Philippine Airlines (PAL) and Singapore Airlines (SIA) have signed a new codeshare partnership agreement, which will allow the airlines to enhance flight options for their customers travelling between the Philippines and Singapore, and other domestic and international destinations via their hubs. The agreement will start on SIA’s and PAL’s flights between Singapore and Manila by the fourth quarter of 2023, subject to regulatory approvals, said the airlines in a joint statement on November 15. SIA will also codeshare on PAL’s flights from Manila to 27 destinations within the Philippin
Central bank digital currencies (CBDC) have the potential to replace cash, but adoption could take time, said Kristalina Georgieva, Managing Director of the International Monetary Fund at the Singapore FinTech Festival on November 15. CBDCs can replace cash which is costly to distribute in island economies, offer resilience in more advanced economies, and improve financial inclusion where few hold bank accounts, said the IMF chief, urging the countries to make a more proactive push to develop these currencies. In her speech in Singapore, Georgieva said that 11 countries, including a num
The Arab Coordination Group (ACG) plans to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent, said the Islamic Development Bank President, Dr. Muhammad Al Jasser at the Saudi-Arab-African Economic Conference held in Riyadh, Saudi Arabia on November 10. Many countries in Africa are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority. The ACG financing will support initiatives in areas such as energy security and energy transition; regional integration and connect
The Seoul office market is experiencing a remarkable occupancy rate of over 98%, coupled with a 15% surge in rents since 2022, in stark contrast to declining demand in other global hubs like London and New York, according to data from CBRE Group. The thriving market in South Korea can be attributed to a unique combination of factors including supply and demand dynamics, cultural preferences, and economic resilience. Seoul, the capital city, boasts a mere 1.7% vacancy rate in the third quarter, a striking difference from the Asia-wide average of 19%. Since 2021, Seoul has grappled with a
The Ministry of Finance of Singapore announced on November 15 that every Singaporean adult will receive S$200 to S$800 from the Assurance Package in December. This will apply to Singaporeans aged 21 and above in 2024. “The Assurance Package aims to help Singaporeans tide through the period of higher inflation and cushion the impact of the GST rate increase. The package includes cash payments, rebates, Community Development Council (CDC) vouchers, and MediSave top-ups,” MOF said in a press release. When Singapore’s national Budget was rolled out for 2023, Deputy Prime Minister and
The Africa Investment Forum (AIF) 2023, which took place in Marrakech, Morocco from November 8-10, has achieved considerable success by securing $34.82 billion in investment interests for projects across the continent. Organised by the African Development Bank (AfDB), the AIF serves as a multi-stakeholder and multi-disciplinary platform aimed at advancing projects to bankable stages, raising capital, and expediting deals to financial closure. Its overarching vision is to direct capital towards critical sectors to achieve the Sustainable Development Goals, AfDB’s High 5s, and the African
Recent findings from SBI Research reveal a significant drop in India’s unemployment rate, reaching a record low. The Periodic Labour Force Survey report indicates a notable decrease from 6.1% in the fiscal year 2018 to 3.2% in 2023. SBI Research’s analysis further notes a rise in self-employment, climbing from 13.6% to 18.3% during the same period. The shift is accompanied by an increasing trend in higher educational attainment and a growing preference for entrepreneurship across diverse segments of society. The report underscores a societal shift in India, transitioning from tradition
Union Minister Piyush Goyal on November 14 said that US electric car manufacturer Tesla Inc. is in the process of doubling its imports of components from India. He shared the information on the social media platform X after his visit to Tesla’s state-of-the-art manufacturing facility in Fremont, California, US. The minister said in September that Tesla was aiming to source components worth between $1.7 billion and $1.9 billion from India this year, having bought $1 billion of components last year. Piyush Goyal was, however, unable to meet Tesla chief Elon Musk during his visit to the
Prime Minister Narendra Modi on November 15 launched the Rs. 24,000-crore Pradhan Mantri Particularly Vulnerable Tribal Groups (PM PVTG) Mission for the holistic development of around 28 lakh PVTGs in the country. While announcing the mission from Birsa College ground in Jharkhand’s Khunti district, PM Modi also released Rs. 18,000 crore as the 15th installment of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme to more than eight crore beneficiary farmers across the country. Launched on the occasion of the third Janjatiya Gaurav Diwas, the PM PVTG mission will provide basic facili
Taiwan is planning to address its labour shortage in factories, farms, and hospitals by hiring up to 1 lakh Indian workers. The two countries are expected to finalise an employment mobility agreement as early as December. Arindam Bagchi, a spokesperson for India’s Ministry of External Affairs, announced on November 9 that the pact between India and Taiwan is in the final stages of negotiation. This initiative comes in response to Taiwan’s shrinking workforce, attributed to a low birth rate and an aging population. The influx of Indian workers is anticipated to boost Taiwan’s economy