Income-Allianz saga: Union leaders concerned about impact on NTUC’s standing, ties with government

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NTUC assistant secretary-generals Heng Chee How and Desmond Tan, who are among the workers MPs, defended the senate ‘ freedom during that change.

” The union leaders agreed that this situation ( halting the Aliianz deal ) does not look good for NTUC, and it seems like NTUC did n’t act in the public interest”, said one attendee of Wednesday’s meeting who chose to remain anonymous.

The assumption was that the NTUC will have to labor on strengthening and sharpening its open communication, and even improve its conversation, the person said.

NTUC secretary-general Mr Ng said on Twitter after the conference that it was a “productive” discourse for unions to understand the problems. &nbsp,

He added that the ministers ‘ emphasis was on how the NTUC and the PAP government will continue to improve their symbiotic relationship.

On Thursday, he told CNA that there was” no doubt” that the NTUC-PAP relationship remains strong.

” Obviously, there was new information that MCCY ( Ministry of Culture, Community and Youth ) brought up, and there’s a difference in view as expressed”, he said.

But, NTUC accepts the government’s stance and will examine the implications thoroughly and how to continue, he added.

DEAL BLOCKED

The Singapore authorities announced on Monday that it was halting the agreement between European insurer Allianz and Income Insurance, with secretary Edwin Tong claiming in parliament that it was deemed to be in the public’s best interest.

This was followed by NTUC assistant secretary-general Desmond Tan’s discovery on Wednesday, that the NTUC key committee had no knowledge of a S$ 2 billion investment recovery program under the proposed package, due to commercial differences.

In an Aug. 5 statement, Mr. Ng and Ms. Thanaletchimi reiterated the organization’s social mission and assured everyone that NTUC Enterprise will continue to hold onto” a significant interest” in Income.

They claimed they understood the issues raised by some people about the proposed offer, but that NTUC Enterprise was unable to provide financial assistance for Income on its own.

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Love, Bonito lays off dozens of staff; roles in Singapore impacted

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SINGAPORE: Fashion store Love, Bonito has cut about 6.9&nbsp, per cent of its total labor, or 29 commercial functions worldwide.

Fourteen roles in Singapore were impacted, it said on Thursday ( Oct 17 ) in response to CNA’s query.

Impacted&nbsp, people will be provided a friendly package that is “in range with local rules”, Dione Song, CEO of Love, Bonito told CNA.

This includes a pay based on the length of service, as well as the payment of pro-rated monthly leave and see.

The&nbsp, people ‘&nbsp, medical coverage will also be extended. Like, Bonito will even work with the&nbsp, important organizations to give career change support, alongside writing recommendation letters.

The small, privately owned company stated that its “immediate emphasis will be on helping impacted people as well as remaining staff through this change stage.”

Like, Bonito has 26 outlets across various locations in Asia: Singapore, Malaysia, &nbsp, Indonesia, Cambodia, Hong Kong and the Philippines.

As it looked to expand into other marketplaces like the United States, the clothing brand, which first operated as a blogshop, received US$ 50 million in financing in 2021.

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AGC appealing against acquittal of 2 men who were accused of giving bribes to LTA director

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The prosecution will file an appeal against the acquittal of two men who were previously accused of bribes against a director of the Land Transport Authority ( LTA ) in Singapore.

Following a discovery of errors in the Corrupt Practices Investigation Bureau ( CPIB ) statement-taking process, a judge granted the two men, Mr. Pay Teow Heng and Mr. Pek Lian Guan, a discharge amounting to an acquittal last Friday ( October 11 ). &nbsp,

After recently telling CNA that it was studying the court’s verdict and would decide on the next course of action following the hearing, the Attorney-General’s Chambers filed an appeal against the conviction on Monday. &nbsp,

After a test, where the two CPIB soldiers who took Mr Pay and Mr Pek’s claims testified, District Judge Soh Tze Bian ruled that the claims were “inaccurate” and “unreliable”. He acquitted both of their individual expenses. &nbsp,

Mr Pek, 59, was the CEO and president of posted business Tiong Seng Holdings, while Mr Pay, 56, a producer of Tiong Seng Contractors. Both had been indicted in July of this year for allegedly accepting bribes from former LTA assistant team producer Henry Foo Yung Thye. &nbsp,

Mr Pay was accused of giving S$ 350, 000 ( US$ 267, 000 ) to Foo over two occasions in 2017 and 2018 to advance Tiong Seng’s business interest with LTA in respect of contracts, while Mr Pek was accused of abetting Mr Pay.

