Singapore can be an effective launch pad for Chinese digital companies' expansion beyond the mainland into new markets in the region. A growing middle class in Asean and a large number of new internet users presents substantial and growing opportunities for companies to target these consumers through the digital economy, said Minister for Trade and Industry (Industry) S Iswaran on Tuesday (Jan 19).
A Singapore liquefied natural gas spot index has dropped to the lowest since it started as new production capacity in Australia and the US adds to a global oversupply. The index price fell for the sixth consecutive week to US$5.461 per million British thermal units on Monday (Jan 18).
Hydrochem Saudi, a wholly owned subsidiary of Hyflux Group, has been awarded a contract by a subsidiary of Italian group Saipem to design, manufacture and supply a seawater reverse osmosis and sulphate removal facilities package in Khurais, Saudi Arabia. The project value is approximately US$50.4 million (S$72.5 million), mainboard-listed Hyflux announced on Tuesday (Jan 19).
Petroliam Nasional (Petronas) is planning to slash spending by as much as 50 billion ringgit (S$16.44 billion) over the next four years, as a slump in oil prices to multi-year lows pinches profits of the Malaysian state firm. Petronas, which brings in nearly half of Malaysia's oil revenue, made the announcement on the cuts in an internal memo to its staff, a source in the company told Reuters.
China's economy grew 6.9 per cent in 2015, the slowest pace in a quarter century, confirming a loss of momentum in the world's second-largest economy that is rippling around the world. The annual growth figure was slightly below the government's target of around 7 per cent but matched economists' forecasts.
Oil's plunge and the impact on the global economy is hurting many a billionaire. But Indian tycoon Mukesh Ambani isn't one of them. Reliance Industries, controlled by Mr Ambani, is benefiting from low crude prices as margins swell at the company's refining complex, the world's largest.