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Singapore

Digital economy a focus for Singapore as Asean chair

economy-2014

SINGAPORE: E-commerce and the digital economy will be a key focus for Singapore when it takes over the Asean chairmanship next year. Ms Low Yen Ling, Senior Parliamentary Secretary (Ministry of Trade and Industry, and Ministry of Education), yesterday said the country will also work to improve trade facilitation in a bid to help companies expand internationally. The Asean Economic ... Read More »

Singapore tycoon to invest $5bn in data storage

INVESTEMENT FUND

SINGAPORE: Local tycoon Oei Hong Leong has made a rare announcement of his next investment target: data centers in Singapore. The second son of the founder of Indonesian conglomerate Sinar Mas Group said he had set up a company to invest $5 billion in the sector, as he believed Singapore was strategically located to take on the role of Asia’s ... Read More »

Singapore’s exports surge 17% in August

exports

SINGAPORE: Singapore’s key non-oil domestic exports rose sharply in August due to an acceleration in the shipments of both electronics and non-electronics products. Exports of goods made in Singapore rose 17% in August compared with a year earlier, after a revised 7.6% gain in July, trade promotion agency International Enterprise Singapore said Monday. The median estimate of six economists in ... Read More »

Singtel latest to offer unlimited data plans

singtel

SINGAPORE: Singtel has become the latest telco to offer mobile plans with unlimited data. This comes two weeks after M1 and StarHub both launched unlimited data plans to cater to data-heavy users. In a statement yesterday, Singtel said its Singtel Combo 3, 6 and 12 mobile plans will be upgraded with unlimited talktime and SMS, with prices starting from $68.90 ... Read More »

Singapore August private home sales double from year earlier

SALES RISE

SINGAPORE:  Sales of private homes by developers in Singapore more than doubled in August compared with a year earlier, government data showed on Friday. Developers sold 1,241 units last month, compared with 468 units in August 2016, data compiled by the Urban Redevelopment Authority showed. The level of sales was up 11.7 per cent from the revised 1,111 units sold ... Read More »

Singapore e-commerce sales to reach $10b in 2020

e commerce

SINGAPORE: Growth rate could hit 11.7% in three years. Singapore is one of the most attractive e-commerce market in Asia. According to BMI Research, e-commerce players can find growth in the “small but mighty” due to its fully urbanised populations, wealthy consumers, and highly developed logistics networks. Singapore’s e-commerce sales are poised to reach $10b (US$7.4b) within 2017 to 2020, ... Read More »

Singapore set to sign FTA with the Eurasian economic union by year-end

FTA

SINGAPORE: Singapore is set to sign a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU), a free trade bloc that includes Armenia, Belarus, Kazakhstan, Krygyzstan, and Russia. Commenting on the incoming trade deal, which is expected to be signed by the end of this year, Singapore’s deputy prime minister, Tharman Shanmugaratnam reiterated his country’s interest in economic and ... Read More »

Singapore July retail sales up 1.8% y-o-y

People enter and  exit a Macy's department store in Boston's Downtown Crossing district, Wednesday, July 11, 2007.  As merchants reported their June sales results Thursday July 12, 2007, the disappointments cut across many segments of the retail  industry including Macy's Inc. Macy's suffered a 2.7 percent drop in same-stores sales, worse than the 0.8 percent decline expected. (AP Photo/Steven Senne)

SINGAPORE: Retail sales in July showed modest signs of recovery as it notched gains year on year (y-o-y), a continuation of the upward trend seen in June. Total sales in July was up 1.8 per cent compared to a year ago, according to the latest data released by the Department of Statistics. Excluding motor vehicles, retail sales was up 2.2 ... Read More »

Singapore private property prices to rise 10% by end-2018

INCREASES

SINGAPORE: Singapore property prices are set to jump 10 per cent by the end of next year, according to United States banking giant Morgan Stanley. The bank’s in-house experts expect private home prices to start rising next month – instead of early next year as it stated in a previous forecast. The forecast does not relate to Housing Board flats. ... Read More »

Singapore business sentiment for Q4 2017 moderates but still optimistic

bs

SINGAPORE: Business sentiment for the fourth quarter of 2017 has moderated somewhat although it remains optimistic, according to the the latest survey by the Singapore Commercial Credit Bureau (SCCB). Its Business Optimism Index dropped from +3.58 percentage points in Q3 2017 to +2.60 percentage points in Q4 2017. Expectations for net profits have come down compared to a quarter ago. ... Read More »

