DIRS.INFO The most relevant business & tech news

☆ Singapore arrests 10 foreigners, seizes S$1 bln assets in money laundering probe
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Caroline Chia/File Photo Acquire Licensing RightsSINGAPORE, Aug 16 (Reuters) - Singapore police have arrested 10 foreigners for alleged money laundering and forgery offences, in a case involving about S$1 billion ($737 million) of cash, properties, luxury cars and other assets. Other seizures included bank accounts, cash, luxury bags, jewellery, watches, electronic devices and some documents with information on virtual assets. The foreigners were aged between 31 and 44, and their nationalities include Chinese, Turkish, Cypriot, Cambodian and Ni-Vanuatu, Singapore police said. In a separate statement, the Singapore central bank said it has been "in touch with the financial institutions (FIs) where the potentially tainted funds have been identified. ($1 = 1.3572 Singapore dollars)Reporting by Chen Lin in Singapore; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Caroline Chia, Chen Lin, Alison Williams Organizations: REUTERS, Rights, Singapore, Cypriot, FIs, Thomson Locations: Singapore, Vanuatu

☆ Singapore downgrades GDP outlook, avoids recession
▼ + stars: | 2023-08-11 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Goss domestic product (GDP) expanded a seasonally-adjusted 0.1% quarter-on-quarter in April to June, slower than 0.3% growth seen in the government's advance estimate. Manufacturing will remain weak, dampened by a protracted downturn in electronics, while finance and insurance sectors will likely be subdued, MTI said. The ministry narrowed its GDP growth forecast to 0.5% to 1.5% this year from 0.5% to 2.5% previously. Analysts are expecting no change to monetary policy at MAS's October meeting, despite cooling momentum. MAS left its policy settings unchanged in April, after tightening five times in a row since October 2021, reflecting concerns over the city-state's growth outlook.

Persons: Feline, Goss, MTI, Yong Yik Wei, Brian Tan, Chen Lin, Tom Westbrook, Kanupriya Kapoor, Jacqueline Wong Organizations: Port, REUTERS, MAS, Ministry of Trade and Industry, The Straits Times, Monetary Authority, Singapore's, Barclays, Thomson Locations: Port of Singapore, MTI, SINGAPORE, Singapore, Asia

☆ Singapore Q2 GDP grows 0.1% q/q, lower than first estimated
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Container cranes are pictured at the Port of Singapore, June 10, 2018. REUTERS/Feline Lim/File PhotoSINGAPORE, Aug 11 (Reuters) - Singapore's economy expanded less than initially estimated in the second quarter, official data showed on Friday. Gross domestic product (GDP) grew a seasonally adjusted 0.1% quarter-on-quarter in April to June, the Ministry of Trade and Industry said, lower than the 0.3% growth seen in the government's advance estimate. On an annual basis, the economy expanded 0.5%, compared with the government's advance estimate of 0.7% and first quarter growth of 0.4%. Reporting by Chen Lin; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Feline, Chen Lin, Kanupriya Kapoor Organizations: Port, REUTERS, Gross, Ministry of Trade, Industry, Thomson Locations: Port of Singapore, SINGAPORE

☆ Singapore opposition members quit in latest political shake-up
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

[1/5] Workers' Party Chairman Sylvia Lim and Secretary-General Pritam Singh attend a press conference at their headquarters in Singapore, July 19, 2023. REUTERS/Edgar SuSINGAPORE, July 19 (Reuters) - Two senior members of Singapore's largest opposition party quit on Wednesday after admitting to an inappropriate relationship, the latest scandal to hit a country otherwise used to stable and drama-free politics. Seah had also denied the relationship when asked by party leaders at that time, Singh said, adding the pair's behaviour was "unacceptable". Both the WP and the PAP have in the past sacked members for extramarital relationships. Reporting by Chen Lin, Writing by Xinghui Kok, Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Sylvia Lim, Pritam Singh, Edgar Su SINGAPORE, Leon Perera, Nicole Seah, Singh, Perera, Seah, Chong Ja Ian, Chen Lin, Xinghui Kok, Kanupriya Kapoor Organizations: Workers ', REUTERS, Workers ' Party, Action Party, National University of Singapore, Thomson Locations: Singapore

