Vietnam’s power crisis hits local firms, foreign investors

Severe energy shortages in northern Vietnam, caused by heatwaves and drought, are disrupting businesses and may lead to relocation.

Saudi announces investment deals at Arab-China summit

Saudi Arabia and China have signed billions of dollars in investment deals at the China-Arab business conference in Riyadh. The agreements cover various sectors including technology, agriculture, renewable energy, and tourism. The conference reflects the growing commercial and diplomatic ties between China and Middle Eastern countries, including recent efforts to improve relations between Iran and Saudi Arabia.

CPF raises Special and MediSave Account interest rate to 4.01% for Q3 2023, while Malaysia’s EPF declared dividend rate of 5.35% for 2022

The Central Provident Fund (CPF) and the Housing and Development Board (HDB) have announced that the interest rate for CPF’s Special and MediSave Account (SMA) will increase to 4.01% per annum for Q3 2023. However, some netizens criticized the increase, stating that it was only a 0.01% increment and barely noticeable in small CPF balances. In comparison, Malaysia’s Employees Provident Fund (EPF) declared higher dividend rates for conventional and syariah savings.

Singapore surpasses Hong Kong as Asia-Pacific’s most expensive housing market in price and rent

Private residential property in Singapore has surpassed Hong Kong as the most expensive in the Asia-Pacific region in terms of absolute prices, according to a report by the Urban Land Institute (ULI). Despite the high prices, Singapore is considered more attainable for home ownership compared to other cities in the region. The report attributes the increase in prices and rent to factors such as immigration, young professionals seeking more space, government measures, limited rental properties, and disruptions caused by COVID-19.

Singapore ranks 35 in the 2022 Social Progress Index, “underperforming” in providing opportunities to its citizens

The Economist recently published a chart assessing the well-being of citizens in different countries, using the Social Progress Index (SPI) that goes beyond GDP. While wealthier nations tend to have thriving citizens, the data show that progress in one area often falls short in others. Norway ranked first, while Singapore, though meeting basic needs well, underperformed in providing opportunities and safeguarding personal rights, receiving low scores in those areas.

Global dividends hit first quarter record US$326.7 billion

Global dividends reached a record high of US$326.7 billion in the first quarter, driven by banks, oil giants, and automakers. Dividends grew by 12% compared to the same period in 2022, despite economic challenges. One-off special dividends amounted to US$28.8 billion, with Ford and Volkswagen contributing significantly. The report by Janus Henderson predicts companies will distribute US$1.6 trillion in dividends in 2023.

ABSD: How long will Singapore continue flogging this dead horse?

In an opinion piece by Joseph Tan, the effectiveness of the Additional Buyers Stamp Duty (ABSD) in addressing price hikes in Singapore is questioned. Tan argues that the ABSD has failed to stabilize property prices and protect first-time buyers. Instead, the tax has pushed property prices higher, making housing less affordable. Additionally, the ABSD has created a disparity between household incomes and property prices, leading to financial struggles for many. The article calls for alternative measures to be considered to address the rising property prices effectively.

Singapore boosts gold reserves by 30% in Jan 2023, ranks third for largest gold reserve increase in past decade

Singapore’s gold reserves surged by 30% in January 2023, marking the largest single central bank gold purchase of the year. This increase positions Singapore third globally for the largest rise in gold reserves over the past decade. The move comes amid growing concerns over inflationary pressures and a global shift towards reducing reliance on the US dollar.

‘Hostile’ US policies on China risk dividing world: Stiglitz

Nobel-winning economist Joseph Stiglitz expressed concern that “hostile” US policies towards China could lead to a split in the world into two blocs. Stiglitz urged the West, particularly the US, to offer investment instead of lectures to developing countries. He warned that the competition between Democrats and Republicans to appear tough on China could undermine global cooperation on issues like climate change. Stiglitz also criticized the limited investment by the West in developing economies compared to China’s efforts through initiatives like the Belt and Road Initiative.