Singapore faces bigger contraction as Malaysia shuts borders

first_imgMalaysia’s lockdown is the latest threat to a Singapore economy already reeling from the coronavirus outbreak.The city state relies heavily on its neighbor’s workers and food, and Malaysia’s move Monday night to ban all visitors and prevent residents from traveling overseas for about two weeks will choke off a key labor channel.Maybank Kim Eng Research Pte. estimates that about 400,000 Malaysians working and studying in Singapore cross the border on a daily basis. The potential hit to the city state’s economy could therefore be large. Topics : “Banning daily commuters will essentially cut off almost a 10th of Singapore’s labor force, hurting both the manufacturing and services industries,” said Chua Hak Bin, a senior economist at Maybank in Singapore.Read also: Malaysia restricts travel, shuts schools and businesses to combat coronavirusSingapore was already facing a recession because of virus-related disruptions to the city’s trade and tourism. Maybank was estimating a 0.3 percent contraction in gross domestic product in 2020, with the potential for a more severe decline if the Malaysia shutdown takes a heavier toll on the economy.“Malaysia and Singapore remain joined at the hip by geography and history,” Chua said. “Malaysia’s lockdown, especially on travel and non-essential business, could have severe knock-on effects on Singapore’s economy.”center_img The cut-off also threatens to pummel food supplies in Singapore, which relies on Malaysia for a substantial volume of fruits and vegetables. Singapore officials moved Monday to reassure citizens the city won’t run out of food and supplies as consumers rushed out to stack up on groceries.“Although it’s unexpected and unprecedented, I guess we’ll just have to wait and assess given it’s only for two weeks,” and there should be sufficient inventories of food to cover that period, Selena Ling, head of research and strategy at Oversea-Chinese Banking Corporation Ltd. in Singapore, said in an email.Ling said she’s forecasting a 0.9 percent year-on-year contraction for Singapore’s first-quarter GDP growth, “but the risk is that it drags into the second quarter as well.”While Singapore’s officials were credited with a swift, clear, and effective response in the early stages of the outbreak, the global spread of the virus has brought a new wave of challenges to the small and open city state. The number of infections has spiked in recent days, with new cases mainly from overseas arrivals to the country.Read also: Three Indonesians who attended mass prayer in Malaysia test positive for COVID-19The latest economic data doesn’t yet show the pain of the virus outbreak. Non-oil domestic exports expanded 3 percent in February from a year earlier, including a 2.5 percent gain in electronics shipments, according to data published Tuesday.Port data for February showed that Singapore container throughput was humming along, if not booming, at an above-average rate compared with long-term norms.Before the virus outbreak set in, Singapore was poised for a modest rebound following the worst growth performance in a decade in 2019. The government last month reduced its forecasts for 2020 economic growth to a midpoint of 0.5 percent, from 1.5 percent.last_img read more

PPF grows in-house management team with hire of LDI head

first_imgThe UK’s £22.6bn (€30.9bn) Pension Protection Fund (PPF) has begun building its in-house management team, hiring a senior member of the Aviva Staff Pension Scheme as its inaugural head of liability driven investment (LDI).Trevor Welsh will join in October, leaving the Aviva fund after three years as its head of UK sovereign and LDI.Welsh’s position as head of LDI at the lifeboat fund will likely see him oversee its new hybrid asset portfolio, aimed as a liability matching portfolio and set to grow to £3bn, or 12.5% of assets, by 2017. As part of the portfolio’s growth, the PPF this week appointed Pramerica Investment Management to a £400m direct lending mandate that would see the manager offer inflation-linked loans to firms. Before joining the insurer’s pension fund in 2012, Welsh spent 17 years at Aviva Investors, and a further 14 years at UBS, where he was the Swiss bank’s head of fixed income futures.He will report to the PPF’s CIO Barry Kenneth, who said the hire would allow the fund to exert greater influence over asset allocation as it began bringing investments in-house.“Taking in-house part of our LDI is a key step in updating our investment model and crucial in helping us meet our funding target and future aspirations,” Kenneth said.He added: “Trevor’s expertise in LDI will be invaluable to our development and I very much look forward to working together.”For his part, Welsh said joining the PPF as it began to insource investments was “hugely exciting”.Kenneth previously told IPE that control, rather than management cost, was the driving factor behind its decision to bring management of some of its portfolio in-house.“We know our framework better than anyone else, so, by definition, we should be able to manage it, knowing everything else within the fund, and do so in a more controlled fashion,” he said at the time.During his time at the £14bn Aviva pension fund, Welsh would have helped broker a £5bn longevity swap, at the time the largest ever completed.For more from Barry Kenneth on the PPF’s investment strategy, see the upcoming September issue of IPElast_img read more