REUTERS/Chen Lin/File PhotoJuly 17 (Reuters) - Chinese e-retailer Temu has filed a new lawsuit accusing rival Shein of violating U.S. antitrust law in its dealings with clothing manufacturers, escalating a legal clash for dominance in the fast-fashion market. Temu, represented by prominent U.S. law firm Boies Schiller Flexner, filed the new case on Friday in Boston federal court. The two companies are already embroiled in litigation in Chicago federal court, where Shein has alleged Temu worked with influencers to disparage Shein on social media. Temu's complaint alleged Shein "forces manufacturers to sign loyalty oaths certifying that they will not do business with Temu." A spokesperson for Shein on Monday said Temu's lawsuit was "without merit and we will vigorously defend ourselves."

Persons: Chen Lin, Temu, Shein, Boies Schiller Flexner, influencers, YipitData, Temu's Boies Schiller, Denise Casper, Philip Korologos, James Denvir, Boies Schiller, Mike Scarcella, Josie Kao Organizations: REUTERS, Temu, Shein, District of, Thomson Locations: Singapore, Boston, Chicago, U.S, United States, Los Angeles, China, Europe, Asia, District of Massachusetts

SINGAPORE, July 17 (Reuters) - Two senior lawmakers from Singapore's ruling party have resigned over their "inappropriate relationship", Prime Minister Lee Hsien Loong said on Monday, the latest high-profile scandal in a city-state otherwise known for its political stability. Resignations of senior PAP members are rare in Singapore, where the party has been in power since 1959, before the country's independence in 1965. Separately, the opposition Workers' Party (WP) said on Monday it was looking into an "inappropriate exchange" between two of its senior members after a video surfaced online that appeared to show them holding hands in a restaurant. Events like these are unusual in Singapore, which prides itself on being corruption-free and holding politicians to high moral standards. Political scientist Chong Ja Ian at the National University of Singapore said Monday's developments were "relatively controllable issues" that would not affect Singapore's political stability.

Persons: Lee Hsien Loong, Lee, Tan Chuan, Jin, Cheng Li Hui, Cheng, Ong Beng Seng, Chong Ja Ian, Chong, Chen Lin, Martin Petty, Kanupriya Kapoor Organizations: Action Party, Workers ' Party, WP, National University of Singapore, Thomson Locations: SINGAPORE, Singapore

☆ Singapore dodges recession after slight growth in Q2
▼ + stars: | 2023-07-14 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Four economists with quarterly estimates had forecast growth of 0.3% in a Reuters poll. She said that while Singapore had escaped a technical recession for now, there was a possibility that final GDP figures for the second quarter could be revised lower due to recent signs of softening growth in China. On an annual basis, the economy expanded 0.7% in the second quarter, data from the Ministry of Trade and Industry showed. That compared with 0.4% growth in the prior quarter and a 0.6% expansion forecast in a Reuters poll. The ministry has projected GDP growth of 0.5% to 2.5% for this year down from 3.6% in 2022.

Persons: Selena Ling, Brian Tan, Tan, Chen Lin, Tom Westbrook, Martin Petty, Jacqueline Wong Organizations: SINGAPORE, Ministry of Trade, Industry, Barclays, Capital Economics, Singapore, U.S ., Monetary Authority of, Thomson Locations: Singapore, China, Monetary Authority of Singapore

☆ Singapore's economy grows slightly in Q2, averts recession
▼ + stars: | 2023-07-14 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, July 14 (Reuters) - Singapore's economy narrowly escaped a technical recession after posting modest growth in the April to June period, preliminary government data showed on Friday, as global demand weakened and China's slowdown dragged on trade. The economy grew a seasonally adjusted 0.3% quarter-on-quarter, following a 0.4% contraction in the first quarter. Four economists with quarterly estimates had forecast growth of 0.3% in a Reuters poll. On an annual basis, the economy expanded 0.7% in the second quarter, Ministry of Trade and Industry advanced estimates showed. That compared with 0.4% growth in the prior quarter and a 0.6% expansion forecast in a Reuters poll.

