Singapore Economy Expected to Grow By 1.8% Y-O-Y in 4Q2023: MAS Survey
The Singapore economy is expected to grow by 1.0% in 2023, according to the Monetary Authority of Singapore’s (MAS) December survey of professional forecasters. The full-year estimate is unchanged from September’s survey and lower than the 1.4% that was forecasted in MAS’s June survey.
This comes after Singapore’s gross domestic product (GDP) expanded by 1.1% y-o-y in the 3Q2023, slightly above the respondents’ median forecast of 1.0% in September. In December, the survey’s 25 economists and analysts are now expecting Singapore’s economy to grow by 1.8% in the 4Q2023.
SGX Appoints CFO Ng Yao Loong As Co-Head of Equities
SINGAPORE Exchange (SGX) chief financial officer (CFO) Ng Yao Loong will transition to the position of head of equities by mid-2024.
He will take on the role to join Janice Kan as co-head, “to provide dedicated leadership in the development of our securities market”, said SGX.
In the meantime, Ng will continue to serve as CFO. The search for a new CFO is under way, said the bourse operator on Wednesday (Dec 13).
Alibaba Pumps $630M More Into Lazada in Race With TikTok, Sea
China's Alibaba Group Holding has invested an additional $634 million in Singapore-based e-commerce subsidiary Lazada amid an intensifying battle with TikTok and others for the Southeast Asian market.
Lazada issued a placement of stock to Alibaba's Singapore subsidiary on Thursday, according to a filing with local authorities.
Alibaba has repeatedly injected cash into the company since 2022, with this most recent investment -- its third in 2023 -- bringing this year's total to over $1.8 billion.
Singaporean tech group Sea, which operates Lazada competitor Shopee, has also announced plans to increase investment in its live commerce business.
Marriott Bonvoy and Singapore Airlines’ KrisFlyer Program Tie-up
The business of loyalty rests on making customers’ lives easier so that they come back for more. Partnerships help a lot and airlines and hospitals are a natural fit.
Marriott and Singapore Airlines have unveiled a new partnership that gives Bonvoy and KrisFlyer members more ways to maximize benefits.
Effective immediately, eligible members of the two programs will receive a status match to a comparable tier in the other program. Both have also launched an accelerated path to earn higher elite status.