Ferdinand reveals what he said to Giggs, Scholes about Messi

first_img Promoted ContentBest & Worst Celebrity Endorsed Games Ever MadeWhich Country Is The Most Romantic In The World?The Very Last Bitcoin Will Be Mined Around 2140. Read MoreDid You Know There’s A Black Hole In The Milky Way?Top 10 Most Romantic Nations In The World2020 Tattoo Trends: Here’s What You’ll See This Year18 Cities With Neverending Tourist-Flow7 Ways To Understand Your Girlfriend BetterThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical8 Fascinating Facts About CoffeeEver Thought Of Sleeping Next To Celebs? This Guy Will Show YouWho Is The Most Powerful Woman On Earth? Loading… ‘Messi was a killer,’ he said. ‘Ronaldinho was unreal, the free-flowing magician. ‘But With Messi, he’d do all of that but there was always a goal or an assist at the end of it.’ read also:Ferdinand: Arteta should build Arsenal around Martinelli, Saka, Willock ‘I was standing there watching them lift the trophy and me, Giggsy and Scholesy were standing together with our hands over our mouths and I said: “I feel embarrassed lads”. He [Messi] took liberties.’ FacebookTwitterWhatsAppEmail分享 center_img Rio Ferdinand confessed to his Manchester United teammates he’d been ’embarrassed’ by Lionel Messi after the Barcelona star led him a merry dance during the 2011 Champions League final. Barcelona make 354.6m euros from sponsorship, according to Deloitte, more than any other club Barcelona had beaten United 2-0 in Rome two years earlier, but were even more dominant in north London as goals from Pedro, Messi and David Villa put the gloss on a 3-1 scoreline which barely reflected their superiority. Ferdinand, who had been at fault for Messi’s goal in the 2009 showpiece, endured another torrid evening as he and his regular central defensive partner Nemanja Vidic were overwhelmed by Barca’s forward line, as well as a midfield trio of Xavi, Andres Iniesta and Sergio Busquets, all of whom were at the peak of their powers.Advertisementlast_img read more

Marylou Woodard, 87

first_imgMarylou (Cox) Woodard, 87, Greensburg, Indiana, has gone home to be with the Lord on Sunday, February 7th and wait for the rest of her family to join her.She was born June 10, 1928 in Hazard, Perry County, Kentucky to Melvin and Lucinda (Couch) Cox and they preceded her in death, along with her son, Marcus Jay Woodard; brothers, Willard, Hubert, Harold and Melvin “Mike”; sisters, Nettie (Joe) Grote and Jannivee (Clarence) Musser; great grandson, Michael McBride.On May 27, 1949 she was united in marriage to O. Harold Woodard for 47 years until his death on December 16, 1990.She is survived by two daughters, Debbie (Jim) Green, Greensburg, Vicky (Larry) Rice, Osgood; one sister, Imogene (Jay) Henry, Greensburg; grandchildren, Jeremy Schutte, Joshua Green, Dusti Woodard, Michelle Green, Michael Woodard, Kyle Rice, Dani Barnes; great grandchildren, Paris Spillman, Ayden Peters, Izaac McBride.Marylou has always loved to serve the Lord and had many hobbies in life. She had beautiful flower gardens, made many quilts, served as a volunteer at the Decatur County Memorial Hospital, worked for Dr. Dale Dickson, and loved family get-togethers. She graduated from Clarksburg High School in 1947 and she had been attending the Greensburg Wesleyan Church.Marylou enjoyed good health up to the last month when suffered a stroke. She will be missed by her many friends and family.Visitation will be held on Thursday from 9 to 11:00 a.m. at the Porter-Oliger-Pearson Funeral Home in Greensburg.Funeral Services will be held at 11:00 a.m. on Thursday, February 11, 2016 at the funeral home with Rev. Doug Preston and Rev. Della Hamilton officiating.Interment will be held in the South Park Cemetery.Memorials may be made to the “Bread of Life” or to the American Heart Association.Online condolences can be made to the family at www.popfuneralhome.comlast_img read more

