| Regional Affairs
Singapore Launches New Asia Forum The Diplomat 14th Apr 2015
This weekend, Singapore held its inaugural “Singapore Forum,” an event that the city-state hopes will provide a regular platform for political and business leaders to discuss challenges in the Asia-Pacific region in the coming years. The forum, organized by the S Rajaratnam Endowment – created in honor of the country’s revered first foreign minister – is another addition to the list of such regional forums, including the annual Shangri-La Dialogue also held in the city-state which focuses on security issues. The theme of the inaugural Singapore Forum, which brought together over 200 top leaders and thinkers, was “Asia and the World – New Growth, New Strategies.” The one-day conference had three plenary sessions discussing issues surrounding the next phase of Asia’s growth, measures to strengthen regional economic cooperation and ways to optimize and manage the potential and impact of technological advancements. These sessions were set to feature prominent personalities such as Indonesia’s former trade minister Mari Pangestu, Infosys founder Narayana Murthy, and the Chinese official leading Beijing’s Asia Infrastructure Investment Bank, Jin Liqun.
National Affairs
Singapore tops growth forecast, MAS stands pat CNBC 14th Apr 2015
Singapore's economy grew at a faster-than-expected pace in the first quarter, government data showed on Tuesday, even as the central bank surprised markets by announcing no change to monetary policy. Gross domestic product (GDP) grew an annualized 2.1 percent in the three months to March from the year-ago period, stronger than the 1.8 percent forecast in a Reuters poll and after expanding by the same margin in the fourth quarter. Quarter on quarter, growth edged up 1.1 percent, also beating the 0.5 percent estimate but much lower than the 4.9 percent expansion in the previous quarter.
Singapore's GDP grew 2.1% on-year in Q1 2015: MTI Channel NewsAsia 14th Apr 2015
Based on advanced estimates, the Republic's economy grew by 2.1 per cent on a year-on-year basis in the first quarter of 2015, announced the Ministry of Trade and Industry (MTI) in a press release on Tuesday (Apr 14). This is the same rate of growth as achieved in the previous quarter, it added. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.1 per cent compared to the 4.9 per cent in the preceding quarter, said MTI. For the manufacturing sector, it contracted by 3.4 per cent on a year-on-year basis, following the 1.3 per cent decline in the previous quarter. The contraction was due to a fall in output in the transport engineering, electronics and precision engineering clusters.
Financial literacy in Singapore slumps CNBC 14th Apr 2015
Singapore is falling behind in financial literacy, according to MasterCard's latest Financial Literacy Index for Asia Pacific, which saw the wealthy city-state slip four notches to sixth place. Singaporeans are most savvy in financial planning, but have little understanding of investment concepts such as inflation and diversification, the report showed. While the island nation posted the biggest decline among the 16 countries surveyed it was not alone; 12 countries on the list recorded a decline in financial literacy as their efforts to improve basic financial skills and knowledge stalled.
Europe turnaround good news for Singapore exports, but Asia still key Channel NewsAsia 9th Apr 2015
Weak external demand has hit the Republic hard, as the economy relies heavily on exports to drive growth. For the month of February, non-oil domestic exports declined 9.7 per cent, the biggest drop in two years. However, Europe - one of Singapore's key trading partners - received a small boost recently as consumer sentiment and spending data last month came in better than expected. Some analysts believe this is a sign that the eurozone is finally turning around.
Singapore’s casinos made a mistake: cutting out the junkets Business World 9th Apr 2015
Singapore wanted nothing to do with the often questionable gaming middlemen who proliferate in Macau. The gambling houses in Macau get around China’s currency controls by relying on so-called junket operators to extend credit to mainland high rollers, a business model that has been linked to organized crime groups known as triads, says Steve Vickers, chief executive officer at risk consultant Steve Vickers & Associates. But lately, Singapore’s two casinos appear to be paying the price of their government restricting that setup.
