Tharman Shanmugaratnam News
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Singapore’s April home sales dropped 51 percent from a record in March as developers marketed fewer projects as residential prices posted the smallest gain in three quarters.
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Singapore is set to conclude an agreement with the U.S. that will help financial institutions based in the city-state comply with a tax rule requiring them to share information about overseas accounts held by Americans.
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At Singapore’s Fullerton Bay Hotel, Prime Minister Lee Hsien Loong and Malaysian counterpart Najib Razak smile and toss yusheng, a raw-fish salad symbolizing prosperity, and in this case a thaw in five decades of feuding.
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Singaporean Richard Mui joined the ranks of the world’s longest-living retirees when his career ended in 2010. Three years on, the 54-year-old can no longer afford to pay his father’s medical bills, and worries about putting his two children through university.
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Singapore Finance Minister Tharman Shanmugaratnam said there’s no need for monetary stimulus in a country with full employment, leaving policy makers reliant on unorthodox tools to prevent asset bubbles.
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Tycoon Cheng Wai Keung’s plan to sell Singapore’s most expensive private property faces the dual challenge of additional government taxes designed to cool the market and restrictions limiting the sale to locals.
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Singapore’s March home sales rose to a record as more developers started marketing new residential projects, raising concerns the government will introduce more cooling measures to tame property prices.
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Singapore tightened curbs on foreign labor for a fourth straight year and unveiled measures that will raise wage costs for companies through 2015, as the government steps up efforts to increase productivity among businesses.
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Singapore will spend S$6.6 billion ($5.2 billion) on benefits including tax cuts and rebates as the government prepares to face elections within the next year.
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Singapore intensified efforts to address the island’s income gap in its budget, with measures to boost aid for the poor and curb foreign-worker inflows that signal it’s putting less priority on pursuing high growth rates.
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