| Lee Kuan Yew Obituaries
Lee Kuan Yew: Singapore holds funeral procession BBC News 29th Mar 2015
Singapore is bidding farewell to its founding Prime Minister Lee Kuan Yew, who died on Monday aged 91. Despite torrential rain, tens of thousands lined the streets to view the funeral procession carrying Mr Lee's coffin through the city-state. A state funeral then took place attended by world leaders, ahead of a private family cremation ceremony. About 1.5m people paid tribute to Mr Lee at sites around the country this week the government said.
Lee Kuan Yew: Singaporeans urged not to join queues BBC News 27th Mar 2015
Singapore's authorities have advised people to stop joining the queues to view founding father and statesman Lee Kuan Yew as he lies in state. Some 250,000 people have already visited to pay respects to Mr Lee, who died on Monday aged 91. A state funeral will be held on Sunday, with foreign dignitaries from around the world expected to attend. India has declared it a national day of mourning, with flags flown at half-mast and no official entertainment. They warned that by Friday afternoon the queuing time to enter Parliament House was nine hours.
Lee Kuan Yew, founding father of modern Singapore, dies at 91 Reuters 23rd Mar 2015
Lee Kuan Yew, Singapore's first prime minister, died on Monday aged 91, triggering a flood of tributes to the man who oversaw the tiny city-state's rapid rise from a British colonial backwater to a global trade and financial center. U.S. President Barack Obama described Lee, who ruled Singapore for three decades, as "a true giant of history" whose advice on governance and economic development had been sought by other world leaders down the years.
Singapore's founding father Lee Kuan Yew dies at 91 BBC News 23rd Mar 2015
Lee Kuan Yew, the statesman who transformed Singapore from a small port city into a wealthy global hub, has died at the age of 91. The city-state's prime minister for 31 years, he was widely respected as the architect of Singapore's prosperity. But he was criticised for his iron grip on power. Under him freedom of speech was tightly restricted and political opponents were targeted by the courts. A state funeral will be held on 29 March, after a week of mourning. In an emotional televised address, his son Prime Minister Lee Hsien Loong paid tribute to him.
Singapore's founding father Mr Lee Kuan Yew dies aged 91 at 3.18am on Monday Straits Times 23 Apr 2015
Singapore's founding father, Mr Lee Kuan Yew, has died, leaving behind the unlikely nation that he and his colleagues fostered and built over five decades as his lasting legacy. Mr Lee, who would have turned 92 this September, died at the Singapore General Hospital where he had been warded for severe pneumonia since Feb 5. A statement from the Prime Minister's Office said: "The Prime Minister is deeply grieved to announce the passing of Mr Lee Kuan Yew, the founding Prime Minister of Singapore. Mr Lee passed away peacefully at the Singapore General Hospital today at 3.18 am. He was 91."
National Affairs
Singapore Launches New Cybersecurity Agency Wall Street Journal 1st Apr 2015
The latest sign of growing global concerns over cybersecurity: Singapore has established a new ministry to combat bad guys lurking in the Internet’s shadows. The wealthy city-state on Wednesday opened the Cyber Security Agency of Singapore, or CSA, a new body that will focus on national cybersecurity strategies. Significant breaches “continue to make headlines around the world,” Singapore’s minister for communications and information, Yaacob Ibrahim, said in a speech last month. Ibrahim, who will head the new agency, added that such attacks “are expected to become more frequent and sophisticated."