Cabinet reshuffle will add 'depth and breadth' to ministers leading Singapore forward: ESM Goh Chok Tong Straits Times 9th Apr 2015
Emeritus Senior Minister Goh Chok Tong said on Thursday the latest Cabinet reshuffle will add "depth and breadth" to "those who will lead Singapore forward". A Cabinet reshuffle announced on Wednesday has resulted in a new labour chief, a new minister and three other ministers being given new appointments. Mr Masagos, 51, will become Minister in the Prime Minister's Office as well as Second Minister for Home Affairs and Foreign Affairs. This is the first time Cabinet has two Malay ministers. The other is Minister for Communications and Information Yaacob Ibrahim.
Customs
Singapore Customs fined between S$4,500, S$133,000 on online retailers for evading GST in 2014 Customs Today 11th Apr 2015
Nine online retailers were fined between S$4,500 and S$133,000 last year for evading Goods and Services Tax (GST) payments by submitting fake invoices or under-declaring the value of goods on their import declarations, the Singapore Customs said here the other day. The Singapore Customs has observed an emerging trend of online retailers attempting to evade or under-declare their goods imported from overseas, and are keeping a close watch on such illegal practices, it said in a statement. It highlighted a case in which Ms Lee Bee Yee, an online retailer of luxury handbags and accessories was fined S$23,000 last November for failing to declare and pay GST on 195 handbags and wallets she had purchased overseas and hand-carried into Singapore. She had also under-declared the values of another 201 handbags and wallets imported to Singapore by mail. The total GST evaded exceeded S$12,000, the Singapore Customs said.
Defense & Security
Singapore's Chief of Defence Force reaffirms defence ties with China Channel NewsAsia 14th Apr 2015
China and Singapore have agreed on concrete initiatives to deepen their defence relationship after Chief of Defence Force, Lieutenant-General (LG) Ng Chee Meng, met People’s Liberation Army (PLA) Chief of General Staff, General (GEN) Fang Fenghui. LG Ng is on a six-day introductory visit to China, till Saturday at the invitation of GEN Fang. Both exchanged views on the regional security situation and the state of bilateral defence cooperation, Singapore's Ministry of Defence (MINDEF) said in a news release on Tuesday (Apr 14). MINDEF added that both armed forces chiefs committed to expanding interactions with each other under the Four-Point Consensus which was agreed on between Defence Minister Ng Eng Hen and China's Minister of National Defence Chang Wanquan during Dr Ng's visit to China last November.
Interpol's R&D facility in Singapore opens Channel NewsAsia 13th Apr 2015
The Interpol Global Complex for Innovation (IGCI) officially opened on Monday (Apr 13), as part of Singapore’s bid to help the international organisation strengthen its global presence. Singapore's Minister for Home Affairs Teo Chee Hean said the research and development (R&D) facility, which is located at the former Tanglin Police Division Headquarters, would complement the General Secretariat headquarters in Lyon, France. Speaking at the opening ceremony, Mr Teo underlined the need to deal with growing safety and security challenges. Mr Teo cited attacks at a university in Kenya and the police headquarters in Istanbul as examples of recent threats. He also reiterated IGCI's contributions to international policing efforts. He said IGCI's presence in Asia means Interpol can send real-time alerts and plan operational responses around the clock, and around the world.
Bill To Regulate Use Of Unmanned Aircraft Tabled In Parliment Bernama 13th Apr 2015
The Civil Aviation Authority of Singapore (CAAS) and the Singapore Police Force (SPF) are enhancing the regulatory and permit framework for unmanned aircraft operations in Singapore. This is to facilitate their usage while mitigating associated aviation safety, public safety and security risks. The enhancements to the regulatory and permit framework are expected to take effect on June 1, 2015 after the necessary legislative processes are completed. In a joint statement, the authorities said the Unmanned Aircraft (Public Safety and Security) Bill had been introduced for the first reading in Parliament on Monday.
Singtel acquires US security services firm Trustwave for US$810m Channel NewsAsia 8th Apr 2015
Singapore telco Singtel has acquired US-based information security firm Trustwave for US$810 million (S$1.1 billion) in its bid to strengthen its cyber security capabilities globally. In a news release on Wednesday (Apr 8), Singtel said it will own a 98 per cent stake, while Trustwave chairman and CEO Mr Robert J McCullen will hold the balance 2 per cent equity interest. Trustwave is one of the largest independent managed security service providers in North America, and has a presence in Europe and the Asia Pacific.
