The United States and Britain have joined Australia and Taiwan in advising pregnant women to avoid non-essential travel to Singapore, while a local health expert has warned the infection rate would rise.

Despite the rise in Zika cases, a spokesman for the Singapore Grand Prix told AFP Wednesday the Formula One race will go on as scheduled from September 16-18.

source: interaksyon.com

Is singer Adam Lambert just too sexy for strait-laced Singapore?

SINGAPORE | Adam Lambert may have been a hit on American Idol but rival petitions in Singapore have gathered thousands of online votes in a lively debate over whether he is too sexy to be allowed to perform at the city-state’s largest New Year’s eve concert.

The petition against Lambert, addressed to concert organizer Mediacorp and the government, has gathered around 14,000 signatures to back its case that a performance by the openly gay singer did not align with Singaporean values.

However, two rival petitions backing Lambert had gathered more than 11,000 votes by Friday arguing that allowing the performance would show that Singapore shunned discrimination and promoted diversity.

The concert organizer said it was sticking with Lambert, a runner-up on American idol who caused controversy during his 2009 American Music Awards performance when he kissed his male keyboard player and stimulated sexual acts with dancers.

Sex between men is illegal in Singapore.

“We urge the organizers of Countdown 2016 to recognize and respect the values of the majority of Singapore that has voiced its desire to preserve our nation’s moral fiber,” reads the protest petition, which was posted anonymously by a group saying it represented concerned parents. (bit.ly/1lNoM5N)

The petitioners argue that having Lambert at the concert would bring a sour note to the end of the conservative city-state’s 50th birthday celebrations.

State TV company Mediacorp maintained Lambert would perform, and said the televised concert would be suitable for family audiences and conform with broadcast regulations.

source: interaksyon.com

Driverless buses, platoons of trucks to shape Singapore’s transport future

SINGAPORE — Singapore unveiled its public transport future on Monday, and it was a vision of passengers commuting in driverless buses along roads and freeways populated by platoons of autonomous trucks following a single driver.

The city state’s plans to streamline its transport future have begun with two self-driving vehicles going through their paces in a Singapore estate that is home to research facilities and educational institutes.

The vehicles are the vanguard of two projects – one run by the Singapore-MIT Alliance for Research and Technology (SMART) with the National University of Singapore and one by the Agency for Science, Technology and Research.

Some U.S. states and countries including Germany also allow testing of driverless vehicles on public roads.

Singapore, with its limited land and workforce, is hoping that autonomous vehicles will encourage its residents to use more shared vehicles and public transport, and avoid further congestion on its roads.

“Trying to look for bus drivers, truck drivers – big challenge for us,” said Pang Kin Keong, permanent secretary in the ministry of transport.

“We don’t have a huge population and these are not some of the professions which Singaporeans aspire to,” Pang said after taking a ride in SMART-NUS’s driverless car – a modified Mitsubishi Motors Corp electric vehicle with a top speed of 30 km per hour (20 mph).

The government and port operator PSA Corp also said on Monday that they would seek proposals to design and implement autonomous truck platooning trials, in which a human-driven truck is followed by other driverless trucks.

Autonomous vehicles could spur the mass-market adoption of ride sharing, ultimately resulting in a marked reduction in personally owned vehicles and in the total number of cars on the road, at least within cities, according to a Boston Consulting Group report in April.

Google and a number of automotive manufacturers and suppliers have said the technology to build self-driving cars should be ready by 2020.

The Singapore government said in June that it was seeking ideas on how autonomous vehicle technology could be harnessed for more land transport options.

Singapore’s Land Transport Authority said it had received proposals from eight applicants, including Uber Technologies Inc [UBER.UL], BMW AG and the Toyota group’s trading arm, Toyota Tsusho Corp.

source: interaksyon.com

Singapore grapples with smartphone addiction

SINGAPORE — Easily distracted? Can’t be separated from your smartphone? Constantly checking your device for no real reason? Chances are you’re an addict — and you may even need professional help.

Psychiatrists in Singapore are pushing for medical authorities to formally recognise addiction to the Internet and digital devices as a disorder, joining other countries around the world in addressing a growing problem.

