Latest news with #UOB
Business Times
3 days ago
- Business
- Business Times
Singapore's STI, Asia markets rise after US court blocks Trump's reciprocal tariffs
[SINGAPORE] Singapore stocks rose on Thursday (May 29) morning, after a US trade court on Wednesday (May 28) blocked US President Donald Trump's 'Liberation Day' tariffs from going into effect. As at 9.12 am, the Straits Times Index (STI) opened 0.2 per cent or 7.56 points higher at 3,919.48. Across the broader market, gainers outnumbered losers 106 to 56 after 102.5 million securities worth S$161 million changed hands. On Wednesday, a US trade court had blocked US President Donald Trump's 'Liberation Day' tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. Among Singapore stocks, the trio of local banks were mixed at the open. DBS shed 0.7 per cent or S$0.30 to S$44.85. UOB declined 0.4 per cent or S$0.15 to S$35.80. OCBC was up 0.3 per cent or S$0.05 at S$16.38. The most actively traded counters volume included energy and oil company Rex International, opening 3.2 per cent or S$0.004 higher at S$0.13, with 8.1 million securities transacted. Golden Agri-Resources was the most actively traded counter by volume, rose 2.1 per cent or S$0.005 to S$0.245, after 11.5 million shares changed hands. Other actively traded counters included Genting Singapore , which opened flat at S$0.70, and taxi operator ComfortDelGro , which opened flat at S$1.42. 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 Other Asia markets also rose in response in early morning trade, with Japan's Nikkei jumping 1.25 per cent and South Korea's Kospi rising 1.35 per cent. Australia's ASX 200 edged marginally up 0.12 per cent. US futures jumped, with Dow futures soaring more than 500 points, and futures tied to the S&P 500 rising 1.5 per cent. The Manhattan-based Court of International Trade said the US Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the US economy, according to Reuters. 'The court does not pass upon the wisdom or likely effectiveness of the president's use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it,' a three-judge panel said in the decision, according to the Reuters report.
Straits Times
3 days ago
- Business
- Straits Times
Changing gears: The mid-career workers finding purpose through new skills
Singapore's mid-career professionals are reinventing their careers, but the transition often involves trade-offs. PHOTO: GETTY BRANDED CONTENT Changing gears: The mid-career workers finding purpose through new skills Meet the professionals who are reinventing their careers amid a shifting landscape, driven by their personal goals Would you trade job security for passion, just as you're figuring out sleepless nights and toddler tantrums? Mr Darren Yong, 35, did exactly that. When his son turned two in 2023, the first-time parent quit his job as a general manager in a healthcare technology company. He was earning a five-figure monthly salary. '(I decided to) drop everything to do what I loved,' Mr Yong shares. He packed up his life in Singapore and moved to Wellington, New Zealand, with his homemaker wife and toddler in tow. The goal: To pursue a master's degree in climate science and policy. This huge leap of faith was far from easy. He funded his own tuition, which cost $50,000 over 18 months, while the family went without income for the duration of Mr Yong's studies. 'We consciously set aside savings for up to an 18-month stay abroad, knowing that neither of us would have paid work during the entire period,' says Mr Yong. Despite careful planning, financial stress crept in. The family encountered unexpected rental hurdles, forcing them to move thrice during their stay in New Zealand. 'It would have been better if we had increased our budget buffer by another 20 per cent,' Mr Yong admits. Both short- and longer-term cost pressures make changing careers as a young parent 'mentally exhausting at times', says Mr Yong. 'Especially with the worry of getting paid work that resonates with my passions.' Making the leap easier For individuals like Mr Yong, who left a stable job and funded his own career switch, job transitions can be daunting and costly. But there is support available. One example is the SkillsFuture Level-Up Programme, announced in Budget 2024. Under this scheme, all Singaporeans aged 40 and above will be eligible for up to $3,000 in monthly training allowance for selected full-time courses, capped at $72,000 a year. Prime Minister Lawrence Wong announced in Budget 2025 that the scheme would be extended to include part-time training. Those who work and learn part-time can receive a training allowance of $300 per month, starting in early 2026. It's crucial to upskill to stay relevant and adaptable, says Mr Dean Tong, head of Group Human Resources at UOB, especially as technologies like artificial intelligence rapidly reshape industries and displace traditional roles. Some companies are also stepping up to ease this transition. UOB, for one, is helping its employees adapt to new workplace demands and achieve their long-term career goals. In 2019, the bank launched its flagship 12-week Better U learning programme to equip its workers with future-ready skills. Better U comprises short, bite-sized modules lasting two to three hours each. Nearly all of these courses are conducted online, allowing employees to learn at their own pace and convenience, Mr Tong says. The modules focus on soft skills such as having a growth mindset, digital innovation and data storytelling. These are taught through gamification or interactive team-based formats to make the learning experience engaging, he adds. It's crucial to upskill to stay relevant and adaptable, says Mr Dean Tong, head of Group Human Resources at UOB. UOB offers support programmes to ease career transitions for its staff. PHOTO: UOB Building a future-ready workforce A key challenge that UOB faced was supporting its employees amid constant change. 