Raphael Stevens

Singapore already has similar travel lane arrangements with Germany and Brunei that started in September.
S. Iswaran, Singapore’s transport minister and minister-in-charge of trade relations, said the country’s existing initiative with Germany and Brunei picked up only two cases of infected travelers – out of 3,000 people who entered Singapore through the so-called VTLs in the first month.
Iswaran said the launching of the VTLs was part of efforts to reestablish the city-state as an international aviation hub.

Singapore is set to open “vaccinated travel lanes” with more countries — but that doesn’t mean the country is taking on significantly higher risks, Transport Minister S. Iswaran told CNBC on Monday.
The city-state announced last week that it will be launching more travel lanes for vaccinated travelers from South Korea, Canada, Denmark, France, Italy, Netherlands, Spain, the U.K. and the U.S. That’s in addition to similar arrangements with Germany and Brunei that started in September.

The initiative allows quarantine-free travel for those who are vaccinated, but travelers will have to take Covid-19 tests to ensure they are not infected with the virus before entering the country.
Singapore will look into similar travel arrangements with Australia, New Zealand, Japan and “many other countries” in the region next, he added.

Reopening international travel

Iswaran, who is also Singapore’s minister-in-charge of trade relations, said the country’s existing initiative with Germany and Brunei picked up only two cases of infected travelers — out of 3,000 people who entered Singapore through the so-called VTLs in the first month.
“So when you combine that with the vaccination requirement as well, actually the vaccinated travel lanes and the cross border flows that we’re facilitating do not increase the risk that we are taking as a country … significantly at all,” he told CNBC’s “Squawk Box Asia.”

We are finding paths to open up international aviation in a safe way and reclaim and rebuild Singapore’s status as an international aviation hub.

S. Iswaran
Singapore transport minister

Iswaran was responding to some criticism online that the city-state’s plans to reopen international travel seemed at odds with its decision to impose some new restrictions within the country.

Singapore on Saturday said it will tighten some Covid restrictions, aimed at protecting the vulnerable, such as the elderly and unvaccinated. Those who are not vaccinated will no longer be allowed to enter malls, and even those vaccinated will be subject to a limit of two people when entering malls.
The minister pointed out that the VTLs demonstrated that only a limited number of infected cases were entering the country, but community infections have risen far more quickly — with a “significant proportion” spread through community activities.

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On a “risk assessment basis,” there’s a need to limit some of those activities while allowing economic and general activity to continue “to the extent possible,” while also imposing some “important constraints,” Iswaran said.
As of Oct. 9, 83% of the population has completed two doses of a Covid vaccine.
However, the number of cases started spiking after some restrictions were loosened, and hit daily record highs last week to hover above 3,000.
Last month, Singapore authorities tightened Covid measures again in a bid to blunt community transmissions and prevent hospitals from being overwhelmed. The country has also started encouraging those infected with Covid, who are exhibiting mild symptoms, to self-isolate where possible.

Singapore aims to reclaim global aviation hub status

Iswaran said that the launch of the vaccinated travel lanes was part of efforts to reestablish the city-state as an international aviation hub.
Pre-pandemic, Singapore’s Changi Airport was among the busiest in the world and handled 68.3 million passengers in 2019. However, that dropped more than 80% to only 11.8 million passengers in 2020, according to local media.

“What we’re trying to do through our vaccinated travel lanes with countries in North America, in Europe and in Asia is really designed to emphasize that we are finding paths to open up international aviation in a safe way and reclaim and rebuild Singapore’s status as an international aviation hub,” Iswaran said.
News of the expansion of its conditional travel lanes scheme sent aviation-related stocks soaring on Monday morning. Singapore Airlines surged 7.8% while SATS — which provides ground-handling and in-flight catering services — gained 5.04%.
As of Sunday, the total number of infections stands at 126,966, with 162 deaths. However, 98.5% of infected people over the past 28 days had no symptoms or mild symptoms, according to the country’s health ministry.

