Asian stock markets sink, oil hits 7-year high as Ukraine crisis escalates - The Straits Times

SINGAPORE - Stock markets across Asia were a sea of red, while oil prices hit seven-year highs amid the threat of a full-scale invasion of Ukraine by Russia.

The repercussions from likely sanctions from the West, even higher energy and commodity prices and more hawkish monetary policy measures could disrupt the global economic recovery from the Covid-19 pandemic.

The Straits Times Index (STI) lost 35.78 points, or 1.04 per cent, to close at 3,400.58 on Tuesday on a sell-off in US futures. 

This came after Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent, ordered forces into the area, and likely torpedoed a last-minute bid for a summit with US President Joe Biden.

Mr Biden was set to order retaliatory sanctions on the separatist regions of Ukraine, with the European Union vowing to take additional measures.

Brent crude futures jumped to a high of US$97.40 a barrel - their highest since September 2014. Natural gas was up nearly 7 per cent to US$4.74 per million British thermal units.

“There’s fear in the local market but not panic selling. Even though some took profit, optimism over local banks’ earnings helped offset some of the geopolitical risk,” CIMB Private Banking economist Song Seng Wun said.

DBS Bank, OCBC Bank and UOB, which maintain a combined 45 per cent weight in the STI, have averaged 16 per cent gains so far this year, on recent expectations of five to seven interest rate hikes by the US Federal Reserve this year. This compared with the trio averaging 25 per cent total returns in 2021, according to a Singapore Exchange market update on Monday. 

So far this year, Singapore stocks have drawn $1.9 billion in net institutional inflow, with DBS, OCBC and UOB accounting for a combined $1.4 billion of that amount, the update said.

Mr Song added: “While we are worried about supply disruptions because of the Ukraine crisis, oil prices haven’t breached US$100 a barrel yet because of the possibility that international talks could lead to a lifting of sanctions on Teheran, which could put more Iranian oil in the market.” 

But some analysts say oil prices are likely to remain volatile in the near term because Iranian crude is unlikely to return until later this year.

Meanwhile, the worst performers yesterday included Singapore Airlines and Dairy Farm, which shed 2.4 per cent each, and Yangzijiang Shipbuilding, which lost 2.86 per cent.

“These stocks, which are a proxy for economic recovery, did poorly as the prospects of an invasion and higher energy prices can threaten the global recovery,” said Mr Colin Low, assistant manager, research and portfolio management, FSMOne.com.
 

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2022-02-22 14:05:42Z
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Asia stock markets sink, oil hits 7-year high as Russia-Ukraine crisis escalates - The Straits Times

SINGAPORE - Stock markets across Asia were in a sea of red, while oil prices hit seven-year highs amid the threat of a full-scale invasion of Ukraine by Russia.

The repercussions from likely sanctions from the West, even higher energy and commodity prices and more hawkish monetary policy measures could disrupt the global economic recovery from the Covid-19 pandemic.

By the midday break, the Straits Times Index was down 0.83 per cent, or 28.62 points, to 3,407.74, after having fallen as much as 0.97 per cent minutes after trading started.

This came after Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent, ordering forces into the area, likely torpedoing a last-minute bid for a summit with US President Joe Biden. Mr Biden was set to order retaliatory sanctions on the separatist regions of Ukraine, with the European Union vowing to take additional measures.

Brent crude futures jumped to a high of US$97.40 a barrel - their highest since September 2014 - on worries Russia’s energy exports could be disrupted. Natural gas was up nearly 7 per cent to US$4.74 per million British thermal units.

Safe-haven assets like gold rose. Spot gold added 0.2 per cent to US$1,909.10, having earlier hit a new six-month top of US$1,911.56.

With Asia stocks whiplashed by the Ukraine crisis, Hong Kong was the biggest casualty with a nearly 3 per cent fall. This was due to fears of a new wave of regulatory scrutiny by Beijing after a report that Chinese authorities told banks and state firms to report their financial exposure and links to Jack Ma’s Ant Group. 

Shanghai stocks were down 1.4 per cent, while Shenzhen dropped 1.6 per cent. Japan lost 2.1 per cent, Taiwan and South Korea each shed 1.7 per cent.