'It was unclear what skills would be most needed in the future,' says Mr Dean Tong, UOB's head of Group Human Resources. The bank decided to focus on developing core competencies: Soft skills that provide a strong foundation for continuous learning. UOB's flagship learning and development initiative Better U, launched in 2019, focuses on skills like growth mindset, problem-solving and digital innovation. 'These soft skills are particularly suited for adult learners, as they are practical, accessible, and help ease the return to structured learning,' Mr Tong explains. 'They are (also) transferable across roles, equipping employees to navigate uncertainty with confidence, regardless of how the future of work evolves.' In 2024, the bank launched the 12-month Better U Pivot Programme to help selected employees reskill into new or evolving roles within UOB. Employees are paid a full-time salary while undergoing this place-and-train programme. They also receive ongoing support through regular check-ins and guidance from trained coaches. 'Reskilling cannot be a one-size-fits-all approach,' says Mr Tong. Rather than generic training, the Better U Pivot Programme starts with 'identifying high-demand roles, pinpointing individual skill gaps, and then providing customised training to bridge those gaps', he explains. UOB expects to create up to 500 opportunities over two years for employees in operations and administrative roles. These reflect changing business needs, including growing demand in areas such as financial crime prevention. Mr Tong adds that the bank is evolving its training and development programmes to help employees build critical thinking, problem framing and digital fluency. The aim: To ensure employees can use tools like generative AI effectively and responsibly. 'We've already begun rolling out training programmes that empower our people to experiment with generative AI, understand its potential, and apply it meaningfully in their work,' says Mr Tong. UOB employee Ms Rebecca Yip, 46, spent 18 years in largely customer-facing jobs before pivoting to her new role at the bank's Corporate Sustainability Office. PHOTO: UOB Path to purpose So far, close to 12,000 UOB employees across the region have gone through Better U, with many using it as a springboard to chart new career paths within the bank. One of them is Ms Rebecca Yip, 46, who's currently a vice-president at UOB's Corporate Sustainability Office. She joined UOB as a branch officer in 2004, accumulating diverse experiences across departments including operations, training and employee development. After spending 18 years in largely customer-facing roles, Ms Yip found herself yearning for deeper purpose and a chance to make a positive impact. Her opportunity came in 2022, when she was chosen to be part of UOB's talent development initiative, Leadership Acceleration Programme (LAP). The programme provides mentorship, leadership development courses, and the opportunity to take part in strategic projects. Mentors would also help participants craft customised career journeys and identify goals to work towards. Reflecting on her experience, Ms Yip says she appreciated the personalised approach. '(LAP) allowed us to participate and grow at our own pace.' With the guidance and support from LAP, Ms Yip successfully transitioned into a new role in UOB's Corporate Sustainability Office in 2023. She was responsible for launching and leading the bank's in-house Sustainability Academy, a training programme designed to deepen employees' sustainability knowledge. To help her transition into her new role, UOB also sponsored Ms Yip's year-long Advanced Certificate in Sustainability & Sustainable Businesses course at Singapore Management University in 2023. 'Sustainability is definitely an area where I can make a more positive and meaningful impact through my work,' she says. For those intimidated by the idea of upskilling mid-career, Ms Yip offers a simple piece of advice: Take it one step at a time. She practises what she calls 'micromastery' by breaking big goals into small, manageable steps. '(It's) like learning (to play the) piano,' she says. 'If your goal is to play a Beethoven piece, start with just three notes a day.' 'This will help to build confidence, keep you motivated and ensure steady progress.' This is the last of a six-part series titled 'Right by you', in partnership with 'Right by you' is a series that explores how organisations drive meaningful impact for communities, customers and employees. Join ST's WhatsApp Channel and get the latest news and must-reads.
