Top Story of the Week: Singapore PM Promises ‘strategic shift’
TOP STORIES
- Singapore Prime Minister Lee Hsien Loong has signaled an ideological shift in the ruling PAP's priorities, pledging more social spending in his speech at the National Day Rally. In doing so, he hoped to ease mounting pressures on the middle class while ensuring economic vitality. The text of the speech is available at: http://bit.ly/12kZ63k
- The Singapore government unveiled a master plan on Sunday to double capacity at Southeast Asia's busiest airport, build a new waterfront city, move its massive port and relocate a military airbase to free up land for development. The plan follows mounting discontent in one of the world's wealthiest nations over an influx of foreign workers and expatriates blamed for a range of problems.
National Affairs
Doing Business, Singapore Style Cato Sept 2013
Singapore gained its independence in 1965, when it was, in effect, thrown out of Malaysia. At that time,Singapore was backward and poor — a barren speck on the map in a dangerous part of the world. Indeed, Singapore’s per-capita income in 1965, would be roughly equivalent to that of a country like Kosovo or Angola today, adjusted for inflation. However, Singapore had a leader, Lee Kuan Yew, who had clear ideas about how to modernize the country — a strategy which I have dubbed the "Singapore Strategy." This strategy contained the following elements: Number one was stable money. Singapore started with board system — a simple, transparent, rule-driven monetary regime.
National Day Rally 2013 youtube 18 Aug 2013
PM Lee Hsien Loong speaking at the National Day Rally on 18 August 2013 at ITE Headquarters & College Central. The text of the speech is available at: http://bit.ly/12kZ63k.
Singapore jobless rate rises to 2.1% CNA 31 Jul 2013
Singapore's overall unemployment rate was 2.1 per cent in June 2013. It was 1.9 per cent in March 2013 and 1.8 per cent in December 2012. This is according to the Manpower Ministry (MOM) in its report on the employment situation for the second quarter of 2013. MOM said the tight labour market showed signs of easing as layoffs rose amid business restructuring and consolidation. The resident unemployment rate rose to 3.0 per cent in June 2013 from 2.9 per cent in March 2013 and 2.7 per cent in December 2012. The unemployment rate for citizens increased to 3.1 per cent from 2.9 per cent in the preceding two quarters. David Ang, associate director at Renumeration Data Specialists, said: "For those who are retrenched, I think it's important to get back into the job which they're good at. And if there are jobs that they can take it quickly, go ahead and take the jobs.
Singapore Cranks Up Social Spending Amid Policy Rethink WSJ 19 Aug 2013
Singapore Prime Minister Lee Hsien Loong, facing a steady erosion in support, has pledged more social spending to ease mounting pressures on the middle class, signaling a slight departure from his party's reliance on lean social security for ensuring economic vitality. In an annual policy speech, Mr. Lee pledged changes to housing, health care and education policy—key concerns for Singaporeans whose long-standing loyalty to the ruling People's Action Party has slipped in recent years amid rising living costs, mounting infrastructural strains and a widening gap between rich and poor. Economists say the plans, while modest on their own, signal a telling ideological shift by the long-ruling PAP, which has emphasized individual responsibility and growth over distribution.
Singapore PM promises ‘strategic shift’ to protect city state’s success FT 19 Aug 2013
Singapore’s prime minister, Lee Hsien Loong, promised a “strategic shift” in his country’s approach to “nation building” as he laid out plans to address widening income disparity and other threats to the island nation’s economic miracle of the past 20 years.
Singapore’s strains FT 19 Aug 2013
It is almost 50 years since Singapore was expelled from its shortlived federation with Malaysia and began its inspiring ascent from the developing to the developed world. Two years ago, its economy overtook the US in gross domestic product per head, an incredible accomplishment in a country with few natural resources, which once depended on hostile neighbours even for its water....
Customs
New Entrepass Requirements Raise Singapore Barriers to Entry: One Visa SF Gate 21 Aug 2013
As of 01 September 2013, foreign entrepreneurs looking to start up businesses in Singapore will be faced with more stringent requirements in order to qualify for EntrePasses due to tightened entry and renewal criteria recently announced by Singapore’s Ministry of Manpower (MOM). The new EntrePass framework has been designed to level the playing field for Singaporean entrepreneurs who face stiff competition for resources and funding from foreign nationals entering the Singapore marketplace.
Singapore July exports dip The Star 17 Aug 2013
Singapore's non-oil domestic exports fell slightly in July, roughly in line with expectations, but some indicators continued to point to a recovery in the city-state's manufacturing sector. The wealthy South-East Asian city-state said shipments from locally-based manufacturers excluding oil products fell 0.7% month-on-month in July after seasonal adjustments, reversing from June’s 3.3% gain. But no-noil retained imports (NORI) of intermediate goods – a leading indicator of future exports – rose to S$5.2bil in July 2013 from S$5bil in the previous month after seasonal adjustments. Singapore’s total trade rose by 5.8% in July 2013, turning around from the 6.2% decrease in the previous month, trade agency International Enterprises Singapore said in a statement on Monday.
Financial Services
StarHub launches Singapore's fastest network to support financial firms ZDNet 31 Jul 2013
Telco StarHub has launched Singapore's fastest network connection, up to four times faster than existing networks supporting financial firms and their latency-sensitive trading applications. Called the Ethernet Low Latency Network, it will especially be a boost for high frequency trading and obtaining market data updates from trading venues. The platform offers a guaranteed low latency of under 1 millisecond round trip delay for the connection from their facilities to their equipment in the Singapore Exchange (SGX) co-location data centre.
