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ECONOMY, ENERGY & OFFSHORE | Staff Reporter, Singapore
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Daily Briefing: Singapore PM is still worried over US-China trade tensions; Noble moves meeting date for restructuring

And here's the Singapore central bank's forecast on the economy amidst rising tensions.

From Bloomberg Finance:

The Monetary Authority of Singapore (MAS) said in its economic review that the economy is set to rise by 4.5% this year, indicating “steady growth amidst rising uncertainty” and betting that trade tensions won't spoil the party.

"Singapore’s economy is set to grow “slightly above” the middle of the 1.5% to 3.5% forecast range in 2018 after 3.6% in 2017, according to MAS, reiterating projections made this month.

'The direct impact from tariff actions announced thus far should be limited,' according to the report. At the same time, “a loss of confidence could quickly dampen economic growth and pose some downside risk to Singapore’s economic growth outlook.'

For now, Singapore’s exports outlook is holding up as data shows traffic at Singapore’s ports is at its strongest since at least 2010. The MAS sees the surge in electronics shipments last year being sustained. Memory chip-makers and other parts of the semiconductors industry are especially well-positioned for growth, according to the report."

Read more here.

From CNBC:

Singapore prime minister Lee Hsien Loong said Southeast Asian nations should be concerned of the growing trade tensions between the US and China.

"Lee flagged his concerns in remarks made as he opened a summit of the 10-member Association of Southeast Asian Nations (ASEAN), for many of which the United States and China are the top two trading partners.

'In particular, the recent trade tensions between the U.S. and China are worrying concerns,' Lee said as ASEAN members gather for the organisation's 32nd summit.

The U.S. Trump administration has threatened to impose tariffs on up to US$150b of Chinese imports, and Beijing has vowed retaliation against American exports."

Read more here.

From Reuters:

Noble Group will set a date for a special meeting to seek shareholder approval for a US$3.4b debt restructuring after Singapore blocked its scheduled annual meeting following legal action by its top shareholder Goldilocks Investment.

"In a statement on Sunday, the Singapore-listed commodity trader said Friday’s court order does not restrict it from holding any special general meeting.

Noble will go ahead with seeking shareholders’ approval on Monday for the disposal of a ship but the annual general meeting (AGM) for the same day has been cancelled.

Goldilocks, the trader’s third-largest shareholder, sought to halt the AGM after Noble rejected its nominations for five new directors to Noble’s board. Noble had said the paperwork was not valid."

Read more here.

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