ATC Chairman Cook: Celebrate the holiday season responsibly

first_imgWashington D.C. — One of the greatest joys of the holiday season is sharing time with our loved ones, friends, neighbors and colleagues. Between the parties, family gatherings and holiday outings, there are plenty of occasions to celebrate and reflect on the past year. As the Chairman of the Alcohol and Tobacco Commission, I ask that when celebrating this holiday season, please do so responsibly by drinking in moderation if you are above the legal drinking age, and to never get behind the wheel after consuming alcohol.A recent survey of 2,000 people found that the average adult in the United States doubles their intake of alcohol between Thanksgiving and New Year’s. According to the U.S. Dietary Guidelines for Americans, moderate alcohol consumption is up to one drink per day for women and up to 2 drinks per day for men.  The Guidelines define a standard drink as 12 fluid ounces of regular beer (5% alcohol by volume), 5 fluid ounces of wine (12% alcohol by volume) and 1.5 fluid ounces of 80 proof (40% alcohol by volume) distilled spirits.It is important to plan ahead before you celebrate. Coordinate a ride home from a designated driver or plan to call a taxi or use a ride service such as Lyft or Uber, which can be accessed through apps on a smartphone, to ensure that the roads stay safe this holiday season. Please, do not drive impaired.I wish you all cherished times with family and friends this holiday and look forward to working with you in the New Year.last_img read more

Ralph Joerger

first_imgRalph Joerger, 81 years old, passed away Wednesday evening, May 29, 2019. Ralph was a lifelong resident of Yorkville, IN and could often be found at his favorite place, his farm. If given a choice, Ralph would be riding his tractor or farming. He raised beef cattle, hay, corn, beans and whatever else suited his fancy at the time. In between farming, he worked for Schenley’s Distillery for 30 years until they closed their doors. Another of Ralph’s favorite past times was spending time with his grandchildren. He loved to give them tractor rides and show them the cows. If Ralph was able to sneak in a snack, he would choose vanilla ice cream, especially when he could add fresh summer strawberries to the mix.Ralph will be greatly missed by his wife, Phyllis, of 34 years. He also leaves behind his brother Lawrence (Marilyn) Joerger of Yorkville, and Alice (Jerry) Lamping of Oldenburg. Ralph will be missed by his step children Allan (Heidi) Thompson of Milan and Jennifer (Jim) Hunger of Scottsburg, IN and his grandchildren Nathan & Hanna Thompson, Anthony, Katie and Bryant Hunger and great grandchildren Caroline and Brooklyn Hunger.Visitation will be held at Andres-Wuestefeld Funeral Home on Sunday, June 2 from 4:00 – 7:00 pm. Rosary will begin at 4:00. Mass of Christian Burial will be held at All Saints Parish, St. Martin’s Campus Monday, June 3 at 10:00 am followed immediately by burial. Memorials can be made to St. Martin’s Cemetery Fund, St. Jude’s Children’s Research Hospital or Masses. Please visit to sign the online guest book or leave condolences.last_img read more

