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The Star
21 hours ago
- Climate
- The Star
SIA and Cathay Pacific cancel flights as typhoon nears Hong Kong
Two SIA flights to Hong Kong from Changi Airport on July 20 have been cancelled. -- PHOTO: ST FILE HONG KONG (Bloomberg): Singapore Airlines (SIA) and Cathay Pacific Airways delayed and cancelled flights in and out of Hong Kong on July 20 as tropical cyclone Wipha approached the city. According to the Singapore carrier's website, two flights to Hong Kong from Changi Airport on July 20 have been cancelled – SQ874 and SQ882. Another three flights from Hong Kong which were due to land in Singapore on the same day have also been cancelled – SQ899, SQ875 and SQ883. SIA also said that two flights on July 20 will be rescheduled to a later time. SQ892, which was originally set to depart Singapore for Hong Kong at 9.50am, will be pushed back to 11.50am. Meanwhile, SQ893 from Hong Kong to Singapore will now similarly depart two hours later at 5.40pm, instead of 3.40pm. The impending storm has also led to the cancellation of two flights (SQ856 and SQ857) between Singapore and Shenzhen, which is near Hong Kong. 'As the situation remains fluid, other SIA flights between Singapore, Shenzhen and Hong Kong may be affected,' the airline said on its website. On July 19, Cathay Pacific said that all flights scheduled to arrive at or depart from the Hong Kong International Airport between 5am and 6pm will either be delayed or cancelled. The company will rebook alternatives for affected customers, according to its statement. The Hong Kong Observatory said it would issue typhoon Signal 8, the third-highest level, in the early hours of July 20. As Wipha moves closer to the coast of Guangdong, winds will strengthen and there will be frequent heavy showers and thunderstorms in the region, according to the Observatory. The Education Bureau said all special classes and other school events would be suspended on July 20. The Airport Authority expects that many flights will be affected and that it will take one to two days for them to fully return to schedule, a representative said in a media briefing. -- BLOOMBERG
The Star
5 days ago
- Business
- The Star
S$10mil Toto results to be announced on July 17; no winners in past three draws
The results are expected to be announced at 9.30pm on July 17. - ST FILE SINGAPORE: An estimated S$10 million Toto cascade jackpot will be up for grabs on July 17, following three consecutive draws without a winner. The results are expected to be announced at 9.30pm on July 17. Those placing their bets for a chance to win can do so before 9pm. The Singapore Pools' website showed that the prize money for the Group 1 category snowballed from almost $1.2 million on July 7 to about $2.9 million on July 10. The last draw on July 14, which had a prize money of about $5.8 million, had again yielded no winner. The Group 1 prize amount will snowball only up to the fourth draw. Thereafter, the amount will be shared among the winners in Group 2. The last Toto draw that had a prize sum of over $10 million was on June 19, where a single ticket won the $12.3 million Toto jackpot. The winning numbers were 1, 10, 37, 40, 45, 47. The additional number was 19. - The Straits Times/ANN
Straits Times
6 days ago
- Business
- Straits Times
From crisis to comeback: How The Straits Times reported Singapore's economic ups and downs
Find out what's new on ST website and app. The paper has chronicled economic realities. Post-independence, five turbulent periods tested the nation's resilience. The Straits Times has chronicled Singapore's economic highs and lows, capturing pivotal moments with immediacy, insight – and even foresight. Sometimes, a newspaper article can offer a rich and nuanced understanding of a past era that can't quite be captured by a history book. The Straits Times, Singapore's paper of record since 1845, has chronicled the country's economic highs and lows, capturing pivotal moments with immediacy, insight – and even foresight. Take a brief article titled 'Malayan trade in 1930', published on March 13, 1931. Though short, the report offers important clues to the impact of the Great Depression on British Malaya and, by extension, Singapore. The article highlighted how the global downturn, which began in 1929, severely affected the two mainstays of Malayan trade: tin and rubber. Even opium, then still legally traded, was declining as a revenue source. The piece noted that the nascent palm-oil industry could serve as a 'third string' to reduce economic over-reliance on tin and rubber, a hint of the concept of diversification, which would later become a policy mantra for independent Singapore's economic planners. An article, titled 'Malayan trade in 1930', published in The Straits Times on March 13, 1931. PHOTO: ST FILE The writer also looked to Singapore for industrial promise, noting its 'illimitable supplies of cheap labour from east and west – China and India', and the slow but steady emergence of a manufacturing base. The Great Depression, which ended with the onset of World War II, marked the beginning of the end of British global economic dominance. By the end of the war, the United States had emerged as the pre-eminent global power. Top stories Swipe. Select. Stay informed. 