Singapore GDP down 12.6% in Q2, taking country into technical recession, flash figures show SINGAPORE'S gross domestic product (GDP) plummeted 12.6% year on year in the second quarter, bringing the country into a technical recession, as Covid-19 "circuit-breaker" measures hit hard and external demand stayed weak amid the global downturn, according to Ministry of Trade and Industry (MTI)...
Economy
Rolls-Royce to cut quarter of Singapore workforce Estimated 240 affected staff mostly in technical roles; company earlier announced worldwide reduction of 9,000 jobs!! BRITISH engine-maker Rolls-Royce will shed 24% of its workforce in Singapore amid expectations that demand for civil aerospace engines and aftermarket services will take several years to recover from the effects of the pandemic. The...
Demand down, costs up, but builders will rein in bids Contractors have to fill order books but are unable to pass on additional costs of measures to ensure safe workplace SINGAPORE contractors are facing a double whammy – plunging demand due to the Covid-19 pandemic while needing to fill their order books but without being able to pass on all the additional costs of measures to ensure a safe...
Fear of missing out? Beware agents' hype on new home sales and prices THERE has been much hype generated by some property agents about the relatively strong primary-market private housing sales volumes during the recent "circuit breaker" lockdown period - despite restrictions that curtailed developers' ability to launch new projects. Some agents are also telling potential buyers that while...
May new home sales rebound with more local buyers drawn to lower quantums Some consultants believe there will be recovery in the later half of 2020 with pent-up demand for new homes MORE locals braved the circuit breaker last month to buy their dream homes though most were prudent in their decision. Developers in Singapore sold 486 new private homes in May, a sharp 75.5% rebound from 277 in...
Investors face property dilemma created by Covid-19 Lockdowns have dented values and rental prospects of properties, making investment a big gamble. The coronavirus pandemic has emptied offices and shuttered shops but filled warehouses and highlighted demand for work-from-home spaces, leaving investors wondering if they should flee real estate or double down on their bets. Property has...
Working from home should be default mode for all companies after 'circuit breaker', says MOM When the "circuit-breaker" ends, all companies - including those resuming operations in the first 2-phases of the economy's re-opening - should adopt working from home as a default option. This means that employees who have been working from home must continue to do so, and should go to the office only...
Aviation's darkest hour Airlines, airports, and aircraft makers are under siege. How will they emerge, and what lies ahead in the future of flying? IN April last year, Changi Airport saw 5.58 million passengers breeze through its doors. This April, passenger traffic slumped by a staggering 99.5% as airlines cancelled flights and grounded planes, turning the airport into a ghost town. A similar...
Business outlook falls below 2008 crisis level to record low: poll SINGAPORE companies saw their worst levels of business since the Asian financial crisis in the first 3 months of 2020, as the deadly novel coronavirus pandemic forced the economy into hibernation. Despite a milder decline in end-2019 after 6 quarters of deterioration, sentiment fell much deeper into negative territory by mid-April,...
Berkshire sells majority of Goldman stake, trims JPMorgan Warren Buffett's Berkshire Hathaway Inc sold off most of its Goldman Sachs Group stake, a longtime holding that slumped nearly 33 per cent during the first quarter as the global pandemic roiled financial markets. The company cut its investment in JPMorgan Chase & Co by 3 per cent in the first quarter. Mr Buffett's company has been a...
