| National Affairs
Singapore SMEs Sentiments Mixed Despite Global Economic Recovery The Business Times 22nd Apr 2014
Small and medium enterprises (SMEs) in industries linked to the international economy are more optimistic about their prospects, even though overall, firms are a bit less upbeat compared to the beginning of the year. Overall, sentiments for this quarter fell by 1.1 per cent to 54.4 per cent according to the latest quarterly SME Index study by the Singapore Business Federation (SBF) and DP Information Group. The study is a six months forward-looking index which measures the sentiments of SMEs. A score of above 50 per cent indicates that firms have a positive outlook
Singapore to Promote ASEAN Culture With New National Gallery Singapore Channel News Asia 19th Apr 2014
Singapore will continue to promote the rich and diverse culture of ASEAN with its new National Gallery Singapore, Acting Minister for Culture, Community and Youth Lawrence Wong said on Saturday. Speaking at the 6th Meeting of the ASEAN Ministers Responsible for Culture and the Arts (AMCA) at Hue in Vietnam, Mr Wong said the new art museum will open in the latter half of 2015. National Gallery Singapore will have 18,000 square metres of gallery space dedicated to Southeast Asian art.
Singapore to Celebrate its Babies With Goodie Bags WSJ 17th Apr 2014
Singapore’s famously low birthrate may get a boost next year during the country’s 50th Independence Day celebrations, when the government says it will celebrate its newborns with baby goodie bags. Every Singaporean baby born in 2015, the city-state’s golden jubilee year, will receive a small collection of gifts, courtesy of the state, according to Singapore’s National Population and Talent Division, or NPTD, the government department organizing the goodie bags alongside REACH, the government agency responsible for connecting with citizens. On April 1 organizers asked Singaporeans to put forth ideas of what should be included in each package, which the NPTD says are solely meant to be celebratory. Around 6,500 suggestions were put forward on websites and at focus group meetings. A shortlist of 15 items was announced by the NPTD on Wednesday and includes a mix of family-oriented kit, such as a baby sling, diaper bag, picture frame and sippy cup.
Singapore’s Cheesy Tourism Video Unleashes Creative Energies WSJ 17th Apr 2014
A series of comedic imitations of a video ad for Singapore’s Tourism Board, which was recently subject to online scrutiny, are proving that the city-state’s creative spirit is alive and well. Some are so inventive that even the tourism board has taken them good humor. “We have found some of the responses and spoofs that have been shared online to be creative and clever,” Singapore Tourism Board executive director for communications Oliver Chong said in a statement last week. Produced as part of an ad campaign targeting Filipino travelers, the three-minute ad from the Singapore Tourism Board, or STB, has been widely blasted on social media for its poor acting and cheesy script. “So bad it will go viral,” one Twitter user said as comments about the video began circulating last week. In the video, a couple from the Philippines appears awestruck by several of Singapore’s main attractions, commenting on how wonderful the city is. Near the end, they exchange gift-wrapped boxes to mark their wedding anniversary, the reason for their visit. For her: a necklace. For him: a pregnancy test that shows a positive result.
Market Development
Monetary Authorities of Singapore, Brunei Sign Pact on Bilateral Cooperation AsiaOne 22nd Apr 2014
The monetary authorities of Singapore and Brunei have signed a Memorandum of Understanding (MoU) on bilateral cooperation, said the Monetary Authority of Singapore (MAS) in a statement today. Under the MoU, the MAS and Autoriti Monetari Brunei Darussalam (AMBD) will cooperate on capital market development and capacity building, and exchange views and best practices on monetary management and operations, human resources, information technologies, banking supervision and payment and settlement.
Defense & Security
Singapore Intends to Acquire Russian MANPADS "Igla-S" Defense Studies 26th Apr 2014
Singapore Armed Forces may acquire Russian-portable air defense systems (MANPADS), "Igla-S". This was stated by ARMS-TASS head of the design department Engineering Design Bureau (KBM) holding "Precision complexes" Georgy Vasilyev. "From Singapore we have long-standing ties, they are going to negotiate the possibility of acquiring Igla-S", - he said. The army has Singapore currently has an old version of MANPADS "Igla". The main differences of the modernized complex is to increase by about half power of the missile increased to 6 km range missile applications due to different decisions in the field of aerodynamics, as well as advanced algorithms breeding goals and increased noise immunity.