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Manufacturing took the lead over commodity trade, and the paper continued to document the journey of modern Singapore's economy, through its triumphs and turbulence alike. Here are five key moments: Independent Singapore's first recession (1985) In the two decades following independence, Singapore focused on rapid industrialisation through export-led growth. Foreign investment and labour-intensive manufacturing helped reduce unemployment and raise incomes. But by 1985, its first post-independence economic recession loomed, triggered by external economic headwinds and internal structural weaknesses. Early warnings came from then Prime Minister Lee Kuan Yew. In his New Year message on Jan 1, 1985, he cautioned about slowing growth in the US, Japan and Europe and warned of knock-on effects across Asean and developing economies. Among other things, the developed economies had crushed their own economic growth by raising interest rates sharply to control runaway energy prices caused by the 1979 revolution in Iran, a major oil exporter. This led to a drop in global demand, hitting Singapore's export-dependent economy hard. At home, Singapore was grappling with rising business costs after two decades of rapid growth. The construction sector, which had boomed in the early 1980s, also began to contract as projects slowed and oversupply loomed. In March 1985, then Minister for Trade and Industry Tony Tan announced the formation of an Economic Committee, led by then Minister of State for Defence and Trade and Industry Lee Hsien Loong, to study the causes of the downturn and map out recovery strategies. It became clear that unprecedented measures were needed to shore up the economy. The most controversial proposal was to sharply cut employers' Central Provident Fund (CPF) contributions from 25 per cent to 10 per cent. The aim was to reduce business costs and restore competitiveness. The proposed cut led to heated parliamentary debates. Even among People's Action Party MPs, views were divided. Public reaction was equally intense. The Straits Times published letters from readers on both sides of the argument. The Economic Committee's report in February 1986 recommended a package of reliefs and reforms that would inject $2.7 billion into the ailing economy and make Singapore a developed country by 1990. The boost came from measures including the proposed two-year cut in employers' CPF contribution, and a 10-point cut in corporate tax and the top income tax rate. On Feb 14, 1986, ST reported on the Economic Committee recommending a package of reliefs and reforms to boost Singapore's economy. PHOTO: ST FILE The committee also said flexibility was needed in all areas of the economy, including government policies and wage structures. 'The effect of these cost-cutting measures will be a temporary drop in the standard of living of Singaporeans,' the report said. 'This is unpalatable but inevitable. It is the only way companies can regain their profitability, so that Singapore can prosper and our incomes rise again.' The recession also triggered a major corporate failure in Singapore. In November 1985, Pan-Electric Industries, a conglomerate involved in marine salvage, hotels and property, went bankrupt with massive unpaid debts. It sent shockwaves through Singapore's stock market and financial sector. Mr Lee Kuan Yew's New Year message in 1986 laid bare the toll: rising unemployment, falling exports and a general sense of uncertainty. But from the crisis came structural reforms that strengthened the economy down the road, including wage flexibility, productivity drives and a shift towards higher value-added industries. Asian financial crisis (1997 to 1998) Singapore's economy rebounded strongly after the 1985 crisis, growing steadily through the early 1990s. But in 1997, a storm swept through Asia's financial markets, sparked by the collapse of the Thai baht on July 2. Thailand's decision to float the baht set off a chain reaction across the region. One headline read: 'Floating baht seen as a devaluation'. In an editorial, the paper asked: 'What else can a beleaguered government do when the economy threatens to seize up with falling exports, massive debts, a growing trade deficit and its currency under relentless speculative attack?' The Singapore dollar was able to avoid a massive decline, thanks to the central bank's policy of managing it against a basket of currencies rather than pegged to the US dollar, as Thailand had been doing before floating the baht. But by the second half of 1998, regional contagion had dragged Singapore into recession. Gross domestic product (GDP) shrank by 2.2 per cent for the year. 