Singapore business turnovers creep up 1.1% in 2Q16

Singapore business turnovers creep up 1.1% in 2Q16

Thanks to well-performing recreation and business services industries. On a yearly basis, revenue of the services industries…

  • OCBC’s net profit plummets by 15% to $885m in 2Q

    The banking giant suffered blows dealt by a decline in investment income as well as unrealised mark-to-market losses in its insurance portfolio as it saw its bottomline crash by 15%. According to a press release by OCBC, the results weren’t at par with last year’s strong quarter, which included a substantial gain from …

  • Daily Briefing: OCBC profit slumps 15%; Commercial property market to plummet further

    Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, reported a 15 percent decline in quarterly profit as loans contracted and income from its insurance unit slumped. Singapore’s commercial property market is in mid-downturn, or is yet to hit rock bottom before rebounding, said Royal Institution of Chartered …

  • 4 Mistakes Singaporeans Make When They Feel Broke

    Being broke in Singapore sucks, and that’s not just because everyone here judges people based on the amount of money they have (the way bankrupt people are treated in Singapore, it’s like they’re below algae on the food chain). While MediShield Life and private health insurance can save you from financial ruin if you get …

  • 2 Changes to the Healthcare System That Would Make Singaporeans Heave a Sigh of Relief

    One of those phrases Singaporeans chant all the time like a mantra is “it’s better to die than get sick in Singapore”. Despite improvements to the MediShield Life system and the fact that many people know enough to purchase private health insurance, the fact remains that it is possible to fall through the cracks. When …

  • Low interest rates endanger retirement security, says DPM Tharman

    Over-reliance on monetary policy has had downsides, he said. The challenge of societies getting older and living for longer has been aggravated by an environment of low interest rates, opines Singapore deputy prime minister Tharman Shanmugaratnam. In a speech at the International Insurance Society Global Insurance Forum …

  • Great Eastern divests Vietnam business for $48.2m

    It was sold to FWD Life insurance company. The life insurance giant has completed the sale of its whole Vietnam business to focus more on its core markets Malaysia and Singapore. According to a press release ...

  • 5 Unusual Part-Time Jobs Singaporeans Can Do Instead of Tuition

    Sometimes, it seems like Singaporeans are all doing the same few boring jobs in banking, finance, insurance and the civil service. It’s clear we don’t have anyone who’s secretly a superhero after hours (unless you count VR Man), and we don’t really have anyone who’s going to be the next Mark Zuckerberg either—the richest …

  • Here’s Why Being “Too Educated” About Insurance is Not a Bad Thing in Singapore

    The kiasu Singaporean strikes again! A recent news report detailed how certain Singaporeans were “overusing” their medical insurance policies and driving the premiums up for the rest of us. There was a lot of talk about how some Singaporeans, no doubt freaked out by the high cost of private healthcare, have gotten themselves …

  • Funds under CPF Investment Scheme post negative returns as volatility bites

    Investors should be cautious, experts say. Unit trusts and investment-linked insurance products that are included under the Central Provident Fund Investment Scheme (CPIS) posted negative returns in the ...

  • The 3 Types of Insurance Policies Singaporeans Should Consider

    If your insurance agent had his way, you’d be insured for everything from the flu to missed MRT trains. On top of that you’d be paying every leftover cent into one of those investment-linked life insurance policies. Here are three Singaporeans might want to consider.

  • Instead of Unemployment Insurance, Here’s What is Being Done Instead to Help Singaporeans Keep Their Jobs

    Taylor Swift insures her legs, but unfortunately for Singaporeans, you’re not going to be able to do the same for your jobs. If you lose your job, you’re on your own. Except… guess what! The government says that what we have is even BETTER than unemployment insurance! Gee whiz, imagine that! The Career Support Programme …

  • Cyber insurance the next growth frontier for local insurers, says MAS

    Local insurers should look to cyber risk management for growth, as enterprises grapple with increasingly sophisticated attacks. Bernard Wee, Executive Director at Monetary Authority of Singapore, said that despite growing risks, cyber insurance adoption by SMEs remains low at less than 10%. Manufacturing companies have …

  • 5 Types of Insurance Plans in Singapore You Didn’t Know Existed

    Concert pianists get their hands insured, supermodels and pro sportspeople buy insurance for their bodies, and it’s easy to see why. Never fear, here are five types of insurance plans you probably didn’t know existed.