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IOT: Powering the digital economy

The COP26 climate change summit, which will be held in Glasgow, Scotland, is looming.
“The climate crisis is one thing that really unites us around a common issue”, says Sanda Ojiambo, CEO and executive director of the United Nations Global Compact, said.

With just weeks to go until COP26 takes place in the Scottish city of Glasgow, discussions about sustainability, the environment and net-zero goals are at the forefront of many people’s minds.
The stakes are high for the climate change summit, which will be hosted by the U.K. In a speech at the U.N. General Assembly last month, Prime Minister Boris Johnson described COP26 as “the turning point for humanity.”

“We must limit the rise in temperatures — whose appalling effects were visible even this summer — to 1.5 degrees,” Johnson said. “We must come together in a collective coming of age,” he added. “We must show we have the maturity and wisdom to act.”
Breaking things down, a broad range of topics will be addressed at COP26.

This image shows onshore wind turbines in the Netherlands.
Daniel Bosma | Moment | Getty Images

Discussions about adaptation to climate change and the mobilization of finance to achieve climate-related goals will take place, while a document outlining the summit’s aims says countries have been “asked to come forward with ambitious 2030 emissions reductions targets … that align with reaching net zero by the middle of the century.”
The ambitions of COP26 are lofty and getting all parties to agree on a common set of goals that will have a positive outcome for the planet represents a huge challenge.

Collaboration will be key in Glasgow, and the importance of working together was touched upon in some detail during a recent debate moderated by CNBC’s Steve Sedgwick.

“Right now, I think the climate crisis is one thing that really unites us around a common issue and a common issue that we must bring together,” Sanda Ojiambo, CEO and executive director of the United Nations Global Compact, said.
Consisting of over 14,000 businesses, the U.N. Global Compact describes itself as the planet’s “largest corporate sustainability initiative.” A voluntary scheme, it’s centered around 10 principles focused on human rights, labor, anti-corruption and the environment.
In addition, the Global Compact says it supports firms in taking “strategic actions to advance broader societal goals, such as the UN Sustainable Development Goals, with an emphasis on collaboration and innovation.”

For her part, Ojiambo articulated how fostering a sense of unity was so important when it came to tackling the tough challenges related to the climate.
She said: “What excites me most … above and beyond the membership of the Global Compact, is the clarity of the fact that to address the climate crisis you do need partnership between government, between the private sector, civil society. And it really does have to be a multi-stakeholder, multilateral response.”
It was put to Ojiambo that getting companies to come to an accord on such a wide range of issues must be a difficult task.
“We don’t really ask for alignment across a whole host of issues,” she said. “What we do say at the Global Compact is embrace the 10 principles as being fundamental for responsible business.”
“But in terms of the Sustainable Development Goals, it’s really a question of materiality,” she said, going on to stress the importance of having a laser focus on specific challenges.
“If you’re sitting in an extractive industry, what is more material to you is certainly very different from if you’re in the banking industry, or in the hospitality industry,” she said.
“So it then becomes a matter of materiality, and where you need to prioritize and have the most impact.”
“But if I go to the fundamentals … we believe that embracing the principles that we have on human rights, labor, the environment and anti-corruption just make for better business.” 

Read more about clean energy from CNBC Pro

Businesses taking action is one thing but, as noted above, a variety of stakeholders will need to work together when it comes to ensuring efforts to tackle climate change are effective and long-term.
For Adair Turner, who is chairman of the Energy Transitions Commission, a shift does seem to be taking place.
“The good news is that, really, over the last two years, there has been a positive ambition loop … a self-reinforcing cycle between what governments are saying and what the private sector is saying,” he said.
“You’ve had private sector companies increasingly realizing that with the technologies available, they can commit to get to net zero emissions by mid-century,” he added.
“That [is] giving governments confidence that they can set that target and that [is] making it non-negotiable for businesses to then come in line with that target.” More

Tyson Fury finally ended his lengthy saga with Deontay Wilder after inflicting a crushing knockout in the 11th round.
Fury had floored Wilder in the third round, but was dropped twice himself in the fourth.
“I’m now the greatest heavyweight of my era, without a doubt,” said Fury.

