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Straits Times
6 days ago
- Business
- Straits Times
Hong Kong asks insurers to return investing roles from Singapore, sources say
Sign up now: Get ST's newsletters delivered to your inbox Life insurers have become the latest target in Hong Kong's efforts to compete with Singapore in retaining talent and capital. HONG KONG - Life insurers have become the latest target in Hong Kong's efforts to compete with Singapore in retaining talent and capital. Over the past year, Hong Kong's insurance regulator has been steering some of the financial hub's biggest life insurers to move investment decision-making functions back to the city following their relocation to Singapore, according to people familiar with the matter. The push, led by the Hong Kong Insurance Authority (hkia), started in early 2024 and is focusing on companies including AIA Group, the people said. The HKIA is a regulator independent of the government, according to its website. Drawn by incentives such as tax advantages offered by the Monetary Authority of Singapore (mas), some insurers have in recent years accelerated efforts to establish the city-state as a regional asset management hub, despite making policy sales mainly in Hong Kong, the people said. While the move to Singapore was allowed by the HKIA, a number of emerging challenges prompted concern among regulators. Intensifying competition between the two financial hubs for talent and capital - as well as rising concentration risks among asset managers - triggered scrutiny over the relocations, the people said. The Hong Kong insurance regulator is able to track the decision-making process when insurers notify them about their outsourcing decisions. Based on a guideline known as GL14, the HKIA can look through detailed arrangements between the insurers and the investment managers who they entrust money with, including the amount and the location. In at least one case, the HKIA specifically looked at whether the Hong Kong investment team ultimately decides the mandates, according to one of the people. The regulator has indicated it wants to create more jobs in the city, including from insurers, fund managers and law firms, the people said. Top stories Swipe. Select. Stay informed. Singapore Hidden vapes and where to find them: Inside ICA's clampdown at land checkpoints Singapore East-West Line MRT service resumes after delays lasting around 5 hours; track point fault fixed Opinion Internships open doors but only if students can first find the key World Meta says it's working to thwart WhatsApp scammers Singapore Jail for 2 friends who swopped seats in car to try and evade justice after drinking alcohol Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties Asia Trump's sharp India criticism corners Modi as rift deepens The HKIA said there is no statutory requirement for long-term insurers to maintain their assets in Hong Kong or to exercise their investment-decision making in the city. Nonetheless, all authorizSd insurers are expected to manage their assets prudently and avoid the building up of concentrated exposure. This will ensure insurers can swiftly settle claims and meet contractual obligations for the protection of policyholders, the regulator said. The HKIA said it will also pay due regard to potential legal and operational constraints on fungibility of capital across different jurisdictions. Singapore presence In the case of AIA, it established an asset management company under a structure known as the variable capital company in Singapore in 2021. The insurer operates in 18 Asian markets with businesses ranging from life insurance to pensions. AIA has since been moving assets in private equity and global stock strategies from Hong Kong to Singapore, according to the people. Hong Kong's management arm is looking after mostly pension money raised from the city, the people added. With 198 employees, Singapore-based AIA Investment Management Private Ltd. (AIAIM) managed US$139 billion (S$179 billion) as of end 2024. AIA Group's total invested assets stood at about US$255 billion in the same period. AIA's Hong Kong-based senior group investment executives are in charge of setting up asset allocation principles and monitoring various managers, including AIAIM, but the fund selection decisions are in the hands of the Singapore investment team, the people said. AIA declined to comment. MAS said in a response to Bloomberg News that Singapore's asset management industry has seen healthy growth from diversified sources outside the city-state, including North America, Europe and Asia. The VCC structure offers investment funds greater operational flexibility and saves costs, it added. The number of companies with regional headquarters in Hong Kong dropped from 1,457 in 2021 to 1,410 in 2024, according to government data. One Hong Kong-based insurer was recently guided by people at the HKIA not to move assets into Singapore VCC structures, one person said. Assets under management across Hong Kong's asset and wealth management industry rose 13 per cent to HK$35.1 trillion (S$5.8 trillion), according to a Securities and Futures Commission annual survey with some 40 insurance firms. BLOOMBERG
Straits Times
6 days ago
- Entertainment
- Straits Times
Necessary or excessive?: Debate over K-pop security at airports
