Sunday, 24 Oct 2021

‘Good news’ for people in work despite inflation rise but ‘question mark’ remains

Singapore's economy grows 6.5% on year in the third quarter, missing estimates

  • Singapore's economy grew 6.5% in the third quarter of 2021 compared with a year ago, official advance estimates showed on Thursday.
  • The Monetary Authority of Singapore — the country's central bank — said it raised slightly the slope of its currency band.

SINGAPORE — Singapore's economy grew 6.5% in the third quarter of 2021 compared to a year ago, official advance estimates showed on Thursday.

Analysts polled by Reuters had expected the Singapore economy to grow 6.6% year-on-year in the third quarter.

On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.8%, Singapore's Ministry for Trade and Industry said in a statement.

In a separate release, the Monetary Authority of Singapore — the country's central bank — said it raised slightly the slope of its currency band, the Singapore dollar nominal effective exchange rate band.

The width of the policy band and the level at which it is centered is unchanged, the central bank said.

The MAS manages monetary policy through setting the exchange rate, rather than interest rates, by allowing the Singapore dollar to rise or fall within an undisclosed band against a basket of currencies. It adjusts the band through three levers: the slope, the mid-point and the width.

This is breaking news. Please check back for updates.

‘Wales and North of England property growth!’ Martin Roberts highlights house price surge

Martin Roberts discusses the rise in house prices

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Property expert Martin Roberts has said the country is still seeing positive growth and property values increase. He said this was not just true of big cities like London and elsewhere in the country there was an increase in property value. While speaking on GB News,  Mr Roberts said Wales, North of England, Tyne, and Wear are seeing strong property growth.

He added while London is still seeing some growth, the rate at which it does so is slowing down. 

More to follow…

Hays PLC Q1 Group LFL Net Fees Up 41% YoY – Quick Facts

Hays PLC (HAS.L) said it has made a strong start to fiscal year, with sequential fee growth in all major markets. 12 countries produced record net fees, including the USA and China, and global Hays Technology business also hit record fees, the Group said.

Compared to the prior year, Group net fees were up 41% on a like-for-like basis. On an actual basis, net fees increased by 36%. Group net cash at 30 September 2021 was approximately 360 million pounds, in line with the Group’s expectations.

The Board has proposed one single core dividend payment for fiscal 2021 of 1.22 pence per share, and one special dividend of 8.93 pence per share. The Board also plans to restart ongoing special dividends in fiscal 2022.

The Group noted that the strengthening of Sterling versus main trading currencies of the Euro and Australian dollar, particularly versus the average exchange rates seen in first half of prior year, is a headwind to Group operating profit in fiscal 2022.

Seth Meyers Berates Fox News for Its Reporting on Vaccine Mandate

Meyers took Tucker Carlson to task for not “being certain” while reporting falsehoods.

By Trish Bendix

Südzucker Group H1 Operating Result Rises – Quick Facts

Südzucker Group (SUEZF.PK) said, due to a significant jump in the second quarter, the group’s consolidated operating result edged up moderately in first half of financial year. While the special products segment’s revenues fell slightly, the fruit segment’s rose moderately and the sugar, CropEnergies and starch segments’ were significantly higher, the Group said. For fiscal 2021/22, the Group’s consolidated operating result guidance range is unchanged. A significant increase in revenues is anticipated in the sugar segment, Südzucker noted.

First half operating result increased to 134 million euros from 129 million euros, prior year. EBITDA was at 278 million euros compared to 276 million euros. Result from operations increased to 127 million euros from 118 million euros. Group revenues increased to 3.60 billion euros from 3.35 billion euros.

For fiscal 2021/22, the Group expects consolidated revenues of 7.1 billion euros to 7.3 billion euros, revised from previous forecast of 7.0 billion euros to 7.2 billion euros. Consolidated group operating result is expected to range unchanged between 300 million euros and 400 million euros.

Bank of America profit surges on reserve release boost

Oct 14 (Reuters) – Bank of America Corp reported a jump in third-quarter profit on Thursday as it released some of its reserves for bad loans, while logging growth in its consumer banking division.

Net income applicable to common shareholders rose to $7.26 billion, or 85 cents per share, for the quarter ended Sept. 30 from $4.44 billion, or 51 cents per share, a year earlier.

Analysts on average had expected a profit of 71 cents per share, according to the IBES estimate from Refinitiv.

‘Good news’ for people in work despite inflation rise but ‘question mark’ remains

Vicky Pryce: Why inflation is 'good news' for working Brits

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On GB News this morning, Vicky Pryce, former head Government Economic Service has stated that despite the rise in inflation, the increased wages “can just about” keep up with these rising prices. She said: “What’s happened in the UK is inflation has gone up to 3.2 percent [to August].”

She continued: “Yes, people do worry. On the other hand, what you’ve got is, yes the threat maybe of interest rates going up but wages are going up quite significantly.

“So you said I’m not the worrying type – the good news is, forget the productivity issue that Boris Johnson is talking about.

“In terms of purchasing power for those who are at work, so their disposable incomes for the moment before the tax rises, is going up.

“That’s good news because they can just about cover, if not more than cover, the inflation issues that we’re facing at present. How long that will last is a question mark for many.”

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