World’s largest rubber plant to be built in S’pore
German chemical maker Lanxess is investing some S$350 million in Singapore to build the world’s largest manufacturing plant for neodymium polybutadiene, a specialised rubber.
This synthetic rubber material is used for the manufacture of high performance and eco-friendly tyres.
The move comes as the company rides on the booming tyre market in Asia.
Lanxess estimates the eco-friendly tyre market would grow by an annual nine per cent globally.
Just one year after breaking ground for its butyl rubber plant in Jurong Island, Lanxess is giving its large-scale investment a follow-through.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1132627/1/.html
Singapore overtakes Hong Kong for expat costs
SINGAPORE has overtaken Hong Kong to become the third costliest economy in Asia for expatriates’ daily needs because of its strengthening currency, human resource firm ECA International said on Wednesday.
It said the Singapore dollar, which has surged by more than 10 per cent against the greenback, pushed the city-state to third place above Hong Kong, with Japan and South Korea remaining the two most expensive countries.
ECA International carries out a survey twice a year by measuring a basket of common items purchased by expatriates in more than 400 locations globally, such as dairy produce, vegetables, clothing and meals out.
The survey does not include housing, utilities, car and school expenses as these items can make a significant difference to costs but, the firm says, are often compensated for separately in expatriate packages.
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http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_677855.html
S’pore ranked as Asia’s leading global city: study
Singapore has been ranked as Asia’s leading global city, according to a study released by PricewaterhouseCoopers.
The study ranks cities of the world across a number of parameters such as ease of doing business and livability.
Though Singapore took the top spot for an Asian city, it finished in ninth place among all the 26 cities surveyed.
Results show Singapore to be doing well in key areas such as ease of doing business, economic clout, technology readiness and health, safety and security.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1135350/1/.html
Unemployment has improved to three-year low in Singapore
The unemployment rate and the ratio of job vacancies to job seekers have approached pre-recessionary levels. Cost pressures on businesses have emerged, amid a moderation in labour productivity growth.
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http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=368
Train finally arrives at Woodleigh MRT station
After 8-year wait Woodleigh station located in between Potong Pasir & Serangoon stations finally begin operations.
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http://www.channelnewsasia.com/stories/singaporelocalnews/view/1136068/1/.html
Marriage rates fall for the first time since 2003
THE number of marriages in Singapore dipped in 2010, while divorce cases crept up again.
The Singapore Department of Statistics released these figures in their annual Statistics on Marriages and Divorces for the year 2010, on Wednesday.
A total of 24,363 couples pledged to love and cherish their partners forever – a 6.6 per cent decrease from 2009 – and the first drop since 2003.
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http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_682936.html
CPI increased by 0.6 percent in May 2011
The higher cost of housing was partly offset by the lower costs of transport,
“recreation & others” as well as clothing & footwear. Housing cost increased
largely due to higher service & conservancy charges (S&CC) as rebates for S&CC
were given in April 2011 but not in May 2011.
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http://www.singstat.gov.sg/news/news/cpimay2011.pdf
Guide on setting up home for Next Gen NBN
From August, homeowners will get a guide on how they can set up their homes to tap on the ultra high broadband speed delivered over the Next Generation Nationwide Broadband Network (Next Gen NBN).
The guide is developed by the Infocomm Development Authority of Singapore (IDA). It will offer a summary and comparison of the commonly-used options to bringing fibre broadband access to different parts of the house via the Termination Point.
The guide will be made available to the public at IDA’s office, the Infocomm Experience Centre (iExperience) and online at IDA’s website www.ida.gov.sg.
Owners of new flats will receive their copies through the Housing and Development Board.
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http://www.channelnewsasia.com/stories/singaporelocalnews/view/1137138/1/.html
Government to commit S$400m on urban sustainability R&D
The government will commit S$400 million to spearhead research and development (R&D) in urban sustainability.
This was announced at the first ever Urban Sustainability Research and Development Congress on Monday morning.
The congress will see some 800 participants from government agencies, research institutes and the private sector discuss R&D responses to urban sustainability challenges.
The congress will bring together 12 government agencies, which will discuss R&D priorities in five key areas including Sustainable Urban Living, and Urban Ecology and Food.
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http://www.channelnewsasia.com/stories/singaporelocalnews/view/1137382/1/.html
CPF keeps 4% Special and Medisave Account interest rate
CPF members will continue to enjoy a risk-free interest rate of four per cent on their Special and Medisave Accounts (SMA) from July to September.
This is in line with the Government’s announcement made in September last year to maintain the four per cent floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until December 31 this year.
Savings in the SMA currently earn either four per cent or the 12-month average yield of 10-year government bonds plus one per cent, whichever is the higher.
