China

Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak
30May mmBy Joe RodriguezNo Comments
China, Singapore, USA

Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak

Singapore's Trade and Industry Minister Chan Chun Sing on Saturday said that despite the COVID-19 outbreak, the Economic Development Board (EDB) has in the first four months of this year secured about S$13 billion in investment commitments for the “next few years”.“These investments, in sectors including electronics and infocomm, will generate a few thousand jobs for workers in Singapore in the coming years, Chan explained.Companies such as chipmaker Micron and life sciences firm Thermo Fisher Scientific are adding jobs, he said.This “very good performance” means Singapore has exceeded the S$8 billion to S$10 billion which had been projected for the whole of 2020.Chipmaker Micron aims to add 1,500 jobs in Singapore over the next few years, while Thermo Fisher Scientific is increasing hirin...
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China to restrict expansion of solar equipment producers
29May mmBy Joe RodriguezNo Comments
China, Market

China to restrict expansion of solar equipment producers

[Asia] China to restrict expansion of solar equipment producersChina’s industrial ministry on Friday said that to tackle overcapacity in the industry in the face of falling domestic installations, it intends to impose restrictions on expansion of solar equipment production.Surging manufacturing capacity helped to spark grid price parity, where electricity from solar and coal are priced the same, but also led to a severe supply glut in the Chinese market and encouraged producers to dump cheap Chinese products abroad."(We will) strictly control the solar equipment manufacturing projects whose sole purpose is to expand capacity," the Ministry of Industry and Information Technology (MIIT) said in a draft plan.China, the world's biggest manufacturer of photovoltaic products, had silicon wafer p...
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Should adopt working from home as a default option: Ministry of Manpower
29May mmBy Joe RodriguezNo Comments
China, Singapore

Should adopt working from home as a default option: Ministry of Manpower

Singapore’s Ministry of Manpower (MoM) on Friday said that post June 1, when the circuit breaker ends, all companies - including those resuming operations in the first two phases of the economy's reopening - should adopt working from home as a default option.“This means that employees who have been working from home must continue to do so, and should go to the office only where there is no alternative,” the Ministry said.It further warned that routine checks will be conducted to ensure that this is being done, and “businesses that do not ensure that employees work from home where possible, or whose workers do not adhere to safe management measures, may have to close their workplaces”.To reduce the risk of Covid-19 transmission in the community, employees who must work from office and those...
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Hong Kong legislation: China’s rich skirting ‘the financial hub’ to seek asset safety elsewhere
29May mmBy Joe RodriguezNo Comments
China, Singapore

Hong Kong legislation: China’s rich skirting ‘the financial hub’ to seek asset safety elsewhere

Wealthy Chinese are expected to park fewer funds in Hong Kong on worries that Beijing's proposed national security law for the city could allow mainland authorities to track and seize their wealth, bankers and different business sources.More than half of Hong Kong's estimated private wealth of over US$1 trillion is from mainland individuals who have parked money there, according to bankers.The city has benefited from its proximity to China and separate legal system, but there are now worries about it losing its edge as a global financial centre due to capital and talent flight.Interviews with half a dozen bankers and headhunters have revealed that some Chinese clients are looking for other hubs as their main offshore wealth base with Singapore, Switzerland and London high on the list.One C...
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COVID-19 impact: Public transport in Singapore might get expensive
29May mmBy Joe RodriguezNo Comments
China, Singapore

COVID-19 impact: Public transport in Singapore might get expensive

It could be more expensive to take the bus or train in future if telecommuting becomes the norm in the long term, even after the COVID-19 pandemic dies down, says experts. “Lower ridership means a drop in fare revenues for operators. They may eventually have to adjust fares or rely on more government subsidies to ensure that public transport continues running,” they said.The issue of costs and funding would also “depend critically” on how long safe distancing measures would be implemented on buses and trains, said Associate Professor Theseira, who heads the Singapore University of Social Science’s master of urban transport management programme.“What is affecting financing is safe distancing, because it forces us to operate a full schedule of services but with very low ridership per service...
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Oil prices falls on U.S.-China tensions over Hong Kong
27May mmBy Mike TrudellNo Comments
Asia, China, Market