Singapore and Hong Kong top an Asia-Pacific region that boasts some of the world’s highest smartphone penetration rates, according to a 2013 report by media monitoring firm Nielsen.

Some 87 percent of Singapore’s 5.4 million population own smartphones — as Internet-capable phones with cameras are popularly known.

In the United States, where there are similar concerns about the impact of smartphones on society, a 65 percent penetration rate would not even make the top five in Asia Pacific.

Singaporeans also spend on average 38 minutes per session on Facebook, almost twice as long as Americans, according to a study by Experian, a global information services company.

Adrian Wang, a psychiatrist at the upmarket Gleneagles Medical Centre, said digital addiction should be classified as a psychiatric disorder.

“Patients come for stress anxiety-related problems, but their coping mechanism is to go online, go on to social media,” Wang said.

He recalled having treated an 18-year-old male student with extreme symptoms.

“When I saw him, he was unshaven, he had long hair, he was skinny, he hadn’t showered for days, he looked like a homeless man,” Wang told AFP.

The boy came to blows with his father after he tried to take away the young man’s laptop computer.

After the father cut off Internet access in the house, desperation drove the boy to hang around neighbours’ homes trying to get a wireless connection.

He was eventually hospitalised, put on anti-depressants and received “a lot” of counselling, Wang said.

“We just needed to break the cycle. He got better, he was discharged from the hospital and I saw him a few more times and he was okay.”

Social media fixation

Tan Hwee Sim, a consultant psychiatrist at The Resilienz Mind clinic in Singapore, noted that the symptoms exhibited by her young adult patients have changed over the years.

Obsession with online gaming was the main manifestation in the past, but addiction to social media and video downloading are now on the uptrend.

“Internet addiction as a disorder is not even listed in our latest psychiatric manual, it’s only listed in the appendix as a disorder that requires further study,” she said.

In terms of physical symptoms, more people are reporting “text neck” or “iNeck” pain, according to Tan Kian Hian, a consultant at the anaesthesiology department of Singapore General Hospital.

“It is a commonly observed phenomenon that many people have their heads lowered and are now using their mobile devices constantly on the go, while queuing or even crossing the roads,” Tan told AFP.

Singapore’s problem is not unique, with a number of countries setting up treatment centres for young Internet addicts, particularly in Asia where South Korea, China and Taiwan have moved to tackle the issue.

In South Korea, a government survey in 2013 estimated that nearly 20 percent of teenagers were addicted to smartphones.

China already has an estimated 300 Internet addiction centres, according to a report on state broadcaster CCTV’s website in February. It also cited a survey showing there may be more than 24 million young Chinese addicted to the Internet.

Craving and anxiety

In Singapore, there are two counselling centres — National Addictions Management Services and Touch Community Services — with programmes for digital addiction.

Trisha Lin, an assistant professor in communications at the Nanyang Technological University, said younger people face a higher risk because they adopt new technology earlier — but can’t set limits.

Lin defined digital addiction by a number of symptoms: the inability to control craving, anxiety when separated from a smartphone, loss in productivity in studies or at work, and the need to constantly check one’s phone.

Lin warned that parents should avoid giving their children a smartphone or tablet computer to keep them quiet.

“It’s like the TV in the past with the babysitters and now it’s even worse because now you have the screen with you everywhere,” she said, citing the case of a Taiwanese high-schooler who could only sleep clutching her smartphone in case someone tried to call her.

A group of undergraduates from Singapore’s Nanyang Technological University launched a campaign late last year encouraging the public to put their smartphones in a face-down position when they are with loved ones.

The “Put it on Friend Mode” campaign drew strong support from students, said Chan Jing Hao, one of the organisers, and there are plans to expand the campaign to schools.

Addiction is so pervasive in Singapore that a “cyber wellness” education programme for pre-school children — and their parents — is set to be launched in the second half of 2014.

Chong Ee Jay, an assistant manager at Touch Community Services, which is launching the drive, said: “We want to give (the parents) a warning to not give these gadgets so early — and learn to withhold them.”

source: interaksyon.com

Singapore monitoring new forms of illicit financing

SINGAPORE - Asian financial hub Singapore on Friday said it was scrutinizing trade in virtual currencies such as Bitcoin as well as precious stones and metals to forestall new forms of illicit financing by criminals and terrorists.

