1. Singapore calls for election during the pandemic
Singapore’s Prime Minister Lee Hsien Loong announced that the city-state would hold the first elections in Southeast Asia since the coronavirus pandemic began.
The elections are scheduled for July 10, and Parliament was dissolved on Tuesday to begin the electoral process.
“A long struggle lies ahead,” said the Prime Minister “Singapore has not yet felt the full economic fallout from Covid-19, but it is coming.”
The PM also acknowledged that unemployment will go up, and external complications such as the upcoming US Presidential elections, as well as escalating tensions between US & China will complicate the outlook for Singapore.
The rate of Singapore’s new cases has declined in recent days, and Singapore has relaxed some of its lockdown measures, now allowing residents to dine in restaurants and gradually return to work.
Singapore’s economy could contract by 5.8% this year, according to a survey by the Monetary Authority of Singapore.
2. Wirecard’s former CEO Marcus Braun arrested
This escalated quickly. We’ve been writing about German fintech giant Wirecard’s apparent fraud and “missing” $2.1 billion. Now, the CEO who resigned last week, Marcus Braun has been arrested.
Prosecutors say he was arrested on suspicion of presenting false information.
This reflects badly on German regulators, as they ignored red flags about the payments giant.
According to the Wall Street Journal, Braun turned himself in to authorities late Monday and was accused of “inflating Wirecard AG’s sales volume with fake income.” He was also under suspicion of making the company look more attractive to investors and customers than it actually was.
He was released $5.7 million bail yesterday.
Critics say the scandal has exposed weaknesses at Germany’s lead financial watchdog,BaFin, with the main criticism being a lack of staff qualified to oversee complex businesses and a culture of passivity.
It’s also not looking good for Wirecard’s auditor, Ernst & Young, who’s been criticized by investors for what they say was its repeated failure to detect what increasingly looked like fraud.
“The Wirecard scandal shows this again: Every time BaFin isn’t explicitly and entirely in charge, it hides behind formalities and doesn’t do anything,” said Gerhard Schick, a former Bundestag lawmaker.
3. Tennis superstar Novak Djokovic tests positive for Covid-19, apologizes for hosting event
World’s #1 tennis player Novak Djokovic has publicly apologized after he hosted an exhibition tennis event in Croatia, where several other players such as Grigor Dimitrov and coaches tested positive for the virus.
Amid the criticism he received, Djokovic has also announced that he and his wife tested positive for the virus.
“I am so deeply sorry our tournament has caused harm,” he wrote on social media.
The Adria Tour was supposed to bring some of the world’s best players to Balkan nations, including Djokovic’s hometown Serbia and provide some income for the participants and some entertainment for tennis fans.
Good intension, poor execution. There was apparently no social distancing nor was everyone wearing masks. Players were seen shaking hands, hugging and playing football together as well. They also posed for photos with workers and spectators.
No systematic coronavirus testing was required of the participants before the event began, according to the organizers.
The event prompted fears among the authorities in Croatia and Serbia that the athletes might have started a cluster of infections. Zadar, a small coastal town in Croatia had no confirmed infections until it hosted a part of the competition, the event has now caused some panic and authorities are now rushing to test people.
4. Thailand to have a 4 day weekend in July
No, it’s not the week long holiday that netizens were posting on social media. The government has approved a 4 day holiday for 4-7 July. Monday 6th & Tuesday 7th will be substitutes for Asarnha Bucha Day and Buddhist Lent, respectively.
Aside from heading off to Hua Hin, the streets of Bangkok will hopefully see less traffic congestion again.
However, these holidays are not the substitutes for Songkran, where everyone was back to work earlier this year in April. That’s still to come.
Compensation days for Songkran may be scheduled in August or September, according to Culture Minister Itthiphol Kunplome.