Persons: Chen Lin, Martin Petty Organizations: Ministry of Trade, Industry, Monetary Authority of, Thomson Locations: SINGAPORE, Monetary Authority of Singapore

☆ Singapore anti-graft agency probes transport minister
▼ + stars: | 2023-07-12 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, July 12 (Reuters) - Singapore's anti-graft agency has launched an investigation into a case involving the city-state's transport minister, a rare high-level probe in a country that prides itself on a government free from corruption. The Corrupt Practices Investigation Bureau said it was interviewing the minister, S Iswaran, who was "assisting" in a case, but did not provide further details. Prime Minister Lee Hsien Loong on Wednesday said he had "instructed Minister Iswaran to take leave of absence until these investigations are completed". The 61-year-old joined Lee's cabinet as a junior minister in 2006 and held the trade and communications portfolios before becoming transport minister in May 2021. Graft investigations involving ministers are rare in Singapore, where civil servants are paid handsomely to discourage corruption.

Persons: S Iswaran, Lee Hsien Loong, Iswaran, Lee, Kanupriya Kapoor Organizations: Reuters, Thomson Locations: SINGAPORE, Singapore

☆ Malaysia seeks proposals to revive high-speed rail project with Singapore
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, July 11 (Reuters) - Malaysia on Tuesday said it was seeking proposals from private firms to develop a high-speed railway between its capital Kuala Lumpur and neighbouring Singapore, reviving a multi-billion-dollar project called off more than two years ago. Malaysia and Singapore had cancelled a plan to build a 350-kilometre (217-mile) rail line connecting the two countries after they failed to agree on several proposed changes to the project. MyHSR invited local and international firms and consortia to submit proposals. Singapore indicated last year the country is open to fresh proposals from Malaysia on the project, according to media. Reporting by A. Ananthalakshmi in Kuala Lumpur, Chen Lin in Singapore; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: MyHSR, Chen Lin, Kanupriya Kapoor Organizations: MyHSR Corp, Speed, Thomson Locations: KUALA LUMPUR, Malaysia, Kuala Lumpur, Singapore, China, Japan, South Korea, Europe, Malaysian

[1/3] A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. Shein has confidentially submitted its IPO registration with the U.S. Securities and Exchange Commission (SEC), the sources said. In pressing on with its IPO plans, Shein is braving heightened tensions between the United States and China over trade, sensitive technology, human rights and the future of Taiwan. The United States bans exports from Xinjiang for this reason. U.S. lawmakers are also seeking to restrict the "de minimis" tariff exemption widely used by e-commerce retailers such as Shein to send orders from China to the United States.

Persons: Chen Lin, Didi, Shein, Chris Xu, Kane Wu, Julie Zhu, Chizu Nomiyama, Nick Zieminski Organizations: REUTERS, New, U.S . Securities, Exchange Commission, SEC, General Atlantic, Tiger Global, Sequoia Capital, Thomson Locations: Singapore, New York, United States, China, Taiwan, China's Xinjiang, Xinjiang, Sequoia Capital China, U.S, Ukraine, Nanjing, China's, Jiangsu, Hong Kong

The announcement did not name Choi and gave only limited details, although some media subsequently identified Choi and his links with Foxconn. The unreleased 18-page indictment, reviewed by Reuters, provides details in the case against Choi, including how he is alleged to have stolen Samsung's trade secrets and details about the planned Foxconn plant. Choi's Singapore-based consultancy Jin Semiconductor won the contract with Foxconn around August 2018, according to the indictment. According to the indictment, the new Foxconn plant had planned capacity of 100,000 wafers per month using 20-nanometre DRAM memory chip technology. However, Foxconn ended the contract just a year later and only paid salaries related to the project, the lawyer said.