In an inaugural report on money laundering and terrorist financing risks, the city-state said these sectors were identified for further study "as technology evolves and criminals become more sophisticated".

"Authorities will seek to better understand how money laundering and terrorist financing can be carried out through these channels," said the joint report by the finance and home affairs ministries as well as the Monetary Authority of Singapore (MAS).

It said the government would "review international best practices, to determine whether any safeguards and mitigating measures are needed".

The report said virtual money and precious metal-backed currencies carry the risk of being abused due to their anonymity, cross-border nature and low transaction costs.

The MAS, which serves as the city-state's central bank, "is closely monitoring developments in this area and will consider the need for regulation if necessary", the report said.

Bitcoin, the world's most popular form of electronic money, made headlines last year when US authorities closed the Silk Road website when it was found the currency was being used to buy illegal drugs, forged documents, hacker tools and even the services of hitmen.

The report also said Singapore was monitoring the trade in precious stones and metals.

"There are international typologies on the use of precious stones and metals as a tool to launder money, particularly as a store-of-value to move illicit proceeds easily," it added.

The bank said of 22 sectors that were assessed, the city's vast financial sector remained among the most vulnerable to abuse owing to the large number of transactions that take place and its wide international reach.

Singapore houses the regional offices of some of the world's top financial institutions and its total assets under management are now around Sg$1.4 trillion ($1.02 trillion), according to the MAS.

The report said "relevant controls are in place" for financial institutions, including supervision by MAS, record keeping, transaction monitoring and rigorous customer due diligence measures.

It identified remittance agents, money-changers, Internet-based stored value facility holders, pawnbrokers as well as corporate service providers as sectors where "controls are relatively less robust".

"Relevant government agencies will be strengthening the legislative and supervisory framework through the year to address the risks in these sectors more effectively," it said.

"The possibility that terrorist elements may seek to direct funds from abroad to support terrorism activities in Singapore or use Singapore as a conduit for foreign (terrorist financing) cannot be discounted," the report said.

Singapore in 2001 said it crippled a cell of the Southeast Asia-based militant network Jemaah Islamiyah with the arrest of suspects linked to an alleged plot to bomb local and foreign targets including Changi Airport.

Officials say the island republic is a prime target for extremist groups because of its close ties with the United States and major role in global finance and business.

source: interaksyon.com

Singapore threatened over Internet freedom

SINGAPORE — A person claiming to speak for activist hacker group Anonymous on Thursday threatened to “go to war” with Singapore by attacking its financial infrastructure to protest recent licensing rules for news websites.

“We demand you reconsider the regulations of your framework or we will be forced to go to war with you,” a male voice said as a person hiding behind a mask appeared in a clip posted on video-sharing site YouTube.

“Everytime you deprive a citizen his right to information, we will cause you financial loss by aggressive cyber intrusion,” said the speaker.


The video was taken off Youtube by early evening after Singapore media reported on the threat, but other sites had copied it by then.

The voice in the video clip, which lasted for three minutes and 42 seconds, said Singapore’s cyber security defence network would be unable to stop the attack.

It said the “primary objective” of posting the video clip was to “protest the Internet licensing framework” imposed by the government.

While the hacker was speaking, a protest slogan was flashed on the screen saying: “I oppose censorship and support a free and open internet.”

Under the new rules imposed on June 1, websites with at least 50,000 unique visitors from Singapore every month that publish at least one local news article per week over a period of two months must obtain an annual licence.

Websites granted a licence will have to remove “prohibited content” such as articles that undermine “racial or religious harmony” within 24 hours of being notified by Singapore’s media regulator, the Media Development Authority has said.

The new rules have sparked anger in the city-state’s robust blogging and social media community which has accused the government of a lack of consultation and raised fears the regulations are aimed at muzzling free expression.

Blogs and social media have gained popularity as alternative sources of news and opinion in Singapore, where mainstream newspapers are perceived to be pro-government.

In June, around 2,000 Singaporeans led by local bloggers attended a rally to protest against the rules.

Over 130 bloggers in the island-state also organised an Internet blackout in which they replaced their Facebook homepages with black screens featuring the words “#FreeMyInternet”.