Singapore and US strengthen defence relations Asian Military Review 4th Apr 2015
US Under Secretary of Defense for Policy Ms Christine Wormuth co-chaired the eighth US -Singapore Strategic Security Policy Dialogue (SSPD) with Permanent Secretary (Defence) Mr Chan Yeng Kit at Changi Naval Base. During the dialogue, both Ms Wormuth and Mr Chan reaffirmed the excellent and long – standing bilateral defence relationship. The Dialogue focused on the importance of the US’ commitment to the region and the need to continue close cooperation in addressing global security threats. The dialogue also examined ways to further strengthen the defence relationship through new areas for bilateral cooperation. As part of her visit to Singapore from 1 to 3 April 2015 , Ms Wormuth called on Minister for Defence Dr Ng Eng Hen at the Ministry of Defence yesterday. She also delivered a public lecture titled “The US – Singapore Defence Relationship: A Shared Commitment to Peace and Prosperity in the Asia – Pacific Region” at the Marina Mandarin Hotel as part of the S Rajaratnam School of International Studies Distinguished Public Lecture series.
Energy
BHP Billiton, Rio Tinto Confirm Australian Tax Probe The Wall Street Journal 10th Apr 2015
Miners BHP Billiton Ltd. and Rio Tinto PLC have become the latest corporate giants to clash with Australian lawmakers over claims of multinational tax avoidance, admitting Friday they were being probed by the country’s tax office. Just days after tech giants Apple Inc., Google Inc. and Microsoft Corp. faced tough questions from a special of parliamentary committee looking into their global tax affairs, some of the world’s biggest miners--including Glencore PLC and local resources champion Fortescue Metals Group—were called to answer questions over alleged profit-shifting structures allowing potentially billions of dollars to be moved offshore.
Financial Services
Singapore: Tokio Marine Life looks to grow ILP share Asia Insurance Review 15th Apr 2015
Tokio Marine Life Insurance Singapore (TMLS), well known for its participating policies, plans to grow its ILP (investment-linked plans) business to account for 28% of Annual Premium Equivalent (APE) by 2017, compared to 11% in 2014, for its agency channel. At the same time, the company has embarked on plans to significantly expand its agency force from 250 to 600 by end-2017, said Chief Executive Officer Lance Tay. TMLS’s intention to grow the ILP portion of its business is largely driven by regulations, with risk charges in the impending RBC 2 framework dissuading insurers from offering high guarantees in their policies while also encouraging greater product diversity.
Singapore Exchange denies plans to connect with China The Malaysian Insider 15th Apr 2015
Singapore Exchange (SGX) is not in the process of establishing a stock trading link with the Chinese stock market, the bourse operator said on Wednesday. There has been speculation that Singapore's stock market could be linked to that in China, fashioned after the Shanghai-Hong Kong Stock Connect scheme to allow cross-border investment in stock markets. "SGX is not currently in the process of establishing such a link but remains open to future collaborations which benefit our partners and shareholders," the exchange said in a statement.
Investors Stoke Speculation About a Singapore-China Stock Connect Wall Street Journal 14th Apr 2015
Surging demand for Chinese stocks in Shenzhen, Shanghai and Hong Kong is also stoking speculation and demand in another Asian market: Singapore. The shares of bourse operator Singapore Exchange Ltd.S68.SG +2.74%, or SGX, have surged to their highest level in four years as investors bet the city state could be gearing up to join a trading link between Hong Kong and Shanghai that would give fund managers easy access to Chinese shares. That’s a gain of 8.3% so far this year, more than double the 3.5% rally in the country’s benchmark stock index, at a time when SGX has been struggling with slumping securities trading volumes.
Singapore denies intervening heavily to prop up currency The Star 14th Apr 2015
The Monetary Authority of Singapore (MAS) has dismissed market commentaries suggesting that it had intervened heavily to support Singapore’s currency. In a statement on Tuesday, MAS said these reports had incorrectly cited the fall in Singapores official foreign reserves (OFR) and MAS forex (FX) swaps since mid-2014 as an indication of heavy intervention by MAS to support the Singapore Dollar Nominal Effective Exchange Rate (S$NEER). “The decline in the US Dollar value of the OFR in the last nine months until end-March 2015 was due to currency translation effects arising from the broad-based appreciation of the US dollar against the other major currencies in the OFR.
