| Regional Affairs
PM Lee opens Singapore High Commission chancery in KL Channel NewsAsia 27th Apr 2015
Prime Minister Lee Hsien Loong officially opened the new chancery of the Singapore High Commission in the heart of Kuala Lumpur on Monday (Apr 27). Mr Lee said the launch of the chancery was a good way to mark how far Singapore-Malaysia bilateral relations have come since ties were first established 50 years ago. Looking to the future, Mr Lee said that one project which will further foster close ties between the two countries is the planned high speed rail that will link up Kuala Lumpur with Singapore. He said the progress of the project will be on the agenda when Malaysian Prime Minister Najib Razak visits Singapore next week for the annual Leaders' Retreat.
UPDATE 1-BHP faces A$522 mln tax bill on Singapore marketing hub Reuters 26th Apr 2015
BHP Billiton is contesting A$522 million ($409 million) in Australian tax bills on its Singapore marketing operations up to 2010, after having paid almost no tax in Singapore since 2006, the global miner told an Australian Senate panel. The figures were released on Monday by a Senate committee that is investigating corporate tax avoidance. BHP was forced to send written responses to the panel after refusing to disclose the figures at a hearing on April 10. The company revealed that between 2006 and 2014 its Singapore marketing business earned profits of $5.7 billion, on which it paid just $121,000 in tax in Singapore. "The Singapore Government has granted BHP Billiton Marketing AG a tax incentive for its marketing activities. BHP Billiton Marketing AG was awarded this incentive for its contributions to the development of Singapore's commodities sector," the company said in its response to the Senate inquiry. However BHP highlighted that its Singapore marketing hub is 58 percent owned by BHP Billiton, which is dual-listed in Australia and Britain, and paid tax on those earnings also in Australia.
Nepal quake: Singapore to send search-and-rescue team, medical team TODAYonline 26th Apr 2015
The Singapore Civil Defence Force (SCDF) is preparing to send a 55-man search-and-rescue contingent, while the Singapore Armed Forces (SAF) will deploy a medical team of about 15 medical personnel, to aid Nepal after a devastating earthquake yesterday (April 25) claimed more than 1,000 lives. The Singapore relief contingent – which includes the SCDF and Singapore Police Force personnel and their equipment – will be transported to the affected area by a Republic of Singapore Air Force C-130 aircraft, said the Minstry of Defence in a press release this morning (April 26).
National Affairs
The 4 “Insteads” in out-going labour chief Lim Swee Say’s May Day message The Online Citizen 29th Apr 2015
Highlighting the “extraordinary determination of our Pioneer Generation leaders and workers”, Mr Lim, who is also Cabinet Minister in the Prime Minister’s Office and relinquishing his NTUC appointment to in-coming Minister Chan Chun Sing, outlined four things “secured for our workers what workers elsewhere can only dream of”: 1) “Instead of having too many workers chase after too few jobs, we have a tight labour market where jobs chase after our workers, whether they are young, mature or returning to the workforce; 2) Instead of stagnant wages, our workers enjoy fair share of profits and gains through bonuses and wage increases; 3) Instead of our mature workers having to retire early to give way to jobless youth, we have progressively raised the re-employment age ceiling, so our mature workers can choose to continue working into their golden years for a more fulfilling and meaningful life; and 4) Instead of being forced to go on strikes for fair wages and treatment, we can enjoy industrial peace and focus our efforts on enlarging the economic pie, so there is more for all to share.”
Harvard Business School Club of Singapore launches mentorship programme Channel NewsAsia 29th Apr 2015
About 60 students will benefit from a pilot mentorship programme by the Harvard Business School (HBS) Club of Singapore. The club will work with five institutions: Nanyang Polytechnic, Republic Polytechnic and Temasek Polytechnic, as well as the Singapore Institute of Technology and Nanyang Technological University. Students in any discipline can sign up. According to the president of HBS club, Mr Omar K Lodhi, the five schools were chosen because they want to help "the less privileged students who are no less ambitious." HBS club said this project could be extended to more schools in the future.
Banknotes or airport? Singapore mulls Lee Kuan Yew tribute AFP 28th Apr 2015
Lee Kuan Yew International Airport? A banknote with the founding Singaporean leader's face on it? A new national holiday? The death of the widely revered leader known as "LKY" last month has sparked a vigorous debate in Singapore over how to honour its first prime minister, who famously disdained personal monuments. His son, Prime Minister Lee Hsien Loong, has called for further reflection on how best to remember the late leader, whose death sparked an unprecedented outpouring of grief in the city-state, saying any decision must "stand the test of time". Lee, who died on March 23 aged 91, refused to allow statues of himself and rarely lent his name to institutions, despite dominating politics for half a century - setting him apart from other post-colonial Asian leaders. But fresh calls to preserve it as a museum surfaced after the death of Lee, who was given a hero's funeral for transforming Singapore into one of the world's richest and most stable societies with his rule from 1959 to 1990. The government will make a final decision on the house's fate only after Lee's only daughter, neurologist Lee Wei Ling, stops living there - and there are no immediate plans for her to leave.
