Steady Recovery for 2010

Apr 29, 2010 / Straits Times

ECONOMISTS looking for reasons to upgrade their Singapore growth forecasts into double-digit territory were presented with plenty yesterday.
A review by the Monetary Authority of Singapore (MAS) found that the economy's recovery from the global recession has been stronger than rebounds from previous downturns.
In fact, the economy has rallied so sharply that it is now about 2.8 per cent above its previous peak in the first quarter of 2008, the MAS said in its twice-yearly macroeconomic review yesterday.
And with the recovery broadening and global demand returning, the economy is likely to continue on a 'firm recovery path' for the rest of the year.
This is likely to raise hopes of higher economic growth than the Government's official forecast of 7 per cent to
9 per cent this year. Economists have suggested that even double-digit growth is not out of the question, as long as the economy stays on the recovery path in the coming months.

Singapore Second Casino Opens on 27th Apr 2010

AFP - Tuesday, April 27
SINGAPORE, April 26, 2010 (AFP) – Singapore throws open the doors of its second casino Tuesday as part of a 5.5 billion US dollar complex built by US gaming giant Las Vegas Sands.
Marina Bay Sands, located next to the financial district, will open at the locally auspicious time of 3:18 pm (0718 GMT). The number eight sounds like the word for prosperity in Chinese.
Singapore gave the green light for casino gambling in 2005, setting off a flurry of construction that went ahead despite the city-state slipping into recession in 2008 because of the global financial crisis.
Its first casino, the 4.4 billion US-dollar Resorts World Sentosa, opened for business on February 14.
Marina Bay Sands was originally set to open at the end of 2009 but faced repeated delays caused by a number of factors, including material and labour shortages and financial problems due to the latest global economic downturn.
Tuesday's opening includes the casino and 963 out of 2,560 hotel rooms, a portion of the shopping mall, some restaurants, an exhibition centre and the events plaza.
The remaining hotel rooms and suites, a skypark and more shops will open on June 23, while a museum, theatres and other stores will start operations later in the year, the management said.
Officials hope the casinos will help Singapore achieve a target of attracting 17 million visitors a year generating over 21 billion US dollars by 2015, boosting the services sector and reducing the role of manufacturing in the economy.
Marina Bay Sands is designed to cater to the corporate and convention crowd while Resorts World is aimed at families.
Built by Malaysia's Genting Group, the Resorts World complex includes Southeast Asia's only Universal Studios movie theme park, hotels, restaurants and convention facilities.
Las Vegas Sands also has major operations in the Asian gaming haven of Macau.

Prive Restaurant Keppel Bay

Another Student Got S Pass(Skill Pass) at Prive Restaurant Keppel Bay~~~Good News

Good news - one of our students, Ms Sunayana Menon has recently got the S-Pass (Skill Pass) after she has completed her internship!
She's now working as Management Trainee at the stylish, upmarket Prive Restaurant Keppel Bay with a view for promotion after 3 months.
You may want to visit this restaurant when you next visit Singapore!


Prive – Marina at Keppel Bay (Singapore Restaurant Bar)







Prive, the latest restaurant bar to hit Singapore shore is located at Keppel Bay of the small Keppel Island, which is a not far away from Sentosa. It has ingeniously integrated an eatery – Prive the Restaurant, an outdoor watering hole – Prive Gastrobar and even a cafe called Prive Bakery Cafe in this waterfront food and beverage entertainment outlet.
Prive the Restaurant
A “New York style” Restaurant which can accommodate 88 people in chic and cozy seating. The menu developed by Prive’s executive chef – Tony Bilson, consists of a selection of roasts, steaks, seafood platters, risottos, pastas and etc.
Prive Gastrobar
Rested on a relaxed and outdoor setting, this waterfront ‘Gastrobar’ with lounge sofas to chill-in, will be distinguished by guest DJs, performers and light dining.
Prive Bakery Cafe
The Bakery Cafe serves fresh pies and bread, sandwiches, soups, salads, waffles, milk shakes, cakes and desserts.