Sign up now: Get ST's newsletters delivered to your inbox A video of K-pop boy group Zerobaseone's manager (in black cap, unmasked) pushing fans at an airport and appearing to raise his fist circulated on X. Bodyguards clad in black security vests are a familiar sight at airports in South Korea, often accompanying celebrities through large crowds of fans who sometimes get too close or behave in an unruly manner. But the actions of some security guards and managers have sparked debate over the use of excessive force. Last week, a video of K-pop boy group Zerobaseone's manager pushing fans at an airport and appearing to raise his fist circulated on social media platform X. In the video, the band's manager is heard shouting 'move out of the way,' which is then followed by a loud thud, suggesting that someone may have been pushed or the camera was struck. While some view the security measures for celebrities as excessive, airport security escorts for idols are necessary due to safety concerns, according to industry insiders. 'There is no strict rule requiring idols to have security at airports, but it is typically arranged for safety reasons. Also, in some countries, the crowd cannot be controlled, which makes bodyguards even more necessary,' an official at an entertainment company, who wished to remain anonymous, told The Korea Herald. 'While much of the footage shows the bodyguard's aggression, bodyguards typically try to handle the situation calmly and gently, but fans sometimes get pushed or fall in the process. Although the bodyguards' actions in these moments cannot be fully excused, they respond this way because the situation is urgent and demands quick decisions to protect the idol, as well as maintain order,' the official explained. Top stories Swipe. Select. Stay informed. Singapore East-West Line MRT service resumes after delays lasting around 5 hours; track point fault fixed Singapore Hidden vapes and where to find them: Inside ICA's clampdown at land checkpoints World Meta says it's working to thwart WhatsApp scammers Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties Asia Trump's sharp India criticism corners Modi as rift deepens Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Recently, V of BTS also asked fans to be 'mindful of public space' during a Weverse livestream, noting that airports are 'not private venues, but shared spaces for everyone.' 'I hope people can maintain order instead of causing chaos,' the singer said, as he referenced the 'Purple Line,' a safety campaign launched by BTS' fandom, Army, at airports in 2018. At the time, some 20 fans gathered at Los Angeles International Airport holding purple ribbons – the group's official color – and formed orderly lines to help ensure the bandmates' safe arrival and departure. Amid growing calls to address the chaos caused by celebrity arrivals and departures, an official at Incheon Airport described the authorities' difficulties. 'While restricting fans from crowding arrival and departure zones would be ideal, such measures are hard to implement effectively in real-world airport settings and require coordination with multiple departments within the airport,' the official told The Korea Herald. As excessive celebrity security continues to become a widespread issue, Dr Kim Tae-hwa, a professor at Yongin University's Department of Security Service, suggested implementing a 'safety management plan.' 'The safety plan would allow entertainment companies to submit detailed protocols outlining how security will be managed at the airport, including the specific routes the celebrities will take. This kind of structured planning could help prevent the poorly managed situations we are seeing today,' Dr Kim said in a phone interview. 'Having a formal safety plan would help inform the public, especially fans, about what is allowed and what is not. For example, it could include clear rules that ban fans from coming within 3m of the celebrity. When these guidelines are in place, fans are more likely to follow the rules and less likely to get too close, reducing chaos,' Dr Kim said. THE KOREA HERALD/ASIA NEWS NETWORK
Straits Times
6 days ago
- General
- Straits Times
Deadly disasters in Indian Himalayas over the years
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Houses are partially buried by a mudslide, amid flash floods, in Dharali, Uttarakhand, India, August 5, 2025. Indian Army Central Command via X/Handout via REUTERS/File Photo At least four people were killed and more than 50 were missing after flood waters swept through a village in India's Himalayan state of Uttarakhand on Tuesday. Here are similar disasters in the mountain range, which experts have previously blamed on climate change and widespread developmental activities on its slopes. NOVEMBER 2023 A road tunnel under construction in Uttarakhand caved in, trapping 41 people inside. The men - low-wage workers from some of India's poorest states - were rescued 17 days later. Authorities did not give a reason for the structure's collapse. OCTOBER 2023 A glacial lake outburst triggered by torrential rain led to devastating floods in India's northeastern state of Sikkim, leaving at least 179 people dead. Top stories Swipe. Select. Stay informed. Singapore East-West Line MRT service resumes after delays lasting around 5 hours; track point fault fixed Singapore Hidden vapes and where to find them: Inside ICA's clampdown at land checkpoints Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties Asia Trump's sharp India criticism corners Modi as rift deepens Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan JANUARY 2023 Nearly 200 people were evacuated from their homes in the Himalayan town of Joshimath after hundreds of buildings in the area developed cracks. The unsafe structures were later demolished. Geologists, residents, and officials blamed rapid construction in the mountains, which they said had weakened the