Business

Business

Elon Musk passes Bill Gates to become world’s second-richest person

Tesla boss Elon Musk surpassed Bill Gates to become the world’s second-richest person as the electric-car maker continued its staggering stock-market surge. A 6.5 percent jump in Tesla’s share price added about $7.2 billion to Musk’s fortune on Monday, putting...

Business

Australian PM Pitches Digital Economic Recovery

Scott Morrison wants Australia to become one of the world’s leading digital economies within the next 10 years. The prime minister says consumers and businesses have adopted to online technologies at warp speed during the COVID-19 pandemic. He wants to springboard off the health and economic crisis to drag the country out of recession. “Our challenge is to keep the foot on the digital accelerator, as we emerge on the other side of this pandemic,” Morrison will tell a virtual e-commerce summit on Oct 21. “Whilst we can marvel at the innovation and the digital acceleration, the bigger picture is that our economy has taken a massive hit. “So we have two stories happening simultaneously in Australia – an economy that is experiencing the worst set of economic circumstances since the Great Depression, and ferocious adaptation that businesses have engaged in to keep these circumstances at bay.” Businesses were quick to reshape their operations when the pandemic swept Australia. One in ..

Business

NBA: Los Angeles Clippers hire Tyronn Lue as new head coach

LOS ANGELES (AFP) – The Los Angeles Clippers announced Tuesday (Oct 20) that Tyronn Lue has been promoted from assistant to head coach, replacing Doc Rivers, who was fired last month. "We conducted a thorough search and spoke with fantastic candidates. We found that the best choice for our team was already in our building," said Clippers president Lawrence Frank on Tuesday. "As head coach, Ty will put a unique imprint on the organisation, and drive us to new heights." The Clippers are expected to introduce the 43-year-old Lue as the new head coach at a news conference on Wednesday. No details of his contract were released but the US media is reporting the two sides are working on a five-year deal. "The pieces we need are in place – committed ownership, smart management, and elite talent, on and off the court, in the NBA's best market," Lue said in a statement. "My familiarity with the organisation, particularly (team owner Steve Ballmer) and Lawrence, confirmed this is where ..

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Golf: Tiger Woods back on happy hunting ground in quest for 83rd win at Zozo C’ship

LOS ANGELES (AFP) – Tiger Woods launches his latest bid for a record-breaking 83rd PGA Tour victory on Thursday (Oct 22) when he emerges from a five-week layoff to defend his title at the relocated Zozo Championship in California. A year ago, Woods bagged the 82nd tour title of his career with victory at the same tournament in Japan, finally tying Sam Snead's all-time mark to cap a 2019 which also included a 15th major title at the Masters. But in the 12 months since that milestone 82nd victory, Woods' hopes of moving clear of Snead have stalled, with the coronavirus pandemic and niggling injuries drastically limiting his tournament appearances. The 44-year-old former world No. 1 has not played since missing the cut at the US Open in New York just over a month ago, his challenge unravelling with a seven-over-par second-round 77. Yet the opportunity of defending his title at this week's Zozo Championship at Sherwood Country Club, just outside Los Angeles, was too good..

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Football: Solskjaer delight as Man Utd repeat PSG feat with late winner

PARIS (AFP) – Ole Gunnar Solskjaer was full of praise for his “excellent” Manchester United side on Tuesday (Oct 20) after Marcus Rashford’s late strike saw them win at Paris Saint-Germain in the Champions League for the second time in three seasons. “The performance was good and we deserved to win it. It was a better performance than last time and it shows how we have developed,” Solskjaer said following the 2-1 victory at the Parc des Princes in the Group H opener. Rashford’s 87th-minute effort decided the encounter in United’s favour after an Anthony Martial own goal had cancelled out Bruno Fernandes’s opening goal from the penalty spot in the first half. It was a stunning three points for the Premier League side away to last season’s runners-up, and Solskjaer was delighted with the way his defence largely kept quiet PSG’s attacking trio of Neymar, Kylian Mbappe and Angel Di Maria. “We played against a fantastic team, and we have to defend well. The players have the keys. I don’..

Business

Who said Jack Ma’s Ant IPO is a sure-win money maker?