Singapore: A Fascinating Alternative To The Welfare State Forbes 31st Mar 2015
Part of the reason for Singapore’s remarkable climb up the international income ladder is bread and butter capitalism. The Frasier institute’s Freedom of the World report lists Singapore as the second freest economy in the world — right behind Hong Kong. As Frasier scholars have demonstrated year after year, economic growth and free markets go hand and hand. But Singapore has done something even more remarkable than its economic accomplishments. It has built an alternative to the European style welfare state. Think of all the reasons why people turn to government in other developed countries: retirement income, housing, education, medical care etc. In Singapore people are required to save to take care of these needs themselves. At times the forced saving rate has been as high as 50% of income. Today, employees under 50 years of age must set aside 20% of their wages and employers must contribute another 16%. These funds go into accounts where they grow through time until specific needs arise. For example, one of the uses for these savings is housing. About 90% of Singapore households are home owners – the highest rate of home ownership in the world.
More than 800,000 HDB households to receive S$45m in GST U-Save vouchers Channel NewsAsia 31st Mar 2015
More than 800,000 households living in Housing and Development Board (HDB) flats will receive S$45 million worth of GST Voucher - Utilities Save (U-Save) rebate next month, the Finance Ministry said on Tuesday (Mar 31). Eligible households will each receive a rebate of up to S$65, depending on their flat type. The GST U-Save forms one component of the permanent GST Voucher scheme designed to help lower- and middle-income Singaporean households with their living expenses.
The Guardian view on Lee Kuan Yew: a new generation should build on his successes, not rest on them The Guardian 23rd Mar 2015
Singapore’s founding father Lee Kuan Yew is being mourned within his country and beyond its shores. In three decades as prime minister he oversaw the separation from Malaysia in 1965 and the transformation of Singapore into a business and financial powerhouse. When his son Lee Hsien Loong took on the top job and appointed him “minister mentor”, it acknowledged rather than bestowed his enduring influence. Mr Lee’s wide-ranging connections and blunt advice – he astutely balanced the major powers – won him respect in both Beijing and Washington. In the region, Singapore sparked talk of “Asian values”, with other leaders envying not just its wealth, stability, efficiency and cleanliness, but also its tight controls and its culture of obedience.
Singapore to Extend Tax Breaks for Property Trusts by Five Years Bloomberg 23rd Mar 2015
Singapore will extend tax incentives for real estate investment trusts by five years, allowing them to earn income from foreign properties without paying taxes. The nation will also extend local tax exemptions for REITs, Finance Minister Tharman Shanmugaratnam said in his budget speech to Parliament on Monday. He indicated the government will resume charging the trusts stamp duties on Singaporean property purchases.
Regional Affairs
Under Secretary Novelli Travel to Malaysia, Singapore and Indonesia Department of State (Press Release) 27th Mar 2015
Under Secretary for Economic Growth, Energy, and the Environment Catherine Novelli will travel to Malaysia, Singapore and Indonesia, March 27-April 3. In Singapore, Under Secretary Novelli will meet with officials from the Ministry of Foreign Affairs and the Ministry of Trade and Industry. She will also meet with representatives from the American Chamber of Commerce of Singapore and host a roundtable discussion with entrepreneurs, investors, and government agencies working to promote innovation and foster technological development in the local economy.
Singapore adds its weight to 1MDB probe Financial Times 24th Mar 2015
Singapore is stepping in to help in the widening controversy over 1MDB, Malaysia’s heavily indebted development fund, as the city-state’s regulator adds its muscle to the high-profile probe into the entity. 1 Malaysia Development Berhad, or 1MDB, was set up in 2009 under the auspices of Malaysia’s prime minister, Najib Razak, and has become a politically sensitive issue amid questions raised by opposition politicians and media over the origin of its funds and how it has racked up debts of roughly $12bn.