CNA
3 days ago
- Business
- CNA
CNA938 Rewind - Can self-employed persons in the arts thrive in Singapore? Artists say Yes, with the right support
CNA938 Rewind In 'Culture Club', Melanie Oliveiro finds out more about the 'Arts Acceleration Programme for Arts Self-Employed Persons', which started in April, and jointly organised by UOB FinLab and the National Arts Council. A couple of experienced self-employed persons: music director Evan Low, and visual artist and illustrator Toby Tan will share their expertise in diversifying opportunities, harnessing digital tools for entrepreneurship, and leveraging personal branding, among other things.
New Paper
3 days ago
- New Paper
22 nabbed for suspected involvement in government official impersonation scams
A total of 22 people, aged between 22 and 56, were arrested for their suspected involvement in the recent spate of government official impersonation scam cases. In a news release on May 28, police said the 17 men and five women were nabbed following islandwide anti-scam operations conducted between March 13 and May 22. Another four men and five women, aged between 22 and 77, are assisting in the investigations. Police said they have received several reports of scam cases involving the impersonation of banks and government officials since early March. The victim would first receive an unsolicited call from a scammer impersonating a bank officer, typically from DBS, OCBC, UOB or Standard Chartered Bank, or a staff of China-based services such as Union Pay and WeChat, police said. The scammer would tell the victim that he or she was suspected of being involved in a criminal matter, then connect them to another scammer posing as a police officer. This "police officer" would convince the victim to surrender valuables such as cash, jewellery and bank cards to an "agent" for investigation. In some cases, the victims would be instructed to buy gold bars, which they would then give up to an "agent". Preliminary investigations showed that the 31 people had allegedly facilitated such scam cases by collecting the valuables from the victims. These mules would meet the victims in public places to collect the items from them. They would later hand the items over to another mule, or leave them unattended at a public place to be picked up later. "Victims would only realise that they had been scammed when the scammers become uncontactable or when they sought verifications with the banks or SPF," police said. Police investigations are ongoing. Those convicted of assisting another to retain benefits from a scam could face a jail term of up to three years, a fine, or both. "The police take a serious stance against any person who may be involved in scams, and perpetrators will be dealt with in accordance with the law," they added. "To avoid being an accomplice to crimes, members of the public should always reject requests by others to use your bank account or mobile lines as you will be held accountable if these are linked to crimes." Government officials will never, over a phone call, ask them to transfer money, disclose bank log-in details, install mobile apps from unofficial app stores or transfer their call to the police, they said. Police also encouraged members of the public to adopt crime prevention measures, such as installing the ScamShield app, setting security features and checking for scam signs with official sources. In 2024, victims lost a total of $1.1 billion to scams - a record high for a single year. Police also saw the highest number of scam reports ever in the same year, with 51,501 cases recorded compared with 46,563 cases in 2023.
