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Mar 18, 2013

Singapore-based banks under pressure to hire more locals

SINGAPORE, March 18 (Reuters) – Banks and other firms in
Singapore are under pressure to hire more locals and give them
opportunities to advance as the government of the wealthy Asian
financial centre tries to contain public anger over its policy
to attract foreign talent.

Singapore, a small island-nation with few natural resources,
has historically been welcoming of foreigners who tended to take
up lower-paying jobs that were not popular with locals.

Mar 8, 2013

Singapore may tighten controls on foreign execs amid bias allegations

SINGAPORE, March 5 (Reuters) – Alleged bias against locals
accounted for half of the employment-related complaints received
in Singapore last year, in another sign that the city-state may
scrutinise more closely firms which are hiring foreigners to
fill higher-paying jobs.

The data provided to Reuters by the Tripartite Alliance for
Fair Employment Practices (TAFEP) comes amid growing unhappiness
among Singaporeans about the surge in foreigners over the past
decade.

Feb 26, 2013

Temasek-backed Mapletree raises $1.3bln pricing IPO at top end-sources

SINGAPORE/HONG KONG, Feb 26 (Reuters) – A real estate
investment trust backed by Temasek Holdings Pvt Ltd
raised $1.3 billion through its Singapore IPO, selling shares at
the top of a marketing range and becoming the city-state’s
largest REIT offering.

Mapletree Greater China Commercial Trust is set to be the
biggest Asia ex-Japan IPO s November 2012. The REIT is backed by
retail developments in mainland China and Festival Walk, an
up-market shopping center in Hong Kong’s Kowloon district.

Feb 25, 2013

Singapore budget hikes social spending, new curbs on foreign workers

SINGAPORE, Feb 25 (Reuters) – Singapore unveiled a budget
heavy on social spending on Monday and imposed new curbs on
companies hiring foreign workers as the city-state tries to
reduce its dependence on overseas labour and address a widening
income gap.

Singapore, the Asian base for many Western multinationals
and banks, has been trying to restructure its economy by getting
restaurants and other services firms to boost productivity and
curb their reliance on low-skilled foreign workers.

Feb 22, 2013

Singapore Q4 GDP beats forecasts, biomedicals overtake electronics

SINGAPORE (Reuters) – Singapore’s economic outlook brightened after fourth quarter growth was revised up substantially, with its young biomedicals sector contributing more to the economy than the electronics sector for the first time.

Singapore’s GDP expanded at an annualised rate of 3.3 percent in the fourth quarter from the preceding three months, turning around from the 4.6 percent contraction in the third quarter, according to revised seasonally adjusted data released by the Ministry of Trade and Industry on Friday.

Feb 22, 2013

Singapore’s economic outlook cautious despite fourth quarter recovery

SINGAPORE (Reuters) – The outlook for Singapore’s economy is “cautiously positive”, the government said on Friday, reiterating its growth forecast of 1-3 percent for this year after fourth quarter and 2012 gross domestic product data came in slightly better than expected.

Singapore’s trade-dependent economy grew 1.3 percent in 2012, a touch above the advance estimate of 1.2 percent, the Ministry of Trade and Industry said in a statement. In 2011, the economy grew 5.2 percent.

Feb 22, 2013

Singapore’s economic outlook cautious despite Q4 recovery

SINGAPORE (Reuters) – The outlook for Singapore’s economy is “cautiously positive”, the government said on Friday, reiterating its growth forecast of 1-3 percent for this year after fourth quarter and 2012 gross domestic product data came in slightly better than expected.

Singapore’s trade-dependent economy grew 1.3 percent in 2012, a touch above the advance estimate of 1.2 percent, the Ministry of Trade and Industry said in a statement. In 2011, the economy grew 5.2 percent.

Feb 19, 2013

Singapore, Malaysia agree to high-speed rail link

SINGAPORE, Feb 19 (Reuters) – Singapore and Malaysia moved
to strengthen growing economic ties on Tuesday with plans to
build a high-speed rail link by 2020 that will cut travel time
between the wealthy city-state and Kuala Lumpur to 90 minutes.

The neighbouring Southeast Asian countries also said they
would look for ways to intensify cooperation in developing the
Iskandar Malaysia economic zone that’s across a narrow strip of
water from Singapore.

Feb 7, 2013

Singapore Air net profit up, but outlook weak

SINGAPORE, Feb 7 (Reuters) – Singapore Airlines Ltd
reported a slightly weaker-than-expected 6 percent
rise in third quarter net profit as earnings from the sale of
aircraft and spares offset losses at its cargo unit, and it
warned of tough conditions ahead.

“The outlook for international air travel demand continues
to be challenging and the cargo market remains depressed amid
the troubled European economy and the weak recovery in the
United States,” the Singapore flag carrier said in a statement.

Jan 29, 2013

Singapore envisions 30 pct population jump as discontent rises

SINGAPORE, Jan 29 (Reuters) – Have more babies to build the
ranks of Singaporeans and get set for a construction boom but
accept heavier congestion and more foreign workers as the
crowded Asian city-state grows into a global centre with 30
percent more people.

That is the vision for Singapore set out on Tuesday by the
long-ruling government, just days after it lost a seat in
parliament in a by-election defeat that reflected rising
discontent over soaring costs and an influx of immigrants.