Daily roundup: Polestar 3 Long Range Dual Motor Performance Pack review — and other top stories today, World News
Stay in the know with a recap of our top stories today.
1. Polestar 3 Long Range Dual Motor Performance Pack review: Sporty electric SUV that's big in performance and price
Polestar is a brand that likes to do things a bit differently it seems. It first debuted in Singapore in late 2021 with the Polestar 2, a Tesla Model 3 rival but with a raised ride height that made it look like a strange mixed breed between sedan and SUV.
It then took over two years before it released its next new model. That was the Polestar 4, a sleek crossover that came with no rear windscreen. It's supposedly meant to be a sporty coupe-SUV, but its bold design choice seemingly defies definition... » READ MORE
2. Jetstar Asia ceasing operations: Passengers scramble to seek refunds, travel plans up in limbo
The travel plans of some Jetstar Asia passengers are now up in limbo after the budget carrier announced on Wednesday (June 11) morning it is winding up operations.
Among them are university undergraduate Tan and her friends.
They had booked round-trip tickets to Bali just days before, but now find themselves in an awkward predicament... » READ MORE
3. Durians for $1.95 at FairPrice annual fair this June
Durian lovers have every reason to celebrate with durian season making its return.
FairPrice's Annual Durian Fair is back and will be running across two weekends, from June 13 to 15 and June 20 to 22... » READ MORE
4. More seniors to benefit as 3 local banks recognise CPF Life payouts as income proof for credit card applications
More seniors aged 65 and above will be able to apply for credit cards as DBS, UOB and OCBC will recognise CPF Life payouts as income proof.
According to a statement on Tuesday (June 10), DBS said that the policy kicks in from June 11 (Wednesday)... » READ MORE
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CNA
2 days ago
- CNA
Deep Dive - Great Eastern suspends Mount Elizabeth pre-authorisation - time to relook how health insurance is managed?
Play When insurer Great Eastern suspended pre-authorisation for admission to Mount Elizabeth hospitals, it raised questions about the way health insurance is managed in Singapore. With increased medical bills and insurance premiums, who is paying for what and where are the gaps? Steven Chia and Otelli Edwards speak with Associate Professor Jeremy Lim of Saw Swee Hock School of Public Health and Dr Yoong Siew Lee, a health services consultant. Deep Dive - Great Eastern suspends Mount Elizabeth pre-authorisation - time to relook how health insurance is managed? When insurer Great Eastern suspended pre-authorisation for admission to Mount Elizabeth hospitals, it raised questions about the way health insurance is managed in Singapore. With increased medical bills and insurance premiums, who is paying for what and where are the gaps? Steven Chia and Otelli Edwards speak with Associate Professor Jeremy Lim of Saw Swee Hock School of Public Health and Dr Yoong Siew Lee, a health services consultant. 25 mins Deep Dive - Jetstar Asia closure: Are the days of cheap fares over? Jetstar Asia will cease operations on Jul 31, a move unsurprising to experts because the low-cost carrier was struggling to turn a profit in a tough aviation market. Otelli Edwards speaks to Shukor Yusof from aviation consultancy Endau Analytics and Dr Nitin Pangarkar from NUS Business School to find out what the future holds. 20 mins Deep Dive - Is Singapore's electric vehicle infrastructure catching up with demand? Electric vehicle sales hit a new high in the first three months of 2025, accounting for 40 per cent of total car registrations. Yet concerns about charging networks and capacity remain. Steven Chia and Otelli Edwards speak with transport economist Walter Theseira and Stephanie Tan, CEO of EV-Electric Charging. 25 mins Deep Dive - Calling 995? You may be rerouted to the NurseFirst helpline instead – here's how it works Non-life-threatening 995 calls will be directed to NurseFirst, a triage helpline, under a six-month nationwide trial aimed at easing the burden on emergency services. How exactly does it work, and will the public adapt? Steven Chia and Otelli Edwards find out from Col Dr David Pflug, chief medical officer of the Singapore Civil Defence Force and Dr Jade Kua, clinical lead for the NurseFirst helpline and senior consultant at the emergency medicine department in Woodlands Health. 18 mins
New Paper
3 days ago
- New Paper
'I still can't get over it': Flight, cabin crew mull over new course after Jetstar Asia closure
