Economy

S'pore job offers being cancelled amid recession: Recruiters

Job seekers in Singapore are seeing signed employment contracts rescinded as businesses cut back on hiring during the coronavirus pandemic-triggered recession, recruiters say. There was a spike in cases of companies cancelling job offers in late March and early April, said Mr Rob Bryson, managing director of recruitment agency Robert Walters Singapore. Unlike the global […]

Economy

US economy shrinks 32.9% in worst plunge since Great Depression

WASHINGTON ( BLOOMBERG, REUTERS) – The US economy contracted at its steepest pace since the Great Depression in the second quarter as the Covid-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus. Gross domestic product (GDP) collapsed at a 32.9 per cent […]

Economy

Singapore, China affirm economic ties, commit to keeping trade lines open amid Covid-19 outbreak

SINGAPORE – The Republic and China are committed to keeping global supply chains and trade lines open amid the Covid-19 pandemic. Trade and Industry Minister Chan Chun Sing and vice-chairman of the National Development and Reform Commission of China Ning Jizhe agreed over a video conference call on Monday (July 27) to “continue their support […]

Economy

Temasek portfolio value dips 2.2% to $306 billion amid Covid-19: Preliminary data

SINGAPORE – Temasek Holdings announced on Tuesday (July 21) a preliminary net portfolio value (NPV) of $306 billion in the year to March 31, a 2.2 per cent decline from the record $313 billion achieved a year ago. Its one-year total shareholder return (TSR) dropped to minus 2.3 per cent, from 1.49 per cent previously, amid fallout from the […]

Economy

Japan expected to compile next economic stimulus in fall, says PM Abe's ally

TOKYO (REUTERS) – Japan is expected to compile a stimulus package to boost the economy in the autumn, as its previous two packages were aimed at preventing firms and households from bankruptcy amid the coronavirus pandemic, a close ally of Prime Minister Shinzo Abe said. Akira Amari, head of the ruling Liberal Democratic Party’s tax […]

Economy

Singapore is second-easiest place in Asia to do business: Study

Singapore is in second place in a league table of ranking Asian economies on how easy it is to conduct business, but fares less well on a global scale. A study of 77 jurisdictions across the world looked at indicators such as legislation, accounting procedures, tax regimes and human resource rules. It put Singapore at […]

Economy

UK economy shrinks by record 20% in April from March under coronavirus lockdown

LONDON (BLOOMBERG) – The UK economy contracted by a record 20.4 per cent in April from the previous month as businesses and workers reeled under the lockdown designed to control the coronavirus pandemic. The contraction, which followed a 5.8 per cent drop in March, will prompt louder calls for the government to press ahead with […]

Economy

New woman billionaire emerges from another costly Asia divorce

HONG KONG (BLOOMBERG) – A new female billionaire has emerged from one of Asia’s most-expensive breakups. Du Weimin, the chairman of Shenzhen Kangtai Biological Products Co, transferred 161.3 million shares of the vaccine maker to his ex-wife, Yuan Liping, according to a May 29 filing, immediately catapulting her into the ranks of the world’s richest. […]

Economy

Hertz files for bankruptcy as car rentals disappear amid coronavirus pandemic

Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business. The Estero, Florida-based company’s lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline, triggering the filing in U.S. Bankruptcy […]

Economy

Singapore aims for cheap tests, vaccine to speed up economic recovery: Chan Chun Sing

SINGAPORE (BLOOMBERG) – Singapore Trade and Industry Minister Chan Chun Sing said a faster economic recovery from the coronavirus pandemic would depend on the availability of affordable, rapid test kits and the rollout of a vaccine. “If either one of these or both come about in the next few months, then I think there’s a much […]