Singapore, Indonesia must move beyond ship-naming incident: Ng Eng Hen CNA 25th Apr 2014
Minister for Defence Ng Eng Hen has said Singapore and Indonesia have to find ways to move beyond the incident involving the naming of a new frigate after two marines responsible for a bombing in Orchard Road in 1965. Speaking to reporters on the sidelines of a community event on Sunday, Dr Ng said both countries have to mend and repair ties which have been affected by the incident. Dr Ng was responding to recent clarifications by Indonesia's armed forces commander, General Moeldoko, after he had apologised about the incident in an earlier interview with Channel NewsAsia. Dr Ng reiterated that Singapore wants good relations with Indonesia. As neighbours, both countries benefit much when relations with each other are good. He said the Singapore Armed Forces (SAF) will work with the Indonesian Armed Forces (TNI) to improve relations.
Singapore Accepts Indonesian Apology for Ship's Name WSJ 16th Apr 2014
Singapore on Wednesday accepted an apology from Indonesia's military chief for naming a warship after two marines behind a deadly 1960s bombing in the city-state, signaling a potential mending of frayed bilateral ties. Gen. Moeldoko's conciliatory comments—made in an interview aired Tuesday by a Singaporean broadcaster—came amid a monthslong spat that had prompted Singapore to suspend inter-military relations with its far-larger Southeast Asian neighbor. In a brief statement, Singapore Defense Minister Ng Eng Hen welcomed the apology as "a constructive gesture" and said the city-state's armed forces would "reciprocate Gen. Moeldoko's positive intentions by resuming bilateral cooperation and activities with the [Indonesian military]." Bilateral relations had soured in February after the Indonesian navy said it would name a frigate in honor of Indonesian marines Usman Haji Mohamed Ali and Harun Said. The two were convicted and executed in Singapore for killing three people and injuring 33 others in the March 1965 bombing of MacDonald House, a bank building in the Orchard Road shopping district. The attack was the deadliest of 37 bombings that rattled Singapore starting in 1963, when Indonesia's then-president Sukarno led an armed confrontation in opposition to the newly-formed Federation of Malaysia, which then included Singapore. The conflict ended in 1966, a year after Singapore left Malaysia to become an independent nation.
Energy
Singapore to beef up nuclear technology expertise Channel News Asia 23rd Apr 2014
Singapore is beefing up its nuclear technology expertise with a newly-announced programme. The 10-year Nuclear Safety Research and Education Programme was announced on Wednesday by the National Research Foundation (NRF). For a start, S$63 million of funding will be set aside for the programme for the first five years. There are now only a handful of nuclear experts in Singapore, as such the NRF hopes to train some 100 scientists and engineers in this area, in the next decade. By about 2024, it is hoped that these scientists and engineers will be experts in three areas -- radiochemistry, radiobiology, and risk assessment. Radiochemistry is the study of radiation in the environment -- such as in the air, water, and soil. Uses include detecting the presence of radiation in imported goods, such as seafood. In radiobiology, scientists study the impact of low-level doses of radiation on humans; while those in risk assessment will study the activities of a nuclear reactor, and what to do if things go wrong.
More companies going green in Singapore Channel News Asia 22nd Apr 2014
More local companies and organisations are seeking ways to integrate green features into their work spaces, according to environmental groups. They say it is a result of greater awareness of the long-term cost benefits that come with going green. The Westin Singapore, located in the heart of Singapore's financial centre, launched its Green Rooms in conjunction with Earth Day. Fifty-six of 305 hotel rooms are equipped with an energy meter, found on the room's television screen, to monitor a guest's individual energy consumption. The rooms are located on the 38th and 39th floors of the hotel. "We have a meter bar on our main screen of the television, or IPTV, that clearly indicates to the guest the average energy consumption during their stay, which has a green, an orange and a red (indicator),” said Sushil Sharma, manager of The Westin Singapore.
Financial Services
Singapore pips London as yuan clearing centre Channel NewsAsia 28th Apr 2014
Singapore has overtaken London to rank second globally as a clearing centre for the Chinese yuan, global transaction services organisation SWIFT said on Monday. It said yuan, or renminbi (RMB), payments value in Singapore increased by 375 per cent between March 2013 and March 2014, accounting for 6.8 per cent of overall RMB payments. Hong Kong remains the leading offshore yuan centre with 72.4 per cent, while London fell to third with 5.9 per cent. London -- which overtook Singapore as an offshore yuan centre in June 2012 -- saw payments value rise 203 per cent in the 12 months to March 2014. China named Industrial and Commercial Bank of China (ICBC) as the clearing bank for offshore yuan business in Singapore last February -- giving a boost to yuan transactions in the Southeast Asian city-state.
