logo
#

Latest news with #GanKimYong

DPM Gan Kim Yong to visit the US from Jul 20 to 26
DPM Gan Kim Yong to visit the US from Jul 20 to 26

CNA

time2 days ago

  • Business
  • CNA

DPM Gan Kim Yong to visit the US from Jul 20 to 26

SINGAPORE: Singapore Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will be visiting the United States from Sunday (Jul 20) to next Saturday to deepen ties and discuss areas of cooperation. In a press release on Friday, the Ministry of Trade and Industry (MTI) said that he will visit New York next Monday before heading to Washington, DC the day after, where he will stay until the end of his trip. "The visit will build on and keep up the robust and multi-faceted partnership between Singapore and the US," said MTI. This includes the "substantive and mutually beneficial economic and commercial relationship" that Singapore and the US share, MTI added. During the visit, MTI said that Mr Gan will meet US Cabinet secretaries, members of Congress and business and private-sector representatives. Mr Gan will also participate in a business roundtable organised by the US Chamber of Commerce to discuss international and regional economic developments as well as opportunities for future collaboration between US and Singapore companies. He will be accompanied on his visit by officials from MTI, the Ministry of Foreign Affairs (MFA) and the Monetary Authority of Singapore (MAS). Singapore and the US are major trade and investment partners. Despite this, Singapore is still subject to the baseline 10 per cent tariff rate announced by US President Donald Trump on Apr 2. In 2024, the US was Singapore's second-largest trading partner, while Singapore was the US' 16th-largest trading partner. Singapore is also the third-largest Asian investor in the US, with over 250 companies in 45 US states. The country is also the top recipient of US investment in the Indo-Pacific and the sixth worldwide. Both countries have also continued to work closely together to advance bilateral cooperation in new areas such as energy and civil nuclear cooperation. "Singapore enjoys a broad and multifaceted relationship with the US, including strong and longstanding economic, defence and people-to-people ties," MTI said.

DPM Gan heads to US to deepen trade and tech ties
DPM Gan heads to US to deepen trade and tech ties

Straits Times

time2 days ago

  • Business
  • Straits Times

DPM Gan heads to US to deepen trade and tech ties

During the visit, DPM Gan is scheduled to meet with US Cabinet secretaries, members of Congress, and leaders from the business and financial communities. SINGAPORE - Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will visit the United States from July 20 to 26 to deepen economic cooperation and strengthen bilateral ties between Singapore and the US. 'The visit will build on and keep up the robust and multifaceted partnership between Singapore and the US, including our substantive and mutually beneficial economic and commercial relationship,' the Ministry of Trade and Industry (MTI) said in a statement on July 18. The ministry added: 'Our growing collaboration in emerging areas such as technology and energy complements our strong defence, security and people-to-people ties.' The US was Singapore's second-largest trading partner in 2024, while Singapore ranked as the 16th-largest trading partner for the US. Singapore is also the third-largest Asian investor in the US, with more than 250 Singaporean companies operating across 45 states. Singapore investments support around 350,000 jobs in the US and the US has had a consistent and longstanding trade surplus with Singapore, MTI said. Singapore has $76.5 billion in direct investment stock in the US as at 2022. Conversely, the US remains the top investor in Singapore, with foreign direct investment stock reaching $555.5 billion in 2023. Singapore is the top recipient of US investment in the Indo-Pacific. There are nearly 6,000 US companies in Singapore, which is positioned as a gateway to Asean for these businesses. These are mainly in the financial, insurance, manufacturing, wholesale and retail trade sectors. Top stories Swipe. Select. Stay informed. Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam Singapore Who is UNC3886, the group that attacked Singapore's critical information infrastructure? Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Asia Indonesia court jails former trade minister for 4½ years in sugar graft case Singapore Singapore police in contact with Indonesian authorities over baby trafficking allegations Singapore NTU upholds zero grade for student accused of using AI in essay; panel found 14 false citations or data Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore Former NUH male nurse faces charges after he allegedly molested man at hospital DPM Gan will begin his trip in New York on July 21 before heading to Washington for the remainder of the week. During the visit, he is scheduled to meet US Cabinet secretaries, members of Congress, and leaders from the business and financial communities. He will also speak at a business roundtable hosted by the US Chamber of Commerce, where he will address international and regional economic developments, and explore new areas for collaboration between American and Singaporean companies. Officials from MTI, the Ministry of Foreign Affairs and the Monetary Authority of Singapore will accompany Mr Gan on the trip.

