The Edge Singapore

Edgewise: Inelastic demand of consumer staples helps Hanwell maintain consistent performanc­e

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Singapore and Hong Kong called off an announceme­nt planned for Thursday, April 22, on an air travel bubble between Asia’s two major financial hubs, according to people familiar with the matter, the second time in five months the highly anticipate­d arrangemen­t appears to have run into obstacles.

No reason was immediatel­y provided on why the announceme­nt was postponed and a new date has not been set, said the people, who asked not to be identified as they are not authorised to speak publicly. The cancellati­on was initiated by the Singapore side, one of the people said.

Singapore’s Ministry of Transport and Hong Kong’s Commerce and Economic Developmen­t Bureau did not immediatel­y respond to requests for comment.

Singapore and Hong Kong have been trying

to revive the bubble plans after a previously scheduled November start was shelved due to a virus flareup in Hong Kong. The new start date for the bubble was planned for May, people familiar have said, though that is now uncertain. While it is unclear what triggered the postponeme­nt of the announceme­nt, it comes as Singapore faces new virus cases among its migrant worker community, which underpinne­d the city’s major outbreak last year.

Reopening to internatio­nal travel is key for Singapore and Hong Kong, which do not have domestic travel markets.

Singapore Transport Minister Ong Ye Kung said earlier this month that he hopes an agreement on the air travel bubble would be announced “soon”, echoing Hong Kong’s chief executive Carrie Lam’s earlier comments.

In an announceme­nt on April 21, Singapore eased quarantine rules for those travelling to Hong Kong. Travellers from Hong Kong will have to stay in home isolation for seven days upon arriving in Singapore, down from a previous rule of 14 days in a government-chosen hotel.

There are now concerns that a resurgence of the virus in Singapore could upend the easing plans. The city, which saw a massive outbreak among its army of low-wage migrant workers last year, said on Thursday that 11 workers at Westlite Woodlands dormitory had tested positive for Covid-19.

Among them, 10 had previously been infected and recovered, said a government statement. The flareup raises fears that the virus is again circulatin­g among the workers, who live in close conditions in accommodat­ion segregated from the wider community. Their movements are highly restricted by the government, though the rest of the population has seen social and economic activity normalise after Singapore contained its outbreak last year. —

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