Friday , November 17 2017
Breaking News


Singapore post 2Q net profit down 9.5%, absence of one-off gain weighs


  SINGAPORE: Singapore Post, a postal and e-commerce logistics company, said Tuesday its net profit in the second quarter fell 9.5% from a year earlier, due to absence of a one-off gain recorded in the year-ago period. Net profit for the quarter ended Sep. 30 totaled S$28.47 million ($20.91 million), down from S$31.44 million a year earlier, SingPost said in ... Read More »

Singapore rebar import prices drop again on poor demand


  SINGAPORE: Import prices for rebar in Singapore continued to fall amid poor end-user demand in the country. Metal Bulletin’s price assessment for Southeast Asian rebar imports – which mainly looks at Chinese cargoes sold into Singapore on a theoretical weight basis – was $510-530 per tonne cfr for the week to Monday November 13, down $5-15 from $525-535 per ... Read More »

Singapore market may test support at 3,400 points


  SINGAPORE: The Singapore stock market on Friday snapped the three-day winning streak in which it had advanced more than 40 points or 1.2 percent. The Straits Times Index now rests just above the 3,420-point plateau and it may open under pressure again on Monday. The global forecast for the Asian markets is flat to lower thanks to a fall ... Read More »

Singapore total reserves hit $375.33b in September


SINGAPORE: Foreign currency reserves also rose to $371.73b. Singapore’s reserve assets hit $375.33b (US$275.41b) in September, 8.68% higher than $345.45b (US$253.41b) last year. According to the Monetary Authority of Singapore’s (MAS) preliminary data, foreign currency reserves hit $371.73b (US$272.74b) in September, 8.78% higher than $341.73b (US$250.68b) last year. Total securities rose by 8.04% from $281.74b (US$206.70b) to $304.40b (US$223.30b). Singapore’s ... Read More »

Man jailed 5 weeks for fake wage credit claims


SINGAPORE: A 70-year-old man was sentenced to five weeks’ jail for attempting to cheat the Inland Revenue Authority of Singapore (IRAS) of a total sum of S$66,678.40 under the Wage Credit Scheme (WCS). Chou Li Chen was sentenced to five weeks’ jail each for two charges, both of which will run concurrently. Two other charges were taken into consideration for ... Read More »

Singapore drafts carbon tax bill


  SINGAPORE: Singapore has launched a public consultation for its planned Carbon Pricing Bill, as the first step towards introducing a new carbon tax for large emitters of greenhouse gases. In the Budget 2017 announced in February, Finance Minister Heng Swee Keat confirmed plans to implement a carbon tax of between SGD10 (USD7.30) and SGD20 per tonne of greenhouse gas ... Read More »

Customs warns of scam asking for payment


  SINGAPORE: Singapore Customs has made a police report over incidents where members of the public received scam text messages and calls that appear to have come from its fax number 6250-8663. Recipients were asked to make payment for the release of an item supposedly held by Customs, it said in a statement yesterday. “We would like to clarify that ... Read More »

Singapore’s DBS unveils world’s largest banking API platform


SINGAPORE: Singapore’s largest lender DBS Bank launched the world’s largest banking application programming interface (API) developer platform. API Banking enables instant cash payment or receivable facility from third-party system, thereby reducing the turn-around-time for doing a financial transaction. The APIs allow other brands, corporates and fintechs to “talk” to the bank to access a breath of services, including funds transfers ... Read More »

Singapore September bank lending up 1%

Singapore’s bank lending rise in December

SINGAPORE: Singapore’s total bank lending in September rose 1 per cent from August on the back of higher disbursements to financial institutions, central bank data showed on Tuesday. Loans and advances by domestic banking units in the city-state amounted to S$640.7 ($470.69) billion last month, up from S$634.4 billion in August. Bank lending in September rose 6.2 per cent from ... Read More »

Office space prices rise 0.4% in Q3


SINGAPORE: Demand is growing amongst shipping, energy, legal, and tech sectors. The price of office spaces in Singapore increased 0.4% in Q3, compared to the 1.4% decline in Q2, Urban Redevelopment Authority (URA) revealed. Rentals of office spaces rose by 2.4% in Q3, compared to the decline of 1.1% in Q2. According to Cushman & Wakefield (C&W) Research director Christine ... Read More »

