Connect with us

Business

Coronavirus: Asia’s ‘shining star’ suffers biggest ever slump – BBC News

Singapore falls into recession as as the global economy braces for the pandemic downturn.

Published

on

post featured image

Image copyrightGetty Images
Singapores economy plunged into recession in the last quarter as an extended lockdown hit businesses and retail spending.
Economic growth in the city state shrank by 41.2% compared to the previous quarter, the country’s biggest contraction on record.
Authorities forecast it will be Singapore’s worst recession since independence from Britain in 1965.
The figures reveal the severity of the virus-driven downturn faced globally.
Official data showed Singapore’s second quarter gross domestic product (GDP) shrank 12.6% on a year-on-year basis.
As one of first countries to release growth data for the period in which many economies were in lockdown, the numbers from Singapore provide a glimpse of how the ongoing pandemic could affect economies around the world.
The worse-than-expected figures followed a first quarter year-on-year GDP fall of 2.2% and quarter-on-quarter drop of 10.6%.
The deepening downturn also indicates that the pandemic may have impacted Singapore’s economy harder than many of its Asian counterparts.
The slump in global trade has hit the country’s export-reliant manufacturers, while the construction industry activity stalled and retailers have seen sales fall at a record pace.
In contrast Japans GDP is seen shrinking by around 20% in the second quarter from the previous three months, while data this week may show that the Chinese economy has now returned to growth.
The data out of Singapore puts more pressure on the country’s ruling Peoples Action Party, which last week saw its weakest general election performance since independence 55 years ago.
The government has already pledged about $67bn (£53bn), or nearly 20% of Singapore’s GDP, in stimulus measures to support struggling businesses and households.
Singapore started to ease its lockdown measures, known as the Circuit Breaker locally, on 1 June.
The city state entered phase two of reopening its economy on 19 June, which allows most shops and restaurants to resume business although social distancing rules remain in place.

Click here to view the original article.

Business

Cathay Rises Most Since 2008 as Reopening Chance Offsets Virus – Bloomberg

Cathay Pacific Airways Ltd. shares climbed the most in nearly 12 years after a Chinese state-run newspaper tweeted that Hong Kong’s airport may restart transfer flights to mainland China, a move that could inject the beleaguered carrier with some much-needed …

Published

on

post featured image

Cathay Pacific Airways Ltd. shares climbed the most in nearly 12 years after a Chinese state-run newspaper tweeted that Hong Kong’s airport may restart transfer flights to mainland China, a move that could inject the beleaguered carrier with some much-needed passenger traffic.
The tweet from the Global Times added fuel to Cathay’s Wednesday morning rally, pushing it to a 12% gain, its biggest since October 2008. Shares closed at HK$5.88 in Hong Kong. The newspaper cited a source it didn’t ident…

Click here to view the original article.

Continue Reading

Business

Students breach Melbourne coronavirus restrictions for McDonald’s trip – NEWS.com.au

Students breach Melbourne coronavirus restrictions for McDonald’s trip

Published

on

post featured image

A trio of vloggers who broke Melbournes strict lockdown restrictions for a trip to McDonalds and then posted about it on social media have been fined thousands of dollars for their naive and shameful stunt.The five-minute video was filmed by a group of international students stuck in Melbourne, who posted about it on Chinese social media site Weibo, where it was viewed tens of thousands of times in the space of a few hours, before it was deleted following widespread criticism.
The deleted video…

Click here to view the original article.

Continue Reading

Business

The Show’s a no-show, but you can still grab a bag – The Age

The COVID-19 pandemic has scuppered this year’s Royal Melbourne Show, but fans can enjoy “a little bit of happiness in a year that is so stressful” by buying showbags online.

Published

on

She is disappointed the family won’t be going this year. The show, due to start on September 19, was cancelled due to the COVID-19 pandemic.
Instead, to give the boys a taste of the excitement, Ms Antonello paid $65 to buy three showbags online.
The top-selling showbags for Bensons Trading (Bluey, Harry Potter and Barbie) and for Chicane Showbags (Bertie Beetle, The Australian Women’s Weekly and My Kitchen Rules).
Top showbag producers faced disaster when more than 200 shows across the countr…

Click here to view the original article.

Continue Reading

Trending