AEC Feed

“No good” was the mood on trading floors yesterday morning as Singapore investors woke up to news that Britain’s “Leave” camp had a strong lead by the time Asian stock markets opened for trade.
Later in the day, UK citizens voted in a referendum to leave the European Union.
Nizam Idris, the head of fixed income and currency strategy at Macquarie Bank, said volatility was the name of the game all morning.
Singapore’s benchmark Straits Times Index dropped 1 per cent right off the mark to 2,765, within minutes of trading.
“The mood has been no good, no good. It’s been a confusing morning ... Trading has been quite frenzied and liquidity is thin, so the markets have been moving in gaps.”
Desmond Leong, a remisier at Phillip Securities, said before the final tally was announced: “The Singapore market is starting to react to the vote-count news. It also doesn’t help that there are very few buyers now; naturally people will want to come in only after the voting results become clear.” – The Straits Times

Migrant workers in Vietnam still struggle
The chairwoman of Hanoi’s Women Union, Tran Thi Phuong Hoa, has called for better policies surrounding migrant workers, saying they contributed to the city’s income generation and economic growth but remained vulnerable groups, benefiting little from social welfare including housing, healthcare or education.
Children of migrant workers were also affected.
For example, children whose parents are migrants and without permanent or temporary residence registrations are less likely to be in school than those with permanent registration.
Do Thi Hong, a refuse collector, said her parents took her to Hanoi 30 years ago when she was a child because they did not have land for cultivation in their home town in Vinh Phuc, a province northwest of the capital.
“I have lived in Hanoi for 30 years but am yet to be recognised a citizen of Hanoi,” she said.
“Without permanent and temporary residence registration, I couldn’t sign up for healthcare insurance while I have suffered illnesses requiring surgeries for years,” she said.
Nguyen Xuan Thiem, an officer at Hoan Kiem district’s social-insurance desk, said permanent-residence registration, temporary registration or temporary absence from residence was required when people start joining health-insurance plans.
He said that this year, the application for health insurance was made more simple and convenient as Vietnam wanted to increase the rate of health-insurance participation in the population. – Viet Nam News

Construction firms help staff during Ramadan
In the holy month of Ramadan, construction firms in Singapore are paying special attention to the needs and welfare of their Muslim workers.
This could range from fast-breaking events to rotating them into less labour-intensive roles.
GL Engineering and Construction yesterday held a break-fast event for 39 of its Muslim Bangladeshi workers, as well as more than 30 other non-Muslim employees.
Its managing director, Lim Sing Tian, said the event aimed to foster closer ties among workers of different backgrounds. “With many different nationalities, backgrounds and religions among our colleagues, it is important that we learn about each other’s belief.”
Lim urged non-Muslim workers to help ensure that Muslim colleagues who are fasting have enough rest and sufficient food during their break-fast period and morning meals.
Muslims mark the month of Ramadan by fasting between dawn and dusk every day. The month ends with the festival of Hari Raya Puasa, which is on July 6 this year.
Other construction companies are also taking steps to help Muslim workers during Ramadan. – The Straits Times