Singapore Prime Minister Lawrence Wong swarmed by delegates at World Economic Forum's Summer Davos
Singapore Prime Minister Lawrence Wong swarmed by delegates at World Economic Forum's Summer Davos
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Business Times
29 minutes ago
- Business Times
JPMorgan Asset Management registers 8 more active ETFs in Singapore for local investors
[SINGAPORE] JPMorgan Asset Management (JPMAM) announced on Monday (Aug 18) the registration of eight active exchange-traded funds (ETFs) in Singapore, comprising seven flagship research enhanced index (REI) ETFs and the world's largest active fixed-income ETF. This follows the registration of JPMAM's first three equity premium income ETFs in the city-state in April , which tracked the S&P 500, Nasdaq Composite and MSCI World indices. For the suite of seven REI ETFs, portfolio managers will take 'small overweight positions in names they find attractive and small underweights in less attractive ones', said JPMAM, which manages over US$280 billion across 144 ETFs globally. The portfolios will therefore 'maintain index characteristics while seeking incremental positive excess returns, compounded over time', it added. Philippe El-Asmar, JPMAM's head of Asia-Pacific ETF, digital and direct, said: 'Our REI ETFs are designed to provide a cost-effective solution, blending index-like equity exposure with stock-specific insights. This makes them an attractive option for investors looking to stay active and aiming to avoid high levels of tracking error.' As for the remaining fund – the world's largest active fixed-income ETF, named the JPMorgan USD Ultra-Short Income Active Ucits ETF – the asset manager's strategy is a 'conservative' one, JPMAM said. It added that this strategy is 'designed to provide additional income beyond that of money market funds, while mitigating volatility and limiting duration exposure'. The fund invests across sectors, mainly focusing on corporate and investment-grade credit. The eight ETFs are now accessible to Singapore investors, following approval from the Monetary Authority of Singapore.
Straits Times
an hour ago
- Straits Times
Air Canada remains grounded as union defies order to get back to work amid cabin crew strike
Sign up now: Get ST's newsletters delivered to your inbox Flight attendants are striking for better wages and to be paid for work on the ground. They are currently paid only when planes are moving. MONTREAL - Air Canada's fleet of hundreds of planes remained grounded on the morning of Aug 18 after striking flight attendants refused a government-backed order to get back to work and called on the airline to return to the bargaining table. The carrier, which normally carries 130,000 people daily and is part of the global Star Alliance of airlines, had planned to start ramping up operations on Aug 17 evening, after a labour relations board ordered the union to return to work and start binding arbitration. The union said no, setting up an almost unprecedented stand-off with the Canadian government, which had requested the back-to-work order. The Canadian Union of Public Employees (CUPE), which represents 10,000 Air Canada cabin crew, had pushed for a negotiated solution, saying binding arbitration would take pressure off the airline. The attendants are striking for better wages and to be paid for work on the ground, such as boarding passengers. They currently are only paid when planes are moving, sparking vocal support from some Canadians on social media. CUPE invited Air Canada back to the table to 'negotiate a fair deal', calling the order to end its strike unconstitutional. The airline said it would delay plans to restart operations until the evening of Aug 18, and described the union as illegally defying the labour board. The government's options to end the strike now include asking courts to enforce the order to return to work and seeking an expedited hearing. Top stories Swipe. Select. Stay informed. Singapore NDR 2025 a rallying cry amid significant challenges facing Singapore, say analysts Singapore NDR 2025: The case for growing old at home in super-ageing Singapore Singapore WP urges Government to engage widely, explore all solutions following National Day Rally 2025 Opinion A 'we first' Singapore is the hardest policy for PM Lawrence Wong to deliver Singapore Age Well Neighbourhoods, job-matching by CDCs: 10 highlights from PM Wong's National Day Rally speech Singapore LTA, public transport operators join anti-vaping effort with stepped-up enforcement World Trump, tech and Texas: What's next for the US? Singapore 3 foreigners arrested for working illegally as delivery riders in Singapore: Koh Poh Koon The minority government could also try to pass legislation that would need the support of political rivals and approval in both houses of Parliament, which are on break until Sept 15. 'The government will be very reticent to be too heavy-handed because in Canada, the Supreme Court has ruled that governments have to be very careful when they take away the right to strike, even for public sector workers that may be deemed essential,' said Professor Dionne Pohler, professor of dispute resolution at Cornell University's Industrial and Labour Relations School. Another option is to encourage bargaining, Prof Pohler said. The government did not respond to requests for comment. On Aug 16, Prime Minister Mark Carney's Liberal government moved to end the strike by asking the Canada Industrial Relations Board (CIRB) to order binding arbitration. CIRB issued the order, which Air Canada had sought, and unionised flight attendants opposed. The previous government, under then Prime Minister Justin Trudeau, intervened in 2024 to head off rail and dock strikes that threatened to cripple the economy, but it is highly unusual for a union to defy a CIRB order. CUPE said its rejection was unprecedented when such an order was made according to rules, known as Section 107, that the government invoked in this case. Travellers at Toronto Pearson International Airport over the weekend said they were confused and frustrated about when they would be able to fly. Italian Francesca Tondini, 50, sitting at the Toronto airport, said she supported the union even though she had no idea when she would be able to return home. 