Page 2 - Singapore Economy

94,332 Indians visit Singapore in October, highest after Indonesia, China

A total of 94,332 Indian tourists visited Singapore in October, up from 81,014 in the preceding month, according to a media report on Tuesday. India was rated as a third tourist-generating market for Singapore, overtaking Malaysia and Australia. "A total of 94,332 Indian tourists visited Singapore in October, up from 81,014 in the preceding month. It took over countries such as Malaysia and Australia," said the data released by the Singapore Tourism Board (STB). Malaysia, which came in fourth, with 88,641 tourist arrivals, down from 89,384 in September. Australia, which rounded out the top five, was the source of 88,032 visitors, down from 104,497 in the preceding month. So far in 2023, Singapore has welcomed some 11.3 million visitor arrivals, against the 12 million to 14 million arrivals that STB expects to hit in the full year, according to the media reports. Overall, Singapore's international visitor arrivals slipped month on month for the third consecutive month to 1,125,948

Infosys announces five-year extension of its JV pact with Temasek

India's second largest IT services company Infosys on Thursday announced a five-year extension of its joint venture collaboration with Temasek, a global investment firm headquartered in Singapore. The extension underlines the shared objective of creating impactful digital transformation and investing in digital talent in Singapore, a statement said, announcing that Infosys and Temasek have extended the digital services joint venture for a period of five years. Infosys Compaz -- Infosys-Temasek joint venture (JV) company -- has collaborated with large corporations in Southeast Asia on their digital transformation journeys, leveraging deep technology expertise across cloud, data and analytics, cybersecurity, digital, artificial intelligence (AI) and automation, among others. Meanwhile, Infosys in a filing said that based on the recommendation of the nomination and remuneration committee, its Board approved the appointment of Nitin Paranjpe as an additional and independent director ...

Singapore's policies present blueprint to address 'population ageing' issue

Ageing Singapore offers a blueprint for action

Climate change is Singapore's biggest challenge: Tharman Shanmugaratnam

Climate change is the biggest long-term crisis that Singapore faces and adapting to it will require infrastructural investments, the country's Indian-origin presidential hopeful Tharman Shanmugaratnam has said. Tharman, 66, resigned from public and political posts in July to run for the presidency and is likely to face a challenge from three other Chinese-origin Singaporeans who have submitted bids to contest the election. The Indian-origin former minister shared his knowledge of managing national reserves and explained how this experience will help him in his role as the president if he is elected. During the global financial crisis in 2008, precipitated by the bursting of the US housing bubble, Tharman said he was a finance minister and had proposed a draw of Singapore dollars 4.9 billion from the past reserves to fund a jobs credit scheme and a plan to encourage banks to lend money to businesses. For the second time, Tharman was a senior minister advising Prime Minister Lee Hsie

Singapore's GDP growth slows down to 3.8% in 2022 compared to 7.6% in 2021

In a breakdown, Singapore's manufacturing sector shrank by 3% year on year in the fourth quarter of 2022 and expanded by 2.6% in the whole year

Future Group trying to stall proceedings amid legal row with Amazon: SC

The Supreme Court said it 'was concerned' that the Future Group was trying to stall the proceedings before the Singapore Arbitral Tribunal

Manpower-short Singapore hopes foreign talent will 'anchor' in the country

Singapore, which is facing manpower shortage, hopes that the foreign talent will choose to "anchor" in the country and make it their home, but does not guarantee fast-track residency. "Granting PR (permanent residency) or citizenship to deserving global talent means that we can anchor them here to continue creating opportunities for Singapore and Singaporeans in the long run," Manpower Minister Tan See Leng told Parliament on Monday. Responding to a question, he said Singapore, though on a talent hunt globally, does not provide any guarantee or fast-track the PR (permanent residency) for employment pass or Overseas Networks and Expertise Pass holders. The minister was responding to an adjournment motion by Nominated Member of Parliament Raj Joshua Thomas, on building a global talent strategy. Thomas, a lawyer and the president of the Security Association Singapore, set out in the motion two main suggestions on how the government can bolster its global talent policy and ameliorate .

Singapore resurgence draws big money, bubble fears with high cost of living

Below the surface, things aren't quite so rosy. As the government mints new long-term visas to attract more high-paid talent, it faces a delicate balancing act to keep its people happy

Singapore further tightens monetary policy, rises mid-point of its dollar

The Monetary Authority of Singapore (MAS) further tightened its policy stand by raising the mid-point of the Singapore dollar Nominal Effective Exchange Rate policy band to its prevailing level

Singapore sees GDP at lower end of forecasts amid war, supply chain woes

The Southeast Asian financial hub is often seen as a bellwether for global growth as international trade dwarfs its domestic economy

Singapore slightly upgrades Q4 GDP, keeps 2022 forecast for growth at 3-5%

Gross domestic product (GDP) grew 6.1% year-on-year in the fourth quarter, the Ministry of Trade and Industry (MTI) said, slightly higher than the 5.9% growth in the government's advance estimate

DBS Bank profit rebounds in Q4, seen gaining as rates outlook improves

'Guidance for 2022 is in line with our current inputs but for the credit costs, and is likely to be the next driver of positive earnings revisions,' Guha said in a note

Business investment into Singapore dropped 31% in 2021, Covid blamed

Commitments for investments in fixed assets such as facilities, machinery and other equipment shrank to $11.8 billion.

DBS posts third-quarter profit jump, Singapore banks flag recovery

Friday's result rounded out a robust quarter for Singapore banks

Singapore deputy PM steps aside as future PM, in succession setback

Heng, who will turn 60 this year, is set to give up his portfolio as finance minister at the next cabinet reshuffle, which local media said is expected in about two weeks.

Singapore's manufacturing output surges 8.6% on year in January 2021

The Singapore Economic Development Board (EDB) said that the country's manufacturing output increased 8.6 per cent year on year in January 2021, compared to the 16.2 per cent increase last December

Singapore's GDP to grow by 4-6% in 2021, showing signs of recovery

The economy will grow by 4.0 to 6.0 per cent this year, said the Ministry of Trade and Industry (MTI), sticking to its forecast announced in November last year

Business investments into Singapore rise 13%, highest in over a decade

Commitments by total business expenditure, whose major components include wages and rental, fell 24% to S$6.8 billion

Singapore set for slow recovery from pandemic after worst recession

Singapore marked its worst ever recession in 2020 due to Covid, although contraction moderated in the fourth quarter as the city-state lifted curbs, putting the economy on path to a slow recovery

Singapore Oct manufacturing unexpectedly falls 0.9% y-o-y, misses forecast

Singapore's industrial output unexpectedly declined 0.9% year-on-year in October, missing economists' forecasts, hurt by a plunge in transport engineering, official data showed on Thursday.