Tyson Fury (left) and Deontay Wilder exchange punches during their fight for the WBC heavyweight championship on October 9, 2021 in Las Vegas.
Tom Hogan | Anadolu Agency | Getty Images

Tyson Fury says Deontay Wilder did not want to show “sportsmanship or respect” after he had knocked out the American in their third WBC heavyweight title fight.
The British star finally ended his lengthy saga with Wilder after inflicting a crushing knockout in the 11th round to retain his WBC heavyweight title in Las Vegas.

But Fury has accused Wilder of rejecting his words of respect when he went to the American’s corner after the fight.
“I’m not going to make any excuses, Wilder is a top fighter,” said Fury.
“He gave me a real run for my money tonight, and I always said I’m the best in the world and he’s the second best.
“He’s got no love for me, Deontay Wilder, because you know why, because I beat him three times.
“I’m a sportsman. I went over to him to show some love and respect and he didn’t want to give it back. That’s his problem.”

To be a top fighting man, you’ve got to show guts and respect, and he couldn’t do it tonight, and that was it.

Tyson Fury
WBC heavyweight champion

Revealing their verbal exchange, Fury told BT Sport Box Office: “I just said well done and he said, ‘I don’t want to show any sportsmanship or respect.’ I said, ‘No problem.’
“Very surprised. Sore loser, an idiot.
“To be a top fighting man, you’ve got to show guts and respect, and he couldn’t do it tonight, and that was it.”

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Fury had floored Wilder in the third round, but was dropped twice himself in the fourth, before he knocked down the Alabama man again in the 10th and then dramatically ended the fight.
“I’ve got to say thank you to my trainer Sugarhill, because if it wasn’t for Sugar, America’s own, Detroit’s own, I wouldn’t have got through that fight tonight,” said Fury.
“He told me. He said, ‘Get your jab working big dog, and throw that right hand down the middle. Only the big dogs pull it out late on in fights.’
“I said, ‘Yes, I’ve got you,’ and I went and pulled it out of the bag.”
Fury preserved his 32-fight unbeaten record, strengthening his status as the division’s leading champion after Anthony Joshua lost his WBA, IBF and WBO belts in last month’s unanimous decision defeat by Oleksandr Usyk.
“I’m now the greatest heavyweight of my era, without a doubt,” said Fury.
“No 1. Look what I’ve done.
“I’ve come to America my last six fights and fought the most devastating puncher in the history of our sport.
“Not once, not twice, but three times.”

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The energy crises in mainland China and Europe are the latest to roil shipping. Capital Economics noted that the number of ships waiting outside Chinese ports has jumped again in recent weeks.
Factory shutdowns in Vietnam, where many firms moved manufacturing to amid the U.S.-China trade dispute, have also affected the production of many goods.
Here’s a list of goods that have been affected in the leadup to the year-end holiday shopping season.

Supply chains everywhere have been hit by massive disruptions this year, from container shortages to floods and Covid infections setting off port closures.
The energy crises in mainland China and Europe are the latest to roil shipping.

Capital Economics noted that the number of ships waiting outside Chinese ports have jumped again in recent weeks, calling it “concerning.” According to the research firm, the 7-day average for the number of ships as of Sept. 30 was 206, compared with an average of 82 ships for 2019, before the pandemic.
Julian Evans-Pritchard, senior China economist at the research firm, said that power rationing along the supply chain could be interfering with ports’ ability to ship orders.

Factory shutdowns in Vietnam, where many firms moved manufacturing to amid the U.S.-China trade dispute, have also affected the production of many goods.
Here’s a look at how recent developments have once again snarled shipping and what types of goods are affected in the leadup to the year-end holiday shopping season.

Energy crises in China and Europe

The power crunch in China has caused widespread disruptions as local authorities ordered power cuts at many factories. Europe is also grappling with a massive gas shortage.