'They are right,' she said with a smile, pointing at the striking attendants. The dispute between cabin crew members and Air Canada hinges on the way airlines compensate flight attendants. Most, including Air Canada, have traditionally paid them only when planes are in motion. In their latest contract negotiations, flight attendants in both Canada and the United States have sought compensation for hours worked, including for tasks such as boarding passengers. New labour agreements at American Airlines and Alaska Airlines legally require carriers to start the clock for paying flight attendants when passengers are boarding. American Airlines' flight attendants are now also compensated for some hours between flights. United Airlines' cabin crew members, who voted down a tentative contract deal in July, also want a similar provision. REUTERS
Business Times
an hour ago
- Business Times
NDR 2025: How Q&M Dental, Tuas Port, GE Vernova use AI to drive productivity, create new value
[SINGAPORE] The world is entering a new era driven by artificial intelligence (AI), and like the computer and the internet, AI will be yet another defining technology of this era, said Prime Minister Lawrence Wong in his National Day Rally on Sunday (Aug 17). Singapore has adapted to each new wave of technology, and the real game changer lies in using AI to raise productivity and create new value through every part of the economy, he said. Some examples could include combining AI with other technologies like robotics and autonomous machines, as compared to simpler uses like call transcription. PM Wong cited the examples of Tuas Port, GE Vernova and also Q&M Dental as among the many companies that are using AI to boost productivity in his speech. He also mentioned that Changi Airport is similarly looking to use AI to automate baggage handling and other airside operations. Here's what those first three companies mentioned at the Rally are doing when it comes to embracing AI. Q&M Dental Q&M Dental uses an AI-powered orthopantomogram (OPG) scanner to flag dental conditions when analysing x-rays. 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 'They use AI to help their dentists diagnose problems by analysing the dental x-ray,' said PM Wong. 'All this is done by AI in under a minute. Of course, the dentist still needs to check the results and decide on the best course of treatment. But AI makes the work better and faster.' In 2018, Q&M Dental set up subsidiary EM2AI to work on AI projects aimed at improving service quality and standards for patients. The aforementioned OPG scanning platform was one of such projects that received a developmental green light. It was approved by the Health Sciences Authority as a Class B medical device in 2018. Thanks to AI, the X-ray assessment can be done within 15 to 20 seconds, a 60-times improvement from the 15 to 20 minutes when assessing manually. Tuas Port Tuas Port, which first opened in 2022, is set to be an automated, intelligent, and sustainable port by the time it is fully completed in the 2040s. It is already the world's largest fully automated port . The Maritime & Port Authority of Singapore is developing a next generation vessel traffic management system, using AI and satellites to provide accurate, real-time situational awareness of the shipping traffic. Within the port, automated electric yard cranes and guided vehicles are set to be used for the transport of containers between the yard and the wharf. These port operations will be managed remotely from the Tuas Port Control Centre. Port operator PSA is also co-developing advanced automation and digitalisation solutions across multiple avenues for future growth and expansion as operations in Tuas Port scale up. AI will also be used to analyse data in service of enhancing port security, bolstering the port against cyber threats and optimising logistics. GE Vernova American firm GE Vernova chose Singapore for its global turbine repair service centre, said PM Wong. The high-tech facility uses AI to detect anomalies in turbine components and to power robotic technologies, which then alerts human operators for a faster and more precise diagnosis. The AI algorithms will also analyse images collected to build a picture of the condition of hot gas path components within turbines, giving an idea of how power producers around the world use their turbines. 'This is no ordinary workshop – it's a high-tech facility. It uses AI to detect anomalies in turbine components – in a matter of minutes,' said PM Wong. 'The system then alerts human operators, enabling more precise and in-depth diagnosis.' Not a headlong rush to adopt AI PM Wong sought to reassure Singaporeans that his government will not lose sight of keeping Singaporeans at the 'centre of everything' it does. 'In the past, technological change created disruption, but also new opportunities – and people were able to upgrade to higher-skilled, and better-paying jobs,' he said. 'Many worry that this time things will be different.' The government will work closely with NTUC and the unions, helping to redesign jobs and equip every worker with the necessary skills as AI is adopted, he said. 'We already see this in action at PSA. Crane operators were retrained to remotely supervise and manage multiple cranes and vehicles,' he added. 'Ultimately, our economic strategy is about jobs, jobs, and jobs – that is our number 1 priority.' His statements follow a Morgan Stanley research paper last month which posited that innovation and productivity gains from AI tools could help the Republic sustain a 3 per cent gross domestic product growth rate.
