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SINGAPORE, Feb 14 (Reuters) - Singapore announced on Tuesday narrower fiscal deficits in a budget aimed at helping households manage the rising cost of living while replenishing its pandemic-depleted coffers. The fiscal position is "appropriate for the projected economic conditions this year", finance minister Lawrence Wong told parliament as he presented details of the 2023 budget. The government will enhance a support package to help Singaporeans offset a recent sales tax hike from S$6.6 billion ($4.97 billion) to S$9.6 billion. The second step of a scheduled sales tax hike would go ahead as planned in 2024. The sales tax will increase to 9% next January, after increasing from 7% to the current 8% on Jan. 1 this year.

☆ Singapore's budget expected to focus on inflation and support for laid off workers
▼ + stars: | 2023-02-13 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong will deliver the Singapore Budget 2023 on Feb. 14 in Parliament. Rising inflation and layoffs are among the top concerns for Singaporeans and are expected to be addressed in Singapore's budget for 2023. The budget will be delivered by Deputy Prime Minister and Minister for Finance Lawrence Wong on Tuesday at 3:30 p.m. in Parliament. The Singapore budget sets forth a series of measures to support Singaporeans for each financial year, which starts on April 1 and ends on March 31 the following year. He also promised measures to help Singaporeans — particularly the more vulnerable and lower-income group — cope with rising inflation and prices.

☆ Singapore relaxes COVID travel curbs, mask rules further
▼ + stars: | 2023-02-09 | by ( Chen Lin | ) www.reuters.com time to read: +2 min

However, masks will still be mandatory in healthcare settings, where there is interaction with patients and in indoor patient-facing areas. "Within Singapore our COVID situation has remained stable over the recent months, despite increased travel over the year-end holidays and China's shift from zero COVID," Lawrence Wong, deputy prime minister and co-chair of the virus taskforce, told a media briefing. But we managed to reach this point together because we all did our part," Wong said. Since April last year, Singapore had lifted most of its COVID-19 restrictions with many international events returning to the city-state, attracting tourists and businesses. The Asian financial hub is expecting the tourism sector to recover to pre-pandemic levels by 2024.

☆ Singapore drops pre-departure requirements for travelers, further eases mask rules
▼ + stars: | 2023-02-09 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +3 min

Changes to travelAll travelers entering Singapore via air or sea must still to submit a health declaration before or on arrival, said the ministry. In addition to removing the need to show proof of a negative pre-departure test, short-term visitors will also not be required to buy Covid travel insurance. Previously, non-fully vaccinated visitors were required to test negative for Covid within 2 days prior to their departure for Singapore. Singapore opened vaccinated travel lanes in April 2022 to facilitate safe resumption of international travel. Further Covid measures were eased at the end of August, as authorities removed indoor mask requirements and allowed non-fully vaccinated travelers to skip quarantine on arrival.

☆ Sun Cable project: Billionaires' feud over Australia-Singapore cable escalates
▼ + stars: | 2023-01-18 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +10 min

The proposed Sun Cable project would see a subsea cable stretch from Darwin to Singapore. A statement from Cannon-Brookes’ private investment arm, Grok Ventures, suggested all investors except Forrest’s investment arm Squadron Energy remain committed to the cable. Tim Buckley, director of Climate Energy Finance, says the export of green hydrogen (hydrogen generated from renewable energy) is at least a decade away. “The market for green hydrogen exports has sort of deflated quite dramatically when people realize there’ll be a decade or two before you can actually ship green hydrogen anywhere overseas,” he said. For example, Xlinks plans to run a cable almost as long and powerful from Morocco to the United Kingdom.

☆ Singapore is set to hike its goods and services tax in January. Here's how it will work
▼ + stars: | 2022-12-29 | by ( Natalie Tham | ) www.cnbc.com time to read: +6 min

Singapore's goods and services tax will be raised to 8% in January 2023. Ore Huiying | Bloomberg | Getty ImagesCome Jan. 1, Singapore will raise its goods and services tax, otherwise known as the GST, from 7% to 8%. The GST is a consumption tax imposed on nearly all goods and services in Singapore. With the change, all goods and services imported into Singapore, including imported goods purchased online, will be subject to the tax. Economists who spoke to CNBC held conflicting views on whether the tax hike will hit the nation's lowest earners harder than others.

