Singapore

25May By Mike TrudellNo Comments
Asia, Market, Singapore

Singapore life insurance sales rise 10% amid Coronavirus scare

While Coronavirus has destroyed many lives and economies, Singapore's life insurance industry saw new business, in terms of total weighted premiums, grow 10 per cent to $965.8 million for the first quarter from January to March 2020.A year ago, total weighted premiums amounted to $877.8 million.“This comes as more consumers took action to secure their financial future in view of Covid-19's drastic impact on the global and local markets”, said the Life Insurance Association (LIA), Singapore."However, with circuit-breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters," LIA president Khor Hock Seng said.Sales of annual-premium policies grew 3 per cent year on year, resulting in $672.4 million in total...
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As overseas markets ‘lockdown’, China exporters look inwards
25May By 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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Hong Kong’s pro-Beijing politicians say national security law good for business
23May By Mike TrudellNo Comments
Singapore

Hong Kong’s pro-Beijing politicians say national security law good for business

In a bid to reduce tension in the market, Hong Kong’s pro-Beijing politicians on Saturday rubbished claims that China’s proposed national security legislation would harm the Asian financial hub’s economy, saying it would instead boost investor sentiment.The security legislation aims to tackle secession, subversion, terrorism, and foreign interference and could see mainland intelligence agencies set up bases in Hong Kong, raising fears of direct law enforcement.U.S. government officials have said the legislation would end the Chinese-ruled city’s autonomy and would be bad for both Hong Kong’s and China’s economies. They said it could jeopardize the territory’s special status in U.S. law, which has helped it maintain its position as a global financial centre.Bankers and headhunters said it c...
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Foodpanda waives commissions for one month for COVID hit Singapore hawkers joining the app
22May By Team FPNo Comments
Singapore, USA

Foodpanda waives commissions for one month for COVID hit Singapore hawkers joining the app

As hawkers across the nation continue to borne the brunt of the dine-in ban in light of COVID-19, Foodpanda on Friday announced that the hawkers who get on board will not have to pay commission for the first month as part of a new initiative to ease hawkers' entry onto the food delivery app.Dubbed the "pandasupport hawker initiative", the incentive is being rolled out with "the understanding that commission fees are factored as a substantial barrier that is currently preventing hawkers from coming on board Foodpanda", the company said in a press statement.Over the last few months, food delivery apps have faced heat for charging steep commissions of 30 to 40 per cent, eating into hawkers' already-thin margins. Foodpanda's latest move comes as the food and beverage sector prepares for contin...
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Phoenix set to invest in road transport, property
20May By Team FPNo Comments
Singapore, USA

Phoenix set to invest in road transport, property

Phoenix Petroleum Philippines Inc. is firming up its road transport operations with a new subsidiary, and also in property holdings in which it will invest close to P5 billion in the near term. The Davao-based firm, led by businessman Dennis Uy, will have these moves—first given the green light by its board of directors in the second half of 2019—approved by its stockholders in their annual meeting that will be held online on May 29. Phoenix said in a regulatory filing it needs stockholders’ approval to form a wholly owned subsidiary for a road transport business, which will have an initial capital of P57 million. Such company will absorb Phoenix’s existing operations related to road transport, in order for this to be efficient and to expand. Also, Phoenix intends to invest P4.9 billion of...
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Boosting disbursement of public investment
20May By Team FPNo Comments
Asia, Singapore

Boosting disbursement of public investment

The General Statistics Office (GSO) calculates that a 1% increase in the disbursement of public investment will contribute 0.06 percentage points to GDP growth. Therefore, public investment is an important source of capital to attract others to invest in the economy, contributing to fueling production, business, and growth. Progress from an urgent project The project on the upgrade of runways and taxiways at Tan Son Nhat and Noi Bai International Airports, which have been deteriorating for over three years, was finally approved by the Government to be added to the list of medium-term public investment projects for the 2016-2020 period. Relevant procedures will be promptly implemented to start construction of the project in July this year. The runways and taxiways at the two airports have b...
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South-east Asia’s growth forecast to be 1% in 2020: ADB
20May By Team FPNo Comments
Asia, China, Singapore

South-east Asia’s growth forecast to be 1% in 2020: ADB

WITH the Covid-19 outbreak, South-east Asia's gross domestic product growth is expected to slow sharply to just 1 per cent in 2020, before rebounding to 4.7 per cent in 2021, according to an Asian Development Bank report on April 3. This is down from 2019's full-year growth rate of 4.4 per cent. The report, Asian Development Outlook 2020, forecasts that for developing Asia as a whole, growth will slow to 2.2 per cent in 2020, before rebounding to 6.2 per cent in 2021. All Asean economies will see a growth slowdown because of Covid-19 and a consequent global slump, especially given their strong trade and investment ties with a slowing China, said the report. Thailand is expected to perform the worst with a 4.8 per cent contraction, "continuing a steady slide in recent years"."Growth in the ...
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Igloo raises $8.2M to bring insurance to more people in Southeast Asia
20May By Team FPNo Comments
Asia, Singapore, USA

Igloo raises $8.2M to bring insurance to more people in Southeast Asia

Singapore-based Igloo, formerly known as Axinan, has raised $8.2 million as the insurance-tech startup looks to broaden its foothold in half a dozen Southeast Asian markets and Australia. InVent, a corporate venture capital arm of telecommunications firm Intouch Holdings, led Igloo’s extended Series A round, the startup told TechCrunch. Existing investors Openspace Ventures,  a venture capital fund that invests in Southeast Asia, and Linear Capital, a Shanghai-based early-stage venture capital firm focusing on tech-driven startups, participated in this round, which makes four-year-old Igloo’s to-date raise to $16 million. It raised about $1 million in its Seed financing round. Igloo — founded by Wei Zhu, who previously served as Chief Technology Officer at Grab — works with e-commerce and ...
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Coronavirus: Millions of jobs at stake in South-east Asia
20May By Team FPNo Comments
Asia, China, Singapore

Coronavirus: Millions of jobs at stake in South-east Asia

BANGKOK - Millions of jobs could be lost in South-east Asia as economies grind to a halt amid efforts to contain the coronavirus pandemic, wreaking havoc particularly in countries with weak social protection systems. A report by the United Nations Economic and Social Commission for Asia and the Pacific (Escap) says regional governments should - and still have ample policy space - to both save jobs as well as support minimum living standards for households. In the policy paper on the Asia Pacific region issued last week (March 26), Escap noted that while exact data on the impact of the pandemic on employment remained unavailable, "the impact is likely to be substantial as services and labour-intensive manufacturing comprise over 80 per cent of the region's informal sector and small and medi...
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SE Asia Stocks-Vietnam leads plunge as region battered by oil rout
20May By Team FPNo Comments
Asia, China, Singapore

SE Asia Stocks-Vietnam leads plunge as region battered by oil rout

* Vietnam marks worst day since March 30    * Malaysia's worst session in over four weeks Southeast Asia markets closed lower ledby Vietnam stocks on Tuesday, rattled by a historic crash inU.S. oil prices that laid bare the disruption caused by thecoronavirus pandemic.     The plunge, which pressured global markets, was a result ofa storage squeeze which turned holders of U.S. crude contractsexpiring later on Tuesday to forced sellers. This amid a lack ofdemand for oil as countries around the world observe lockdownsto curb the spread of the coronavirus.    "The impact of negative oil means different things fordifferent Asian economies - but if you have to generalize, itisn't great news," Robert Carnell, regional head of research,Asia-Pacific at ING, wrote in a note.    Such a big negative ...
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