Singapore

Pakistan bars Afghan goods, but exports freely into Afghanistan
15Jun mmBy Mike TrudellNo Comments
Market, Singapore

Pakistan bars Afghan goods, but exports freely into Afghanistan

Afghan traders and merchants on Thursday voiced their concerns about Pakistani products coming into Afghanistan flow as usual, but Afghan business people still not being able to export goods to the Pakistani ports.Merchants called on the Afghanistan government to take action and raise the issue of the barring of Afghan exports with the Pakistani government.“Our trucks have been stopped in Torkham for the past three months, we don’t know what to do, the products are on the verge of destruction,” said Hejratullah Hamdard, a merchant.“We don’t know when the government will take reciprocal action against Pakistan,” said Navid, a merchant.This comes as the harvest of vegetable and fresh fruits are at their peak in Afghanistan, and the Afghan traders are losing millions of dollars because of the...
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China’s foreigner ban leaves global businesses in limbo
14Jun mmBy Mike TrudellNo Comments
Singapore

China’s foreigner ban leaves global businesses in limbo

Foreign nationals who live in China or planned to visit say they have been left in limbo as a result of the coronavirus outbreak, with many unsure of when they can return to work or get a refund for their trip.China imposed a travel ban on most foreigners entering the country in March as the outbreak gathered pace overseas.Even those with valid residence or work permits, or who run businesses, have been shut out, and there was further doubt about when the restrictions would be lifted after a new cluster of infections was detected in Beijing over the weekend.Jessie Lim, the founder of Frequency Advertising & Event, has been stranded in Singapore since travelling there in January."(The ban) really shocked me," she said, adding that her Chengdu-based firm earned nothing in the first three...
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First national standard on e-commerce transactions launched in Singapore
13Jun mmBy Mike TrudellNo Comments
Singapore

First national standard on e-commerce transactions launched in Singapore

As coronavirus prompts everyone to go online, Singapore launched its first standard on e-commerce transactions formulated to help businesses improve their online retail processes and policies.It covers e-commerce transactions from pre- to post-purchase activities and will serve as a practical reference for e-retailers and online intermediaries such as e-marketplaces.“The launch of the new standard - Technical Reference 76 (TR 76) - will help build trust and transparency in online transactions”, Enterprise Singapore (ESG) and the Singapore Standards Council said on Friday.Amid the coronavirus outbreak, e-commerce transactions have shot up with online retail sales generating an estimated 17.8% of total retail turnover in April, up from 5.5% in January.In comparison, online sales accounted fo...
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Singapore start-ups can now apply to Fortitude Budget’s $285 million fund
7Jun mmBy Mike TrudellNo Comments
Singapore

Singapore start-ups can now apply to Fortitude Budget’s $285 million fund

Promising start-ups in Singapore can now apply for special funding earmarked for them in the Fortitude Budget, to help them sustain innovation, gain access to credit, and bridge the financing gap they face amid the Covid-19 pandemic.The Special Situation Fund for Start-ups (SSFS) will be administered by EDBI, the corporate investment arm of Economic Development Board, and Seeds Capital, the investment arm of Enterprise Singapore, said both organizations in a joint statement on Friday.Under the scheme, EDBI and Seeds Capital will invest in selected start-ups with private sector co-investors in a one-to-one ratio.The SSFS will support early to late-stage innovative start-ups, though EDBI will focus on late-stage start-ups with larger funding needs and a wider employment base, while Seeds Cap...
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Europe should give up overdependence on China, consider India as alternative: Experts
5Jun mmBy Mike TrudellNo Comments
Singapore

Europe should give up overdependence on China, consider India as alternative: Experts

Members of the European Parliament (MEPs) and experts on Thursday said that the European Union that has been hit hard economically due to Wuhan-originated coronavirus and that India being a diplomatic nation provides a conducive atmosphere for the European investors.  “The countries were relying too much on China and they needed to look for other markets,” Thierry Mariani, a Member of the European Parliament and Former Minister of State for Transport of France said at a webinar.The event was organized by the Economic Development Foundation, Istanbul (IKV), a non-governmental research organization specialized on the EU and Turkey-EU relations.Mariani further said: "For me, this new Silk Road is just one opportunity but it cannot be said that it is the only opportunity. If we want to have pe...
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Eligible Singaporeans to receive care and support package cash payments from June 18: MOF
4Jun mmBy Mike TrudellNo Comments
Singapore

Eligible Singaporeans to receive care and support package cash payments from June 18: MOF

Singapore’s Ministry of Finance on Thursday announced that “eligible” Singaporeans will receive cash from June 18 as part of the the Care and Support Package.“Those eligible will receive cash payments of S$300 or S$600 via PayNow on June 18”, the Ministry said.Citizens who do not have PayNow linked to their NRIC by June 11 but have previously provided their bank account details for receiving Government payouts will receive the cash on June 25 via direct bank crediting, with the rest receiving the payments via cheque between Jun 30 and Jul 9.In addition, parents with at least one Singaporean child aged 20 and below in 2020 will each receive an extra S$300.Singaporeans aged 50 and above in 2020 will each receive an extra S$100 cash, in place of the earlier announced PAssion Card top-up."As p...
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2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey
1Jun mmBy 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 mmBy 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 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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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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