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☆ Singapore court charges property billionaire Ong Beng Seng over scandal involving former minister
▼ + stars: | 2024-10-04 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

SINGAPORE — Singapore on Friday charged property billionaire Ong Beng Seng on two counts relating to the obstruction of justice and abetment, according to local media, in a case involving a former government minister. Ong, a Singapore-based Malaysian businessman, is the managing director of Singapore-listed hotel owner and operator Hotel Properties Limited . In July, Singapore's anti-graft agency issued an arrest notice for Ong as part of its investigation involving former Transport Minister S Iswaran. HPL's portfolio includes 38 hotels and resorts in 15 countries, operating under brands including Four Seasons, Intercontinental Hotels and Marriott International. Shares of HPL were halted ahead of the court hearing on Friday.

Persons: Ong Beng Seng, Ong, Singapore's, Iswaran, HPL, Mr Ong Organizations: Hotel Properties, Transport, Intercontinental Hotels, Marriott International Locations: SINGAPORE — Singapore, Singapore, Malaysian

☆ Singapore is set to lead the gold market as 'center of gravity' shifts east, World Gold Council says
▼ + stars: | 2024-06-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

SINGAPORE — Singapore is set to become a leading gold hub as trading shifts east, according to the World Gold Council. Singapore's proximity to these central banks, which are actively snapping up gold, is another factor, he added. "The center of gravity of the gold market has shifted east, with Singapore, fortuitously placed as the potential fulcrum of this new balance," Fan said at the Asia Pacific Precious Metals Conference held in Singapore. China is the world's largest gold consumer, and its central bank is the largest buyer of bullion as the country seeks to boost its gold reserves. Among central banks, the People's Bank of China was the largest buyer of gold in 2023.

Persons: Shaokai Fan, fortuitously, Fan Organizations: World Gold, Asia, Precious Metals Conference, People's Bank of Locations: SINGAPORE — Singapore, Asia, Pacific, Singapore, Singapore . China, People's Bank of China

☆ Singapore pushes for green data centers as growing AI demand strains energy resources
▼ + stars: | 2024-05-30 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

SINGAPORE — Singapore is pushing for green data centers as the explosive demand for artificial intelligence puts a strain on energy resources. The city-state launched a green data center roadmap on Thursday to support its ambitions for the digital economy as demand for AI and computing grows. The roadmap aims to provide at least 300 megawatts of additional capacity in the near term, with more through "green energy deployments." Plans to provide additional data center capacity include raising energy efficiency of all data centers in Singapore, deploying energy-efficient IT equipment as well as offering incentives or grants for resource efficiency. The AI boom has boosted demand for data centers which house large amounts of data required to train and deploy AI models, making them extremely energy intensive.

Persons: Janil Puthucheary, IMDA, Tony Blair Organizations: State for Communications, Media Development Authority, Tony Blair Institute for Global Locations: SINGAPORE — Singapore, Singapore

☆ Singapore’s Lawrence Wong sworn in as new prime minister — the first leadership change in 20 years
▼ + stars: | 2024-05-15 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Lawrence Wong was sworn in on May 15 as Singapore's new prime minister, after Lee Hsien Loong stepped down following two decades in office. Edgar Su | Afp | Getty ImagesSINGAPORE — Singapore's Lawrence Wong was inaugurated as the city-state's fourth prime minister on Wednesday, taking over from former prime minister Lee Hsien Loong, who has led Singapore for 20 years. Trade and industry minister Gan Kim Yong will be promoted to deputy prime minister and work alongside current DPM Heng Swee Keat. Lee, the eldest son of Singapore's founding Prime Minister Lee Kuan Yew, announced last month he will hand over power to the new prime minister in mid-May. Wong also served as principal private secretary to then prime minister Lee Hsien Loong from 2005 to 2008.

