Aug 23 (Reuters) - More than half of the commercial payments made by Singapore companies were late in the second quarter of this year, adding to concerns that the economy may be falling back into recession, the Straits Times newspaper reported on Tuesday.
Less than 40 percent of transactions were paid for promptly, the lowest level since the agency introduced the report in 2007. The report describes prompt payment as when at least 90 percent of all bills are paid within the payment period.
The construction sector has the worst record with 65 percent of transactions being classified as late, followed by the retail sector with a 62 percent late payment rate. Full story
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