June 2025 NODX jumps 13% YoY: Singapore beats forecasts as PCs, ICs, and gold shipments climb
June 2025 NODX jumps 13% YoY: Singapore beats forecasts as PCs, ICs, and gold shipments climb

Independent Singapore

time3 days ago

  • Business
  • Independent Singapore

June 2025 NODX jumps 13% YoY: Singapore beats forecasts as PCs, ICs, and gold shipments climb

Photo: Freepik/tawatchai07(for illustration purposes only) SINGAPORE: Singapore's non-oil domestic exports (NODX) jumped 13% year-on-year (YoY) in June, beating analysts' expectations, amid stronger shipments of personal computers (PCs), integrated circuits (ICs), and non-monetary gold, Reuters reported, citing data released by Enterprise Singapore on Thursday (Jul 17). A Reuters poll had forecast 5% annual growth, following a revised 3.9% decline in May. Exports of electronics such as ICs and PCs expanded by 17.5% and 53.8%, respectively, while non-electronic products, like non-monetary gold and specialised machinery, grew by 211.9% and 31.4%, respectively. Enterprise Singapore did not provide details of the month-on-month (MoM) seasonally adjusted figures. In June, exports to Hong Kong grew the most, rising 54.4% from a year ago. Shipments to South Korea, Taiwan, and China also went up by 33%, 28.3%, and 8.5%, respectively. However, exports to the United States dropped by 4.8%; the same went for exports to Japan (-3.4%), Indonesia (-13.6%), Malaysia (-8.0%), Thailand (-19.8%), and the European Union (-23.6%). For the first half of 2025, Singapore's NODX rose 5.2% YoY. According to Channel News Asia (CNA), citing advance estimates from the Ministry of Trade and Industry (MTI), Singapore's economy grew 4.3% YoY in Q2. However, Trade Minister Gan Kim Yong warned that new US tariffs and a diminishing front-loading effect could weigh on the economy's growth over the next six to 12 months. Earlier this month, US President Trump began telling trade partners, including key Asian allies Japan and South Korea, of higher tariffs of up to 50% from Aug 1. Singapore has not yet received a new notice from Washington but remains under the 10% baseline tariff announced in April. Meanwhile, Vietnam and Indonesia have secured lower rates through separate deals with the US. Enterprise Singapore said it is actively monitoring the evolving tariff situation and will adjust the 2025 NODX forecast as necessary to reflect changing market conditions. /TISG Read also: Singapore businesses to receive up to S$100,000 grant in October as they face a new tariff environment; SMEs to get 'more generous' support () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });

Singapore's exports rise 13% in June, stronger than forecast
Singapore's exports rise 13% in June, stronger than forecast

CNA

time3 days ago

  • Business
  • CNA

Singapore's exports rise 13% in June, stronger than forecast

SINGAPORE: Singapore's non-oil domestic exports rose 13 per cent in June from the same month a year earlier, government data showed on Thursday (Jul 17), outpacing analysts' estimates as shipments of PCs, integrated circuits and non-monetary gold rose significantly. The rise compared with a Reuters poll forecast for annual growth of 5 per cent, and followed a revised 3.9 per cent fall in May. Details of the month-on-month seasonally adjusted change in exports were not included in Enterprise Singapore's statement. Exports of electronic products such as PCs and integrated circuits grew by an annual 53.8 per cent and 17.5 per cent respectively, while non-electronic products such as non-monetary gold and specialised machinery grew by 211.9 per cent and 31.4 per cent respectively. Exports to Hong Kong, Taiwan and South Korea increased in annual terms in June by 54.4 per cent, 28.3 per cent and 33 per cent, respectively. Exports to China also grew year-on-year by 8.5 per cent. Exports to the US fell by an annual 4.8 per cent, while exports to Japan, Indonesia, Malaysia, Thailand and the European Union also decreased. For the first six months of 2025, non-oil domestic exports rose 5.2 per cent year-on-year. Singapore's economy grew at a faster-than-expected 4.3 per cent in the second quarter from a year earlier, preliminary data showed, despite a dimming outlook due to global economic uncertainty. However, Trade Minister Gan Kim Yong has warned that the implementation of US tariffs and a diminishing front-loading effect would weigh on growth over the next six to 12 months. He will visit the US later this month to discuss tariff concessions for the country's pharmaceutical exports as part of efforts to limit the economic impact of the trade war. US President Donald Trump has notified some countries that tariffs of 20 per cent to 50 per cent will kick in from Aug 1, warning that any reprisals would draw a like-for-like response. Singapore has not yet received a letter from the Trump administration this round, and its exports are still subject to the 10 per cent baseline tariff announced in April. Southeast Asian neighbours Vietnam and Indonesia have both struck deals with Washington for tariffs below the levels that Trump had initially threatened to levy on them. Enterprise Singapore said it is "actively monitoring the evolving tariff situation and will adjust the 2025 NODX forecast as necessary to reflect changing market conditions".

