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THE WEEK IN REVIEW

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Just hours after Australian Prime Minister Scott Morrison claimed a surprise victory, his Liberal-National coalition said that it aimed to deliver tax relief for about half of Australia's 25 million people when parliament reconvenes, perhaps as soon as next month.

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Just hours after Australian Prime Minister Scott Morrison claimed a surprise victory, his Liberal-National coalition said that it aimed to deliver tax relief for about half of Australia's 25 million people when parliament reconvenes, perhaps as soon as next month.

Australia's centre-right government is getting straight back to business after its surprise election victory, pledging to pass signature tax cuts to shore up a slowing economy. Just hours after Prime Minister Scott Morrison claimed the biggest come-from-behind win in decades, his Liberal-National coalition said that it aimed to deliver tax relief for about half of Australia's 25 million people when parliament reconvenes, perhaps as soon as next month. Mon, May 20

Corporate earningsfor the first quarter were hit, to some extent, by provisions and trade war impact. With the reporting season for non-full year results having ended on May 15, a tally by The Business Times shows nearly one in three Singapore-listed companies chalked up losses. In all, there were 215 companies in the black and 91 in the red. As at May 15, the 306 companies which had released their first-quarter financial results recorded a combined net profit of S$8.45 billion, up 4 per cent over the same period last year. Tues, May 21

Several former employees of YuuZooNow!Pte Ltd in Singapore have made claims against the company for unpaid salaries. BT understands that about 10 people may have registered their claims at the Tripartite Alliance for Dispute Management (TADM) for mediation. But since these were not resolved, they were referred to the Employment Claims Tribunals (ECT). Among the claims were that of the group's former general counsel and head of legal who is claiming unpaid salary from Jan 1, 2019 to April 2, 2019, amounting to about S$37,090. Tues, May 21

The impact of the Trump administration's threats to choke Huawei Technologies Co reverberated across the global supply chain on Monday, hitting some of the biggest component-makers. Chipmakers including Intel Corp, Qualcomm Inc, Xilinx Incand Broadcom Inchave told their employees they will not supply Huawei till further notice, according to sources. Alphabet Inc's Google cut off the supply of hardware and some software services to the Chinese giant. Future versions of Huawei smartphones that run on Android will also lose access to popular services, including the Google Play Store and Gmail and YouTube apps. Tues, May 21

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Singapore's Ministry of Trade and Industry(MTI) downgraded itsfull-year growth forecast to 1.5 to 2.5 per cent after the results of just one quarter, from an earlier 1.5 to 3.5 per cent. This confirmed what many companies predicted earlier, with many hit by uncertainties from the US-China trade war, a slowdown in China, and the fading of the global tech electronics cycle. Economists noted that the MTI is striking a more downbeat tone in its outlook, flagging the external environment as "challenging" and expecting a "sharp slowdown" in the manufacturing sector. The Singapore dollar is poised to fall further to 1.40 per US dollar in the next few months as rising US-China tensions cloud growth prospects, analysts said. Wed, May 22

Westpac Singaporeis exiting the mortgage business, leaving 300 borrowers - both foreigners and Singaporeans - in the lurch. The Singapore office, which also houses the Asia headquarters of Australia's oldest and second largest bank Westpac Banking Corp, is unwinding its loan portfolio related to properties in Australia and New Zealand. Westpac Singapore has notified customers with outstanding loans about the bank's decision and given them six months - by end-September - to repay or refinance the loans. Wed, May 22

The official non-oil domestic export growth forecastfor this year has been trimmed - following a sharper drop in the NODX in the first three months of the year. The government now projects NODX to fall up to 2.0 per cent year-on-year in 2019, or stay flat at best - a downward tweak from the previous growth forecast of 0.0 to 2.0 per cent. NODX grew 4.2 per cent in 2018. The latest adjustment comes after the 6.4 per cent drop in January-March, extending the 1.1 per cent decline in the final quarter of 2018. Wed, May 22

The Land Transport Authorityof Singapore has sold a S$1.4 billion 35-year bond,its second massive deal this year. The latest issue carries a 3.30 per cent coupon, said DBS Bank, one of the joint bookrunners for the deal on Wednesday. The other bookrunners were HSBC, OCBC Bank and United Overseas Bank. In January, LTA printed a S$1.5 billion 40-year bond at 3.380 per cent, making a total of S$2.9 billion raised by LTA so far in 2019. Thur, May 23

In what could be a record sum involved in such cases, some S$33 million has gone missing from the clients' accountof boutique law firm JLC Advisors. The firm has reported the case to the Law Society, which has stepped in and taken over running of the account. The funds are believed to belong to Catalist-listed Allied Technologies.On May 8, the company reported that its auditors had flagged some observations including S$33.4 million being held in escrow by JLC Advisors. On May 22, Allied Technologies said it would not go ahead with its proposed acquisition of construction, development and dormitory operator Aik Chuan Construction (ACC) and its subsidiaries. Thur, May 23

Five players have called it a day in Singapore's retail electricity market for big businesses amid fierce competition sparked by a measured liberalisation of the sector that only this month reached full circle, roping in all households in the city state. Energy Market Company (EMC) chief executive Toh Seong Wah told BT that since last year, EMC was aware of five licensed retailers that exitedthe market. BT understands that the dropouts include Red Dot Power, Energy Supply Solutions, SmartCity Energy, Charis Electric and Sun City. Fri, May 24