Defense & Security
RSAF's Hermes 450 Unmanned Aerial Vehicle is Fully Operational Defense Studies 31st Mar 2015
Minister for Defence Dr Ng Eng Hen officiated at a ceremony to mark the achievement of Full Operational Capability (FOC) status by the Republic of Singapore Air Force (RSAF)'s Hermes 450 (H-450) Unmanned Aerial Vehicle (UAV) at Murai Camp this afternoon. Speaking at the ceremony, Dr Ng highlighted the significance of this milestone to the overall enhancement of the Singapore Armed Forces (SAF)'s defence capabilities. He said, "The Hermes 450 is one of the most capable UAVs in its class and indeed, the world. Compared to the older UAVs, the Hermes 450 enhances our Intelligence, Surveillance and Reconnaissance capabilities with its extended endurance, advanced avionics and more capable sensors." Dr Ng also emphasised the importance of the role of UAVs in military operations today. He said, "UAVs have now become a critical asset to many military operations and have proven themselves to make a decisive difference to outcomes, whether it is in peacetime operations or battles."
Lee Kuan Yew's Other Legacy: Why Singapore Has One Of The World's Toughest Militaries International Business Times 24th Mar 2015
When Lee Kuan Yew died Monday at age 91, the founding father of Singapore did not leave just his legacy as the prime minister whose authoritarian policies shaped a backwater British colony into the world’s fourth-wealthiest nation. He also left Singaporeans with one of the most formidable armies in the world. The tiny island state of 5.4 million, with a land area far smaller than New York City’s, has more fighter jets than Spain, Poland or Sweden. Its army has as many tanks as Italy, which is more than 400 times the size. Its navy boasts the only stealthy ships in the region. The respected defense publication IHS Jane’s called the Singapore Armed Forces “the best-equipped military in Southeast Asia.” Singapore spends more on weapons than anybody else near it. Its 2013 defense budget was $12 billion, according to an analysis published in East Asia Forum by Michael Raska, a research fellow at Singapore’s Nanyang University. That money has bought Singapore advanced American warplanes whose capabilities eclipse anything fielded by other states in the region. For example, it flies the latest version of the F-15, a fighter jet so lethal the U.S. has sold it only to four other nations: Israel, Japan, Saudi Arabia and South Korea.
Singapore's Defense Budget Climbs 5.7 Percent The Diplomat 19th Mar 2015
Singapore’s defense budget will increase by 5.7 percent in nominal terms to $9.5 billion for fiscal year (FY) 2015, according to numbers published by the Singaporean Ministry of Finance (MOF) this week. In addition, IHS Jane’s Defence Weekly reports that defense expenditure will increase as a proportion of GDP for the first time since 2009, rising from 3.2 percent of GDP in 2014 to 3.3 percent for 2015. This is in accordance with Singapore’s policy of gradual increases to military spending. “Our approach is to plan long-term and maintain defense expenditures steadily,” Singapore’s Minister for Defense Ng Eng Hen noted in a speech in front of the parliament at the beginning of this month. During that speech, the defense minister also emphasized that the SAF (Singapore’s Armed Forces) needs “to re-make itself in response to a changing landscape from new security threats,” such a hybrid warfare, by stepping up investments in cyber defenses, unnamed aerial vehicles, information technology, robotics, and artificial intelligence.
Economics
HDB flats resale prices continue to slide, down 1% in Q1 Channel NewsAsia 1st Apr 2015
Flash estimates of the Resale Price Index (RPI) for the first quarter of 2015 showed a 1 per cent decline in the prices of Housing and Development Board (HDB) flats over the previous quarter, HDB announced on Wednesday (Apr 1). The flash estimate for the index is 135.6, HDB said, down from 137.0 in the previous quarter. It is the seventh consecutive quarter of decline. HDB added that the RPI for the full quarter will be released on Apr 24, along with more detailed public housing data.
Singapore IRA to enforce 22% new top income tax rate Customs Today Report 21st Mar 2015
The Inland Revenue Authority of Singapore is to closely monitor company formation behavior to ensure that high income earners do not set up companies to avoid the higher personal income tax (PIT) rates announced in the 2015/16 Budget. The Senior Minister of State for Finance and Transport, Josephine Teo, announced the initiative when delivering the Ministry of Finance Committee of Supply Speech on March 9. She was replying to comments that the higher PIT rates, including a 22 percent top rate (compared with the previous highest rate of 20 percent), could result in lower tax receipts.
