Remake of Remake of BFW2341 padlet by https://padlet.com/mhag0002/jok7sa111rtej47q Made with the best of intentions en-us 2020-05-31 17:43:10 UTC 2025-12-05 00:12:19 UTC hello@padlet.com https://padlet.net/icons/png/1f3c1.png mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603504901 Singapore is the 15th largest export economy in the world and the 4th most complex economy according to the Economic Complexity Index (ECI). In 2017, Singapore exported $320B and imported $293B, resulting in a positive trade balance of $27.2B. In 2017 the GDP of Singapore was $323B and its GDP per capita was $93.9k.

The top exports of Singapore are Integrated Circuits ($115B), Refined Petroleum ($43.1B), Gold ($10.3B), Computers ($7.37B) and Packaged Medicaments ($6.01B), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Integrated Circuits ($57.8B), Refined Petroleum ($44.7B), Crude Petroleum ($19.8B), Gold ($12.1B) and Computers ($7.1B).

The top export destinations of Singapore are Hong Kong ($60.8B), China($50.3B), Malaysia ($28.4B), Indonesia ($17.9B) and the United States($16.6B). The top import origins are China ($42.6B), Malaysia ($35.7B), Other Asia ($25.4B), the United States ($24.3B) and South Korea ($18.2B).

Singapore is an island and borders Indonesia and Malaysia by sea.
]]> 2020-05-31 17:43:29 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603504901 The trading industry in Singapore mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505033 Foreign investors interested in setting up a business in one of the largest and most prolific economic sectors of Singapore are advised to try the trading industry. Singapore is an international trading hub, as well as one of the friendliest countries in the world in terms of trading regulations.

Singapore is known for exporting various goods manufactured by local companies, among which the most appreciated are:

  • -          machinery and equipment, such as electronics and industrial appliances;
  • -          household products which range from textiles to various house appliances;
  • -          agricultural products, beverages, and foodstuff, as well as raw materials;
  • -          transport equipment and machinery, but also auto vehicles spare parts.
The regulations related to importing and exporting such products vary, however, if you are a foreign business and want to open a company in Singapore, our local consultants can advise you.