3 things Dino Babers said on the Week 11 ACC teleconference

first_img Published on November 9, 2016 at 12:25 pm Contact Chris: | @ChrisLibonati Facebook Twitter Google+ Syracuse (4-5, 2-3 Atlantic Coast) returns home to the Carrier Dome to take on North Carolina State (4-5, 1-4) at 12:30 p.m. on Saturday with both teams making the final push for bowl eligibility.Orange head coach Dino Babers spoke on the Atlantic Coast Conference’s coaches teleconference on Wednesday. Here are three things he talked about.Dungey, Mahoney and WilsonAt Babers’ press conference Monday, the SU head coach declined to elaborate on how practice reps would be divvied up between Eric Dungey, Zack Mahoney and Austin Wilson. Babers stayed with the same line of thinking, saying again that it would give North Carolina State a competitive advantage.The coach did, however, say that Dungey was undergoing testing Monday and reiterated that Wednesday. The head coach did not elaborate on what type of testing Dungey was going through Monday or Wednesday. Babers said SU is waiting for Dungey’s tests to come back to “clear up what our opportunities with or without (Dungey) are going to be.” Receiver Amba Etta-Tawo and linebacker Zaire Franklin both said Dungey practiced on Tuesday when players spoke with the media.AdvertisementThis is placeholder text“I really didn’t say what the testing was for because I think there’s some legal rights that I’ve got to make sure I don’t surrender in Eric’s situation,” Babers said. “He’s still under testing. We’ll make a release with the ACC Thursday night.”The big pictureSitting at 4-5 and 2-3 in the ACC, Babers was asked whether rebuilding Syracuse has been harder or easier than he thought when the head coach took the job. Babers referred back to two issues as areas he still felt need to be cleared with the program: depth and scholarship numbers. The SU head coach feels two or three recruiting classes should help SU’s depth and get it to where it needs to be.“If you’re going build it the right way,” Babers said, “you’re going to have to tear down the foundation, get right to the bottom and start building it up.”Babers referred back to a story from his childhood saying his father used to make him cut the grass with a push lawnmower and he knew he just had to cut the grass before he could come back into the house.“I’m starting to cut this grass,” Babers said, “the grass at Syracuse’s University and I’m not going to stop until we’re done.”In past weeks, he’s added that SU would need to recruit a full starting team for the Class of 2016.The position he left Bowling Green inAs Babers has tried to rebuild Syracuse, the program he left behind has struggled mightily. Bowling Green is 1-8 this season with its only win coming over FCS squad North Dakota. Last season, Bowling Green finished 10-4 and won the Mid-American Conference title.BGSU lost starting quarterback Matt Johnson, starting wide receivers Roger Lewis and Gehrig Dieter and starting running back Travis Greene after last season. The program hired former Texas Tech coach Mike Jinks to run the “Air Raid” offense, a pass-happy style of spread offense. This season, BGSU has lost two games by more than 60 points.“The biggest thing you have to remember is in any transition,” Babers said, ” you’re changing terminology, you’re changing a style of offense, you’re changing a style of defense, different players coming in and going out, in the transition you may lose people academically. … There’s a lot of reasons why things happen.“I felt like we were in good shape, I’m sure (former SU head coach Scott Shafer) felt like he was in fantastic shape, and as most coaches do when they leave a program, they think they leave it better than they find it. But that’s not for me to judge, you guys can decide that stuff.” Commentslast_img read more

Charlotte de Vries struggles against double team in Syracuse’s 2-1 loss to Cornell

