2020 wrap: Robinsons, layoffs, Hin Leong were the year's most read stories

CORPORATES' financial woes, the Hin Leong saga, working from home and startups' struggles.

These themes were among the most popular with The Business Times (BT) readers this year.

Unsurprisingly, the global Covid-19 pandemic and its far-reaching business and financial implications featured prominently as the crisis swept across the world.

Employers and workers were especially keen to find out more about how to navigate retrenchment and employment matters.

Here's a round-up of our top 10 stories in 2020:

1. Robinsons Singapore throws in the towel after 162 years

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Despite the news breaking in late-October, department-store operator Robinsons' demise grabbed the most eyeballs among BT readers for the whole of this year.

Robinsons, one of Singapore's oldest retailers with more than a century in business, would be closing down for good following years-long losses. BT compiled a timeline detailing its storied past in the city-state.

2. Expenses incurred from working at home qualify for tax deductions

As the work-from-home trend picked up pace amid pandemic-related restrictions, Singapore employees sought updates on which expenses they could claim.

Capturing the second-highest pageviews on BT was our June article informing individuals that they could claim tax deduction against employment income for charges such as electricity and telecommunication expenses that were not reimbursed by employers.

3. Singapore layoffs may hit 100,000 in 2020, with unemployment at 4-5%

Worries about unemployment grew in the early part of this year, and economists said then that most of Singapore's job losses were likely to be in the retail, aviation and tourism-related industries.

The projections of the unemployment rate also came after Singapore extended its "circuit breaker" by four weeks, which meant non-essential businesses had to stay closed till June 1.

4. Debt-hit Hin Leong's financials under spotlight as founder steps down from top posts

As Hin Leong Trading was shaken to the core by a US$4 billion debt pile and the oil price collapse, its founder Lim Oon Kuin gave up his board and management posts. The billionaire, also known as OK Lim, was Singapore's icon in the oil trading arena.

BT's subsequent coverage of the troubled oil giant's slew of struggles, including numerous lawsuits, charges against Lim and forgery claims, has also garnered significant interest from readers.

5. honestbee clears out furniture from habitat; police called in

Tensions between honestbee and its landlord LHN Space Resources escalated in February. The police were called in after the embattled startup moved its furniture and fixtures out of its concept supermarket habitat.

BT reported that honestbee had S$1.97 million worth of furniture and fixtures recorded on its books as at end-January.

6. BreadTalk group CFO, CIO quits

Chan Ying Jian, who was both chief financial officer and chief investment officer of popular bakery name BreadTalk, left the group in March. The 37-year-old resigned to pursue other career opportunities.

This came shortly after group chief executive officer Henry Chu had quit for personal and health reasons.

7. Employers must pay retrenchment benefits if job cuts are inevitable: MOM

Singapore's manpower ministry said in May that employers which are still in a sound financial position should continue to pay retrenchment benefits to affected staff and treat the employees with empathy.

Employers were also urged to be more generous towards lower-wage workers, particularly those who qualify for the Workfare Income Supplement scheme.

8. DBS, OCBC, UOB faced with over US$600m total exposure to Hin Leong

The trio of local banks in Singapore had a combined exposure of at least US$600 million to Hin Leong Trading, sources familiar with the matter told BT in April.

Of the three, DBS had the highest exposure at around US$290 million; OCBC is owed about US$220 million, while UOB had let the shipping-fuel supplier draw down more than US$100 million.

9. Singapore Medical Council may take legal action against DoctorxDentist

Given that DoctorxDentist had failed to meet demands made by the Ministry of Health and Singapore Medical Council, the medical review and consumer education website could face legal action, BT reported in November.

The startup's woes began early last month when the Singapore Medical Association stepped in, following complaints from its members that DoctorxDentist refused to remove their profiles from the site. The platform publishes healthcare-related content for consumers.

10. Home-Fix founder and brother face bankruptcy petitions

Paint manufacturer Nippon Paint (Singapore) filed bankruptcy applications against homegrown DIY hardware chain Home-Fix's founder Low Cheong Kee and his younger brother, over judgement debt of about half a million dollars.