Persons: Lawrence Wong, Lee Hsien Loong, Edgar Su, Singapore's Lawrence Wong, Lee, Gan Kim Yong, Heng, Kim Yong, Swee Keat, Wong, Gan, Ong Ye Kung, helming, Singapore's, Lee Kuan Yew Organizations: Afp, Getty, SINGAPORE, Trade, Monetary Authority of, Party Locations: Singapore, Monetary Authority of Singapore, Gan

☆ 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

☆ Singapore trims 2023 economic growth to 1.1% as manufacturing sector contracts
▼ + stars: | 2024-02-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

SINGAPORE — Singapore lowered its full-year growth for 2023, as official data on Thursday showed the economy grew 1.1% last year compared to an earlier estimate of 1.2%. Growth in 2023 was largely driven by "other services industries" which grew by 3.9% year-on-year. Information and communications, as well as transportation and storage sectors also drove growth,"All sectors except for the manufacturing sector recorded full-year expansions," the Ministry of Trade and Industry reported. Last year, the manufacturing sector — a key driver of the economy — contracted by 4.3%, reversing from the 2.7% growth in 2022. The construction sector grew by 5.2%, an improvement from the 4.6% expansion in 2022.

Organizations: Singapore Central Business District, ArtScience Museum, Ministry of Trade, Industry Locations: Sands, Marina Bay, Singapore, SINGAPORE — Singapore

☆ Google says Singapore has 'very high' potential to be a global AI hub
▼ + stars: | 2024-02-07 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

American multinational technology company Google logo seen at Googleplex, the corporate headquarters complex of Google and its parent company Alphabet Inc.SINGAPORE — Singapore has "very high" potential as a global AI hub — thanks in part to an environment that fosters innovation, a Google Cloud executive told CNBC. "In order for AI to really deliver on its potential, you need really good public and private partnerships," Caroline Yap, managing director, global AI business and applied engineering at Google Cloud, told CNBC. Yap was speaking on the sidelines of Explore AI summit in January, a meeting hosted by Google Cloud and the Singapore government to recognize the top generative AI solutions from organizations that took part in the "AI Trailblazers" initiative. That enables to build and test their own generative AI solutions in a controlled and dedicated cloud-based environment. Through the joint partnership, 43 organizations across government and industry sectors successfully built their own generative AI solutions utilizing Google's AI stack.

Persons: Caroline Yap, Yap Organizations: Google, Alphabet Inc, SINGAPORE —, CNBC, Singapore's Ministry of Communications, Digital Industry, Smart Nation and Digital Government Office Locations: Googleplex, SINGAPORE, SINGAPORE — Singapore, Singapore, Digital Industry Singapore, Yap

☆ Here are the most expensive cities to live in — and Singapore tops the list again
▼ + stars: | 2023-11-30 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

Singapore, along with Zurich, is the most expensive city to live in, according to the Economist Intelligence Unit. SINGAPORE — Singapore has yet again been ranked as the most expensive city to live in, sharing the top spot with Zurich this year, according to the Economist Intelligence Unit. This is the ninth time in 11 years that Singapore topped the list, while Zurich jumped from its sixth place ranking last year. The research firm said Singapore clinched its top spot due to the high cost of groceries, alcohol, clothing, and owning a private vehicle. A strong currency and high prices for household items and recreational activities drove Zurich's climb to No.1.

Persons: Syetarn Hansakul, Hansakul, CNBC's, EIU, decelerate Organizations: Economist Intelligence Unit, SINGAPORE — Locations: Singapore, Zurich, SINGAPORE, SINGAPORE — Singapore, New York, Geneva, Hong Kong, Asia, U.S, Europe, Israel

☆ 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

☆ This is the best university in the U.S, according to global rankings—it isn't an Ivy League
▼ + stars: | 2023-10-18 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Princeton University earned the top spot on both The Wall Street Journal's and U.S. News and World Report's rankings for 2024. The University of Oxford in the United Kingdom was named the best university in the world for the eighth year in a row, according to Times Higher Education's ranking of over 1,900 universities worldwide. Oxford, the world's second-oldest university, continues to be a global leader in academic research and instruction nine centuries after its conception. Times Higher Education uses metrics across five areas — teaching, research environment, research quality, industry innovations and international outlook — to rank universities around the world. Though the U.S. doesn't hold the top spot, the next three best-ranked universities are American — but the two highest-ranked ones aren't Ivy League schools.