]]> 2020-05-31 17:43:40 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505033 Singapore’s exports mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505100 As mentioned above, Singapore is one of the largest exporters in the world and its main trading partners are China, Malaysia, Indonesia, Hong Kong, and Australia. As a percentage, 14% of Singapore ’s exports go to China,  Malaysia, and Indonesia import 12% each from companies in Singapore, as for Hong Kong and Australia, represent 7,5%, respectively 6% of the territory’s total exports. Other countries Singapore exports to are the United States, India, Japan and in Europe Singapore exports its products mostly in Germany, Belgium, the United Kingdom, and the Netherlands. When it comes to exported goods, on the top of Singapore’s list is refined petroleum that represents approximately 30% of all exported goods. Singapore also exports computers and computer spare parts, packaged medicines, and gold.]]> 2020-05-31 17:43:46 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505100 Singapore non-oil exports defy coronavirus disruption to surge 17.6% in March mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505237 SINGAPORE - Singapore's non-oil domestic exports (Nodx) did the unexpected in March by jumping 17.6 per cent, albeit from a low year-ago base.
Economists polled by Reuters were expecting exports to drop 8.9 per cent, with more and more countries enforcing a lockdown due to the Covid-19 outbreak and restrictions to business activity.
March's gain follows a revised 3.1 per cent increase in February, which also benefited from a low-base effect.
The surge in March exports was led by a 20.5 per cent rise in the shipment of non-electronics products. This came from non-monetary gold which swelled 242.5 per cent, specialised machinery (up 54.2 per cent) and pharmaceuticals (up 48.6 per cent).
Demand for physical gold has soared as a safe haven asset amid the volatile swings in financial markets. Non-monetary gold exports accounted for about 70 per cent of the growth in March Nodx.
DBS Bank’s senior economist Mr Irvin Seah appreciated gold’s contribution to overall export earnings but noted that the commodity has little impact on economic growth.
Exports of electronic products also grew, by 5.8 per cent, following the 2.5 per cent increase in the previous month, according to Enterprise Singapore data released on Friday (April 17).
Singapore electronic exports largely consist of parts and intermediate components used in final electronic products.
Hence, contributing the most to the growth in electronic exports in March were disk media products, integrated circuits (ICs) and parts of ICs that increased by 50.6 per cent, 6.7 per cent and 60.1 per cent respectively.
The upturn in IC shipments came after 12 consecutive months of decline amid the global electronics downcycle.
On a month-on-month seasonally adjusted basis, Nodx rose by 12.8 per cent last month, reversing February’s 4.7 per cent decline. This gain was helped by an increase in both electronic and non-electronic domestic exports.
However, most analysts are not optimistic about the outlook for exports, given the precipitous decline in global demand, with the world economy heading for its worst recession since the Great Depression in the 1930s.
Ms Selena Ling, OCBC Bank’s head of research and strategy, said: “Nodx is likely to underperform in April and possibly in the coming months as well. With the one-month circuit breaker, and coupled with the rising probability of an extension, there may still be downsides to come.” 
Oxford Economics’ analyst Sung Eun Jung expects a sharp deterioration in Singapore’s trade performance in the second quarter of the year, dragged down by weak global demand. 
“Given the developing global recession, we forecast Singapore’s exports and imports to contract further before rebounding in the second half of the year,” Ms Sung said.
Enterprise Singapore data showed that exports to most of Singapore’s top markets increased in March, except for Malaysia, Indonesia and China. The top export markets were Thailand, the United States and Japan.
Thailand and the US were also the biggest importers of gold from Singapore.
Singapore’s oil domestic exports in March contracted by 37 per cent year on year, following a 28.6 drop in February. Oil prices have plunged to a 17-year low with demand crashing as countries lock down in response to the coronavirus pandemic. 
Total exports declined by 0.6 per cent year on year in March, after the 2.4 per cent increase in February. Total imports were up 0.3 per cent, following a 9.4 per cent rise a month earlier.
]]> 2020-05-31 17:43:55 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505237 Imports and exports processed mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505426 Both local and foreign entrepreneurs are allowed to open companies in the import-export sector in Singapore. These can operate as companies which import or export products, or as trading companies which engage in both types of activities.

In order to open a trading company as a foreign investor in Singapore, the businessman will need to apply for a work permit and then start the company registration procedure. One will need to have a local address for the company and have the documents required for the Singapore company formation procedures drafted, notarized and filed with the Accounting and Corporate Regulatory Authority (ACRA).

As a trading company, the Singapore business will also need to register with the Customs Authorities in the city-state. Obtaining a GST number is mandatory in order to register with the Customs in Singapore.

The trading company can operate in Singapore or in one of its free zones where certain customs duties apply for the import, export, and warehousing of certain products.

It must be noted that apart from the regular import and export licenses, there are certain categories of goods which require additional permits, based on the specific regulations applied by the Singapore Customs. These are called controlled goods. Among these products are:

  • -          high-tech products;
  • -          firearms;
  • -          foodstuff.
Foreign investors who want to set up trading companies in Singapore are invited to reach out to our local representatives for information and guidance. We can help them set up private limited companies in Singapore or any other type of company available for incorporation in this city-state.

]]> 2020-05-31 17:44:11 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505426 Imports in Singapore mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505561 It is a well-known fact that most Singapore imports are destined for re-export. On top of Singapore’s import list is petroleum that represents 35% of its total imports, followed by computer and computer spare parts that represent 10%. Singapore imports petroleum gas in smaller amounts. Singapore companies also import broadcasting equipment and office machinery. Most part of imported products by Singapore come from China and Malaysia and represent about 20% of the city’s total imports. Other trade partners are South Korea, Japan, and India in the Middle-East, but Singapore also imports from the United States, the UAE and Germany. In smaller percentages Singapore imports from other European countries such as Switzerland, France, and the United Kingdom.]]> 2020-05-31 17:44:20 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505561 Import and export incentives in Singapore mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505657 In order to encourage the trading industry, Singapore has enabled several incentives companies operating in the city-state on in one of its free zones may benefit from. Among these are:

  • -       the Licensed Warehouse Scheme Type 1;
  • -       the Licensed Warehouse Scheme Type 2;
  • -       the Zero-GST Warehouse Scheme;
  • -       the Temporary Import Scheme;
  • -       the Industrial Exemption Factory Scheme.
Our company formation agents in Singapore can provide you details about the incentives available for the trading industry and can also help you in registering your company. For assistance in opening a company in Singapore, please contact us.

 

]]> 2020-05-31 17:44:25 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505657 Singapore's module of exports and imports mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505752 2020-05-31 17:44:32 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505752 expectations mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505881
Imports in Singapore is expected to be 40800.00 Million SGD by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in Singapore to stand at 42000.00 in 12 months time. In the long-term, the Singapore Imports is projected to trend around 41500.00 Million SGD in 2021, according to our econometric models.

]]> 2020-05-31 17:44:42 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603505881 12th Dec 2019: mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603506789
  • DIY closes chain home-fix closed stores because of financial problems


    • 7% tax on Netflix and all the other overseas subscription services


    • Conflict of fake news law and freedom of speech
    ]]>     2020-05-31 17:45:49 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603506789     SGD and news mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603506877 SGD main news and headlines which affected the currency atmost.]]> 2020-05-31 17:45:55 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603506877 SGD and past mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603506957 The past pattern of Singaporean dollar is full of ups and downs, from changes in economy and laws to disputes with the only land neighbor Malaysia are the things which affected the currency.]]> 2020-05-31 17:46:01 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603506957 Sing Dollar rates mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507059 2020-05-31 17:46:08 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507059 mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507195 Singapore's non-oil domestic exports (Nodx) slumped 11.7 per cent last month, after a short-lived rise of 4.8 per cent in February, on the back of the biggest year-on-year drop for electronics exports since 2013.

    It was also the biggest year-on-year monthly fall in Nodx since the 12 per cent fall in October 2016. The 11.7 per cent figure was way worse than the 2.2 per cent drop expected by analysts polled by Bloomberg.

    Before February, exports had slid year on year for three straight months. March's dismal showing was led by the 26.7 per cent year-on-year plunge in electronics exports, following the 8.2 per cent drop in the previous month, which means that this sector has contracted for about a year.

    ]]>     2020-05-31 17:46:18 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507195     History mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507473
  • Singapore used the Straits Dollar from 1845 and 1939. It was replaced by the Malayan Dollar, which in turn was replaced by the Malaya and British Borneo Dollar in 1953. Singapore used this common currency until the monetary union between Malaysia, Singapore and Brunei broke down in 1965.
  • Singapore became independent in 1963, and issued its first coins and notes on April 7, 1967.
  • Singapore pegged its dollar to British Pound Sterling until the early 1970s, then to the US Dollar for a short period of time. From 1973 to 1985, Singapore pegged its currency against a fixed and undisclosed trade-weighted basket of currencies, reflecting its diversified trade links.
  • From 1985 onwards, the Singapore Dollar has floated within an undisclosed bandwidth, closely monitored by the Monetary Authority of Singapore (MAS) to guard against imported inflation and ensure that Singapore's exports remain competitive.