Persons: Kim Hong, Choi Jinseog, Taiwan's Foxconn, Choi, Kim Pilsung, Cho Young, sik, Samoo, Choi's, Chung Chan, Kim, Foxconn, Cho, HanmiGlobal, Chung, Lee Jong, Lee, Jin Semiconductor's, Yoon Suk, 1,294.4600, Heekyong Yang, Ben Blanchard, Chen Lin, Josh Ye, Miyoung Kim, Lincoln Organizations: Samsung Electronics, REUTERS, Samsung, South, Prosecutors, Reuters, Jin Semiconductor, Foxconn, Samoo Architects & Engineers, Google, SK Hynix, Samsung's, Sangmyung University, Hai Precision Industry Co Ltd, South Korean, Thomson Locations: Suwon, South Korea, SEOUL, China, Choi's Singapore, Xian , China, HanmiGlobal, South, CHINA, United States, Taipei, Singapore, Hong Kong

Change is afoot in the conservative city state with a softening of attitudes and growing tolerance of gay issues, which some members of the LGBT community and academics attribute to the November lifting of a ban on sex between men. But the historic lifting of the ban was not all welcomed by LGBT people. The repeal of the gay sex ban was not universally welcomed. LGBT issues are appearing in the typically conservative domestic media, known for toeing the government line. The Islamic Religious Council of Singapore this month advised teachers to "address socio-religious issues, including LGBT issues, with wisdom, kindness, compassion and mercy".

Persons: Yeo Sam Jo, Yeo, JoJo Sam Clair, Laavanya Kathiravelu, Carol, Dot, Nishanthiy Balasamy, Corinna Lim, Lim, Cally Chia, Ching Chia, Ching, Clement Tan, Pink Dot, We're, Tan, Xinghui Kok, Chen Lin, Robert Birsel, William Mallard Organizations: Nanyang Technological University, Institute of Policy, Islamic, Council of, Pink, Thomson Locations: SINGAPORE, Singapore, Council of Singapore, Instagram

MAS imposed penalties of S$2.6 million ($1.93 million) for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life. Asked whether illicit activities had taken place involving the institutions, MAS said its checks focused on compliance with its requirements. DBS failed to adequately inquire into the background and purpose of "unusually large transactions", it said. A Swiss Life spokesperson said it had terminated a client relationship in 2020 after being approached by authorities about a contract. "Since then, and in close cooperation with the authorities, additional measures have been implemented within Swiss Life (Singapore) to detect client misconduct more effectively."

Persons: Wirecard, OCBC, Chen Lin, Yantoultra, Selina Li, Martin Petty, Conor Humphries Organizations: Citibank, DBS, Swiss, Monetary Authority of Singapore, Chinese Banking Corp, MAS, FIs, Singapore police, Thomson Locations: SINGAPORE, Singapore

☆ Singapore's Grab plans biggest round of job cuts since pandemic - Bloomberg News
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, June 20 (Reuters) - Singapore-based Grab Holdings (GRAB.O) is preparing its biggest round of job cuts since the pandemic, Bloomberg News reported on Tuesday, citing people familiar with the matter. Southeast Asia's leading ride-hailing and food delivery app had in February forecast upbeat 2023 revenue and pulled forward its profitability timeline. In September it said it had no plans to undertake mass layoffs despite the weak market. There were 11,934 staff at Grab as of end 2022, according to its latest annual report. Reporting by Lavanya Ahire in Bengaluru, Chen Lin in Singapore; Editing by Varun H K, Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: payrises, Lavanya, Chen Lin, Varun H, Kanupriya Kapoor Organizations: Bloomberg, Thomson Locations: SINGAPORE, Singapore, Indonesia, Thailand, Bengaluru

