Wednesday , March 29 2017
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Singapore dollar forecast to strengthen


SINGAPORE: Interest rate markets are signaling gains for the Singapore dollar amidst expectations of unchanged policy stance in April. “The city-state’s two-year swap has fallen below its US counterpart this year, sending the gap to minus 9.6 basis points on March 20, the lowest level since June 2012. Because the nation’s central bank uses the exchange rate as its policy ... Read More »

French President eyes strong trade ties between France-Singapore


SINGAPORE: French President Francois Hollande, on an official visit to Singapore, expressed a desire Sunday to strengthen France’s partnership with the Southeast Asian city-state. “France considers Singapore not only for an economic partner, but also as a friendly country,” Hollande said at a state banquet, where he gave a toast in French. “In this geopolitical environment of isolation, nationalism and ... Read More »

Singapore ICA nabs Malay driver over smuggling 11 puppies

Singapore ICA nabs Malay driver over smuggling 11 puppies

SINGAPORE: Eleven puppies were found in the modified fuel tank of a Malaysia-registered car at Woodlands Checkpoint. Immigration and Checkpoints Authority (ICA) officers found the puppies at about 9pm on Thursday, after they directed the car, driven by a lone 43-year-old Malaysian, for further checks upon arrival, according to a joint news statement by ICA and the Agri-Food and Veterinary ... Read More »

India-Singapore double tax changes in force


NEW DELHI: The Indian government notified the amended India-Singapore tax treaty under which capital gains tax will be levied at source of investments with effect from April 1. India had amended the tax treaty with Singapore on December 30, 2016, under which for two years beginning April 1, 2017, capital gains tax will be imposed at 50 percent of the ... Read More »

Singapore February factory output rises faster than expected

Philippines Jan. exports rise at fastest pace in 3 years

SINGAPORE: Singapore’s industrial production rose more than expected in February from a year earlier thanks to a surge in electronics manufacturing output, but analysts expect global conditions will weigh on manufacturing in months ahead. Manufacturing output in February rose 12.6 percent from a year earlier, data from the Singapore Economic Development Board showed on Friday, exceeding the median forecast in ... Read More »

Singapore inflation rises for third consecutive month

cost_of_living - inflation

SINGAPORE: Consumer prices in Singapore rose in February for the third consecutive month, reflecting the increase in the price of private road transport cost. The All-Items Consumer Price Index (CPI) rose to 0.7 percent last month, following a 0.6 percent rise in January, said the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) in a joint ... Read More »

Singapore Airlines’ cargo arm expects S$111.8m provision for FY17

Singapore Airlines cargo

SINGAPORE: Singapore Airlines (SIA) announced that its cargo arm may make a financial provision of S$111.8m for FY17 as a result of a EUR74.8m (S$113m) fine imposed by the European Commission (EC). After having this 2010 decision voided by Europe’s second highest court in 2015 due to a procedural error, the EC last Friday re-imposed a total of EUR776m (S$1.2b) ... Read More »

Hong Kong customs to charge shipping company and captain over transport of Singapore military vehicles without license

Hong Kong customs

SINGAPORE: The Hong Kong Customs and Excise Department has pressed charges on Wednesday (March 22) against shipping company APL and the captain of the container ship which transported nine Singapore Armed Forces (SAF) armored Terrex vehicles into the city from Taiwan in November without a required licence, reported the South China Morning Post. The armored vehicles were seized in Hong ... Read More »

Singapore banks’ profits could fall by up to 8% in FY17

Singapore banks

SINGAPORE: Ezra Holdings and two other entities, Ezra Marine Services (EMS) and EMAS IT Solutions (EMIT), filed for Chapter 11 protection with the US Bankruptcy Court on 18 March. According to media reports, court filings showed that DBS has the largest exposure with total secured and unsecured claims at US$328m, followed by OCBC at US$280m and UOB at US$33m. Maybank ... Read More »

Singapore ICA nabs Malaysian over smuggling non-duty paid cigarettes

Singapore ICA

SINGAPORE: A 24-year-old Malaysian man tried to smuggle more than 2,000 cartons of non-duty paid cigarettes in a Malaysian-registered bus he was driving on Sunday night. Officers had directed the bus for further checks upon its arrival at Tuas Checkpoint and during the course of checks, Immigration and Checkpoints Authority (ICA) officers found a total of 2,041 cartons and 60 ... Read More »