Singapore financial sector growth doubles in 2024, assets managed cross $6 trillion in a first: MAS
Singapore financial sector growth doubles in 2024, assets managed cross $6 trillion in a first: MAS

Straits Times

time5 days ago

  • Business
  • Straits Times

Singapore financial sector growth doubles in 2024, assets managed cross $6 trillion in a first: MAS

Find out what's new on ST website and app. MAS says the fast pace is unlikely to persist as slower global growth threatens amid tariff uncertainties. SINGAPORE - Singapore's financial services sector in 2024 more than doubled the growth rate of the preceding year. But the Monetary Authority of Singapore (MAS) warns the pace of the last few years is unlikely to persist as the industry braces itself for slower global growth amid tariff uncertainties. The financial services sector grew 6.8 per cent in 2024 compared to 3.1 per cent in 2023. It accounted for about 14 per cent of Singapore's gross domestic product, MAS chairman Gan Kim Yong said in the central bank's 2024/2025 annual report released on July 15. Growth was broad-based across segments, including banking, fund management, insurance and activities auxiliary to financial services, which largely comprise payments firms, he said. MAS managing director Chia Der Jiun said at a media conference on July 15 that the sector's average growth rate stood at 4.7 per cent from 2021 to 2024, keeping it firmly on track to meet the Industry Transformation Map (ITM) 2025 target of 4 per cent to 5 per cent growth per annum over 2021-2025. Job creation in the financial sector is also on track to meet the ITM 2025 target of 3,000-4,000 net jobs created per annum. The average annual net jobs created for 2021-2024 was 4,400, with more than 90 per cent of these going to local workers. MAS deputy managing director for markets and development Leong Sing Chiong said new jobs were created in different roles from tech-related to non-tech ones including business, portfolio and relationship management. Top stories Swipe. Select. Stay informed. Business MAS records net profit of $19.7 billion, fuelled by investment gains Singapore $3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties Singapore Man charged with attempted murder of woman at Kallang Wave Mall Singapore Ex-cleaner jailed over safety lapses linked to guard's death near 1-Altitude rooftop bar Singapore Real estate firm PropNex donates $6 million to Community Chest for 25th anniversary Singapore Sengkang-Punggol LRT gets 15.8 per cent capacity boost with new trains Singapore Air India crash: SIA, Scoot find no issues with Boeing 787 fuel switches after precautionary checks The banking sector growth remained resilient, with total assets growing at a compound annual growth rate of 6.8 per cent over 2021-2024. The insurance industry expanded, with total assets increasing by 3.6 per cent in 2024 over 2023 to $456.4 billion. The foreign exchange (FX) average daily traded volumes surpassed $1.5 trillion in 2024. The corporate debt market registered strong growth in 2024, with total issuance increasing more than 30 per cent from the previous year to exceed $300 billion. Assets under management (AUM) in Singapore grew 12.2 per cent year on year to $6.07 trillion. This marks the first time that Singapore's AUM exceeded $6 trillion, Mr Chia said. The growth was contributed by both traditional and alternative sectors, namely private equity, venture capital, hedge funds, real estate and real estate investment trusts. Net inflows into Singapore grew 50 per cent in 2024 from 2023, as fundraising activities recovered amid improving investment sentiment. The number of fund management companies reached 1,298 by end-2024. The wealth management sector also experienced strong growth, as the Republic continues to be a 'trusted and attractive wealth management centre underpinned by high standards of regulation'. Looking ahead, Mr Chia said 'we do not expect financial sector growth to continue at the pace of the last few years' which had witnessed 'unusually strong' growth. 'There is still too much uncertainty. There are still a lot of things that we do not know at this point,' he said. These included uncertainties over trade deals, tariffs and potential trade conflicts. The trade shock in April after the US imposed sweeping tariffs has created complex effects on global inflation and growth, varying by country, he said. Although tariff deadlines were delayed and businesses advanced orders, this front-loading is temporary and will lead to softer consumption and investment ahead, he added. The outlook is cautious, with expectations of slower global growth and subdued inflation in the second half of 2025, he said. Singapore's GDP growth for 2025 is projected to slow to a range of zero to 2 per cent amid rising global uncertainties, from a 4.4 per cent expansion in 2024. Mr Chia said MAS' mandate to secure medium-term price stability will provide an anchor of stability for the Singapore economy in times of uncertainty and fundamental change. He warned that because financial markets are not fully reflecting the risks facing the global economy, they could suddenly drop and become very unstable if those risks actually happen. The triggers could include an escalation of trade conflict, geopolitical conflict and heightened concerns by investors over financial and fiscal policy, he said. The MAS is vigilant to the risks in global markets transmitting to Singapore, Mr Chia said. This year, it has applied a more severe scenario in stress-testing the stability of the financial system. These include a sharp tightening in global financial conditions alongside heightened financial market volatility, a trade shock and persistent elevated levels of policy uncertainty. Mr Chia said the imposing of $27.45 million in composition penalties against nine financial institutions (FIs) for anti-money-laundering breaches reflects the regulator's expectation that FIs uphold sound and risk-proportionate practices. The nine FIs, which included the former Credit Suisse, UOB, UBS, Citi and Julius Baer in Singapore, were linked to persons of interest in a $3 billion money laundering scandal in 2023. Mr Chia said the regulator is working with FIs to improve their practices so that they are sound, effective and efficient. 'Our financial eco-system will be tough on suspicious and illegitimate monies, but welcoming and efficient to legitimate wealth. This will provide a strong and sustainable basis for the continued growth of the wealth management sector,' he said. Mr Gan said more measures to revitalise the market are being considered by the Equities Market Review Group chaired by MAS deputy chairman Chee Hong Tat. The group is studying other proposals, and expects to make further announcements before end-2025, he said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store