  • OCBC suffers one-two punch from hefty Great Eastern losses, deteriorating O&G loans

    There were two main culprits behind OCBC's unexpectedly steep profit drop in the first quarter. The first is a sharp decline in insurance income from its subsidiary Great Eastern Holdings, and the second is the bank’s hefty provisions for its deteriorating oil and gas loans. OCBC’s insurance contribution from Great Eastern …

  • OCBC’s Q1 profits drop 14% to $856m Singapore Business Review
    OCBC’s Q1 profits drop 14% to $856m

    Blame it on lower insurance, increased allowances. OCBC closed 1Q16 with soft results as net earnings of $856m. This reflects a plunge of 14% YoY and 11% QoQ. According to a news release by OCBC, though ...

  • Daily Briefing: OCBC's profit falls 14%; Industrial prices, rents decline in Q1 as vacancy rises

    Oversea-Chinese Banking Corp., Singapore’s second-largest bank, said first-quarter profit dropped 14 percent, as provisions for bad loans more than doubled and the contribution from its insurance unit declined. Prices and rents of industrial spaces in Singapore fell in the first quarter of 2016, as vacancy rates continue …

  • Online hiring for finance, accounts roles sees grows 7% in March

    Online hiring in Singapore’s banking, financial services and insurance (BFSI) is seeing a slight pick-up, according to the latest Monster Employment Index. The MEI measures online job hiring activity monthly, and records industries and occupations that exhibit the highest and lowest growth in online recruitment activity …

  • Great Eastern’s net profit plummets by 56% to $96.9m

    Favorable financial conditions evaded the most established life insurance group in Singapore and Malaysia, as the firm’s operating profit dropped by 20% to $120.4m due to higher claims in the non-participating fund. According to a press release by Great Eastern, the profit contribution from Malaysia in SGD terms was also …

  • Chart of the Day: Singapore redundancies count edging close to financial crisis levels

    Don’t look now, but the city-state’s workers are being laid off at financial crises rates, as business restructurings are aggravated by the soft economy. According to a report by OCBC, manufacturing (offshore and marine, construction) and services (legal and accounting services, financial and insurance services) sectors …

  • Give Yourself an Annual Financial Checkup By Doing These 4 Things

    Credit card bills can be paid by Interbank GIRO so you’ll never have to worry about missing another payment. As for other bills like insurance and so on, check if you can pay them automatically by credit card or by deduction from your savings account.

  • Since the Government is Not Going to Mandate Unemployment Benefits, How Should Singaporeans Protect Themselves?

    The government recently announced that unemployment benefits and redundancy insurance have no place in Singapore. While 9 in 10 companies supposedly pay workers retrenchment benefits, the likelihood of highly trained middled aged PMETs quickly replacing their lost income is discouragingly low, and if you’re one of the …

  • Transamerica Life Bermuda rides the rising wave of Asian wealth

    Transamerica’s CEO explains how the rise of young High Net Worth individuals (HNWIs) in Asia is changing the region’s life insurance landscape. “Asia is expected to surpass North America as the world’s wealthiest this year, with rapid, concentrated growth of wealth especially across emerging markets,” says Damiaan Jacobovits …

  • 5 Work Benefits Singaporeans Would Love to Receive

    Well, just imagine if you had to spend a big chunk of your salary on health insurance and medical care, taking a taxi home after a late night at the office or eating out after a long evening at work. Public transport in Singapore is cheap, but having to use it each and every day can be a drag. Some companies, bless their …

  • Singapore cyber insurance market to skyrocket by 50% in 2016

    As Singapore pushes to become the world’s first Smart Nation, more and more businesses are turning to cyber insurance to mitigate the fallout of possible cyber attacks. According to a report by AIG Singapore, the cyber insurance market in Singapore is expected to skyrocket by 50% this year. The insurance company further …

  • Customer dissatisfaction with insurance providers on the rise, reveals survey

    Customers grew more dissatisfied with insurance providers in 2015, according to the latest Customer Satisfaction Index of Singapore (CSISG). The index was conducted by the Institute of Service Excellence (ISES) at the Singapore Management University (SMU). The fourth-quarter figures for the finance & insurance sector …

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