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Business

Car sales disguise lifeless Singapore retail sales

Compared to November 2015, retail sales rose 1.1% in November 2016, mostly caused by the vehicle sales, according to the data in the 13 January media release of Department of Statistics (Singstat). Excluding motor vehicles, retail sales declined 2.1%. On a month-on-month basis, retail sales (seasonally adjusted) increased 0.5% in November 2016 over the previous month. Excluding motor vehicles, retail …

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DBS/POSB customers offered convenient ways to get new and good-as-new notes

DBS/POSB has announced that it is offering more convenient ways for customers to get new and good-as-new notes as they prepare to welcome the Lunar New Year. DSB/POSB said that from January 11 onwards, customers will be able to withdraw new and good-as-new notes at 41 POSB new notes pop-up ATMs located in 22 community clubs across the island, an …

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Three Norway leased Swiber-linked vessels seized in Singapore

Three of of Swiber Holdings vessels had been seized in an arrest moved by a syndicate of banks in Singapore on 22 December. All three vessels were arrested at ASL Shipyard, the litigant in the arrest is United Overseas Bank (UOB), acting as security agent for the syndicate of banks that had extended financing to the vessel owner in relation …

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Inchcape: 120 employees will be retrenched from Toyota and Suzuki

In one of the biggest downsizing moves to hit the local motor industry, about 120 employees will be retrenched from Toyota agent Borneo Motors and Suzuki agent Champion Motors soon in the beginning of 2017. The number of workers to be retrenched, represents 12-14 percent of Inchcape’s workers in Singapore. The Straits Times reported that the retrenchment is due to …

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Paul William Coutts appointed CEO of SingPost, effective from 1 June 2017

The Board of Singapore Post Limited (SingPost) has appointed Mr Paul William Coutts to the position of Group Chief Executive Officer (Group CEO), and as a Non-Independent Director of the SingPost Board effective 1 June 2017. SingPost said that Mr Coutts’s appointment is unanimously approved by the Board and has received all required regulatory approvals. It said that the appointment …

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Trade agreement between Singapore and the European Union is put on uncertainty

LUXEMBOURG — A trade agreement between Singapore and the European Union can not be fast-tracked into force in a case likely to impact Europe’s trade strategy, an Advocate General at the European court of justice wrote in a ruling released on Wednesday (21 Dec). The Guardian reported, Eleanor Sharpston, the Advocate General at the European court of justice, argued that …

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Singapore drops five places in World Talent Ranking and out of top ten

Asia risks losing its competitiveness on the world stage if it continues to neglect the development of its own business talent, a major new study has shown. For the second year in a row, the region has just one representative in the top 10 of the World Talent Ranking , produced by leading global business school IMD. The annual report …

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Change in Singapore Airlines’ non-executive Chairman in 2017

Singapore Airlines (SIA) has announced on Friday (11 November) that Peter Seah Lim Huat will succeed Stephen Lee Ching Yen as its non-executive Chairman. SIA wrote that Mr Seah, currently Deputy Chairman, will take over from Mr Lee as Chairman on 1 January 2017. Mr Lee will retire from the SIA Board on the same day. He will continue as …

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