“The pull-back in Asian stocks isn’t as bad as it seems because markets aren’t pricing in a full-blown war despite the latest developments. A bigger worry is the fallout from sanctions on Russia, which supplies one-third of gas to Europe. That will have a big impact on crude oil and gas prices, which could mean higher petrol and electricity prices for us,” KGI analyst Joel Ng said.

US and European markets were also bracing for sharp losses when they open later, with the S&P 500 futures down 1.8 per cent and Nasdaq futures off 2.5 per cent.

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2022-02-22 06:15:56Z
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Small Hong Kong businesses say survival at stake as COVID-19 restrictions bite - CNA

HONG KONG: Hong Kong restaurant Pasta Zone lost its evening crowd in early January, when authorities imposed a 6pm curfew on dining to help curb COVID-19. A few weeks later, when the government asked people to work from home, the lunch crowd evaporated as well.

That reduced business by two-thirds, co-owner Yvonne Chan said, adding that the restaurant could probably survive for six months in such conditions.

Health authorities say such restrictions will remain in place for 16 types of businesses, including restaurants such as Chan's, or even tighten, until the government reaches its stated "dynamic zero-COVID" goal of eradicating any outbreak.

"We don't know what to do. Our hands are tied," Chan said.

Without unprecedented relief measures in Hong Kong's 2022-23 budget on Wednesday, it's hard to see how the economy can avoid contracting again after emerging last year out of its most prolonged recession, which lasted from 2019 to 2020, economists say.

The government has pledged support beyond the latest round of subsidies worth HK$27 billion (US$3.46 billion) announced this year, but has not flagged any specific measures for the upcoming budget.

The finance and commerce departments did not immediately reply to requests for comment.

In his regular Sunday blog post, Finance Secretary Paul Chan said the government needs to "do its best" to offer financial support to people and small and medium-sized companies, and restore confidence.

The Hong Kong General Chamber of Commerce said bold budget measures were needed to "avoid company closures."

Its proposals included aid for employees and small businesses in affected industries; consumption voucher handouts to residents; and one-off 100 per cent cuts in profit, salary and income taxes, capped at HK$20,000 (US$2,564).

The current restrictions, which have seen bars, gyms, beauty parlours and a dozen other types of venues close, and most people working from home, are tighter than in 2020.

The current outbreak, the fifth and largest Hong Kong has experienced, is expected to worsen, potentially reaching up to 30,000 infections a day by the end of March from 7,000 or so now, some epidemiologists say.

This week's introduction of vaccine passes is unlikely to make people eager to hit the shops, economists say, as contact tracing could lead to hours queuing for testing and infections could result in weeks in quarantine facilities, regardless of symptoms.

"This fifth wave looks set to bring the city back to a recession," Daiwa Capital Markets analysts wrote in a note last week.

Hong Kong leader Carrie Lam said last week it would take two or three months to bring COVID-19 under control.

Many businesses say they may not have that much time.

Ben Leung, head of the Licensed Bar and Club Association of Hong Kong, told Reuters 20 per cent to 30 per cent of bars would not survive past April without help or a relaxation of restrictions.

Tommy Cheung, a legislator representing the restaurant and catering industry, told Reuters some restaurants would close unless the environment improves in March.

"The situation is getting worse by the day," Cheung said.

The Hong Kong Retail Management Association (HKRMA), which represents 9,000 retailers employing more than half the sector's 900,000-strong workforce, says the industry is running out of cash to burn.

"If the pandemic gets worse and our rents remain the same ... we will not survive," HKRMA chairwoman Annie Tse said.

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2022-02-21 09:06:18Z
CBMidWh0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vYXNpYS9zbWFsbC1ob25nLWtvbmctYnVzaW5lc3Nlcy1zYXktc3Vydml2YWwtc3Rha2UtY292aWQtMTktcmVzdHJpY3Rpb25zLWJpdGUtMjUxMDkzNtIBAA

Boss Buys Filipino Helper A Sumptuous Villa So She Can Retire In The Philippines - MS News

Chelsea Manager Thomas Tuchel Fulfils Helper’s Dream Of Retiring In The Philippines

Helpers are often recruited to support their employers in household upkeep.

