Singapore Recession, Minus Second Quarter Economy 42.9 Percent Compared to Previously

JAKARTA, KOMPAS.com – The economy Singapore experienced a contraction of 42.9 percent (quarter to quarter) in the second quarter of 2020.

Singapore’s Ministry of Trade and Industry also stated that this made the country’s economy fall into the definition recession technically.

Quoted from CNBC, Tuesday (11/8/2020), the latest data on Gross Domestic Product (GDP) is worse than the government’s estimate.

Based on government projections based on data for April and May, the country’s economy is projected to decline 41.2 percent in the second quarter of 2020 when compared to the previous quarter.

Also read: Philippines Recession, Minus Economic Growth 16.5 Percent

As for annually, the Singapore economy slumped 13.2 percent. This figure is worse than the government’s projection of -12.6 percent (yoy).

The Singaporean government also decided to revise the projections Singapore’s economic growth to be in the range of -5 percent to -7 percent throughout 2020.

The pressure on Singapore’s economy occurred because most of the country’s economic activity stopped in early April. The government has implemented a policy of isolation of some areas, which is known as circuit breaker to suppress the spread of the corona virus.

Some restrictions on activities have been relaxed, thus starting to resume some economic activities.

Also read: Threatened 7 years in prison in Singapore, this is the response of the Indonesian conglomerate Kris Wiluan

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CEC announced a hacker attack from abroad on the website about the Constitution :: Society :: RBC

Photo: Sergey Vedyashkin / AGN “Moscow”

A portal with information on voting on amendments to the Basic Law was attacked from abroad. This was stated by the Central Election Commission (CEC).

“In the morning, DDoS attacks on the Constitution2020.rf website, allegedly from the UK and Singapore, were recorded,” the report said.

Venediktov announced the “equator” of the appearance of online voting on the Constitution

Alexey Venediktov

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According to data on the morning of June 28, 903.3 thousand Russians took part in the remote voting, turnout in this form exceeded 77%. In total, 30 million 917 thousand 512 people voted on the amendments.

On June 26, the CEC already recorded a DDoS attack on its website. The commission noted that this did not cause problems and the portal remained operational.

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The incidence of this disease protect from MERS-CoV for 17 years – statement health – articles and studies

Found a new scientific study that some forms of common colds and may help in providing protection against the “SGRF-19”, can be used against corona virus for up to 17 years, according to a study conducted by the experts of the taught area.

Researchers said the patients, who have colds because of the viruses in relation to the “SGRF-19”, called “MERS-CoV beta”, you may have their homes or suffer from a milder form of the disease.

Called the “virus Corona beta”, especially virus OC43 وHKU1, the common colds, but also severe infections in the chest and in patients older and younger.

These viruses in many of the features of the gene with coronary viruses “SGRF-19” SARS syndrome Middle East Respiratory, which produces all of the animals to humans.

It is believed that coronaviruses cause up to 30% of all colds, but I don’t know specifically of women caused by types of virus, Corona beta.

The researchers found now evidence that some product may be present for many years because of the cells, stimulating the “memory” of the body of the virus attacks the former with a genetic composition similar, even among those who were not exposed to the”SGRF-19″ or SARS.

And T-cells are a type of white blood cells and part of the second line of Defense immune system against any virus attack, which begin to appear about a week after the injury.

It is believed since a long time they provide permanent protection Virus and as such they are called the cells of “memory”.

In the latest study, led by climate scientist, Professor Antonio Bertolini and his colleagues from the Faculty of Medicine of the Duke-NUS in Singapore, offering some of the results “remarkable” about the potential role of T-cells in the fight against the “SGRF-19”.

Must demonstrate the protective effect of these cells against the “SGRF-19” in further experiments, but the experts say that patients who have recovered from the virus deadly lung, SARS, in 2003, demonstrated immune responses to proteins of the major found in the “SGRF-19”.

The researchers said: “These findings show that T-cells, and memory-related virus caused by a viral infection of beta corona, the long-term, what supports the idea that patients SGRF-19 control are long-lasting immunity T-cells”.

And continued: “If our findings also raise the possibility intriguing that the virus infection-related can also be to carry or to modify the disease caused by Sars-CoV2, and breed corona virus which causes the disease of these-19”.

The study was conducted on blood samples taken from 24 patients come from the “SGRF-19”, and 23 who were infected with SARS and 18 have never been subjected to any of the SARS or the “SGRF-19”.

