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Health

Singapore slows tempo of reopening as native circumstances stabilize

A man wearing a protective face mask walks past an indoor waterfall at Jewel Changi Airport in Singapore.

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SINGAPORE – The Singapore government said Friday it would further relax Covid-related restrictions next week, albeit at a slower pace than previously announced, as local infections have not decreased significantly.

The government started easing some measures this week, including increasing restrictions on social gatherings and event attendees.

It said that as of Monday, “higher risk activities” such as eating in and indoor sports and exercise may be resumed in groups of two people – instead of the five people previously announced.

We remain concerned, especially if we do not have to reach a high level of vaccination yet,

Gan Kim Yong

Singapore’s Minister for Trade and Industry

Barring another super-spreader event or large cluster of infections, the government will allow these activities for groups of up to five people from mid-July.

“The number of cases in the community has stabilized somewhat, but it is not falling significantly and we see several unrelated cases every day,” said Gan Kim Yong, Singapore’s Minister of Commerce and Industry, co-chair of the Covid- Country Task Force.

“That’s why we remain concerned, especially if we don’t have to reach a high level of vaccination yet,” Gan told reporters at a briefing.

Singapore needs to be cautious in resuming activities that are viewed as more risky due to the more transmissible variant of the Delta, first discovered in India, Health Minister Ong Ye Kung said at the same meeting.

Ong, who is also co-chair of the Covid task force, said a gradual reopening will help “buy time to get more people vaccinated, so it is imperative now to step up vaccinations”.

Singapore has one of the fastest vaccinations in the Asia-Pacific region, but it is lagging behind many western countries. Around 2.7 million people – or about 49% of the population – had at least the first dose of the Covid vaccine by Tuesday, Ong said. Around 35% of the population are fully vaccinated, he added.

The country had largely controlled the spread of Covid until locally transmitted cases flared up in late April. Many of the recent cases have been caused by the Delta variant. The surge in cases forced the government to tighten social distancing measures twice last month.

The community’s daily reported cases dropped to single digits for most of the past week, but have remained above 10 cases a day since Sunday as a large cluster of infections emerged around a damp market in southern Singapore.

In total, the Southeast Asian country has reported 34 deaths and more than 62,300 confirmed cases since early 2020 as of Thursday, data from the Ministry of Health showed.

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Business

Bitcoin Costs Stabilize After Unstable Weekend

Over the weekend, the price of Bitcoin briefly fell to around $31,000, more than 50 percent down from its high last month. It has recovered somewhat and is currently trading at around $37,000.

“About $20 billion of long positions were liquidated last week,” Sam Bankman-Fried, the chief executive of the crypto derivatives exchange FTX, told the DealBook newsletter. “In terms of price movements: the biggest part of it is liquidations,” he said, suggesting the worst is over.

But he also noted news from China late Friday of a crackdown on Bitcoin mining and trading. This added to other news of official scrutiny that has spooked crypto investors in recent days, from Hong Kong, Canada and the United States.

Companies with Bitcoin on their balance sheets may be getting nervous. For accounting purposes, cryptocurrency is valued at its purchase price in company accounts. If it goes up in value, this isn’t reflected in a company’s accounts but if it falls, the value is impaired and puts a dent in quarterly profits. Three big corporate investors in Bitcoin are Tesla, MicroStrategy and Square. Here’s where they stand:

  • Tesla: The electric vehicle company bought $1.5 billion in Bitcoin last quarter, at an average price of about $34,700 per coin, not far from its current price. Tesla’s chief executive, Elon Musk, has signaled that the company isn’t selling, but it probably isn’t buying, either.

  • MicroStrategy: The business intelligence software company has spent about $2.2 billion on Bitcoin, at an average price of $24,450. The company bought more last week and is still sitting on big gains.

  • Square: The payments company, led by the Twitter chief Jack Dorsey, bought two batches of Bitcoin for its treasury — $50 million in October at a price of about $10,600 per coin and $170 million in February at a price of around $51,000. It took a $20 million impairment on its holdings last quarter. It doesn’t plan to buy any more, its finance chief said this month.

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Business

‘We Must Stabilize’: Huge Enterprise Breaks With Republicans

But last week seemed like a breaking point. Big business could obviously tolerate working with Mr Trump, despite his chauvinism, flirtation with white nationalism, and impunity claims, but the president’s apparent willingness to undermine democracy itself seemed a step too far.

“That thing was a little different. I mean, we’ve had a turmoil in DC, ”said Jamie Dimon, JPMorgan Chase’s general manager. “No CEO I know tolerates this in any way. We shouldn’t have someone gassing a mob. “

The precipitation was quick. After the president admonished his supporters to march on the Capitol, executives used their strongest language yet to disapprove of Mr Trump, and some of his longtime allies left. Ken Langone, the co-founder of Home Depot, a billionaire and ardent supporter of the president, waived Trump and told CNBC, “I feel betrayed.”

Twitter, Facebook, and YouTube have suspended or banned Mr. Trump’s accounts. Amazon, Apple and Google have cut ties with Parler, a messaging app popular with its supporters.

Charles Schwab, the Republican-founded brokerage firm that backed Mr Trump, said it would close its political action committee entirely. And many companies have worked with the U.S. Chamber of Commerce to punish Mr. Trump’s supporters in Congress by depriving them of crucial resources.

“There will be consequences for those members of Congress who were involved in starting and supporting the insurrection, no question about it,” said Ed Bastian, Delta Air Lines chief executive officer.