Singapore’s unemployment rate was 2.2 percent in the first quarter, unchanged from the preliminary estimate, the Manpower Ministry said on Tuesday.
The final jobless figure for the first three months of 2010 was a slight improvement from 2.3 percent in the fourth quarter of 2009.
Total employment rose by 36,500 during the first quarter, higher than the initial estimate of 34,000 reported in April.
Tue, Jun 15, 2010
Reuters
The annual Hotel Investment Conference Asia Pacific Update in Singapore last week wrapped up on generally positive comments from most of the international operators weighing in with cautious optimism for the country.
One owner/operator French global hospitality giant ACCOR who manages over 40 hotels in Thailand was less than positive, as Chairman and CEO for Asia Pacific Michael Issenberg said “based on the protracted political events in Bangkok, that he was indeed very worried , and that the company was reviewing it’s regional Bangkok office.”
Currently the company has an extensive presence at it’s regional offices in Central World office tower which provides back office functions for much of Southeast Asia.
While Thailand has announced a new round of recent zero tax incentives for ROH(regional operating headquaters) of international firms, clearly the timing may not be wise given the uncertainty facing businesses who have suffered from protracted volatility over the past 24 months.
It was good to see a reasonable turnout from the Thai hospitalty sector at the major investment forum including Amari (newly cristened management arm Onyx) , Anantara, CBRE Thailand, Jones Lang LaSalle, Outrigger, Keen Media, Royal Phuket Marina, Golden Land and Limcharoen Hughes all working to keep the country visible in Asia’s spotlight.
Airport reported its third consecutive double-digit growth in passenger traffic.
SINGAPORE’S Changi Airport, Asia’s fifth largest, saw an 18.8 per cent rise in air-freight movements by tonnage last month from a year ago, data showed on Thursday.
The airport also recorded an 18.8 per cent rise in passenger movement in the same month, its third consecutive double-digit growth in passenger traffic.
Changi Airport Group said it handled 3.45 million passenger movements last month, and 157,211 tonnes of air-freight movements.
But the recovery might be dented by air-space closures in most parts of Europe this month due to volcanic ash from an eruption in Iceland.
Singapore Airlines, the world’s second-most-valuable carrier by market value, said this month that it filled 72.9 per cent of the passenger and cargo space available on its planes last month, up from 62.6 per cent a year ago and 71.4 per cent in February.
SINGAPORE (AFP) – Singapore opened the first of two casino resorts Sunday, part of a multi-billion US dollar bet to transform itself into a hot tourist destination and reduce the economy’s reliance on manufacturing.
The casino at Resorts World Sentosa welcomed its first punter — a middle aged Singaporean woman — at the auspicious time of 12:18 pm (0418 GMT) on the first day of the Chinese Lunar New Year.
When pronounced in the Cantonese dialect, 12:18 sounds like “prosperity”. The first bettor was followed by an initial crowd of about 200 enthusiastic gamblers and within hours of the opening, hundreds more were queuing up outside. Ushers gave out free bottled water and ice cream in the sweltering tropical heat.
The opening — to be followed within months by a second casino resort built by Las Vegas Sands in Singapore’s business district — is part of an ambitious plan to transform the city into a key destination for casino high-rollers, business executives and families.
“I’ll probably play jackpot. I’m willing to wager around a hundred (dollars) in it,” said Tiong Tak Si, 60, a retiree from Brunei.
Resorts World Sentosa, which is on Sentosa island, a former British garrison linked to the main island by bridge, is owned by Malaysian gaming giant Genting Group.
“We have waited a long time for this. Today’s opening of the casino is a milestone for Resorts World Sentosa, for Genting Group and for Singapore,” said group chairman Lim Kok Thay.
The construction of Resorts World Sentosa, together with the Las Vegas Sands’ casino resort, Marina Bay Sands, is costing more than 10 billion US dollars.
They will also offer visitors a range of glitzy hotels, restaurants and luxury goods shops.
