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Singapore economy grows 2.6 percent in Q1

Singapore’s economy in the first quarter grew 2.6 percent year on year, the Ministry of Trade and Industry (MTI) has announced.
Singapore’s economy in the first quarter grew 2.6 percent year on year,the Ministry of Trade and Industry (MTI) has announced.

Asthe figure is higher than the 2.1 percent expansion seen in the previousquarter, the MTI maintained its 2015 GDP growth forecast at between 2and 4 percent.

Construction, trade, services, communication andtransportation were behind the robust economy in the early months ofthe year, expanding by 1.5-4.6 percent.

The finance and insurance sector recorded a high growth of 7.9 percent.

The accommodation and food sector, however, edged up a mere 0.4percent since the number of foreign arrivals to the country slumped 6.1percent.

In its report, the MTI also forecast that the ASEAN key economies are likely to expand thanks to rising domestic demand./.

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Malaysia's Petronas Twin Towers (Photo: AFP)

Malaysia plans sales, service tax hikes

The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
Philippines seizes 175 million USD meth haul

Philippines seizes 175 million USD meth haul

Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
Permanent Secretary of the Thai Ministry of Commerce, Vuttikrai Leewiraphan. (Photo: thainews.prd.go.th)

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