South Korea inflation hits near decade-high in October, raising rate hike bets
SEOUL (REUTERS) - South Korea's consumer inflation accelerated to a near 10-year peak last month on higher costs in oil products, housing rentals and outdoor dining, putting pressure on policymakers ahead of the last monetary policy meeting of the year. The consumer price index (CPI) jumped 3.2 per cent from a year earlier in October, government data showed on Tuesday (Nov 2), the fastest growth since January 2012 and up from a 2.6 per cent rise in September. That matched a 3.2 per cent increase tipped by analysts in a Reuters survey and remained above the central bank’s 2 per cent target for a seventh straight month. The breakdown of data showed the cost of petroleum surged 27.3 per cent, while that of housing rentals rose 1.8 per cent on year. Costs of outdoor dining increased 3.2 per cent, while other services including accommodation also rose 2.3 per cent. That puts the Bank of Korea’s (BOK) monetary policy board under pressure to raise the base rate further at the Nov 25 meeting, following its first rate hike in almost three years in August. Governor Lee Ju-yeol last month flagged further tightening could come as soon as this month to curb rising inflation and household debt. ...
Global interest rates set to rise along with market volatility
SINGAPORE - The latest message from the United States Federal Reserve is crystal clear - asset purchase tapering will be sooner and faster than previously thought and interest rates could rise next year. At the Federal Open Market Committee (FOMC) press conference last week, Fed chairman Jerome Powell said the start of the tapering could "come as soon as the next meeting" and "could conclude around the middle of next year". Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
Digital skills programme helps mid-career jobseekers find work before completing course
SINGAPORE - A six-month intensive course to train mid-career jobseekers in digital skills was so successful, about 10 per cent of the 1,300 trainees found work before completing the course. Global management consulting firm Boston Consulting Group (BCG), which runs the programme, said on Friday (June 25) that around 1,500 participants should complete the course by the end of this year. The Rapid and Immersive Skill Enhancement (Rise) programme is part of the company training segment of the SGUnited Mid-Career Pathways initiative. The Government had rolled out the initiative last year in response to Covid-19's impact on the economy and jobs. The Rise programme aims to help participants upskill and get a digital-related job even if they do not have prior related experience. Participants can learn digital essential skills and fundamentals of technology such as artificial intelligence and human-centred design. BCG managing director and partner Aparna Bharadwaj said many of the trainees come from the financial services sector. There are also some from sectors such as infocomm technology, wholesale and retail trade, as well as travel and tourism. She said that there are many roles availa...
First coastal protection study against sea-level rise starts on city-east coast stretch
SINGAPORE - The first of four studies looking at how specific parts of Singapore's coastline can be better protected from sea-level rise will start this week. The study focusing on the south-eastern part of the island will cover 57.8km of the coastline across three key areas - Changi, the stretch between the East Coast area and Marina Bay, and the Greater Southern Waterfront district - said national water agency PUB on Tuesday (May 18). This city-east coast stretch of the coastline is one of four areas that PUB had identified for site-specific coastal protection studies. The other three are Lim Chu Kang, Sungei Kadut, and around Jurong Island. Studies to protect Jurong Island and the north-western coast, comprising Sungei Kadut and Lim Chu Kang, will commence later this year and in 2022 respectively, PUB said. The first study on the city-east coast stretch will be done by consultancy CPG Consultants and take around four years to complete, PUB added in a statement. Areas that will be covered include a literature review to see how other nations are working to protect their coastlines, data collection and the formulation of adaptation measures and pathways, as well as the development ...