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ECONOMY | Staff Reporter, Singapore

Daily Briefing: Singapore growth beats estimates; SIA raises offer for Tigerair

And boutique hotels are facing major headwinds.

Singapore provided a report card on its economy that beat analyst forecasts in one of Asia’s earliest growth estimates, as improving services and construction countered faltering exports. It may be too early to celebrate. Gross domestic product rose an annualized 5.7 percent in the three months to Dec. 31 from the previous quarter, when it expanded a revised 1.7 percent, the trade ministry said in an advance estimate on Monday. Read more here.

Singapore Airlines (SIA) on Monday raised its offer for shares of budget carrier subsidiary Tigerair it does not already own after minority shareholders said they wanted a higher price. SIA remains short of the 90 percent acceptance needed to seal the deal since it launched its takeover bid on November 6, aiming to redevelop the struggling low-cost carrier as an integral part of the group's portfolio. Find out more here.

Boutique hotel owners are being forced to make some tough decisions as various challenges loom ahead. A tighter labour market, rising costs, a growing supply of hotel rooms, and a strong Singapore dollar are fanning major headwinds for Singapores hospitality sector. Read more here.
 

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