Festivities to usher in the new year

Singapore will count down to the new year tonight, with multiple celebrations taking place islandwide.

Close to 300,000 revellers are expected to pack the Marina Bay area, where the festivities will culminate in an eight-minute fireworks display. There are parties at Zouk, Siloso Beach on Sentosa and Sengkang Riverside Park, among others.

Asean declares Economic Community

The 10-member Asean is set to declare the formation of the Asean Economic Community (AEC) today in its pursuit of a single market and production base as well as a highly competitive economic region.

The AEC aims to integrate South-east Asia by reducing barriers to cross-border trade and investment, and allowing freer flow of professionals to work in other markets in the region.

US jobless claims report out today

The United States government will release its last economic report for the year today: Initial jobless claims.Jobless claims, which has been falling on the back of an improving economy, is a key indicator for the health of the economy.

The report, for December, is expected to see claims fall further from the 260,000 level in November. Unemployment has fallen to about 5 per cent in the US, a level which is generally seen as full employment for the US economy.