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Singapore sees growth exceeding 2% in 2017

growth in exports

SINGAPORE: Singapore’s government gave an upbeat outlook on the economy, saying it will probably expand more than 2 percent this year as exports continue to strengthen. The Ministry of Trade and Industry maintained its GDP growth forecast for 2017 at 1 percent to 3 percent, but said the economy will likely grow faster than the 2 percent expansion in 2016, ... Read More »

Singapore’s Q1 exports see 15.2% spike

export

SINGAPORE: A surge in shipments of both electronic and non-electronic products helped boost Singapore’s exports growth by double digits in the first three months of the year. According to International Enterprise Singapore, the Republic’s non-oil domestic exports (NODX) rose by 15.2 per cent in first quarter, extending the previous quarter’s 2.7 per cent growth. “The global economic and trade outlook ... Read More »

Singapore industrial output seen rising at slower pace in April

INDUSTRIAL OUTPUT

SINGAPORE: Singapore’s industrial production in April likely rose from a year earlier, but at a slower pace as exports declined, a Reuters poll showed. The median forecast of 12 analysts was for April output <SGMFGY=ECI> to increase 6.4 percent. The annual rise in March was 10.2 percent. On a month-on-month, seasonally adjusted basis, industrial production <<SGMG=ECI> s seen to have ... Read More »

Singapore’s inflation remained low in April, but that’s all about the rent

inflation

SINGAPORE: Inflation in Singapore remained benign overall in April, data on Tuesday showed, coming in lower-than-expected, but that’s largely because housing costs continued to fall. Singapore’s consumer price index (CPI) rose 0.4 percent on-year in April, slowing from a 0.7 percent rise in March, coming in below the 0.7 percent expected from a Reuters poll. That was despite the cost ... Read More »

Singapore’s OCBC Bank eyes ultra rich in Indonesia with set up of new private wealth business

OCBC

SINGAPORE: Singapore’s second largest lender Oversea-Chinese Banking Corporation (OCBC) on Monday launched an Indonesian private banking unit as the bank expands its wealth management presence in the region. The new onshore unit will be run by OCBC NISP, the Indonesian subsidiary that is 85 percent owned by OCBC Bank. Its target clients are Indonesians with assets under management of more ... Read More »

LNG bunkering set to fuel a favourable future in Asia

Morocco to shortlist 3 firms for LNG imports deal

SINGAPORE: The liquefied natural gas (LNG) bunkering market in Asia is gearing up for growth in the next two to three years. This is largely due to the implementation of stricter environmental regulations across the globe to improve the emissions performance of shipping companies. In particular, the International Maritime Organisation’s (IMO) 2020 deadline for a fuel sulphur cap of 0.5 ... Read More »

Europe ruling creates new hurdle for EU-Singapore FTA

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SINGAPORE: In a landmark ruling, the European Court of Justice (ECJ) has ruled that the European Union’s free trade agreement (FTA) with Singapore, which was initialed in 2013, cannot be ratified at EU level and needs individual member state approval. The judgement has ruled that the consent of all EU-27 governments and parliaments is required for the bloc’s international trade ... Read More »

Third straight slide for Singapore shares over political turmoil

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SINGAPORE: Singapore shares slid for the third straight day, as the drama unfolding in Washington DC raised more questions on the United States’ political stability. Talks in the US capital that president Donald Trump may potentially face impeachment amid allegations of links with Russia stirred the markets worldwide, with the Dow Jones Industrial Average dropping 1.78 percent overnight. Singapore’s benchmark ... Read More »

Former Customs officer sentenced to prison on bribery attempt

jail

SINGAPORE: A former Singapore Customs investigation officer (IO) was sentenced to three months’ jail on Monday (May 15) for attempting to obtain from a woman bribes in the form of intimate acts. A district court found Jonathan Sasayiah, now 31, guilty of the offence after a 10-day trial. The court heard it happened after the woman was fined $500 for ... Read More »

Singapore seeks feedback on proposed Customs Act amendments

amendments

SINGAPORE: Singapore is inviting feedback on proposed amendments to the Customs Act. As well as textual changes following the release of the 2017 Budget earlier this year, amendments would clarify that: Duty will be collected on goods used or consumed in a Free Trade Zone (FTZ), approved landing place, or transit warehouse. This would be in line with the policy ... Read More »