Where can a Chinese buyer purchase top-end Nvidia (NVDA.O) AI chips in the wake of U.S. sanctions? A model similar to OpenAI's GPT would require more than 30,000 Nvidia A100 cards, according to research firm TrendForce. Nvidia's more advanced H100 chips, only on the market since March, appear much harder to come by. He added the premiums currently commanded by Chinese vendors for A100 and H100 chips could collapse in the future as many of the Chinese AI startups that were driving purchases would eventually withdraw from the market. ($1 = 7.8307 Hong Kong dollars)Reporting by Josh Ye in Hong Kong, David Kirton in Shenzhen and Chen Lin in Singapore; Additional reporting by Fanny Potkin in Singapore; Editing by Brenda Goh and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden's, OpenAI's, Ivan Lau, Hong, ByteDance, Vinci Chow, Charlie Chai, Josh Ye, David Kirton, Chen Lin, Fanny Potkin, Brenda Goh, Edwina Gibbs Organizations: Nvidia, SEG, Reuters, supercomputing, HK, U.S . Department of Commerce, China's, Information, Tencent Holdings, Taobao, Chinese University of Hong, Thomson Locations: HONG KONG, SHENZHEN, China, U.S, Shenzhen, Hong Kong, India, Taiwan, Singapore, Chinese University of Hong Kong, Shanghai

SINGAPORE, June 4 (Reuters) - Chinese Defence Minister Li Shangfu told Asia's top security summit on Sunday that conflict with the United States would be an "unbearable disaster" but that his country sought dialogue over confrontation. "It is undeniable that a severe conflict or confrontation between China and the U.S. will be an unbearable disaster for the world." China's military criticised the United States and Canada for "deliberately provoking risk" after their warships staged a rare joint sailing through the sensitive strait. Canadian defence minister Anita Anand said that Canada would continue to sail where international law allows, including the Strait, and that "actors in this region must engage responsibly”. In his speech, Li said China would not allow such freedom-of-navigation patrols by the United States and its allies to be "a pretext to exercise hegemony of navigation."

Persons: Li Shangfu, Li, Joe Biden's, Anita Anand, Richard Marles, Defense Lloyd Austin, Austin, Cui Tiankai, Chong Ja Ian, ”, Chen Lin, Greg Torode, Xinghui, Ben Blanchard, Kanupriya Kapoor, Gerry Doyle, Raju Gopalakrishnan Organizations: Chinese Defence, U.S, National Defence, People's Liberation Army, U.S . Navy, Pacific Command, Defense, Reuters, National University of Singapore, Thomson Locations: SINGAPORE, United States, Singapore, China, U.S, Washington, Beijing, Taiwan, South, Chinese, Taiwan Straits, Canada, Britain ., Russia, Xinghui Kok, Taipei

SINGAPORE, June 4 (Reuters) - The United States should ease off military deployments close to China in an act of "good faith" if high-level defence talks between the two superpowers are to resume, a retired veteran Chinese diplomat said in Singapore on Sunday. Cui said of U.S. naval and air force deployments close to China. Those risks were highlighted during the weekend as China's military criticised the United States and Canada for "deliberately provoking risk" after the countries' navies staged a rare joint sailing through the sensitive Taiwan Strait on Saturday. U.S. deployments near China, Cui said, were "certainly disrespect of other countries' sovereignty and territorial integrity and to be more specific, they always prefer unilateral sanctions." "As a matter of principle, we are always ready for more dialogue with others, including with the United States."

Persons: Cui Tiankai, Cui, They're, Cui's, of National Defence Li Shangfu, Li, Lloyd Austin, Austin, Chen Lin, Greg Torode, Gerry Doyle Organizations: Reuters, of National Defence, U.S . Defence, Thomson Locations: SINGAPORE, United States, China, Singapore, U.S, Taiwan, East, South China, Canada, Russia

