Singapore

2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey
1Jun By Joe RodriguezNo Comments
China, Singapore

2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey

Only a third of Singaporeans and permanent residents have enough funds to last them more than six months if they were to lose their jobs now, according to an OCBC survey released on Monday.An Oversea-Chinese Banking Corporation (OCBC) survey conducted in Mid-May found that about 18 per cent have enough savings to cover one month of expenses.The bank surveyed 1,000 working adults aged between 21 and 65, earning from $2,000 a month. Around half had already suffered wage cuts, were prescribed no-pay leave or had their commission earnings reduced.“The survey aimed to understand the impact of the coronavirus crisis on residents' financial well-being”, OCBC said.More than half the respondents said their savings had taken a hit. Around 20 per cent indicated their savings fell by more than 20 per ...
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Thailand had no foreign tourists in April as borders closed
30May By Mike TrudellNo Comments
Singapore

Thailand had no foreign tourists in April as borders closed

Thailand recorded zero foreign tourists or related spending in April after it closed borders and banned most incoming international flights to fight the novel coronavirus outbreak.There were almost 3.2 million arrivals in the same month last year, generating receipts of 146 billion baht (S$6.5 billion).Visitors stranded in the country because of lockdowns around the world were not counted in the numbers, the Tourism Ministry noted in data released on Friday.Stretching back to the 1990s, the latest report is the first to show a slump to zero.Incoming international flights are banned through June 30 and it remains unclear whether visitors will be willing or able to rush back when curbs are lifted.The state planning agency predicts the number of foreign arrivals will plunge to 12.7 million th...
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Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak
30May By 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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Should adopt working from home as a default option: Ministry of Manpower
29May By 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 By 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 By 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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Reducing migrant worker population will affect Singapore’s competitive edge: Industry groups
27May By 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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“Fortitude Budget aimed at providing jobs, supporting workers through COVID-19 pandemic”
26May By Mike TrudellNo Comments
Asia, Singapore

“Fortitude Budget aimed at providing jobs, supporting workers through COVID-19 pandemic”

Singapore’s Deputy Prime Minister Heng Swee Keat on Tuesday unveiled a new S$33 billion budget primarily focused on providing jobs and helping to tide workers and businesses through the “difficult period” of COVID-19.“The central focus of this Budget is jobs. This Budget will continue to support workers and businesses who remain affected by border closures and safe distancing measures,” Keat said."We aim to enable workers and businesses to go through this difficult period together in a synergistic way," he added.The Fortitude Budget, which is Singapore’s fourth of the year, aims to help businesses and workers adapt, transform and seize new opportunities in order to emerge stronger.This comes as Singapore prepares to reopen its economy in three phases, following a "circuit breaker" period w...
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Cashback deals and gifts might presage damaging price war: China’s auto experts
25May By 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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Jobs a key part of ‘Fortitude Budget’, President gives in-principle support to draw on reserves
25May By Michael SmithNo Comments
Asia, Singapore

Jobs a key part of ‘Fortitude Budget’, President gives in-principle support to draw on reserves

Singapore President Halimah Yacob on Monday said she has given her in-principle support for the Government to draw on past reserves for a fourth support package to help businesses and people cope with the economic fallout from the Covid-19 outbreak."This is the fourth Budget within two months into the new financial year, and the second time past reserves are tapped for the Government's Covid-19 response," she wrote in a Facebook post.President Halimah also said that Deputy Prime Minister Heng Swee Keat and his team of ministers had briefed her and the Council of Presidential Advisers (CPA) last week on the fourth Covid-19 support package.The coronavirus crisis is unprecedented, she said, and the situation remains volatile, with significant uncertainties in global economy."Lives and livelih...
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