Singapore's economy shrinks in fourth quarter

Singapore's economy shrinks in fourth quarterSingapore, Jan 4 - Economic activity in Singapore slowed in the fourth quarter, with gross domestic product contracting by 6.8 percent, the government said Monday.

The drop in the fourth quarter resulted in a 2.1-percent contraction for the year. The negative economic growth for 2009 fell within the Trade and Industry Ministry's forecast of a of 2 percent and 2.5 percent drop for the year.

Singapore's Economy Expected to Grow by 3-5% Next Year

Singapore raises growth forecast as economy emerges from recession During 2009's fourth quarter, Singapore's gross domestic production managed to hike by 3.5%, but the growth for the complete year has still remained in the negative category at minus 2.1%.

Singapore Prime Minister Lee Hsien Loong, in his New Year message has said that the next year could see an economic growth of 3-5%, and observers are of the opinion that this could result in a move away from the manufacturing sector as the main driver of the country's economy.

Somali pirates hijack India bound chemical tanker

Somali pirates hijack India bound chemical tankerLondon/Singapore, Jan 2 - Somali pirates captured a Singaporean chemical tanker with 24 crew members in the Gulf of Aden on the first day of 2010.

The 150-metre long, 20,000-tonne M. T Parmoni was on its way from Italy to India when it was boarded Friday and forced to turn towards the Somali coast, according to the European Union's Atalanta mission, based in Northwood, Britain.

The crew includes 17 Indonesians, five Chinese, one Nigerian and one Vietnamese.

Lee hopeful of GDP growth between 3 and 5% next year

Lee-hsien-loongSingapore Prime Minister Lee Hsien Loong projected GDP growth rate between 3 to 5 per cent in the coming year. Delivering his message on the eve of New Year, he said that the GDP of city-state grew 3.5 per cent during fourth quarter though it is still in negative territory at minus 2.1 per cent on year basis.

Lee expressed, "Our economy is growing again, and has recovered much of the ground since the recession began last year."

Former Indonesian President no more, Singapore leaders expresses shock

Abdurrahman-WahidLeaders from Singapore have expressed shock over the demise of former Indonesian President Abdurrahman Wahid, terming him a visionary and very efficient politician of the country.

Top Singapore leadership including President S R Nathan, Prime Minister Lee Hsien Loong, Senior Minister Goh Chok Tong and some other ministers had conveyed condolence to the bereaved family.

Singapore Government Extends Financial Support by a Year

Singapore Government Extends Financial Support by a YearOn Monday, Singapore extended its financial support for companies by a whole year, which was initiated by the country to make sure that its economy does not completely collapse during the global financial crisis.

About 8.4 billion Singapore dollars ($6.0 billion) have been introduced in various financial schemes. Singapore is the worst hit economy in Asia and started rising from crises in the third quarter when the economy rose by 14.2%.

Tomorrow becomes yesterday in the Pacific

Tomorrow becomes yesterday in the PacificSingapore, Dec 30 - Is it Dec 31 or Jan 1, still yesterday or already today? Things get complicated at the International Date Line in the Pacific Ocean.

When people on the South Sea island of Samoa pop the champagne corks to celebrate the New Year, the year is already 24 hours old on Tonga, a few islands further west.

The two islands are separated by 900 km. They have the same time, but different dates. This means that when it's Friday on Tonga it is still yesterday, Thursday, on Samoa.

Singapore puts paedophile behind bars for 10 years

Singapore, Dec 29 - A paedophile was put under a 10-year preventive detention for molesting six young girls, including a one-year-old toddler, the Straits Times reported Tuesday.

But Salim Abdul Rahman escaped the mandatory caning for his crimes because he had turned 50 years old Dec 20, and under the law that punishment can only be meted out to those under 50.

Salim pleaded guilty Dec 8, after a psychiatrist diagnosed him with paedophilia. He had confessed to having the urge to touch young girls twice a week.

Singapore manufacturing output slips 8.2% in November

SingaporeA sharp decline in the pharmaceutical output dragged Singapore's industrial production down in November.

The Economic Development Board said that country’s overall output contracted 8.2 per cent in November from the year ago period, while the month-on-month decline was 3.6 per cent. It was the steepest drop in the past eight months.

Analysts had been expecting an average increase of 3.3 per cent in output from the manufacturing sector.

Defence ministry nod for artillery trials

Defence ministry nod for artillery trialsNew Delhi, Dec 23 : The defence ministry has given the go-ahead for trials of 155mm towed guns in which blacklisted armaments firm Singapore Technologies Kinetics is the sole contender in the fray, an official said Wednesday. However, a deal will be signed only after the probe in the corruption case against the company is over.

The development is important in the context of the Indian Army's crucial artillery modernisation programme.

Asian Tour makes it presence felt in Australia

Asian Tour makes it presence felt in AustraliaSentosa (Singapore), Nov 27 - The Asian Tour golf widened its footprint with a new arrangement with Fox Sports that will take the live coverage of the Tour's events to Australia with immediate effect.