Energy
Lower electricity tariffs for Q2 2015: SP Services Channel NewsAsia 31st Mar 2015
Electricity tariffs will decrease by an average of 10.7 per cent – or 2.45 Singapore cents per kWh – from Apr 1 to Jun 30 compared to the previous quarter, SP Services announced in a media release on Tuesday (Mar 31). The tariff reduction comes as costs for natural gas for electricity generation dropped by 22.6 per cent compared to the previous quarter, SP Services said. They added that network costs have risen by 0.21 Singapore cents per kWh as infrastructure investments have been made to replace ageing assets and meet rising electricity demand, but the lower cost of natural gas “more than offset” the increase.
Singapore unveils commercial solar tariff The Star 20th Mar 2015
Singapore is taking steps to reduce its almost total reliance on fossil fuels in power generation by offering commercial customers the city-state’s first dual solar and conventional electricity contract. Singapore generates 95% of its power from natural gas and currently has only 25-30 megawatt-peak (MW) of photovoltaic capacity installed, around 8% of the national target of 350MW by 2020. Together with Oslo-listed Renewable Energy Corp (REC), Singapore’s PacificLight Energy (PLE) is offering a hybrid electricity bundle to commercial and industrial users that consume at least 4,000 kilowatt-hour (kWh) a month. Under the collaboration, consumers can consolidate two streams of costs – one to REC for solar-generated electricity at a fixed cost per kWh, the other to PacificLight at prevailing grid prices – into a single bill, unlike most set-ups where consumers have to pay the solar seller and power generator separately. “Once you have made the (solar panel) instalment, you are not subject to any (price) volatility,” said PacificLight chief executive officer Yu Tat Ming.
Financial Services
Singapore: Insurance comparison website operational wef 7 April Asia Insurance Review 1st Apr 2015
From 7 April, consumers can compare life insurance products of different companies through a new web portal called compareFIRST (www.comparefirst.sg), the Monetary Authority of Singapore (MAS) has announced. On the same day, life insurance companies will start selling Direct Purchase Insurance (DPI), a class of simple life insurance products that is sold without commissions and financial advice. Both compareFIRST and DPI are initiatives under the Financial Advisory Industry Review, which was a comprehensive evaluation of the financial advisory industry that led to recommendations aimed at raising the standards and professionalism of the industry.
Singapore Savings Bonds: What you should know Straits Times 31st Mar 2015
What are Singapore Savings Bonds? They are a new type of government bond, which will be launched as part of moves to make low-cost investment options more widely available to retail investors. A feature of the product is that a bondholder can get his money back in any month, with no penalty imposed. This means investors do not have to decide upfront the duration of their investment. Normally bonds have a set interest rate and investors can find themselves out of pocket if they redeem them too early. Singapore Savings Bond interest rates will be linked to the long-term Singapore Government Securities (SGS) rates. But unlike SGS bonds, which pay the same interest rates every year, the new product will start with smaller interest rates that will keep rising, the longer you hold on to the bond.
Singapore's bank lending continues to fall in February Channel NewsAsia 31st Mar 2015
In another sign of slowing economic activity, bank lending in Singapore has continued to fall in February, from a month earlier. According to the latest data from the Monetary Authority of Singapore on Tuesday (Mar 31), total loans and advances by domestic banks fell to S$603.52 billion last month, compared to S$607.47 billion in January. However, bank lending grew 3.3 per cent in February from S$584.47 billion a year earlier. A slowdown in business activity could account for the decline in total loans to businesses, which fell 1 per cent on-month to S$366.42 billion. Contributing to the decline is bank lending to the building and construction sector, which fell 0.5 per cent to S$102.98 billion.
