Singapore Economy

Singapore's DBS surges to record on higher margins, capital return plans

DBS's net interest margin, a key profitability gauge, rose to 2.15 per cent during the quarter from 2.13 per cent a year earlier

Singapore concerned over increasing 'sham marriages' with foreign women

Singapore authorities are concerned over the increase in sham marriages or marriages of convenience between Singaporean men and foreign women, which most of the time involves a syndicate and could lead to social problems. The Immigration and Checkpoints Authority (ICA) has highlighted the concern and reported that "sham marriages" have increased to 32 cases between January and September last year compared to just four cases during the same period in 2023. A media report cited ICA as saying that arrests of people involved in "sham marriages" followed vigorous investigations into a suspected syndicate arranging such arrangements between Singaporean men getting paid for marrying foreign women. "Sham marriages" in Singapore often involve a foreign woman paying a Singaporean man money for a union to be arranged, so she can get a permit to stay or work here, reported The Straits Times on Sunday. A marriage of convenience is when two people tie the knot for the sole intention of acquiring

MAS fines JPMorgan $1.8 mn over misconduct by relationship managers

MAS said in a statement that JPMorgan Chase did not have adequate processes and controls to ensure that relationship managers adhered to pre-agreed spreads with clients

Tenants in Singapore may have upper hand in 2025 as leasing market cools

After jumping nearly 60 per cent in three years, the island-wide rental index has softened by 4 per cent over the last four quarters

Singapore hides repression, corruption, says son of its ex-PM Lee Kuan Yew

Singapore has become much more repressive, and corruption in the Asian financial hub has worsened in the decade since the death of former Prime Minister Lee Kuan Yew, according to his youngest son who fled to Britain to seek asylum from what he described as a campaign of persecution to silence him. Lee Hsien Yang, who has been granted political refugee status in the UK, told The Associated Press that Singaporean authorities have weaponised the country's laws against critics and that he is just the most prominent example of a growing number of Singaporeans fleeing abroad to seek protection from their own government. Lee cited a tightening of laws on security and rights of assembly and a sharp increase in the number of asylum-seekers from the city-state over the past decade under the rule of his estranged brother, Lee Hsien Loong, who was prime minister until he stepped down earlier this year. Singapore has this veneer that purports to be a sort of affluent, democratic, free country.

Singapore announces new measures to tackle money laundering activities

Singapore intends to flag and strike off companies that are inactive, increase data sharing across government agencies, and from next week educate non-regulated sectors

India's role in global economy offers opportunities for S'pore: SICCI chief

India's growing role in the global economy presents Singapore with opportunities for collaboration across economic, technological and geopolitical spheres, Singapore Indian Chamber of Commerce and Industry chairman Neil Parekh has said. The Indian-origin business leader's comments came as Singapore Prime Minister Lawrence Wong announced the elevation of the India-Singapore strategic partnership to comprehensive strategic partnership on Thursday. Parekh was speaking at the inaugural "Singapore India Forum The Next Phase" which was attended by some 350 members of the Singapore business community. By strengthening its relationship with India, Singapore can further solidify its position as a pivotal player in the evolving global landscape, given that the two countries have a long-standing partnership that has deepened over the years, Parekh said. "This strong relationship between both governments has fostered continuous engagement at multiple levels, between government entities and ..

Singapore economy grows 2.7%, fastest in 18 months as outlook improves

Separate data showed annual core inflation came in at 3.1 per cent in April, matching the rate in March

Ex-PM Lee lauds SICCI for aiding Singapore firms in Indian market outreach

The Singapore Indian Chamber of Commerce and Industry (SICCI) has helped strengthen economic links between Singapore and India by providing local firms with market outreach and advisory on the Indian market, former Prime Minister Lee Hsien Loong has said. These efforts have helped us to benefit from India's tremendous growth potential, Lee said in a farewell letter to the SICCI after relinquishing the premiership on Wednesday in a political leadership renewal process of the People's Action Party which has ruled the prosperous city-state for six decades. He noted SICCI's significant contribution to Singapore's economic growth, highlighting, You helped many local Indian firms grow their businesses through transformation, innovation, and overseas expansion. SICCI has also been a close partner of the government, providing valuable feedback on government policies, said Lee who led Singapore for 20 years and now sits as a senior minister in the Cabinet headed by Lawrence Wong -- sworn in

Wong to be sworn in as Singapore's PM as Loong bows out after 20 years

Singapore's deputy leader Lawrence Wong is set to be sworn in Wednesday as the nation's fourth prime minister in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. A US-trained economist, Wong (51), succeeds Lee Hsien Loong (72), who stepped down after two decades at the helm. Lee's resignation marked the end of a family dynasty led by his father Lee Kuan Yew, Singapore's charismatic first leader who built the colonial trading outpost into a business-friendly, affluent country during 31 years in office. Wong, a civil servant turned politician, came to prominence while coordinating Singapore's successful fight against COVID-19. But he wasn't the first choice for the top job. Heng Swee Keat, a former central bank chief and education minister, was the anointed successor but he withdrew his nomination in 2021. Wong was then picked by the ruling People's Action Party in 2022 to fill the vacuum and was quickly promoted to deput

Govt delegation visits Singapore to boost bilateral trade, collaboration

An Indian government delegation has visited Singapore to bolster trade relations and attract investment to the country. The delegation, led by Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh, engaged in productive discussions with high-ranking government officials in Singapore and participated in investor roundtables on Monday. Singh also addressed the India-Singapore Trade Roundtable on the Food and Machinery Sector, organised by the Federation of Indian Chambers of Commerce & Industry (FICCI) and the High Commission of India in Singapore, in partnership with the Singapore Business Federation. The event served as a platform for Indian and Singaporean businesses to explore avenues for enhancing trade, joint ventures, technology exchanges, and partnerships, a FICCI official said on Tuesday. The visit of the delegation was aimed at inviting investors to India and enhancing trade ties between India and Singapore, the official said. Singh .