Rosier outlook for Singapore economy


SINGAPORE: Singapore’s economic recovery is gathering pace due in part to a sustained increase in global electronics demand, the Monetary Authority of Singapore (MAS) said. While pockets of weakness remain in some sectors, growth is broadening beyond trade-related industries, with economic expansion expected to remain steady in the coming year, the central bank noted in its latest macroeconomic review out ... Read More »

Turkey-Singapore FTA to positively affect bilateral trade


ANKARA: The Singaporean Ambassador to Ankara Mr. A. Selverajah said the free trade agreement (FTA) between Turkey and Singapore will give rise to an increase in trade volume between Turkey and Singapore. Speaking in İzmir during his visit, A. Selverajah said he expects an immense increase in trade volume between the two countries, which is currently $1 billion. “Our trade ... Read More »

Singapore’s 2018 economic growth likely to ‘moderate’ from this year


SINGAPORE: The Republic’s economic growth is expected to remain firm next year, although expansion “could moderate from this year”, the Monetary Authority of Singapore (MAS) said in its latest macroeconomic review released on Friday (Oct 27). Singapore’s gross domestic product is expected to come in at the upper half of the 2 to 3 per cent forecast range this year, ... Read More »

Singapore’s manufacturing output up 14.6% in September


SINGAPORE: Electronics output which surged 33.2% powered up total output. Singapore’s total manufacturing output in September rose by 14.6% YoY, bringing manufacturing growth to 18.4% in Q3. According to the Singapore Economic Development Board (EDB), the electronics cluster’s output surged 33% YoY, breaking the record level in December 2016. Semiconductors, computer peripherals and other electronic modules & components segments led ... Read More »

Great Eastern profits up 21% to $235.50m in Q3


SINGAPORE: Total sales rose 16% to $306.30m. Great Eastern Holdings Limited’s (GEH) profits rose 21% YoY to $235.50m in Q3. According to its financial statement, total weighted new sales (TWNS) rose by 16% YoY from $264.70m to $306.30m. GEH said TWNS rose largely thanks to a higher contribution from Singapore’s agency and bancassurance channels. Operating profit also surged by 18% ... Read More »

Singapore inflation rises 0.4%, as expected

index rises

SINGAPORE: Singapore’s consumer prices rose in line with expectations in September as higher services inflation was offset by weaker increases in private transport prices and falling accommodation costs. The consumer price index rose 0.4% compared with a year ago in September, matching the median estimate from a poll of eight economists by The Wall Street Journal. It rose at the ... Read More »

ARA fuel oil stocks down on exports to Singapore


SINGAPORE: Fuel oil stocks held in independent storage tanks at the Amsterdam-Rotterdam-Antwerp storage and refining hub fell 14 percent in the week to Thursday due to exports to Singapore, according to data from Dutch consultancy PJK International. Stocks stood at around 1.26 million tonnes, a one-month low, after a very large crude carrier departed with a cargo to Singapore, PJK’S ... Read More »

Singapore’s Sea poised to raise US$850m in IPO

profit rises

SINGAPORE: Singapore’s Sea Ltd. plans to price shares at $15 in its initial public offering and raise more than $850 million, according to people familiar with the matter. The total amount may be more than $1 billion if an option to sell additional shares is exercised, said one of the people, asking not to be identified because the matter is ... Read More »

Keppel’s Q3 profit rises 29%


SINGAPORE: Singapore-listed conglomerate Keppel Corp reported a 29 per cent rise in its third-quarter profit as contributions from its property division and sale of investments helped offset weak performance at its offshore and marine (O&M) business. Keppel, whose businesses include rig building, property development and infrastructure operations, said net profit for the quarter ended Sept. 30 was S$291 million, compared ... Read More »

Singapore, Qatar strengthen bilateral ties


SINGAPORE: Singapore and Qatar have shown that size does not determine a country’s success, President Halimah Yacob said last night. At a state banquet she hosted for visiting Qatari Emir Sheikh Tamim Bin Hamad al-Thani, Madam Halimah spoke of the long friendship between the two small states and the similarities that bind them. “The trajectories of growth and development of ... Read More »