Singapore economy

Singapore economy shows some signs of hope as trade war drags on

SINGAPORE (Sept 10): It may not be all doom and gloom for Singapore’s economy.

Recent data and anecdotal evidence suggest gross domestic product will probably grow in the third quarter after shrinking in the previous three months, according to economists including Chua Hak Bin at Maybank Kim Eng Research and Barnabas Gan at United Overseas Bank.

That would mean the city state will narrowly avoid a technical recession, commonly defined as two consecutive quarters of contraction.

Economists in MAS survey forecast slower 0.6% growth for 2019 on trade tensions

SINGAPORE (Sept 4): Economists are lowering their forecasts for Singapore’s gross domestic product growth amid macroeconomic uncertainty as trade tensions between the US and China continue to rage on.

In the Monetary Authority of Singapore’s September survey of professional forecasters, some 23 economists and analysts who closely monitor the Singapore economy forecast GDP growth to slow to 0.6% for 2019 from 2.1% in a previous survey.

Tech support: Singapore seeks foreign talent for key sector as economy stumbles

SINGAPORE (Sept 2): Singapore is pursuing more foreign tech talent as it ramps up efforts to grow the sector, its trade minister said on Monday, adding that locals would also benefit from the plans amid concerns about preserving jobs as the economy sours.

Login to read: The deep tech void

Slowing tourist arrivals for now but new attractions, limited rooms to benefit hospitality REITs ultimately

SINGAPORE (Aug 28): In 1Q19 ended March, Singapore saw international visitor arrivals grow 1% to 4.7 million visitors while tourism receipts fell 4.8% y-o-y to $6.5 billion, according to data from the Singapore Tourism Board (STB). Meanwhile, gazetted hotel room revenue grew 4.3% to $1 billion.

Across the different components of tourism receipt, Accommodation, Food & Beverage, Shopping and Sightseeing, Entertainment & Gaming fell by 12%, 7%, 7% and 3% respectively.

Singapore services sector revenue grows at a slower pace in 2Q19

SINGAPORE (Aug 27): Singapore’s services sector revenue rose 2.8% in 2Q19 compared to 2Q18, according to the latest Business Receipts Index (BRI) released by the Department of Statistics on Tuesday.

This was slower than the 3.4% y-o-y growth recorded in 1Q19 and 4.1% y-o-y growth in 4Q18.

The BRI for the services sector measures the short-term changes in the amount of business or operating receipts on a quarterly basis.

In a world of negative yields, Singapore still pays interest

(Aug 26): Singapore is offering a rare opportunity to buy positive-yielding quality bonds in a world that’s rapidly turning negative.

The city state, which pays the highest returns among economies that have AAA credit ratings from all three major agencies, will sell reopened July 2029 government debt worth $2.9 billion on Wednesday, the second-largest amount on record for 10-year tenors.

Singapore isn’t immune to the underlying trends in global bonds and the sale has to overcome the challenge of a yield curve that’s near the flattest on record.

Demand for tech jobs up 20% on shortage of e-commerce, digital marketing and data science talent

SINGAPORE (Aug 23): The number of tech jobs posted over the past 12 months has increased 20%, according to the latest salary benchmark 2019 report by recruitment agency Michael Page.

The report identified a high demand but shortage of supply for specialised e-commerce, digital marketing and data science local talent, especially when companies are seeking leaders who have the ability to drive digital strategy while anticipating technology disruptors.

Expansion beyond Singapore should help HRNetGroup mitigate slowdown

SINGAPORE (Aug 23): Recruitment firm HRNetGroup is expanding into other countries to make up for Singapore’s shortcomings both as a small state as well as in the face of a slowing economy.

The group saw its 2Q earnings fall 11.5% to $11.5 million from $13.0 million the preceding year, on the back of lower margins from its flexible staffing segment.

Slowing Singapore economy drives profit drop as trade war bites

(Aug 21): Singapore’s slowing economic growth has started to hurt company earnings as a trade war intensifies between its two biggest trading partners.

By one measure, companies in the benchmark Straits Times Index posted their first profit decline in six quarters in the three months ended June, according to data compiled by Bloomberg. Meanwhile, 23 of the 30 stocks in the gauge saw cuts in earnings estimates after reporting quarterly results, according to Credit Suisse Group AG.

Hong Kong unrest sends gold investors to seek haven in Singapore

(Aug 19): Escalating political turmoil in Hong Kong is spooking some gold investors.

J. Rotbart & Co., which helps customers buy, store and transport precious metals, says it has seen an increase in demand for gold storage in Singapore from new clients -- even when they’re based in Hong Kong or mainland China. In the last 10 weeks, the breakdown of requests has skewed to around 75% for Singapore and 10% for Hong Kong, compared with a split of about 50-35 previously, said Joshua Rotbart, who runs the bullion house, which services high net-worth individuals, from Hong Kong.

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