Persons: United Kingdom Stanford University —, Berkeley — Organizations: Ivy League, U.S, Princeton University, U.S . News, University of Oxford, Oxford, university, Higher Education, doesn't, aren't Ivy League, Stanford University and Massachusetts Institute of Technology, Harvard, Princeton, Oxford University, The University of Oxford —, United Kingdom Stanford University, United Kingdom Stanford University — Stanford, United States Massachusetts Institute of Technology, United States Harvard University — Cambridge, United States University of Cambridge —, United Kingdom Princeton University — Princeton, United States California Institute of Technology, United States Imperial College London —, United Kingdom University of California, United States Yale University — New, United States ETH Zurich —, Switzerland Tsinghua University — Beijing, University of Chicago, United States Peking University — Beijing, China Johns Hopkins University — Baltimore, United States University of Pennsylvania, United States Columbia University —, United States University of California, Los Angeles —, United States National University of Singapore — Singapore Cornell University — Ithaca, United States Times Higher Education, CNBC, Global Locations: U.S, United Kingdom, The University of Oxford — Oxford, California, United, United States Massachusetts Institute of Technology — Boston, United States Harvard University — Cambridge , Massachusetts, United States University of Cambridge — Cambridge, United Kingdom Princeton University — Princeton , New Jersey, United States California Institute of Technology — Pasadena , California, United States Imperial College London — London, Berkeley, Berkeley — Berkeley , California, United States Yale University — New Haven , Connecticut, United States, United States ETH Zurich — Zurich, Switzerland, China, University of Chicago — Chicago, Philadelphia, York, Los Angeles, Los Angeles — Los Angeles, New York

☆ 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

☆ Food delivery apps Grab and Foodpanda expand into dine-in services as explosive growth stalls
▼ + stars: | 2023-08-03 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Bryan van der Beek | Bloomberg | Getty ImagesSINGAPORE — Singapore-based food delivery apps Grab and Foodpanda are expanding into the dine-in space, as consumers look to eat out more post-pandemic. Foodpanda was the first food delivery companies in Singapore to introduce dine-in features in 2021. Food delivery is currently still Foodpanda's largest business, followed by grocery delivery, he said. In June, food delivery service AirAsia Food launched dine-in services in collaboration with restaurant reservation platform eatigo. Food delivery apps want to help [restaurants] get some business in terms of dining in and booking.

Persons: Bryan van der Beek, Bernstein, Foodpanda, Jakob Sebastian Angele, Jonathan Woo, Phillip Securities Research Angele, TabSquare, Jein, GrabFood's, Tay, Woo, Sachin Mittal Organizations: Central Business District of Singapore, Bloomberg, Getty, SINGAPORE —, CNBC, Phillip Securities Research, AirAsia Food, DBS Bank Locations: SINGAPORE, SINGAPORE — Singapore, Singapore, Thailand, Indonesia, Malaysia, Philippines, Vietnam, Hong Kong, Pakistan, Bangladesh, Asia Pacific

☆ 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 kicks off the world's first Olympic Esports Week
▼ + stars: | 2023-06-23 | by ( Audrey Wan | ) www.cnbc.com time to read: +2 min

An athlete warms up before the cycling finals on the second day of Olympic Esports Week in Singapore. Yong Teck Lim | Getty ImagesSINGAPORE — Singapore is hosting the inaugural Olympic Esports Week where over 100 athletes from around the world are competing across 10 virtual sports. It builds on the success of the Olympic Virtual Series staged before the Tokyo Summer Games in 2021, which attracted 250,000 participants, the IOC added. Singapore is no stranger to esports competitions, launching the Singapore Games Association to develop the country's esports ecosystem. The Singapore Tourism Board said the country has the potential to become a "top-of-mind destination for esports fans globally," CNA reported.

