Oil prices break US$100, S'pore stocks sink as Russia launches military attack on Ukraine - The Straits Times

SINGAPORE - Global stocks dived and oil soared on Thursday (Feb 24) as investors fled to safety after Russian President Vladimir Putin launched an invasion of Ukraine.

Futures for the S&P 500 and Nasdaq both slid more than 2 per cent, putting the tech-heavy Nasdaq at risk of a bear market. European markets plummeted, with the Stoxx 600 Europe index down 3.6 per cent.

“The markets are pricing in a full-scale war now that Putin has finally launched attacks on Ukraine,” KGI analyst Joel Ng told The Straits Times.

In Singapore earlier, shares moved sharply lower immediately after news of the latest developments, with the Straits Times Index (STI) closing 3.5 per cent lower.

The last time the STI had a steeper one-day drop was on March 30, 2020, when it fell 4.5 per cent after relief from global fiscal support measures faded with uncertainty over the length of the Covid-19 pandemic.

Compared with its regional peers, shares in Singapore were the most affected in Asia. Major indexes in Japan, Hong Kong, South Korea and Australia closed between 1.8 per cent and 3.2 per cent lower.

“The STI has fallen the most among Asian bourses since it was also the index that rose the most year to date,” said Mr Justin Tang, head of research at United First Partners.

“Investors may be seeing the opportunity to take profit, as many of the component stocks on the STI are dividend-yielding stocks. With oil prices rising, many may also be offloading Reits (real estate investment trusts) in anticipation of higher interest rates to come,” he added.

Dragging down the STI were bank stocks OCBC, UOB and DBS, which have a combined 45 per cent weighting in the index, after OCBC posted underwhelming fourth-quarter earnings due to higher expenses and lower trading income.

OCBC and DBS each lost more than 4 per cent, while UOB shed more than 5 per cent. 

Singapore Airlines tumbled more than 6.2 per cent, while in-flight caterer and ground handler Sats lost more than 5 per cent, due to concerns that “higher oil prices may be passed on in the form of higher air fares, which could dampen demand for travel", Mr Ng said.

But against the sea of red, oil and gas plays RH Petrogas and Rex International chalked up gains of nearly 12 per cent and 4.8 per cent respectively. 

The run-up in gold prices also rubbed off on gold producer CNMC Goldmine Holdings, which jumped 4.6 per cent on Thursday.

Brent crude futures soared past US$100 a barrel for the first time since 2014 amid fears of a disruption to the region’s critical energy exports.

Natural gas in Europe rose as much as 41 per cent, while prices of metals like gold, aluminium and nickel, and grains like wheat and soya bean spiked, piling on inflationary pressures.

Russia is a key seller of multiple commodities to global customers, with Europe relying on the nation for about a quarter of its oil and a third of its gas.

The increase in the prices of key commodities is contributing to a surge in inflation already at its highest level in decades. This is posing a cost-of-living crisis for millions around the world and may force central banks to raise interest rates.

Both inflation and higher rates may derail the global economy's rebound from the pandemic.

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2022-02-24 02:12:20Z
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Hong Kong Budget targets COVID-19 relief with tax breaks, handouts - CNA

Bars, gyms, beauty parlours and 12 other types of venues are closed, while restaurants cannot operate beyond 6.00 pm. Apart from grocery stores, most shops are deserted as residents are back working from home. The border is virtually shut with the finance sector complaining this has caused an exodus of talent and made operating a regional hub out of Hong Kong difficult.

The restrictions will last until at least Apr 20.

TAX CUTS

The Budget measures announced on Wednesday include a 100 per cent reduction in salaries tax, capped at HK$10,000, handouts of HK$10,000 consumption vouchers, financial aid for the unemployed, and subsidies for directly impacted businesses.

Residents will also be given tax deductions related to their rent payments, as well as subsidies for transport and utilities.

A 100 per cent reduction in profits tax capped at HK$10,000 is expected to benefit 151,000 firms, Chan said. In addition, the government will help small firms with loan guarantees, export financing, and debt repayment holidays.

New legislation will be introduced to prevent landlords from terminating rental contracts of struggling small firms for up to six months.

Funds worth HK$1.26 billion will be given to firms in the tourism industry, reeling from two years of inactivity with no near-term prospects of recovery.

The "anti-epidemic" measures include HK$22 billion to boost COVID-19 testing capacity, HK$6 billion to procure more vaccines, and HK$12 billion for the construction of more health facilities, among others.

Hong Kong's economy is expected to grow 2 per cent to 3.5 per cent this year after expanding 6.4 per cent in 2021, Chan said, adding the forecast takes into account a recovery in the second part of the year once the epidemic is brought under control.

"The successful control of the epidemic is the key to safeguarding our economy and people's livelihood," Chan said.

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2022-02-23 06:28:14Z
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Covid-19 may cut sperm count and sex drive: HK study - The Straits Times

HONG KONG (CAIXIN GLOBAL) - Covid-19 infection could reduce male sperm count and lower sex drive, a new study from the University of Hong Kong (HKU) showed, while suggesting that vaccination can prevent such damage.

The findings are based on a study of testicular and hormonal changes in hamsters infected with the coronavirus and conducted by the university's microbiology researchers.

The study found that the hamsters suffered from acute decrease in sperm count and serum testosterone after four to seven days of infection. They also developed testicular atrophy with reduced testicular size and weight.

Previously, international studies found that male Covid-19 patients experienced testicular pain and lower sperm motility and lower sperm counts after recovery.

Autopsy results of some male Covid-19 victims showed that they had suffered from symptoms of orchitis, the inflammation of one or both testicles.

Professor Yuen Kwok-yung, chairman of infectious disease at the HKU's Department of Microbiology who led the research, said: "In managing convalescent Covid-19 males, it is important to be aware of possible hypogonadism (low sex drive) and subfertility."

Prof Yuen added that Covid-19 vaccination can prevent this complication.

Similar testicular changes were also found in hamsters infected with Omicron or Delta, two highly transmissible variants of Covid-19, the study said, noting that vaccination can prevent this testicular damage.

Researchers found hamsters who received two inactivated vaccine doses after three days of infection with the virus did not suffer from testicular injury while achieving immune protection.

They also found hamsters infected with a type of influenza virus showed no testicular infection or damage.

The hamsters in the tests developed "light pneumonia" from which they can recover without treatment, the study said.

The study has been accepted for publication in the peer-reviewed journal Clinical Infectious Diseases.

This story was originally published by Caixin Global.

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2022-02-23 03:51:19Z
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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
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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.

Source

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.

Source

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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