☆ China seeks dialogue, says clash with U.S. would be 'unbearable disaster'
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 4 (Reuters) - Chinese Defence Minister Li Shangfu said on Sunday that conflict with the United States would be an "unbearable disaster" but that his country seeks dialogue over confrontation. "It is undeniable that a severe conflict or confrontation between China and the U.S. will be an unbearable disaster for the world." In their latest row, China's military criticised the United States and Canada for "deliberately provoking risk" after the countries' navies staged a rare joint sailing through the sensitive Taiwan Strait on Saturday. U.S. Secretary of Defense Lloyd Austin rebuked China in a speech at the security meeting in Singapore on Saturday for refusing to hold military talks, leaving the superpowers deadlocked over their differences. Reporting by Chen Lin, Greg Torode; Editing by Gerry Doyle and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Shangfu, Li, Joe Biden's, Defense Lloyd Austin, Austin, Chen Lin, Greg Torode, Gerry Doyle, Raju Gopalakrishnan Organizations: Chinese Defence, People's Liberation Army, U.S, National Defence, . U.S, Defense, Saturday, Thomson Locations: SINGAPORE, United States, China, U.S, Washington, Beijing, Taiwan, South, Canada, ., Singapore, Russia, Asia

Speaking at the Shangri-La Dialogue, Asia's top security summit, Austin said that open lines of communication between U.S. and Chinese defence and military leaders were essential to avoid conflict and bolster stability in the Asia-Pacific. "The more that we talk, the more that we can avoid the misunderstandings and miscalculations that could lead to crisis or conflict." China's Minister of National Defence Li Shangfu had this week declined an invitation to meet Austin at the security summit. On Friday, the two shook hands on the sidelines of the conference but did not hold detailed talks, the Pentagon said. "(AUKUS) promotes greater stability and security," Austin said.

Persons: Defense Lloyd Austin, Caroline Chia, Austin, Austin Austin, National Defence Li Shangfu, Antony Blinken, Liu Pengyu, General, Lei, Zhao Xiaozhuo, Zhao, Xi Jinping, Joe Biden, Xinghui Kok, Joe Brock, Chen Lin, Gerry Doyle, Kanupriya Kapoor, Greg Torode, Ryan Woo, Idrees Ali, Phil Stewart, Yew, Raju Gopalakrishnan Organizations: Defense, REUTERS, United, People's, National Defence, Austin, Pentagon, Academy of Military Sciences, Global Times, U.S, China's Academy of Military Sciences, Australia, Thomson Locations: Singapore, China, Taiwan, Asia, Pacific SINGAPORE, United States, South China, People's Republic of China, U.S, Washington, TAIWAN, Beijing, Ukraine, Pacific, Australia, Japan, India, Philippines

☆ Southeast Asian defence pact helps 'balance' region, members say
▼ + stars: | 2023-06-03 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, June 3 (Reuters) - Top officials from Malaysia, Singapore, Australia, New Zealand and Britain said on Saturday that their 52-year-old Five Power Defence Arrangements (FPDA) pact helped keep things in balance amid regional tensions. "The longstanding FPDA... always been an important part of ensuring signalling collective defence in this region," New Zealand defence minister Andrew Little said at a media briefing on the sidelines of the Shangri-La Dialogue in Singapore. As the tensions between the United States and China persist, the longstanding relationships among smaller nations are "what keep things in balance", Little said. "I'm comfortable continuing to keep things in balance as different countries including the major powers work out how the relationships are working," he added. Singaporean Defence Minister Ng Eng Hen, Australian Deputy Prime Minister and Defence Minister Richard Marles, Malaysian Defence Minister Seri Mohamad Hasan, Little, and British defence minister Ben Wallace discussed the importance of the FPDA as a constructive and peaceful arrangement.

Persons: Andrew Little, Little, Ng Eng, Richard Marles, Seri Mohamad Hasan, Ben Wallace, Marles, Anthony Albanese, Lloyd Austin, Chen Lin, Gerry Doyle Organizations: Singaporean, Defence, Malaysian Defence, Australian, U.S . Defense, Thomson Locations: SINGAPORE, Malaysia, Singapore, Australia, New Zealand, Britain, Zealand, United States, China, Asia

☆ Asia security summit kicks off amid US-China tensions
▼ + stars: | 2023-06-02 | by ( Joe Brock | ) www.reuters.com time to read: +3 min

The Shangri-La Dialogue, which attracts senior military officers, diplomats, weapons makers and security analysts from around the globe, is taking place June 2-4 in Singapore. Australian Prime Minister Anthony Albanese will deliver the keynote address on Friday evening, before U.S. Defence Secretary Lloyd Austin and China's new Defence Minister Li Shangfu are expected to trade barbs in speeches over the weekend. Li, who was named China's new defence minister in March, was sanctioned by the U.S. in 2018 over weapons purchases from Russia. The United States is Australia's biggest security ally, and Beijing has criticised a deal announced in March to buy U.S. nuclear-powered submarines. Australia’s defence chief has said that as great power competition in the region persists, his country is focused on deterring conflict and deepening engagement with partners, including Pacific island and South East Asian nations.

