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China, Singapore bourses to develop cross-border ETF link

SHANGHAI (CNA) – China’s Shenzhen Stock Exchange and the Singapore Exchange (SGX) have committed to setting up a cross-border link for exchange-traded funds (ETFs), the bourses said, a move designed to open up a wider range of investment options on both sides.

Under a Memorandum of Understanding (MoU) for the link, the two exchanges will jointly develop and promote ETF markets in Singapore and China through cross-border investments, the bourses said in separate statements late on Tuesday.

The MoU represents the latest step by China to open its capital markets. Earlier this month, China and Hong Kong bourses agreed to add ETFs to their stock connect schemes, and China’s securities regulator announced plans to broaden the Shanghai-London Stock Connect to include capital markets in Germany and Switzerland.

“The strong demand for ETFs in Asia underscores the region’s growing role as a global ETF hub and we are excited about the manifold opportunities that this partnership could bring,” Chief Executive Officer of SGX Loh Boon Chye said in the statement.

President and Chief Executive Officer of the Shenzhen exchange Sha Yan said the agreement will provide investors in China and Singapore with diversified, cross-border opportunities.

As at end November, Singapore-listed ETFs exceeded SGD12 billion (USD8.86 billion) in assets, up nearly 50 per cent from a year earlier, SGX said. The Shenzhen Stock Exchange currently lists 212 ETFs with a combined market capitalisation of USD39 billion.

Photo shows share prices at Shenzhen Stock Exchange in the southern Chinese city of Shenzhen in Guangdong province. PHOTO: CNA

Amid record infections, France ups pressure on unvaccinated

PARIS (AP) – France’s government is forging ahead with efforts to increase pressure on unvaccinated people to get coronavirus jabs, as the Omicron variant fuels a record surge in infections.

At a Parliamentary hearing, the Health Minister defended a government plan to allow only the fully vaccinated to enjoy continued access to places such as restaurants, cinemas, theatres, museums, and sports arenas.

The speeded-up introduction of the so-called “vaccine pass” forms part of a government strategy to use vaccinations, rather than new lockdowns, to try to soften the impact of the fast-spreading Omicron variant on already overburdened hospitals.

France reported nearly 180,000 new cases of COVID-19 infection on Tuesday, a record, and is bracing for that number to keep increasing, with forecasts warning of more than 250,000 daily infections likely by January. France has vaccinated more than 75 per cent of its population but more than four million adults remain unvaccinated.

The government wants the vaccine pass to be in place by mid-January. Its introduction will mean that unvaccinated people will no longer be able to use negative test results to access places where the pass is required.

Chelsea legend Terry returns to club in consultancy role

LONDON (AFP) – Former Chelsea captain John Terry is returning to the club where he won 17 trophies including five Premier League titles and the Champions League in a coaching consultancy role at their Academy.

“I’m delighted to announce that I’m coming home, and have taken up a consultancy role at ChelseaFC academy,” the 41-year-old former defender said on social media. “As well as delivering on field coaching sessions I will be involved in coaching discussions and mentoring our academy players.”

“The Blues legend will work with our young players and coaching staff in our youth development programme, sharing the vast experience gained from his 20-year playing career and recent spell as assistant coach at Aston Villa,” the club said in a statement on its website.

Euro banknote artist fears redesign could revive rivalries

FRANKFURT (AFP) – Twenty years after arriving in Europeans’ wallets, euro banknotes will get a new look with help from the public, a process officials hope will make citizens feel closer to the single currency.

But the Austrian artist behind the original banknotes fears the redesign could spark national rivalries, something he painstakingly tried to avoid with neutral illustrations the first time around.

Now retired, Robert Kalina was working as a graphic designer for the Austrian National Bank when he won a competition in 1996 to create the artwork for the first-ever euro notes.

“It’s incredible to think that the euro is already 20 years old, I hope it stays around for a long time to come,” he told AFP.

Kalina’s designs were initially printed on 14.5 billion banknotes in denominations ranging from five to 500 euros.

The bills in circulation have since almost doubled in volume and found their way into the hands of some 350 million Europeans and many more people around the world.

Euro coins, which are minted by euro members, have a shared image on one side and a country-specific one the other. Ireland for instance opted for a harp, France for a tree.

But euro banknotes are issued by the European Central Bank (ECB), and their designs had to be identical across the euro region and avoid “national bias”.

The challenge for Kalina was coming up with illustrations all Europeans could identify with, without stirring nationalist sentiments or appearing to favour one eurozone nation over another.