HONG KONG (BLOOMBERG) – Optimism is in the air. People are lining up like ants for what might be the world's biggest initial public offering (IPO). But who says buying into Jack Ma's Ant Group is a sure win? No doubt, the Chinese fintech giant is a rare gem, boasting enviable sales growth and profitability. Yet making money off hot IPOs is a delicate balance between margin financing and how many shares you expect to get in what can be a convoluted lottery process. Here's how savvy retail investors in Hong Kong play new listings. They borrow as much as they can from their brokers, in order to apply for as many IPO shares as possible. For hot listings, a good rule of thumb is that 90 per cent of an investment can be covered by margin loans – so for every US$10,000 (S$13,556) you put down, you get to apply for US$100,000 worth of shares. But for Ant, local brokers are so certain things will go smoothly that they're offering leverage at up to 20 times. Interest on t..

Business

DBS launches service for businesses to track cross-border collections in real time

SINGAPORE – DBS Bank has launched real-time online tracking of cross-border collections to provide greater digital convenience to its corporate clients. This builds on its existing solutions that let businesses track cross-border payments online in real time. Utilising Swift Global Payments Innovation (gpi) technology, the new collections tracking service will allow more than 240,000 DBS corporate and small- and medium-sized enterprise (SME) clients in Singapore and Hong Kong to track their cross-border payments and collections online in real time, for no additional fee. Mr Raof Latiff, DBS's head of digital for institutional banking, said real-time tracking of cross-border payments and collections helps businesses improve their working capital management and fosters trust with overseas counterparties. "This in turn helps improve supply chain efficiencies and encourages economic growth, enabling countries to bounce back faster from the pandemic." DBS said its market share of ..

Business

Macau casinos seen posting over $1 billion combined quarterly loss amid pandemic

HONG KONG (BLOOMBERG) – Macau casino operators are expected to post a combined loss of more than US$800 million (S$1.08 billion) in earnings before interest, tax, depreciation and amortisation (Ebitda) for the quarter ended Sept 30, according to a Bloomberg survey of analyst estimates. Each of the six operators, which start reporting earnings in the coming weeks, will likely show negative quarterly Ebitda (earnings before interest, taxes, depreciation, and amortization), according to the survey of seven brokerages. SJM Holdings and MGM China Holdings are expected to report the biggest percentage changes from a year earlier. Macau's casino industry has seen gaming revenue plunge by no less than 90 per cent for six straight months as the coronavirus pandemic forced countries to shut borders. A slow recovery is underway after China gradually lifted travel restrictions over the past quarter and formed a travel bubble with the world's largest gamblRead More – Source [contf] [c..

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Q&A: Google, US government prepare for battle over market power

WASHINGTON: The U.S. Justice Department's lawsuit against Alphabet Inc's Google kicks off what is expected to be a long legal battle over whether the online search and advertising company uses its outsized market power unfairly. Here are some answers to key questions about the case: Advertisement Advertisement WHAT ARE THE ALLEGATIONS AGAINST GOOGLE? The Justice Department alleges that Google broke antitrust law to maintain its monopoly in search, where it has about 90 percent of the U.S. market, and two kinds of advertising – search advertising and general search text advertising. As evidence, the department points to billions of dollars that Google pays to smartphone makers such as Apple, Samsung and others to make Google's search engine the default on their devices. As a result, the government argued, smaller search engines never get the scale they need to improve their algorithms, and grow. WHAT REMEDIES DID THE JUSTICE DEPARTMENT REQUEST THE JUDGE IMPOSE? Ad..

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BOJ board member calls for swift action if COVID-19 delays economic recovery

TOKYO: Bank of Japan board member Makoto Sakurai said on Wednesday (Oct 21) the central bank must take "swift and appropriate" action if the coronavirus shock delays the country's economic recovery. If the pandemic takes longer than expected to contain, that could push more companies under, saddle commercial banks with bad loans and threaten Japan's financial system, he said. Advertisement Advertisement "At present, financial institutions have sufficient capital so there is no big concern over Japan's banking system. But we need to be prepared to take swift action, with a close eye both on the economy and the banking system," Sakurai said in a speech to business leaders in Fukui prefecture. The remarks came ahead of the BOJ's rate review next week, when the central bank is likely to cut its growth and price forecasts, but leave monetary settings unchanged. Sakurai said Japan's economy was likely to gradually recover after having hit bottom in the second q..

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