Singapore to post slower economic growth this year

14 Sept 21:03 Key points summarised by AI

Singapore expects slower economic growth in 2023, though Prime Minister Lee Hsien Loong anticipates avoiding an outright contraction despite a volatile global environment.
PM Lee highlights significant external challenges, including geopolitical tensions, recession risks in the West due to interest rate hikes, and the undermining of the multilateral trading system by protectionist sentiments.
The city-state's economy, a key global trade barometer, expanded 3.6% in 2022 (down from 8.9% in 2021) and is projected to grow between 0.5% and 2.5% this year.
Singapore's survival depends on staying open and globally connected, necessitating continuous industrial transformation, capability enhancement, and adaptation to new technologies and growth markets.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.