Judge Soh said that the key elements he looked into included the actions of the CPIB officials, who had taken the two men’s statements into account. &nbsp,

The investigating officer ( IO ) who had taken Mr Pay’s second statement, Mr Chris Lim, admitted to approaching the interview with a “preconceived notion” that Mr Pay had committed some form of offence.

His strategy had been “mischievous and easily careful,” with Mr. Pay’s statements being recorded that could be interpreted as incriminating and omitting any possible evidence that might have led to his exoneration. Mr. Lim was referred to as having “blatant disregard for the truth” while being recorded by the prosecutor. &nbsp,

The accuracy of another IO’s recording of Mr. Pek’s speech was even questioned. The Dai, known simply as Jeffrey in court papers, had used a” cut-and-paste approach” to assemble the statement.

Mr Pek’s speech contained repeated self-incriminating notes, which the judge thought were” not a devout picture” of what he had said as it indicated an effort to emphasise his guilt.

The judge determined that the speech was “more a solution of IO Jeffrey’s author than an accurate account of what Pek really communicated.” &nbsp,

Judge Soh found that the trial had erred by denying any further evidence that it had been able to support its case against the two people. &nbsp,

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CNA Explains: What lies at the heart of Canada and India’s deepening rift?

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He added that India is concerned that these organizations are returning from their” safe have n” in Canada and other Western nations, where they might be able to unhinderedly be arranging an uprising.

” India is claiming that this could, in due course, pose another big violent menace to India”, Kugelman told CNA’s Asia First. &nbsp,

” Canada looks at this very different. It does n’t believe that it’s sheltering anti-India extremists. It thinks that these are protesters who are Sikh separatists, and that what they say and do is protected by Canadian freedom of speech rules.

How does it contain an issue of proof?

One of the other issues at the heart of the worsening conflicts is the availability of evidence to back up Canada’s open accusations. &nbsp,

While Canada has made many claims officially, it has not provided the necessary evidence to back them up, pointing to how doing so could destroy the morality examinations, said Kugelman. &nbsp,

” But the more claims it makes in front of the general public, the more pressure is placed on Canada to release some pretty precise evidence,” he said. &nbsp,

Ruparelia speculated that there might be a connect in what constitutes facts.

” It could simply be that … ( the ) evidence, for the Indian authorities, has n’t met a threshold that they’re happy with or comfortable with”, he said. &nbsp,

He added that India’s option for Canada would be to cooperate with and look into its investigation. For India, the need is for Canada to provide information in a way that it deems appropriate to take action. &nbsp,” That’s the deadlock best now”, he said.

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Malaysia Budget 2025: Will PM Anwar cut petrol subsidies, impose new taxes to improve public finances?

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Despite the good signs, Mr Anwar himself acknowledged in an Oct 10 article on X that there was “much place” for development in the government’s fiscal leadership and performance.

For starters, the state is seeking to control its RM1.5 trillion debts, and is well on its way to reducing its macroeconomic gap to 4.3 per cent this year, with an eye on 3 per share by 2026.

In an effort to reduce spending on grants and social support by RM11.5 billion, a goal set out in Budget 2024, the state has also adjusted grants for meat and power.

The World Bank warned that further rationalization was required in addition to methods to lessen the impact on inflation and vulnerable groups, despite the World Bank’s warning in its October record that these initiatives were expected to decrease subvention investing.

After the effects of the walk on diesel, Malaysia-based economist Shankaran Nambiar reported to CNA that Mr. Anwar might be more careful about rationalizing the use of gasoline subsidies.

It makes sense for the government to pause before introducing the fuel subsidy rationalization, which he said, because the removal of oil subsidies was not liked by large segments of society.

