PRESS DIGEST - Singapore newspapers - June 23
SINGAPORE, June 23 (Reuters) - The following are stories from Singapore newspapers on Monday. Reuters has not verified these stories.
THE STRAITS TIMES
- The government must prevent the economy from sliding into stagflation by maintaining an immigration policy that is "very responsive" to business needs, Labour Chief Lim Swee Say said.
- The government does not profit from recent hikes in road toll charges because it will collect S$70 million ($51.3 million) each year from the increase, but will lose S$110 million due to the 15-percent cut in road tax from next month, Lim said.
- Singaporeans spent S$4.2 billion betting on lotteries and horse racing last year, according to estimates by tax experts.
BUSINESS TIMES
- The government will not offer populist measures such as tax cuts or broad-based subsidies to help Singaporeans cope with inflation, Labour Chief Lim Swee Say said. Instead, the government will provide aid on a targeted basis, he said.
- Singapore Telecommunications (STEL.SI) and StarHub (STAR.SI) have objected to a proposed set of government regulations which could force them to split up their current infrastructure and services business units.
- Road toll charges in Singapore must be raised because the current congestion on roads, if left unchecked, will have a negative impact on the economy, the Land Transport Authority said.
- Buildings in Singapore may not have adequate earthquake insurance or reinsurance cover so there could be losses all round if a major earthquake hits, reinsurers said.