first_img Published on September 7, 2019 at 3:51 pm Contact Adam: | @_adamhillman ITHACA — Charlotte de Vries jogged to the Syracuse sideline at halftime and placed her hands on her head. The freshman, who had scored four goals in her first three collegiate games, was struggling for the first time in Orange.Every time she tried to fire her patented reverse hit, two Cornell defenders would be standing right around her, poking the ball away and ending the opportunity.The freshman had been unconfined through her first three games. Her goals stifled defenses, providing SU the lift it needed in comeback wins against Vermont and Lafayette. So, Cornell opted for a different tactic than what SU’s previous opponents had done. The Big Red chose to double-team the Pennsylvania native, challenging SU’s other forwards to beat them instead. Even though she tallied the Orange’s only goal, de Vries ended the game with seven shots and only one on goal as Syracuse (3-1) lost to Cornell (1-0), 2-1.“I think that we weren’t moving the ball well. We tried to force a lot,” Bradley said. “They really jammed the central zones.”Against Vermont, in her first game for SU, de Vries scored the game-tying goal with seven minutes left in regulation before scoring the game-winner in overtime. Two days later against UMass Lowell, de Vries rifled home the game’s only goal off a breakaway in the fourth quarter.AdvertisementThis is placeholder textThen, when facing a two-goal deficit versus Lafayette, she found an opening behind the goalkeeper on a penalty corner, sparking the two goal comeback.But today, the Big Red recognized that de Vries had scored four of the Orange’s eight goals on the season and game-planned around her. Every time she touched the ball, she was forced to pass the ball or try and split two defenders.When she did attempt to keep it and zigzag through the defense, Cornell dispossessed her and sent the ball back down the field.“Our offense doesn’t revolve around one person. We have to do a better job of that,” Bradley said. “That’s something we’re working on.”Following Cornell’s two goals, first-year Cornell head coach Andy Smith continued to push his forwards farther back, making SU take the game to the hosts. de Vries, now with less open space to work with, struggled to even find room to fire off shots. Between the second and third quarters, she only tallied one shot.It wasn’t until the fourth quarter that de Vries found an opening. Following a shot by sophomore SJ Quigley off a penalty corner, the ball bounced right to de Vries. Without hesitating, she backhanded a shot between Cornell goalkeeper Maddie Henry’s legs, bringing the score within one.She threw her arms in the air and rejoiced with her teammates as Bradley clapped on the sideline.The celebration didn’t last. The last ten minutes saw multiple Orange chances fly by Henry and out of bounds. Three penalty corners in the final three minutes were saved or missed.When the clock struck zero, de Vries walked slowly to the now lifeless Syracuse bench. For her and the other freshmen, it’s the first sign of hardship, a sign that others need to step up around de Vries for SU to succeed in the Atlantic Coast Conference.“It happened early in the season, which can serve as a turning point,” senior Claire Webb, who missed the game with a hand injury, said. Comments Facebook Twitter Google+last_img read more

Klopp wants Begović at Anfield?

first_imgThe manager of Liverpool Jurgen Klopp is looking for a new goalkeeper.Klopp is disappointed with the performance of the first goalkeeper Simon Mignolet during the past several weeks, and he started looking for a replacement.The former coach of Borussia Dortmund requests from the administration funds for purchase of a goalkeeper in January already, and one of his wishes is Asmir Begović.The B&H national team player has transferred from Stoke to Chelsea this summer, he defended for a good time due to injury of Thibaut Courtois, but he was sitting on the bench last weekend since the Belgian recovered.Begović certainly wants to defend, but in a great club, and it could be said that it is not the team from Anfield. Hence, Begović’s transfer to Liverpool might be the right move, given that he can hardly be given priority next to Courtois at Stamford Bridge.While he was still defending in Stoke, Begović was being connected even with Real Madrid, and the latest news connecting them to Liverpool is certainly an evidence of him as an amazing goalkeeper.(Source: read more


first_imgPETER EURTON, BETTYS BAMBINO, WINNER: “It’s been a great ride (winning four in a row). We had one little hiccup when he ran on the dirt (fourth last April 25 at Santa Anita) and he didn’t get involved. I blame myself for that, but ever since then, he’s learned how to run.“I’d like to see him go a one-turn mile down the road. He’s had some issues with tibias, shins, little things like that. The neatest thing about him is he puts himself in a good spot. He could go to the lead any time he wants to, but he saves himself by pacing himself. If the pace is slow, he’ll be on the lead; if it’s fast, he’s able to rate himself without being very far off the lead. He doesn’t have to give away a lot of ground.”MARTIN JONES, AMBITIOUS BREW, SECOND: “I was proud of him, he ran well. Bettys Bambino is pretty sharp right now and (Ambitious Brew) hasn’t run in a while. He ran a good race, though; he’s a nice horse.” TRAINER QUOTES MARTIN GARCIA, BETTYS BAMBINO, WINNER: “I had a lot of horse when we crossed the dirt; I was really comfortable. I wanted a clean trip. He’s a really big horse and it’s better when I put him to the outside where he can run free; he loves the downhill.“Last time out he hurt my knee pretty good in the gate but the gate guys have done a really good job with him, they have really helped him. They make him quiet down and he broke clean today.” JOCKEY QUOTES NOTES: The winning owners are Sharon Alesia of Carlsbad; Michael Mellen (Bran Jam Stable) of Minnesota; and Joe Ciaglia of Upland.-30-last_img read more