CNA938 Rewind - Has BYD changed the fate for 'Made in China' goods to be Number 1?
BYD is Singapore's top choice of car in 2024 – the first ever for a Chinese brand. Has it changed the image of the 'Made in China' tag? Andrea Heng and Susan Ng speak with Terence Siew, President of the Electric Vehicle Association of Singapore, to find out why it's so popular and whether it paves the way for more Chinese EV players to soak up growing demand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
28 minutes ago
- Straits Times
Spain airdrops 12 tonnes of food aid over Gaza
Sign up now: Get ST's newsletters delivered to your inbox MADRID - Spain said on Aug 1 it had airdropped 12 tonnes of food into Gaza, which UN-backed experts say is slipping into famine. The mission deployed 24 parachutes, each capable of carrying 500kg of food, for a total of 12 tonnes – enough for 11,000 people, said Foreign Minister Jose Manuel Albares. Spain also has aid waiting to cross into Gaza by road from Egypt, the minister added in a video message posted on social network X, along with a video of the operation. 'The induced famine that the people of Gaza are suffering is a disgrace to all of humanity,' Mr Albares said. 'Israel must open all land crossings permanently so that humanitarian aid can enter on a massive scale.' Spain joins other Western countries, including Britain and France, that have recently partnered with Middle Eastern nations to deliver humanitarian supplies by air to the Palestinian enclave. But the head of the UN agency for Palestinian refugees Philippe Lazzarini warned that airdrops alone would not avert the worsening hunger. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Singapore Thundery showers expected on most days in first half of August Singapore SPH Media awards three journalism scholarships to budding newsroom talent Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore 'Airdrops are at least 100 times more costly than trucks. Trucks carry twice as much aid as planes,' he wrote on X. Although Israel has in recent days allowed more aid trucks into the Gaza Strip, aid agencies say Israeli authorities could do much more to speed up border checks and open more border posts. Concern has escalated in the past week about the situation in the Gaza Strip after more than 21 months of war, which started after Palestinian militant group Hamas carried out a deadly attack against Israel in October 2023. UN-backed experts warned on July 29 that a 'worst-case scenario' famine was unfolding there that could not be reversed unless humanitarian groups got immediate and unimpeded access. AFP
CNA
28 minutes ago
- CNA
Billion-dollar money laundering case: 4 law firms linked to seized properties named, 2 more identified and reprimanded
SINGAPORE: Four law firms that breached their anti-money laundering obligations over the purchase of properties in the S$3 billion (US$2.2 billion) money laundering case have been named, following the conclusion of investigations into their cases. In an update on Friday (Aug 1), the Ministry of Law (MinLaw) said it had completed the regulatory action related to the four law firms - Anthony Law Corporation, Fortis Law Corporation, Legal Solutions LLC and Malkin & Maxwell LLP. As such, MinLaw added it was now able to furnish more details on their conveyancing of the real estate properties seized as part of the anti-money laundering operation in August 2023. Conveyancing refers to the legal process of transferring the ownership of a property from one person to another. Their penalties were previously made known on Jul 15, but MinLaw then did not name the four firms. It then said 24 law practices were involved in investigations by Singapore's director of legal services (DLS) Sarala Kumari Subramaniam, supported by MinLaw, and 11 of the probes had been concluded. As of Jul 31, 13 of the 24 law practices had been dealt with, the ministry said on Friday. Two more law firms - William Poh & Louis Lim, now known as Louis Lim & Partners, and Templars Law LLC were also named, as inquiries and regulatory action had concluded, it added. With 13 of the probes having concluded, MinLaw also identified five lawyers involved in the conveyancing of the seized real estate properties. They are: Mr Tan Chau Chuang, Mr Andrew Wong Wei Kiat, Mr Tan Tse Chia Patrick, Mr Ee Tian Huat Patrick and Mr Poh Tian Hock William. All have been referred to the Law Society to "consider if there are grounds for further professional disciplinary action against these lawyers". MinLaw previously said on Jul 15 that one lawyer had been referred to the Law Society for disciplinary action, without naming the individual. While a Law Society spokesperson then confirmed that the lawyer had been referred to it for disciplinary action, it was unable to reveal the identities of those involved. "As the referral relates to disciplinary matters, such proceedings are confidential," it then said. ENFORCEMENT ACTION TAKEN All law practices and lawyers are subject to anti-money laundering obligations under the Legal Profession Act 1966. These include performing an adequate analysis of the risks of money laundering in relation to each client and performing customer due diligence measures that are in line with a client's risk profile. Lawyers and law firms also have to file a suspicious transaction report with the police if they have reasonable grounds to suspect that a client might be engaged in money laundering. Expanding on the enforcement action taken, the ministry said Anthony Law Corporation had acted for nine clients to convey 25 properties valued at around S$135 million in total. According to MinLaw, its breaches included inadequate scrutiny of the transactions, which was not commensurate with the clients' and transactions' money laundering risks. "Anthony Law Corporation did not corroborate or verify the clients' explanations for why the transactions were being funded by seemingly unrelated third parties, even though these were red flags," it said. The firm also failed to comply with documentation requirements. If a law practice or lawyer decides to continue to act for the client despite suspicions of money laundering, they must substantiate and document the reasons for this and adopt commensurate risk mitigation