Oil prices falls on U.S.-China tensions over Hong Kong

Soon after U.S President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong, oil prices took a drastic downturn on Wednesday.Brent crude fell 47 cents, or 1.3%, to $35.70 a barrel by 1106 GMT and U.S. West Texas Intermediate (WTI) crude was down 32 cents, or almost 1%, at $34.03. “As much as oil fundamentals are improving, there are still several flies in the bullish ointment. They include the latest uptick in U.S.-China tensions,” said Stephen Brennock of oil broker PVM.“The threat of a fresh U.S.-China trade war is no longer just a tail risk and could spell disaster for risk assets,” he added.Gloomy forecasts over the economic impact of the pandemic also weighed on crude prices.The euro zone economy is likely to shrink between 8% and 12% t...
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Reducing migrant worker population will affect Singapore’s competitive edge: Industry groups
27May mmBy Joe RodriguezNo Comments
China, Singapore

Reducing migrant worker population will affect Singapore’s competitive edge: Industry groups

Several industry groups on Wednesday said that a reduction in the number of foreign workers in Singapore would have multiple implications on the economy and businesses, and also have a ripple effect on jobs for Singaporeans and housing prices.Policy thinkers and parliamentarians recently called for a reassessment of Singapore’s reliance on migrant labour amid the COVID-19 pandemic, which has infected more than 30,000 migrants.Foreign workers make up more than 90 per cent of Singapore's COVID-19 cases.On Wednesday, several trade associations and ethnic chambers of commerce noted the important role foreign workers play in keeping Singapore's economy going, and the implications should there be a reduction in the number of migrant workers.They pointed out several challenges faced by companies ...
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China will strengthen its policy, continue to lower lending rates: Central Bank Governor
26May mmBy Michael SmithNo Comments
Asia, China, Market

China will strengthen its policy, continue to lower lending rates: Central Bank Governor

Central bank Governor Yi Gang on Tuesday said that China will strengthen its economic policy and continue efforts to lower interest rates on loans, reinforcing expectations of further support measures to revive an economy ravaged by the coronavirus pandemic.In an interview published by the central bank, Yi said China's economic fundamentals are unchanged despite many uncertainties and reiterated that its current stance on monetary policy will be more flexible.“The People's Bank of China will use various monetary policy tools to maintain sufficient liquidity, and keep the annual growth rate of M2 money supply and social financing significantly higher than last year,” Yi said.“Since the virus outbreak, the central bank's policy measures, including bank reserve requirement cuts, relending, re...
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Cashback deals and gifts might presage damaging price war: China’s auto experts
25May mmBy Mike TrudellNo Comments
China, Market, Singapore

Cashback deals and gifts might presage damaging price war: China’s auto experts

After spending the whole of February and March in lockdown, China's auto dealerships are now offering attractive cashback offers, up to 10 free oil changes, and generous prepaid gasoline cards to woo customers out and about.And even though they are getting the job done, the industry remains worried that any momentum from demand that was locked up in February and March is expected to diminish by the end of May.After that, the outlook for consumer spending is bleak as the coronavirus pandemic continues to hammer the global economy, including China's exports.Moreover, industry executives believe the generous deals currently being offered to customers are priming the market for a return to price wars.Feng Xingya, general manager of state-owned automaker GAC which has partnerships with Toyota a...
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As overseas markets ‘lockdown’, China exporters look inwards
25May mmBy Mike TrudellNo Comments
China, Market, Singapore

As overseas markets ‘lockdown’, China exporters look inwards

China exporters are now left in a crisis as the coronavirus hits its trading partners worldwide leading to cancelled shipments, returned goods and a dearth of new orders - accelerating a long-standing push towards domestic consumption.The world's second-largest economy is stirring back to life after virus cases dwindled from a peak in February, when activity came to a near-halt. But as China’s economy started to recover, lockdowns and restrictions in other countries has forced exporters to focus on domestic markets.Chinese online marketplace Taobao said the number of foreign trading companies opening stores on its domestic-focused platform spiked 160 percent from February to May.And policymakers - who have sought for years to wean the country off cheap exports and government spending in fa...
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