Economy shrinks as Goh warns of tough times ahead: city-state joins list of contracting Asian nations, with cuts foreseen in business costs, wages
Article Abstract:
Singaporean prime minister Goh Chok Tong revealed that the country may have to contend with harsh economic times as its key electronic production industry takes a hit from the Asian economic crisis. Singapore's reliance on the Asian market for its exports and the limited demand in other markets of its electronic products and financial services has shrunk the economy by 1.5% in the third quarter of the fiscal year 1998. A decrease in production in the electronic sector has increased unemployment in Singapore to 4.5% in September 1998, from 2.3% in June 1998.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Caltex shifts headquarters: firm to move head office to island next year
Article Abstract:
Caltex Petroleum Corp. will transfer corporate headquarters from Dallas, TX, to Singapore in early 1999. The shift marks the first prominent global company to establish its head office in the Asian city-state. Around 15 executives will transfer to Singapore, and an additional 30-50 employees will be added to the current staff of 300. The move follows an international reorganization by the leading oil company in Jun 1998.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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