An additional one per cent interest will continue to be paid on the first S$60,000 of a member’s combined balances, with up to S$20,000 from the Ordinary Account (OA).
The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings.
If the member is above 55 years old and participates in the LIFE scheme, the additional one per cent interest will also be payable on his annuity premium, less annuity payouts already made.
The additional interest earned on the member’s LIFE annuity monies will be paid into his RA.
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1137815/1/.html
Fuel tariffs to rise on back of high oil prices
HOUSEHOLD power bills are set to rise over the next three months due to the increasing cost of fuel.
Electricity tariffs will go up by an average of 6.8 per cent – the third quarterly rise in a row. And gas tariffs are set to climb by 9 per cent from next month.
The higher tariffs will add $2.13 to the average monthly electricity bill for a one-room HDB flat, and 86 cents to its gas bill. Families in four-room flats will pay $6.71 more a month on average for their electricity and $1.43 for gas.
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http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_685961.html
Real total wages rose by 2.7 per cent in 2010
The strong economy and the tightening labour market raised workers’ wages in 2010. This was in contrast to the situation in 2009 when employees endured salary freezes and wage cuts to help companies reduce business costs and save jobs during the recession. There was also progress made for restructuring wages in 2010, with nearly nine in ten employees under some form of flexible wage system. The flexible wage system has enabled employers to adjust wages to save jobs during the recession as well as to reward and motivate employees during the upturn.
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http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=371
New reservoirs to boost S’pore’s water supply
Singapore’s water supply received a boost with the opening of the Punggol and Serangoon Reservoirs.
This brings the total number of reservoirs in Singapore to 17.
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http://www.channelnewsasia.com/stories/singaporelocalnews/view/1138608/1/.html
Weaker Singapore economy posts just 0.5% Q2 growth
SINGAPORE’S economy grew weaker than expected, after it posted just 0.5 per cent growth in the second quarter of 2011, according to flash estimates by the Trade and Industry Ministry.
Manufacturing was the main drag on the growth rates, declining 5.5 per cent in the March to June period compared to 2010.
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http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_690504.html
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1140802/1/.html
S’pore investor confidence at one-year high
Singapore investor confidence has climbed to its highest peak since June last year, according to financial firm Friends Provident International (FPI).
It said in its July Investor Attitudes report that investor confidence, as measured by the Friends Investor Attitudes Index, rose to 21 points from 16 points a year ago.
More than 60 per cent of local investors surveyed believe that the Singapore investment market has improved in the last six months.
Meanwhile, 57 per cent believe that the markets will continue to improve over the next six months.
Gold and cash remain the two most favoured asset classes in the second quarter of this year.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1141565/1/.html
Inflation in Singapore climbs, up 5.2% in June
INFLATION is climbing, with June’s consumer price index (CPI) coming in at 5.2 per cent over the same period last year, close to January’s peak levels of 5.5 per cent.
This was flagged by the Monetary Authority of Singapore (MAS) last week. Mr Ravi Menon, managing director of the MAS, said that consumer prices will be above 5 per cent over the next few months, before trending down towards the end of the year.
According to the Department Of Statistics, the main contributors for the rising inflation are housing and transport costs – which make up 25 per cent and 16 per cent, respectively, of the CPI basket that is used to track price changes.
Housing costs rose 8.8 per cent year-on-year, due to pricer accommodation and electricity tariffs. Higher petrol and car prices also saw transport costs increase by 10.4 per cent.
Only the communications component saw a decrease of 1.6 per cent, as internet subscription fees fell.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_694760.html
Online registry launched for casual workers in hotel industry
The Singapore Hotel Association (SHA) has said the industry is experiencing an "acute manpower shortage", and the industry is increasingly looking to casual workers and part-timers to fill the gaps.
The severe manpower shortage is especially seen in housekeeping and F&B.
Together with the Employment and Employability Institute (e2i), the SHA has set up an online registry to link hotels with job-seekers interested in casual work.
more>>>
http://www.hotelparttimejob.com.sg/
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1142933/1/.html
Consumer price index fell in June
The consumer price index in June 2011 fell slightly by 0.2 per cent over May 2011,
primarily due to lower costs of housing as well as clothing & footwear. Excluding
accommodation costs, the consumer price index remained unchanged in June 2011.
more>>>
http://www.singstat.gov.sg/news/news/cpijun2011.pdf
Singapore has highest parking rates in SEA
SINGAPORE has the most expensive parking rates in South-east Asia, according to research released on Tuesday.
Singaporean commuters pay an average of US$24.59 (S$30.40) a day, compared to commuters in Tokyo who pay an average of $62 a day.
However, Singapore does not rank within the top 50 daily parking rates in the world.
The Colliers International Parking Rate Survey has Oslo at the priciest place to park at $89.04 a day, followed by Copenhagen at $73.11, and Melbourne at $69.53.
