Singapore economy

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.

Micron and Singapore hold hands to ride the cycles

SINGAPORE (Aug 19): Micron Technology’s official opening of its expanded facility in Singapore comes right when the prospects of a technical recession has increased. For the city state, the price of hosting the US semiconductor giant is to widen the exposure of its economy to the volatility of this sector. When demand is strong, export figures enjoy a lift. The converse is happening now.

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Singapore banks primed for headwinds after earnings beat

SINGAPORE (Aug 2): Singapore banks delivered second-quarter profit that beat analysts’ estimates, indicating they are well placed to weather mounting pressures from a global economic slowdown and falling interest rates.

Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. posted surprise increases in net income for the three months ended June 30, results showed Friday. Larger rival DBS Group Holdings Ltd. earlier this week saw profit climb more than projected.

Trade war spurs recession risk in Singapore

SINGAPORE (July 25): The US-China trade war is threatening to drag export-reliant Singapore into a recession and aggravating underlying risks facing the former tiger economy.

Singapore’s economic data have gone from bad to worse this month. Exports slumped to their second-worst rate since the global financial crisis, the purchasing managers index slipped into contraction for the first time since 2016, and the economy shrank the most in almost seven years in the second quarter.

Bearing brunt of trade war, Singapore chipmakers cut jobs

SINGAPORE (July 24): Caught between a Sino-US trade war, political concerns over Chinese telecoms firm Huawei and slowing consumer demand, chipmakers in Singapore have started slowing production and laying off hundreds of jobs, firms told Reuters.

The slump in a sector that made up nearly a third of Singapore’s manufacturing output last year is reinforcing expectations that the export-driven economy could slide into recession in the coming months.

Singapore retail property battles online shopping exodus

SINGAPORE (July 24): Singapore’s malls are showing some resilience to the global hollowing out of physical retail by online shopping. The demographics of the smartphone generation are still against them, though.

Suburban middle-class shopping centers put up a strong show in CapitaLand Mall Trust’s quarterly earnings Tuesday. Their relative outperformance was an overarching theme in the results of Singapore’s biggest mall landlord, which offer a useful three-monthly check on the retail pulse and shifting consumption patterns in the city-state.

Cloudy with a chance of recession

SINGAPORE (July 19): Consecutive releases of depressing economic data have dampened sentiment and raised the spectre of Singapore’s falling into a recession. Policymakers and economists have recalculated their growth projections and the results are grim: The economy is forecast to expand as little as zero to 1% this year.

Yet, a downturn should come as no surprise. The protracted, tit-for-tat trade war between the US and China, as well as lingering global economic sluggishness, is bound to take its toll on Singapore’s small, very open and trade-dependent economy.

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