THE Singapore economy is officially expected to grow 2-4 per cent this year: the exact same forecast as a year ago for 2014. But this range could mean either a pick-up in growth or further slowdown in 2015 – and it’s anyone’s guess given the diverse range of risks to growth, both domestic and external. Advance estimates last Friday put Singapore’s 2014 growth at 2.8 per cent – in the lower half of the government’s forecast range and significantly slower than 2013′s 3.9 per cent. For now, market economists expect some improvement in 2015, with a median forecast of 3.2 per cent growth this year.
SINGAPORE’S Chief Justice on Monday announced the appointment of four new senior counsel (SC) at the opening of the new legal year, bringing the number of SC to 59.They are: Lee Kim Shin, formerly a judicial commissioner of the Supreme Court.
Singapore shares ended the second trading day of the New Year notably lower on profit-taking as investors pondered data released last week showing pockets of weakness in several economies and the implications of a potential exit from the euro zone by Greece, which will hold snap elections on Jan 25.Decliners outnumbered gainers 257 to 165, with some 1.26 billion shares worth $844.6 million changing hands.
U.S. stocks were clobbered Monday in an indiscriminate sell-off triggered by a renewed plunge in crude oil prices and surging dollar, which left the Dow and the S&P with their worst losses since October. The S&P 500 SPX, -1.83% closed off session lows but still suffered its largest one-day decline in three months. The index also suffered its longest losing streak in a 12-month period, falling for the fourth-straight session. The benchmark index lost 37.62 points, or 1.8%, to 2,020.58.
The euro stabilized Monday during North American morning trade after falling to its lowest level in nine years despite a weak reading on German inflation for December, as investors bought euros to lock in profits. The euro EURUSD, +0.10% fell as low as $1.18 against the U.S. dollar in early trading Monday — its lowest level since March 2006 — and was last trading above $1.19. The euro’s weakness has been exacerbated by the U.S. dollar’s broad-based strength, which has pressured currencies across the board. The ICE U.S. Dollar Index, a measure of the greenback’s strength against a trade-weighted basket of currencies, DXY, -0.07% rose to a nine-year high Wednesday as investors globally bet on a recovery in the U.S. economy. The British pound GBPUSD, +0.07% recovered to $1.525 Monday, after hitting a 17-month low of $1.51 earlier in the session.
