Lockdowns and restricted movement control implemented by countries around the world due to the COVID-19 pandemic has seen people go berserk at hypermarkets, hoarding food supplies. As people are urged to self-isolate and stay home, there has been a surge of demand in food delivery services in Southeast Asia.
Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.US benchmark West Texas Intermediate fell 5.3 percent to trade at US$20 a barrel, while international benchmark Brent crude was off 6.5 percent at US$23.The falls came after the death toll from the pandemic surged past 30,000 at the weekend as cases in hard-hit Europe and the United States showed no sign of letting
Singapore's economy suffered its biggest contraction since the financial crisis during the first quarter as the coronavirus pandemic escalated, data showed Thursday, an ominous sign of the devastation being inflicted on the global economy.The finance minister meanwhile announced SGD48 billion (US$33 billion) in fresh stimulus, taking to about SGD55 billion the amount so far pledged by the government to help the export-reliant financial hub weather the downturn.One of the world's mos
Southeast Asia is facing the possibility of billions of dollars in losses from the sharp drop in Chinese tourists since the COVID-19 outbreak.According to a report by global audit, tax and advisory network, KPMG International, the risk of a global recession in 2020 is extremely high as nations shutdown economic activity to limit the spread of the COVID-19 pandemic.A report by the Asian Development Bank (ADB), outlining the economic impact of COVID-19, stated that, “tourism arrivals in many de
According to a study by global workspace provider Regus, 73,000 jobs under flexible working arrangements are tipped to be created come 2030. The study looked at flexible working in 16 key markets among which included Singapore.
The increasing incorporation of technology into modern day workplaces has thrown a spanner in the works especially with the looming risks of jobs being lost to automation and artificial intelligence (AI) – effectively rendering old skills obsolete.
One of the main concerns of enforcing nationwide lockdowns is the economic repercussions of the strict measures and the fear that it would have a lasting impact on social wellbeing and economic performance in the country. With China as the epicentre of the COVID-19 outbreak, governments in ASEAN have now put stringent measures in place to contain it; threatening to stall economic growth in major markets.
Global stock and oil markets plunged Wednesday, as vast stimulus measures failed to offset heightened concerns that the worsening coronavirus outbreak will tip the world into a deep recession. On Wall Street, the Dow Jones Industrial Average was hit by another brutal loss to finish below the 20,000-point level for the first time since 2017 despite authorities in the United States (US) and elsewhere moving forward with more measures to prop up the economy.In European trading, both Par
Oil rebounded Tuesday, with investors buying at bargain levels after prices plunged to four-year lows as governments worldwide ramped up measures to contain the spread of the deadly coronavirus.Analysts said, however, that any recovery in oil prices is likely to be short-lived as travel restrictions and other tough measures rolled out to fight the virus sap demand amid a production glut and price war.US benchmark West Texas Intermediate (WTI) was trading at US$29.95 a barrel, up 4.36 percent,
Oil prices extended the gloom on Monday after a Saudi-Russian price war and an equities meltdown sparked by the coronavirus pandemic saw their biggest weekly losses in more than a decade.US benchmark West Texas Intermediate (WTI) briefly fell below US$30 a barrel, or 5.5 percent, in morning Asian trade before regaining its footing.It was trading at US$31.13 a barrel at around 0530 GMT, down nearly two percent from Friday's close.The Brent global benchmark was down 3.28 percent at US$32.7
Other than its Instagram-able tourist destinations, Southeast Asia is well known for its variety of food. From the mouth-watering delicacies on the streets of Thailand, Cambodia, and Malaysia – just to name a few – to the Michelin starred restaurants in Singapore that serve fine dining quality cuisine with a dash of authentic local flavours.However, there is pressure on our food system to produce 70 percent more food to feed a population of 10 billion people globally by 2050.
Oil plunged over 20 percent Monday after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.The two main contracts both lost about a fifth of their value in morning Asian trade, with West Texas Intermediate sliding to about US$32 a barrel and Brent crude to about US$36 a barrel.Saudi Arabia launched an all-out oil war Sunday with the biggest cut in its prices in the last 20 years after a failing to clinch a d