SGX to introduce position accounts for CDP clearing members The Straits Times 30th Mar 2015
Singapore Exchange is planning to introduce position accounts for clearing members of the Central Depository (CDP), as part of its efforts to improve the post-trade environment for Singapore's securities market. The bourse today released a consultation paper seeking public opinions on the proposed changes, which also include amendments to trading and clearing rules in relation to position accounts. In the paper, SGX said it wants to allow its clearing members to conduct post-trade activities - such as generating contracts and managing customers' positions - using their own back-office systems, instead of the existing Client Accounting System (CAS) SGX has been providing since te 1980s.
Singapore banks are set to profit with rising rates boosting margins Business Mirror 27th Mar 2015
Singapore’s three major banks are poised to benefit from gains in local interest rates, which could signal bigger profits from their domestic lending. The three-month Singapore interbank offered rate, or Sibor, has more than doubled this year to just over 1 percent, the highest since December 2008. If rates continue higher, DBS Group Holdings Ltd., United Overseas Bank Ltd. (UOB) and Oversea-Chinese Banking Corp. Ltd. (OCBC) could reverse a squeeze on their net interest margins, the difference between the interest they charge for loans and pay out to depositors. Singapore banks are “at a turning point,” said Ivan Tan, a Standard & Poor’s analyst based in the city-state. “The rise in margins would mark an important reversal after several years of compression, and has important revenue implications.”
Singapore Dollar Strengthens Despite Expectations for Easing Wall Street Journal 27th Mar 2015
Ahead of Singapore’s central bank meeting next month that many analysts say will result in easier monetary policy for a second time this year, the local currency is doing something strange: it’s strengthening. Anticipation for such policy moves normally mean a weaker currency, but Singapore’s dollar has gained since the middle of March, illustrating how Asia remains at the mercy of the Federal Reserve which threw global markets into disarray on March 18 with a downbeat tone in comments on the U.S. economy. The Singapore dollar has climbed against the U.S. dollar since the Fed statement, rebounding from lows not seen in more than four years. The bond markets too have been volatile, with the 10-year government bond yield slumping to 2.171% on Wednesday from 2.511% earlier this month.
Singapore Savings Bonds to be introduced; a new investment option for retail investors The Straits Times 26th Mar 2015
A new type of government bond will debut here as part of a move to make low-cost investment options more widely available to retail investors. The Singapore Savings Bonds (SSBs) will be launched by the government, Senior Minister of State for Finance and Transport Josephine Teo announced at an investment industry event on Thursday. She said the SSB will be safe investments that are principal-guaranteed by the government, which means the initial outlay is protected. A feature of the new product is that a bond-holder can get his money back in any month, with no penalty imposed.
Singapore Banks Seen Profiting as Rising Rates Bolster Margins Bloomberg 26th Mar 2015
Singapore’s three major banks are poised to benefit from gains in local interest rates, which could signal bigger profits from their domestic lending. The three-month Singapore interbank offered rate, or SIBOR, has more than doubled this year to just over 1 percent, the highest since December 2008. If rates continue higher, DBS Group Holdings Ltd., United Overseas Bank Ltd. and Oversea-Chinese Banking Corp Ltd. could reverse a squeeze on their net interest margins, the difference between the interest they charge for loans and pay out to depositors. Singapore banks are “at a turning point,” said Ivan Tan, a Standard & Poor’s analyst based in the city-state. “The rise in margins would mark an important reversal after several years of compression, and has important revenue implications.”
Most analysts now see Singapore central bank holding off on further easing in April Business Times 25th Mar 2015
Singapore's central bank is expected to maintain its stance of allowing the local dollar's appreciation in April, a Reuters poll showed on Wednesday, a marked change from expectations just a few weeks ago that it would ease policy again to ward off deflationary pressures. Twelve out of 17 economists and currency analysts surveyed expect the Monetary Authority of Singapore (MAS) to hold off from easing its exchange-rate based monetary policy at its semi-annual policy review expected around mid-April. The remaining five expect the central bank to ease policy by lowering the mid-point of the Singapore dollar's policy band.