Most surprising, according to the researchers, is that half of the participants who were not subjected to any of the SARS or the “SGRF-19”, have cells, stimulating showed an immune response to viruses Corona beta animal.

This means that suitable patients have been developed after exposure, common colds caused by a virus of the corona between or perhaps than the causes of other diseases are not yet known, according to “Russia Today”.

These findings come after experts from the Institute of La Jolla for a home in California last month, similar results, saying that the who contracted the common cold by Have cells can attack the “SGRF-19”.

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Asian exchanges start to lose

Tokyo The Asian equity markets started on Friday with losses. This is due to doubts about progress in the development of medicines to treat Covid-19, traders said. It had previously become known that the antiviral drug Remedesivier from the US manufacturer Gilead had not helped seriously ill patients in a first clinical study.

Investors were looking for something that could end the pandemic, said Tim Ghriskey, chief investment strategist at New York’s Inverness Counsel. “Any bad news is likely to mess up the market,” he said. “Investors want an appearance of hope that they will soon be able to get out of their homes and continue with some kind of normal life.”

The Tokyo stock exchange was initially weaker on Friday. The Nikkei index, which comprises 225 values, was 0.9 percent lower at 19,262 points. The broader Topix index fell by 0.6 percent and stood at 1417 points.

The Shanghai stock exchange was down 0.7 percent. The index of the most important companies in Shanghai and Shenzhen lost 0.6 percent. The MSCI index for Asian stocks outside of Japan rose 0.4 percent.

In Asian currency trading, the dollar gained 0.1 percent to 107.66 yen and rose 0.2 percent to 7.0803 yuan. The Swiss currency was 0.1 percent higher at 0.9765 francs. At the same time, the euro remained almost unchanged at $ 1.0773 and rose 0.1 percent to CHF 1.0522. The pound sterling gained 0.1 percent to $ 1.2354.

Economy Minister: Economic pact pushes Japan’s economy by 4.4 percent

In Japan, the Minister for Economic Affairs is optimistic about the new stimulus package. The package of the Japanese government in the fight against the consequences of the corona crisis is to push the economy strongly. It will increase gross domestic product by around 4.4 percent, said Yasutoshi Nishimura on Friday.

The government had raised the stimulus package to a record $ 1.1 trillion. This is intended to expand cash payments to citizens, for example. The coronavirus pandemic threatens to plunge the world’s third largest economy after the United States and China into recession.

In China, the country’s central bank cut another of its key interest rates. The interest rate for medium-term loans will fall to 2.95 from 3.15 percent, as announced on Friday in Beijing.

Commercial bank loans mature after one year, but can be extended to another two years. The central bank had recently turned the interest rate screw several times to boost the Chinese economy with cheaper money. This contracted by 6.8 percent in the first quarter due to the Corona crisis. This was the first minus since the beginning of the quarterly statistics in 1992.

More: Read all current developments regarding the corona pandemic here.

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Asian investors have doubts about the rapid end of the corona crisis

Tokyo

A passer-by in front of a display board of the Tokyo Stock Exchange.

(Photo: AP)

Tokyo Doubts about the rapid development of a corona drug and sobering economic data from the United States put the mood of Asian investors at the end of the week.

In Tokyo, the 225-strong Nikkei index was 0.9 percent lower at 19,262 points in the trade. On a weekly basis, it is 3.2 percent in the red.

Meanwhile, Japanese Minister of Economy Yasutoshi Nishimura is nevertheless optimistic about the government’s new stimulus package. The package in the fight against the consequences of the corona crisis should push the economy strongly. It will increase gross domestic product by about 4.4 percent, said Nishimura on Friday.

The government had raised the stimulus package to a record $ 1.1 trillion. This is intended to expand cash payments to citizens, for example. The coronavirus pandemic threatens to plunge the world’s third largest economy after the United States and China into recession.

Disappointing test results weigh on markets

The courses also fell in China. A report on disappointing test results for the US company’s Remdesivir drug depressed sentiment Gilead in a study in China to treat Covid-19. Gilead said that the study was terminated prematurely due to a lack of participants and was therefore not statistically meaningful.

The fact that reports of corona drugs triggered such strong market movements is an indication of how much investors are looking for signs when the crisis is over, said Tim Ghriskey, chief strategist at Inverness Counsel. “Any bad news should shake the market.”