In the YouTube post on Thursday, the hacker urged Singaporeans to black out their Facebook profile pictures on November 5.

Singapore authorities have said the new rules provide clarity on existing standards for Internet content, and do not impinge on Internet freedom.

source: interaksyon.com

A girl's very best friend: $55 million necklace on sale in Singapore

SINGAPORE - For someone with $55 million to spare on an egg-sized diamond, the world's most expensive necklace is on sale this month at a jewelry show in Singapore, reflecting Asia's growing appetite for precious gems and expensive baubles.

Known as L'Incomparable, the necklace created by luxury jeweler Mouawad features a yellow, internally flawless diamond of more than 407 carats suspended from a rose gold setting that is studded with 90 white diamonds weighing nearly 230 carats.

"Serious interest" has been expressed by a couple of potential buyers from Asia, said Jean Nasr, managing director of Mouawad in Singapore, declining to identify their nationalities.

"People who will get something like this are looking at it from a different perspective because this is definitely an investment piece," he told Reuters.

The necklace, whose centerpiece diamond was found by chance in a pile of mining rubble by a young girl in the Democratic Republic of Congo about 30 years ago, will be the flashiest item on offer at the Singapore JewelFest on October 11-20.

But there will be plenty of other glitz from American, European and Asian designers worth another $200 million or so.

Singapore, a tiny Southeast Asian nation with the world's highest concentration of millionaires, has positioned itself as a destination for the ultra-rich with a busy wealth management industry, luxury properties, top hotels, gourmet restaurants, high-end boutiques and two casinos.

While the city-state boasts a very low crime rate, security will be extremely tight with so much jewelry on display at a pavilion outside an upscale mall.

It seems unlikely there would be a robbery in Singapore like the daylight heist of about $136 million worth of jewelry on show at a hotel in the French Riviera resort of Cannes in July.

But Filippo Melchionni, in charge of guarding L'Incomparable and the rest of the jewelry on show, is taking no chances.

Security includes armed guards, plainclothes supervisors, cameras, motion detectors and bullet-proof display cases but the most critical time is when the pieces are shown to customers.

"This is the moment that the stones are under risk because they can be passed hand-by-hand, they can be exchanged," said Melchionni, chief operating officer for Asia-Pacific at the Ferrari Group, an Italian logistics company for luxury goods.

"Every night it is going back to our vault. We have an armored truck to move the stones."

L'Incomparable, completed in 2012 and certified as the priciest necklace in existence by Guinness World Records earlier this year, is an extravagant novelty.

But Asia, especially China, has become an important and resilient growth area for sellers of pricey jewelry, cars, boats, wine, artwork and other lavish items.

Australian miner Rio Tinto Ltd, which showed off its finest coloured diamonds in Hong Kong last month, believes the United States will remain its key market for diamonds but sees China growing fast.

Demand for diamonds in China, now the world's second-largest market after the United States, helped boost global sales at Tiffany & Co. in the latest quarter, leading the US jeweller to raise its annual profit forecast.

The show in Singapore, now in its 11th year, expects some Chinese buyers but many locals and visitors from Indonesia, Malaysia, Thailand, Vietnam, Cambodia and Russia will also be there, said Kean Ng, chairman of the Singapore JewelFest.

"You have the high-end customers but of course you have the browsers coming in and they usually end up buying something that's within their budget," he said.

source: interaksyon.com

Singapore tightens rules on hiring of foreign professionals

SINGAPORE - Singapore Monday announced tighter rules on the hiring of foreign professional workers, saying companies will from next year have to show proof they first tried to recruit local citizens.

The change, taking effect in August 2014, follows protests and online complaints about the large number of foreigners in the affluent city-state.

The Ministry of Manpower said companies that discriminate against citizens "will be subject to additional scrutiny" when they apply for employment passes for foreign professionals.

"Even as we remain open to foreign manpower to complement our local workforce, all firms must make an effort to consider Singaporeans fairly," Acting Manpower Minister Tan Chuan Jin said in a statement.

"What we are doing is to put in place measures to nudge employers to give Singaporeans -- especially our professionals, managers and executives -- a fair chance at both job and development opportunities."

About 37 percent of Singapore's total workforce of 3.36 million in 2012 were non-resident.

