ECONOMY | Staff Reporter, Singapore

Water, diesel price hikes to badger Singapore firms

There is also the looming carbon tax planned for 2019.

With Finance Minister Heng Swee Keat’s announcement on higher water and diesel prices and the looming carbon tax, businesses in Singapore must brace themselves for higher operational costs.

According to a report from Bloomberg, manufacturers are being forced to adjust their operations to remain competitive in an economy that’s only recently recovering from an export slump.

For Lee Soon Kiat, director of government relations at semiconductor maker Globalfoundries Inc., higher water tariffs -- to be implemented in two phases beginning in July -- means extra costs of as much as $5m a year at plants producing electrical circuits.

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