Singapore surprises by standing pat on policy, S’pore dollar climbs New Straits Times 14th Apr 2015
Singapore’s central bank on Tuesday surprised markets by holding off from further monetary easing, saying an improving outlook for global growth would underpin the trade-reliant economy. The Monetary Authority of Singapore (MAS) said the city-state’s economy was on track to meet the official forecast of 2-4 percent growth in 2015, and kept its projections for headline and core inflation unchanged. “The outlook for the global economy has improved slightly, anchored by a stronger recovery in the G3,” the MAS said in its half-yearly policy statement.
Singapore Surprise Spurs Calls for More Monetary Meetings Bloomberg 13th Apr 2015
Singapore’s central bank may need to increase the frequency of its policy announcements to avoid wrong-footing investors as it did in January, economists said. The Monetary Authority of Singapore sent the local dollar plunging to the weakest since 2010 on Jan. 28 when it unexpectedly eased policy months before the twice-a-year meeting scheduled for next week. Singapore uses the currency, rather than interest rates, to manage the economy. The looser settings haven’t stopped interbank lending rates from rising to a six-year high, prompting speculation the central bank has been buying Singapore dollars to keep it within the target band. Switching to quarterly meetings would also let policy makers be more nimble as market volatility increases, according to banks including Credit Suisse Group AG and Bank of America Corp. It may also provide more clarity, with economists divided on the central bank’s likely decision when officials meet on April 14.
In Surprise Move, Singapore Holds Fire on Easing Wall Street Journal 13th Apr 2015
The Monetary Authority of Singapore on Tuesday surprised markets by keeping its currency policy unchanged, saying that it expects the economy to grow at a moderate pace and that inflation is likely to remain subdued this year. The decision marks a pause in the rash of easing so far this year, as central banks from China to India have cut interest rates to boost growth. Last week, Australia’s central bank also surprised markets by leaving its interest rate unchanged. And late Tuesday, Bank Indonesia decided to keep its policy interest rate at 7.5%.
Singapore: DBS picks Manulife Financial as new bancassurance partner Asia Insurance Review 9th Apr 2015
Canada's Manulife Financial has clinched a multi-year deal worth over US$1 billion to exclusively distribute its insurance products through the branches of Singaporean lender DBS Group across Asia. The agreement will take effect on 1 January 2016. The terms of the bancassurance agreement with DBS, signed yesterday, include a one-time, upfront US$1.2-billion payment from Toronto-based Manulife to DBS, with additional variable payments to be made based on the performance of the partnership, the two companies said in a joint statement. The agreement would be for 15 years, covering Singapore, Hong Kong, China and Indonesia. In the four markets, DBS's large and growing six-million-strong retail, wealth and SME customer base will gain access to Manulife's best-in-class suite of life and health insurance solutions, through the bank's extensive network of over 200 branches and its sales force of over 2,000 professionals, as well as via its Internet and mobile banking platforms.
Singapore Savings Bonds: The pros and cons Straits Times 9th Apr 2015
An investment that guarantees the amount you put in, pays you interest and allows you to withdraw your money any time without any penalty; this is about as risk-free as it gets. And you need only $500 to get started. This is the promise of the Singapore Savings Bonds (SSB), to be launched later this year. The anticipation that greeted the announcement was palpable. A large group of Singaporeans who are planning for retirement have liquidity and are searching for investments that are able to deliver attractive returns. But some of that initial excitement has died down despite the clear advantages of this capital-guaranteed product that pays a reasonable interest on only a modest outlay. One reason could be that the cap on the amount that people can buy has yet to be announced and may not be very high.