Some 150,000 Filipino workers are based in Singapore.

The ministry said companies must first advertise for Singaporeans to fill job vacancies in a national jobs bank administered by the government's workforce development agency.

Foreigners can be hired if no citizens are qualified.

Firms which have a "disproportionately low concentration" of Singaporean employees at professional level, and companies where foreign managers are accused of favoring their own compatriots in hiring, will also be put under tighter scrutiny, the ministry said.

Firms with 25 or fewer staff, or those recruiting for jobs paying Sg$12,000 ($9,580) and above a month, will be exempted from the advertising rule.

Authorities have been phasing in measures to tighten foreign worker inflows after facing criticism from Singaporeans, who accuse foreigners of competing with them for jobs, housing, schools and space on public transport.

Singaporeans have also complained that the rapid influx in previous years is eroding their national identity.

The discontent spilled into general elections in 2011 when the ruling party garnered its lowest-ever vote count after more than 50 years in power.

Two rallies against the government's immigration policy were held earlier this year garnering crowds of more than 3,000, making them the country's biggest protests in decades.

source: interaksyon.com

Filipina Stephanie Retuya wins 1st runner-up on ‘Asia’s Next Top Model’

The Philippines came close to winning the top prize at the finals of the reality modelling competition “Asia’s Next Top Model” in Singapore on Sunday.

Philippine representative Stephanie Retuya finished first runner-up to the winner from Thailand, Jessica Amornkuldilok. Kate Ma of Taiwan was second runner-up.

Retuya, a 23-year-old neophyte model from Laguna, was considered the underdog in the finals after being in the bottom two five times throughout the season.

In a field of 13 models from across Asia, she made it to the final three even if she did not score a single best photo victory in any episode of the show.

For the finals, the three models shot a TV commercial for Canon, a cover shoot for Harper’s Bazaar magazine and a final runway show for Singaporean designer Frederick Lee.

The finals night was attended by former supermodel Tyra Banks, host and creator of “America’s Next Top Model”.

Retuya earned praise for her TV commercial for Canon and runway walk, but was found wanting in her pictorial for Harper’s Bazaar.

Banks had good words for the Filipina. “I thought your runway walk was spectacular. You have sass but you’re also very sweet. This is a model now although she is not modelling,” she said.

Banks, however, noted Retuya’s weak showing in the magazine shoot: “You were thinking strength but not giving strength.”

Retuya started her modelling career in the Philippines just a year ago after giving birth to a baby girl.

She was very passive and shy and never traveled outside of the country until she was chosen to be a contestant for “Asia’s Next Top Model”.

Unlike her, the 27-year-old Amornkuldilok was an early favorite in the contest. She won five best photos and four challenges.

Head judge and “Asia’s Next Top Model” host Nadya Hutagalung said of the winner: “Jessica has the potential to take the modeling world by storm. She has a natural presence on camera and is able to show her personality on the runway. Her drive and ability to let down her guard is what gave her the edge.”

Amornkuldilok too home a modeling contract with London-based Storm Models, the agency that represents supermodels Kate Moss and Cindy Crawford. The contract includes a three-month, all-expenses-paid working trip to London.

Her prizes also include a cover shoot for Harper’s Bazaar magazine, a 2013 campaign for Canon IXUS, a new Subaru XV and $100,000 in cash.

source: interaksyon.com

Tory Burch mixes good design with good fortune

MANILA, Philippines - Tory Burch is launching a special capsule collection in bright red, the traditional color of the holiday, symbolizing good fortune. It includes handbags, wallets, cosmetic cases and iPhone covers. These limited edition designs are now available at Tory Burch freestanding stores in Beijing, Tianjin, Hong Kong–IFC, Hong Kong–Harbour City, Hong Kong–Times Square, Makati City and Singapore. They will also be offered at 14 select locations in North America, including New York, San Francisco, Las Vegas, Honolulu and Toronto boutiques.

The Tory Blog will highlight Chinese New Year as well with a special feature. Visit blog.toryburch.com for more information.

This is the brand’s second year designing custom product for Chinese New Year, marking the important role of China in the company’s global expansion plan — it opened its Hong Kong office when the brand launched in 2004 and there are now eight stores in Greater China.