” It might be mentioned ( at Friday’s budget ), but he’ll want to gauge sentiment and wait-and-see before actually implementing”.

SLASHING Diesel Grants

Economy Minister Rafizi Ramli stated in November last year that the authorities would implement a targeted gasoline rebate program in the second quarter of 2024, but authorities have since been largely silent on any kind of timeline for execution.

Mohd Afzanizam Abdul Rashid, the head of Bank Muamalat Malaysia, stated that Mr. Anwar would provide more information on the move on Friday, including a timeline and instructions on how to qualify for cash assistance for those who are available.

According to Dr. Afzanizam, some fuel vehicle owners who might have been eligible for assistance were misled when the sudden announcement to eliminate subsidies suddenly saw a rise in diesel prices instantaneously.

The government could use the fuel show as a “template” to utilize the lessons learned in its diesel implementation, making the practice more” smooth” for those who will be affected, he said.

” That’s very important, because the moment you decide to cut subsidies, the price of RON95 will go up, and typically, other prices of goods and services will follow suit”, he added.

Their purchasing power will be impacted if they are eligible for cash transfers but do n’t receive them in time.

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Q&A with Malaysia’s Second Finance Minister ahead of upcoming Budget

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Q: The World Bank has stated that Malaysia’s sector is currently performing well. What are the key drivers, foundation of this powerful recovery?

We look at the state immediately. Because we have balance in state, and it’s in its 22nd quarter of energy, that’s facilitated us to examine what’s needed for the country in terms of laying out legislation and giving time to implement it. &nbsp,

That’s one essential core of what’s changed in Malaysia. &nbsp,

The second is: Geopolitics is causing adjustments, because folks want to diversify their supply chains. But we’ve seen developments of the likes of Intel, Infineon, AMD and so on, and they’ve started to come in, and that’s helping increase development for the future.

Q: What are the potential risks, both in terms of GDP and the best-case situation, and what are the possible upside and downside dangers? &nbsp,

I believe that the first two rooms have been very promising.

And if you examine the factors that account for it, it’s only natural that we’re seeing rise from a few different regions. One is all the financial assets that have been made. &nbsp,

The state has even done the second thing, which is encouraging GLICs to play a role in stimulating the economy. This is crucial because I believe that’s one of the main points that Malaysia has that not many other nations really do.

The GLICs actually control about RM1.8 trillion ( US$ 418 billion ) ( to ) RM 1.9 trillion of assets in the country. And they keep growing because more money is poured into the GLICs. And what we’ve seen is that GLICs have committed to investing an extra RM120 billion over the course of five years, which is acting like a new website.

Q: All vision will be on the RON95 payment restart. How is progress on that front and what will manage the government’s choice, when to do it, how to do it?

I think the team is still working through the mechanisms, but the commitment to consider RON ( subsidies ) is still there. When you do it, you need to approach it out properly… so you do n’t, at the end of the day, have to change up choices. I’ll enable the prime minister truly make an announcement during the budget because there will be some quality.

Q: But do you think the industry desire is absolutely essential to get it rolling by the end of the year, in order to present the government’s severity in rationalisation?

I think the government has shown its severity … when it tackled light, it tackled liquid, it tackled fuel, it tackled also chicken … We’ll see how we really chip off along that line. So there is still governmental transformation required. This federal will work toward that goal, in my opinion.

Q: There’s day?

There’s period. Maybe, you get lucky. If you looked at fuel charges last year and look at oil prices this time, you’ll see much lower prices this year. So there’s now, inevitably, space that’s created along the range. So the room gives us the opportunity to perfect the program before we even consider putting it in place.

Q: What will the size of the payment costs be next year? Will it be significantly lower than it has been this time?

Looking back two years ago, I believe we were spending anywhere between RM80 and RM80 billion on the total subsidy expenses plus social assistance. We’ll likely reach the 60s this time. So next time, I’m hopeful that with what we’ve done, we will be properly below that number.

Q: The speedy increase of the dinars, as we’ve seen in the last fourth, made it the best performer in the region. But will it cause disruption to businesses as a result of the quick growth?