Persons: Yong Teck Lim, Alvin Tan, Tan, Halimah Yacob, Newzoo Organizations: Getty, SINGAPORE —, Olympic, International Olympic, Olympic Games, Straits Times, International Olympic Committee, Tokyo Summer Games, IOC, Singapore Games Association, Singapore Tourism Board, CNA Locations: Singapore, SINGAPORE, SINGAPORE — Singapore, Suntec City, Esports, Asia Southeast Asia, Statista

☆ Ahead of Blinken's Beijing visit, Singapore urges the U.S. and China to stave off conflict
▼ + stars: | 2023-06-12 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

SINGAPORE — Singapore renewed calls for China and the U.S. to cool tensions, warning of "great costs and hardship across the world" if these feuding global powers do not step back from the brink. The comments come as U.S. Secretary of State Anthony Blinken is reportedly preparing to visit Beijing for talks this week. China rejected U.S. defense officials' request for dialogue at a security summit in Singapore two weeks ago. "Unbridled and unchecked competition with no guardrails will generate great costs and hardship, across the world. "It is every country's interest, especially the U.S. and China, to develop a new architecture that enables inclusive and sustainable development."

Persons: State Anthony Blinken, —, Heng Swee Kiat, Heng Organizations: U.S, State, Asia New Vision Locations: Beijing, Singapore, China, U.S, SINGAPORE — Singapore, South Carolina, Asia, Taiwan Strait, South, ASEAN

☆ Singapore PM Lee tests positive for Covid again in rebound case, says he feels fine
▼ + stars: | 2023-06-01 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Singapore Prime Minister Lee Hsien Loong has tested positive again for Covid-19 Thursday, a week and a half after his initial diagnosis, in what his doctors say is a case of rebound infection. SINGAPORE — Singapore Prime Minister Lee Hsien Loong has tested positive again for Covid-19 a week and a half after his initial diagnosis, in what his doctors said is a case of rebound infection. "I feel fine but I am afraid I have turned COVID-19 positive again," Lee said Thursday on social media. Lee, who is 71-years-old, was prescribed the antiviral medication Paxlovid when he first tested positive on May 22 after returning from a six-day official working trip to South Africa and Kenya. He has been serving as prime minister of the Southeast Asian city-state since 2004.

Persons: Lee Hsien Loong, Lee, Li Shangfu, Defense Lloyd Austin, Anthony Albanese Organizations: Singapore, SINGAPORE — Singapore, Defense, Australian Locations: SINGAPORE, Singapore, Asia, China, U.S, South Africa, Kenya, Covid

☆ Singapore hikes property tax in latest round of cooling measures
▼ + stars: | 2023-04-27 | by ( Sumathi Bala | ) 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 160 million Singapore dollars and SG$170 million and adjusted EBITDA of between SG$11 million and SG$15 million. SINGAPORE — Singapore is raising taxes for property purchases amid concerns that surging prices "could run ahead of economic fundamentals." This will be the third round of cooling measures by Singapore following previous similar moves. Still, "property prices showed renewed signs of acceleration amid resilient demand" in the first three months of the year. "If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes."

☆ 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.

☆ Singapore 2022 deficit set to be lower than expected; inflationary pressures persist
▼ + stars: | 2023-02-14 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Lawrence Wong, Singapore's deputy prime minister and finance minister, delivered the Singapore Budget 2023 on Feb. 14 in Parliament. SINGAPORE — Singapore says its budget deficit for 2022 will be lower than expected — at $1.5 billion dollars, or 0.3% of its gross domestic product. The country previously estimated the 2022 deficit would come in at S$3 billion. He acknowledged that 2022 was a "year of brutal inflation worldwide" and rising costs pressures continue to weigh on the Singapore economy, which grew 3.6% last year. "Singapore too had to contend with these inflationary pressures — [the Monetary Authority of Singapore] has tightened our monetary policy five times since October 2021," he added.

☆ 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.

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