Archive for the ‘Singapore’ Category
An artist's rendering of Resorts World Sentosa
Resorts World Sentosa, built by Malaysia’s Genting Bhd at a cost of $5 billion, opened 1,340 rooms in four hotels, including a Hard Rock hotel and a property designed by architect Michael Graves. Its 7,300-seat ballroom, one of Asia’s largest, will host its first event at the end of this month.
A Universal Studios theme park is expected to open in the coming weeks on the sprawling 49-hectare complex on Sentosa, an island a quarter of a mile off Singapore’s coast. No firm date has been set, said Genting chairman Lim Kok Thay, contradicting reports it would open next week.
The resort’s casino, the city-state’s first, is expected to open in March after Genting’s application for a license was delayed from October to December when gambling authorities asked for more information. Officials have said it will probably take three months to process the license.
Singapore-known for its ban on chewing gum sales and canings for crimes some countries would rule as minor-strictly controls public speech and assembly, although it has become socially more liberal and allowed greater artistic freedom in recent years. The decision to allow casinos followed a rare national debate though the government’s desired outcome was never in doubt.
The city is also developing its second casino resort, the $5.5 billion Marina Bay Sands developed by US-based Las Vegas Sands Corp and due to open in April this year, after its original opening at the end of last year was postponed.
Sands plans to open a casino, 1,000 out of its 2,500 hotel rooms, a part of its huge shopping mall, and one of Southeast Asia’s largest convention and exhibition centers as the first phase. Several other attractions at the resort will be unveiled a few months later, including Asia’s largest sky park.
The government expects Resorts World along with the expected May opening of the Marina Bay Sands casino resort to increase the country’s gross domestic product growth by up to one percent and boost tourist arrivals, adding 35,000 jobs. …read more at ChinaDaily.com…
Singapore's DBS Bank could rebound strongly in 2010
And while loans growth is expected to remain weak next year, some analysts said Singapore banks could still see strong bottomline growth in 2010.
It was a tough year for DBS Bank. The lender was forced to pay out some S$80 million to settle mis-selling claims in both Singapore and Hong Kong, following the collapse of Lehman Brothers last year.
But market watchers said DBS, along with other Singapore banks, has managed to weather the fallout from the global financial crisis well, even outperforming their expectations.
Alfred Chan, financial institutions analyst, Fitch Ratings, said: “Singapore banks have comfortably been sitting on very high capital buffer. And given the high capital buffer, this just shows that they have the additional weapon, additional armour to ride through this economic downturn.
“And that’s why the ratings of the Singapore banks, which is at AA-, continue to be on the stable outlook despite the economic downturn.”
Fitch Ratings expects non-performing loans (NPLs) among Singapore banks to come in lower than initially forecast.
For this year, it expects Singapore banks’ NPLs to come in at between two and three per cent of total loans portfolio on average, lower than its initial forecast of 3.5 percent.
But others remain cautious. Christine Kuo, senior analyst, Moody’s Investors Service, said: “The rise in NPLs have stabilised, but there is still uncertainty due to the unclear sustained economic recovery.” – read more at ChannelNewsAsia.com…
A busy food court in Orchard Road, Singapore (photo: Randal Rayborn)
The online survey, commissioned by HSBC International, polled 3,146 expats from 50 countries across four continents, including 192 from Singapore. They were asked about the quality of life and their experience of integrating into the host society.
In the Asia-Pacific region, Singapore ranked behind Australia and Thailand. It lost out to Canada, Australia and Thailand in the global ranking.
Food here was one of the major draws for expats, the survey found.
Four in 10 respondents preferred Singaporean food to their native cuisine, higher than the average of 36 per cent across the 50 countries who preferred the food of their new home.
American Holly Anderson, 32, a pharmaceutical scientist who came here four years ago, said: “I really love the food and the people here. My Singaporean neighbours often cook curry for my housemate and me. They know we can’t take food that is too spicy and they actually take the effort to tone it down for us.”
Singapore also emerged tops among the 50 countries in the ease of applying for and setting up of utilities. – read more at AsiaOne Business…
Singapore's Marina Bay Sands Project is nearing completion.
This is expected to attract over 150,000 attendees to the integrated resort when it opens next year.
Marina Bay Sands said it has sealed events from a wide range of industries, from the engineering and legal sector to life sciences and renewable energy.
Some events are marking their return to Singapore after many years. For example, the Inter-Pacific Bar Association 2010 Conference will see top lawyers from the region converging in Singapore in May for the first time since 1994.
With the theme of ‘Climate Change’, the prestigious event counts former US Vice President and environment champion Al Gore as its keynote speaker.
Other events include the 2010 UFI Congress which will return to Singapore after a 15-year absence.
New shows that will debut at Marina Bay Sands include the Industrial Fabrics Association International Expo Asia 2011 trade show – the first major textile event catered to the Asian audience. – read more at ChannelNewsAsia.com…
Shanghai is hosting the World Expo 2010
The six-month event, hosted by China, is expected to attract around 70 million attendees. And Singapore companies want to get a piece of the action by providing hotel rooms and activities to promote product branding.