Singapore, Indonesia sign MOUs, launch stamps to mark 50th year of bilateral ties

trade

SINGAPORE:  Singapore and Indonesia on Thursday (Sept 7) signed a slew of agreements on education as well as disaster relief, as both nations commemorated five decades of diplomatic relations. The signing of the Memorandums of Understanding (MOUs) were witnessed by Prime Minister Lee Hsien Loong and Indonesian President Joko “Jokowi” Widodo, after they held talks at the Istana. Both leaders ... Read More »

Singapore’s GDP growth outlook stays at 2.5%

GDP

SINGAPORE: Private sector economists retained their full-year growth forecast for Singapore at 2.5% despite a stronger-than-expected second-quarter performance, as increased optimism about the manufacturing sector was offset by a more negative outlook for construction, accommodation and food services. The Monetary Authority of Singapore’s latest quarterly survey of economic forecasters also showed growing concerns about the situation in the Korean peninsula ... Read More »

Singapore’s manufacturing PMI at its highest since Nov 2014

manufacturing PMI

SINGAPORE: Singapore’s manufacturing PMI rose for the third straight month to 51.8 (+0.8 points) in August, and analysts at OCBC said this is the highest print since November 2014 and the 12th consecutive month in expansion territory (>50). “The optimism came from almost all indicators, including new orders, new exports, factory output etc.,” OCBC said. Here’s more from OCBC: This ... Read More »

Singapore leads foreign investment

investment

SINGAPORE: More than US$3 billion worth of investment entered Myanmar by August this financial year and Singapore topped the list of foreign investors, according to the Myanmar Investment Commission (MIC). Singapore has traditionally been used as a conduit by investors in countries where economic sanctions have been imposed on Myanmar.  The MIC said it allowed about US$190 million of investment ... Read More »

Singapore’s DBS starts mobile banking in Indonesia

DBS

SINGAPORE: Singapore’s largest bank by assets, DBS Group Holdings, launched Tuesday a mobile banking service in Indonesia, looking to tap into mobile-savvy millennials in Southeast Asia’s largest country.  The paperless and signature-less service uses a number of new technologies, including a virtual assistant powered by artificial intelligence that will generate answers to queries such as “What is my account balance?” ... Read More »

Singapore New Silkroutes FY17 net loss narrows on better oil-trading performance

loss

SINGAPORE: Singapore energy, resources and health care company New Silkroutes Group 2017 fiscal full-year net loss narrowed to $2.0 million compared with $3.3 million a year ago thanks to revenue from its oil-trading division, it said in an exchange filing Tuesday. Consolidated revenue for the full year ended Jun. 30 was $433.0 million compared with $54.3 million, it said. The ... Read More »

ExxonMobil says completes Singapore refining-petchem plant acquisition

exxonmobil

SINGAPORE: ExxonMobil (XOM.N) said on Monday it has completed the acquisition of Jurong Aromatics, a refining and petrochemical plant in Singapore, that will meet fast-growing demand in Asia. The acquisition will boost the U.S. company’s aromatics production in Singapore to more than 3.5 million tonnes per year, including 1.8 million tpy of paraxylene, a petrochemical used in the making of ... Read More »

Singapore seizes smuggled cigarettes from Malaysian truck

CIG

SINGAPORE: The Singapore Immigration & Checkpoints Authority (ICA) seized 3,000 cartons of duty-unpaid cigarettes at the Woodlands checkpoint from a Malaysia-registered truck early Thursday. The ICA said in a statement that during the course of checks, the cigarettes were found concealed among the consignment declared to contain assorted biscuits. The driver, a 33-year-old Malaysian man, the cigarettes and truck were ... Read More »

Singapore banks brace for another wave of bad loans from O&M

loans

SINGAPORE: Singapore’s three biggest local banks — DBS Group Holdings, Oversea-Chinese Banking Corp, and United Overseas Bank — have been among the best-performing stocks in the Straits Times Index over the past year. Now, the prospect of higher provisions for non-performing loans (NPLs) could weigh heavily on these counters. Read More »

Singapore onshore fuel oil stocks at over 4-month high

FUEL OIL

SINGAPORE: Following is Singapore’s onshore inventory of oil products held by up to 13 major oil and oil storage companies, as of Aug. 23, according to data from International Enterprise (IE) Singapore released on Thursday. For longer-term historical data on stock levels, please click . For weekly imports and exports by specific product, please click .   Read More »