Daily roundup: Car detailing shop admits using ChatGPT to write fake 5-star reviews on sgCarMart — and other top stories today, World News
1. Car detailing shop admits using ChatGPT to write fake 5-star reviews on sgCarMart
The owner of a local automotive detailer has admitted to generating fake five-star customer reviews and posting them on its business page on popular online car platform sgCarMart for the last two years.
This comes after the Competition and Consumer Commission of Singapore (CCCS) launched an investigation into Lambency Detailing in January, following a customer complaint regarding unauthorised reviews using her name... » READ MORE
2. 'I learnt my lesson': Jackson Wang recounts losing '30% to 40%' of income after lending money to someone
Jackson Wang's popularity stems not just from his good looks and talent, but also his kindheartedness, which has often captured the hearts of his fans worldwide.
But it seems that his good nature has also resulted in him losing a large sum of money... » READ MORE
3. Craving the king of fruit? These places have all-you-can-eat durian buffets
Durian season is upon us, which means that it's the best time to indulge in the king of fruit.
If you want to enjoy some free-flow durian, several restaurants and supermarkets are offering all-you-can-eat buffets for not just the fruit, but unique durian dishes too like Durian Chicken Soup and Sambal Durian Roasted Chicken... » READ MORE
4. 'Cracks in the wall': Shatec reportedly closing down amid operational difficulties
Shatec, a hospitality and tourism training institute in Singapore, is reportedly shutting down after more than 40 years of operation, due to operational difficulties.
Chinese publication Shin Min Daily News reported that real estate firm CBRE has been appointed as the exclusive marketing agent for Shatec's main campus building at Bukit Batok Street 22... » READ MORE
editor@asiaone.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
34 minutes ago
- Business Times
Singapore, Hong Kong want a slice of the US$250 billion stablecoin pie
[SINGAPORE] Regional financial centres Singapore and Hong Kong are both aiming to capture a piece of the US$250 billion stablecoin market. On Aug 1, Hong Kong launched a regulatory regime for stablecoin issuers . Some industry watchers noted that the territory might be positioning itself as a regulated gateway into mainland China. Singapore, on the other hand, finalised its Single Currency Stablecoin framework back in 2023 – a move that pundits viewed as a boost to its role as a hub for South-east Asia and the West. A stablecoin is a type of cryptocurrency that is pegged to a fiat currency, such as the US dollar, and backed by reserve assets. Popular stablecoins include USDT and USDC, which are both pegged to the greenback. In a report last month, investment firm BlackRock noted that although stablecoins are small relative to the size of the overall crypto universe, their adoption has been growing quickly since 2020. Stablecoins now make up about 7 per cent of the crypto market share, the report indicated, noting: 'We see stablecoins as a new part of the future of finance.' A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Tale of two cities Industry players noted largely similar crypto regulation in Hong Kong and Singapore. Angela Ang, head of policy and strategic partnerships for the Asia-Pacific at blockchain intelligence company TRM Labs, said that Singapore's opt-in approach gives issuers based there more flexibility in general. Describing the city-state's approach as a 'golden sticker', Samson Leo, chief legal officer of StraitsX, emphasised that unregulated stablecoins will be treated like any other cryptocurrency – traded at the user's own risk. StraitsX, aigital payment infrastructure provider, began issuing Singapore dollar-backed stablecoin XSGD in 2020. In 2024, StraitsX received full major payment institution licences from the Monetary Authority of Singapore (MAS). 'Every market has its own niche,' Leo said, adding that he does not think Singapore and Hong Kong are competing with each other. Singapore caters to companies in South-east Asia and acts as a bridge between the East and West, whereas Hong Kong is more of a launch pad into mainland China and Northern Asia. ' We see stablecoins as a new part of the future of finance. ' — BlackRock Ang noted that issuers are much more selective about where they issue their stablecoin tokens, adding that it is costly and unnecessary to do this in several jurisdictions. 'Whether it makes sense to do so in Singapore, Hong Kong or another jurisdiction depends on whether it offers unique advantages for a particular business model,' she said. Hassan Ahmed, Singapore country director for crypto exchange Coinbase, suggests that a potential Chinese renminbi-backed stablecoin would be a 'big catalyst' for firms to set up in Hong Kong. Fragmentation risk looms If each country around the world required its own specific stablecoin licence alongside strict licensing regulations, it would lead to 'islands' being formed, Leo said. In other words, there is a fragmentation risk. In July, US President Donald Trump unveiled the Genius Act , which regulates the use of stablecoins in the United States. It also marks the first federal framework for payment stablecoins. In addition, the Act prohibits issuers from paying interest, and limits issuance to federally regulated banks, some registered non-banks and state-chartered firms. Ahmed said that the new regulations will create some form of 'geographic interoperability issues', with which the industry will have to contend. Both he and Leo believe that despite the fragmentation of the stablecoin industry, there is still a need to regulate the tokens. 'It inspires more confidence, and it unlocks more capital to be able to participate,' Ahmed said. To prevent the risk of fragmentation, Leo cites the need for discussions at the regulator-to-regulator level. He suggested stablecoins that are recognised in one market to be recognised in another where the regulations are similar. In response to queries from The Business Times, a MAS spokesperson said that the regulator is working on legislative amendments to formalise its stablecoin framework. 'Key requirements of the stablecoin framework relate to reserve assets, capital, redemption and disclosures,' the spokesperson added. Genius Act is a tailwind Despite the looming risk of fragmentation, the market remains optimistic about the direction of the stablecoins, especially following the passing of the Genius Act. Describing the United States as a juggernaut in the digital assets ecosystem from both adoption and business standpoints, Ang of TRM Labs said that the Genius Act has created major tailwinds for stablecoin adoption worldwide. 'The stars are really aligned for the industry,' Ahmed added. Analysts from BlackRock said that new US legislation, notably the Genius Act, is set to cement the role of stablecoins as mainstream digital payment methods. They added: 'This regulation could reinforce dollar dominance by enabling a tokenised US dollar-based ecosystem for international payments.' At the financial institution level, there is also growing interest in stablecoins. 'Bank interest in stablecoin issuance has accelerated,' noted Ang. She added that greater participation from large financial institutions will drive mainstream adoption of stablecoins as a means of payment and value transfer. ' Whether it makes sense to (issue a stablecoin token) in Singapore, Hong Kong or another jurisdiction depends on whether it offers unique advantages for a particular business model. ' — Angela Ang, head of policy and strategic partnerships for the Asia-Pacific at TRM Labs StraitsX, meanwhile, has partnered Standard Chartered and DBS. The banks hold XSGD stablecoin reserves. Ahmed believes that the Genius Act will also encourage major banks and Big Tech platforms to leverage the stablecoin technology. Besides governments and lenders, payment gateways are also seeking to tap the stablecoin market. Visa, for example, is using stablecoins to improve the efficiency and utility of back-end financial and money movement infrastructure, it said on its website. Rubail Birwadker, Visa's global head of growth products and strategic partnerships, said in a Jul 31 press release: 'We believe that when stablecoins are trusted, scalable and interoperable, they can fundamentally transform how money moves around the world.' Similarly, Mastercard has also adopted stablecoins for various purposes, such as on-chain remittances. Citing the fast and cost-effective nature of stablecoins, the company said that these tokens are ideal for these uses.