The country’s Chinese central bank has meanwhile cut another of its key interest rates. The interest rate for medium-term loans will be reduced to 2.95 from 3.15 percent, she said in Beijing on Friday.

Commercial bank loans mature after one year, but can be extended to another two years. The central bank had recently turned the interest rate screw several times to boost the Chinese economy with cheaper money. This contracted by 6.8 percent in the first quarter due to the Corona crisis. This was the first minus since the beginning of the quarterly statistics in 1992.

The pandemic is causing the global economy to collapse. Business activity in the USA fell to a record low in April, and things look bleak in Asia and Europe as well.

In Germany, the Ifo index will be presented in the morning, experts are also expecting a slump here. To keep the US economy alive, the US House of Representatives gave the go-ahead on Thursday for another $ 484 billion aid program. US President Donald Trump said it was possible that the distance rules would have to be extended until the summer.

More: Read all current developments regarding the corona pandemic here.

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Oil prices continue to recover

Dhe slight recovery in oil prices continued on Thursday morning. In the wake of the continuing double burden of supply flood and slump in demand due to the corona pandemic, oil prices remain depressed.

A barrel of North Sea Brent last cost $ 21.80 in Asian trade. That was $ 1.45 more than the previous day. The American variety WTI was traded at $ 15.21 per barrel. It cost $ 1.46 more than on Tuesday. At the start of the week, the price of a futures contract on American oil that had expired had fallen below the zero line. It was the first time that anything like this had happened.

Bottlenecks at the delivery terminal in Oklahoma

In addition to concerns about sufficient crude oil storage capacity, this price drop was also due to bottlenecks at the Cushing delivery terminal in the US state of Oklahoma. However, the price of European oil also suffered. On Wednesday, it fell to $ 15.98, the lowest level since 1999. In the afternoon, however, prices recovered visibly.

The decisive factor for the then rising oil prices was a threat by US President Donald Trump to Iran. Trump tweeted that he had instructed the Navy to destroy Iranian ships if they should get in the way of American ships. The background was an incident on the open sea. After Trump’s threat, risk premiums on the oil market rose. The relationship between the United States and oil-rich Iran is under heavy strain.

Recovery does not last

But this recovery could not last, according to the ICE Futures Europe commodities exchange. The trading platform that was decisive for the Brent price already announced on Tuesday that it was also preparing for negative prices for the North Sea variety. As long as production cuts don’t keep pace with the slump in market demand, the company expects prices to be near or below the zero line. Meanwhile, traders are also adapting their risk models to the new realities.

Despite the recent price increases, the situation on the oil market is still drastic. It is characterized by a massive drop in demand due to the corona crisis, a much too high supply and low storage capacity. On duty, the American Petroleum Institute (API) reported another strong increase in American crude oil stocks. The U.S. Department of Energy followed on Wednesday and also announced a significant increase in oil stocks.

Market observers also recently viewed the turbulence on the oil market as more than just an anomaly in futures trading. “Although some see the negative WTI prices as a capitol of the future market at the beginning of the week, it is an ominous sign,” said Victor Shum, Vice President of Energy Consulting at the British market research institute IHS Markit. It shows the brutal market forces that are forcing producers to adjust to a much lower global oil demand.

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Hope for stimulus packages boost Asian stock markets

Tokyo

Reflections on a display board of the Tokyo Stock Exchange.

(Photo: AFP)

Washington / Sydney Asian equity markets rose on Thursday. The combination of a recovery in crude oil prices from historic lows and the promise of further US government aid to cushion the coronavirus-affected economy calmed investors’ concerns. The U.S. House of Representatives is expected to launch a fourth coronavirus package on Thursday, which has already been unanimously approved by Congress. The rescue package would total almost three trillion dollars. Analysts therefore believe that after the price falls, the low point has been reached.

Still, the recent recovery has been tightly focused on the big tech companies, said Seema Shah, chief strategist at Principal Global Investors. However, Shah believes market positioning could now drive markets upwards, supported by solid political momentum around the world. “Investors have built sensible cash positions that indicate that senseless selling has ended, but that investors have enough funds to take advantage of attractively valued risk assets.”

Look at the indices:

The Tokyo stock exchange was initially stronger on Thursday. The Nikkei index, comprising 225 values, was 0.7 percent higher over the course of the year at 19,266 points. The broader Topix index rose by 0.5 percent and stood at 1414 points.

