The coronavirus crisis has resulted in devastating impacts on livelihoods and the world’s economy. The International Monetary Fund (IMF) stated that the pandemic is pushing the global economy into its deepest recession in a century. “The Great Lockdown” – as the IMF calls the global downturn – is the worst since the Great Depression of the 1930s.As it was with other recessions and past financial crises, unemployment tends to rise quickly, and often remains elevated during said tough times.
The chairman of Singapore's airport operator has stepped aside after he faced a public backlash when a judge cleared an Indonesian maid accused of stealing from his family and criticised the case.The scandal involving Liew Mun Leong has sparked a storm of anger and raised questions about how the system treated one of the city-state's best-known businessmen compared with a low-paid domestic helper. With calls mounting for him to quit following last week's ruling, Liew a
In 1960, the Nobel laureate economist Ronald H Coase introduced the “problem of social cost”: human activities often have negative externalities, so individual rights cannot be absolute. Institutions must intervene. There is no better example of this dynamic than the COVID-19 crisis.
Ong Ye Kung, Singapore’s newly-appointed Minister for Transport, wrote on his Facebook page that “air connectivity is a vital organ of our small island state. It connects Singapore to the rest of the world.
Singapore Airlines (SIA) reported a first-quarter net loss of more than US$800 million Wednesday, the latest carrier to take a massive hit as a result of the coronavirus pandemic.Passenger traffic was reduced to almost zero in the three months to June, SIA said, leading to the Asian carrier's biggest-ever quarterly net loss of SGD1.12 billion (US$816.58 million).The numbers extended the flag-carrier's financial bloodletting after losing SGD732 million in the 2019 fourth quarter ende
Limited democracy but high living standards and stability form a trade-off that most Singaporeans seem willing to live with - and some now suggest rival Asian finance hub Hong Kong can emulate the model as China tightens control.The two trading centres have long been compared but recent events have brought the issue into sharper contrast as Hong Kong faces a new era of curtailed civil liberties following China's imposition of a wide-ranging national security law.Supporters argue that aft
Around the world, scorching heat waves are breaking records, with France reaching a sweltering 45.9 degrees Celsius and Australia hitting 49.5 degrees in 2019. This year, it was reported that Siberia experienced a period of unusually high temperatures for the first six months of 2020 – including a record-breaking 38 degrees Celsius in the town of Verkhoyansk last June.
Modern technology has truly changed our lives for the better. It has transformed communication and how people stay in touch with one another. Information and news updates are readily available at our fingertips. In the wake of the coronavirus crisis, technology has paved the way for home-based learning and work-from-home arrangements while under quarantine or virus lockdowns.
Singapore's economy shrank more than 40 percent in the second quarter as the coronavirus plunged the Southeast Asian financial hub into recession for the first time in more than a decade, official data showed Tuesday.The 41.2 percent quarter-on-quarter drop was the worst ever recorded in the city-state, which is considered a barometer for the health of global trade. On-year, the economy contracted 12.6 percent in April-June, according to preliminary data released by the trade mi
S Iswaran, Singapore’s Minister for Communications and Information will co-chair a new ministerial committee for digital transformation with Chan Chun Sing, the Singapore Minister for Trade and Industry.
Singapore's long-ruling party retained power Saturday but its support fell sharply, while the opposition made gains, in a general election held under the shadow of a coronavirus outbreak.Voters put on masks and gloves and had to observe social distancing rules during a poll held as the city-state emerges from a lengthy lockdown. The affluent financial hub has seen large virus outbreaks in dormitories housing low-paid foreign workers, but with new infections slowing and authoriti