Singapore: Improvement needed in reinsurance contract certainty Asia Insurance Review 28th Apr 2014
Singapore reinsureds are reporting significantly higher levels of contract certainty, 88.5 percent for treaty and 76.8 percent for facultative in January 2014. But "material improvement in performance" is needed, as the market aggregate contract certainty score was 68.5 percent for January and was at its highest at 70.5 percent last November, according to the Contract Certainty Working Group in its latest market briefing. Other reporting entities are brokers and reinsurers, both in the onshore and offshore markets. These have lower contract contract certainty performance than Singapore reinsureds whose performance is continuing to improve given the requirements of the Monetary of Singapore's (MAS) Risk Management Practices for Insurance Business. The market goal is that by December 2014, 85 percent of all reinsurance contracts that are either purchased, intermediated or reinsured by MAS-regulated entities will be contract certain, according to the definition and principles agreed by the market.
Gunvor Singapore launches S$440 mln credit facility for Asia investments Today Online 28th Apr 2014
Gunvor Singapore, a wholly owned subsidiary of Swiss-based trading house Gunvor Group, launched a US$350 million (S$440 million) syndicated revolving credit facility (RCF) to finance new investments and existing operations in the Asia-Pacific region. “Gunvor is in a strong position, having pursued a strategy to diversify how we finance our Asian activities with a number of dedicated borrowing bases in addition to our RCF,” Gunvor Group chief financial officer Jacques Erni said in a statement on Sunday. Bookrunners and mandated lead arrangers of the facility include Arab Petroleum Investments, DBS Bank, Maybank and ING Bank.
UOB wins best retail bank in Asia Pacific Jakarta Post 23rd Apr 2014
The United Overseas Bank Ltd. (UOB) won the top honor of Best Retail Bank in Asia Pacific at The Asian Banker Excellence in Retail Financial Services Awards 2014. UOB is the first local Singaporean bank to have won the regional award, according to The Asian Banker. UOB has also been named the Best Retail Bank in Singapore. The Asian Banker said UOB had distinguished itself through its outstanding retail business performance and customer-focused approach. UOB head of personal financial services and private banking, Eddie Khoo, said the heart of UOB’s business was its customers across the region. "We have focused on creating a sustainable business that is built on a foundation of trust and designed around the lifestyle needs of our customers," he said in a release made available to The Jakarta Post on Tuesday.The United Overseas Bank Ltd. (UOB) won the top honor of Best Retail Bank in Asia Pacific at The Asian Banker Excellence in Retail Financial Services Awards 2014. UOB is the first local Singaporean bank to have won the regional award, according to The Asian Banker. UOB has also been named the Best Retail Bank in Singapore. The Asian Banker said UOB had distinguished itself through its outstanding retail business performance and customer-focused approach.
Singapore: 1 in 3 Singaporeans lack critical illness cover Asia Insurance Review 23rd Apr 2014
One in three Singaporeans (30 percent) lack critical illness coverage, and of those who own a critical illness cover, close to half (46 percent) purchased their critical illness insurance plans more than 10 years ago, according to a survey by AIA Singapore. The AIA Health Matters Survey 2014 , released yesterday, also shows that one in three Singaporeans (35 percent) believe that they will need to downgrade their standard of living should they be affected by critical illness in the future. Even more worrying, of those aged 60-70, 1 in 2 (56 percent) do not own a critical illness plan and of this same group, 49 percent would have to rely on their own savings, and 52 percent on their salary to pay for their healthcare expenses.
OCBC’s structured note sales may rise 50% on interest rate hikes Today Online 18th Apr 2014
Oversea-Chinese Banking Corp, South-east Asia’s second-largest lender by assets, expects its structured note sales to grow as much as 50 per cent this year, as interest rates in Singapore rise. Demand from investors for higher yields is boosting the growth of wealth products and, in turn, demand for structured notes and deposits, Ms Wee Wei Min, OCBC’s Global Head of Treasury Advisory, said in an interview. With rates rising, the bank could attract investors with potentially even larger returns, she added. “The interest rate has gone up roughly 50 to 80 basis points across the curve last year in Singapore, and this made returns look a lot more attractive compared with two to three years ago,” said Ms Wee, whose team covers the issuance of structured notes in Asia for corporate and consumer clients.