    • ]]>     2020-05-31 17:46:26 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507473     Sing Dollar Perception mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507657 The Singapore Dollar has hit a rough patch, hitting 1.40 against the greenback on recession fears and what might be the widest budget deficit since the late 90s. A lot is being thrown at the COVID-19 outbreak's impact on the economy, but will this punish the local currency even more? DBS Senior Currency Economist Philp Wee joins us on Forex Fridays to talk about the fate of the Sing Dollar, and why some safe havens are losing their luster.]]> 2020-05-31 17:46:40 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507657 31th Mar 2020 mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507748

  • Analysts expect volatility in USD/SGD in the near term



    • ERP AT MOST LOCATIONS TO BE SUSPENDED FROM APRIL 6

    ]]>     2020-05-31 17:46:46 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507748     6th Feb 2020: mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507851
  • 6th Feb 2020:SGD can ease without any off-cycle action by MAS

    • CORONA VIRUS: IMPACT ON AVIATION SECTOR WILL BE WORSE THAN SARS OUTBREAK, SAYS KHAW BOON WAN

    • ICA, HSA SEIZE MORE THAN $60,000 WORTH OF E-VAPORIZERS AND ACCESSORIES


    ]]>     2020-05-31 17:46:53 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507851     20th Feb 2020 mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507945

  • AUD dive to weigh on some Singapore listcos

  • Singapore dollar, South Korean won get dumped as virus cases rise

  • SINGAPORE BUDGET 2020: SINGAPORE AIMS TO RIDE STORM WITH EYE ON FUTURE, SAYS HENG SWEE KEAT
  • LEAK OF CLOSED-DOOR CHAN CHUN SING MEETING 'DEEPLY DISAPPOINTING' AND A 'BETRAYAL', SAYS SINGAPORE CHINESE CHAMBER PRESIDENT
  • CORONAVIRUS: BUSINESSES COUNT THE COST OF THEIR CONTINUITY PLANS






    • ]]>     2020-05-31 17:47:01 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603507945     28th Mar 2020 mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603508052

  • SGD bounces slightly after fiscal blast


    • Singapore's COVID-19 cases exceed 800 with 70 new infections

    ]]>     2020-05-31 17:47:07 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603508052     30th Mar 2020 mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603508223

  • MAS eases SGD appreciation to 'zero slope', lowers mid-point of policy band in one-two blow


    • SGD makes brief gains following MAS's monetary easing


    • Quick takes: MAS carefully nipped Singdollar strength in the bud, analysts say


    ]]>     2020-05-31 17:47:16 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603508223     Effect of Covid-19 on Singapore's Economy mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603508773 FITCH Solutions; a market research firm based in Singapore has projected the current account balance for Singapore in 2020 to shrink considerably due to the effects of the coronavirus pandemic. The country expects a surplus of 12.9 percent of GDP in 2020, down 4.4 percent from 17.3 percent of GDP in 2019.The downward trend would be attributed in part to a lower trade surplus for commodities, resulting from significant global economic turmoil caused by the Covid-19 pandemic.February,2020 also marked the lowest goods trade balance of S$1.9 billion since the global financial crisis of 2008/09.
    https://www.businesstimes.com.sg/government-economy/singapores-current-account-surplus-to-tumble-in-2020-due-to-covid-19-fitch

    ]]>     2020-05-31 17:47:54 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603508773     Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603508982 The Singapore dollar’s nominal effective exchange rate (S$NEER) is the exchange rate of the SingDollar managed against a trade-weighted basket of Singapore’s major trading partners. S$NEER is the main monetary policy tool used by MAS rather than interest rates. S$NEER is used by MAS as Singapore’s economy is heavily dependent on trade hence the exchange is more effective. The central bank will set the rate of appreciation of the Singapore dollar to 0%, in an attempt to support economic growth against a not so optimistic global economic perspective. Explaining this course of action MAS says "This is not a policy to depreciate the domestic currency, and only removes the modest and gradual appreciation path of the S$NEER policy band that was in place."

    ]]>     2020-05-31 17:48:12 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603508982     SIBOR expected to stay low for some time mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509122 The Singapore inter-bank offered rates are at the lowest in almost a decade. The SIBOR rate in May 2020 is approximately 0.6%. It fell to a record low of 0.25 in September of 2011. The global economic slow-down set off due to the Covid-19 pandemic continues to push down the cost of borrowing. Analysts say that although SIBOR was extremely low in 2011; it was only of a short period of time within which the economy was able to correct itself. Given the present circumstances it can be assumed that it is most likely going to be a long-drawn affair .




