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CNA
2 hours ago
- CNA
Louis Vuitton Korea says systems breach led to customer data leak
SEOUL :A systems breach at Louis Vuitton Korea in June led to the leak of some of customer data including contact information, but did not involve customers' financial information, the luxury brand's South Korea unit said on Friday. "We regret to inform that an unauthorized third party temporarily accessed our system resulting in the leak of some customer information," the unit said in a statement. The company became aware of the breach on Wednesday and had notified government authorities, the statement said.


CNA
3 hours ago
- CNA
Trilateral workgroup to address issue of foreigners illegally doing delivery jobs
SINGAPORE: A trilateral workgroup is being formed to address the issue of foreigners performing delivery jobs illegally, the National Trades Union Congress (NTUC) said on Friday (Jul 4). "Urgent action" is needed as this creates unfair competition for delivery workers, and it has a direct impact on their earnings, NTUC said. The workgroup will involve Grab Singapore, the Ministry of Manpower and the Ministry of Transport, who will work with NTUC and its affiliated associations. Following the Platform Workers Act being passed in September 2024, NTUC and its affiliated platform work associations have continued to advocate for platform workers on a variety of platforms, the union said. Issues raised include concerns about certainty in platform workers' earnings, safety concerns, as well as competition from illegal hitch service providers, NTUC said. It noted that it has received feedback that some delivery jobs are being performed by foreigners illegally. 'Some of these foreigners illegally take on delivery jobs directly on platforms by misusing accounts,' NTUC said. It also noted reports of some foreigners performing delivery jobs illegally without work permits. 'This creates illegal or unfair competition for our delivery workers, and it has a direct impact on their earnings.' Concerns about the illegal use of delivery accounts have been raised previously. In 2023, CNA found multiple listings on online marketplace Carousell advertising Deliveroo and foodpanda rider accounts for sale. Platform work can only be undertaken by Singaporeans, the union said on Friday. Platform operators can outsource delivery jobs to companies who hire foreigners, but these foreign workers will need have work permits. The issue of illegal competition comes on top of other challenges that platform workers already face, NTUC said. For example, platform workers may face issues related to income stability and assurance. These platform workers can be subjected to incentive schemes that encourage longer working hours, which can lead to safety issues, NTUC said. The type of jobs allocated to them on platform apps is also uncertain, which lead to a lack of clarity on their earnings. This can cause them to grapple with a lack of income security, the union said. It also noted the issue of illegal hitch services, such as unauthorised ride-hailing services operating through messaging apps like Telegram which directly impact workers' earnings. 'These illegal services undercut legitimate platform workers' job opportunities, creating unfair competition that affects workers' ability to earn sustainable earnings,' NTUC said. NTUC Secretary-General Ng Chee Meng said that platform workers are vulnerable as they face a variety of challenges in making a living. 'It is not right that they suffer from reduced earnings due to competition from illegal workers,' Mr Ng said. 'That is why I am calling for a trilateral workgroup to address this issue and other challenges that our platform workers face. Our platform workers must be treated fairly as they make an honest living.'


Independent Singapore
3 hours ago
- Independent Singapore
Singapore among top market choices for high-net-worth investors globally
SINGAPORE: Singapore joined the United States and Hong Kong among the most preferred markets for global high-net-worth individuals looking to open overseas investment accounts, according to HSBC's Affluent Investor Snapshot 2025 . The report surveyed 10,797 affluent investors across 12 markets, including Australia, Hong Kong, India, Indonesia, mainland China, Malaysia, Mexico, Singapore, Taiwan, the United Arab Emirates (UAE), the United Kingdom (UK), and the United States (US). Of the total, 701 affluent investors surveyed were from Singapore. All respondents had between US$100,000 (S$127,433) and US$2 million (S$2.55 million) in investable assets. HSBC's report highlighted that, on average, affluent investors in Singapore allocate the largest share of their assets to cash (24%), though this was 4 percentage points lower than last year. This is followed by equities (18%) and bonds (17%). Meanwhile, allocations to gold, cryptocurrency, and real-estate investment trusts (REITs) each rose by 2 percentage points over the past 12 months. The report also found that investors in Singapore feel less confident than their global peers due to the rising cost of living (82%) and ongoing global uncertainty (80%). See also Singapore ranks 13th among top 15 billionaire countries When asked about financial goals, 47% said they were saving for vacation or leisure, another 47% said they were preparing for retirement, while 46% also said they're trying to gain wealth for financial security. HSBC noted that Singapore investors believe the average amount needed for a secure and comfortable retirement is US$1.39 million (S$1.77 million). Currently, the top financial products that Singapore investors are allocating their assets to – after setting aside cash — are stocks (45%), time deposits (34%), and REITs (33%). Looking ahead, 47% plan to invest in managed products, including exchange-traded funds (ETFs) (28%), while 35% are considering managed solutions, such as multi-asset strategies (20%), over the next 12 months. Notably, half of Singapore's affluent investors said they plan to invest internationally within the next 12 months, mainly targeting the US, mainland China, and other Asia-Pacific markets. At the moment, investors prefer to get their information through social platforms (42%), bank digital channels (34%), and search engines (31%). When it comes to investment guidance, 65% said they rely on wealth/financial specialists/bank relationship managers, while 28% said they trust stockbrokers. /TISG See also 62-year-old dies on the spot after falling from Cuppage Plaza Read also: Singapore to see over 50% drop in millionaire migrants in 2025 but still ranks among top destinations