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News Tag: Singapore

July 14, 2011

Singapore’s economy disappoints in Q2

by Kay Mitchell

January 24, 2011

Standard Chartered in GE Singapore purchase

by Kay Mitchell
London-based emerging markets bank, Standard Chartered, has purchased GE Money’s specialist car and personal loans business in Singapore. The deal will further strengthen the Asia-focused bank’s operations in Singapore. While financial details were not disclosed, sources close to the transaction said the bank was paying “just under” one billion Singaporean dollars. The acquisition will be subject to regulatory approval and is due ...

January 3, 2011

Singapore announces record economic growth

by Kay Mitchell
The Singapore economy grew at a record pace in 2010, driven by a sharp rise in manufacturing activity, official figures have revealed. The economy expanded by 14.7% last year - performing strongly after a 1.3% contraction in 2009 and cementing its position as the fastest growing Asian economy in 2010. The economy grew by 12.5% in the final quarter - boosted by a 28.2% ...

June 15, 2010

Islamic finance to outpace conventional banking

by David Masters
Islamic finance to outpace conventional banking
Islamic finance is set to grow at double the pace of the conventional banking sector, Singapore's finance minister has claimed. Lim Hung Kiang said he expects the sector to break through the $1 trillion mark in total assets by the end of 2010. Speaking yesterday at the World Islamic Banking Conference Asia Summit in Singapore, Lim said increased take up in Islamic banking ...

April 15, 2010

China’s economic growth surges ahead

by Kay Mitchell
China's economic growth surges ahead
China's economy, which is the world’s third largest, expanded at an annualised rate of 11.9% in the first three months of the year. The news comes just a day after the Trade and Industry Ministry announced that Singapore’s economy saw first quarter annualised growth of 32.1% – compared with a 2.8% fall in the previous quarter. Growth in both economies has been driven ...

April 14, 2010

Singapore economic growth surges ahead

by Kay Mitchell
Singapore economic growth surges ahead
The Trade and Industry Ministry today announced that Singapore’s economy saw first quarter annualised growth of 32.1% - compared with a 2.8% fall in the previous quarter. According to the Ministry, the growth was driven by manufacturing activity and the central bank has therefore raised its 2010 growth forecast to between 7% and 9%. The figures come just a few months after ...

August 14, 2009

Hong Kong exits recession

by Kay Mitchell
Hong Kong has emerged from recession after the economy grew 3.3% in the second quarter. The seasonally adjusted 3.3% compares with a revised contraction of 4.3% for the first quarter of the year. The news follows that of Singapore, France and Germany, who have also emerged from recession. Singapore’s economy grew an annualised 20.7% in the April to June period, while France and Germany economies ...

April 16, 2009

China reports GDP for Q1

by Kay Mitchell
The National Bureau of Statistics (NBS) has revealed that China’s economy slowed to 6.1% in the first three months to the end of March - the weakest growth since quarterly records began over 16 years ago. In the last three months of 2008, growth was 6.8% and China’s Government is hoping to achieve annual growth of 8%. In comparison, from 2003 to 2007, ...

April 14, 2009

Singapore’s poor GDP results suggest bad news for Asia’s export-dependent economies

by Kay Mitchell
The Ministry of Trade and Industry (MTI) has revealed that Singapore's economy contracted by 19.7% for the January to March period - the largest quarterly contraction on record. The MTI said the economy's performance was much worse than expected and comes despite efforts of boosting economic activity, following the country’s £8.6 billion stimulus package, announced ...