Category: Business

Experts predict contraction in 2023, with recovery expected in 2024 amidst challenging global conditions.SINGAPORE: Singapore’s non-oil domestic exports (NODX) are heading towards their worst performance in over two decades. Selena Ling, Chief Economist and Head of Global Markets Research and Strategy at OCBC, forecasts a year-end contraction of -12.5%, marking the steepest decline since 2001. …

Temporary policy aims to stabilize rents and optimize housing use until 2026.SINGAPORE: Starting Jan 22, 2024, the maximum number of unrelated occupants allowed in larger public and private homes in Singapore will temporarily increase from six to eight. This adjustment, announced by the Housing and Development Board (HDB) and the Urban Redevelopment Authority (URA), is …

A closer look at why new entrants thrive in a small but dynamic market.SINGAPORE: In most parts of the world, the insurance industry is dominated by long-standing giants with significant economies of scale, often leaving little room for new players. Yet, Singapore's insurance market has proven to be a notable exception, with fresh entrants achieving …

Deputy Prime Minister Lawrence Wong meets Chinese Premier Li Qiang in Beijing to advance bilateral collaborations and sign key agreements.BEIJING: Chinese Premier Li Qiang emphasized China’s commitment to deepening its partnership with Singapore during a bilateral meeting with Singapore’s Deputy Prime Minister Lawrence Wong on Wednesday (Dec 6). The two leaders discussed advancing collaborations following …

Singapore's first bank-led legal action seeks to recover substantial mortgage and credit card debts tied to a major financial scandal.SINGAPORE: Oversea-Chinese Banking Corporation (OCBC) has initiated a groundbreaking lawsuit against Su Baolin, a suspect in Singapore’s high-profile money laundering case, seeking to recover $19.7 million. This marks the first instance of a financial institution in …

Tight labour market and inflation contribute to declining wages, with hopes for recovery in 2024.SINGAPORE – Real median income for Singaporean and Permanent Resident (PR) workers declined by 2.3% year-on-year in 2023, according to preliminary labour force data released by the Ministry of Manpower (MOM) on Thursday (Nov 30). Workers at the 20th-percentile wage level …

Budget hike targets military modernization amid rising geopolitical tensions.JAKARTA – Indonesia's defence spending is set to rise by 20% in 2024, a move approved by outgoing President Joko Widodo to address the nation’s military hardware needs amidst escalating geopolitical tensions. Finance Minister Sri Mulyani Indrawati announced the increase on Wednesday (Nov 29) during a press …

The Workers’ Party MP proposes reforms to alleviate the rising cost of transportation for families and low-income households.SINGAPORE: Workers’ Party MP Jamus Lim (Sengkang GRC) has emphasized that the escalating prices of the Certificate of Entitlement (COE)—a requirement for vehicle ownership in Singapore—affect not only the wealthy but also regular families and individuals across all …

Wall Street rallies while expectations of peaked U.S. interest rates boost market sentiment worldwide.NEW YORK/SYDNEY – The U.S. dollar fell to its weakest point in over two months on Monday, fueled by growing expectations that U.S. interest rates have peaked. Meanwhile, Wall Street's major stock indexes closed at multi-month highs, buoying global markets.Equities across the …

Once a top 10 contender, Singapore faces challenges in inclusiveness, economic security, and cost of living in the latest Global Remote Work Index.SINGAPORE: Singapore has witnessed a dramatic decline in its ranking as a prime destination for remote work, slipping from 9th place last year to 28th in 2023, according to the latest Global Remote …