SINGAPORE (Reuters) – Business investment commitments into Singapore jumped nearly 40% last year to a seven-year high, far more than expected as some key sectors bet on rising demand, a government agency said.
Commitments for investments in fixed assets such as facilities, machinery and other equipment surged to S$15.2 billion ($11.3 billion) in 2019, well above a forecast range of S$8-10 billion, according to Economic Development Board (EDB) data.
The numbers reflect Singapore’s strong fundamentals, companies’ confidence in the city-state and its strategic position in a fast growing Asia, EDB Chairman Beh Swan Gin said at a briefing.
He attributed the growth to companies in the semiconductor and chemical sectors committing to make investments in preparation for an eventual upturn that they are expecting in the coming years.
Some chipmakers have started expecting a recovery from the industry downturn, helped by a pick up in the smartphone market.
The rapid growth of the digital sector in Singapore also helped as companies such as Sea Ltd and ride-hailing firm Grab expanded, and traditional businesses grew their technology teams.
A separate measure that tracks business spending on the likes of wages and rents climbed to S$9 billion, up 45% from a year earlier.
Singapore’s economy expanded at its slowest pace in a decade last year, with the export-oriented nation hit hard by the trade war between the United States and China.
Still, months of anti-government protests in rival Asian finance hub Hong Kong have increased Singapore’s relative allure.
Tycoons have switched money, business conferences have moved, and some wealth managers have scrapped plans to open offices in the Chinese-ruled city in favor of the Southeast Asian nation, Reuters has reported.
Beh said the rise in numbers “was not a consequence” of what is happening in Hong Kong. He added there had been some movement of functions and individuals to Singapore from Hong Kong.
“It is not a wholesale move, but some marginal moves,” he said.
Singapore, which is trying to establish itself as a global hub for the tech industry, estimates the investments will create some 32,814 jobs, of which around half are “digital jobs”.
(Reporting by Aradhana Aravindan in Singapore; Writing by John Geddie; Editing by Edwina Gibbs and Mark Potter)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
