Connect with us


Singapore sees 2018/19 overall budget deficit of 0.1 percent of GDP



Singapore’s government expects an overall budget deficit of 0.1 percent of gross domestic product for the coming fiscal year, Finance Minister Heng Swee Keat told parliament on Monday.

The overall budget deficit for the 2018/19 fiscal year starting on April 1 is expected to be S$0.6 billion, Heng said.

For the 2017/18 fiscal year, the government expects an overall budget surplus of S$9.6 billion or 2.1 percent of GDP, larger than the forecast made a year earlier for a surplus of S$1.9 billion or 0.4 percent of GDP, he added.

The budget statement comes after Singapore’s trade-reliant economy recorded full-year growth of 3.6 percent in 2017, the highest in three years.

The following are some highlights of Singapore‘s budget proposals for the fiscal year that

begins April 1.

Source link


HSBC manager vows to change work-life balance following heart attack



HSBC tower at Canary Wharf financial district in London, England

Mike Kemp | In Pictures | Getty Images

After suffering a heart attack, a HSBC manager in the U.K. vowed to change his work-life balance in a post on LinkedIn, which has gone viral. 

Jonathan Frostick, a regulatory programme manager at HSBC, described in a LinkedIn post last week how he suffered a heart attack on a Sunday afternoon, when he sat down to prepare some work for the week ahead. 

But instead of seeing his life flash before his eyes, Frostick said that one of his first thoughts was that “I needed to meet with my manager tomorrow, this isn’t convenient.” 

Frostick said he had decided he wouldn’t spend “all day on Zoom anymore” and that he planned to restructure his approach to work. 

“I’m really not going to be putting up with any s— at work ever again — life literally is too short,” he said, alongside a picture from his hospital bed following the heart attack. 

Frostick also said he wanted “every day to count for something at work,” or he would change his role. 

The post has attracted more than 200,000 reactions on LinkedIn. 

Responding to some of the more than 10,500 comments on the post, Frostick said that he didn’t expect the message to “hit home” as it much as it did — “but I’m pleased as it has seemingly helped a lot of people.” 

A spokesperson for HSBC said: “We all wish Jonathan a full and speedy recovery.” 

They said the firm recognized the importance of personal health, wellbeing and a good work-life balance and had redoubled its efforts in these areas over the last year. 

“The response to this topic shows how much this is on people’s minds and we are encouraging everyone to make their health and wellbeing a top priority,” they added.

Check out: A 4-day work week might be edging closer — here’s why

Source link

Continue Reading


UAE floats movement restrictions on unvaccinated people



A health worker checks a man’s temperature before receiving a dose of vaccine against the coronavirus at a vaccination center set up at the Dubai International Financial Center in the Gulf emirate of Dubai, on February 3, 2021. The United Arab Emirates has suffered a spike in cases after the holiday period.

Photo by KARIM SAHIB | AFP via Getty Images

DUBAI, United Arab Emirates — The United Arab Emirates will consider “strict measures” to limit the movement of people unvaccinated against the coronavirus, as it seeks to ramp up a national inoculation campaign that has already administered more than 9.9 million shots. 

“Strict measures are being considered to restrict the movement of unvaccinated individuals and to implement preventive measures such as restricting entry to some places and having access to some services, to ensure the health and safety of everyone,” Saif Al Dhaheri, a spokesman for the UAE’s National Emergency Crisis and Disaster Management Authority, said in a statement late Tuesday.

No further details were given for the “preventive measures” beyond restrictions on access to certain places and services in the country. The new measures would add to public health measures already in place aimed at keeping the virus at bay during the holy month of Ramadan. 

The announcement sparked some negative responses online. One Twitter user by the handle Fawzia al Hashemi wrote, “Why restrict when vaccine is freedom of choice, not mandatory? When majority have taken vaccine, we are worried on them [sic] from the ones not taken? How!” 

Another user by the name of Abeer Essa tweeted, “Where were the constraints on the travelers coming from the countries that were suffering from wide spread?” 

The UAE’s coronavirus cases hit a peak of some 4,000 per day in late January, but have since fallen to fewer than 2,000 per day. The peak was due in large part to travelers coming to the UAE’s commercial capital Dubai for tourism, particularly from the U.K., which was then gripped by a new and more contagious variant of the virus. Dubai did not shut its doors to tourists nor restrict the movement of visitors or residents. 

The UAE has overseen the second-fastest vaccination campaign in the world after Israel, announcing on Wednesday that 9.9 million vaccine doses had been administered to its mostly-expat population of roughly 10 million.  