“Portraits might have been allowed, but only if the faces were anonymous. I excluded that option right away,” Kalina said.

He decided to focus on architecture.

Drawing on inspiration from existing buildings, Kalina simplified and reworked their depictions with the help of engineering experts, to ensure the structures “were no longer recognisable” but still believable.

His bridge designs, showcasing different historical styles in Europe, symbolise the connection between eurozone citizens, “but also between the European Union (EU) and the rest of the world”.

The windows and doorways on the other side of the notes stand for “openness and a vision of the future”.

Despite the numerous crises that have rocked the currency since its birth, Kalina said the ideals he sought to portray are “still valid”.

But earlier this month, the ECB said the bills were ready for a makeover, announcing a design and consultation process with a decision expected in 2024.

“After 20 years, it’s time to review the look of our banknotes to make them more relatable to Europeans of all ages and backgrounds,” said ECB president Christine Lagarde.

Euro banknotes are “here to stay”, she said, although the ECB is also considering creating a digital euro in step with other central banks around the globe.

The ECB will rely on a 19-person panel of experts for the banknote design – one from each euro nation – and consult the public along the way.

“The question is whether people have come far enough to accept, for example, famous people being represented”, even if they are linked to a particular country, Kalina said.

“Might it perhaps cause jealousy?” he asked, recalling heated debates on the issue in the 1990s.

The world of music might be a good place to look for inspiration for the next generation of notes, Kalina mused, since “great composers like Beethoven or Mozart can’t be reduced to a single country”.

Music “is a language that doesn’t require words and one that everyone can understand,” he said.

Woman gives birth in car hours after hospital told her to go home

THE STAR – A woman had to deliver her baby in the car when she could not reach a public hospital in time – apparently just hours after being sent home from one despite her protests.

According to a post on the PenangKu Viral Facebook page, the woman ended up at a private hospital after giving birth.

The post claimed that the woman’s husband was now upset at having to pay for the “unexpected” hospital bill.

He blamed a public hospital for turning his wife away earlier. The time of the incident was recorded but there was no mention of the day on which it occurred.

The woman, from Sungai Ara, had reportedly checked into the hospital on the mainland at 11am after there were signs that labour was imminent.

At 12.30pm, a doctor came to check on the woman and found that her cervix was only dilated to two centimetres.

Some three hours later, according to the post, the woman was asked to go home as she was told that it would be some time before she could go into labour.

It was then that the woman pleaded with the hospital to let her stay, saying she was living in Sungai Ara, which is far away.

However, her pleas were allegedly ignored.

Shortly after reaching home, the woman told her husband she needed to be rushed to hospital again at about 7pm.

Travel times to public hospitals ranged from 50 minutes to one hour and 20 minutes at that time, owing to peak-hour traffic.

The woman ended up delivering her baby in the car before her husband took her to the nearest private hospital.

A Penang Health Department spokesman said the department would come up with a report after completing its investigation.

He said the report would be forwarded to the Health Ministry.

Omicron under control in Brunei

Fadley Faisal

There is no cause for panic on the spread of Omicron variant in Brunei Darussalam as it is under control.

This was reiterated by Minister of Health Dato Seri Setia Dr Haji Mohd Isham bin Haji Jaafar during the daily press conference yesterday.

The minister added that among the eight Omicron cases in the Sultanate, six show no symptoms after suffering similar symptoms to getting Delta variant for about two or three days.

The other two cases have mild symptoms such as coughs.

Dato Seri Setia Dr Haji Mohd Isham said they are being monitored despite them being under no serious threats.

Omicron under control in Brunei

There is no cause for panic on the spread of Omicron variant in Brunei Darussalam as it is under control. This was reiterated by Minister of Health Dato Seri Setia Dr Haji Mohd Isham bin Haji Jaafar during the daily press conference yesterday. More details in Thursday’s Borneo Bulletin.

Travel Green List revoked

The COVID-19 Steering Committee agreed to temporarily omit all countries from the Travel Green List following the current COVID-19 situation, particularly the rise of cases in several countries and the threat from the Omicron variant.More details in Thursday’s Borneo Bulletin.

Walk down memory lane for Class of ‘64

Eleven members of Class of 1964 of Sultan Omar ‘Ali Saifuddien (SOAS) College walked down memory lane during their Alumni 64 Reunion at the college’s Class of ‘64 Library yesterday. More details in Thursday’s Borneo Bulletin.