Singapore seeks to raise bar for FRS Quality financial reports Money Control 19 Aug 2013
Quality financial reports not only delight investors, but facilitate value-added audits that are consistent and comparable, says Singapore company incorporation specialist Rikvin. This week, Singapore's Accounting and Corporate Regulatory Authority (ACRA) holds the 8th Public Accountants Conference. The conference, which is attended by over 800 delegates, will discuss key challenges to conducting value-adding external audits as well as ways to improve the quality of financial reporting in companies. Analysis by Singapore company registration specialist Rikvin shows that the conference follows a recently-released report by KPMG which showed that Singapore companies relied heavily on estimates when producing financial statements. According to the report, 82% of the total asset values on a typical balance sheet are based on estimates. This then raises the issues of consistency and comparability when auditing books, and reflects an inaccurate picture to shareholders.
Singapore shares fall with investors jittery ahead of key data this week Straits Times 19 Aug 2013
Singapore shares fell on Monday with investors jittery ahead of key news events later in the week. The benchmark Straits Times Index fell 24.2 points, or 0.76 per cent, to 3,173.33. Traders are wary about the outcome of the United States Federal Reserve's July 30-31 policy meeting, the minutes of which will be released this Wednesday.
Singapore banks beat ASEAN peers in terms of asset SBR 20 Aug 2013
According to DBS, it is raising Singapore banks to overweight, both within the Singapore context and among our ASEAN banks coverage. Besides improved prospects in 2014 coupled with possible interest rate hikes, we believe Singapore banks provide a flight-to-safety theme in the near term, especially when compared with its ASEAN counterparts, says DBS.
ICT
Seagate Technology has opened a new design and R&D center in Singapore ABT 30 Jul 2013
Singapore has once again topped the list as the world's most popular city for international meetings, conventions and other assorted gabfests. According to the Union of International Associations – yes, it's an association for associations – Singapore beat out Euro-faves Brussels, Vienna, Paris and London, along with Asian pow-wow powerhouses Seoul and and Tokyo, as the number one destination for international meetings in 2012. Of just under 10,500 meetings recognised and reported by the UIA through the Yearbook of International Organisations and in the International Congress Calendar, 9.5 percent took place in the Lion City. It's the sixth year in a row that Singapore has taken the conference and congress crown, due to the city's "international appeal, strategic location and access to key Asian markets" according to the Singapore Tourism Board.
Mfone's towers are a hard sell PPP 2 Aug 2013
Nearly a decade ago, Meng Chor inherited a rooftop rental agreement with a telecommunications firm after buying a property on Mao Tse Toung Boulevard. For $300 a month over a 10-year lease, the contract allowed the company that later became Mfone to keep the cell tower on top of his building. The tower is one of more than 1,000 across the country, most located in the provinces. It was a good deal. All Chor had to do was sit back and collect the money.
Infrastructure
Singapore unveils master plan for port, airport, waterfront SMH 19 Aug 2013
The Singapore government unveiled a master plan on Sunday to double capacity at Southeast Asia's busiest airport, build a new waterfront city, move its massive port and relocate a military airbase to free up land for development. The plan announced by Prime Minister Lee Hsien Loong follows mounting discontent in one of the world's wealthiest nations over an influx of foreign workers and expatriates blamed for a range of problems - from strained infrastructure to among the highest living costs in Asia. The plan follows mounting discontent in one of the world's wealthiest nations over an influx of foreign workers and expatriates blamed for a range of problems In an annual National Day address, Lee sought to allay those fears, elaborating on a trove of long-term plans that appear intended to counter a growing voter backlash against the People's Action Party (PAP) that has ruled Singapore for more than half a century.
World's most awesome airport gets awesomer CNET 20 Aug 2013
Last time I was at Singapore's Changi Airport, I was waiting for my flight by relaxing at the swimming pool and sipping a Singapore Sling. I really didn't want to leave. Brimming with gorgeous tropical plants and stress-busting recliners, with an easy rail link to downtown, Changi is the most heavenly airport I've ever been to. It's almost a vacation unto itself, and makes some world air hubs feel like, well, hell. And though it often tops lists like the World Airport Awards, it's now adding a futuristic pleasure dome to ensure its global dominance: Project Jewel. Slated to open in 2018, the mixed-use bubble will be designed by a consortium led by Moshe Safdie, who also did Singapore's opulent Marina Bay Sands resort complex, and will feature a bubble-like structure of glass and steel.
Manufacturing & Retail
Borders bookstore to make comeback in Singapore CNA 31 Jul 2013
Book retailer Popular Holdings is bringing Borders back to Singapore. Popular CEO Chou Cheng Ngok announced Wednesday morning the company acquired the Borders brand for Singapore last year. The new Borders store would open in Jurong by the end of the year. Mr Chou also confirmed that the company will be closing its lifestyle concept bookstore Prologue in ION Orchard on 25 August. Borders closed its flagship store in Wheelock Place in August 2011, and its Singapore outlet in Parkway Parade shut its doors the following month. Mr Chou said: "People may say that the book industry is a sunset industry. Well sure, you know the sun rises, the sun sets. But for us, we feel that there is still a lot of life left in the book business. "In Singapore, Malaysia and Hong Kong, I think everybody knows Popular. But Borders is an international brand. To us, it's a new challenge."