Economy

South Korea employment nears pre-Covid-19 peak as economy recovers

SEOUL (BLOOMBERG) – South Korea came closer to recovering pre-pandemic employment as more people ventured out looking for jobs after the economy expanded at a faster pace than previously thought. The economy added 619,000 jobs from a year earlier, a third month of gains, the statistics office reported on Wednesday (June 9). The country has now […]

Economy

Renewable energy boom unleashes a war over talent for green jobs

MADRID (BLOOMBERG) – Clean energy giants are finding a shortage of workers with the skills needed to support their ambitious growth plans. The renewables jobs market is heating up and candidates with the right abilities are becoming harder to find, according to Miguel Stilwell, chief executive officer at Portuguese clean-energy firm EDP Renovaveis. The company […]

Economy

Yellen says higher interest rates would be 'plus' for US, Fed

WASHINGTON (BLOOMBERG) – Treasury Secretary Janet Yellen said that President Joe Biden’s US$4 trillion (S$5.3 trillion) spending plan would be good for the US, even if it contributes to rising inflation and results in higher interest rates. “If we ended up with a slightly higher interest rate environment it would actually be a plus for […]

Economy

S'pore semiconductor firms boost capacity amid global chip crunch

SINGAPORE – Local players in the semiconductor industry are ramping up production capacity amid a worsening global chip shortage sparked by high demand from consumer electronics and automobile firms. Singapore Semiconductor Industry Association (SSIA) executive director Ang Wee Seng told The Straits Times that the high demand is forecast to continue into next year with […]

Economy

Covid-19 resurgence turns Singapore growth outlook murkier

SINGAPORE – The jagged pace of recovery, marred by Covid-19 resurgence in Singapore and elsewhere, has clouded the growth outlook. The progress in vaccination, especially in major economies like the United States and China, raises hope that external demand will hold and continue to lift Singapore’s trade-dependent manufacturing sector that has so far led the […]

Economy

Professional, administrative and support services in S'pore to see muted recovery in 2021

SINGAPORE – The professional services and administrative and support services sectors are expected to recover this year, but are unlikely to reach pre-pandemic levels given the continued sluggishness of the travel and construction industries. Slow lifting of international travel restrictions is expected to weigh on the recovery of some professional services segments – such asbusiness […]

Economy

Central banks running out of options as recovery falters in Asia

MANILA (BLOOMBERG) – Asia’s surging coronavirus infections and slow pace of vaccinations is testing the limits of what central banks can do to further support what, until recently, had been the world’s stand out economic recovery. With interest rates already low, the likely policy response will center on more government borrowing, relegating central banks to […]

Economy

Yankee Candle distributor bracing itself for tough times ahead

SINGAPORE – The raft of government support and other relief measures last year helped get the local distributor of Yankee Candle through what has been annus horribilis for many retailers, but even more challenging times may lie ahead. The ending of rental rebates and the winding down of the Jobs Support Scheme (JSS) are posing […]

Economy

Fed officials aren't ready to remove supports yet

WASHINGTON (NYTIMES) – US Federal Reserve officials on Tuesday (May 11) stood by their strategy of waiting to see further improvement in the labor market and broader economy before removing monetary support, even as some on Wall Street criticized their policies for being too complacent in the face of rebounding growth. “The outlook is bright, […]

Economy

Yellen says US interest rates may have to rise if economy heats up; comments roil markets

WASHINGTON (AFP) – US interest rates may have to increase “somewhat” to keep a lid on inflation if President Joe Biden’s latest spending proposals are enacted and the economy heats up, Treasury Secretary Janet Yellen said on Tuesday (May 4). But after her comments set off a mini-firestorm and sent stock prices tumbling, Ms Yellen […]