It’s not easy to handle chores every day, and some families have gone out of their way to thank them for their contributions.

Famous football manager Thomas Tuchel is one of these kind-hearted employers. He bought his helper a villa and funded her son’s heart surgery, so she could fulfil her dream of living with her family in the Philippines.

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Although the news broke back in 2021, his significant gestures of kindness towards his Filipino helper are now garnering attention once more following his headline-making win of the UEFA Champions League title for Chelsea.

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We recap Thomas Tuchel’s greatest gift to his helper and how he made a difference in her life.

Thomas Tuchel funded her son’s surgery

The 48-year-old Chelsea manager and his helper crossed paths in 2018, during his 2-year tenure as the manager of the French football club Paris Saint-Germain.

He had hired her to look after his family’s home in Hauts-de-Seine, a place situated north of France.

As a result of the high cost of her son’s surgery, his helper had to work longer shifts.

According to ESPN, this drew the attention of Tuchel’s wife, Sissi, who in turn informed her husband.

Tuchel and his wife Sissi
Source

Upon hearing of her troubles, he had a cheque signed and paid for the hospital fees immediately.

Helper dreams of retiring in the Philippines

Funding the surgery was already a great act of kindness on its own. But the Chelsea manager continued to go above and beyond for his housekeeper.

Following the successful surgery, Tuchel sat her down for a lengthy chat to discuss her hopes for the future.

Source

He discovered that she harboured hopes of buying a house in her home country of the Philippines and retiring there with her family.

He made that happen swiftly as well, giving her the keys to her very own luxury villa shortly before taking up his current role at Chelsea F.C.

A champion on & off the field

When Chelsea appointed Tuchel in 2021 following his dismissal from Paris Saint-Germain, he and his family had to part ways with the housekeeper.

Since being appointed to the English football club in 2021, he has already led them to 3 major victories.

The first of these came in May 2021, when Chelsea won their second Champions League title and their first under Tuchel.

Not long after, he led the English football club to glory yet again with a UEFA Super Cup title.

Most recently, he guided the Blues to their first-ever Club World Cup win in February this year.

Good things come to those who give

While these wins are undoubtedly a testament to Tuchel’s coaching expertise and experience, one can’t help but wonder if they were also helped along with the good karma of his kind deeds.

Although one may argue that his high-paying career as a football manager makes such sweeping acts of generosity more accessible, all of us have our unique ability to touch the lives of another—whether it be through finances, a small gift, or simply our time.

Let Tuchel’s moving story serve as an ever vital reminder that we should always find ways to connect with and help our fellow man, however we can.

After all, that’s what brings us together as people.

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image adapted from Mirror and The Luxe Guide (for illustration purposes only).

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2022-02-21 03:28:25Z
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Omicron Sub-Variant BA.2 is Reportedly Spreading Fast & Could be Deadlier - Goody Feed

For everyone who hoped that Omicron spells the end of the pandemic, the Omicron sub-variant BA.2 might be lengthening it for the foreseeable future.

And yes, we’ve moved on from variants to talking about sub-variants now. Here’s everything we know about BA.2 so far.

Labelled As The “Stealth Omicron”

Even though this sub-variant doesn’t have enough differences to be labelled its own Greek letter, it has about 20 mutations that set it apart from Omicron.

Most importantly, it does not have a mutation that allows it to show up on polymerase chain reaction (PCR) tests as an S-gene target failure. This was the feature that allowed us to easily differentiate between Omicron and other variants.

The lack of that specific mutation means that labs need to further sequence the virus to find this variant. The more extensive genetic sequencing needed to identify the BA.2 subvariant is the reason why this is known as “stealth Omicron”.

Spreading Faster Than Omicron Across The World

BA.2 has been estimated to be around 30% more transmissible than Omicron, according to the World Health Organisation. It has been detected in at least 74 countries so far.

BA.2 is now the dominant strain in at least 10 countries, including Bangladesh, Brunie, China, Denmark, Guam, India, Montenegro, Nepal, Pakistan and the Philippines.