In the Philippines, Tory Burch is exclusively distributed by Stores Specialists, Inc. (SSI) and is located at Greenbelt 5 and Rustan’s Makati.

source: philstar.com

Asian Cities to Become Top Finance Centres by 2022-Survey

LONDON (Reuters) - Top UK traders and dealmakers bruised by intense banker bashing believe an Asian city will take over as the world's dominant financial centre within 10 years, according to a survey.

They also relegated London to third place from second as their preferred location behind Singapore and New York, the poll by headhunters Astbury Marsden found.

Nearly two thirds of 450 British investment bankers surveyed said Hong Kong, Shanghai or Singapore would be the top global finance centre in 10 years.

One fifth felt London would be the world leader in 2022 and one sixth said New York would hold no.1 spot.

"A fast growing, low tax and bank friendly environment like Singapore stands as a perfect antidote to the comparatively high tax and anti-banker sentiment of London and New York," said Mark Cameron, operations chief at Astbury Marsden.

The annual ‘Preferred Location Survey' also found Singapore is the city where British bankers would most like to live, claiming 31 percent of the vote, up from 27 percent last year.

New York was second with a fifth of votes while London slipped to third with 19 percent of the votes versus 22 percent last year.

"Financial centres in the West have taken a real battering since the start of the financial crisis," said Cameron.

"Cities like Singapore and Hong Kong have been quick to capitalise on setbacks in London and New York, courting investment banks and reacting to demand from expats," he added.

Investment banks and trading firms in New York and Europe have struggled to maintain profitability in recent years amid economic uncertainty partly linked to the ongoing euro zone debt crisis.

Bankers and traders in the United States and Europe also face the prospect of draconian restrictions on their riskier practices, moves likely to impact future profitability.

Commodities trader Trafigura said in May that Singapore would become its main trading centre as it seeks to tap demand in Asia, dealing a blow to its former home Switzerland.

Asian banks, in contrast to their Western peers, avoided much of the damage inflicted by the latest financial crisis and have benefited in recent years from solid economic growth and a booming commodities market across the Asia-Pacific region.

source: nytimes.com

Is Christian Bautista About To Reunite With Rachelle Ann Go?

MANILA, Philippines—Rumor has it that balladeer Christian Bautista, whose contract with ABS-CBN is set to expire on Aug. 27, might just transfer to GMA-7 where his ex-girlfriend Rachelle Ann Go transferred a few years ago.

Despite the intriguing idea of a “reunion,” Bautista, who is very much in love with his present girlfriend, refused to give a definite answer about a network switch, opting to cross the bridge when he gets there.

“Pinapasa-Diyos ko, pinapasa-management ko ang mga negotiations,” he said in an interview.

Though thankful to ABS-CBN for all the breaks they gave him, Christian said that his next career moves won’t be about “channels” at all. He said that he’ll move to “wherever” as long as it would “challenge him to run as fast as I can.”

"I want a project that will widen my eyes, challenge me. A project that will really connect with me. It's not about the money; it's not about exposure... of course you need a little bit of both, pero dapat gusto ko gawin, yung passionate ako. Yung kahit maraming challenges eh gagawin ko siya," he said.

Asked for a word that would describe his state of mind as far as his career goes, Bautista went speechless for a moment before zeroing on “relentless.”

“Throw everything you got at me pero I will still make it. Put up every wall that you can possibly put up, but I will find a way to break it."

Besides his career in the Philippines, Bautista pointed out that he is also thinking about his pursuits in other Asian countries where he has already made a breakthrough, particularly in Indonesia and Singapore.

But does he want to stay with ABS-CBN?

“Sa ngayon po, we want to review everything,” he quipped.

While mulling over his options and waiting for results of negotiations that would determine his next career moves, Bautista is focusing on his upcoming 10th anniversary concert dubbed “X Class” that will be staged on Oct. 6, 7, 12, 13 and 14 at the Meralco Theater. Describing the upcoming series as a dream come true for him, Christian revealed that it would be an intimate show, if not a bit theatrical in concept that fits the venue.

article source: mb.com.ph

Singapore group eyes renewable energy plants in PH

MANILA - A Singapore-based group is keen on putting up renewable energy generating facilities in the Philippines.

