Daily briefing: HSBC buys AXA’s SG assets for $575m; EMA wants to minimize impact of clean energy drive

And POFMA issues correction direction to Facebook over false claims on 3-year-old girl’s death.

From Reuters

HSBC Holdings will be acquiring Axa Insurance Pte Limited (Axa Singapore) assets for $575m as part of its expansion plans in Asia for its wealth management business.

HSBC said with Life Singapore and Axa Singapore together, it is poised to be the seventh-largest life insurer and fourth largest retail health insurer in Singapore, are combined.

HSBC ranked 10th in life insurance in Singapore. It currently does not offer health insurance

Read more here.

From CNA

The Energy Market Authority will push to manage and minimise the impact of the costs of transitioning towards the use of cleaner energy.

Chief Executive Ngiam Shih Chun told CNA that the transition will involve “four switches of supply,” which are natural gas, solar, regional power grids, and emerging low-carbon alternatives.

"Whilst the four switches will help us transition to cleaner energy, this transition will inevitably involve trade-offs. For example, as we tap onto regional power grids and other low-carbon technologies, energy costs may increase," he said.

Read more here.

From CNA

The Protection from Online Falsehoods and Manipulation Act (POFMA) Office has issued a correction direction to Facebook over a post that falsely reported a 3-year-old girl had died from COVID-19.

The issuance was made upon the directives of Health Minister Ong Ye Kung, who warned that the Singapore government takes such matters seriously.

“This is completely untrue and a total fabrication,” the Ministry said in a statement. The incident is now under POFMA for criminal investigation.

Read more here.