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In today's bulletin: Singapore government will put budget measures in place to help businesses and families tide over the slowdown caused by the coronavirus crisis and China moves to boost global trade confidence by slashing tariffs on US$75b of goods.
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CORONAVIRUS: BUDGET MEASURES TO SUPPORT SINGAPORE BUSINESS AND FAMILIES
In an interview with Singapore Press Holdings radio station Money FM 89.3, Singapore Minister in the Prime Minister's Office Indranee Rajah said that Budget 2020 will be a comprehensive one that helps companies and workers transform, supports families in coping with the cost of living and caregiving needs, and ensures environmental and financial sustainability. Given the economic fallout from the global virus crisis now, measures will also be put in place to help businesses and Singaporeans tide over this difficult period.
IN SINGAPORE
Hotel revenue drops: Hotel occupancy here has been badly hit by the coronavirus outbreak. Cancellations are on the rise and some hotels have to chalk up additional expenses to clean and disinfect rooms.
Stringent measures: Senior Health Correspondent Salma Khalik reports that although Singapore is at Yellow Alert, some of the measures implemented, such as quarantine and temperature screening, are actually Orange measures.
Meeting probed: The World Health Organisation is looking into the business gathering in Singapore that had resulted in at least three overseas participants being infected with the coronavirus.
Irrational hoarding: Singapore Kindness Movement chief William Wan on why people have been buying up surgical face masks, thermometers and hand sanitisers, emptying shelves at pharmacies and retail outlets islandwide.
ELSEWHERE
CHINA: Over 28,000 people have been infected and the death toll is 563.
HONG KONG: Like face masks, toilet paper is now out of stock as irrational fear drives people in the city to snap up rolls of it.
JAPAN: About 3,700 people are facing at least two weeks of quarantine on the Diamond Princess ship in Yokohoma, south of Tokyo, after 20 people were tested positive.
INDONESIA: Correspondent Linda Yulisman reports that the trade and tourism sectors in Indonesia are likely to be hit hard by the coronavirus outbreak.
THE ASIAN INSIDER VIDEO: US Bureau Chief Nirmal Ghosh speaks to Global Affairs Correspondent Benjamin Lim Kang in Beijing on how China is responding to the coronavirus crisis
THE STRAITS TIMES HEALTH CHECK PODCAST: Virologist Prof Wang Linfa offers hand hygiene tips to counter novel coronavirus threat
CHINA TO CUT TARIFFS ON US$75b OF AMERICAN GOODS BY HALF FROM FEB 14
China will halve tariffs on some US$75 billion (S$103.6 billion) of imports from the United States later this month, reciprocating a US action and likely satisfying part of the interim trade deal. This is also seen by analysts as a move by Beijing to boost confidence amid a conoravirus outbreak that has disrupted businesses and hit investor sentiment.
SEE ALSO: Asian stocks rallied on Thursday (Feb 6) on increasing optimism that the global economy will weather the hit from the coronavirus, a sentiment that was strengthened by a China announcement of tariff cuts on US imports.
END OF IMPEACHMENT TRIAL: TRUMP'S FATE NOW IN THE HAND OF VOTERS
US Correspondent Charissa Yong reports that the impeachment trial ended with the final twist of Utah senator Mitt Romney becoming the lone Republican to break with his party to become the first senator in American history to vote to convict a president from his own party. With the acquittal, Mr Donald Trump and his allies can now claim exoneration and have swiftly turned to full-throated campaigning for his re-election.
SEE ALSO: Speaker Nancy Pelosi on why she ripped up the president's speech
SINGAPORE'S ARTIFICIAL INTELLIGENCE ETHICS MODEL NEEDS MORE BITE
Technology Editor Irene Tham says in her column that Singapore's artificial intelligence ethics framework is a great start but it needs more diverse voices to raise transparency and enhance disclosures on what exactly goes into AI algorithms. There should also be discussions on the pricing of personal data.
Read also: World Economic Forum: Singapore updates AI governance model with real-world cases
IS TESLA A BUBBLE?
Tesla's shares have rocketed 110 per cent this year alone. They surged more than 13 per cent on Tuesday (Feb 4), at one point trading above US$900 for the first time, before closing at US$887.06. Some investors believe Tesla has ballooned to levels unjustified by its fundamentals, fueled by risk-taking and short covering, and warn of a speculative bubble that sometimes occurs in financial markets, especially near the end of bull markets.
SEE ALSO: Elon Musk is over the moon as Tesla shares soar
IN OTHER NEWS
INDONESIA: Speaking during her state visit there, Singapore President Halimah Yacob said the future ties between Singapore and Indonesia are in the hands of the next generation, as she called on them to maintain the "strong and constructive partnership" that has benefited both countries.
THAILAND: At a Buddhist temple south of Bangkok, plastic from thousands of discarded water bottles is being recycled into polyester fibres, which will be made into fabric for saffron-coloured robes for monks. The recycling temple of Wat Chak Daeng is one bright example of recycling for Thailand, one of five countries that account for more than half of plastic in the world's oceans.
Thank you for reading the Asian Insider, and for being a reader of The Straits Times.
See you again tomorrow.
- Ooi Boon
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