Republicans withhold support for US debt ceiling increase

WASHINGTON (AFP) – Republicans leaders in Congress on Tuesday (Sept 14) continued to withhold support for efforts by the Democratic majority to increase the United States debt ceiling. Treasury Secretary Janet Yellen warned last week that the government will run out of money next month unless lawmakers take action, and

China's factory activity expands at slower pace in August

BEIJING (REUTERS) – China’s factory activity expanded at a slower pace in August, while the services sector slumped into contraction, as coronavirus-related restrictions and high raw material prices pressure businesses in the world’s second largest economy. The official manufacturing Purchasing Manager’s Index (PMI) was 50.1 in August from 50.4 in

Dollar licking wounds, gold holds above US$1,800 as Covid-19 fears persist

SINGAPORE/BENGALURU (REUTERS) – The dollar was smarting on Tuesday following its sharpest one-day fall since May, though traders were wary of chasing the mood-driven move lower ahead of a Federal Reserve symposium that could map out an end to stimulus and asset purchases. The greenback dropped more than 1 per

Better-than-expected Q2 GDP lifts hopes of faster Singapore growth though Delta variant threat lingers

SINGAPORE – A smaller than expected quarter-on-quarter growth contraction in the April-June period, the gradual reopening of its borders and easing of Covid-19 curbs have raised hopes of a faster economic recovery for Singapore. But analysts warned that the path to the higher official growth forecast of 6 per cent

Real-time data suggest Asia's economy already feeling Delta hit

HONG KONG (BLOOMBERG) – Asia’s economies are already showing a hit from the surging Delta variant of Covid-19 as consumers stay at home and airplanes idle on the tarmac. Early warning signs are showing up in Google mobility data capturing the impact of government restrictions on movement. Flight capacity in

Economists see upgrade in Singapore's 2021 growth forecast

SINGAPORE – The health prognosis of Singapore’s trading partners will likely have a significant bearing on how its trade-dependent economy performs through the rest of 2021. However, the phased easing of Covid-related curbs will likely boost private consumption and help compensate for some of the possible loss in growth momentum

Tokyo shows an inflation pulse for the first time in a year

TOKYO (BLOOMBERG) – Tokyo consumer prices unexpectedly rose for the first time in a year, another sign of a recovering inflation pulse in Japan, though the pace of gains was far from the levels fuelling fears elsewhere in the world. Prices in Japan’s capital, excluding those for fresh food, ticked

Bitcoin reverses weekend rally to drop below US$40,000

HONG KONG (BLOOMBERG) – Bitcoin retreated on Monday (August 2) back below US$40,000 after climbing over the weekend to the highest levels since May. The largest cryptocurrency fell as much as 4.9 per cent and was trading at US$39,790 before noon in Hong Kong. Other virtual coins, including second-ranked Ether,

4 international companies to set up base in Singapore's Punggol Digital District, creating 2,000 jobs

SINGAPORE – Four international companies have confirmed their plans to set up base in Punggol Digital District, a move that will create over 2,000 tech jobs ranging from data analysts and solution engineers to artificial intelligence and blockchain developers. Minister for Trade and Industry Gan Kim Yong on Wednesday (July