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WASHINGTON: President-elect Joe Biden has picked California Attorney General Xavier Becerra to be his health secretary, putting a defender of the Affordable Care Act in a leading role to oversee his administration's coronavirus response. If confirmed by the Senate, Becerra, 62, will be the first Latino to head the Department of Health and Human Services, a US$1-trillion-plus agency with 80,000 employees and a portfolio that includes drugs and vaccines, leading-edge medical research and health insurance programs covering more than 130 million Americans. As California's attorney general, Becerra has led the coalition of Democratic states defending “Obamacare” from the Trump administration's latest effort to overturn it, a legal case awaiting a Supreme Court decision next year. A former senior House Democrat, Becerra played a role in steering the Obama health law through Congress in 2009 and 2010. At the time he would tell reporters that one of the primary motivations for him was … [Read more...] about Biden picks Xavier Becerra for health secretary, key role in battling pandemic

SINGAPORE: At one level, the unprecedented three-in-one Unity, Resilience, and Solidarity Budgets demonstrate the resolve of Singapore to ensure businesses and households are helped amid the public health concerns and the economic fallout of the COVID-19 global pandemic. But fiscal resolve alone is not enough. Everyone must play his part. If it’s every person for himself, then we will all be worse off for it. Unfortunately we have already seen some examples of this self-seeking behaviour. Besides being socially undesirable, such behaviour also undermines policies and measures that are targeted at a macro-level but intended to trickle down to all levels of society. LANDLORDS "CAPTURING RENT" For instance, in the Unity Budget unveiled on Feb 18, a S$4 billion Stabilisation and Support Package was created for businesses and workers affected by the evolving COVID-19 situation. READ: Commentary: Has COVID-19 made e-commerce and online shopping the new normal? Measures … [Read more...] about Commentary: In Singapore, laws are necessary for trickle-down policies to work

SINGAPORE: It's the most wonderful time of the year ... if you're a fan of all things Christmas, that is. For the fifth year running, Gardens By The Bay has brought its European-style Christmas fair to Singapore. Crowd favourites like luminaries - giant handmade light sculptures from Italy - are back, along with new offerings including a mirror maze and a magic show. The fair opens on Friday evening (Nov 30) and runs until Dec 26. Here are five things to look out for at Christmas Wonderland this year: 1. GET LOST IN A MIRROR MAZE For the first time, visitors can weave through a maze of mirrors within the main luminarie sculpture at the heart of Gardens By The Bay's Supertree Grove. Christmas Wonderland's organiser, Blue Sky Events, says the activity is an "absolute must". "We took inspiration from Alice in Wonderland; we took inspiration from all the different mazes (for it)," Blue Sky Events creative director Sarah Martin told CNA Lifestyle. "You go … [Read more...] about 5 things to look out for at Gardens By The Bay’s Christmas Wonderland

NEW YORK: Most banks around the world could face four more years of depressed profits in the aftermath of the COVID-19 pandemic, consulting firm McKinsey & Co said in a report. By 2024 the pandemic will require US$2.7 trillion of provision expenses for loan losses and US$3.7 trillion of revenue will be lost forever because of economic challenges and persistently low interest rates, the consultants said. Their estimates used a base-case outlook for "a muted global recovery" from the pandemic-induced recession. The lost revenue is as much as the industry would have collected in six months in normal times, according to the report to be released late on Wednesday. Globally, a key measure of profitability, return on equity, is predicted to decline to 1.5% in 2021 from 8.9% in 2019. Most institutions won't regain their 2019 profitability for five years unless they improve their productivity and capital management, the firm said. Mergers may be a solution for some. "There is a … [Read more...] about Banks face four more years of lower profits in pandemic aftermath: Report

HONG KONG: Americans don’t agree on much of anything nowadays. Yet they are largely united in their belief that China represents an existential challenge to their country and the international order it has long led. This combination of internal division and external demonisation has made the Sino-American rivalry increasingly inescapable – and potentially catastrophic. America’s internal divisions have been fueled in recent years by social media, which, by populating users’ feeds with tailored content, creates “echo chambers” that reinforce, rather than challenge, their beliefs and values. When alternative ideas do make it into the echo chamber, they are often distorted or smeared. And when someone within the chamber calls into question shared beliefs, they risk being instantly ostracised or, in contemporary parlance, “canceled". LISTEN: US election: A bitter fight for the soul of the world's most powerful nation This ultra-reactive demonisation of diverging views … [Read more...] about Commentary: After years of demonising China, the US has to start an honest dialogue