Tag: economy

COVID impact: Economy to contract even more than estimated earlier, says World Bank
10Jun By Michael SmithNo Comments
Asia

COVID impact: Economy to contract even more than estimated earlier, says World Bank

Due to COVID-19 outbreak, Pakistan’s economy would actually perform even worse than what previous estimates had warned about, The World Bank forecast said on Monday.In its latest report, ‘Global Economic Prospects’, the World Bank assessed that the country’s economy was likely to go into the red this fiscal year and would be unable to recover even next year.It forecast a negative GDP growth of -2.6pc for the current fiscal year (2019-20) and -0.2pc during the next (20-21).“Pakistan (-2.6pc in FY2019/20) and Afghanistan (-5.5pc in 2020) are both projected to experience contractions as mitigation measures are anticipated to weigh heavily on private consumption. Key labor-intensive export sectors are expected to contract sharply and recover only slowly”, the Bank said in its report.This would...
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Iraq confirms full compliance with OPEC crude oil production cuts
7Jun By Joe RodriguezNo Comments
China

Iraq confirms full compliance with OPEC crude oil production cuts

The Iraqi Ministry of Oil on Saturday reconfirmed its full commitment to the Organisation of Petroleum Exporting Countries (OPEC) crude oil production cuts, saying that all member states should stand unified to revive the oil market.“Iraq reconfirms its full adherence to the agreement out of a firm belief that all member states of the Organisation of Petroleum Exporting Countries (OPEC) and other oil producers should yield to a unified stance in order to revive the oil market, through finding effective solutions to restore its stability and balance,” Oil Ministry Spokesman Assem Jihad said.“Iraq believes in working with a spirit of solidarity with other oil-producing countries in order to restore stability and balance to global oil markets,” he added.Jihad further expressed that Iraq never...
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Eligible Singaporeans to receive care and support package cash payments from June 18: MOF
4Jun By 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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OCBC to cut salary credit bonus interest on 360 account from July 1
3Jun By Joe RodriguezNo Comments
China

OCBC to cut salary credit bonus interest on 360 account from July 1

Amid a weakened interest rate environment and a challenging macro climate, Oversea-Chinese Banking Corporation (OCBC) Bank on Monday announced that it will reduce the salary credit bonus interest for customers on the OCBC 360 savings account from July 1.For balances up to $35,000, the salary credit bonus interest will be halved to 0.6 per cent, down from the current 1.2 per cent. Balances between $35,000 and $70,000 will earn 1.2 per cent interest, down from 2.4 per cent.The base interest is calculated at the end of each day, based on the daily balance and credited to the 360 account at the end of the month.The bank will also stop offering the credit card spend bonus interest - currently at 0.2 per cent for the first $35,000 and 0.4 per cent for the next $35,000 - on the 360 account from J...
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Asia’s factory pain worsens as China’s recovery fails to lift demand
1Jun By Joe RodriguezNo Comments
Asia, China

Asia’s factory pain worsens as China’s recovery fails to lift demand

Asia’s factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade, surveys showed.A series of manufacturing surveys released on Monday suggest any rebound in businesses will be some time off, even though China’s factory activity unexpectedly returned to growth in May.The new coronavirus pandemic - which has killed more than 370,000 people around the world - has wreaked havoc with supply chains and quashed demand as government-imposed lockdowns forced businesses to close and citizens to stay home.China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) hit 50.7 last month, marking the highest reading since January as...
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China factory activity expands at slower rate as global slump drags on growth
1Jun By Michael SmithNo Comments
Asia

China factory activity expands at slower rate as global slump drags on growth

Factory activity in China took a big hit as official data showed that the industry expanded at a slower pace in May as the country attempts to get back on track after the coronavirus.China's factories have stirred back to life after the lifting of strict lockdown measures imposed when the virus surfaced in Wuhan, but the spread of coronavirus worldwide has dragged down key foreign markets - weighing heavily on Chinese exports.The Purchasing Managers' Index (PMI), a key gauge of activity in China's factories, was at 50.6 points in May, remaining above the 50-point mark separating growth from contraction each month.But the figure was down slightly from 50.8 the month before, and 52.0 in March, according to the National Bureau of Statistics (NBS).“The epidemic situation and economic situation...
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Thailand’s poorest suffer from unemployment, food shortage as virus shrivels economy
1Jun By Joe RodriguezNo Comments
China

Thailand’s poorest suffer from unemployment, food shortage as virus shrivels economy

Months have gone by since the Noidee family have been shuffling around their tiny slum home which is too small to stand up in, sharing donated noodles with their sons and worrying about bills, as the coronavirus pushes Thailand's poor deeper into penury.The wood and breeze-block hut which is their home stands in the heart of a Bangkok commercial district festooned with five-star hotels and upmarket restaurants.Thanapat Noidee and his wife Papassorn share the small space in the shadow of the nearby high-rise developments with their children Woraphat and Kittipat, aged six and seven respectively.Under the 1.2-metre-high (four feet) ceiling, the adults have to kneel to move around the single room which is the bedroom, living room and dining area.Downstairs, a tap provides a shower and a flat ...
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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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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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