In everything you do, I believe there will always be winners and losers. But I think, if nothing else, Malaysia has shown that we’ve always been very tenacious, and people will change and look at ways and means to continue to progress forward. &nbsp,

A portion of it might be looking at ways to improve the structure so that the back-end can be restored. However, there will also be finalists who are importing foreign products. Then, they’re finding the cost of goods dropping. The system’s tenacity was demonstrated by previous knowledge.

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CNA Explains: What you need to know about the Income-Allianz deal being blocked by Singapore

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When it was founded in 1970 as NTUC Income Insurance Co-operative Limited, Income was a co-operative.

When a co-op is liquidated, members of it are entitled to receive their cash and dividends up to a cap under Area 88 of the Co-operative Societies Act.

Any surplus funds will be transferred to the Cooperative Societies Liquidation Account ( CSLA ), which would benefit the co-op sector in this country, after reaching this cap.

Instead of joining the CSLA, Income sought and received an provision from the Act that allowed it to take over about S$ 2 billion in surplus to the new business entity in 2022.

But, the proposed Income-Allianz offer sought to minimize the money held by Income, returning some S$ 1.85 billion to owners within three years.

According to Mr. Tong, this proposed money reduction so soon after the transaction “runs store” to the idea for the exemption being granted.

” It is also not clear what Revenue might do after the money recovery, for example, to change or reduce its healthcare profile, and what impact this could have on policy holders”, he said.

Why lower capital?

When corporatising in 2022, Income argued that it&nbsp, was &nbsp, subject to similar regulatory requirements, market competition and issues like other commercial carriers, despite being able to touch only on investment from its members.

Corporatization may give it access to additional funding to expand its business, including introducing new electronic products and expanding beyond Singapore.

Removal of investment does not automatically make the company weaker, Associate Professor Koh SzeKee, chairman of the company, contact and style cluster in Singapore Institute of Technology, told CNA.

” On the contrary, it does improve it by ensuring money is more quickly deployed, thus enhancing earnings to shareholders”, he said.

For example, if a business has built up extra cash resources, but it is not invested due to a lack of immediate prospects, holding the amounts could lead to a lower return on equity and discontent among shareholders, he explained.

” Returning this extra cash to shareholders allows them to put their money where they can, in order to earn higher returns,” said Assoc Prof Koh.

What differences exist between social and prudential considerations?

If the deal had been approved, Mr. Tong had also noted that” there are no clear binding provisions or structural protections in the deal to ensure that Income’s social mission will be discharged.”

While prudential considerations emphasize financial health, risk management, and operational sustainability, social missions examine specific social, environmental, or ethical goals and effects, with less emphasis on profit maximization or financial returns, according to Assoc Prof. Koh.

Although there may be tensions, he said,” the relationships between prudential considerations and social mission can be complementary.”

Being financially stable over the long term, such as being able to attract funding or use resources wisely, is equally important for socially engaged organizations.

Assoc Prof Koh said that “potential tensions arise when certain financial goals or risk management strategies could lead to decisions that reduce or undermine the social impact of a mission, such as raising prices or cutting costs to improve financial sustainability and making essential services less accessible.

What will now befalling Income and its policyholders?

Existing Income policyholders should not be worried, according to Mr. Chee, because MAS will continue to regulate the insurer as a licensee.

According to him,” Income has sufficient resources to meet the required capital adequacy ratio, which means it has sufficient capital to meet its liabilities and pay out to policyholders.”

Following Mr Tong’s announcement, Income said it respects the government’s decision and appreciates its understanding of both the purpose of its 2022 corporatisation exercise and its plans to partner with Allianz.

The voluntary cash general offer from Allianz is pre-conditional and subject to regulatory approval, according to Income Insurance.

In light of the most recent developments, Income Insurance will examine and consider the upcoming Insurance Act amendments and work closely with relevant stakeholders to study and decide the next course of action.

Mr. Tong had stated that the government would be willing to make new arrangements if the issues raised were fully addressed.

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What is driving fans of China’s elite athletes crazier than those who idolise entertainment stars?

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Brain OF FANS

To understand the psyche of enthusiast crowds, CNA spoke to a previous fervent supporter of a Taiwanese singer-songwriter.

