Singapore unveils S$1.5 billion package to ease inflation burden - Bloomberg
(June 21): Singapore announced a S$1.5 billion (US$1.1 billion) package to shield lower-income households from surging costs of living, joining fiscal policymakers globally in tackling price pressures that look set to persist.The package comprising voucher payments and household utilities credit is targeted at providing relief to the most vulnerable groups, Finance Minister Lawrence Wong said at a briefing for local media on Tuesday, according to CNA. It also consists of assistance to local businesses by way of increased wage
A (June 21): Singapore announced a S$1.A (June 20): Australia's big three miners were on track to lose more than A$16 billion (US$11.for the latest news you need to know.According to local daily Vientiane Times report on Monday, a total of 100 MW will be supplied by Laos to Singapore.
5 billion (US$1.1 billion) package to shield lower-income households from surging costs of living, joining fiscal policymakers globally in tackling price pressures that look set to persist.Rio Tinto's Australia-listed shares were set to shed nearly A$2 billion in value, BHP more than A$10 billion, and Fortescue Metals over A$4 billion.The package comprising voucher payments and household utilities credit is targeted at providing relief to the most vulnerable groups, Finance Minister Lawrence Wong said at a briefing for local media on Tuesday, according to CNA.Energy Secretary Jennifer Granholm said the president was also evaluating a pause on federal gas tax to bring down prices, telling CNN that such a move was “not off the table”.It also consists of assistance to local businesses by way of increased wage credit and steps to support jobs.The three Australian mining behemoths, so far this month, have already lost roughly A$30 billion of their combined market value, and are facing a third straight week of losses after hitting multi-week lows on Monday.Singapore isn’t alone in ramping up support in Asia, where authorities have particularly focused on checking sharp gains in food prices.In 2017, EDL embarked on a mission to sell power to Malaysia with the birth of the Laos, Thailand and Malaysia (LTM) project.
Malaysia and Indonesia have resorted to export bans on commodities like palm oil and chicken to keep local prices in check, while Thailand recently extended price caps for essential goods and mooted a profit-sharing arrangement with energy firms to fund a fuel subsidy program."Are we doomed? Or is it darkest before dawn?" Jefferies analysts wrote on Saturday with reference to recent economic data, China's Covid-19 lockdowns and the Fed's policy narrative.Yellen, speaking to ABC News, said the administration was reviewing its China tariff policy but did not cite specifics and declined to say when there may be a decision.Singapore, the trade-reliant business hub, has been particularly vulnerable to food and energy price surges caused by Covid-induced supply bottlenecks and Russia’s war in Ukraine.The core inflation print for May, to be announced Thursday, is expected to surge further from a decade-high 3.Analysts at JP Morgan also echoed risks to the sector but said fresh policy support along with easing Covid-19 lockdowns in China would spur a rebound in the second half of 2022, and maintained their"neutral" view on Rio Tinto and BHP.3% in April, according to a Bloomberg survey.US officials say recession ‘not inevitable’ Both Granholm and Yellen reiterated Biden’s stance that a recession was “not inevitable”, with the treasury secretary saying that labour market and consumer spending remained strong.In February’s budget, Wong announced the country’s third straight budget deficit, allowing the government to keep the spending taps open to support the economy’s recovery from the Covid shock.- Xinhua Article type: free.
Officials expect the total draw on Singapore’s reserves for pandemic aid to amount to S$42.9 billion (US$30.Whether the United States, the world’s largest economy, will slip into a recession has been a growing concern for chief executives, the Federal Reserve, and the Biden administration.9 billion) over three fiscal years.The city-state’s central bank expects core inflation to surge further over coming months, with its latest forecast predicting core figures to average between 2.5 to 3.The surge in inflation has made hawks of nearly all Federal Reserve policymakers, only one of whom dissented earlier this week against what was the central bank’s biggest rate increase in more than a quarter of a century.
5% this year.All-items price rises are seen between 4.5 to 5.5%.The Monetary Authority of Singapore, which seeks to dampen imported inflation through adjusting the country’s currency settings against a basket of its top trading partners, have opted to tighten monetary policy thrice in the last eight months, including a surprise move in January.
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Top three Aussie miners to shed US$11b in market value as commodity rout accelerates(June 20): Australia's big three miners were on track to lose more than A$16 billion (US$11.12 billion) in combined market value on Monday at current levels, as a commodities selloff over easing China demand and fears of a global recession deepened.Rio Tinto's Australia-listed shares were set to shed nearly A$2 billion in value, BHP more than A$10 billion, and Fortescue Metals over A$4 billion.Lower output from Chinese steel mills has hit demand for iron ore, while prices of commodities
US reviews China tariffs, possible pause on federal gas tax to curb inflationWASHINGTON, June 20 — President Joe Biden’s administration is reviewing the removal of some tariffs on China and a possible pause on federal gas tax as the United States...
Laos to sell electricity to SingaporeLaos will soon start selling electricity to Singapore under the Laos-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP). How? Hah... Laos, I think you need that electricity more than Singapore...
Qatar Airways CEO says freight demand will drop because of inflationDOHA, June 20 — Qatar Airways Chief Executive Akbar Al Baker said today that freight demand will drop because of inflation. He added that airlines will not be able to absorb all...
European food delivery firms face forecast cuts as inflation surges, says J.P. Morgan(June 20): European food delivery companies will be forced to slash their forecasts in the second half of the year as record-high inflation and rising borrowing costs take a toll on consumers, analysts at J.P. Morgan said on Monday.The brokerage said food delivery has so far not been 'stress tested' in a recession, but views the sector as highly discretionary and expects a sharp drop in orders.The outlook comes amid Euro zone inflation touching a record 8.1% last month
Malaysian Cocoa Board: Exports of cocoa, chocolate products rise to RM6.9b in 2021KOTA KINABALU, June 19 — Malaysia’s exports of cocoa and chocolate products have increased from RM4.2 billion in 2010 to RM6.9 billion last year, said Malaysian Cocoa Board...