Manulife, DBS Agree on Insurance Deal for Asia Worth More Than $1 Billion The Wall Street Journal 8th Apr 2015
Manulife Financial Corp. has reached a multiyear deal valued at more than $1 billion that will allow the Canadian firm to exclusively distribute its insurance products through Singaporean lender DBS Group Holdings Ltd.’s branches across Asia. The deal with DBS, signed Wednesday, is the latest by a global insurer seeking access to one of the world’s fastest-growing life-insurance markets. Banks across Asia have been fetching high prices for multiyear exclusive access to their branch networks, giving insurers a way to increase their sales quickly in the region. Prudential PLC last year renewed a distribution partnership with Standard Chartered PLC. That followed AIA Group Ltd. and Citigroup Inc. inking a multibillion-dollar deal for AIA to distribute its insurance products through Citigroup’s Asia-Pacific retail branch network in late 2013. HSBC Holdings PLC sells its own insurance products through its banking network.
Web portal compareFIRST launched, allows consumers to compare life insurance products The Straits Times 7th Apr 2015
Consumers can start comparing life insurance products of different companies on a new web portal called compareFIRST, which has been launched on Tuesday. The web portal allows consumers to compare the premiums and features of similar life insurance products across insurers at a glance, said the Monetary Authority of Singapore. The life insurance products that can be compared are: direct purchase insurance, term life insurance, whole life insurance and endowment policies. Consumers can compare features such as premium, guaranteed death benefit, and the surrender values at different years.
More activity across securities and derivatives in March: SGX The Straits Times 6th Apr 2015
The Singapore Exchange (SGX) reported strong growth in trading volumes and market activities across securities and derivatives last month. Bond listings also went up by more than 2.5 times compared with February, it said in a release on Monday. The exchange noted that the total traded value of securities rose 19 per cent to $25 billion from the previous month, and was up 5 per cent over 2014. The average daily trading value for securities was $1.14 billion in March, the same as in 2014, although down slightly by 3 per cent compared February.
Singapore: Big names to appear at star-studded SIRC 2015 in Nov Asia Insurance Review 2nd Apr 2015
Several of the biggest names in the global insurance industry are set to appear at the 13th Singapore International Reinsurance Conference (SIRC), to be held on 2-4 November at the Marina Bay Sands in Singapore. For a start, Mr Albert Benchimol, Chief Executive Officer of AXIS Capital and designated CEO of the combined company of AXIS Capital and Partner Re (contingent upon the amalgamation of AXIS Capital and Partner Re), will be the industry keynote speaker. Ms Jacqueline Loh, Deputy Managing Director, Monetary Authority of Singapore, will deliver the official keynote address at the event which will have for its theme, “Managing Risks in an Uncertain World”.
Singapore's largest banks triple wealth management income over 5 years Singapore Business Review 2nd Apr 2015
Since 2010, wealth management has been an income growth stream for OCBC, DBS and UOB, Singapore's three largest banks. According to a report by SGX, since 2010, there has been an average growth of 182% in Wealth Management income for DBS Group Holdings, OCBC and UOB as noted in annual financial statements. Last year Wealth Management Income grew on average by 13% for the three banks. SGX reports that OCBC Wealth Management fees in FY2014 totalled S$467 million which represented 31% of OCBC’s net fees and commissions for the year.
Food & Agriculture
What you can or cannot do under the new alcohol law Straits Times 7th Apr 2015
The Liquor Control (Supply and Consumption) Act, which was passed in Parliament in January, came into force on April 1. It aims to minimise public disorder and disamenities arising from drinking in public.
Migrant workers trained to be water conservation ambassadors Today Online 7th Apr 2015
Spreading the message of water conservation to migrant workers is the aim of a programme launched today (April 5) by national water agency PUB through a collaboration with one of the dormitories. Since March this year, 20 workers residing at the LEO Dormitory, which is managed by MES Group, have been trained to be water conservation ambassadors. Their main role is to educate fellow migrant workers on ways to save water, for instance, not washing dishes under a running tap and washing clothes only when there is a full load of laundry.
Police to continue educational approach to new liquor rules Today Online 7th Apr 2015
No enforcement action was carried out during the first night when alcohol restrictions took effect islandwide, with the police acknowledging yesterday that some people might not be aware of the new law in the first few days. “There will be a transitional period of one to two days (during which) people might not be aware of the new rule. The police will continue (to take) an advisory and educational approach to educate the public during this initial phase and monitor the situation closely,” said a police spokesperson in response to queries. The situation will be assessed based on feedback gathered from officers during this phase of public engagement. Under the Liquor Control (Supply and Consumption) Act which kicked in on Wednesday, public drinking and alcohol retail sales will not be allowed between 10.30pm and 7am.