'Singapore in recession', read the front-page headline on Nov 11, 1998. PHOTO: ST FILE Singapore's flexible exchange rate mechanism helped maintain its export competitiveness, resulting in an economic rebound in 1999 led by the manufacturing sector. The recovery was sustained through the year and overall GDP for 1999 grew by 5.7 per cent. The Government also helped by announcing off-Budget measures in June 1998 that were worth $2 billion, aimed at reducing business costs. crash and recession (2001) The burst of the bubble in 2000 marked the end of an era of exuberance in global technology stocks. Over the next two years, trillions of dollars in market value were wiped out. Singapore, heavily reliant on electronics manufacturing and global trade, was not spared. A March 14, 2000, front-page article noted: 'Sentiments were unnerved by the knocking suffered by technology stocks whose meteoric rise in recent months had seemed unstoppable.' The Singapore economy contracted by 1.1 per cent in 2001, a sharp reversal from the 9 per cent growth in 2000. This was exacerbated by the Sept 11, 2001, terrorist attacks in the US which rattled global markets, curbed consumer confidence and slowed down travel and investment. Singapore's downturn was thankfully brief, but it marked another turning point: a further diversification in sources of economic growth by shifting towards services, financial resilience and innovation-driven growth. Global financial crisis (2007 to 2009) The financial crisis began with the collapse of sub-prime mortgage markets in the US and quickly escalated into a global credit crunch following the bankruptcy of investment bank Lehman Brothers on Sept 15, 2008. Although Singapore's banks had limited direct exposure to US sub-prime assets, the global freeze in lending and plummeting demand for exports hit the economy hard. In the fourth quarter of 2008, Singapore's GDP shrank on a seasonally adjusted basis by 2.3 per cent quarter on quarter, followed by a 2.6 per cent contraction in the first quarter of 2009. Public anger erupted when thousands of consumers lost their savings in complex investment products linked to Lehman Brothers, such as Minibonds and High Notes 5. About 10,000 retail investors, including the elderly and less educated, lost over $500 million in products sold by financial institutions here. On Oct 11, 2008, more than 500 angry investors turned up at the Speakers' Corner in Hong Lim Park. Several such protests were held every Saturday in the weeks to follow. The Straits Times reported on these extensively. A special report in the paper on Oct 19, 2008, about the Lehman Brothers debacle. PHOTO: ST FILE The Government launched investigations, which led to penalties for 10 financial institutions, and tighter industry supervision. The Government also pledged $2.9 billion in November 2008, followed by a massive $20.5 billion Resilience Package in January 2009. For the first time in history, Singapore dipped into its national reserves, drawing $4.9 billion to support the economy and jobs. In the end, it needed $4 billion, and was able to return the full amount into the reserves by the end of its term in 2011. The Singapore economy weathered the financial storm better than feared. In August 2009, then Prime Minister Lee Hsien Loong said that 'the worst is over for the Singapore economy' and that 'the eye of the storm has passed'. In November 2009, the Ministry of Trade and Industry declared that the recession was effectively over. Covid-19 pandemic (2020) The Covid-19 pandemic led to Singapore's worst recession since independence, with the economy contracting by 3.8 per cent in 2020. The 'circuit breaker' period from April to June 2020 severely impacted the food and beverage, retail and travel sectors. The Government responded with a series of stimulus packages totalling nearly $100 billion, or about 20 per cent of GDP. This included a Jobs Support Scheme to subsidise wages and prevent widespread layoffs. For the second time in history, Singapore tapped its national reserves. The Government drew about $40 billion from past reserves for Covid-19 response measures across financial years 2020 to 2022. By late 2021, with high vaccination rates and phased reopening, Singapore's economy began to recover. The rebound was uneven, but GDP grew by 9.8 per cent that year.
