Category: ECONOMY

5 Interesting Facts about Singapore

You’ve probably heard of Singapore before. However, most people don’t know much about it, except that it is somewhere in Asia. However, this city is a fascinating place where Western and Eastern cultures meet, meld and create a specific culture and climate favorable for businesses to flourish.

So, what’s the secret of the continual success of Singapore? And how did it become an integral part of the global economy? It may become even more important in the future according to this article

Singapore Is a Country

If you’re having trouble remembering which country Singapore is, that is because it is actually a country of its own. In fact, it is the smallest country in Asia. It’s located on a small island on the southern tip of Malay Peninsula.

The concept of a city-state existed over the course of history from Ancient Greek polises to Medieval European city-states. However, in modern times this practice is fairly rare. Apart from Singapore only Monaco and Vatican are sovereign city-states.

Financial Hub

Despite it being the smallest country around, Singapore is one of the most important centers for finance and business in Asia. There are many policies that the government has implemented to help business flourish. For a start, if you want to open a company in Singapore, it will only take you a day or two. Additionally, hiring people is easy even if they are foreigners. In fact, about a third of all people in Singapore are non-residents.

One of the most important branches of Singapore’s economy is banking and finance, but they are leaders in other fields as well, including oil refinement and electronics. Another important business incentive is tax breaks offered by the government.

Green Initiatives

Singapore is often called the ‘Garden city’ thanks to its multiple parks, forests, and greenery. In fact, since it gained independence from Britain, the country has conducted a series of land reclamation processes where it acquired additional 130 km2 which is about 20% of its total area.

Instead of using that land for housing development, the government decided to conduct a series of greening efforts where large areas of the island have been turned into lush forests and beautiful parks with tropical plants and wildlife. Currently, there are around 300 parks and 3 nature reserves managed by the National Parks Board.

Telecommunication Infrastructure

The modern business world is impossible to imagine without good internet and other telecommunication technologies. Singapore was among the first countries to realize the potential of the internet in the 1990s, and it has been at the forefront of adopting new technologies ever since. In fact, they have been named the most ‘Tech-Ready Nation’ in the world by the World Economic Forum in 2015. Internet speeds go up to 2Gbit/s, which is among the highest in the world. Additionally, Singapore’s average broadband speeds are the highest in the world in 2017, according to Forbes magazine.

Transport Infrastructure

Despite being wealthy, there are very few cars on Singapore’s roads. This is because the government wants to promote green technologies. The cost of purchasing a car is significantly higher than anywhere else in the world, coupled with extreme costs of registration. There are, however, plenty of other transportation options. Buses, taxis, and trains are available for people who want to be driven, whereas many people choose to walk or cycle around the city.

As an important trading port, Singapore serves as a kind of hub for both passenger and cargo ships. It is always among the busiest ports in the world. Eight airports service direct flights to numerous countries around the world.

Singapore is a fascinating country both for its natural and business potentials and is a great place to visit.

Continue Reading

George Soros And The Politics Of Hope And Hate

ZERO HEDGE–The hackneyed international billionaire enigma known by the name of George Soros (redolent of the James Bond villain Blofeld – the head of the sinister shadow government organisation Spectre – in Ian Fleming’s novels) is up to his old tricks yet again in stirring up tensions and trouble to suit his own warped personal, political and financial agenda.

Continue Reading

3 Good Things about “Price Gouging”

MISES–As so often happens in the wake of a natural disaster, government officials in Texas are currently investigating claims of “price gouging,” which the office of the Attorney General reminds residents is illegalafter the governor declares a disaster. This is a classic example of the ostensible contrast between greed and altruism, capitalism and charity.

Continue Reading

Trump’s Historic Opportunity with the Federal Reserve

MISES-Today Stanley Fischer submitted his letter of resignation from the Federal Reserve’s Board of Governors, effective next month, the second such resignation of Donald Trump’s presidency. While Fischer’s term as Vice Chairman of the Fed was set to end next year, he had the ability to serve as a governor through 2020. Along with Trump’s decision next year on whether to replace Janet Yellen as the Fed’s chair, this means Trumps will have the opportunity to appoint five of seven governors to America’s central bank.

Continue Reading

The Biggest US Cities where Rents Are Plunging

WOLF STREET–In Chicago, rents are getting crushed.

An inconvenient math for housing is beginning to dog Chicago: The third largest city in the US has been losing population for years. Not huge numbers, but it adds up… In 2016, according to the Census estimate, the population dropped by about 9,000 people. Since 2014, the population has dropped by about 14,000 people. Chicago’s fiscal woes, junk credit rating, and the threat of bankruptcy hanging over it don’t help.

Continue Reading