Health & Life Sciences
Nursing homes join forces to boost care with tech The Straits Times 14th Apr 2015
Five nursing homes in Singapore have banded together to buy in bulk machines that can measure various vital signs, such as oxygen levels, temperature, blood pressure and pulse rate, at one go. These readings will be transmitted automatically to a new information technology system that has been adopted by more nursing homes. Two more nursing homes are likely to follow suit. The five homes are buying a total of 50 machines for $300,000 altogether, with most of the cost likely to be funded by the Health Ministry.
More in Singapore donating bodies for medical teaching The Straits Times 12th Apr 2015
In the last three years, around 1,000 people have pledged their bodies to be used for medical teaching and research, according to figures from the National Organ Transplant Unit (NOTU). Between 1972 and 2012, the number was only about 400. NOTU puts the increase down to more awareness after stepping up its outreach programmes, including online efforts.
S’pore still ‘compelling location’ despite spate of R&D closures TODAY 10th Apr 2015
In the past five years, at least three major pharmaceutical companies have shut down their research and development (R&D) operations in Singapore. Noting the timing of the closures, which came after the end of tax breaks and other incentives offered by the Government for starting operations here, analysts noted that given the high business costs, it was inevitable for some pharmaceutical companies to rationalise their operations after being in Singapore for a while.
Mahkota Medical Centre in Malacca up for sale The Star 7th Apr 2015
Singapore-listed healthcare services provider Health Management International Ltd (HMI) plans to sell the Mahkota Medical Centre in Malacca for about US$250 million. HMI owns 48.95% of the 288-bed tertiary hospital, which is expected to be sold for US$250 million, said Bloomberg quoting unnamed sources with knowledge of the matter.
R&D health: Big pharma bets on Biopolis The Straits Times 5th Apr 2015
Big pharma needs better ideas, and some industry bosses are betting that these will come from biomedical research centre Biopolis. At United States-based Merck, the entire drug discovery process - from picking a molecule to develop a drug against to getting the drug tested on patients - usually takes more than 15 years. It is also an expensive process, where 95 per cent of the drugs that get started ultimately fail. Globally, drugmakers' spending on external research and development (R&D) collaborations is on the uptrend, and some of that investment has been coming to Singapore. A glance at the headline numbers in the national survey of R&D may show that private sector spending on biomedical sciences R&D has been on the decline, but these numbers account only for the firms' in-house activity. The fact is that drugmakers are spending more on external R&D collaborations and outsourcing, said A*Star industry development group director Jonathan Kua.
Compound could lead to cheaper skin cancer treatment The Straits Times 3rd Apr 2015
A team of Singapore researchers from Republic Polytechnic has come up with a chemical compound that could make a skin cancer treatment cheaper, but just as effective. A non-invasive technique called photodynamic therapy (PDT) involves injecting light- sensitive drugs into a tumour, then bathing it with a beam of light to activate the drugs inside. It is a less toxic alternative to chemotherapy, which kills all rapidly multiplying cells - not just tumour cells.
Extending life not the biggest priority for late-stage cancer patients The Straits Times 2nd Apr 2015
Cancer patients at the end of the road would prefer to pay more to die at home, rather than to spend on extending their lives by one year or avoiding severe pain, according to a study by members of the Lien Centre for Palliative Care and collaborators from the National Cancer Centre Singapore.
ICT
Singapore Parliament takes new steps to regulate taxi booking apps Tech in Asia 14th Apr 2015
Singapore’s Parliament has proposed new laws for the regulation of third-party taxi booking apps such as Uber and GrabTaxi, as reported by Today Online. The regulations in question echo the basic regulatory framework proposed by Singapore’s Land Transport Authority back in November 2014. Requirements such as third parties having to register with the LTA, dispatch only properly licensed cars and drivers, and disclose adequate and timely information on charges and fees, remain. The proposed laws outline the relevant fines for any failure to adhere to them. For example, failing to register with the LTA can result in a fine of up to S$10,000 (US$7,335) or a jail sentence of up to six months. In addition, sanctions of up to S$100,000 (US$73,345) could be imposed to any providers who fail to comply with conditions set by the LTA.
