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WASHINGTON, DC: US retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession triggered by the COVID-19 pandemic was over or drawing to an end. The report from the Commerce Department on Tuesday (Jun 16) followed news early this month that the economy created 2.5 million jobs in May. Layoffs are also ebbing and manufacturing activity is improving, though production remains at very low levels. The surge in retail sales last month recouped 63 per cent of March and April's decreases. But the journey to recovery could be long and difficult as some parts of the country are experiencing a resurgence of COVID-19 infections. In addition, enhanced federal government unemployment checks will ...

SINGAPORE: About 3,800 companies closed down in April, comparable to the average of 3,700 recorded in the same month over the past five years, said Senior Minister of State for Trade and Industry Chee Hong Tat on Friday (Jun 5). However, business cessation could see an “uptick” in the coming months as the COVID-19 pandemic continues to put a severe strain on the Singapore economy. The formation of new businesses will remain subdued for the same reason, he said in Parliament. About 3,800 business entities were set up in April, nearly a third lower than the average of 5,500 seen in the same period between 2015 and 2019. The fall was across most sectors. Mr Chee said the coronavirus pandemic is set to weigh on many sectors in the economy for the rest of the year. This includes ou...

WASHINGTON: Boeing Co deliveries worsened even further in May compared to April as the coronavirus pandemic's crushing impact on airlines added to a year of crisis following the grounding of its 737 MAX planes, company data showed on Tuesday (Jun 9). The US plane manufacturer said it handed over just four planes in May, down from six it delivered in April, its lowest total for the month in six decades and about 87 per cent fewer than it delivered to customers at the same time a year ago. Deliveries are financially important to planemakers because airlines pay most of the purchase price when they actually receive the plane. Customers also cancelled orders for another 18 planes last month, including 14 MAX jets that were the company's top-selling plane until a pair of crashes just ove...

BEIJING: China's producer prices fell by the sharpest rate in more than four years, underscoring pressure on the manufacturing sector as the COVID-19 pandemic reduces trade flows and global demand. The coronavirus crisis has disrupted trade to China's key export markets including the United States and Europe, heaping further pressure on the outlook for manufacturing investment and jobs in the world's second-largest economy. The producer price index (PPI) in May fell 3.7 per cent from a year earlier, the National Bureau of Statistics (NBS) said in a statement on Wednesday (Jun 10), the sharpest decline since March 2016. That compared with a 3.3 per cent drop tipped by a Reuters poll of analysts and a 3.1 per cent fall in April. "Negative reading for PPI is likely to be a new normal i...

related media assets (image or videos) available. Click to see the gallery. 2 related media assets (image or videos) available. Click to see the gallery. SINGAPORE: Even as the country tackles the immediate challenges posed by the COVID-19 outbreak, Singapore must look further ahead and invest in areas that develop its “intangible strengths”, its infrastructure, as most of all, its people and businesses, said Minister for Trade and Industry Chan Chun Sing. Mr Chan was speaking on Sunday (Jun 14) in the fourth of a series of six national broadcasts by Cabinet ministers laying out the nation’s plans for the future. The first of these speeches was delivered by Prime Minister Lee Hsien Loong on Jun 7. SINGAPORE’S INTANGIBLE STRENGTHS Noting the Future Economy Council, formed in ...

SINGAPORE: Singapore Pools will resume online sports betting from Monday and online horse wagering for overseas races from Wednesday, said the gaming operator on Sunday (Jun 14). Its branches, authorised retailers, Livewire venues and off-course betting centres will remain closed, "in line with the Government’s phased approach for safe reopening and resumption of business activities", said Singapore Pools in a press release. Lottery draws, such as 4D, TOTO and Singapore Sweep, will also continue to be suspended. "Customers who are holding on to tickets for postponed draws are advised to retain their tickets for upcoming draws," said Singapore Pools. Prize payment services also remain suspended. An announcement will be made for the extension of eligible prize-winning tickets for...

TAIPEI: Taiwan said on Thursday (Jun 18) it will set up a dedicated office to help those thinking of fleeing Hong Kong as Beijing tightens its grip on the former British colony. Months of anti-government protests in Hong Kong won widespread sympathy in democratic Taiwan, which has welcomed those who have already moved to the island and expects more to come. Taiwan President Tsai Ing-wen last month became the first government leader anywhere to pledge measures to help Hong Kong people who leave due to what they see as tightening Chinese controls, including new national security legislation, smothering their democratic aspirations. China denies stifling Hong Kong's freedoms and has condemned Tsai's offer, while pushing ahead with the new legislation. Taiwan's China-policy making Main...

RIYH: Saudi Arabia on Tuesday (Jun 23) said only around 1,000 pilgrims of various nationalities already in the kingdom will be allowed to perform a dramatically scaled-down Haj, as it battles a coronavirus surge. The decision to exclude pilgrims outside Saudi Arabia, a first in the kingdom's modern history, sparked disappointment among Muslims worldwide even as many accepted it was necessary due to the health risks involved. The reduced number is a far cry from the 2.5 million who attended the five-day ritual last year and it remains unclear what the selection process will be for this year's Haj, scheduled for the end of July. "The number of pilgrims will be around 1,000, maybe less, maybe a little more," HajMinister Mohammad Benten told reporters in Riyadh. "The number won't be in...