Singapore experiences deflation for fourth straight month Channel NewsAsia 23rd Mar 2015
The Republic experienced deflation for the fourth consecutive month in February as the consumer price index (CPI) stayed in negative territory, according to figures released by the Department of Statistics on Monday (Mar 23). The CPI came in at -0.3 per cent last month, edging up slightly from -0.4 per cent in January, mainly due to higher food and services inflation caused by the Chinese New Year festive period, according to a joint news release from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI).
SGX to begin market-making operations on electricity futures in April The Straits Times 23rd Mar 2015
Local bourse Singapore Exchange announced that it will start market making in electricity futures next month. The move will start from April 1, and comes after the listing of Asia's first electricity futures contract last October, said SGX in a statement on Monday. SGX, which operates securities, commodities and derivatives markets, said that more market makers will join the market on July 1. "Six market making slots have been awarded to companies from the Singapore electricity industry, and a waiting list has been set up for applications that could not be considered at this point."
Singapore:General insurance sector posts 37.4% leap in underwriting profit Asia Insurance Review 23rd Mar 2015
Singapore's general insurance industry put in a strong report card for the year ended 2014 with a 37.4% leap in underwriting profit to S$391.7 million (US$283 million). The overall loss ratio also saw a marked improvement, having narrowed to 48.4%, compared to 53.2% in 2013. Total gross premiums however, recorded a more modest growth at 1.1% to reach S$3.53 billion. According to figures released by the General Insurance Association (GIA) of Singapore, the motor insurance sector performed exceptionally well, recording a 153% increase in underwriting profit to S$149.5 million. The unprecedented gain was largely attributed to adjustments to loss reserving from a few insurers, successful implementation of many initiatives aimed at enhancing claims handling protocol, as well as improved cooperation from the policyholders and authorities, said GIA.
Singapore's GIC forms 300 mln euro partnership to invest in logistics properties Reuters 23rd Mar 2015
Singapore's sovereign wealth fund GIC said it has set up a 300 million euro ($324 million) partnership with Exeter Property Group, a real estate investment manager, to invest in logistics properties in key European distribution hubs. "Over the long term, there will be an increasing demand for logistics space in these locations due to the growing trend of e-commerce, supply chain reorganisation and the increased use of third party logistics providers," GIC said in a statement
Singapore bond issuers turn to private deals Reuters 22nd Mar 2015
Singapore issuers are turning to private debt placements to seek tighter pricing and new investors amid an uncertain rates outlook. Showing the way last week were Singapore Telecommunications and Bank of East Asia, Singapore branch, which together raised S$250m (US$180.5m) from a handful of investors. OCBC was sole lead manager on both deals, propelling the city state's third-largest bank to the top spot on the bookrunner league tables for Singapore dollar bonds, replacing long-time market leader DBS Bank.
Food & Agriculture
New food waste reporting standard in the pipeline Eco Business 1st Apr 2015
Stakeholders in Singapore's food industry are invited to be a part of the worldwide effort to develop a new global standard for accounting and reporting food loss and waste. At an information session held on Monday, the Business Council for Sustainable Development (BCSD) Singapore introduced the protocol to industry and government representatives in the city-state and invited them to help strengthen the protocol by providing feedback. Businesses can also opt to participate in a pilot programme to test the protocol in their operations and report back on whether they find the process useful and cost-effective.
Health & Life Sciences
Health Ministry's automated pharmacy system wins project management award The Straits Times 30th Mar 2015
An automated system for selecting and packing medications at the pharmacy, which was developed by the Ministry of Health's IT arm, has won an award in project management. The Outpatient Pharmacy Automation System (Opas) has helped to halve patient waiting times, improve medication safety, and cut down reworking - when prescriptions have to be sent back - by two-thirds.
