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NEWS THIS WEEK

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SMSF Association gathers brightest minds in Melbourne conference

17 February 2023 - The Self Managed Super Fund (SMSF) Association is gathering the brightest minds in the industry at its Melbourne conference next week. The SMSF Association National Conference 2023 will also celebrate the 20th year anniversary of the association and will highlight the quality of financial advice. The two-and-a-half day event, which runs from... Click for more

Hong Kong brokers start suspending accounts of China clients

15 February 2023 - Hong Kong brokerages have started complying with the country’s strict controls by starting to suspend accounts of mainland Chinese customers. Bright Smart Securities is suspending accounts held by mainland Chinese clients until further regulatory guidance is given. The Hong Kong unit of Chinese brokerage Guotai Junan Securities issued a... Click for more

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Insurance pricing increases globally in 2022 Q4

13 February 2023 - Global commercial insurance prices have increased 4%, on average, in the fourth quarter of 2022, a decline from 6% in the third quarter. Regionally, composite pricing for the fourth quarter increased by 3% in the US, 4% in the UK, 6% in Europe, 7% in Latin America and the Caribbean, 2% in Asia, and 5% in the Pacific region. Globally, property insurance rates increased... Click for more

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IMF sees global inflation trimming down

16 February 2023 - The International Monetary Fund (IMF) said global inflation is subsiding in quite a number of countries. IMF managing director Kristalina Georgieva said they are hopeful of the chance of finally getting on top of the cost of living problem being a major disrupter for millions of people. Last month, the IMF estimated world consumer-price increases would... Click for more

Singapore records slower growth rate in 2022

14 February 2023 - Singapore’s economy grew slower in 2022 compared to the 8.9% growth rate in 2021. Data from the Ministry of Trade and Industry (MTI) showed that the country’s economy grew 3.6% in 2022. The MTI has kept its 2023 growth forecast range at 0.5-2.5%, even though Singapore’s external demand outlook has improved “very slightly” since the last report... Click for more

Ransomware attacks surge, target mining, RE sectors

17 February 2023 - Ransomware attacks on industrial organisations increased by 87% in 2022, hitting renewable energy and utilities. Hackers targeted mining, food, water, electrical, and natural gas sectors, according to a report from cybersecurity firm Dragos. The report comes after Chainalysis previously concluded total ransomware payments were down for the year... Click for more

Singapore to raise property tax for wealthy buyers

17 February 2023 - Singaporean Minister of Finance Lawrence Wong said that Singapore is planning to raise taxes for buyers of higher-value properties and luxury vehicles, as it tackles a growing wealth gap brought on by the arrival of rich families. The minister said the city-state is also planning to increase levies on tobacco in an attempt to boost income and reduce... Click for more

Taiwan reopens border to Hong Kong, Macau residents

16 February 2023 - Taiwan is set to reopen its borders to Hong Kong and Macau residents as part of a further easing of its Covid-19 prevention measures. Taiwan’s Mainland Affairs Council said Hong Kong and Macau residents can apply for temporary stay permits in Taiwan starting February 20. Liang Wen-chieh, Taiwan’s Mainland Affairs Council Deputy Minister, said... Click for more

Japan’s economy regains pace but slower than forecast

15 February 2023 - Japan’s economy has started recovering from the Covid-19 pandemic though the increase was much smaller than forecast. Government data showed that Japan’s economy expanded by an annualised 0.6% in the final quarter of 2022, rebounding from a revised 1.0% contraction in July-September. The increase in GDP was much smaller than a... Click for more

Philippine economy could grow by 5.5% this year - Nomura

15 February 2023 - The Philippine economy is now expected to grow by 5.5% this year, from 4.3% previously, according to a report published by Nomura Holdings. The expectation, however, remains still below the government’s forecast. Nomura also hiked its GDP growth projection to 6.3% for 2024 from 6%. Both estimates are still below the government’s 6-7% target for 2023 and... Click for more

Malaysia’s efforts to comply with WTO improving

14 February 2023 - The number of advanced written questions received by Malaysia for the Eighth Trade Policy Review (8th TPR) in Geneva, Switzerland has reduced substantially, reflecting the country’s efforts to improve its compliance with the World Trade Organization and maintain an open and transparent trading environment. The Ministry of International Trade and Industry... Click for more

Singapore life insurance drops by 9.2% in 2022

14 February 2023 - Singapore’s life insurance sector has declined by 9.2% throughout 2022 to SGD2.35bn after sales of single-premium products fell 28.8% year on year in weighted premiums in Q4 last year. The Life Insurance Association, Singapore attributed the decline to rising interest rates and a volatile macroeconomic environment. It said that such conditions could have impacted... Click for more

E-commerce firms frown on Vietnam’s taxation plans

15 February 2023 - The Vietnam E-Commerce Association has disapproved of the suggestion of the government that e-commerce platforms pay tax on behalf of sellers. The association said three obstacles in the way of e-commerce platforms that make it impossible to pay tax in sellers’ stead. Among others, the association said e-commerce platforms have little knowledge of... Click for more

Blockchain research seen to bring more benefits to Malaysia

16 February 2023 - Blockchain infrastructure Zetrix has been selected by the Chinese government as a component of its government-to-government collaborative research programme leading to commercialisation. A layer-1 public platform developed by MY E.G. Services Bhd, Zetrix is the international super node for China’s national blockchain Xinghuo and is fully... Click for more

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South Korea opens short-term visa issuance for travellers from China

13 February 2023 - South Korea has resumed issuing short-term visas for travellers from China. The decision was made as China's COVID-19 infection wave has begun to subside. Kim Seong-ho, an interior ministry official, said the government will review gradually easing such COVID-19 restrictions for those coming from China after comprehensively assessing... Click for more

Payments unicorn Airwallex makes senior hires in Singapore

17 February 2023 - Airwallex, a payments company headquartered in Australia, has announced the appointment of two new executives in Singapore. The senior hires are part of the company's efforts to further expand this year. Justin Yek was appointed as the Head of Strategic Finance and Corporate Development. He is joined by Jon Stona as the Global Head of Marketing... Click for more

World Bank chief to step down earlier than 2024

16 February 2023 - World Bank chief David Malpass announced that he will step down earlier than 2024. He was appointed to the role in 2019 when Donald Trump was president and previously served as Under Secretary of the Treasury for international affairs. His tenure at the World Bank saw the organisation grapple with global crises such as the Covid-19 pandemic... Click for more

HK-listed Huobi expects China to ease crypto ban

14 February 2023 - Hong Kong-listed digital-asset exchange Huobi has identified Hong Kong, Malaysia, and the Caribbean as its key regions for business. Huobi plans to expand its operations in Hong Kong. Justin Sun, an adviser at Huobi, said that Hong Kong is seen as one of the experimental zones for crypto development in China, one of its biggest reasons to expand... Click for more

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Amazon partners with SG Enable to hire associates with disabilities

13 February 2023 - American multinational technology giant Amazon has entered into a Memorandum of Understanding (MoU) with SG Enable to tap persons with disabilities to help in its operations in Singapore. The company's partnership with SG Enable aims to create equal opportunities for these individuals. Under the MoU, Amazon will have to triple the number of its associates with... Click for more

JPMorgan to hire more than 500 bankers to serve SMEs

13 February 2023 - JPMorgan Chase & Co. has planned to hire more than 500 bankers in two years who will boost the bank’s workforce serving small enterprises by 20% from about 2,300 currently. Ben Walter, JPMorgan’s chief executive officer of business banking, said the added staffing signals the company’s intent to support them through the business cycle. According to the largest US lender... Click for more

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