Better job chances for fresh grads as economy improves

Channel NewsAsia - Thursday, April 15

SINGAPORE: Good news for graduates entering the workforce this year.
Industry players say their chances of landing a job have improved tremendously as companies ramp up hiring.
Last February, the economic downturn prompted Singapore Airlines to freeze cabin crew recruitment and introduce broad measures that included cutting capacity and grounding planes.
But now, the airline is hiring again, albeit in a limited manner.
According to recruitment agencies, this reflects the broader reality that things are looking up for fresh graduates.
"They are graduating at the right time as compared to last year, because last year was really very bad," said Joshua Yim, chief executive officer of Achieve Group.
"However, this year, we already got signs that things are very well, so I do forecast that there’ll be a lot of need for these fresh graduates, particularly in industries like banking, the lifestyle industry, hospitality because of the IR, and manufacturing as well."
Yim said that many companies are ramping up hiring by up to 50 per cent.
Salaries of fresh graduates are also starting to inch closer to the highs seen in 2007 and 2008.
There are further signs the job market is recovering in tandem with the economy.
The NUS Career Centre said there has been a 20— to 30—per—cent increase in the number of employers who signed up with it.
"We’re seeing an increasing trend of employers also sourcing directly from local talents here to run operations in Asia Pacific," said Corrine Ong, director of the National Universitys (NUS) Career Centre.
"Because our Singapore talents are also Asia—savvy, so they’ll be able to understand the local culture better and henceforth better able to serve the market."
Already, some final year students have benefited from the improved economy.
"I sent in about five to six resumes, (and) I actually had an internship," said Ian Choo, a final year student at NUS Science Faculty. "And through the internship, which I found from NUS Career Centre, I managed to secure a job."
Said Nikki Yeo, a final year Arts & Social Sciences student from NUS: "I’ve sent four resumes so far and all of them have gotten back to me and I’ve gotten interviews from three of them so far, and there’s one more interview in May."
However, despite the rosy outlook, competition for jobs is likely to remain fierce, as more than 10,000 students from the three universities complete their final—year examinations in the next few weeks.
— CNA/yb

Singapore's GDP soars 32 percent in first quarter

ALEX KENNEDY,Associated Press Writer - Wednesday, April 14
SINGAPORE – Singapore's economy soared in the first three months of 2010, bouncing back from a contraction the previous quarter as manufacturing more than doubled.
Gross domestic product grew an annualized, seasonally adjusted 32.1 percent in the first quarter, led by a 139 percent jump in industrial production, the Trade and Industry Ministry said Wednesday.
The economy grew 13.1 percent in the first quarter from the same period a year ago, and the government boosted its 2010 GDP forecast to between 7 percent and 9 percent from between 4.5 percent and 6.5 percent, the ministry said.
Singapore's strong GDP numbers suggest Asia has emerged from last year's recession as a leading driver of global economic growth. The city-state was the first Asian country to report first quarter GDP results, while China is scheduled to do so Thursday.
"The recovery of the Singapore economy has been stronger than expected and more entrenched since the beginning of this year," the central bank said. "Looking ahead, domestic economic activity is likely to be sustained at a relatively high level."
The bank, known as the Monetary Authority of Singapore, said Wednesday that it has shifted its exchange rate policy from a 0 percent appreciation of the Singapore dollar to a "modest and gradual" appreciation in a bid to dampen inflation.
The government also raised its inflation forecast for this year by 0.5 percentage points to between 2.5 percent and 3.5 percent.
"Inflationary pressures are likely to pick up, driven by rising global commodity prices," the bank said.

Exceptionally strong growth ahead for Singapore, and stronger dollar

Singapore: Exceptionally strong growth was seen in the first quarter of 2010 and the Trade and Industry Ministry (MTI) says it now expects Singapore’s economy to grow by 7.0 to 9.0% during the current year.
The revision upwards from an earlier 4.5—6.5% GDP growth is in view of the "exceptionally strong growth for the Singapore economy" in the first quarter and the overall improved outlook for external economies for the rest of 2010, MTI said in its news release on Wednesday.
In view of the rebound of the Singapore economy and expected firm recovery with a more favourable global economic outlook the MAS will re—centre the exchange rate policy band for the Singapore dollar at the prevailing level and shift the policy band from zero percent appreciation to a modest and gradual appreciation.
The decision to allow for a stronger dollar was influenced by the tightening of the labour market with the seasonally adjusted resident unemployment rate falling from 5% in September 2009 to around its pre—crisis rate of 3% in December, and an expected pick—up of wages this year.
Overall, Singapore should see inflation in 2010 at between 2.5% and 3.5%, which is slightly higher than the 2—3% forecast earlier.
Experts say the move to move by MAS indicates that the view that domestic inflation is the concern now that economic growth has settled in.