Economy

Amazon chief tops Forbes' US richest list for third year

NEW YORK • Amazon chief executive Jeff Bezos topped Forbes’ list of richest Americans for the third year in a row, while United States President Donald Trump’s ranking dropped as the coronavirus pandemic slammed his office buildings, hotels and resorts, the magazine said on Tuesday. The aggregate wealth of the Forbes 400 list rose to […]

Economy

China's services sector sustains recovery as hiring picks up

BEIJING (REUTERS) – The recovery in China’s service sector activity extended into a fourth straight month in August, an industry survey showed on Thursday (Sept 3), with companies hiring more people for the first time since January. The Caixin/Markit services Purchasing Managers’ Index (PMI) slipped to 54.0 from July’s 54.1, dipping for the second month […]

Economy

US jobless claims unexpectedly increase to more than 1 million

WASHINGTON (BLOOMBERG) – Applications for US unemployment benefits unexpectedly increased last week, a stumble for the labour market in its long road to recovery. Initial jobless claims in regular state programmes rose by 135,000 to more than 1.1 million in the week ended Aug 15, Labor Department data showed on Thursday (Aug 20). Continuing claims […]

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Job seekers in Singapore are seeing signed employment contracts rescinded as businesses cut back on hiring during the coronavirus pandemic-triggered recession, recruiters say.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 […]