Tuesday , January 16 2018
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Singapore

Singapore Central Bank chief sees sustainable growth at 2-4%

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SINGAPORE: Singapore’s economic recovery is broadening out in the city state, but there are still “real challenges” in the labor market, central bank Managing Director Ravi Menon said. Sustainable economic growth is estimated at 2 percent to 4 percent, Menon told delegates at the UBS Wealth Insights Conference Monday in Singapore. Manufacturing is resilient and financial services are “doing well,” ... Read More »

Singapore has more tax options than a GST hike in 2018 budget

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SINGAPORE: Speculation is buzzing that the Singapore government will raise the goods and services tax in its Feb 19 budget rollout. But GST probably won’t be the whole story. Authorities have several other options to increase taxes, or at least signal that they’re needed in the coming years, as the city state grapples with rising health and retirement costs as ... Read More »

Expiry looms for Singapore’s water import deals

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SINGAPORE: The development of water utilities will become more important over the coming decades as Singapore’s import agreements with Malaysia are set to expire in 2061, BMI Research revealed. According to a report, even if pipelines and water projects are very much secondary in terms of value, there is more activity in the water utilities sector. Water security is a ... Read More »

Singapore dollar trades below RM3 for the first time in 14 months

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SINGAPORE: The Singapore dollar traded below the RM3 for the first time in 14 months during intra-day trading on Monday (Jan 8) afternoon, amid firmer crude oil prices and positive investment sentiment in Malaysia. The ringgit appreciated against the Singapore dollar to 2.9976 on Monday, touching the highest level since October 2016. Last week, the Ministry of International Trade and ... Read More »

Singapore import rebar prices rise on higher bids

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SINGAPORE: Import prices for rebar in Singapore have increased following end-users’ return to the spot market after the year-end holiday season. Metal Bulletin’s price assessment for Southeast Asian rebar imports which mainly looks at cargoes sold into Singapore on a theoretical weight basis – was $570-580 per tonne cfr for the week to Monday January 8, up $10-15 per tonne ... Read More »

Singapore dollar soars to levels last seen 3 years ago

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SINGAPORE: THE Singapore dollar (SGD) continues to fly and is at levels last seen three years ago as global investors snap up local assets. The SGD was quoted at 1.3256 on Monday morning, unchanged from last Friday, levels last seen in May 2015, according to Bloomberg. The greenback regained a little strength in the afternoon to 1.3317. The SGD traded ... Read More »

Singapore fuel oil stocks drop despite shrinking exports

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SINGAPORE: Singapore weekly onshore fuel oil inventories fell 10 percent, or 2.462 million barrels (about 367,000 tonnes), to a two-week low of 22.728 million barrels (3.392 million tonnes) in the week ended Jan. 3, data from International Enterprise (IE) Singapore showed on Thursday. This came despite a 149 percent jump in fuel oil net imports into Singapore, which climbed to ... Read More »

Singapore PMI expands for 16th straight month in Dec

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SINGAPORE: Singapore’s manufacturing sector expanded for the 16th consecutive month in December, but the pace of expansion slowed as new orders and new exports for the electronics sector eased. The Purchasing Manager’s Index (PMI)  an early indicator of manufacturing activity  came in at 52.8 according to data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Wednesday ... Read More »

Singapore fuel oil stocks drop despite shrinking exports

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SINGAPORE: Singapore weekly onshore fuel oil inventories fell 10 percent, or 2.462 million barrels (about 367,000 tonnes), to a two-week low of 22.728 million barrels (3.392 million tonnes) in the week ended Jan. 3, data from International Enterprise (IE) Singapore showed on Thursday. This came despite a 149 percent jump in fuel oil net imports into Singapore, which climbed to ... Read More »

Singapore prohibits trade in goods with North Korea

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SINGAPORE: Effective from 8 November 2017, there is a prohibition on the import, export, transshipment and in-transit movement of all commercially traded goods through Singapore, including sanctioned goods, under UN Security Council Resolutions (UNSC) 2371 (2017) and 2375 (2017). Permits are required for non commercial transactions that are imported, exported, re-exported, transshipped or in-transit from or to the Democratic People’s ... Read More »