What’s happening in both regions is a perfect storm that’s disrupting supply chains globally, industry watchers and analysts say.
Factories in China and Europe have temporarily shuttered or at least reduced output because of the energy crisis. More than 60 companies in China have suffered power-related disruptions so far, and the list is likely to grow, says Jena Santoro of Everstream Analytics.
The biggest impact will be felt by consumers in the form of higher prices as inflated energy prices will cascade into increased manufacturing costs, said Dawn Tiura, president of the Sourcing Industry Group.
What goods are being hit:
1. Food
Rising energy prices in Europe will have a “serious cascading effect” on the region’s food supply chains, says Tiura.
“Major fertilizer plants were forced to curtail output because of the rising costs, and now farmers can’t produce enough food as a result,” she explained.
2. Carbonated beverages, dry ice, packaged foods
The pressure on fertilizer will also lead to a shortage of one “very interesting by-product” – carbon dioxide – which is used in a wide range of consumer products, says Per Hong, senior partner at consulting firm Kearney.
“With curtailed fertilizer production, we almost certainly will be faced with a global shortage of CO2 that is used widely. CO2 is used extensively in the food value chain from inside packaged food to keep it fresher longer, for dry ice to keep frozen food cold during delivery, to giving carbonated beverages (like soda and beer) their bubbles,” he said.
That points to the vulnerability of global food supply chains, Hong said.
3. Apple iPhones, electronics, toys
Several major Apple suppliers have suspended operations at their factories in China, according to Hong. In fact, the entire electronics industry — already reeling from the big chip shortage — is likely to suffer, he said.
“While likely to normalize in the longer term, in the immediate near term these power restrictions and production cuts in China we are observing are likely to lead to export price hikes, worsening inflation into the holiday season,” Hong said, adding that goods such as toys and textiles are also likely to be affected.
4. Christmas decorations
Companies are warning there will be huge demand for Christmas decorations.
“People hoping to buy a holiday tree and other decorations this holiday season better do so before Thanksgiving or risk paying through the nose or not having anything at all,” said Chris Butler, CEO of the National Tree Company, who said this was due to supply chain disruptions in China.
Other sectors that would feel the biggest and most immediate impact from the crises include metals, chemicals and cement – all of which are energy intensive, said Pawan Joshi, executive vice president of supply chain software firm E2open.

Shutdowns in Vietnam, Southeast Asia

Factory shutdowns and worker shortages across Southeast Asia due to Covid are causing “significant short-term disruption, with production in Vietnam, Thailand and Malaysia dropping “sharply,” says Gareth Leather, senior Asia economist at Capital Economics.
The situation in Vietnam appears to be especially significant, as many companies moved their manufacturing there from China, amid the U.S.-China trade war.

Companies with significant exposure to Vietnam include Nike (43%), Lululemon (33%) and Under Armour (40%), financial services firm BTIG said in a September note.
What goods are being hit:
1. Sports shoes and sportswear
Shutdowns in Vietnam have led to a production loss of around 100 million to 150 million pairs of sports shoes, according to Bank of America estimates published in a note last week.
BTIG noted footwear is being hit harder by the Vietnam shutdowns than sports apparel.
Meanwhile, Lululemon CEO Calvin McDonald said in an earnings call last month that the Vietnam closures and port-related issues are contributing to disruptions within supply chains, and increased costs.
2. Autos
Factory shutdowns in Malaysia are hitting auto production, analysts say.
Bank of America said in a recent note that supply bottlenecks will persist for some time, even as Malaysia starts to reopen.
Disruptions to chip supply from Malaysia are also holding back car production in China, according to Capital Economics.
Apart from sportswear, other industries which rely heavily on manufacturing in Vietnam include toys, clothes and even coffee, say analysts.

Winter is coming

Shortages of goods and price hikes are likely to get worse as winter approaches, says Santoro of Everstream Analytics.
“As demand for gas naturally increases during the winter season, shortages are likely to intensify,” Santoro said. “Entering the season with low inventory levels and heightened demand also enables surging prices to continue an upward trajectory.”

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