Singapore not importing rotten meat from Brazil: AVA


SINGAPORE: The Republic of Singapore is not affected by the rotten meat scandal that has hit world’s biggest exporter of meat and poultry, the Agri-Food and Veterinary Authority of Singapore (AVA) said on Monday (March 20), reassuring consumers that imported meat and meat products from Brazil are safe for consumption. None of the 21 meat-processing establishments placed by the Brazilian ... Read More »

MAS directs SGX to improve processes following trading disruption last year

singapore - sgx

SINGAPORE: The Monetary Authority of Singapore (MAS) directed the Singapore Exchange (SGX) to implement measures to enhance its recovery processes and operational resilience. This is following supervisory investigation into the trading disruption to the securities market on July 14, 2016. These measures included recommendations by the Industry Working Group (IWG), comprising SGX and industry stakeholders. In a statement on Monday, ... Read More »

Singapore M&A activity at a snail’s pace in Q1, value reached US$7.7b


SINGAPORE: According to the latest data released, the value of announced M&A involving Singaporean companies reached US$7.7b, in contrast to last year’s US$9.7b. This came alongside a 38.1% drop in the number of announced deals. It is a slow start so far for Singapore mergers & acquisitions, as values went down 21% compared to the same period last year. “This ... Read More »

Singapore firms to receive $660 million in Wage Credit Scheme by IRAS

Singapore firms to receive $660 million in Wage Credit Scheme by IRAS

SINGAPORE: More than 85,000 employers in Singapore will receive S$660 million in Wage Credit Scheme (WCS) payouts by Mar 31, according to a joint press release by the Ministry of Finance and the Inland Revenue Authority of Singapore (IRAS) on Friday (Mar 17). The WCS payouts co-fund 20 per cent of the wage increases given in 2015 and 2016 to ... Read More »

Singapore’s non-oil domestic exports up 21.5% in February

increase exports

SINGAPORE: Singapore’s non-oil domestic exports (Nodx) extended their growth streak for the fourth consecutive month, with 21.5 percent expansion year-on-year in February 2017. Leading the expansion was the increase in electronic and non-electronic exports in all top 10 markets led by China, the 28 countries of European Union and Taiwan,  according to data released by IE Singapore. “The strong numbers ... Read More »

Singapore stocks see strong boost from higher oil prices

increase oil prices

SINGAPORE: Singapore stocks got a strong tailwind boost from higher oil prices and a rally on Wall Street after the United States central bank raised benchmark interest rates as expected by a quarter point but was less hawkish than expected on the pace of future rate hikes. The Index rallied at the opening bell, lifted by the three banks and ... Read More »

MAS seeking feedback on proposed limits on using coins for payments

MAS - Singapore

SINGAPORE: The Monetary Authority of Singapore (MAS) is proposing to change the legal tender limit for coins and will seek public feedback before making its decision, it announced in a consultation paper on Thursday (March 16). Legal tender limits refer to the maximum amount of a coin denomination that can be used for payment in a single transaction. Under the ... Read More »

Economists upgrade Singapore’s 2017 growth forecast to 2.3%

credit growth

SINGAPORE: Confidence in Singapore’s economic prospects continues to rise, with economists upgrading their growth forecasts in 2017. The economy is now expected to grow by 2.3 percent this year, the median forecast in the latest economist survey conducted by the Monetary Authority of Singapore showed. This was higher than the 1.5 percent growth previously estimated. The main driver for growth ... Read More »

South African Engen agrees to export gas-oil to Singapore

South African Engen agrees to export gas-oil to Singapore

SINGAPORE: SA’s Engen is set to export a gas-oil cargo to Singapore, according to trade sources and shipping data. The company has provisionally booked the Torm Horizon to transport 35,000 tons of gas-oil to Singapore from Durban, shipping fixtures showed. The cargo likely comprises high sulphur gas-oil whose premium has risen to a more than three-month high this month due ... Read More »

Singapore Singtel ties up with polytechnics to help SMEs

Singapore Singtel ties up with polytechnics to help SMEs

SINGAPORE: Singtel has partnered Nanyang Polytechnic (NYP) – Singapore Institute of Retail Studies (SIRS) and Singapore Polytechnic (SP) to empower SMEs in the retail and food and beverage sectors to be digitally savvy. The partnerships augment the 99% SME initiative by training SMEs to use tools and resources to get online, establish e-commerce capabilities and to market themselves more effectively. ... Read More »