     
    ]]>     2020-05-31 17:48:21 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509122     Petrol and SGD mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509596 Oil price change indirectly impacts the local currency owing to its effects on fiscal deficit and current account deficit.
    The petroleum industry in Singapore is accountable for part of the country's economy, exporting about 68,100,000 tonnes (67,000,000 long tons; 75,100,000 short tons) of oil . Singapore is dubbed the undisputed oil hub in Asia.]]>     2020-05-31 17:48:46 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509596     Per Barrel Price mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509675 2020-05-31 17:48:52 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509675 SPM mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509771 Singapore Petroleum Company Limited, in short SPC, is a subsidiary of Chinese state-owned company PetroChina. It is involved in the exploration and production of petroleum, refining, trading and petroleum product distribution.]]> 2020-05-31 17:48:59 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509771 Role of the Petroleum Industry in Singapore's Economy mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509848 The oil industries in Singapore affects the economy in a number of ways. It contributes to the manufacturing output, export earning, investment expenditure, employment and government revenue. It also indirectly influences the trade and service sectors of the economy. How ever the industry itself is affected by international oi market and the external economic environment.

    Sharma, S. (1989). Role of the Petroleum Industry in Singapore's Economy (Vol. 67). Institute of Southeast Asian.]]>     2020-05-31 17:49:05 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603509848     Oil on currency mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510049 Major headlines for Singaporean dollar and petroleum are from 2015 including:

    Oil price crash brings out Singapore dollar bears:

    The Singapore dollar dropped more than 7 percent against the U.S. dollar over the past six months as the Federal Reserve brought its asset purchase program to an end and appears on course for further weakness given lower oil prices. Deutsche Bank believes it could weaken to S$1.40 this year, a level not seen since July 2010, while Standard Chartered expects it to hit S$1.37; the USD/SGD is currently trading at S$1.33.
    ]]>     2020-05-31 17:49:20 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510049     How big is the petroleum industry in Singapore mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510150 20,000 barrels per day is Singapore's oil production which is 5% of the nation's GDP.]]> 2020-05-31 17:49:27 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510150 Characteristics of petroleum market for Singapore mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510243 - Singapore is the largest reffing and trading center in the region

    - The country does not have any oil reserves of its own

    - Country has to depend on the international market for its trading activities

    - More than two-third of the products are exported after processing

    - The import dependence and export oriented nature of the market makes Singapore refiners more vulnerable to market changes.]]>     2020-05-31 17:49:32 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510243     Oil price rout: How falling oil prices impact the Singapore economy, businesses and consumers mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510621 The price of oil this week plunged more than 55 per cent to under US$50 a barrel since June last year. This is the lowest price since the depths of the 2009 recession, and some analysts are saying the  rout could continue to US$35 a barrel in the near term.The Arabic phrase for "oil below US$50" is now a trending hashtag in the Middle East.
    Pump prices have fallen again, bringing a litre of petrol back to what it cost in 2009 - the last time crude oil was near the current level of less than US$50 a barrel.

    The latest round of price reductions started last Thursday, at Singapore Petroleum Co (SPC) and Caltex. By last Friday, Shell and Esso had followed suit.

    ]]>     2020-05-31 17:49:51 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510621     mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510690 The economy of Singapore is highly dependent on the oil industries.The values of the oil industry output and oil trade both exceed that of any other commodity in the economy. Value added in the industry is substantial and government revenue generated by this section is estimated to be significant. Forward and backward linkage of the oil industry to the rest of the industries is strong.]]> 2020-05-31 17:49:56 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510690 Oil price hits Singapore's fuel traders mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510813 The slump in oil prices will weigh on Singapore's economic growth and manufacturing output, and if they stay low for longer, may cut profits of lenders as well.