Ms Vicky Wee, a flight attendant, has spent most of her working life in the sky. She started flying in her early 20s, fulfilling a childhood dream. Now 65, she has racked up 42 years of experience in a role she describes as "a passion for flying". The in-flight customer service manager told The Straits Times that her favourite part of the job is "meeting all sorts of people, interacting with them". She joined Jetstar Asia 13 years ago, after more than 28 years with Singapore Airlines (SIA). Asked how she felt about Jetstar Asia's looming closure, Ms Wee paused, visibly emotional. "It's very sad. I still can't get over it," she said. The Singapore-based low-cost carrier announced on June 11 that it would cease operations - more than 20 years since its maiden flight in December 2004. It will continue to operate flights out of Singapore with a reduced schedule until its final day of operations on July 31. More than 500 Singapore-based employees will be laid off when the airline closes. This includes over 100 pilots and nearly 300 cabin crew members. Ms Wee is determined to remain in the airline business. "I still have a passion for flying," she said, though she is unsure if her age will affect her job prospects. She has applied to be a part-time cabin crew member at Scoot, SIA's low-cost arm, after visiting a job fair held for retrenched employees at Jetstar Asia's office at Changi Airport Terminal 1. "I'm still fit, so why not?" she quipped. More than 300 employees visited the job fair, held from June 17 to 19. Flight attendant Vicky Wee has racked up 42 years of experience in a role she describes as "a passion for flying". ST PHOTO: AZMI ATHNI Nearly 40 employers from a mix of industries, from aviation and aerospace to public transport and hospitality, had come together in an effort to match Jetstar Asia staff with new jobs. It was organised by the National Trades Union Congress' (NTUC) Aerospace and Aviation cluster, NTUC's Employment and Employability Institute, the Singapore Manual and Mercantile Workers' Union, the Civil Aviation Authority of Singapore, and Jetstar Asia. NTUC said the fair featured more than 450 roles, including positions for pilots, cabin crew, customer service, engineering, and safety and quality assurance. Ms Cindy Yap, Jetstar Asia's head of people, thanked colleagues across the aviation industry and beyond for their support. "We've been overwhelmed by the response from employers wanting to come along to this week's job fair and speak to our people," Ms Yap said. 'I thought I'd finish my career here': Captain Pilot Yohan Janeau, 38, was enjoying breakfast with family on June 11 when he found out about Jetstar Asia's closure. "Honestly, I couldn't believe it," the Frenchman told ST. "I knew we weren't profitable. But to the point of closing the airline... it came as a shock." His first thought was for his family. After moving countries four times in five years, Captain Janeau was looking forward to some stability for his wife and children, aged eight and five. "Beyond the impact on employees, their families are also very impacted... the children, the wives, everyone." He did not have much time that day to process the shock with his family. About two hours after he received the news about the airline's closure, he got a call. A captain rostered to operate a turnaround flight to Phuket that day had decided that he was not fit to fly, being too emotional after hearing the news. Capt Janeau stepped up to take over the flight. When he landed at Terminal 4 later that day, he was met with "sadness and tears" from other employees, who had gathered to support one another. "It's not easy," said the pilot, who first joined Jetstar Asia in 2013 and was promoted to captain in 2017. He got married in Singapore, where his first child was also born. Captain Yohan Janeau noted that the closure impacted not only the airline's staff but also their families. ST PHOTO: AZMI ATHNI He left the airline in 2018, to care for his sick mother, but rejoined in August 2024 after stints in other airlines and even the French air force. His family had been excited to return. "Singapore is where I thought my life would be for the next 20 years... We consider this our home," Capt Janeau said. "I really thought that this would be my last move, and that I would finish my career here," he added. He has applied for positions at SIA and Scoot, in the hope that his family can remain in Singapore, where his wife, also French, has found a job as a marketing and communications manager, and his children enjoy their school. "I was very happy to see that the SIA Group stepped in (to offer jobs to pilots and cabin crew). Hopefully, it applies to foreigners like me," he said. The SIA Group said on June 13 that it would create positions for retrenched Jetstar Asia employees across its airlines, including 100 jobs for pilots and 200 for cabin crew. A spokesperson for the company said its aim is to support as many affected employees as possible in continuing their careers in the aviation sector. Ms Wee, the flight attendant, said that while the overall mood among her colleagues has been sombre, they remain committed to their jobs and the airline until the inevitable end. "I say, brace for it and move forward... Do your best, whatever comes."