Local SMEs should have high ambitions, think big, be bold: Teo Ser Luck Channel NewsAsia 28th Apr 2015
On average, 80 per cent of undergraduates express a wish to start their own business, but typically only 10 per cent make that dream a reality, according to Minister of State for Trade and Industry Teo Ser Luck in an interview with Capital 95.8FM on Tuesday (Apr 28). He said that start-ups and small and medium enterprises (SMEs) play a key role in injecting new energy into the economy. As such, it is critical to build an environment that nurtures the entrepreneurial spirit among young Singaporeans, and he encouraged SMEs in Singapore to have high ambitions, think big and be bold. Mr Teo urged local businesses to seek help from the Government to streamline their daily operations and to adopt automation. He said that SMEs in Singapore had access to more Government support in the form of initiatives and schemes, compared to other countries in the region.
Singapore seeks to attract more foreign system schools AsiaOne 28th Apr 2015
More Foreign System Schools (FSS) - international schools offering primary or secondary education in accordance with a foreign curriculum such as the International Baccalaureate - have been called on to set up shop in Singapore. This is to meet the diverse educational needs of children of international executives here, and to ensure that the Republic remains an attractive operating and investment destination for international companies, said the Singapore Economic Development Board (EDB) on Monday. EDB, on behalf of an inter-agency committee which includes the Council for Private Education, Monetary Authority of Singapore, Ministry of Education and Singapore Land Authority, on Monday also announced that it will be launching a Request-For-Interest (RFI) exercise for FSS. It will make available for FSS use a number of sites that are zoned specifically for education, each with a lease period of 30 years.
Singapore economy 'remains on track to post moderate growth’: MAS Channel NewsAsia 28th Apr 2015
The Republic's economy "remains on track to post moderate growth of 2 to 4 per cent" this year, according to the Monetary Authority of Singapore (MAS). In its half-yearly macroeconomic review released on Tuesday (Apr 28), MAS said that while Singapore’s broad macroeconomic growth is expected to be positive, "the extent to which Singapore will benefit from the cyclical uplift will depend on developments in specific markets and industries". MAS said the recovery in G3 economies will be offset by a slowdown in China. "Likewise, the global IT industry is expected to benefit from firmer demand in the developed economies in 2015 but ongoing consolidation in the industry may have spillover effects on the domestic electronics sector as firms restructure and rationalise their global operations," said MAS.
Singapore to see slower wage growth despite tight labour market: MAS The Straits Times 28th Apr 2015
Wages grew at a slower pace in the second half of 2014 even though demand for workers remained high, the Monetary Authority of Singapore (MAS) said in its bi-annual Macroeconomic Review released on Tuesday. Even though more workers entered the labour force, vacancy rates remained elevated and well above the 10-year historical average, the review said. At the same time, the overall unemployment rate edged down to 1.9 per cent from an average of 2 per cent in the first three quarters of 2014. The resident unemployment rate also fell to 2.6 per cent from an average of 2.8 per cent. Despite this, salaries of Singapore residents rose 1.6 per cent in the second half of 2014, considerably lower than the 3 per cent in the first half of the year and the 10-year historical average of 3.7 per cent. This slowdown was due to a number of factors, the MAS said.
Singapore 'must act to avoid regressing' AsiaOne 28th Apr 2015
Singapore risks regressing to become "just a normal country" unless it moves faster to enhance workers' skills and create new jobs, labour chief Lim Swee Say said yesterday. The country should also venture ahead of its competitors in weaving technology into manufacturing, services and daily life, said Mr Lim in his final May Day message as secretary-general of the National Trades Union Congress (NTUC). Failing to improve on the skill and job fronts in tandem may lead to shortages of both, and a mismatch between those available, he said. This may in turn lead to a rise in unemployment, structural unemployment and underemployment. "We could then regress and become just a normal country with an ordinary economy and ordinary workforce. This will be painful," he warned. Singapore, which has been praised for its exceptional economic performance over the past few decades, should take the lead in areas like future manufacturing using robots, future services where customers are more involved, and being a smart nation where technology is more integrated, he added.
How Marina Bay Sands Transformed the Singapore Skyline and Global Gaming Landscape Forbes 27th Apr 2015
Five years after its opening on April 27, 2010, Marina Bay Sands remains the integrated resort every government official wants to bring to their hometown, with the profits every owner wants in his financial report. The Las Vegas Sands property wasn’t the first casino resort in Singapore, but it was still a groundbreaker for the nation-state and the global gaming industry. Genting Group’s Resort World Sentosa grabbed the honors as the first integrated resort in Singapore, opening 10 weeks ahead of Marina Bay Sands. But RWS (embracing Singapore’s passion for three-letter acronyms) is on an island off the southern coast of Singapore. MBS, the largest hotel in Singapore with 2,561 rooms, is smack in the middle of town. It’s a part of town that wasn’t really on the map when I first tried to visit in 2007 – no one could tell me how to get to what was then urban wilderness – but it has since been well connected via the Double Helix Bridge as part of the riverside circuit and the MRT urban mass transit rail system.