DBS cuts CEO Piyush Gupta's pay by $3 million on digital banking outage

DBS shares rose as much as 2.8%, the most in six weeks, out-pacing the city-state benchmark stock index

S'pore committed to foster world where dialogue a path to resolve conflicts

Singapore is deeply committed to fostering a world where the rule of law is upheld and where dialogue and negotiation are the chosen pathways to resolving conflicts and disputes, the country's President Tharman Shanmugaratnam has said. The prosperous city-state also supports stronger international cooperation to prevent crises from occurring, and to be prepared in advance for any shocks to the system when they do occur, the president on Saturday told 460 newly minted officers of the Singapore Armed Forces (SAF). In a speech at the officer cadet commissioning parade, the president noted that the foundations of the international order were under strain, just when the need for global cooperation and the rule of law was greatest. "On its part, Singapore continues to be deeply committed to fostering a world where the rule of law is upheld, and where dialogue and negotiation are the chosen pathways to resolving conflicts and disputes," he said. However, this ability to engage with other

94,332 Indians visit Singapore in October, highest after Indonesia, China

A total of 94,332 Indian tourists visited Singapore in October, up from 81,014 in the preceding month, according to a media report on Tuesday. India was rated as a third tourist-generating market for Singapore, overtaking Malaysia and Australia. "A total of 94,332 Indian tourists visited Singapore in October, up from 81,014 in the preceding month. It took over countries such as Malaysia and Australia," said the data released by the Singapore Tourism Board (STB). Malaysia, which came in fourth, with 88,641 tourist arrivals, down from 89,384 in September. Australia, which rounded out the top five, was the source of 88,032 visitors, down from 104,497 in the preceding month. So far in 2023, Singapore has welcomed some 11.3 million visitor arrivals, against the 12 million to 14 million arrivals that STB expects to hit in the full year, according to the media reports. Overall, Singapore's international visitor arrivals slipped month on month for the third consecutive month to 1,125,948

Infosys announces five-year extension of its JV pact with Temasek

India's second largest IT services company Infosys on Thursday announced a five-year extension of its joint venture collaboration with Temasek, a global investment firm headquartered in Singapore. The extension underlines the shared objective of creating impactful digital transformation and investing in digital talent in Singapore, a statement said, announcing that Infosys and Temasek have extended the digital services joint venture for a period of five years. Infosys Compaz -- Infosys-Temasek joint venture (JV) company -- has collaborated with large corporations in Southeast Asia on their digital transformation journeys, leveraging deep technology expertise across cloud, data and analytics, cybersecurity, digital, artificial intelligence (AI) and automation, among others. Meanwhile, Infosys in a filing said that based on the recommendation of the nomination and remuneration committee, its Board approved the appointment of Nitin Paranjpe as an additional and independent director ...

Singapore's policies present blueprint to address 'population ageing' issue

Ageing Singapore offers a blueprint for action

Climate change is Singapore's biggest challenge: Tharman Shanmugaratnam

Climate change is the biggest long-term crisis that Singapore faces and adapting to it will require infrastructural investments, the country's Indian-origin presidential hopeful Tharman Shanmugaratnam has said. Tharman, 66, resigned from public and political posts in July to run for the presidency and is likely to face a challenge from three other Chinese-origin Singaporeans who have submitted bids to contest the election. The Indian-origin former minister shared his knowledge of managing national reserves and explained how this experience will help him in his role as the president if he is elected. During the global financial crisis in 2008, precipitated by the bursting of the US housing bubble, Tharman said he was a finance minister and had proposed a draw of Singapore dollars 4.9 billion from the past reserves to fund a jobs credit scheme and a plan to encourage banks to lend money to businesses. For the second time, Tharman was a senior minister advising Prime Minister Lee Hsie

Singapore's GDP growth slows down to 3.8% in 2022 compared to 7.6% in 2021

In a breakdown, Singapore's manufacturing sector shrank by 3% year on year in the fourth quarter of 2022 and expanded by 2.6% in the whole year

Future Group trying to stall proceedings amid legal row with Amazon: SC

The Supreme Court said it 'was concerned' that the Future Group was trying to stall the proceedings before the Singapore Arbitral Tribunal

Manpower-short Singapore hopes foreign talent will 'anchor' in the country

Singapore, which is facing manpower shortage, hopes that the foreign talent will choose to "anchor" in the country and make it their home, but does not guarantee fast-track residency. "Granting PR (permanent residency) or citizenship to deserving global talent means that we can anchor them here to continue creating opportunities for Singapore and Singaporeans in the long run," Manpower Minister Tan See Leng told Parliament on Monday. Responding to a question, he said Singapore, though on a talent hunt globally, does not provide any guarantee or fast-track the PR (permanent residency) for employment pass or Overseas Networks and Expertise Pass holders. The minister was responding to an adjournment motion by Nominated Member of Parliament Raj Joshua Thomas, on building a global talent strategy. Thomas, a lawyer and the president of the Security Association Singapore, set out in the motion two main suggestions on how the government can bolster its global talent policy and ameliorate .