71.   The relatively high cost of wages and other business costs in Singapore have had the government scrambling to promote high-end industries, services and infrastructure in the tiny city-state.

72.   The tight monetary measures, including high interest rates which will escalate business costs and inflation, were designed to prevent capital outflow.

73.   They face a slowdown in growth, spiraling wages and business costs and competition from new rivals such as the Philippines, India and Indonesia.

74.   Wallace said utilities are the single biggest business cost for the industry.

75.   However, its long-term prospects depended on its ability to successfully address problems with rising labor and business costs and exchange rate appreciation, the report said.

76.   The authorities had been seeking to ease the cost of credit to encourage private investment and help reduce business costs.

77.   The government opposes the directive because it says it would add to business costs.