Business Times
2 hours ago
- Business Times
Boeing in talks to sell as many as 500 planes to China: sources
[BEIJING] Boeing is heading closer towards finalising a deal with China to sell as many as 500 aircraft, according to people familiar with the matter, a transaction that would end a sales drought that stretches back to US President Donald Trump's last visit in 2017. The two sides are still hammering out terms of the complex aircraft sale, including the types and volume of jet models and delivery timetables, according to one of the people, who asked not to be identified discussing confidential matters. The mega sale to China, years in the making, is contingent on the two nations diffusing the trade hostilities that hark back to Trump's first term in office – and could still fall apart, they said. Chinese officials have already started consulting domestic airlines about how many Boeing aircraft they will need, the people said. The transaction taking shape is similar in scope to the order for as many as 500 jets that China's central planners have struck with Airbus, but have not yet announced, they added. The Boeing order is expected to be the centrepiece of a trade agreement that would benefit both Trump and China's President Xi Jinping, the culmination of long-running and sometimes contentious negotiations. The nation's leaders were close to a similar announcement in 2023, but then-President Joe Biden and Xi left a San Francisco summit without consummating an aircraft sale. Complicating matters for Boeing is a leadership void in China. Alvin Liu, its top executive in China and a fluent Mandarin-speaker with extensive government contacts, left the company in recent weeks. Carol Shen has been named interim president of Boeing China, said people familiar with the matter. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Boeing declined to comment on any potential deal or management changes. Aircraft orders for Boeing have figured large in US diplomacy since Trump returned to the White House in January, with nations touting new, tentative and existing deals for airplanes, which are as expensive as skyscrapers, to narrow trade imbalances with the US. The US and China have engaged in several rounds of talks since de-escalating tit-for-tat tariffs that soared to as high as 145 per cent, but have yet to reach a final trade deal. Earlier in the summer, Xi, in a phone call, invited Trump to China at an unspecified date. One opportunity for the pair to meet is in late October, ahead of the Asia-Pacific Economic Cooperation summit in South Korea. For China, the deal would secure aircraft delivery slots that are hard to come by at both Boeing and Airbus, which are largely sold out into the 2030s. The world's second largest's aviation market is expected to more than double its commercial fleet to 9,755 airplanes over the next 20 years, by Boeing's estimation, far more than China's homegrown planemaker Comac could manufacture. The country's top economic planning agency, the National Development and Reform Commission, recently sought input from Chinese carriers about how many jets they want, one of the people said. Talks centreed on the 737 Max series of aircraft, Boeing's popular single-aisle jet, in a sign Beijing is laying the groundwork for a major order. Boeing's last Chinese deal was unveiled in November 2017 during Trump's first state visit to China. The deal amounted to orders and commitments for 300 single-aisle and twin-aisle planes valued at US$37 billion at the time. The next year, Boeing's China deliveries peaked, when a quarter of its jets ended up in the mainland. Airbus has dominated sales and deliveries to China since 2019, when the nation's regulators were the first to ground the 737 Max after two fatal accidents. Boeing has notched only 30 orders with Chinese carriers and leasing companies since the start of 2019, according to the company's website. In an interview with Bloomberg in January, chief executive officer Kelly Ortberg was optimistic that years of talks with Beijing would finally pay off. 'We certainly hope that there's an opportunity for some additional orders in the next year with China,' he said. BLOOMBERG
Straits Times
3 hours ago
- Straits Times
Why a commodities boom is not lifting Indonesia's economy
Ms Sri Lestari left her hometown as a teenager looking for work. Instead, she found a whole new life. In 2000, the then 18-year-old travelled to the quaint town of Sukoharjo in the Central Java province, and was offered a job at Sri Rejeki Isman, one of Indonesia's largest textile and garment manufacturers. Sritex, as the company was known, was thriving, supplying garments to global retailers such as Uniqlo, Walmart and foreign militaries. It offered Ms Sri more than just a job; one of her colleagues became her husband, and with their combined income they were able to build a family home among the padi fields. But by 2025, the company's fortunes had reversed. Burdened by debt, an influx of cheaper Chinese goods and stiff global competition, Sritex shut down its operations on March 1.