She requested to be referred to as Xiao J solely because she fears that some fans may become “quite sensitive” about certain remarks about their idols.

She frequently swooned over her hero in the past, which was admirable.

” My monthly salary was probably around 6, 000 or 7, 000 yuan ( US$ 850 to US$ 990 ), and just one concert could cost over 5, 000 yuan for a ticket alone. Plus, if the music was n’t held in Shanghai, I’d also need to spend for round-trip flights to that area, hotel and foods”, she revealed.

” Total, the total expenses of attending a concert could easily be higher than my whole monthly income.”

Counsellor Hu Miao Miao, chairman of Wan Xin Psychology Centre in Shanghai, said he has encountered much worse circumstances.

Dr. Hu once had a nurse who was a client who was chasing after her hero and owed 500, 000 yuan. After lenders started showing up at the hospital where she worked, he was called in to assist.

He noted that organized fan teams are motivated by corporate interests, while enthusiasts are looking for a sense of belonging.

” When the mental pull of supporters meets professional troops, the end result is explosive”, he added.

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Curious about Mongolia’s culture? This theatre spectacle coming to MBS shows it’s more than stunning landscapes

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I frequently rely on my reliable engine to suggest something new that is in line with my taste, just like the typical Singaporean who is time-hungry. As non-English speech TV shows and movies go, Mongolia’s works have always featured on my ever-growing record of must-sees. &nbsp,

So I was anxious as I waited for The Mongol Khan’s night performance at the Mongolian State Academic Theatre of Opera and Ballet in August. I am certainly the furthest point from a theater techie, with tastes that range from TV and movies to plays and musicals. Not only would the present be performed in Mongolian that day. &nbsp,

To be clear, The Mongol Khan is&nbsp, not&nbsp, about famous find Genghis Khan, whose wars have gained him a questionable standing in the West despite being revered in Mongolia. &nbsp, The play is instead set in the royal court of the ancient Hunnu ( Xiongnu ) Empire.

But it has all the ingredients of a binge-worthy present play: Adultery, swapped identities, adjustment, jealousy, deceit, punishment, and of course, a fight with the female personality.

A gentleman and a woman whose husband is in charge of the area have an affair. The clandestine lovers have a child, whom the woman’s husband rightfully suspects is n’t his. And so, rather than risk passing on his legacy to his wife’s illegitimate child, the husband chooses another woman’s child ( who also has zero genetic relation to him, thinking you ) as his successor.

The wife’s lover wo n’t stand for it, wanting his biological son to remain in the running, so he swaps the two babies. Chaos ensues.

And that’s just the non-spoiler overview.

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Stamford Catering Services suspended after 51 people fall ill with gastroenteritis

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Following reports of food poison, the authorities have suspended Stamford Catering Services ‘ food company operations. &nbsp,

According to a media release released on Monday ( October 14), the Singapore Food Agency ( SFA ) and the Ministry of Health ( MOH) are looking into three gastroenteritis cases that affected 51 people who ordered food from the caterer on October 12. &nbsp,

None of those affected were hospitalised, it added. &nbsp,

SFA has suspended Stamford Catering Services ‘ foods business functions from October 14 until further notice in light of the event.

Stamford Catering Services must cooperate with steps during the suspension, including washing and sanitising its facilities, equipment and utensils.

Before they can continue function, food handlers who work there are required to re-attend and complete the Level 1 Food Safety Course, and also have to take a food-borne pathogen test.

The appointed meals hygiene officer working at the establishment had re-attend and pass the Level 3 Food Safety Course before being able to function as one,” SFA continued. &nbsp,

Following a 52-person food poisoning occurrence, the catering service’s foods health level was downgraded to” C” in 2019. The catering company is located at 24A Senoko South Road.

Therefore, in conjunction with joint checks by MOH and SFA, a great bacterial weight was discovered in meals and environmental samples taken. Another health errors, such as poor laundry of equipment, were even discovered. &nbsp,

Stamford Catering Services has been asked by CNA for feedback on the disqualification. &nbsp,

People officials may report unsatisfactory hygiene practices in foods organizations to SFA online. &nbsp,

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