Additionally, a recent Danish study found that BA.2 was better at infected vaccinated people than the original Omicron variant. This could signal that this sub-variant has greater “immune-evasive properties”.

But please continue to get vaccinated and boosted, as researchers found that vaccinated people were still less likely to get infected or transmit the variants, compared to unvaccinated people.

As many countries have already hit their peak for infections, BA.2 likely won’t cause another peak. But it could slow down the decline in cases, and prolong the pandemic.

This new sub-variant, coupled with how many countries are relaxing pandemic restrictions… Let’s just say COVID-19 won’t be disappearing anytime soon.

Possibly More Severe Than Omicron

New experiments from Japanese labs have shown that BA.2 may have features that make it more capable of causing severe illness, like how Delta did.

Furthermore, in an experiment where researchers infected hamsters with Omicron and BA.2, those with BA.2 experienced more severe illness and worse lung infection.

However, there is mixed real-world evidence on the severity of BA.2. In countries like South Africa or the UK where BA.2 is dominant, hospitalisations are still declining.

Meanwhile, in countries like Denmark where BA.2 is the dominant strain, hospitalisations and deaths are rising.

Join our Telegram channel for more entertaining and informative articles at https://t.me/goodyfeedsg or download the Goody Feed app here: https://goodyfeed.com/app/ 

BA.2 May Not End Up Causing More Serious Waves of Infections

Research has shown that antibodies in the blood of people who were recently infected with Omicron seemed to have some protection against BA.2. The protection was even more if they have been vaccinated.

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So even though the virus is mutating, the would-be hosts, AKA our bodies, are also developing stronger immune systems. This might mitigate the more serious nature of BA.2.

Read Also:

Featured Image: stockwars / Shutterstock.com

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2022-02-20 05:26:26Z
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Family of 9 caught up in Hong Kong's Covid-19 care crisis - The Straits Times

HONG KONG - Ms Penny Chan, a 35-year-old public relations executive in the city, has been confined to a room about the size of a carpark lot just 800m from Disneyland.

She has been in the room at the much-talked about Penny's Bay quarantine camp for more than two weeks.

Ms Chan, along with eight other family members, including her parents, husband, brother and cousin's family, were infected with the Omicron variant of the coronavirus after attending two dinners at the start of Chinese New Year festivities.

Ms Chan, who is the only one in the family still in isolation, is still waiting for someone to tell her if her CT value or cycle threshold is safe enough to be let out.

"The process at Penny's Bay is not transparent at all. They don't tell you anything - not when you're to be tested, not the results after testing. They just ask you to wait," she told The Sunday Times.

In Hong Kong, those who test positive for Covid-19 cases used to be hospitalised. But, due to the exponential rise in infections, those with mild symptoms are now taken to AsiaWorld-Expo, which is next to Hong Kong's International Airport, other community isolation facilities, such as Penny's Bay, or made to stay at home.

Describing the whole experience as "very confusing and chaotic", Ms Chan said that unlike her other family members, she was the only one who tested negative initially.

As a close contact, she was still sent to a quarantine hotel where she later returned a positive result. Subsequently she was sent to Penny's Bay, which now houses 2,400 people.

"I'd already recovered when I was in the quarantine hotel but I'm still in Penny's Bay because I don't have my results," Ms Chan said.

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2022-02-19 12:38:00Z
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British diving instructor named as victim of fatal Sydney shark attack - CNA

SYDNEY: A 35-year-old British diving instructor has been identified as the person killed in a shark attack off a Sydney beach, Australian media reported on Friday (Feb 18), as officials reopened several beaches after the city's first fatal attack in 60 years.

Simon Nellist, who moved to Australia about six years ago, was killed on Wednesday off Little Bay beach, about 20 km (12 miles) south of Australia's largest city while training for a weekend charity swim event, reports said, citing his friends.

Nellist, a former UK Royal Air Force serviceman, was a member of the city's scuba diving club and a regular swimmer at the beach. Police have not yet formally identified the victim.

Authorities have set up drumlines, which are used to bait sharks, near the attack site, while drones and helicopters were searching to see if the shark was still in the area.

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2022-02-17 23:59:13Z
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