The Shanghai stock exchange remained unchanged. The index of the most important companies in Shanghai and Shenzhen lost 0.1 percent. The MSCI index for Asian stocks outside of Japan rose 0.9 percent.

In Asian currency trading, the dollar remained almost unchanged at 107.76 yen and stagnated at 7.0842 yuan. On the Swiss currency, it was 0.1 percent higher at 0.9723 francs. At the same time, the euro fell 0.1 percent to $ 1.0808 and hardly changed at CHF 1.0511. The pound stagnated at $ 1.2330.

More: Read all current developments regarding the corona pandemic here.

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Singaporean oil broker Hin Leong bankrupt exposes banks

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The company epitomized Singapore’s success in the commodity business. But the oil broker Hin Leong has just gone bankrupt, victim of coronavirus and management, to say the least, opaque.

A society born at the time of Singapore’s independence collapsed under the shock of the coronavirus. Hin Leong was a family company, not an oil trading giant like Vitol or Trafigura, but still one of the biggest Asian companies distributing petroleum products, in particular “bunkering”, to refuel the holds of ships. This activity had transformed the city-state into a major stopover then into a veritable “hub” of raw materials. The founder Lim Hoon Kuin was a billionaire, he was nicknamed OK Lim or the “Singapore wolf”.

Fraudulent practices on hydrocarbon stocks

But the company was unreasonably speculating on the price of hydrocarbons. The system has held up for years. He cracked with the appearance of the coronavirus and the plunge in crude prices. The margin calls were getting colossal. The bankruptcy forced the new director, son of the founder, to confess $ 800 million in losses, hidden in the accounts. An investigation is underway for fraud, Hin Leong sold the same physical stocks several times to obtain new bank financing.

A slate in European banks

Banks will have to pay off a huge debt, $ 4 billion, loaned including by European financial institutions: HSBC, Societe Generale, Natixis or Crédit Agricole. ” All banks that finance raw materials are involved, underlines Jean-François Lambert, consultant in risk management in this sector. They will have to be more demanding with companies and audit firms. Three major bankruptcies in Singapore in less than two years, Coastal Oil, Agritrade and Hin Leong, that’s a lot. And Dubai traders may in turn hold surprises.

The weaknesses are revealed in the crises, of real estate in 2008, with the Kerviel affair, of oil today, judge Alexandre Baradez, analyst at IG. Hin Leong’s fraud was a bet that would never have been discovered if the barrel had remained above 50 dollars

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Asian stocks fall second consecutive day after US crude oil slumps

Tokyo

A passer-by in front of a display board of the Tokyo Stock Exchange.

(Photo: AFP)

Washington / Tokyo Asian equity markets fell to a two-week low on Wednesday. The drop in crude oil prices gives an idea of ​​the impact of business restrictions due to the corona pandemic: earlier this week, the US futures contract plummeted in May for the first time in history.

In addition to massive oversupply concerns, analysts say, the slump also underscores the technical constraints the market is facing in responding to such shocks. “The negative price was probably an anomaly, but it was also a symptom of major underlying issues that the industry needs to address,” said Arij van Berkel, who heads Lux Research’s energy research team in Amsterdam. It shows that despite the diverse product portfolio in the oil industry, the ability of the industry to switch between markets is “extremely limited”. The fall in oil prices has triggered new caution towards the stock market.

“Overnight stocks of companies that were seen as winners in the ‘post-corona world’ fell like Amazon. This is a worrying sign, ”added Naoya Oshikubo, manager at Sumitomo Mitsui Trust Asset Management. The online giant’s shares fell 2.7 percent on Tuesday.

Look at the indices:

The Tokyo stock exchange was initially weaker on Wednesday. The 225-value Nikkei index was 1.2 percent lower at 19,050 points. The broader Topix index fell by 0.5 percent and stood at 1409 points.

The Shanghai stock exchange was down 0.2 percent. The index of the most important companies in Shanghai and Shenzhen lost 0.1 percent. The MSCI index for Asian stocks outside Japan fell 2.5 percent.

In Asian currency trading, the dollar remained almost unchanged at 107.73 yen, falling 0.1 percent to 7.0833 yuan. The Swiss currency was 0.1 percent higher at 0.9702 francs. At the same time, the euro fell 0.1 percent to $ 1.0847 and hardly changed at CHF 1.0527. The pound sterling lost 0.1 percent to $ 1.2284.

More: Read all current developments regarding the corona pandemic here.

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