☆ Asia's year in review: Who had it good — and who had it bad — in 2022
▼ + stars: | 2022-12-15 | by ( Curtis Chin | Jose Collazo | ) www.cnbc.com time to read: +7 min

As the new year approaches, we turn again to our annual look at Asia's winners and losers. Government and business leaders in every major economy — China now included — may well hope 2023 is the year when draconian pandemic-related lockdowns become a matter of history. Underscoring the Taiwanese tech industry's critical role, a Semiconductor Industry Association (SIA)/Boston Consulting Group 2021 study found that 92% of the world's most advanced semiconductor manufacturing capacity is located in Taiwan. With numbers like those, Taiwan's semiconductor industry ends the year on the move, still building ties and winning growing support from business and government in the United States and elsewhere. Mixed Year: Asia's 'love' for cryptoAs in much of the world, investors in Asia — once bedazzled if not bewitched by the crypto industry — end the year in a mixed mood.

☆ Singapore's deputy prime minister calls FTX loss 'disappointing,' pledges to improve the process
▼ + stars: | 2022-11-30 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Lawrence Wong, Singapore's finance minister, speaks during the Bloomberg New Economy Forum in Singapore, on Thursday, Nov. 17, 2022. Bryan van der Beek | Bloomberg | Getty ImagesTemasek's investment loss of $275 million in the collapse of cryptocurrency exchange FTX was "disappointing" and damaging for Singapore, said Deputy Prime Minister and Finance Minister Lawrence Wong. What happened with FTX therefore has not only caused financial loss to Temasek, but also reputational damage. "What happened with FTX therefore has not only caused financial loss to Temasek, but also reputational damage," Wong said. The FTX loss will also not impact the net investment returns of Singapore's reserves, which are "tied to the overall expected long term returns of our investment entities and not to individual investments."

☆ Singapore's Temasek reviews $275 mln FTX-related loss
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. REUTERS/Edgar SuSINGAPORE, Nov 30 (Reuters) - Singapore's Deputy Prime Minister Lawrence Wong said on Wednesday that Temasek Holdings [RIC:RIC:TEM.UL] has initiated an internal review of its investment in the now-bankrupt FTX crypto exchange. Temasek had invested about $275 million in FTX, which it said it has decided to write down after the spectacular collapse of the exchange. The loss was "disappointing" and had caused reputational damage to Temasek, Wong said in parliament. "The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this," he said.

☆ Singapore's Temasek holds internal review of $275 mln FTX-related loss
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. But Singapore's leader-in-waiting told parliament the loss was "disappointing" and had caused reputational damage to Temasek. After pumping about $275 million into FTX, Temasek decided to write down the investment following the spectacular collapse of the exchange. The review will be conducted by an independent internal team reporting directly to the board and will not involve those who made the investment, Wong said. Wong told lawmakers the individual loss did not impact returns to Singapore's reserves, which are tied to long-term returns.

While the government's decision to repeal the colonial-era sodomy law was cheered as a symbolic victory for the gay community, many worry LGBT families will continue to suffer under public policies that favour heterosexual marriages and families. But influential conservative groups that strongly opposed lifting the gay sex ban make it politically uncomfortable for the ruling party to further change laws. An alliance of more than 80 Singaporean churches has decried repealing the gay sex ban as an "extremely regrettable decision" that "celebrates homosexuality". 'PUNISHING THE CHILD'LGBT families in Singapore now worry that further change will not come in time for them. The government did not respond to Reuters' questions about the rights of LGBT families and their children's residency and access to education.

SINGAPORE, Nov 26 (Reuters) - Singapore's Deputy Prime Minister Lawrence Wong received a top post in the ruling party on Saturday, cementing his position to become the city-state's next prime minister. Prime Minister Lee Hsien Loong, secretary-general of the People’s Action Party (PAP), which has ruled the island nation since independence in 1965, announced this year that Wong, 49, would be his successor. Wong becomes deputy secretary-general, the party said in an announcement of new leadership positions. Lee, 70, is the son of Lee Kuan Yew, Singapore's independence leader and dominant figure for half a century. The younger Lee has said Wong would succeed him before or after the next general election, which is due in 2025.

