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Singapore business confidence hits near 2-year low in Q4

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SINGAPORE – Local business confidence dropped to a near two-year low for the final quarter of 2019, according to Singapore Commercial Credit Bureau (SCCB)’s latest Business Optimism Index study, with manufacturing and wholesale trade braced for a downturn. Business sentiment dipped from +6.91 percentage points in Q3 to +4.82 percentage points in Q4. Year-on-year, it nearly halved from +9.19 percentage ... Read More »

Trade, infrastructure on the agenda on Day 2 of India-Singapore business summit

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Finance, infrastructure development and macro-economics were on the agenda for the second day of the ‘India-Singapore: The Next Phase’ Business Summit in the Lion City on Tuesday. The High Commission of India, in partnership with agencies of the Governments of India and Singapore, chambers of commerce, professional associations and innovation labs, organised a two-day Business and Innovation Summit at Marina ... Read More »

Charles Schwab to close Singapore office

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SINGAPORE: Discount brokerage company Charles Schwab Corp said on Thursday (Sep 5) it will close its Singapore office by the end of this year, about two years after opening it in late 2017. “Charles Schwab Singapore will cease to provide services and will close its office in Singapore. We will no longer open new accounts for prospective clients,” it said ... Read More »

4 arrested, more than 1,300 cartons of duty-unpaid cigarettes seized by Singapore Customs

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SINGAPORE: Four men were arrested and 1,390 cartons of duty-unpaid cigarettes were seized during an operation in an industrial building in Tuas, Singapore Customs said in a statement released on Monday (Sep 2). During the operation at Tuas Bay Close last Tuesday, officers noticed a Malaysia-registered tipper truck, which was suspected to be used to transport duty-unpaid cigarettes, parked in ... Read More »

Drop in Major Incidents in the Port of Singapore

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The number of major incidents[1] in the Port of Singapore has dropped over the last 10 years, with fewer than 0.12 major incidents per 100,000 vessel movements in 2018, down from 0.8 in 2009. Speaking at the fourth International Safety@Sea Conference held today, Dr Lam Pin Min, Senior Minister of State for Transport and Health, said, “I thank the maritime ... Read More »

Hong Kong turmoil may re-route some IPOs to Singapore

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AS COMPANIES rethink fundraising plans in Hong Kong amid anti-government protests, some are said to be exploring Singapore as an alternative listing destination. Wayne Lee, chief executive officer of issue manager and accredited Catalist sponsor W Capital Markets, said: “As a result of the severe political unrest in Hong Kong, capital flight to safety is expected. Several Singapore companies that ... Read More »

Fitbit will supply ‘free’ trackers to Singapore’s public health program

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Fitbit is working with Singapore’s government to supply residents with free fitness trackers. The company says Singaporeans will be able to pre-register next month to receive a Fitbit Inspire band for free if they commit to paying $10 a month for a year of the company’s premium coaching service. The program will fully roll out in late October. The monthly ... Read More »

The impact of growing US-China tensions on Singapore

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SINGAPORE: We are all worried about the growing tensions between the United States and China. Their disputes have placed other countries in a dilemma. No country wants to take sides, and Singapore is no exception. This is why I want to discuss US-China tensions, and their impact on us. Since its reform and opening up, China has developed rapidly to ... Read More »

Singapore shares down 1.5% on Thursday afternoon, after near 2% dive at open

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SINGAPORE – Singapore shares skidded on Thursday along with markets in Asia after an inversion of the US yield curve during Wednesday’s (Aug 14) session on Wall Street stoked recession fears, already heightened by dismal economic data from China, Germany and the eurozone. Singapore’s Straits Times Index (STI) was trading at 3,100.36, down 47.24 points or 1.5 per cent, as ... Read More »

Singapore slings a trade war antidote

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Singapore became the first of 46 countries to sign a new United Nations (UN) treaty on commercial mediation on August 7, when officials from 70 nations convened in the city-state to officiate an agreement designed to facilitate global trade and resolve cross-border disputes. The Singapore Convention on Mediation, the first treaty concluded under UN auspices to be named after the ... Read More »

