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Nov 2, 2012

Singapore Air Q2 profit falls 54 pct, says outlook challenging

SINGAPORE, Nov 2 (Reuters) – Singapore Airlines,
one of the world’s largest carriers by market capitalisation,
posted a 54 percent drop in quarterly net profit on Friday and
said the outlook remained challenging, made worse by high and
volatile jet fuel prices.

SIA earned a net profit of S$90 million ($73.8 million) in
the three months ended September, down from S$194 million a year
earlier, as both passenger and cargo yields fell.

Nov 1, 2012

Singapore’s GLP eyes $1.3 bln from Japan property trust

SINGAPORE, Nov 1 (Reuters) – Singapore’s Global Logistic
Properties Ltd, one of the world’s largest warehouse
operators, plans to raise $1.3 billion by setting up a real
estate investment trust (REIT) in Japan.

The group will set up its first real estate investment trust
with 30 properties valued at $2.6 billion. The Singapore firm
expects to raise net cash proceeds of $1.3 billion that it will
use mainly for projects in China and Japan.

Oct 21, 2012

Cheap as China and closer: Malaysia zone woos Singapore firms

SINGAPORE (Reuters) – When Tastyfood Industries decided to boost production to meet demand in Africa and the Middle East, the maker of Mr Cafe instant coffee and Vitamax cereal did not expand its Singapore factory or another one it owns in Xiamen, China.

Instead, it plans to close its Singapore plant next year and move up the road to Malaysia’s Iskandar economic zone, where it will set up a factory three times the size on low-cost freehold land and hire willing workers as cheaply as it can in China.

Oct 17, 2012

Singapore Sept exports disappoint on tech weakness

SINGAPORE, Oct 17 (Reuters) – Singapore reported a surprise
drop in non-oil domestic exports in September on Wednesday,
disappointing economists who had expected a slight recovery
after a strong performance by Taiwanese exporters last month.

The Southeast Asian city-state, whose trade is three times
the size of its economy, said non-oil domestic exports fell 3.4
percent in September from a year earlier, hurt by a 16.4 percent
drop in electronic shipments.

Oct 12, 2012

Singapore escapes recession, keeps tight monetary policy

SINGAPORE (Reuters) – Singapore defied forecasts on Friday by keeping monetary policy tight and allowing the local dollar to appreciate at its current pace, bucking the regional trend as it warned of persistent inflationary pressures in a slowing economy.

The trade-dependent economy contracted more than expected in the third quarter, and most economists had predicted an easing of policy as the island barely avoided a recession due to a revision to the second quarter numbers.

Oct 10, 2012

Singapore moves closer to getting yuan-clearing bank

SINGAPORE/HONG KONG, Oct 10 (Reuters) – Singapore has issued
full banking licences to two Chinese lenders, moving it a step
closer to getting a yuan-clearing bank that will let it compete
more aggressively with Hong Kong in the growing market for
yuan-denominated trades and financial products.

Singapore said in July it had agreed to give two Chinese
banks greater access to its retail market and that Beijing will
in turn allow one of the two banks to become a clearing bank for
yuan transactions.

Oct 8, 2012

World Bank flags China risks

SINGAPORE (Reuters) – The World Bank cut its economic growth forecasts for the East Asia and Pacific region on Monday and said there was a risk the slowdown in China could worsen and last longer than many analysts have forecast.

“Unlike the rest of the region, China is experiencing a double whammy — the growth slowdown is driven by weaker exports as well as domestic demand, in particular investment growth,” World Bank Chief Economist for East Asia and the Pacific Bert Hofman said at a briefing in Singapore.

Oct 8, 2012

World Bank cuts East Asia GDP outlook, flags China risks

SINGAPORE (Reuters) – The World Bank cut its economic growth forecasts for the East Asia and Pacific region on Monday and said there was a risk the slowdown in China could worsen and last longer than many analysts have forecast.

“Unlike the rest of the region, China is experiencing a double whammy — the growth slowdown is driven by weaker exports as well as domestic demand, in particular investment growth,” World Bank Chief Economist for East Asia and the Pacific Bert Hofman said at a briefing in Singapore.

Oct 5, 2012

Singapore takes new steps to cool housing, bank lending

SINGAPORE, Oct 5 (Reuters) – Singapore introduced on Friday
measures to prevent a bubble in its housing market and ensure
more prudent lending by banks after property prices rose at a
faster pace in the third quarter.

Beginning on Saturday, the maximum tenure of all new
residential property loans will be capped at 35 years, with
loans exceeding 30 years facing significantly tighter
loan-to-value limits, the Monetary Authority of Singapore (MAS)
said in a statement.

Oct 1, 2012

IATA raises profit outlook for world’s airlines

SINGAPORE, Oct 1 (Reuters) – The world’s airlines have
raised their profit forecasts for 2012 and expect improved
performance in 2013 as efforts by North American airlines to
trim capacity have boosted margins and demand in Asia has held
up despite a weak global economy, the International Air
Transport Association (IATA) said on Monday.

IATA, which represents about 80 percent of global carriers,
now expects the $630 billion airline industry to make a net
profit of $4.1 billion this year, up from an earlier forecast of
$3 billion but still less than half the $8.4 billion achieved in
2011.