Persons: Dr Ng Eng Hen, Lloyd Austin, Anthony Albanese, Li Shangfu, Li, Austin . Li, National Intelligence Avril Haines, Zhu Qichao, Joe Brock, Greg Torode, Kanupriya Kapoor, Xinghui Kok, Chen Lin, Raju Gopalakrishnan, Kirsty Needham, Gerry Doyle Organizations: U.S . Defense, Singapore Ministry of Defence, REUTERS, Singapore . Australian, U.S, Defence, Austin, National Intelligence, China, New Zealand, Albanese Labor, ASEAN, South East, Thomson Locations: Singapore, REUTERS SINGAPORE, United States, China, Taiwan, South China, Washington, Beijing, U.S, Russia, American, ., AUSTRALIA, Australia, Britain, Canada, New, Pacific, South

☆ No Singapore Airlines group A320neos with Pratt engines grounded - exec
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, May 17 (Reuters) - None of the Airbus (AIR.PA) A320neo planes in the Singapore Airlines (SIAL.SI) group with Pratt & Whitney engines are currently grounded over a lack of spares, Leslie Thng, CEO of Scoot, the airline's low-cost subsidiary, said on Wednesday. The engines have been under scrutiny since Go Airlines (India) Ltd filed for bankruptcy protection this month, blaming "faulty" Pratt engines for the grounding of about half its 54 Airbus A320neos. Scoot has 15 A320neo family planes in its fleet, while premium brand Singapore Airlines instead operates the rival Boeing Co (BA.N) 737 family. India's IndiGo (INGL.NS), Germany's Lufthansa (LHAG.DE) and Air New Zealand (AIR.NZ) have said some of their aircraft have been grounded over issues with Pratt GTF engines at a time when spares are in short supply. Raytheon CEO Greg Hayes said in February that the GTF engines' reliability has not been up to expectations and that the company was working to fix problems.

☆ Singapore firms scramble to soften blow of soaring rent costs
▼ + stars: | 2023-05-08 | by ( Chen Lin | ) www.reuters.com time to read: +5 min

But with private housing rents in Singapore maintaining the scorching pace of gains in 2023, those steps are likely falling short, forcing expatriate workers to even consider leaving the city for good. An exodus of foreign talent due to unaffordable housing costs would be a setback to Singapore in fulfilling its ambitions of becoming a technological and innovations hub. EXPAT WOESRecruitment companies said most expats in Singapore do not get housing allowances as companies are controlling their costs amid an uncertain global economy. That is cold comfort for Briton Natalie, who has been living in Singapore for 15 years and is facing a S$3,200 increment in monthly rent. ($1 = 1.3274 Singapore dollars)Reporting by Chen Lin in Singapore; Editing by Xinghui Kok and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

SINGAPORE, May 8 (Reuters) - China is hammering out details with Singapore on a bilateral visa-free travel arrangement, according to Beijing's embassy, a move that could boost arrivals in the city-state from what was its biggest pre-pandemic tourism market. There were 3.6 million Chinese visitors to Singapore in 2019, more than any other country, who spent a combined S$4.1 billion ($3.09 billion). Many Chinese have in recent years been keen to invest, move assets or relocate to Singapore, with some buying into luxury real estate. Among Singapore's 4 million citizens and permanent residents, three-quarters are of Chinese ethnicity and many speak Mandarin, making it easy for mainland Chinese to navigate the country. Singaporeans were allowed 15-day visa-free visits prior to the pandemic.

Search resuls for: "Chen Lin"

25 mentions found