measures, including enhanced customer due diligence and monitoring measures. However, while Anthony Law retained and continued to undertake transactions for some of these clients despite filing suspicious transaction reports against them, it did not substantiate or document its reasons for why it had considered it appropriate to do so, said MinLaw. The firm was ordered to pay a financial penalty of S$100,000. One of its lawyers, Mr Tan Chau Chuang, has since been referred to the Law Society. Fortis Law Corporation acted for 16 clients to convey 55 properties valued at around S$398.7 million in total. The firm did not conduct checks to verify the clients' claims that the payments for the transactions were indeed from legitimate remittance companies, said MinLaw. As a result, it was handed a financial penalty of S$30,000 and two lawyers - Mr Wong and Mr Tan Tse Chia Patrick - were referred to the Law Society. Mr Wong is no longer practising with Fortis Law. Both Anthony Law and Fortis Law have paid the financial penalty, MinLaw noted. Legal Solutions LLC, the third firm to receive a financial penalty, acted for two clients to convey 20 properties valued at around S$117 million in total. 'It did not adequately document the details of its analysis of the clients' money-laundering risks,' said the ministry. "It also did not perform all the required enhanced customer due diligence measures after it filed a suspicious transaction report, such as documenting its internal discussions on, and reasons for, retaining the clients despite filing the suspicious transaction report." Legal Solutions has been ordered by Ms Subramaniam to pay a financial penalty of S$70,000, while a lawyer, Mr Ee, has been referred to the Law Society. He no longer practices at the firm. Meanwhile, Malkin & Maxwell LLP has been reprimanded to remind it to be mindful of its anti-money laundering obligations and responsibilities. MinLaw said it was taken into consideration that the firm had acted for one client to convey one property valued at around S$40 million. Inquiries revealed that while Malkin & Maxwell conducted checks into the client's source of funds, its independent checks were "not sufficiently in-depth". Instead, it relied unduly on checks that it assumed third parties would have done on its client. William Poh & Louis Lim and Templars Law LLC were also reprimanded by Ms Subramaniam to remind them to be mindful of their anti-money laundering obligations and responsibilities. Mr Poh, a lawyer who previously worked at William Poh & Louis Lim before joining Templars Law, has been referred to the Law Society. According to MinLaw, Mr Poh was the managing partner and sole partner-in-charge of conveyancing matters at William Poh & Louis Lim until around May 2023. During his time at the firm, he commenced transactions for six clients to convey 32 properties valued at around S$246.7 million in total. Twenty-six of those property transactions concluded while Mr Poh was practising with William Poh & Louis Lim, said MinLaw. The lawyer later left the firm in or around May 2023 to join Templars Law, and his previous firm amended its name to Louis Lim & Partners after his departure. Mr Poh brought the remaining six property transactions to Templars Law and concluded the transactions soon after in June 2023, said MinLaw. Some of the breaches observed by Ms Subramaniam included not obtaining certain documents as part of customer due diligence, not adequately scrutinising the clients' and transactions' money-laundering risks and not applying commensurate risk mitigation measures. HOW REFERRALS TO THE LAW SOCIETY ARE HANDLED A lawyer who breaches his or her anti-money laundering obligations is liable, among other things, to face disciplinary proceedings. 'Lawyers whom the director of legal services has referred to the Law Society will be subject to the disciplinary proceedings process and framework in the Legal Profession Act,' said MinLaw. Under this framework, each lawyer's case will undergo further fact-finding by the relevant committee or tribunal to assess if there have been breaches, and if so, the lawyer's individual culpability and any appropriate disciplinary action and penalties against him or her. This disciplinary process is separate from the director of legal services' inquiries and enforcement actions against the law practices. 'We urge the public to refrain from speculating or sharing unverified information while the process is ongoing,' said MinLaw. The billion-dollar money-laundering case involved millions of dollars earned over the years from an illicit gambling ring with Southeast Asian bases, and that was aimed at punters in China. Investigations into the transnational case date back to 2021 and culminated in islandwide police raids in August 2023. Singapore police seized luxury cars, watches, jewellery, designer goods, cryptocurrency and cash. More than 150 properties were also seized, including homes in Singapore's most upmarket neighbourhoods. The fees that Anthony Law, Fortis Law, Legal Solutions, Malkin & Maxwell, William Poh & Louis Lim and Templars Law collected in total from acting for their clients for these property transactions ranged from S$15,000 to around S$170,000, said MinLaw. "In imposing the financial penalties, alongside other regulatory measures that include following up with these law practices on their remedial measures to strengthen compliance with anti-money laundering obligations, the DLS aims to ensure that law practices in Singapore observe their anti-money laundering obligations and keep Singapore a clean and money-laundering-free business- and financial-hub," it added.
CNA
an hour ago
- CNA
Medical expenses paid by Sumo Salad fully reimbursed, but process not over: MOM
The Manpower Ministry says that medical expenses paid by Sumo Salad have been fully reimbursed, but investigations are ongoing, with the claims process not yet concluded. On top of medical reimbursements, insured employees can also get lump-sum compensation paid out by the insurer if assessed to have physical incapacity. Ray Louis, Managing Director at Ray Louis Law, talks about what is covered and what is not covered under Workmen's Compensation. He also looks at what happens if a business fails to provide proper coverage.