Energy Secretary Jose Rene D. Almendras told reporters that the said investors, whom he did not disclose, have been scouting potential locations to put up their facilities, which will run on different sources.

The group plans to put up solar facilities that are coupled with wind or mini-hydro systems.

"I find the idea novel. Instead of coming in with one technology, you’re coming in with a portfolio. In a small island na hinde masyado maraming tubig, so pag may araw solar, pag walang araw dahil umulan eh di may tubig, parang ganon," he said.

The "pairing" allows the facility to run on different sources depending on the prevalent weather situation in a particular location.

The investors' technology can carry a generating capacity of between 500-kilowatts to 10-megawatts.

"I understand they visited a few of the sites. They went to Palawan and a few areas there," Almendras said.

The DOE chief said he had asked the group to consider putting up the facilities in areas not connected to the main power grid.

These off-grid areas usually rely on oil-based power facilities for electricity that are more expensive than generating plants that serve those connected to the grid.

source: interaksyon.com

Singapore sets up Asia’s first re-manufacturing R&D center

SINGAPORE — Singapore announced on Thursday the establishment of a re-manufacturing research and development center, the first of its kind in Asia.

The Advanced Remanufacturing & Technology Center, modelled after successful centers in the United Kingdom, will be developing technologies for re-manufacturing.

The center will tap on the expertise of the Agency for the Science, Technology and Research and local universities.

It will “help industries realize remanufacturing’s economic and environmental potential through public-private collaborative research and development,” said Raj Thampuran, executive director of the Science and Engineering Research Council at the Agency for the Science, Technology and Research.

The center also represents the way in which high value manufacturing is advancing globally, he said. Member companies can leverage on our spectrum of relevant capabilities, advanced infrastructure and high quality talent, while at the same time contribute to value-added manufacturing activities.

In remanufacturing, recovered parts or products are transformed through disassembly, cleaning, testing and other operations into ” like-new” products which will then be re-introduced to the markets. It can help cut cost and materials.

Remanufactured products are tested and certified to meet technical and safety specifications and are sometimes even sold with warranties comparable to the original.

The process is more efficient than recycling because it conserves the raw material content and retains much of the value added during the manufacturing of the product.

A report by Global Industry Analysts predicts that the global automotive remanufacturing market will reach 104.8 billion U.S. dollars by 2015. In the United States, the remanufacturing industry is worth 53 billion U.S. dollars, employing 480,000 workers.

Six industry leaders such as Boeing, Rolls-Royce, Siemens Industry Software, ABB, FUCHS Lubricants and Carl Zeiss signed a Memorandum of Understanding with the center to do research to bridge technological gaps in re-manufacturing for the aerospace, oil and gas, marine, energy, automotive and engineering industries.

Eight local small and medium enterprises have also joined the center to co-develop technologies.

source: interaksyon.com

Maids in Singapore finally get a weekly day off

SINGAPORE — Singapore will require a mandatory weekly day off for maids starting next year, the government said Monday, in a move that will affect more than 200,000 domestic helpers in the affluent city-state.

"The new weekly rest day requirement will apply to (foreign domestic workers) whose work permits are issued or renewed from 1 January 2013," the ministry of manpower said in a press release.

Non-governmental groups and the governments of the countries the maids come from had been waging a campaign over the past decade for Singapore to grant them a weekly day off, a right already enjoyed by domestic helpers in Hong Kong.

Employers will have to reach a "mutual agreement" with their maid if they want her to work on her rest day for which she will be compensated.

The manpower ministry said the new ruling would boost their productivity and make Singapore an attractive destination for potential helpers.

The Philippine embassy in Singapore welcomed the announcement. There are about 65,000 Filipina maids in the city-state, according to embassy estimates.

"This progressive policy change by MOM is a clear recognition that the rights of domestic workers are just as important as the rights of any other worker in Singapore," said Philippine charge d'affaires Neal Imperial.

The Transient Workers Count Too group called the decision a "significant move forward" in advancing the rights of domestic helpers.

"This has been long overdue and signifies the first step to put domestic workers on par with other workers who contribute to the economy significantly," said group vice president Noorashikin Abdul Rahman in a statement. — Agence France-Presse

source: gmanetwork.com