Singapore Law Watch
4 days ago
- Singapore Law Watch
MAS sets on record its regulatory oversight in Allianz's offer for Income Insurance
MAS sets on record its regulatory oversight in Allianz's offer for Income Insurance Source: Straits Times Article Date: 24 Jun 2025 Author: Angela Tan MAS' reply comes ahead of Income's annual general meeting, which is scheduled to take place on the evening of June 24. The Monetary Authority of Singapore (MAS) has on June 23 set on record matters related to its regulatory oversight during German insurer Allianz's planned offer to buy a majority stake in homegrown Income Insurance in 2024. In a late night release, the regulator outlined key events and points in response to former NTUC Income chief executive officer Tan Suee Chieh's open letters on the proposed acquisition, which fell apart after Allianz withdrew its offer on Dec 16. MAS's reply comes ahead of Income's annual general meeting, which is scheduled to take place on June 24 evening. In July 2024, Allianz announced plans to buy a majority stake of at least 51 per cent in Income for $40.58 a share in a $2.2 billion cash deal. The offer faced public backlash due to concerns that Income might shed its social mission of providing affordable insurance to Singaporeans. Then, majority shareholder NTUC Enterprise and Income had assured that affordable insurance would be maintained. Questions were later raised in Parliament about the deal's impact on policyholders and the company's social mission, with government officials stating that Allianz and Income would be held accountable for their commitments. It was later revealed that Allianz had a capital reduction plan where Income would return $1.85 billion in cash to shareholders within three years. This drew concerns from the Government and the law was urgently amended to allow the deal to be blocked. Mr Tan's three open letters - of which two were published in August 2024, and one on April 28, 2025 - included questions about MAS' regulatory oversight of the transaction. The letters were addressed to the MAS and its chairman, Deputy Prime Minister Gan Kim Yong. Mr Tan had also written to MAS on June 9, 2025, seeking a response and requesting a meeting with DPM Gan or a senior MAS representative. Mr Tan was CEO of NTUC Income from 2007 to 2013 before becoming group CEO of NTUC Enterprise from 2013 to 2017. MAS said on June 23 that Allianz and NTUC Enterprise had received its approval prior to Allianz making its pre-conditional voluntary cash general offer on July 17, 2024. The approval was to allow the two entities 'to enter into an agreement or arrangement to act together to acquire an interest of 5 per cent or more of Income's voting shares', as outlined in the Insurance Act. It did not mean that MAS had approved the deal, said the regulator. 'The proposed transaction was subject to further regulatory approval from MAS for Allianz to obtain effective control and become a substantial shareholder of Income,' said MAS. At this point, the regulatory approval process was not completed and would have taken a few months for MAS to complete its assessment, it added. Mr Chee Hong Tat, who is MAS deputy chairman, had said in Parliament on Aug 6, 2024 that 'the proposed deal was still subject to MAS' regulatory approval' and there was 'due process for this'. MAS reiterated on June 23 that it had received Allianz's preliminary business plan for Income in mid-July 2024. This included a set of business and financial projections, which included a plan for capital efficiency and reduction. 'There was no application to MAS to approve the capital reduction plan, neither did MAS give any such approval. Any capital reduction would need separate and specific MAS approval,' said the regulator. The capital reduction plan proved to be a sticking point in the proposed deal. A key factor was the ministerial exemption that Income received when it was corporatised in 2022, which allowed it to carry over a surplus of about $2 billion. Otherwise, the money would have been returned to the Co-operative Societies Liquidation Account to benefit the sector at large. While the MAS did not have prudential grounds for concern about the transaction after the Aug 6 parliament sitting, it had noted that the capital reduction plan could be relevant to Ministry of Culture, Community and Youth (MCCY), given Income's previous status as a co-operative society. After MAS shared the information with MCCY, the Government decided to amend the Insurance Act on an urgent basis to allow the approval of the deal to be withheld. This paved the way for the MAS to consider the views of the MCCY in future applications related to insurers that are cooperatives or are linked to cooperatives. During the Parliament sitting on Oct 14 when the legislative amendment was tabled, then-MCCY Minister Edwin Tong explained that 'when we first saw the announcements, we accepted the intent of the transaction, which is to strengthen Income.' He also stated that 'the Government also does not have concerns over Allianz's standing or suitability to acquire a majority stake in Income'. However, MCCY