The Government on Thursday (Dec 17) announced further cuts to the supply of private homes in its Government Land Sales programme for the first half of next year, as home buying interest remains relatively muted. The programme comprises four Confirmed List sites and 12 sites on the Reserve List, said the Ministry of National Development (MND). Together, they can yield up to 7,420 private homes.
The United States Federal Reserve raised interest rates for the first time in nearly a decade, signalling renewed confidence in the US economy. Fed chairman Janet Yellen in the news conference on Wednesday (Dec 16) said: "We see an economy that is on a path of sustainable improvement."
The gloom surrounding Singapore's trade picture darkened in November, with non-oil domestic exports (NODX) falling 3.3 per cent year-on-year, as a contraction in non-electronic shipments outweighed the slight increase in electronic NODX.
Lending rates in Singapore rose on Thursday (Dec 17) in the wake of the US Federal Reserve's widely expected first interest rate hike in nearly a decade. The key three-month Sibor or Singapore interbank offered rate, which is used extensively to price home loans edged up to 1.13375 per cent from Wednesday's 1.13275 per cent.
The Federal Reserve isn't doing any favors for commodity markets already enduring the longest slump in decades. By raising US interest rates for the first time since 2006, the central bank has bolstered the value of the US dollar, the currency used around the world to buy and sell most raw materials.
DBS Group Holdings is working with Standard Chartered on developing distributed ledger technology for trade finance in Singapore. The banks have completed tests on the technology and will start collaborating with other companies next year.
Asian governments and central bankers breathed a collective sigh of relief on Thursday (Dec 17) after currencies edged up and stocks rallied rather than recoiled at the US Federal Reserve's decision to raise interest rates.
Japan's exports in November fell at the fastest pace in almost three years as shipments to Asia declined in a worrying sign that weakness in overseas demand could curb economic growth.