A heritage building from the 1930s, along Hengshan Road in Shanghai, is home to a swanky boutique hotel – as travel agency Commonwealth Travel Service Corporation (CTC) invested US$4 million in the city as part of its regionalisation efforts.
CTC hopes to set up other entertainment outlets at Shanghai’s Yuyuan Garden, a famous classical garden in the heart of the city. It believes the Expo will help it recoup its investments two years earlier than expected.
“Our occupancy rate is above 80 per cent. Next year, we can expect new contracts with the Expo. It is another 100-room hotel set to open by May next year,” said Wee Hee Ling, managing director, Commonwealth Travel Service Corporation.
Apart from the hotel sector, food manufacturers are also looking for a slice of the pie.
“More people will be going to Shanghai for the Expo. During those months, we can hold larger scale activities, focusing on food safety and quality of our products,” said Liane Ong, regional director, Eastern China, International Operations Group, IE Singapore. – read more at ChannelNewsAsia.com…
Tiger Airways Airbus A319
‘At this time, they are considering a US$500 million minimum, but it could change. They have the agreement of shareholders. They need to fund their expansion in Australia and the purchase of new planes,’ the person said on Thursday, adding that Tiger Airways is considering listing 30 per cent of its share capital.
Tiger Airways, 49 per cent owned by Singapore Airlines, is one of the biggest budget carriers in South-east Asia, with 25 destinations in Asia and Australia. – read more at business.AsiaOne.com…
Marina Bay Sands and the Esplanade (photo: Randal Rayborn)
Official data released on Thursday showed gross domestic product (GDP) expanded 14.2 per cent in the July-September period on a quarter-on-quarter annualised basis following a 21.7 per cent surge in the previous quarter.
“Effectively, the recession in Singapore is over,” Ravi Menon, permanent secretary with the Ministry of Trade and Industry (MTI), said at a media briefing.
“Economies around the world are now turning the corner… Singapore has benefited from these global and regional trends.”
Year-on-year, Singapore’s GDP grew 0.6 per cent in the third quarter compared with a 3.3 per cent contraction in the April-June period, the MTI said in its third-quarter economic survey.
The 0.6 per cent annual growth in the July-September period was the economy’s first positive showing since the third quarter of 2008, when the city-state slid into a recession.
Growth in the third quarter was powered by the key manufacturing sector, which posted expansion of 26.6 per cent on a quarterly basis following a 58.5 per cent surge in the previous quarter, the ministry said.
Other sectors also turned in a positive display including the wholesale and retail industries, which grew 10.8 per cent after a 7.9 per cent increase in the second quarter, it said. Wholesale and retail make up two-thirds of the economy. – read more at ChannelNewsAsia.com…
Anchored ships near the Malaysian southern Johor state.
The ships are lying off the southeastern tip of southern Johor state which faces Singapore, positioned outside port limits to avoid charges and official scrutiny.
Some authorities said they believed the ships were waiting out the export slump that has deprived them of cargo, while others said they were being used to conduct illegal oil transfers.
“These vessels are not supposed to anchor there. This activity is considered illegal,” Johor Port Authority assistant general manager Damon Nori Masood told AFP.
“All of these ships are off port limits, and some are just one metre away from the boundary line, making us unable to take action,” he said, adding that the vessels are all believed to be foreign owned or flagged.
Damon Nori said the ships are anchored in a narrow strait known as the “traffic separation scheme” (TSS) – designed as a free passage area to allow authorities to control the movement of vessels in and out of the port.
The huge flotilla is illuminated at night, presenting the illusion of a floating city off the coast. Malaysian newspaper reports have said there are several hundred vessels now gathered there. — read more at Channel News Asia…
An economic dawn in Singapore? (photo: Randal Rayborn)
But a dramatic recovery is not being seen, as Singapore’s growth depends on the situation in developed countries, he said.
Speaking at a media conference ahead of the Asia-Pacific Economic Cooperation (Apec) Leaders’ Week beginning this Sunday, he noted that recovery in developed countries was due to stimulus packages administered by their governments.
Though the global economy is picking up, these should not be withdrawn suddenly, he said.
“As governments withdraw these stimuli, you (need) to have self-sustaining growth to create prosperity so that you are actually spending what you are creating,” he cautioned.
He also said that Americans need to save more and Asians need to spend more. read more at AsiaOne Business…
Sentosa's Universal Studios
The resort’s assistant director of communications, Robin Goh, said the vast employment opportunities created would also help boost the economic situation in the region.
“Resorts World Sentosa is a one-of-a-kind destination and will definitely attract much interest,” he said during a media familiarisation tour on Tuesday.
He added that the company had already sent a batch of employees to be trained overseas.
“They have been sent to Universal Studios in Orlando, United States, for robust training exercises and have returned to share their knowledge with the locals,” he said.
Goh said most Singaporeans did not have experience in the casino or theme park industry as the organisation was the first to open one in the city-state.
He said various jobs with specific expertise would also be offered to international employees. read more at business.asiaone.com…