buildings and the land beneath them. OCTOBER 2021 Unseasonal heavy rain flooded roads and washed away bridges in Uttarakhand, killing at least 46 people. FEBRUARY 2021 More than 200 people were killed as a flash flood in Uttarakhand swept away two hydroelectric projects and sent water, rocks, and debris surging down the Dhauliganga river valley. Scientists said the deluge could have been triggered by a large avalanche of glacier ice. SEPTEMBER 2014 The Himalayan region of Kashmir saw its worst flooding in 50 years as the Jhelum river, which flows from India to Pakistan, surged due to unusually heavy rain. About 200 Indians and 264 Pakistanis were killed in the incident. JUNE 2013 A total of 580 people were killed in northern India and nearly 6,000 went missing as flash floods and landslides unleashed by early monsoon rains swallowed houses, apartment blocks, and vehicles. REUTERS
Straits Times
6 days ago
- Climate
- Straits Times
Heavy rains, landslides hamper rescue efforts in northern Indian state, dozens missing
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Houses are partially buried by a mudslide, amid flash floods, in Dharali, Uttarakhand, India, August 5, 2025. Indian Army Central Command via X/Handout via REUTERS/File Photo Heavy rain hampered rescue efforts in India's Himalayan state of Uttarakhand on Wednesday, a day after sudden flooding and landslides killed four people and left dozens missing. Teams of army and disaster force rescuers struggled to reach Dharali village, a popular tourist spot that serves as a pit-stop before climbing to the Hindu pilgrimage town of Gangotri, as landslides blocked a major highway and heavy rain continued to pelt the region, local media and authorities said. "The number of missing persons is unknown, however the relief efforts have continued through the night. We are trying to rescue people and take them to safety," Harshavardhan, an army colonel leading rescue efforts, said in an X post shared by the Indian army. The army camp in Harsil, four km (2.5 miles) from the flooded village of Dharali, was also hit by flash floods and eleven army personnel were missing, NDTV news channel said. "Additional army columns along with tracker dogs, drones, logistic drones, earthmoving equipment, etc have been moved ahead to supplement the resources at Harsil to hasten the efforts," the army's central command said in a post on X. TV news channels showed floodwaters and mud surging down a mountain and crashing into the village, sweeping away houses and roads as people ran for their lives. The mudslide cleaved through Dharali village, burying some houses, according to a video update shared by the state chief minister's office. Top stories Swipe. Select. Stay informed. Singapore East-West Line MRT service resumes after delays lasting around 5 hours; track point fault fixed Singapore Hidden vapes and where to find them: Inside ICA's clampdown at land checkpoints Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties Asia Trump's sharp India criticism corners Modi as rift deepens Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan Uttarakhand is prone to floods and landslides, which some experts blame on climate change. REUTERS
Straits Times
6 days ago
- Business
- Straits Times
US says it has started seabed mineral talks with the Cook Islands
Sign up now: Get ST's newsletters delivered to your inbox Polymetallic nodules encrusted with coveted metals like cobalt, nickel and manganese seen onboard the research vessel MV Anuanua Moana in Rarotonga, Cook Islands. WASHINGTON - The US has begun talks with the Cook Islands for research on seabed minerals exploration and development, the State Department said on Aug 5. The Cook Islands, which had a population of 15,040 in 2021, lie halfway between New Zealand and Hawaii and are made up of 15 islands and atolls. Western nations that traditionally held sway in the region have become increasingly concerned about China's plans to increase influence after Beijing signed defense, trade and financial deals with Pacific countries in recent years. Earlier this year, China and the Cook Islands signed a strategic partnership deal, which spans areas from deep-sea mining to education scholarships but excluded security ties. "The Government of the United States of America has begun discussions with the Government of the Cook Islands to support the research necessary to inform seabed exploration and responsible development within the Cook Islands' Exclusive Economic Zone," the US Statement Department said in a statement. US-linked firms "sit at the forefront" of deep seabed mineral research and exploration in the Cook Islands, it said. The Cook Islands was within the New Zealand borders from 1901. In 1965, it became self governing but in free association with New Zealand. Top stories Swipe. Select. Stay informed. Singapore Morning commute disrupted as delays on East-West MRT Line persist after more than 3 hours Singapore Hidden vapes and where to find them: Inside ICA's clampdown at land checkpoints Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties Asia Trump's sharp India criticism corners Modi as rift deepens Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan It has its own government, and King Charles III is its head of state. Cook Islanders have New Zealand citizenship and passports. They have the same rights as a New Zealander such as the ability to work, go to school and use the medical system. In June, New Zealand suspended millions of dollars in budget funding to the Cook Islands as the relationship continued to deteriorate amid the island group's deepening ties with China. REUTERS