Straits Times
6 days ago
- Business
- Straits Times
Selling the Singapore dream through ads in ST
Find out what's new on ST website and app. Department store Robinson & Co even sold pistols and revolvers back in 1920, while John Little & Co. held clothes and shoes sales in 1936. The Straits Times was launched on July 15, 1845, with a subsidiary title: Singapore Journal of Commerce. It was aimed squarely at the 'mercantile community', said a notice on the front page. Another notice promised advertising rates 'on liberal terms' and urged advertisers to submit their copy by noon the day before publication. Up until World War II, the front page was dominated by advertisements. The rest of the paper was packed with more ads, shipping schedules, stock market updates and classifieds. Take July 15, 1941. The entire front page featured 11 ads. Among them, Mien Chong Tailoring in Coleman Street offered American sharkskin fabric in various colours; Robinson & Co in Raffles Place touted the Humber, 'the aristocrat of bicycles'; and a merchant announced the arrival of more stocks of 'Monte Carlo' handmade Dutch cigars 'obtainable everywhere' at 11 cents each. After the war, news took centre stage on the front page and inside, driven by readers' demand for urgent news and stiff competition from radio and later television. The post-war period also saw a rise in journalism as a profession, and advances in printing and layout design. But print ads continued – and continue – to be a vivid window into the evolving history of commerce and daily life of a society. They tell us what people in Singapore valued, consumed and aspired to across generations – in a way that a fleeting digital ad does not. The front page of ST on July 15, 1941. PHOTO: ST FILE It was not uncommon for the front pages of 1927 to feature full page ads like for T beer on Jan 12 and Pineapple Brand ham and bacon on May 4. PHOTO: ST FILE
Straits Times
01-07-2025
- Sport
- Straits Times
Former MMA champion Ben Askren receives double lung transplant
UFC fighter Ben Askren thrilled local fans with his grappling skills at the Clarke Quay Fountain Square, during the Fight Night Singapore open workouts in 2019. PHOTO: ST FILE WISCONSIN - Former mixed martial arts (MMA) champion and Olympic wrestler Ben Askren is recovering from a double lung transplant. Askren's wife, Amy, shared the update in a Facebook post on June 30. 'We are so thankful to share that Ben has received a double lung transplant,' she wrote. 'We are forever thankful to the donor and his family. This is the beginning of a new lifestyle for Ben, but every new day he has is a gift. It still doesn't feel real that he was walking around completely healthy just five weeks ago. So much can change so quickly. 'Please keep Ben in your prayers that his body welcomes the new lungs as if they were his own. I am constantly in awe of all the people carrying us through right now. I can't wait to tell Ben all about it. I'm hopeful that in the coming weeks, Ben will be able to give the next update.' Askren, 40, has been battling pneumonia in a Wisconsin hospital for several weeks. The American went on ventilator support on June 17 and was added to the transplant waiting list on June 24, according to his wife. Askren won three Big 12 championships and two National Collegiate Athletic Association (NCAA) Division I championships in wrestling at Missouri, adding gold medals at the 2005 Pan American Championships and 2009 World Championships. He reached the quarter-finals at the 2008 Summer Olympics in Beijing. He transitioned to the Octagon after his wrestling career and compiled a 19-2 record with one no-contest in 22 MMA fights. Askren became the Bellator welterweight champion in 2010 and three years later signed a two-year, six-fight contract with Singapore-headquartered MMA outfit One Championship. He clinched the One Welterweight championship title in 2014 after beating Nobutatsu Suzuki via TKO. In 2019, he made his much-anticipated Ultimate Fighting Championship (UFC) debut. He lost two of three fights in the UFC, including a five-second knockout loss to Jorge Masvidal in Las Vegas at UFC 239. Citing hip issues, he retired from MMA in November 2019, a month after his third UFC fight, a loss to Demian Maia at the Singapore Indoor Stadium. Askren made an unsuccessful boxing debut on April 17, 2021, losing to Jake Paul by TKO in the first round. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
