Singapore Business Review E-Newsletter

Singapore ranked best in Asia again?




Singapore has been ranked the third best place to have meetings. The country just stands behind Paris and Vienna which hold 1st and 2nd positions. This ranking is based on the Union of International Associations’, UIA’s latest rankings. This is the first time Singapore has been placed in the top three.

It has moved up three notches to being Asia’s top countries to do meetings. On a pleasant note, Singapore has retained its position as the best place in Asia to have meetings. Singapore has thus retained its 23 year record.

Singapore’s remarkable ranking will prove to be a tremendous endorsement of its strengths and continued draw as a business destination. This view was resounded by the Singapore Tourism Board. The rankings are evidence of a 62 percent growth over 2005.

The tourism board also noted that the number of meetings held in Singapore has more than doubled in the past five years and accounted to 22 percent of all meetings held in Asia. Prestigious noted meetings that have been held in Singapore recently were the annual meetings of the International Monetary Fund and World Bank in September.

There is something about Singapore that other Asian countries could learn from. Maybe other countries in Asia could analyse the steps Singapore takes to play host and then maybe they would be able to share the spotlight with Singapore.

Singapore has even attracted the likes of one of the world’s greatest chef’s in the likes of Chef Thomas Keller who is on show at the 13th annual wine, food and arts experience at the Raffles Hotel. He has achieved Seven Michelin Stars and is one of the most reputable chefs in the arena of fine dining.

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Why was Temasek citied as having made an offer?

Why was Temasek citied as having made an offer?



Temasek is denying that it ever made an offer for Nasdaq Stock Market Inc’s 31 percent stake in London Stock Exchange Group Plc. This goes against the grain of reports that mentioned that Temasek had made a bid. A London based publication reported that Singapore’s Temasek had lost out in a bid for the London Exchange Stake. Temasek has strongly disputed the reports stating , “We had not at any time made an offer, nor participated in any bidding for the 31 percent Nasdaq state in the London Stock Exchange.”

Temasek said it was disturbed that certain market players had chosen to use the name of Temasek in an unprofessional manner. “We are extremely disappointed that certain market players have chosen to use Temasek’s name in such an unprofessional manner,” the superpower said.

It is rare for Temasek to issue a statement to defend itself against the report. Temasek manages more than $100 billion dollars worth of assets. It has acquisitions in in China and India and has stakes in some of Singapore’s biggest companies. Temasek has always declined to comment in the past on market speculation about acquisitions.

The presumably erroneous report came about after Nasdaq missed a self imposed deadline on September 8 to sell the stake. This was to give potential buyers more time to consider bidding for shares of Europe’s largest bourse. Another investment superpower which was said to have made a bid is the Qatar Investment Authority. The question to ask here would be why the English publication reported that Temasek had made a bid and why would Temasek issue a statement when it hardly issues a statement in its defense?

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Singapore Business Review e-newsletter

How to gain credit for business expansion?

Want your business to expand?
Authorities have introduced a new funding scheme for businesses who plan to expand in Singapore. Companies and businesses looking for short term funding to expand their businesses can make use of the enhanced loan insurance scheme. (LIS)

Launched by spring Singapore and international enterprise Singapore, LIS offers fast growing Singapore based enterprises financing at competitive rates.

Singaporean companies that are more creditworthy can look forward to better interest rates as the banks will now have more flexibility to offer better rates to companies. The Singaporean government supports this scheme. LIS offers a wide variety of trade financing facilities which include inventory financing, structured pre delivery working capital via standby, letter of credit, airway bills, shipping guarantees, shipping guarantees and shipping to third party countries.

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Can good times be bad times for business?












The booming economy can be a scourge to some businesses. The good times in Singapore have tightened its grip on the supply of commercial space as well as labour for businesses in Singapore. This has eventually led to higher rentals and wages for businesses.

The salaries of certain groups of owners have also needed to be increased because of the higher cost of products. Some workers have complained that the current salaries they are receiving are not enough for businesses.

One example is the 100 strong courier company, network express. Managing Director V.S. Kumar said his drivers are clamouring for pay rises. “With the current salary you are giving us, our families can’t afford to buy the same things anymore”.

“If I am not going to give my new staff higher pay, they are not going to join us,” he said. With the good times, the cost of living has also obviously risen for the layman in the street and for businesses as well. “If I am not going to give my new staff higher pay, they are not going to join us.”

Rising residential rents are also affecting some multinational companies in Singapore which pay for the housing expenses of their expatriate staff here. Mr Dom LaVigne , Executive Director of the American Chamber of Commerce in Singapore (AmCham) noted, “In the last three to four months, we’ve heard more from our members about the concerns they have about the higher cost of doing business in Singapore.”

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