Genting’s casino complex includes a Universal Studios movie theme park, which it opened Sunday for sneak previews ahead of full operations.
Singapore, host to thousands of multinational corporations, is already a major travel draw because of its reputation for safety, cleanliness and efficiency, as well as man-made attractions such as top-end shopping malls.
However, it is a tiny island which lacks the white-sand beaches and breath-taking scenery found in neighbouring countries like Indonesia and Malaysia and the government is continually searching for new ideas to create a buzz about the city-state.
In 2008 it made sporting history when it hosted the world’s first Formula One night race.
It has built the world’s biggest observation wheel, the Singapore flyer, and an arts venue and has given its prime Orchard Road shopping belt a makeover.
Now it plans a landscaped area called Gardens by the Bay near the Marina Barrage built in 2008.
The city-state is aiming to get 17 million visitors a year generating more than 21 billion US dollars by 2015, up from 9.7 million visitors last year.
Analysts expect the casino resorts to help the city meet those targets.
“There is clearly a push to add to the range and depth of attractions here and that is important for a place like this,” said Robert McIntosh, an executive director with CBRE Hotels Asia Pacific, a consultancy firm.
“They (casino resorts) are a massive boost to overall tourism to Singapore,” he told AFP.
CLSA Asia-Pacific Markets, an independent brokerage firm, said Singapore’s casinos are expected to generate revenues of 2.1 billion US dollars this year, rising to 3.5 billion dollars in 2011.
Singapore in 2005 agreed to go ahead with the two casino resorts after a rare public debate.
Opponents feared gambling would threaten the city’s “family values” and put it at risk of becoming a centre for money-laundering.
But the government has put in safeguards, including imposing a 100 Singapore dollar (71 US) entrance fee for Singaporeans and permanent residents and banning anyone declared bankrupt from the casinos outright.
Last month it launched a dedicated police unit to investigate casino-related crimes. — AFP
One of Koh Samui’s most famous luxury resorts Baan Taling Ngam has reportedly been put up for sale by tender through Singapore hospitality brokerage Jones Lang LaSalle Hotels (JLL). With 70 keys the beachfront resort is located on the islands West Coast with accommodation ranging from rooms, suites up to villas. In the past leading hotel brands Mandarin Oriental and then Le Meridien had operated the property.
Lehman Brothers (Thailand) had acquired the hotel in 2005 from Natural Park Plc subsidiary Pacific Assets Plc. There has been much speculation on the disposal of defunct Lehman’s hotel assets by court ordered liquidator KPMG over the past two years. Expectations are high that the property remains an attractive asset in view of the current status of vacant possession with no international hotel chain.
The Phuket insider, 3 Feb, 2010
Hong Kong’s flagship air carrier Cathay Pacific is expecting 2010 to be a good year after a dismal 2009, CEO Tony Tyler told CNBC on Tuesday.
“The signs for this quarter (are) reasonably good, ” he said. “I think we’re gonna have a pretty good Chinese New Year. January saw pretty good traffic and the premium traffic of course was nothing like it was during the peak premium seasons of October, November, December, but nevertheless it was a lot better than the year before.”
He noted that premium and cargo traffic will have to recover for the airline to post strong results. While Cathay Pacific has no trouble filling its economy class, Tyler said the key is to attract premium passengers.
“That’s why we’ve kept our product up there as the world’s best so that those premium passengers have got a reason to fly Cathay Pacific.”
The recovery of the airline industry continues to be dependent on the world economy, especially Asia, Tyler said.
“As usual, Asia seems to bounce back a bit faster. I think the China economy remains robust, the Hong Kong economy is in pretty good shape, other Asian economies also. They’re looking better than those economies in America and Europe.”
The rebound in the sector has also allowed Cathay to add new destinations to its list, he added.
“We have one or two destinations on our radar screen. We are doing it Cathay Pacific style. That’s to do these things cautiously, sensibly, (and) without going mad.”
CNBC.com, 2 Feb 2010