Economy

Next victim of chip shortage will be your home internet router

TOKYO (BLOOMBERG) – Broadband providers are seeing delays of more than a year when ordering internet routers, becoming yet another victim of chip shortages choking global supply chains and adding challenges for millions still working from home. Carriers have been quoted order times as long as 60 weeks, more than doubling previous waits, according to […]

Economy

What is a global minimum tax and how could it affect companies, countries?

PARIS (REUTERS) – Treasury Secretary Janet Yellen has thrown the weight of the US government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation. Ms Yellen said on Monday (April 5) that she is working […]

Economy

Singapore SME business sentiment highest since pandemic began, with more hiring expected: Survey

SINGAPORE – Business sentiment among small and medium-sized enterprises (SMEs) is at its highest since the Covid-19 pandemic began, with firms looking beyond survival to seize new opportunities, according to a survey out on Wednesday (April 7). The survey, conducted between Jan 18 and Feb 26, polled more than 2,100 local SMEs. The sentiment index for […]

Economy

Singapore start-ups draw $5.5b of funding in 2020 despite Covid-19 challenges

SINGAPORE – Start-ups in Singapore raked in $5.5 billion of funding in 2020, despite the challenges of Covid-19. This figure, shared by Second Minister for Trade and Industry Tan See Leng on Tuesday (March 30), was lower than the funds garnered in recent years. But it demonstrates the resilience of Singapore’s investment landscape and gives […]

Economy

Suez Canal jam may further strain Singapore manufacturers amid shipping container shortage

SINGAPORE – The shortage of shipping containers, which has hit Singapore manufacturers in recent months, may be exacerbated by the jam at the Suez Canal. Shipping container costs have already jumped from anywhere between 20 to 200 per cent amid disruptions stemming from the Covid-19 pandemic, industry players told The Straits Times. Please subscribe or […]

Economy

Insurance premiums rising for Singapore businesses on Covid-19 risk aversion: Aon

SINGAPORE – Insurance pricing is increasing across most lines of business in Singapore as the industry reacts to recent losses and uncertainty over the coronavirus pandemic, according to a report by Aon. Insurers are also trying to limit potential losses by reducing or sometimes withdrawing their capacity to write new policies or renew them, said […]

Economy

Singapore factory activity expands for 8th straight month in February but at slower pace

SINGAPORE – Singapore’s manufacturing sector continued growing as factory activity recorded an eighth straight month of expansion in February, though at a slightly slower rate. The Singapore Purchasing Managers’ Index (PMI) – a key measure of factory activity – inched down to 50.5 from 50.7 on January, according to data released on Tuesday (March 2). A […]

Economy

Singapore to strengthen global business hub status and help firms, workers compete globally, says Chan Chun Sing

SINGAPORE- Singapore will strengthen its status as a global business and technology hub to ensure a sustainable recovery out of the Covid-19 crisis, Minister for Trade and Industry Chan Chun Sing told the Parliament on Tuesday (March 2). Responding to MPs on Tuesday (March 2) during the debate on his ministry’s budgets, Mr Chan said […]

Economy

GIC partners Chinese asset manager for Philips' home appliances bid: Sources

LONDON (REUTERS) – Singapore’s sovereign wealth fund GIC has teamed up with Chinese asset manager CDH Investments to submit a joint offer for the US$3.6 billion (S$4.8 billion) home appliance business of Philips, two sources told Reuters. The duo is facing competition from Asia-focused private equity firm Hillhouse Capital and a consortium of Citic Capital, […]

Economy

Canadian trade minister seeks closer ties, investments from Singapore manufacturers

SINGAPORE – It is in the mutual interest of Singapore and Canada to grow their trade and economic relations while working together on strengthening a global rule-based trading system, said Ms Mary Ng, the Canadian Minister for Small Businesses, Export Promotion and International Trade. “There are both an immense interest and an opportunity in strengthening the […]