Jakarta has the cheapest daily parking of the 156 cities surveyed, at just 92 cents a day. — AFP
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_695236.html
S’pore shoppers becoming more price-sensitive
Singaporean shoppers are becoming more price-sensitive and value-conscious as they deal with the impact of rising costs of living.
According to Nielsen’s latest annual Shopper Trends report, 62 per cent of shoppers polled claimed they know the prices of most grocery items and noticed when price changes, making them the second most price-sensitive shoppers in Southeast Asia after Malaysia.
Overall, 63 per cent of Singaporeans indicated they are promotion-seekers when it comes to shopping for food, groceries and personal care items.
Twelve per cent of Singaporeans will change stores due to promotions, while 45 per cent of shoppers will search for promotions. Six per cent of shoppers said they will buy different brands on promotions.
The survey showed that the average household expenditure on food, groceries and personal care items is on a downward trend across all income groups.
Nielsen said this indicates that Singaporean shoppers are more cautious in their spending.
On average in 2010, households spent S$539 on food, groceries and personal care items monthly, of which over half is spent on fresh food.
This represents a seven per cent decline from 2009 and a four-year low.
Supermarkets continue to have the biggest market share (70%) as they remain the key channel for shoppers to buy their food items, followed by convenience stores (10%).
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1143289/1/.html
Jurong area to offer more retail options
The retail scene in the Jurong Gateway area is set to become more vibrant with the addition of Jem, developed by Lend Lease.
The Jurong Gateway area will soon be transformed, as it rides on the development of the surrounding Jurong Lake District.
While analysts do not expect rents in suburban malls to grow at rates above city malls, competition for space has seen tenants in city malls venture into the suburban fringes.
And Singapore’s third largest suburban shopping mall will be in Jurong Gateway.
Called Jem, the new mall will open in the second quarter of 2013, with 818,000 square feet of gross floor area, half of which is already leased out to anchor tenants including Cathay Cineplex, Robinsons and NTUC FairPrice.
The development will also have an office space tower with 345,000 square feet of gross floor area. The office space has been fully leased by three tenants – the Ministry of National Development, Agri-Food and Veterinary Authority and the Building and Construction Authority.
Lend Lease is targeting 20 million visits per year when Jem opens, tapping on the 20 per cent of Singapore’s population residing in that area.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1143431/1/.html
Unemployment up to 2.1% in second quarter
SINGAPORE’S unemployment crept up to 2.1 per cent in the second quarter of this year, from a three-year low of 1.9 per cent in the previous quarter.
The 22,800 jobs created between April and June represented a 19 per cent fall from the previous quarter and is a second consecutive quarter-on-quarter decline in employment growth.
The services sector alone accounted for the drop, with new jobs in that sector falling from 26,500 to 18,800. Job creation picked up speed in the other two sectors – manufacturing and construction.
more>>>
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_696457.html
http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=373
Last 12 stations of Circle Line to open on Oct 8
THE final 12 stations on the western arc of the Circle Line will open on Oct 8.
These 12 stations, which run from Marymount to Harbour Front, complete the 33.3km, 28-station Circle Line.
The fully-opened Circle Line is expected to relieve congestion on the North-South and East-West MRT lines by 10 to 15 per cent. Daily ridership is expected to be 400,000.
more>>>
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_697408.html
http://app.mot.gov.sg/News_Centre/Latest_News/NewsID/01810FFF6CF52639/Speech_by_Mr_Lui_Tuck_Yew,_Minister_for_Transport,_at_visit_to_New_Circle_Line_Stations,_01_August_.aspx
Consumer confidence at its lowest since 2010
CONSUMER confidence here has dipped to its lowest level since the beginning of last year amid concerns such as rising food prices weighing heavy on consumers’ minds.
The Nielsen Global Consumer Confidence Index for Singapore fell six points to 103 in the three months to June compared to the quarter before, heralding a potential slowdown in consumer spending, the firm said.
A number above 100 indicates positive consumer sentiment, while a figure below 100 indicates pessimism.
more>>>
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_698267.html
The place to be: Singapore beats all Asian cities as top convention venue
Singapore was named Asia’s Top Convention City and ranked fifth globally next to Vienna, Barcelona, Paris, and Berlin.
According to a Singapore Tourism Board release, 136 rotating events were held in Singapore in 2010, representing more than 14 percent growth over the events that qualified in 2009. STB also noted that Singapore attracted 3.1 million business travellers in 2010, which accounted for 27 percent of all visitors to Singapore, spending about S$ 5.4 billion.
more>>>
http://sbr.com.sg/hotels-tourism/news/place-be-singapore-beats-all-asian-cities-top-convention-venue
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