Business Times
3 days ago
- Business
- Business Times
South-east Asian banks must keep up decarbonisation efforts despite lower climate targets
[SINGAPORE] The Net-Zero Banking Alliance (NZBA) has recently lowered its climate ambition requirements for member banks, but South-east Asian banks that are part of the alliance should not interpret this as a green light to slow down their pace of decarbonisation. In fact, given how changes to NZBA's guidance has attracted criticisms from various climate groups and affected the credibility of financial institutions' climate commitments, the onus is on these banks to demonstrate how the less ambitious climate targets can still result in meaningful real-world decarbonisation. NZBA announced about a month ago that it was dropping its requirements for member banks' net-zero targets to be aligned with a decarbonisation pathway that limits global warming to 1.5 degrees Celsius above pre-industrial level. This is an aspirational target under the Paris Agreement that has become the gold standard in the global quest to address the climate crisis. Banks are, however, realising that the 1.5 deg C target is increasingly hard to reach. Over the last six months or so, several Wall Street and Japanese banks have exited the group one after another. To maintain its relevance, NZBA lowered its guidance – requiring member banks to align their climate goals to keep global warming to 'well below 2 deg C'. Member banks are also no longer required to aim for net-zero emissions by 2050. The new guidance does not mandate any timeframe. 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 Giant leap backwards As expected, criticisms came swiftly. Several climate groups have denounced the decision by NZBA as a giant leap backwards. While a 1.5 deg C target is widely seen as the ideal and safest target, keeping global temperature rise to 'well below 2 degrees' is still well within the core objective of the Paris Agreement. The actual text of the Paris Agreement states that countries should 'hold the increase in the global average temperature to 'well below 2 deg C' above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5 deg C pre-industrial levels'. In addition, the revised requirements are a more accurate reflection of the reality of South-east Asian banks, whose lending portfolio have large exposures to companies within the region, which is still highly reliant on fossil fuels. Their ability to reduce their financed emissions and meet their net-zero targets is somewhat dependent on the ability of their clients to decarbonise. This, in turn, is affected by the regulatory landscape as well as the technological advancements of clean energy alternatives. It is no wonder that there are only five banks from South-east Asia that are members of the alliance: Singapore banks OCBC, UOB and DBS, as well as Malaysian banks CIMB and Maybank. At least two of them – UOB and CIMB – supported these changes by the NZBA when it was earlier under review. The previous requirement where member banks have to set a target for net-zero financed emissions by 2050 would naturally exclude many South-east Asian banks, which operate in markets where the governments have either not set a net-zero target, or has one that is beyond 2050, such as Indonesia. Greater flexibility The updates therefore provide greater flexibility for South-east Asian banks already in the alliance in achieving their net-zero targets, and also opens doors for others to join. There is no reason one of the foundational principles of the Paris Agreement, known as the Common but Differentiated Responsibilities and Respective Capabilities principle, should not be applied to banks and their net-zero ambitions. The principle underscores how countries' levels of responsibility and capacity to address climate change should differ based on their historical emissions and economic development, even though all of them share the obligation to address climate change. Its underlying principle of equity should also apply to financial institutions and their net-zero ambitions. It doesn't make sense for those with a high exposure to emerging markets to decarbonise their lending portfolio and be net-zero by 2050 at the same pace as other banks operating in markets which have more mature green economy sectors. That being said, this is not carte blanche for South-east Asian banks to be doing business as usual. Giving more latitude to banks that are more exposed to emerging economies so that they are able to participate fairly does not mean they should avoid action. Banks that have lowered their net-zero targets to align with 'well below 2 deg C' can still avoid going down a slippery slope by taking clear, transparent, and science-based actions that demonstrate they are serious about climate alignment — even within a slightly less ambitious framework. This includes unveiling detailed climate action plans on why the shift to 'well below 2 deg C' was made, how this new target will be achieved, and what safeguards are in place to prevent them from lowering – once again – their climate commitments. Being transparent on their lending to fossil fuel clients and their strategies to transition these companies in hard-to-abate sectors, as well as ramping up their financing towards transition economic activities are also crucial. If banks want their stakeholders to not perceive their less stringent net-zero targets as weaker climate action, they need to be more rigorous on how they plan, execute and disclose their decarbonisation strategies.
