Finance

S. Korea’s bid to raise retirement age draws criticism, analysts warn against potential repercussions to economy and labour market

The South Korean government’s proposal to raise the official age of retirement from 60 to 65 has received considerable criticism, as experts warn against the possibility of further disruption to the labour market and a widened economic gap in society. Bloomberg reported Mon (14 Oct) that South Korea’s poverty rate among the elderly is the worst out of all of …

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Tan Chuan-Jin urges S’poreans to reframe narrative on ageing society while young and elderly citizens reveal struggle with insufficient retirement funds

The discourse around ageing in Singapore should be reframed into a more positive one, as a “negative narrative can become self-fulfilling”, said People’s Action Party (PAP) Seniors’ Group chairman Tan Chuan-Jin on Sun (13 Oct). Speaking to PAP Seniors’ Group activists at an event to commemorate the International Day of Older Persons at Hotel Miramar, Tan, who is also the …

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Singapore escapes technical recession as economy grows 0.1% in Q3

The Singapore economy narrowly escapes technical recession as it grew 0.1% on a year-on-year basis in the third quarter of 2019, based on flash estimates from the Ministry of Trade and Industry (MTI) released on Monday (14 October). This figure is lesser than 0.3% growth estimated by economists in a Reuters poll, but remains the same with the 0.1% growth …

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Singapore eases monetary policy, avoids recession

Singapore eased monetary policy for the first time in over three years Monday as the US-China trade war bites, while the export-reliant economy narrowly avoided recession in the third quarter. The financial hub’s central bank joins others around the world, from Europe to the US, in loosening policy as fears mount of a global economic slowdown. The city-state has traditionally …

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What recession means for properties

Last week, Minister in the Prime Minister’s Office Indranee Rajah told the media that Singapore hasn’t slid into recession yet. However, bad news keeps pouring in: Our manufacturing and exports contract sharply in August. Factory outlook from PMI falls to 3-year low in September. 2019 GDP growth is revised further down to between zero and 1 percent. A technical recession …

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HSBC seeks to retrench up to 10,000 more employees: Financial Times

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HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook. The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to …

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Possible reintroduction of GST: Respect mandate given by Malaysians in last GE, PH presidential council will decide, says Finance Minister Lim Guan Eng

The Malaysian government needs to “respect the mandate” given by Malaysians in the last General Election (GE) unless there is “incontrovertible evidence” that the people want the Goods and Services Tax (GST) to be reinstated, said the country’s Finance Minister Lim Guan Eng. Lim told reporters today (4 Oct) after the Ministry of Finance’s monthly assembly that it was evident …

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How to avoid overpaying for your next vacation

by ValueChampion According to a report by the Competition and Consumer Commission of Singapore (CCCS), an estimated 81% of consumers report that they were charged a higher price than was initially advertised for their online travel bookings. To help you stay on budget for your next trip, we’ve laid out some of the common causes of expensive trips and tips for …

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