Monday, 2 Aug 2021

Economy

Singapore services, manufacturing firms stay optimistic on outlook, surveys show

SINGAPORE – The business expectations of Singapore firms in the manufacturing and services sectors remained positive, although manufacturing firms were less upbeat than they were three months ago. Their sentiments were captured in the latest quarterly surveys released separately by the Economic Development Board (EDB) and the Department of Statistics (SingStat) on Friday (July 30). […]

GIC joins Fortress bid for UK supermarket Morrisons

LONDON (REUTERS) – Singapore’s sovereign wealth fund has joined the Fortress-led private equity consortium making a recommended offer for the British supermarket group Morrisons, the companies said on Wednesday. Britain’s fourth largest supermarket has agreed to a takeover led by SoftBank-owned Fortress Investment Group, valuing it at £6.3 billion (S$11.8 billion). Two other private equity […]

Booming chip exports mask misery in Taiwan's services sectors

TAIPEI (BLOOMBERG) – The streets in Taipei’s high-end Xinyi area are usually filled with shoppers wandering the maze of interconnected department stores, diners waiting in long lines for popular restaurants, and families buying popcorn before watching a movie. Known locally as the capital’s “golden zone”, it is now largely empty even on sunny weekends. It’s […]

Yellen, Powell to discuss financial risks of hot US housing market

WASHINGTON (BLOOMBERG) – Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell are slated to discuss the hot US housing market and the risks it could pose to the financial system at a meeting with fellow regulators on Friday (July 16). The aim of the closed-door session: To make sure the US is not […]

UK's $1.7 trillion Covid-19 wealth gain went mostly to the rich

LONDON (BLOOMBERG) – Britain’s household wealth surged by £900 billion (S$1.7 trillion) during the pandemic, and much of that went to the richest people, a study by the Resolution Foundation showed. The figure is well above the Bank of England’s estimate for how much money consumers accumulated during lockdowns that shut most stores and prevented people […]

U.S. unemployment claims fall to 376,000, sixth straight drop

WASHINGTON — The number of Americans applying for unemployment benefits fell for the sixth straight week as the U.S. economy, held back for months by the coronavirus pandemic, reopens rapidly. Jobless claims fell by 9,000 to 376,000 from 385,000 the week before, the Labor Department reported Thursday. The number of people signing up for benefits […]

European investors prove picky even with inflation fears on hold

(BLOOMBERG) – Sales of new bonds in Europe’s primary market resumed at a brisk pace on Thursday, though investors appear increasingly price sensitive amid the first murmurings of an end to stimulus programs. Some investors walked away from AstraZeneca’s €800 million (S$1,292 million) bond deal on Wednesday, after the spread on offer was cut by […]

Indonesia may tax more wealthy individuals and top polluters to boost state revenue

JAKARTA (BLOOMBERG) – Indonesia seeks to cast a wider net to tax more high-income individuals and top polluters in a bid to replenish its state coffers. The Finance Ministry presented the proposals – which could be part of key reforms this year – to a parliamentary commission this week. The government needs to collect more […]

Singapore factory output expands for sixth straight month in April

SINGAPORE – Singapore’s manufacturing output continued its upward trend for the sixth straight month in April, supported by strong performance in the precision engineering and chemicals clusters and helped by a low base. Production increased 2.1 per cent year on year, according to data released by the Singapore Economic Development Board (EDB) on Tuesday (March […]