☆ Singapore's deputy PM: FTX case has raised 'serious allegations'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 17 (Reuters) - The collapse of crypto exchange FTX has raised "very serious allegations that amount to potential fraud", Singapore's finance minister and deputy prime minister said on Thursday. FTX was one of the largest exchanges in the world but had a spectacular collapse in recent weeks and has filed for bankruptcy. A Reuters report found that at least $1 billion of client funds were missing at the failed crypto firm. FTX founder and former chief executive Sam Bankman-Fried has said he expanded the business too quickly and failed to notice red flags. Singapore is in the midst of tightening rules around retail investment in cryptocurrencies, such as not allowing exchanges to offer incentives for referrals.

☆ Deglobalization is not an option for any one of us, German Chancellor Olaf Scholz says
▼ + stars: | 2022-11-15 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +5 min

Picture Alliance | Picture Alliance | Getty ImagesGerman Chancellor Olaf Scholz and Singapore Deputy Prime Minister Lawrence Wong have taken a united stance on continuing to work with China, but also remain committed to diversification. Scholz said Germany is keen to deepen economic ties with Asia-Pacific, not just China, in line with the pursuit of trade diversification. Olaf Scholz German chancellor"Often these are nothing but protectionism in disguise," Scholz said. Picture Alliance | Picture Alliance | Getty ImagesSingapore's Wong said the U.S. and China both have broad interests across Asia and must find a way to coexist, compete and cooperate peacefully. Picture Alliance | Picture Alliance | Getty Images"And within ASEAN, no country wants to be in a position to have the two sides between China or the U.S.

☆ Singapore plans to reduce peak emissions to 60 mln tonnes CO2 in 2030
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong delivers the Singapore Energy Lecture during the 15th Singapore International Energy Week, in Singapore October 25, 2022. REUTERS/Isabel KuaSINGAPORE, Oct 25 (Reuters) - Singapore plans to reduce its peak carbon emissions target for 2030 to 60 million tonnes of carbon dioxide as the city state strives to achieve net zero by 2050, Deputy Prime Minister Lawrence Wong said on Tuesday. The country had previously aimed for a reduction to 65 million tonnes of CO2 equivalent in 2030. "This 5 million tonne improvement is significant as it is equivalent to reducing our current transport emissions by two thirds," Wong said at the Singapore International Energy Week conference. Register now for FREE unlimited access to Reuters.com RegisterReporting by Emily Chow and Florence Tan; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Australia aims for 'responsible' budget after UK mayhem
▼ + stars: | 2022-10-21 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com Register"So a premium for us is getting that balance right. Investors seem reassured, so far, with no hint of the havoc that wrecked the UK gilt market. He has also flagged steep downgrades to forecasts for global growth as central banks around the world hike interest rates. This is a major reason Australia is one of only eight nations that can boast a triple-A credit rating. "Small budget deficits will also help net debt decline as a share of GDP, adding comfort to Australia's AAA credit rating."

☆ U.S. Treasury's Adeyemo heads to APEC meeting with focus on trade, 'resilience'
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Adeyemo, who has led work on U.S. sanctions over Russia's invasion of Ukraine, will represent the United States when the Asian Economic Cooperation (APEC) finance ministers meet in Bangkok on Wednesday and Thursday, Treasury said. He will also meet with Thailand's Finance Minister Arkhom Termpittayapaisith. The newly relaunched G7 Partnership for Global Infrastructure and Investment (PGII) and U.S. efforts to build up supply chains with trusted partners were also on the agenda. "While the U.S. economy remains resilient in the face of these headwinds, the Deputy Secretary will work with partners to increase resilience in their economies," it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ The golden age of globalization is clearly over, says Singapore's Deputy Prime Minister Lawrence Wong
▼ + stars: | 2022-09-27 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +4 min

"The golden age of globalization that we experienced in the last 30 years since the end of the Cold War has ended clearly and we are entering a new era, a new era that will be marked by greater geopolitical contestation," said Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong. Bloomberg | Bloomberg | Getty ImagesThe golden age of globalization has ended and a fundamental change to the way the world works is underway, said Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong. "Where previously the logic was, countries do not have to be friends to do business with one another. In fact, the hope was that the more we trade and invest in each other, we will tamp down geopolitical rivalry," Wong said. "The generation of Chinese born perhaps in the last generations, many of them idealized America and the American way of life.

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