DUBLIN — Most East Asian countries “innovate less than would be expected given their per capita income levels” and could therefore struggle to sustain recent economic growth, according to the World Bank. Countries in the region are dogged by “insufficient staff skills and limited financing options,” the bank said in a report published late Tuesday, with firms often seeming wary of investing in innovation because “policies and institutions are often not aligned with firms’ capabilities and needs.” Lower-than-expected innovation could lead to questions about “whether the region’s past model of development can continue to deliver rapid growth and poverty reduction,” the bank said.
DUBLIN — Mention of a breathalyzer typically evokes images of a bedraggled five o’clock shadow peering bloodshot-eyed through a driver’s window after being pulled over by police. That could change if a new test for the novel coronavirus gets a second wind after successful first-round trials.. According to a Tuesday statement by the National University of Singapore (NUS), the device, which resembles a drink-driving breathalyzer, generates a result in around 60 seconds. The outcomes, which NUS reports as having proven 90 per cent accurate among the 180 people tested, “are generated in real-time” by analysis of “Volatile Organic Compounds” in a person’s breath. Jia Zhunan, doctor and chief executive officer of NUS spin-off company Breathonix, said the test is “is easy to administer,” needing neither trained staff nor laboratory processing.
KUALA LUMPUR — Singapore’s Prime Minister Lee Hsien Loong fears rising tensions between the US and China could undermine security and economic growth across Asia and called on both sides to pull back from confrontation. Lee flagged his concerns in an article titled “The Endangered Asian Century” published in the US journal Foreign Affairs, which has a history of running watershed essays by policymakers involved international relations.Fearing that smaller Asian countries could be forced to take sides if intransigence grows between the world’s two biggest economies, Lee called for cooperation between the US and China, even as tensions rise over the coronavirus pandemic, trade, the disputed South China Sea, Taiwan and Hong Kong. “The two powers must work out a modus vivendi that will be competitive in some areas without allowing rivalry to poison cooperation in others,” Lee implored.
KUALA LUMPUR — Commerce in Singapore hit a new low in May due to the coronavirus pandemic and worldwide lockdowns, going by a widely-cited business yardstick published on Wednesday. The IHS Markit Purchasing Managers’ Index (PMI) – based on a survey of 400 businesses about new orders, output, employment, suppliers’ delivery times and stocks of purchases – dropped to 27.1 during May. Any reading below 50 suggests economic contraction. IHS Markit said that the decline was because “demand for goods and services plummeted at an unprecedented rate” due to the pandemic. The impact of a lockdown that ran from April 7 until Tuesday saw new orders collapse in May – when “firms remained firmly in retrenchment mode, reducing staff numbers and input purchasing.”
KUALA LUMPUR — Singapore on Tuesday began allowing activities that “do not pose high risk of transmission” to resume after two months of lockdown, despite reporting the second-highest number of coronavirus cases in East Asia. Some offices and factories resumed operations, children went back to school, while places of worship began to open their doors. Singapore’s Prime Minister Lee Hsien Loong said on Monday that the relaxation will likely prove “a big relief to all” but one that is “certainly not without its risks.” The wealthy city-state, an investment and trade hub whose seaport and airport rank among the world’s busiest, has diagnosed 35,292 cases of the new coronavirus, more than any country in East or South-East Asia except for China. Most of the cases are among foreign migrants confined to dormitories, though the related death toll, at 24, is one of the world’s lowest.
KUALA LUMPUR — A “fast lane” for business and “essential” travel between Singapore and China will open next week, allowing some flights to resume between the two countries after a four-month hiatus due to the coronavirus pandemic, according to officials. A Singapore Foreign Ministry statement released late Friday said that travel will initially be allowed between Singapore and six Chinese cities and regions, including Shanghai and Guangdong. Though the two countries have reported the most coronavirus cases in East Asia, Singapore believes “the prevention and control of Covid-19 and the economic and social recovery” in both to have “entered a new phase.” While the majority of China’s 84,160 reported coronavirus cases were diagnosed early in the year – after the virus first emerged in the Chinese city of Wuhan before spreading around the world – Singapore’s caseload has increased 33-fold since April 1, with thousands of foreign workers infected.
KUALA LUMPUR — Singapore will spend an additional 33 billion Singapore dollars (23.2 billion US dollars) to offset the economic impact of coronavirus, Finance Minister Heng Swee Keat announced in parliament on Tuesday. The revised fiscal plan is the wealthy city-state’s fourth budget announcement since February and takes total spending pledges to just under 100 billion Singapore dollars – equivalent to almost 20 per cent of gross domestic product (GDP). Labelling the projected spending as a “fortitude budget,” Heng, Prime Minister Lee Hsien Loong’s deputy, said the outlay is necessary due to the “unprecedented uncertainty” caused by the pandemic. Earlier on Tuesday, Singapore’s Ministry of Trade and Industry said that GDP shrank 4.7 per cent in the first quarter of the year – indicating that the pandemic ravaged the trade-dependent economy even before the lockdown was imposed in April.
KUALA LUMPUR — Singapore’s confirmed coronavirus cases reached 30,426 on Friday as the Ministry of Health announced 664 new infections. The ministry said the “vast majority” of Friday’s cases are foreign migrant workers living in dozens of crowded dormitories that emerged as hotbeds for transmission in late March. A summary published by the ministry on Thursday shows a cumulative 27,541 cases in dormitories, where over 300,000 mostly young male immigrants from across Asia reside while working in sectors such as security and construction.
KUALA LUMPUR — Singapore will permit some international passengers to transit through Changi Airport from June 2 as restrictions to stem the spread of the coronavirus are gradually lifted. Singapore’s Civil Aviation Authority announced on Wednesday that the city-state aims to “gradually reopen air transport to meet the needs of our economy and our people, whilst ensuring sufficient safeguards for safe travel.” Changi Airport is a widely-used hub for travellers making their way to and from the Asia-Pacific region. Authorities closed two of its four terminals after international travel came to a standstill in the wake of the pandemic and Singapore’s ban on visitors and transit.
KUALA LUMPUR — A huge jump in sales of pharmaceuticals saw Singapore’s exports expand by 9.7 per cent year on year in April amid the coronavirus pandemic, though overall trade declined. Enterprise Singapore, a government agency, said that Singapore’s exports of pharmaceuticals to the European Union and Japan rose by 467 per cent and 864 per cent respectively compared to the same period a year ago. Dutch bank ING attributed Singapore’s April exports surge to the new coronavirus, saying on Monday that “the global pandemic has lifted pharmaceuticals to be the star-performer.” April was the third consecutive month in which Singapore’s exports grew. However most sectors – including electronics, which typically makes up around 30 per cent of exports – saw declines.