Top News this Week (5 May)


Rounding up top investing articles from around the web, including articles shared on Twitter.

‘We have built a strong foundation for future generations’: PM Lee in his last major speech (Straits Times)

Prime Minister Lee Hsien Loong said he has prepared a leadership team to succeed him that deserves Singaporeans’ confidence and support, and asked that all Singaporeans rally behind it to make the nation succeed.

Despite dark clouds on the horizon, the Republic has built a strong foundation for its future generations to continue to write new chapters of the Singapore story, PM Lee said at the May Day Rally on May 1.

In a valedictory speech at the Marina Bay Sands Convention Centre, he said he felt “a sense of satisfaction and completeness” as he prepared to hand over Singapore in good order to his successor, Deputy Prime Minister Lawrence Wong on May 15.

“I have done my duty, and I am very happy I chose this path of public service all those many years ago,” said PM Lee to a standing ovation from the 1,400 unionists, business leaders and government officials who were present.

However, leading a country is never a one-man job but that of a national team, he said as he thanked MPs, union leaders, as well as Singaporeans for their trust and support.

“I have strived to lead you and to govern Singapore in the way you deserve, to mobilise Singaporeans to show what we can do together,” he said. “I have also prepared a leadership team to succeed me that deserves your confidence and support.”

Not just to eat and shop, Singaporeans are also going to JB for dental care (Straits Times)

Dental clinics in JB have increasingly become a viable option for Ms Lim and others from Singapore.

These Singapore-based patients say they are primarily drawn by an array of restorative and cosmetic teeth treatments offered at a fraction of the cost of their equivalents in Singapore and little to no compromise on the quality of care.

NTUC membership grew by over 30% in last few years to hit 1.3 million (Straits Times)

The National Trades Union Congress (NTUC) has grown its membership by more than 30 per cent in the last three years to 1.3 million, said NTUC secretary-general Ng Chee Meng on May 1.

Giving the latest update on NTUC’s membership expansion at the annual May Day Rally, Mr Ng said about 45 per cent of union members are professionals, managers and executives (PMEs), which is similar to the national ratio.

NTUC has set a goal of reaching 1.5 million members by 2030.

“Today, PMEs constitute more of our workforce, and in time to come, PMEs will form the majority of the Singapore workforce given our evolving education landscape,” Mr Ng said, pledging to do more for this group.

Preparatory work to connect Thomson-East Coast Line with Changi Airport to begin in 2025 (Straits Times)

Three MRT stations on the East-West Line (EWL) – Tanah Merah, Expo and Changi Airport – will undergo modifications from 2025 so they can be converted into Thomson-East Coast Line (TEL) stations in future.

Binance co-founder Zhao set to keep on growing his $33 billion fortune even as he heads to prison for four months (CNBC)

  • Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is expected to see his mammoth wealth remain intact and likely continue to climb even as he faces time behind bars after his sentencing in a Seattle court.
  • Zhao was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange.
  • Zhao has an estimated personal net worth of $33 billion, according to Forbes’ World’s Billionaires list.

Tesla shares drop nearly 6% after Musk cuts about 500 jobs in Supercharger team (CNBC)

  • Tesla is continuing a sweeping reorganization and laying off some 500 employees from its Supercharger team.
  • As The Information first reported, Tesla is throttling plans to grow its U.S.-based Supercharger network, after striking partnerships with Ford, GM and others and agreeing to allow non-Tesla EV drivers to charge on its equipment.
  • CEO Elon Musk said in a post that Tesla, “still plans to grow the Supercharger network, just at a slower pace for new locations” with more focus on uptime.

Amazon profit more than triples, topping Wall Street expectations (CNBC)

  • Amazon shares rose in extended trading after the company reported better-than-expected revenue and earnings.
  • Advertising revenue grew 24% in the first quarter, outpacing retail and cloud computing.
  • Amazon Web Services also reported results that topped estimates.

Hedge funds are ‘dead as a doornail,’ says chairman of ultra-rich investors’ club Tiger 21 (CNBC)

  • Tiger 21 members’ allocation to hedge funds dropped to 2% from 12% over the past 16 years, data from the network showed.
  • Currently, private equity takes up the largest allocation of Tiger 21 members’ portfolio at 29%, followed by real estate investments at 27%.
  • “Our members realized they could do better on average with more exposure to index … with more liquidity and less fees, and likely higher returns over the last decade,” said Michael Sonnenfeld, founder and chairman of Tiger 21.

Johnson & Johnson will pay $6.5 billion to resolve nearly all talc ovarian cancer lawsuits in U.S. (CNBC)

  • Johnson & Johnson said it will pay $6.5 billion to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer.
  • The deal would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management. 
  • J&J said the remaining pending lawsuits relate to a rare cancer called mesothelioma and will be addressed ouside of the new settlement plan. 

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