IVS Technology exports $1.5m IVS1000 S/W to Singapore

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SINGAPORE: IVS Technology, a state of the art intelligent video surveillance company in Korea, exported $1.5 million worth of software of the intelligent video surveillance system, named IVS-1000, to Singapore on Dec. 30.  Bae Young hoon, CEO of the company, said on Jan. 1, “We have succeeded in shipping out IVS Technology developed software to Singapore.”  IVS 1000 recognizes objects ... Read More »

Solid Singapore growth lays ground for possible tax

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SINGAPORE: Singapore’s economy finished 2017 on a solid footing, allowing more room for policymakers as they consider raising taxes and tightening monetary policy this year. Growth was faster than economists predicted last quarter, resulting in the strongest full-year expansion in three years, according to preliminary figures released on Tuesday. The data also confirmed the recovery is broadening out, with services ... Read More »

Heng Swee Keat to unveil Singapore Budget 2018 on 19 February

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SINGAPORE: Singapore Finance Minister Heng Swee Keat will deliver the 2018 Budget Statement in Parliament on 19 February this year, the Ministry of Finance (MOF) announced on Monday (1 January). The unveiling of Budget 2018 will come after Prime Minister Lee Hsien Loong said last November that raising taxes was inevitable as infrastructure and social spending was set to grow. ... Read More »

Singapore fuel oil stocks jump despite shrinking net imports

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SINGAPORE: Singapore weekly onshore fuel oil inventories jumped 11.3%, or 2.559 million barrels, to an eight-week high of 25.190 million barrels  in the week ended Dec. 27, data from International Enterprise Singapore showed on Dec. 28. This came despite a 36% drop in fuel oil net imports into Singapore which fell to a six-week low of 584,000 tonnes in the ... Read More »

Singapore to release Q4 full year advance GDP estimates on Jan 2

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SINGAPORE:  The Ministry of Trade and Industry (MTI) will release the advance estimates for economic growth in the fourth quarter and the whole year at 8am on Jan 2 next year, it said on Tuesday (Dec 26). MTI last month upgraded its forecast for 2017 gross domestic product (GDP) growth to 3 per cent to 3.5 per cent, up from ... Read More »

Singapore factory output rises 5.3% in November despite drag from pharma

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SINGAPORE: Manufacturers have real reason to be jolly this season as the strengthening global economy continues to buoy demand for Singapore’s exports. The Republic’s factory output expanded 5.3 per cent year on year last month. This was below economists’ expectations of a 8.1 per cent increase  largely because of a plunge in biomedical manufacturing output, which tends to be volatile. ... Read More »

Tax cuts Boost for Singapore companies operating in US

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SINGAPORE: The corporate tax cut in the United States will be a boon for Singapore firms operating there, but its impact on inbound investment flows remains to be seen, analysts say. The cut  from 35 per cent to 21 per cent   will make a big difference to local companies with investments there, especially as Singapore does not have a tax ... Read More »

Easing fears over economy lifts Singapore consumer confidence

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SINGAPORE: Singapore’s consumer confidence has gone up to 94 points, up five points from last quarter in Nielsen’s latest global consumer confidence survey. This was a result of easing fears over the state of Singapore’s economy as well as expansion in the manufacturing and service sectors. The survey, which was released on Thursday (Dec 21), found that worries over the ... Read More »

Singapore non-oil exports in Nov eases from Oct’s

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SINGAPORE: Exports of primary chemicals to China surged by 71.7% year on year in November, while shipments of other specialty chemicals to the United States were up by 62.4%, according to International Enterprise (IE) Singapore. Exports of goods made in Singapore rose 9.1% in November compared with a year earlier, after a revised 20.5% rise in October, trade promotion agency ... Read More »

Singapore among Asian economies set for robust export growth in 2018

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SINGAPORE: HSBC Global Research has revised its export forecasts upwards for Asia  especially for more trade dependent economies such as Singapore, Malaysia, Korea, Taiwan and Thailand given the region’s strong growth numbers over 2H17, with exports proving particularly resilient. In the research house’s latest Asian Economics quarterly report for 1Q18, HSBC economist Frederic Neumann notes that the punchy growth numbers ... Read More »