But the hike in fuel prices in Malaysia will cause discomfort here SINGAPORE is not heading for a recession, said Finance Minister Tharman Shanmugaratnam, although fuel price increases in Malaysia would lead to discomfort. ‘From all indications we have at this point, I don’t think we’re heading for a recession. ‘But there will be discomfort on the ground,’ he said, speaking to Channel NewsAsia...
Finance Minister Tharman Shanmugaratnam on Sunday gave the assurance that Singapore is not heading for a recession. Speaking at a community event, Mr Tharman said, “From all indications we have at this point, I don’t think we’re heading for a recession. But there will be discomfort on the ground. Unfortunately, the fuel price increase in Malaysia does mean that vegetable, poultry and some other...
Chua Chu Kang residents will soon enjoy a new shopping experience. The 20-year-old Teck Whye Shopping Centre will soon undergo a major facelift. The 79 shops located at Blocks 137 to 146 in Teck Whye Lane will be improved at a cost of S$1.35 million. The upgrading comes under Hong Kah Town Council's five-year Town Renewal Plan. So the project will be fully funded by the town council and shop owners don't...
JTC will conduct a strategic review exercise in light of challenges from an increasingly globalised economic environment. According to JTC’s Chairman, Cedric Foo, this involves looking into maximising Singapore’s land use and boosting the industrial property market. JTC will also continue to undertake large-scale projects essential to Singapore’s growth. The theme at JTC’s 40th anniversary...
Indiabulls Properties Investment Trust has raised S$262 million from its initial public offering after pricing its units at S$1 each. This is at the lower end of its indicative range of S$1.00 to S$1.10. Analysts said the lower pricing could be a sign of a subdued IPO market. Indiabulls had offered 262 million units to investors. It also extended the closing date for its IPO to Friday, June 6. Based on...
Infrastructure firm Yongnam Holdings has won two more subcontracts worth a combined S$84 million for construction works at Marina Bay Sands Integrated Resort. The two contracts will see Yongnam build the structural steelworks for the resort's iconic lotus-shaped ArtScience Museum, casino and theatre podium. The latest deals come on the back of earlier contracts worth about S$178 million, announced in May...
Raffles Hotels & Resorts is set to open in Moscow in 2011. The 130-room Raffles Moscow will be managed by Raffles under a long-term contract that may last more than 20 years. An agreement was sealed with its partner ALT Corporation, witnessed by Senior Minister Goh Chok Tong who is currently on a visit to Moscow. Raffles Hotel said the new property will be located in Moscow's business district, near...
Indiabulls Properties Investment Trust has extended the closing date for its initial public offering to June 6. Analysts are reading the extension as a sign of a subdued market for IPOs. Indiabulls had offered 262 million units at a range of S$1.00 to S$1.10 each. If the units are priced at the top end of the indicative range, the IPO would have raised S$289 million. Based on the minimum offering price...
Across Asia, household wealth is estimated to be worth as much as US$16 trillion and there are signs that a greater portion of it is shifting to Singapore. This is according to VP Bank, which is the latest bank to receive a merchant banking licence here. The Liechtenstein-based private bank has set up shop in Singapore to target ultra-high net worth clients, both here and around the region. Currently,...
There continues to be strong demand for talent in the financial and accounting sector in Singapore. That's according to a series of polls conducted by global recruitment agency Robert Half International. The global survey included 5400 finance professionals from 18 countries. Out of the 300 hiring managers surveyed from Singapore, 40 per cent said they would expand their finance team within the next six...