Fox Sports, Australia's leading sports broadcaster, will air all Asian Tour live tournaments, highlights and magazine shows.

It becomes all the more interesting with the Asian Tour having provided the launch pad for Australia's up-and-coming stars to fine tune their game and gain top-level exposure on the international stage.

Law Minister Lists Three Lessons which the Population can Learn from the Way Economic Crisis was managed

Law Minister Lists Three Lessons which the Population can Learn from the Way Economic Crisis was managedIn a recent address, Law Minister K Shanmugam listed three lessons which Singapore's residents must learn from the way the recent economic downturn was handled and taken care of by the country's Government, employers and unions. Managing finances judiciously, need to build upon mutual trust and proactive responses to rapidly changing circumstances are the lesson which the Minister feels that everyone should now learn.

Hit By Recession, Entrepreneurship Seems to be Falling

Despite having faced repeated economic hurts, America has always managed to get through without collapsing to again become the world's strongest economy, but the latest recession, which has lasted for over 2 years, seems to have hurt the nation much more than ever before. The recent economic downturn has called into question the country's economic prospects, particularly the fate of entrepreneurs.

Singapore celebrity monk sentenced to 10 months in jail for fraud

Singapore celebrity monk sentenced to 10 months in jail for fraudSingapore  - A Singapore court on Saturday sentenced a celebrity Buddhist monk who ran one of the city-state's most popular charities to 10 months in jail for fraud, a media report said.

Shi Ming Yi, 47, and his former personal assistant Raymond Yeung, 34, were convicted in October of conspiring to take an unauthorised loan of 50,000 Singapore dollars (36,000 US dollars) from the Ren Ci charity in May 2004.

Yeung was sentenced to 9 months in jail, the online edition of Straits Times newspaper reported Saturday.

Asia's airlines see signs of recovery, expect heavy losses

Asia's airlines see signs of recovery, expect heavy lossesSingapore - Asia's airlines saw some signs of recovery after passenger demand slumped during the global recession, the head of a regional industry body said Friday, but the business environment continued to be challenging.

"Hopefully, we are at least through the worst of the downturn," Andrew Herdman, director general of the Association of Asia Pacific Airlines (AAPA) told an industry forum in Singapore.

"There are some encouraging signs that air traffic is starting to recover," he said.

Mukesh Ambani tops Forbes’ India rich list

Mukesh Ambani tops Forbes’ India rich listSingapore, Nov 19 : The head of Reliance Industries, Mukesh Ambani, is once again the wealthiest person in India. His net worth is put at 32 billion dollars, an increase of 54 percent from nearly 21 billion dollars last year, according to the latest Forbes’ India Rich List.

Trailing behind him are Lakshmi Mittal with a net worth of 30 billion dollars, up 46 percent from 20.5 billion dollars, and Mukesh’s estranged brother, Anil, whose net worth of 17.5 billion dollars, 40 percent, higher than before, put him in the third place.

Singapore expects economy to grow up to 5 per cent next year

Singapore expects economy to grow up to 5 per cent next year Singapore  - Singapore on Thursday said its export-reliant economy might grow between 3 and 5 per cent next year after the city-state emerged from its worst recession in history, adding to evidence that Asia is leading the rebound of the global economy.

"A sluggish recovery in final demand in the advanced economies will moderate Singapore's growth prospects in 2010," the Ministry of Trade said in a statement.

Singapore man gets 14 years in jail for Ponzi-style scam

Singapore man gets 14 years in jail for Ponzi-style scam Singapore  - A Singapore court on Wednesday sentenced a fraudster who cheated 13.4 million Singapore dollars (10.3 million US dollars) out of investors in a Ponzi-style scam to 14 years in jail, a media report said.

Lee Hock Chye, also known as Jon, 30, pretended to offer a wide range of investment schemes through his company LePrime, which was registered in 2006.

Lee told clients that he traded their money at stock exchanges in New York, Hong Kong and Tokyo, the online edition of Straits Times newspaper reported.

Singapore premier, state founder get compensation from magazine

Singapore premier, state founder get compensation from magazineSingapore - The soon-to-be-closed magazine Far Eastern Economic Review has agreed to pay Singapore's founder Lee Kuan Yew and his son Prime Minister Lee Hsien Loong several hundred thousand dollars in damages for defamation, a media report said Wednesday.

In October, the city-state's Court of Appeal confirmed a verdict from September 2008 that a story by the magazine about Singapore's opposition party leader Chee Soon Juan in 2006 improperly associated both Lees with corruption.

Singapore's key exports lag behind recovery

Singapore's key exports lag behind recoverySingapore  - Singapore's external trade lagged in October, government data released Tuesday said, as key exports fell 6.1 per cent from a year ago, a slight improvement from the 7.3-per-cent decrease posted for the previous month.

Singapore's non-oil exports slipped a 18th straight month because of lower exports of electronics and non-electronic products, the International Enterprise Singapore said.

Non-oil exports fell 13 per cent in October month-on-month, a sharp contrast to the 2.9-per-cent increase in September, said the agency.

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