Singapore MOF, Customs call for public feedback on proposed Customs Act changes

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SINGAPORE: The Ministry of Finance (MOF) and Singapore Customs are inviting the public to provide feedback on proposed amendments to the Customs Act. This includes proposed changes to cut down on data submission requirements for vessels, airplanes or trains arriving in or departing from Singapore. “This amendment helps Singapore Customs better manage the compliance requirements on freight companies, and preserves ... Read More »

Singapore Customs warns public about emails impersonating officers

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SINGAPORE: Singapore Customs has warned the public to be wary of e-mails claiming to have been sent by its officers asking for personal information. “Singapore Customs does not ask for confidential personal information through emails nor do we send official correspondence from personal email accounts such as Gmail, Yahoo, Hotmail or other unofficial email domains,” it said in a public ... Read More »

Singapore eyes strong business opportunities in Qatar

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SINGAPORE: The Qatar Financial Centre (QFC) successfully concluded its Singapore roadshow last week on 3 May 2017. Business leaders attended the event to learn how they can capitalise on the emergent business opportunities in Qatar and the Gulf region. The event is a response to burgeoning interest in the Middle East among companies in Singapore. Qatar is investing heavily in ... Read More »

Singapore’s Cosco Q1 net losses deepen to S$78.9m

Cosco Corp changes name to Cosco Shipping International (Singapore)

SINGAPORE: Net losses at mainboard-listed shipbuilder Cosco Shipping International (Singapore) deepened by 4.5 times, and it warned that weak conditions in the shipbuilding and offshore markets will continue to prevail. The loss attributable to equity holders ballooned from S$14.4 million in the first quarter of 2016 to S$78.9 million for the same period this year. This was due to losses ... Read More »

12 Indonesian men arrested for peddling non-duty paid cigarettes worth over $10k

Singapore ICA

SINGAPORE: Twelve Indonesian men have been arrested for immigration offences and the peddling of duty-unpaid cigarettes, according to the Immigration and Checkpoints Authority (ICA) on Friday (May 5). The men, aged between 18 and 41, were arrested on May 4 in Yew Tee Industrial Estate, in a joint operation involving ICA, the Singapore Police Force and Singapore Customs, according to ... Read More »

Singapore to be LNG bunker-ready by 2020

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SINGAPORE: Singapore has emerged as the preferred Asian liquefied natural gas (LNG) trading hub, according to a survey firm Deloitte. A poll of senior energy sector leaders found that four out of five voted Singapore as the country most likely to become the Asian LNG trading hub in the next five to 10 years. The poll was conducted at the ... Read More »

Singapore economic growth falls 1.9% in Q1

economy falling

SINGAPORE: Singapore is poised to end the year with a 1.9% economic growth, slightly lower than the 2% expansion in 2016. This is despite the strong 2.5% GDP growth print in Q1. According to BMI Research, this is due to Singapore being a trade-dependent economy. “Singapore’s external outlook is heavily dependent on the global environment and we expect the global ... Read More »

Singapore’s 2017 economic growth to dip to just 1.9%

low growth rate

SINGAPORE: Singapore is poised to end the year with a 1.9% economic growth, slightly lower than 2016’s 2% expansion. According to BMI Research, this is due to Singapore being a trade-dependent economy. “Singapore’s external outlook is heavily dependent on the global environment and we expect the global geopolitical climate to remain uncertain amid risks stemming from Brexit and a possible ... Read More »

Singapore’s StarHub Q1 earnings slips 21.3%

starhub-logo 280 x 183

SINGAPORE: Singapore’s StarHub reported a 21.3 percent slide in its first quarter net profit to S$73.1 million, due partly to a lack of income grant while operating revenue growth was flat. The second biggest telco operator in Singapore saw only 0.2 percent year on year growth to S$592.3 million in its revenue for the three months to March 31. But ... Read More »

Singapore, US reaffirm strong economic ties

singapore-us-flag

SINGAPORE: Singapore’s Minister for Trade and Industry (Industry) S. Iswaran and US Commerce Secretary Wilbur Ross reaffirmed robust and longstanding economic ties between Singapore and the US at a bilateral meeting on Monday, the Ministry of Trade & Industry (MTI) said on Tuesday (May 2). The ministers also discussed ways to facilitate business opportunities between their companies, MTI said in ... Read More »