Singapore

Singapore to revise economic growth estimates

Singapore to revise economic growth estimatesSingapore  - Singapore Prime Minister Lee Hsien Loong said the city state's economic growth projections for this year would be revised to reflect the economic downturn as the economies of major trading partners have taken a turn for the worse, news reports said on Saturday.

"Growth numbers have come down all over Asia. The trade numbers have come down very drastically all over Asia," the Channel News Asia quoted Lee as saying.

Singapore's foreign trade grew by 9.6 per cent in 2008

Singapore's foreign trade grew by 9.6 per cent in 2008

Singapore NGOs call for compensating foreign workers

Singapore NGOs call for compensating foreign workersSingapore  - Two Singapore non-governmental organizations (NGOs) have called for adequate compensation for foreign workers, a growing number of whom are being left with unpaid wages or without jobs, proper accommodation and meals, news reports said Friday.

NGO Transient Workers Count Too (TWC2) said some 800 workers, who had no access to work since they were brought into Singapore, were abandoned by their employers and had not been paid their due salaries, according to a report by the Channel News Asia.

Singapore shares down by 3.4 per cent

Singapore - Singapore shares dropped by 3.4 per cent Thursday amid generally gloomy regional market news and overnight falls on Wall Street.

The Straits Times Index fell by 60.66 points or 3.4 per cent to 1,704.06.

The Singapore Exchange closed with 357 losers against 105 gainers.

Volume was 1,069.5 million shares.

Analysts said speculators forced a price correction on Thursday at the Singapore Exchange which had made recovery on Wednesday after a six straight days of losses.

Singapore to chair APEC and lead economic discussions

Singapore - Singapore Wednesday said it would discuss with other Asia-Pacific Economic Cooperation (APEC) member economies measures to support economic growth, address the global economic crisis, accelerate regional economic integration, and resist protectionism this year.

Singapore, as APEC chairman, would bring together, for the first time, APEC trade and finance senior officials, in February and July, to discuss fiscal and monetary measures to help businesses and workers tide over the economic crisis, the city state's Trade and Industry Ministry said.

Previously, APEC trade and finance senior officials have had separate meetings on their respective trade and finance agendas.

Singapore contractor sends back Bangladeshi workers

Singapore  - A Singapore sub-contactor is sending back 55 Bangladeshi workers, citing lack of work and projects due to the economic slowdown, according to a news report Wednesday.

Tunnel & Shaft said it has worked out compensation of 1,000 Singapore dollars (673 US dollars) per worker. However, the workers would have to return 500 Singapore dollars (336 US dollars) if re-employed.

The company was sending the workers home for two months and hopes to bring them back when the economy picks up, according to the Straits Times.

The Bangladeshis were recruited last year, with some of them just two months into employment. Some were quoted as saying they were left with an outstanding debt of

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