found it 'difficult to reconcile the proposed substantial capital reduction, soon after the transaction is completed, with Income's representations to MCCY during the corporatisation exercise that it was aiming to build up capital resources and enhance its financial strength'. MCCY was also 'not satisfied that Income will be able to continue fulfilling its social mission after the proposed transaction.' Mr Chee, who was then the Transport Minister and Second Minister for Finance, also made clear on Oct 16 that 'there is no formal application yet by Allianz to obtain effective control and become a substantial shareholder of Income'. MAS said on June 23 that before sharing the capital reduction plan with MCCY, the regulator 'had not been aware of the representations that Income had made to MCCY when it was allowed to carry over $2 billion in surplus to the new corporatised entity'. Allianz withdrew its offer in December, and the matter was raised by various members of alternative political parties during the recently-concluded General Election. MAS said it will not agree to Mr Tan's meeting request 'given that the proposed transaction and amendments to the Insurance Act had been extensively debated in Parliament, and addressed again in this open reply'. 'Nevertheless, if Mr Tan has further feedback or information to share with us, we will duly consider them,' it added. Sequence of key events 2024 July 17: German insurer Allianz offers $40.58 a share to buy a stake of at least 51 per cent in Income Insurance in a $2.2 billion cash deal. NTUC Enterprise, which holds a 72.8 per cent stake, has given an irrevocable undertaking to accept the offer. Mid-July: Allianz, Income and its parent NTUC Enterprise submit plans to the Monetary Authority of Singapore (MAS) around the time the offer was made. It includes details about Income returning $1.85 billion in cash to shareholders within the first three years after the deal wraps up. This was not publicly disclosed. July 25: NTUC Enterprise chairman Lim Boon Heng says that Income will continue to provide affordable insurance after the deal. The statement comes after some former executives and members of the public raised concerns about the insurer's social mission. July 27: Income issues a statement that its chairman Ronald Ong had recused himself when Morgan Stanley was appointed as the financial adviser for the deal, after questions were raised about it. July 30: Mr Lim, Income chief executive Andrew Yeo and Income board's lead independent director Joy Tan further clarify concerns over the deal in an interview with ST and in a separate joint statement. Aug 4: NTUC Enterprise and Income rebuts an open letter by former NTUC Income chief executive Tan Suee Chieh, in which he objected to the Allianz offer. MCCY Minister Edwin Tong writes in a Facebook post that co-ops as social enterprises must be financially sustainable in order to better serve their members in a fast changing economic environment. Aug 5: NTUC's secretary-general Ng Chee Meng and president K Thanaletchimi say in a joint statement that the central committee was briefed on the deal, and outlined why Income needed to become more competitive. Aug 6: The deal is debated in Parliament. The Ministry of Culture, Community and Youth (MCCY) is unaware of the post-transaction details at this time. After Aug 6: MCCY continues to do due diligence and enquire further into the proposed deal. MAS provides MCCY with further details, including Income's capital optimisation plan as the regulator felt it could be relevant to the ministry's views on the deal. MCCY had not seen this information earlier. Oct 14: MCCY minister Edwin Tong tells Parliament that the Government will halt the deal in its current form on concerns over its structure and ability of Income to continue serving its social mission. A Bill to amend the Insurance Act is tabled on an urgent basis. In a late statement, Allianz says it will consider revising the deal structure. Income and NTUC Enterprise say they will work closely with stakeholders on the next course of action. Oct 16: NTUC Deputy Secretary-General Desmond Tan tells Parliament that NTUC's central committee was unaware of the capital extraction plan and learnt of it on Oct 14. MPs debate the issue for nearly four hours, and vote to pass the Bill. Nov 14: Despite the government's stance, Income and Allianz said in a bourse filing that discussions over the deal for a majority stake acquisition in the Singapore insurer were still ongoing. Dec 16: Allianz withdraws offer for Income in view of the legislative changes. NTUC Enterprise says it will take time to study how to address the Government's concerns, and to consider all strategic options that can further strengthen Income Insurance's financial resilience. 2025 April-May: Issue resurfaces during Singapore's General Election. June 9: Mr Ronald Ong will step down as Income's chairman on Jun 24, 2025, while retaining his role at NTUC Enterprise. The search for a new chairman has begun. Source: The Straits Times © SPH Media Limited. 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