Abu Dhabi approves Pfizer-BioNTech jab

Abu Dhabi approved the use of the Pfizer-BioNTech vaccine on Wednesday, reversing course on its previous strategy of only using the Chinese-made Sinopharm vaccine.

Residents of neighboring Dubai, the Gulf country’s most populous emirate, can choose from Sinopharm, Pfizer-BioNTech, Oxford-AstraZeneca, or Russia’s Sputnik V vaccine free of charge, though Sinopharm was made universally available to adults months before the others. The UAE became the first country to approve the shot for use last year, and partnered with China, a major buyer of Gulf oil, to manufacture vaccines locally.

“The more tools we have at our disposal, the better,” Simon Bland, CEO of the Global Institute for Disease Elimination told CNBC on Wednesday. “Many countries have got several vaccine candidates that they’re using and I don’t think there is anything unusual in that, I think some diversity is valuable.”  

Authorities said the Pfizer-BioNTech vaccine would be available at designated vaccination centers by appointment only. The Sinopharm vaccine, which has been the only available shot in Abu Dhabi for the general public since December, would still be available to use. 

“We call on the public, both citizens and residents above the age of 16 who did not get vaccinated, to visit the nearest vaccination center and get the vaccine” NCEMA’s Al Dhaheri said. “Delaying or refraining from taking the vaccine poses a threat to the safety of society. The vaccine is our best means to recover and return to a normal life.” 

Abu Dhabi opted for a Chinese-only strategy for its local vaccination drive. Most people in the emirate received the Sinopharm shot, despite a lack of details surrounding its efficacy results and peer-reviewed data.  

It wasn’t clear how the decision to rollout Pfizer-BioNTech alongside Sinopharm would impact Gulf Pharmaceutical Industries, also known as Julphar, which signed a contract with Abu Dhabi’s G42 to produce the vaccine locally. A new vaccine plant with an eventual production capacity of 200 million doses a year was scheduled to be operational this year. 

Julphar, G42 and The Abu Dhabi Media Office did not reply to CNBC requests for comment.

Source link

Continue Reading


Dalai Lama, Nobel Prize winners, pressure leaders on fossil fuels



This image, taken in 2016, shows the Dalai Lama at an event in Strasbourg, France.

Kristy Sparow | Getty Images News | Getty Images

The Dalai Lama and 100 other Nobel laureates have called on world leaders to stop the expansion of oil, gas and coal, urging them to act now in order to prevent “a climate catastrophe.”

Their open letter, published a day before President Joe Biden hosts a virtual summit on the climate, describes the burning of fossil fuels as “by far the major contributor to climate change.”

The document, which was coordinated by the Fossil Fuel Non-Proliferation Treaty Initiative, goes on to reference the importance of both the United Nations Framework Convention on Climate Change and 2015’s Paris Agreement. The accord aims to limit global warming to “well below” 2 degrees Celsius and, ideally, restrict any rise to 1.5 degrees Celsius, compared to pre-industrial levels.

Wednesday’s letter says failure to meet the 1.5 degrees target would risk “pushing the world towards catastrophic global warming.” It also adds that the Paris Agreement makes no mention of oil, gas or coal.

Citing a report from the United Nations Environment Programme, the letter highlights the huge amount of work required to ensure targets are met, stating that “120% more coal, oil, and gas will be produced by 2030 than is consistent with limiting warming to 1.5°C.”

Allowing the continued expansion of the fossil fuel industry “is unconscionable,” it concludes. “The fossil fuel system is global and requires a global solution — a solution the Leaders’ Climate Summit must work towards. And the first step is to keep fossil fuels in the ground.”

Alongside the Dalai Lama, signatories to the letter include Jody Williams, the International Campaign to Ban Landmines’ founding coordinator; the economist Christopher Pissarides; Shirin Ebadi, the first female judge in Iran; and former Colombian President Juan Manuel Santos.

Other names include Liberian peace activist and advocate for women’s rights, Leymah Gbowee, and Wole Soyinka, the Nigerian playwright, novelist and poet.

The letter represents the latest intervention by high-profile figures in the debate surrounding climate change and the environment.

Earlier this month, Britain’s Prince William underscored the importance of investing in nature to tackle climate change and protect our planet.

In comments made during a discussion at the virtual spring meetings of the International Monetary Fund and World Bank Group, the Duke of Cambridge spoke about what he described as the “intrinsic link between nature and climate change.”

“We must invest in nature through reforestation, sustainable agriculture, and supporting healthy oceans, because doing so is one of the most cost effective and impactful ways of tackling climate change,” he went on to add.

Source link

Continue Reading