Singapore: Govt to cover retired public-sector obstetricians Asia Insurance Review 14th Apr 2015
Public-sector doctors who deliver babies will continue to receive full professional indemnity against lawsuits after they retire, with the Ministry of Health (MOH) providing the coverage. An MOH spokesman told The Straits Times: "The public hospitals are committed to covering their retiring obstetricians but will require time to sort out the details and other issues. This has been communicated to their obstetricians." Obstetricians who paid the London-headquartered not-for-profit Medical Protection Society (MPS)—a protection organisation for doctors, dentists and healthcare professionals—an annual fee, used to be covered for suits against them, no matter when the complaint was made. So those who have retired remain protected for the rest of their lives.
Infrastructure
Singapore to toughen laws against unruly air travellers Straits Times 13th Apr 2015
Troublemakers on Singapore-bound flights will not be let off the hook in the future simply because of a lack of jurisdiction. The Civil Aviation Authority of Singapore (CAAS) has told The Straits Times that they will face the music even if the offences are committed outside the Republic's air space. As part of a global push to deal with the growing problem of unruly passengers, Singapore will amend its laws to give police and other legal bodies here the authority to charge and prosecute wrongdoers - a process expected to take about two years.
Singapore investments soar in Myanmar AsiaOne 7th Apr 2015
Singapore's investments in Myanmar are soaring, with the amount pumped in by organisations rising 41.5 per cent from 2012 to hit $311.4 million in 2013. Spending has been particularly strong in the areas of urban development, connectivity and finance, said Ms Lai Shu Ying, the South-east Asia director of trade agency International Enterprise (IE) Singapore. She attributes this to Myanmar's abundant natural and human resources and its strategic location at the crossroads of India, China and South-east Asia. The level of investment is striking, given that it has been only three years since Myanmar's economic liberalisation. And there is more to come, with one in four Asian enterprises planning to expand into Myanmar this year, according to a survey by the United Overseas Bank last year. Singapore was Myanmar's third-largest trading partner in 2013, while bilateral trade was valued at $3.23 billion last year.
Singapore port authority to inject $47m for boosting maritime sector Customs Today 6th Apr 2015
he Maritime and Port Authority of Singapore (MPA) will inject another SGD65m ($47m) to fund an existing programme aimed at attracting and grooming local talent for the maritime sector, bringing the funds invested under this programme since 2007 to SGD115m. The additional funding to the Maritime Cluster Fund (MCF)- Manpower Development (MD) programme will be used to introduce new initiatives as well as to step up existing efforts, MPA announced. “MPA is committed to building a strong core of local talent in the maritime industry, which offers diverse career opportunities for Singaporeans in both seafaring and shore-based jobs,” said Andrew Tan, chief executive of MPA.
Legislation
Singapore Courts Order Internet Firms to Disclose Downloaders’ Identities Variety 8th Apr 2015
A Singapore court has ruled that the country’s Internet service providers must disclose the names and addresses of subscribers who have illegally downloaded movies. The case was brought by rights owner Dallas Buyers Club LLC, which identified over 500 people in Singapore who used torrent services to illegally download “Dallas Buyers Club,” the 2013 movie starring Matthew McConaughey and Jared Leto. “Singnet has now been issued a formal court order which compels Singnet by law to disclose the identities of those subscribers. Singnet must provide the information to DBC LLC by the end of April 2015,” said Singtel, one of three ISPs in Singapore, in a statement.
Manufacturing
Singapore non-oil exports seen down for 2nd month in March: Poll of economists Reuters 15th Apr 2015
Singapore's non-oil domestic exports probably fell for a second straight month in March, a Reuters poll of economists found, an indication that slower global growth keeps denting the city-state's trade. Non-oil domestic exports (NODX) were expected to have slid 0.7 per cent from a year earlier, according to the median forecast in the survey of 10 economists. In February, non-oil domestic exports fell 9.7 per cent from a year earlier, as shipments to China contracted and the Lunar New Year holiday impacted business. On a seasonally adjusted basis, non-oil domestic exports in March were seen rising 3.5 per cent from the previous month, when they dropped 9.4 per cent from January.
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