Singapore

“Fortitude Budget aimed at providing jobs, supporting workers through COVID-19 pandemic”
26May mmBy 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 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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Jobs a key part of ‘Fortitude Budget’, President gives in-principle support to draw on reserves
25May mmBy 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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25May mmBy 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 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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Hong Kong’s pro-Beijing politicians say national security law good for business
23May mmBy 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 Desk TeamNo 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 Desk TeamNo 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 Desk TeamNo 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 Desk TeamNo 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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