Fortis to sell Singapore hospital to NYSE-listed Concord Medical for $40M VC Circle 27th Mar 2015
Fortis Healthcare Ltd is selling its Singapore-based hospital to NYSE-listed Chinese healthcare services firm Concord Medical Services for S$55 million (US$40.2 million). Fortis Surgical Hospital (FSH), which was opened in July 2012, is a 31-bed hospital and specialises in colorectal, urology, gynecology, plastic and general surgeries. Concord is the top operator of radiotherapy and diagnostic imaging centres in China.
One in 10 people over 60 have dementia, new Singapore study claims The Straits Times 25th Mar 2015
One in 10 people aged 60 and above in Singapore has dementia, according to a new Singapore Elderly (WiSE) study, which interviewed almost 5,000 seniors and their family members. Most countries have a prevalence rate of 5 to 7 percent, though researchers from IMH said countries that used the same diagnostic tool as the one in the WiSE study, such as urban China and India, registered an 8 per cent prevalence.
S'pore team finds way to spot cancer early Asia One 21st Mar 2015
Scientists in Singapore have identified key genetic features associated with the spread of cancer in the colon or rectum to the liver, which could aid early detection and improve chances of a cure. Colorectal cancer is the most common form of cancer in men and second most common in women in Singapore. Among them, the liver is often the most probable and first site of cancer recurrence.
More young blood donors needed in Singapore Asia One 19th Mar 2015
Singapore needs an increasing amount of donated blood to tend to an ageing population but the number of blood donors has fallen slightly in the last two years. In particular, efforts to grow the pool of youth donors here have yet to bear fruit, as the pool continued to shrink last year. Some 68,868 donors stepped forward to donate blood last year, down from 70,824 donors in 2013, continuing the slight slide from 2012, according to the latest Singapore Red Cross (SRC) data.
ICT
Singapore MPA Unveils Smart Port Initiatives Maritime Executive 23rd Mar 2015
The Maritime and Port Authority of Singapore (MPA) has unveiled new initiatives harnessing the use of mobile technology and wireless connectivity to enhance communications, productivity and crew welfare in the Port of Singapore. Andrew Tan, Chief Executive, MPA, said, "The maritime sector is undergoing significant transformation with smarter ships, just-in-time logistics and more intelligent ports being built. As a global hub port and leading International Maritime Centre, Singapore believes that it is well-positioned to leverage on the ongoing revolution in ICT, smart devices and Internet of Things (IoT). We envision a more inter-connected port with high-speed internet, extensive use of data analytics and innovative mobile solutions to enhance our port's overall competitiveness. This will benefit all users at the Port of Singapore."
Singapore’s Zopim to power Facebook Messenger’s Business platform e27 30th Mar 2015
Singapore-based live chat app Zopim and customer service platform Zendesk has announced their partnership with Facebook to power its new Businesses on Messenger platform. The company reports that online retailers zulily and Everlane will be the first two businesses to integrate Zendesk’s platform to support their customers via Business on Messenger.
MyRepublic in talks to become Singapore’s fourth official telco e27 30th Mar 2015
For a while now rumors have been rife that Singaporean startup ISP MyRepublic, which has in a very short span of time collected a devoted legion of fans, would become Singapore’s fourth telco, shaking up the traditional Singaporean telco oligopoly consisting of SingTel, Starhub and M1. Today, a MyRepublic spokesperson confirmed this, exclusively to e27, saying that MyRepublic has already begun the process of applying to become an official telco and is in talks with Information Development Authority (IDA).
Singapore venture builder Hatcher announces US$100M venture fund e27 30th Mar 2015
Singapore-based venture builder platform Hatcher has announced the launch of the Hatcher Fund, an early-stage venture fund with a target size of US$100 million. The Hatcher Fund will be advised by Hatcher and operated by Gateway Investment Management Services, a fund management firm based in the Dubai International Financial Center (DIFC). It will be administered by Maples Fund Services, with offices in Singapore and Dubai.
