But banks now have to deal with slowing economy A heart-thumping sub-prime ride for local banks may be nearing a halt after two quarters of hefty provisions for risky investments. But investors looking to banks repeating the double-digit earnings gain of recent years could be disappointed. A slowing economy is likely to put a squeeze on interest margins and earnings growth, suggesting 2008 could turn out...
Singapore Economy
Singapore has been increasingly attracting new citizens and permanent residents (PRs), who help sustain the country's economic growth. Deputy Prime Minister Wong Kan Seng said local Singaporeans alone are still not sufficient to meet the manpower demands here. He revealed the latest immigration statistics during the debate on the Prime Minister's Office budget on Wednesday. According to the figures,...
Senior Minister Goh Chok Tong said on Sunday Singapore has got its economic basics right so even in the face of a looming US recession, the country can cope. And it can also depend on the critical growth in China and India. He was speaking in an interview with South Korea's Arirang TV in Seoul. He said Singapore with its good budget, good economy and strong fundamentals can weather a US recession, even...
The sub-prime crisis in the United States has not affected investment flows within ASEAN countries. Trade and Industry Minister Lim Hng Kiang who was responding to a question from MP for West Coast GRC Ho Geok Choo, in Parliament on Monday, said feedback from companies show interest within the region remains strong. As at 2006, the total foreign direct investment (FDI) from other ASEAN countries to...
Singapore remains competitive in attracting key top talent despite the government's decision to keep personal income tax rates unchanged, according to tax experts. However, they say Singapore may be losing ground on the non-tax advantages it has been banking on, such as housing and education. The persistent air pollution in Hong Kong has sent expatriates to Singapore's shores. That is despite Hong Kong...
The inaugural Formula One Grand Prix in Singapore will give the island's economy a significant boost. F1 supremo Bernie Ecclestone is convinced the first night race on a downtown street circuit is where multi-billion-dollar business deals will be sealed from September. Apart from an estimated 40,000 tourists visiting the island during the race, the 77-year-old told TODAY in an exclusive interview from...
Singapore's economy is expected to grow by 4 to 6 percent this year, down from the previous forecast of 4.5 to 6.5 percent. The downward revision is the result of deteriorating external economic conditions and greater downside risks, said the Trade and Industry Ministry, in a report on Thursday morning. According to the report, current conditions suggest that the US will likely enter a mild recession in...
Singapore’s economy expanded 5.4 percent on-year in the fourth quarter, falling short of the advance estimate for 6.0 percent growth, said the Ministry of Trade and Industry in a statement. Singapore’s gross domestic product fell 4.8 percent in the fourth quarter from the third on a seasonally adjusted and annualised basis compared to an initial estimate for a 3.2 percent decline. The economy...
Minister Mentor Lee Kuan Yew believed Asia will not go into recession, citing not only strong growth in China and India, but also the strength of commodity prices boosting growth in Malaysia, Brunei and Indonesia. Speaking to some 1,200 people at the Tanjong Pagar Lunar New Year dinner on Monday night, Mr Lee said Singapore is at the centre of the world's highest growth region, and is in a period of...
Prime Minister Lee Hsien Loong has urged Singaporeans to brace themselves for further uncertainties. In his Lunar New Year message, Mr Lee said the "Year of the Rat" begins under challenging circumstances. But he added that there's reason to remain confident because Singapore is in a strong position to weather any storm. Turbulence in the financial markets worldwide has shaken consumer and investor...