AmEx Former Singapore Worker Fined for Misusing Client Data Bloomberg 15th Apr 2014
A former American Express Co. (AXP) employee was fined S$24,000 ($19,150) by a Singapore court after he was convicted of misusing client data. Ricky Suparman, who worked as a corporate sales manager at the U.S. credit card company, copied and e-mailed confidential files to himself in February 2012 before resigning to join a competitor, according to court documents. American Express reported the matter to the Singapore police the following month. “This ex-employee’s access to the office premises and company information was immediately revoked,” Sheena Yu, a Singapore-based spokeswoman at American Express, said today in an e-mailed response to questions. “No customer data has been compromised.” The fine comes about four months after Standard Chartered Plc (STAN) said confidential information on 647 wealthy clients was stolen in Singapore from a printing company. The Monetary Authority of Singapore has taken supervisory actions against the London-based bank, the regulator said in a statement last week, without disclosing details.
Singapore: Catlin forms general aviation consortium for Asia, ME Asia Insurance Review 14th Apr 2014
Catlin Group, the international specialty property/casualty insurer and reinsurer, has announced the formation of the General Aviation Consortium at Lloyd's Asia to write general aviation insurance and reinsurance risks based in the Asia-Pacific and Middle East regions. Established on 1 April, the Consortium offers a comprehensive solution for general aviation risks by providing 100 percent capacity for aircraft with up to 50 seats. The Consortium is led by Catlin Singapore and supported by other participants in the Lloyd's Asia platform. Under Catlin's leadership, the Consortium will provide a fast and efficient service through dedicated and experienced underwriting and claims teams, alleviating the need to deal with multiple insurers / reinsurers. In a statement, Mr Bobby Heerasing, Chief Underwriting Officer of Catlin Asia-Pacific, said: "With the General Aviation Consortium, brokers and cedents can enjoy an enhanced and highly competitive product offering through a convenient single point of contact, combined with the benefit of Lloyd's 'A' rated security."
ICT
How Big Data and GIS will Plan a Livable Singapore Future Gov Asia 16th Apr 2014
Kicking off the first FutureGov Cities and Big Data Summit, Peter Quek, CIO at the Urban Redevelopment Authority of Singapore, shared how they are using GIS to fully maximise the value of big data enabling them to design livable communities in the city state. Speaking to over a hundred senior IT decision makers from some of Asia’s fastest growing cities, Quek highlighted how GIS technology is the glue of Big Data for city planning. Apart from being one of the most densely populated countries in the world, Singapore’s limited land means that the margins of error associated with land use and resource allocation have also become smaller. “GIS is helping us overcome these challenges by allowing us to harness our data so that we can come up with innovative solutions that fit our requirements.”
Infrastructure
New Chairman for Public Transport Council Channel News Asia 24th Apr 2014
Gerard Ee will step down as chairman of the Public Transport Council (PTC), a position he has held since 2005. In his place, Mr Richard Magnus will serve as chairman with 14 other members of the PTC, for the next term from May 1 to April 30, 2016. Together with Mr Ee, a total of six members of the PTC will step down at the end of the current term, and there will be five new appointees. Mr Magnus has served on the council since February 2012.
$1.15B Worth of Contracts Awarded for Thomson, Eastern Region Lines Channel News Asia 21st Apr 2014
The Land Transport Authority (LTA) has awarded civil as well as electrical and mechanical contracts for the Thomson and Eastern Region Lines with a total value of nearly S$1.15 billion. The contracts include the construction of Mt Pleasant, Stevens and Maxwell stations; and communications system, signalling system and platform screen doors for the two MRT lines. Construction for all three stations will commence in the second quarter of 2014 and be completed by 2021
Transport Still a Major Bugbear The Straits Times 19th Apr 2014
Three years on from the 2011 General Election, a Straits Times poll finds the Government's shifts in social policy have boosted confidence in its handling of housing, ageing, the poor and health-care issues. But dissatisfaction over transport and foreign workers still simmers, with more than a quarter saying government performance in these two areas is now worse than in 2011. When asked to name the Government's biggest achievement since the country last voted, 26 per cent said housing, pushing it to top spot. As for its worst failure, 45 per cent said transport. Those are some key findings of a Straits Times survey of more than 500 citizens aged 21 and above. It was conducted by research firm Asia Insight shortly after the end of the Budget debate on March 5.
Manufacturing
Second month of strong manufacturing growth for Singapore Today Online 28th Apr 2014
Singapore’s manufacturing sector saw a 12.1 per cent on-year growth in last month’s output, the latest data released today (April 25) by the Economic Development Board showed, as all key industries recorded robust expansion last month. This marks the second straight month of double digit growth, following the revised 13.1 per cent jump in production in February, and comes as economists anticipate a moderately positive economic outlook this year. Output in the key electronics cluster — which accounts for over 30 per cent of the Republic’s manufacturing — grew for the 11th consecutive month by 8.7 per cent on-year, on the back of a 14.1 per cent growth in the semiconductors segment.
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