Infrastructure
Singapore Airlines in Talks to Buy Minority Stake in Hong Kong Airlines Wall Street Journal 31st Mar 2015
Singapore Airlines Ltd. is in talks to buy a minority stake in Hong Kong-based short-haul carrier Hong Kong Airlines International Holdings Ltd., as part of an effort to tap into China’s booming travel market, people with direct knowledge of the deal said Tuesday. Negotiations between Singapore Airlines and Hong Kong Airlines are still at a preliminary stage and the size of the investment hasn’t been finalized, the people said. Singapore Airlines declined to comment. The investment would stiffen the rivalry between Singapore Airlines and Hong Kong’s Cathay Pacific Airways Ltd., which are considered Asia’s two premier carriers. The potential deal marks the second attempt by the Singaporean company to invest in the Chinese market.
Taxi companies set to standardise some fare components to reduce complexity Channel NewsAsia 31st Mar 2015
Taxi companies will soon be required to standardise the unit fares, surcharges, booking fees and additional passenger fee components of its taxi fares. The Public Transport Council (PTC) on Tuesday (Mar 31) said this is to prevent taxi fares from becoming even more complex for commuters in the future. The proposed requirements are expected to be implemented in the second half of the year, after the necessary legislative processes are completed. Flag-down fares will be left as they are for now, as mandating its harmonisation may lead to higher flag-down fares for commuters, said the Land Transport Authority and PTC.
Singapore’s Cosco secures contract to build 7 container vessels for Maersk Customs Today 28th Mar 2015
Mainboard-listed Cosco Corporation (Singapore) Ltd said Cosco (Zhoushan) Shipyard Co. Ltd, a unit of the company’s 51-per cent owned subsidiary, Cosco Shipyard Group Co. Ltd, has secured a contract with Maersk Line to build seven, 3,600 TEU (twenty-foot equivalent) container vessels. Cosco Zhoushan and Maersk Line have agreed to keep the contract price confidential. The container vessels are scheduled for delivery between April 2017 and November 2017. Maersk Line also has an option to place order for an additional two container vessels within eight months.
Work on Tuas mega port starting soon AsiaOne 26th Mar 2015
Work will start in the middle of this year on Singapore's Tuas mega port, with the first reclamation project of the area awarded to South Korean conglomerate Daelim Industrial. Daelim will also undertake dredging and wharf construction in the first phase of a facility that could eventually handle 65 million twenty-foot equivalent units (TEUs) of cargo annually - nearly double the amount Singapore handled last year.
Here's why Singapore's incredible airport was just named best in the world again Business Insider 23rd Mar 2015
Singapore's Changi Airport was just named the world's best airport in 2015 by the World Airport Awards. This is the third year that Changi took the top spot in Skytrax's World Airport Awards, the most prestigious airport award in the industry. Skytrax evaluates over 400 airports around the world for service, check-in, transfers, shopping, security, immigration, and more. It's no surprise that Changi took the No. 1 spot. The international transit hub has incredible amenities, like a butterfly garden, rooftop pool, movie theaters, hotels, spas, and showers, and even a four-story slide.
Singapore, Malaysia working to agree on high-speed rail project by Q3 Channel NewsAsia 21st Mar 2015
Singapore's Transport Ministry has confirmed that it is working towards a third-quarter timeline to reach a bilateral agreement on the Kuala Lumpur-Singapore High-Speed Rail (HSR) project. In response to queries from Channel NewsAsia, a spokesperson on Saturday (Mar 21) said the ministry is working closely with its Malaysian counterparts on various aspects of the HSR project, and that both sides are working on "a number of complex issues, including the operating and financing models, that have to be jointly agreed upon”. The Malaysian Land Public Transport Commission (SPAD) told Channel NewsAsia earlier this week that plans for the HSR project on the Malaysian side could only progress to the procurement stage after discussions with Singapore.
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