Nearly 60 percent of Singaporean firms need 1-2 years to recover
Almost 60 percent of Singaporean companies said it will take them one to two years to recover to pre-pandemic levels, even when they seek new sources of revenue and speed up technological adoption.
Singapore (VNA) – Almost 60 percent ofSingaporean companies said it will take them one to two years to recover topre-pandemic levels, even when they seek new sources of revenue and speed up technologicaladoption.
According to a survey recently announced by the SingaporeChinese Chamber of Commerce and Industry (SCCCI), 80 percent of respondentssaid their revenues were hit while 76 percent saw profit margins decline.
Additionally, they also faced challenges related tofinancing and cash flows, rising business costs and uncertain economic andpolitical conditions overseas.
The poll done in June and July gatheredresponses from 1,020 companies, 95 percent of which are small andmedium-sized enterprises.
On August 17, Singaporean Deputy Prime Minister and FinanceMinister Heng Swee Keat announced support measures amounting to 8 billion SGD (5.84billion USD), which includes an extension to the wage subsidy scheme forSingaporeans until the first quarter of next year.
The Singaporean economy is predicted to contract by 5-7percent this year./.
Singapore’s financial sector created 22,000 jobs between 2015 and 2019, and of these, three out of the four jobs went to locals, said a top official from the Monetary Authority of Singapore (MAS) on August 12.
Director of the Foreign Relations Department at the Ministry of Defence Lieut. Gen Vu Chien Thang and Director of Defence Policy Office of Singapore Col Amos Yeo co-chaired a virtual meeting on bilateral defence cooperation and the ASEAN Chairmanship Year in 2020 on August 13.
Singapore’s government has allocated another 8 billion Singapore dollars (5.8 billion USD) to support workers and businesses hurt by the COVID-19 pandemic, the country's Deputy Prime Minister and Finance Minister Heng Swee Keat said.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Photo: AP) 
