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☆ Singapore's new Prime Minister Lawrence Wong will take office on May 15
  + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com   time to read: +1 min
Singapore's new prime minister Lawrence Wong will be sworn in on May 15, 2024. SINGAPORE — Singapore's Prime Minister Lee Hsien Loong will step down on May 15 and hand over the power to Deputy Prime Minister Lawrence Wong, the Prime Minister's Office said on Monday. Wong, who will be sworn in at 8 p.m. local time that day, will be Singapore's fourth prime minister since its independence in 1965. Lee has served as prime minister since 2004. Wong, who is 51, entered politics after being elected a member of parliament during the 2011 General Election.
Persons: Lawrence Wong, Lee Hsien Loong, Wong, Lee Organizations: SINGAPORE — Singapore's, Minister's, Action Party, Finance, Monetary Authority of Locations: SINGAPORE, Monetary Authority of Singapore
☆ Singapore's AI ambitions get a boost with $740 million investment plan
  + stars: | 2024-02-19 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com   time to read: +2 min
The Singapore River and Merlion Park in the eveningSINGAPORE — Singapore's plan to invest more than $743 million into artificial intelligence over the next five years could strengthen its position as a global business and innovation hub, tech executives said. In his Budget speech on Friday, Deputy Prime Minister Lawrence Wong said Singapore will invest more than 1 billion Singapore dollars over the next five years to further boost the country's AI capabilities. As part of the investment, Singapore will work to ensure it can secure access to the advanced chips "that are so crucial to AI development and deployment," Wong said. Singapore will also work with leading companies here and around the world to set up AI centers of excellence to spur innovation, he added. Singapore workers are already the world's fastest when it comes to adopting AI skills, according to LinkedIn's Future of Work report released in August.
Persons: Lawrence Wong, Nithin Chandra, Chandra, Wong, Jonathon Dixon, Mao Gen Foo Locations: Singapore, SINGAPORE, Southeast Asia, Kearney, Cloudflare
☆ Singapore pledges to support households and companies as costs rise; budget deficit widens in 2023
  + stars: | 2024-02-16 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: +1 min
SINGAPORE — Singapore's budget deficit widened more than expected in 2023 but the country expects a small surplus in the 2024 financial year, Deputy Prime Minister and Finance Minister Lawrence Wong said in his budget speech on Friday. The budget deficit for 2023 was revised to $2.67 billion (3.6 billion Singapore dollars), representing about 0.5% of its gross domestic product, Wong told parliament. Wong said a small surplus of SG$800 million is expected for the 2024 financial year, which runs from April 1, 2024 to March 31, 2025. In his budget speech, Wong announced that the city-state will increase support for households and companies in as the country continues to grapple with higher prices. The total bill for these added household measures will come up to an additional $1.41 billion, or 1.9 billion Singapore dollars.
Persons: Lawrence Wong, Wong, Singapore's Organizations: Finance Locations: SINGAPORE
☆ As Singapore's aging population grows, businesses are courting older consumers
  + stars: | 2023-10-30 | by ( Audrey Wan | ) www.cnbc.com   time to read: +7 min
Citizens aged 65 and above make up almost a fifth of Singapore's population in 2023. Nicky Loh | Bloomberg | Getty ImagesSINGAPORE — Singapore's population is aging fast. As the median population age increases, so do opportunities for Singapore businesses providing products and services for seniors. According to Aging Asia's Silver Economy Index 2020, Singapore shows the largest market potential for an aging population among 15 Asia-Pacific countries. Citibank estimates that consumers will likely spend more to treat and support the elderly, driving growth potential for health care and health services.
Persons: Nicky Loh, Kelvin Tan, Janice Chia, Tan, boomers, Vanessa Keng, Keng, —, Ng Li Lian, Ng Organizations: Bloomberg, Getty, SINGAPORE, Citizens, Asia's, Aging, Singapore University of Social Sciences, gerontology, Citibank, Kelvin Tan Singapore University of Social Sciences, Research, Singapore's Ministry of Health Locations: Singapore, Asia, Pacific, Aging Asia, SUSS
☆ Singapore's digital economy – from e-commerce to social media – nearly doubled in five years
  + stars: | 2023-10-10 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +2 min
The study, published Friday, revealed that the economic contribution of the digital economy to Singapore's GDP nearly doubled to 106 billion Singapore dollars ($77.5 billion) in 2022, up from SG$58 billion in 2017, according to CNBC's calculations. The digital economy is divided into two parts: the information and communications sector; and digitalization in the rest of the economy. One-third of the digital economy was driven by the information and communications sector and two-thirds by digitalization in the rest of the economy. "The expansion of the digital economy has come on the back of increasing adoption of digital technologies by enterprises, which in turn contributed to the robust growth of tech manpower," IMDA said in the report. Comparatively, Singapore's digital economy performed better, contributing to 16.7% of its GDP in 2020.
Persons: Joseph Nair, IMDA Organizations: Central Business District, Getty Images, Media Development Authority, Singapore, digitalization Locations: Marina, Singapore, SINGAPORE, Estonia, Sweden, United Kingdom
☆ Singapore launches corruption probe involving transport minister
  + stars: | 2023-07-12 | by ( Clement Tan | ) www.cnbc.com   time to read: +1 min
Singapore's Prime Minister Lee Hsien Loong said July 12 that he has instructed the country's transport minister S. Iswaran to go on leave after he was implicated in an anti-graft agency investigation. SINGAPORE — Singapore's Prime Minister Lee Hsien Loong has asked the country's transport minister to go on leave after he was implicated in an anti-graft agency investigation. "I have instructed Minister Iswaran to take leave of absence until these investigations are completed," Lee said, without elaborating on the specifics of the case. Senior Minister of State Chee Hong Tat will be acting minister for transport, Lee added. The announcement comes weeks after a state review on allegations made against two other cabinet ministers regarding their rental of government-owned colonial bungalows.
Persons: Lee Hsien Loong, Iswaran, Lee, State Chee Hong, Shanmugam, Vivian Balakrishnan Organizations: Singapore's, SINGAPORE — Singapore's, State, Law, Home Affairs Minister, Singapore Locations: SINGAPORE
☆ Singapore's online portal PropertyGuru remains in the red even as fourth quarter revenue jumped
  + stars: | 2023-03-02 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +1 min
Singapore-based online property portal PropertyGuru maintains a "conservative outlook in 2023" amid challenges, and expects full year 2023 revenue of between SG$160 million and SG$170 million and adjusted EBITDA of between SG$11 million and SG$15 million. SINGAPORE — Singapore's online real estate portal PropertyGuru posted a net loss of 5 million Singapore dollars ($3.7 million) in the fourth quarter of 2022. Net loss for the three months to December 2022 came in at SG$5.2 million. Full year net losses in 2022 amounted to SG$129.2 million, better than a net loss of SG$187.4 million the previous year. Meanwhile, revenue in the fourth quarter came in at SG$40 million, about 17% increase from a year ago.
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