HSBC to cut 4,000 jobs, says Singapore ‘remains key’ to growth

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SINGAPORE: British bank HSBC will axe thousands of jobs globally in an overhaul of its operations, but said its Singapore business “remains key” to its growth. The bank will axe 2 per cent of its workforce, or roughly 4,000 jobs, as part of a new restructuring exercise aimed at weathering global turmoil, it said on Monday (Aug 5). HSBC had ... Read More »

Singapore, Malaysia among exporters most at risk from US-China trade war: Fitch Solutions

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SINGAPORE – Asian export-reliant economies such as Singapore, Taiwan, South Korea, Vietnam and Malaysia will be the hardest hit by waning demand for Chinese-made products and supply chain disruptions amid escalating US-China trade tensions, Fitch Solutions Macro Research said on Tuesday (Aug 6). This is because many of these exporters are deeply integrated with China’s supply chains, supplying electronics, parts ... Read More »

Honestbee lays off dozens of employees in Singapore

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SINGAPORE — Local start-up Honestbee said on Friday (Aug 2) that it was laying off 38 staff in its Singapore offices as part of a restructuring exercise. This figure makes up approximately 10 per cent of its workforce in Singapore, said Honestbee. It has also applied to the High Court to start a supervised restructuring process and to seek a ... Read More »

Singapore businesses see sharp downturn on trade war

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SINGAPORE: With no let-up apparent in global and regional trade tensions, Singapore’s business community has slashed its expectations for the near-term economic outlook. “Because we are hugely export-dependent, because of the slowing down in the economy, because of tension, because of loss of business confidence — we need to adjust” growth expectations, Ho Meng Kit, chief executive officer of the ... Read More »

China, Singapore Launch Trade Platform For Finance And Tech Sectors

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The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity on Thursday launched a cold chain product trade platform that would seek to facilitate trade between the two sides in various sectors including finance and technology. According to Xinhua, the inter-governmental program covers financial segments, information technology, communications, transportation, logistics projects, and also the aviation industry. “The platform will connect demands from ... Read More »

Bearing brunt of trade war, Singapore chipmakers cut jobs

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SINGAPORE: Caught between a CHina-US trade war, political concerns over Chinese telecoms firm Huawei and slowing consumer demand, chipmakers in Singapore have started slowing production and laying off hundreds of jobs, firms told Reuters. The slump in a sector that made up nearly a third of Singapore’s manufacturing output last year is reinforcing expectations that the export-driven economy could slide ... Read More »

Singapore top choice for Asean talent: survey

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SINGAPORE is the top destination for working professionals in the region, according to a survey of some 3,500 jobseekers in 11 markets in Asia. RGF International Recruitment’s Talent in Asia report, released on July 22, found that Singapore workers were generally not keen to work abroad. Their top choice was mainland China, with 21 per cent of respondents willing to ... Read More »

Singapore exports drop most in 6 years as electronics slump

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SINGAPORE: Singapore’s exports fell more than expected in June, marking their biggest decline in six years, as it struggles against tepid global demand and the Sino-US trade war. The grim trade numbers add to a slew of weak economic data and reinforce economists’ expectations that the central bank could ease monetary policy at its October meeting. Non-oil domestic exports (NODX) ... Read More »

Hong Kong millionaires moving cash to Singapore as political crisis lingers

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Private bankers are being flooded with inquiries from investors in Hong Kong who are worried about the long-term effects of the political crisis in the Chinese city. While the Hong Kong government has shelved the controversial law that sparked the latest round of unrest — one that would have allowed criminal suspects to be transferred to the mainland for trial ... Read More »

Enterprise Singapore launches inaugural Scale-up SG programme

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The 2.5-year programme will help fuel the expansion plans of local firms. Enterprise Singapore (ESG) kicked-off its inaugural run of the Scale-up SG programme with 25 local companies from various industries such as lifestyle and consumer, manufacturing and engineering, and urban solutions. Programme participants like 4Fingers, EtonHouse International, AEM Holdings and Durapower, will undergo leadership development and succession planning, as ... Read More »