    While the mention of oil in Singapore is usually linked to big names in the Republic's offshore rig-building and refining industry, a high-profile bankruptcy has put the spotlight on trouble brewing in the fuel trading business.
    ]]>     2020-05-31 17:50:03 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510813     History of petrol industries in Singapore mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510901 The petroleum industry in Singapore dates back to 1891. In 2007, the country exported approximately 68.1 million tons of petroleum. The same year, the Singaporean government published a report titled Energy for Growth, describing how the industry would be sustained.]]> 2020-05-31 17:50:09 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510901 Lower oil prices no silver bullet for Singapore mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510988 On a normal scenario, Singapore might’ve been one of the winners from the oil war between the Organisation of Petroleum Exporting Countries (OPEC) and Russia, analysts revealed. But the COVID-19 outbreak and its effect on people’s purchasing power has sunk this pathway.
    Global oil prices dived 30% after talks of production cuts between Organisation of Petroleum Exporting Countries (OPEC) and Russia deteriorated. As of the evening of March 9, oil prices at the Brent Crude and WTI Crude Indexes are riding at US$30-36.
    Markets plunged overnight when stocks opened on Monday, and Singapore was not spared—with the Straits Times Index (STI) falling 6% in one day.
    ]]>     2020-05-31 17:50:14 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603510988     “MTI Downgrades GDP Forecast too “-7 to -4 Per Cent” “ mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603511150 The ministry of trade and industry (MTI) of Singapore adjusted the gross domestic product forecast of 2020 downwards from “-4% to -1%” to “-7% to -4%”. MTI also that the outbreak of the COVID-19 epidemic worldwide had culminated in a major weakening of the global economy. Since then economic disruptions have been more severe than expected in major economies around the world including Singapore’s. Some sectors such as the manufacturing, finance & insurance and information & communication saw growth whereas sectors such as construction, wholesale & retail, food services & accommodation and transportation & storage contracted.

    ]]>     2020-05-31 17:50:26 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603511150     COVID-19 IN SINGAPORE: EFFECT OF ‘CIRCUIT BREAKER’ MEASURES ON FORCE MAJEURE PROVISIONS scho0065 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603518090 Singapore implemented the “circuit breaker” measure on 7th of April to tackle the spread of Covid-19. This heightened measure were put into place for 4 weeks beginning 7th of April,2020. During the is time all workplaces with the exception of essential services were shut down, virtual learning was enforced for all educational institutes, food vendors, hawkers and restaurants were only open for take away and delivery. On April 1st, 2020 the COVID-19 (Temporary Measures) Bill provide contractual parties with temporary relief from certain legal actions, and may potentially prevent a force majeure clause from being invoked.

    ]]>     2020-05-31 17:57:29 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603518090     Singapore provides temporary relief to hospitality businesses affected by coronavirus scho0065 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603538398 Singapore’s hospitality industry is hugely affected by the Covid-19 pandemic. To control the spread of the virus the worldwide lockdown drastically reduced the flow of tourists coming to Singapore. The hotels, tourist destinations and other revenue generating streams were shut down including restaurants and food and beverage vendors. The government came to their assistance. Temporary reliefs were provided and contractual obligations were relaxed to ease the pressure.

    ]]>     2020-05-31 18:19:42 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603538398     Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance mhag0002 https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603638140 The Singapore dollar’s nominal effective exchange rate (S$NEER) is the exchange rate of the SingDollar managed against a trade-weighted basket of Singapore’s major trading partners. S$NEER is the main monetary policy tool used by MAS rather than interest rates. S$NEER is used by MAS as Singapore’s economy is heavily dependent on trade hence the exchange is more effective. The central bank will set the rate of appreciation of the Singapore dollar to 0%, in an attempt to support economic growth against a not so optimistic global economic perspective. Explaining this course of action MAS says "This is not a policy to depreciate the domestic currency, and only removes the modest and gradual appreciation path of the S$NEER policy band that was in place."

    ]]>     2020-05-31 20:08:21 UTC https://padlet.com/mhag0002/jok7sa111rtej47q/wish/603638140