Tag: Singapore

Singapore becomes a haven for companies and investors fleeing tensions between the US and China.
China, Market, Singapore, USA

Singapore becomes a haven for companies and investors fleeing tensions between the US and China.

Its reputation of political neutrality — and strength in life sciences — is making Singapore a favoured launchpad for western investors and Chinese startups. Two years ago, Polaris Partners, the investment arm of US pharmaceutical company Polaris, opened an office in Singapore as it started to ramp up investments in the Asian country. “Singapore has an extraordinary ecosystem,” says Amy Schulman, managing partner at Polaris Partners. “It has first rate science that gets a good amount of government support. It has terrific intellectual property protection, and it has organised rule of law system that makes things very appealing.” Singapore’s favourable tax system and English-speaking business community have also made it an ideal jumping off point for international companies se...
Home prices in Singapore increase 2.3% as market speculation increases.
Market, Singapore

Home prices in Singapore increase 2.3% as market speculation increases.

Singapore home prices rose at the same pace as initially estimated in the last quarter of 2024, amid analyst forecasts that the government may intervene to cool the market this year. Private residential prices climbed 2.3% in the fourth quarter from the previous three months, according to final figures released by the Urban Redevelopment Authority on Friday, matching an earlier estimate. For the whole of 2024, prices rose 3.9%. Rents for private homes – closely watched by expats and locals alike – were unchanged from the previous three months, when they gained 0.8%. It contributed to a 1.9% fall in rents in 2024, the first drop since 2020. The resurgence in residential values was driven by a flurry of projects released around the end of last year. Lower interest rates attract...
Singapore warns of a downturn in GDP as it eases monetary policy for the first time since 2020.
Singapore

Singapore warns of a downturn in GDP as it eases monetary policy for the first time since 2020.

The Monetary Authority of Singapore said it would slightly reduce the slope of its exchange rate policy band, known as the Singapore dollar nominal effective exchange rate or S$NEER. MAS said Singapore’s growth momentum is expected to slow over this year, and core inflation “has moderated more quickly than expected.” Singapore on Friday loosened its monetary policy for the first time since 2020, citing a faster than expected decline in inflation and warning about a growth slowdown. The Monetary Authority of Singapore said it would slightly reduce the slope of its exchange rate policy band, known as the Singapore dollar nominal effective exchange rate, or S$NEER. In its release, MAS said Singapore’s growth momentum is expected to slow this year, and core inflation “has mo...
As tensions between the US and China increase, Malaysia links its fortunes to Singapore.
Asia, China, Singapore, USA

As tensions between the US and China increase, Malaysia links its fortunes to Singapore.

New special economic zone paves way for closer relations between one-time south-east Asian rivals As tensions ratchet up between two of Malaysia’s biggest trading partners, the US and China, the south-east Asian nation is increasingly looking to hitch its wagon to its more successful neighbour, Singapore. A special economic zone straddling the two countries — along with a raft of initiatives to build stronger ties — has been designed to help the pair withstand tougher global economic trading conditions. “We are entering a new era where global tensions are here to stay,” warned Singapore’s Prime Minister Lawrence Wong this month at the signing of an agreement to create the Johor-Singapore Special Economic Zone. “The world is becoming a more dangerous and troubled place. This...
Thailand planning land and rail passageway, bypassing congested Strait of Malacca
Asia, Singapore

Thailand planning land and rail passageway, bypassing congested Strait of Malacca

Discussions are underway in Thailand to construct two deep seaports on both sides of the country’s southern coast, which would be linked via rail and highway in hopes to shorten shipping time by bypassing the busy Strait of Malacca with a 100-kilometre highway and railway passageway.The latest proposal replaces the Kra Canal plan, which has been dropped on environmental grounds. That plan would have seen a canal crossing the skinniest point of the country, through the Isthmus of Kra just south of Phuket and Krabi, chopping around 1,200 kilometres off the shipping journey.The new project is expected to reduce shipping time by 2 days by bypassing the Strait of Malacca, which runs along Peninsular Malaysia’s south-west coast, before curving east past Singapore.However, the passageway is notor...
Thailand studies Malacca bypass to link Indian and Pacific oceans
Asia, Singapore

Thailand studies Malacca bypass to link Indian and Pacific oceans

With the Strait of Malacca becoming busier day by day, Thailand is looking of a way to construct a land passageway that would connect the Indian and Pacific Oceans, bypassing one of the world’s busiest shipping lanes.The Strait of Malacca is a narrow sea lane between Malaysia and Singapore and is currently the shortest sea route linking the Asia-Pacific region with India and the Middle East. About a quarter of the world’s traded goods pass through it each year.“The Strait has become quite congested,” Transport Minister Saksiam Chidchob said in an interview.“Using an alternative route through Thailand would cut shipping time by more than two days, which is very valuable for businesses,” he said.Thailand plans to build two deep seaports on either side of the country’s southern coasts, and li...
[Market] Singapore life insurance sales rise 10% amid Coronavirus scare
Asia, Market, Singapore

[Market] 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...
Ministerial Committee set up to guide digital adoption, create jobs in digital economy
Asia

Ministerial Committee set up to guide digital adoption, create jobs in digital economy

To accelerate Singapore's adoption of digital technology in the times of Coronavirus, the country has set up a high-level committee to create jobs for its people, help small businesses go online and ensure no citizen is left behind by technology.The Ministerial Committee for Digital Transformation’s key focus is to work with companies and the labour movement to create jobs in the info-communications and technology (ICT) sector and to place Singaporeans in these jobs, Communications and Information Minister S. Iswaran said in an interview.With small and medium enterprises employing some 65 per cent of the workforce in Singapore, one of the committee's prime aims is to help them survive and thrive through the use of technology.The badly hit retail and food and beverage sectors will get speci...
First national standard on e-commerce transactions launched in Singapore
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...
Singapore needs a certain proportion of foreign workers, say observers
China

Singapore needs a certain proportion of foreign workers, say observers

About 90% of Contractor PQ Builders team that does ground construction work are made up of foreigners. The Singaporeans who are part of the team are in supervisory roles.“Bringing in foreign workers is not as cheap as people think”, Peh Ke-Pin owner of the company said.A construction worker typically earns about S$800 a month in basic pay, but each worker costs at least double that.“It’s not that much more expensive to hire a local,” Peh said adding that he is willing to pay between S$2,000 to S$3,000 for a local, but there are still no takers when he puts out the job advertisements.This may be due to the current notion of what construction work entails.Some Singaporeans have said that with higher pay and career advancement, they might consider working in the construction industry, but the...