Singapore among world's top 25 happiest countries; Switzerland tops list Straits Times 24th Apr 2015
Singapore has been ranked the 24th happiest country in the world for 2012-2014, according to the World Happiness Report 2015.
More workers laid off amid economic restructuring Straits Times 24th Apr 2015
The ongoing restructuring of the economy continued to take its toll on the job market last year, displacing more workers, particularly higher-skilled ones. A total of 12,930 people lost their jobs last year, up from 11,560 in 2013, and the highest since the recession in 2009. Of these, professionals, managers, executives and technicians (PMETs) made up 51 per cent, a Ministry of Manpower (MOM) report showed yesterday. Older workers - in their 40s and above - made up 58 per cent of resident PMETs laid off. Observers said measures such as the Fair Consideration Framework to reduce the reliance on foreign labour may explain in part the rise in redundancies.
Singapore's founding father Mr Lee Kuan Yew dies aged 91 at 3.18am on Monday Straits Times 23rd 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."
SMEs to get funding for outsourcing human resource tasks Channel NewsAsia 22nd Apr 2015
From May 1, small and medium enterprises (SMEs) can tap funding to outsource their human resource functions. Enterprise development agency SPRING Singapore will fund up to 70 per cent of qualifying costs incurred by firms in outsourcing the functions, announced Minister of State for Trade and Industry Teo Ser Luck on Wednesday (Apr 22). He was speaking at an employee management conference held at the Singapore Expo. The funding will help defray a one-time set up cost in outsourcing, and up to a year's worth of subscription fees. SPRING has appointed 11 human resource service providers for companies to outsource staff administration tasks to. Under this shared services initiative, first revealed in Budget 2015, firms can engage the service providers to perform tasks like payroll processing and employee data administration.
Singapore studies to get smarter CNBC 21st Apr 2015
From Santander to Seoul, urban centers around the world are mapping out ambitious "smart city" blueprints. But Singapore is taking these plans to use technology to make city living more connected by aiming to become a "smart nation" within the next decade. According to Steve Leonard, executive deputy chairman of the Infocomm Development Authority of Singapore, what sets Singapore apart is the city-state's relative economic and political stability. Last year, Prime Minister Lee Hsien Loong launched Singapore's Smart Nation initiative, setting up a Smart Nation Program Office to coordinate efforts by various government agencies. Simultaneously, the government assigned Jurong Lake District, a former industrial neighborhood located in city's suburbs, as the test-bed for smart city initiatives. A number of pilot projects are underway in the area, including the deployment of sensors to monitor the length of taxi queues, adjust park lighting based on time of day and determine the cleanliness of public areas, the most effective of which will be implemented on a larger scale.
Customs
Singapore can facilitate new trends in cross border trade: Lim Hng Kiang Today 27th Apr 2015
Recent macroeconomic developments have given rise to new trends in cross border trade and Singapore can play an important role to facilitate these activities, Minister for Trade and Industry Lim Hng Kiang said today (April 22). One of the trends Mr Lim highlighted is the increased adoption of online business-to-business (B2B) trading platform, which help to improve efficiencies by providing better price and product discovery. "To support these international transactions, these platforms are increasingly looking to collaborate with alternative financiers to establish effective trade finance solutions," Mr Lim said in a keynote address at the ICC Banking Commission Annual Meeting.
Defense & Security
Singapore Kicks Off New Counterterrorism Symposium The Diplomat 16th Apr 2015
On April 16, Singapore kicked off its inaugural East Asia Summit Symposium on Religious Rehabilitation and Social Integration, a counterterrorism meeting designed to share best practices — including Singapore’s own comprehensive approach — with like-minded states. Speaking at the symposium, the city-state’s deputy prime minister, Teo Chee Hean, argued that the terrorism threat has only worsened following the 9/11 attacks particularly with the rise and spread of the Islamic State in Iraq and Syria (ISIS). Teo expressed concern about the return of radicalized ISIS fighters to their home countries and the rise of “lone-wolf terrorist attacks” conducted by individuals influenced by ideology through social media.
Financial Services
SGX derivatives trading hit new high The Straits Times 29th Apr 2015
Derivatives trading at the Singapore Exchange reached another record high this week, as the bourse sees the segment becoming an increasingly important revenue contribution. SGX reported a new single-day high for derivatives on April 27, when volume hit 1.8 million contracts, a report on April 29 by the bourse said. The surge, which broke the 1.6 million record set on January 27 this year, was powered by strong trading volumes in SGX FTSE China A50 Index Futures and India related futures.
SGX waives clearing fees for ETFs for institutional, retail investors Singapore Business Review 29th Apr 2015
Following MAS’ regulatory amendments of the Excluded Investment Products (EIP) definition for collective investment schemes, the Singapore Exchange today revealed that it will waive Exchange Traded Funds (ETF) clearing fees for both institutional and retail investors for a promotional period of 1 June 2015 to 31 December 2015. This move aims to further promote ETFs as investment products and will help provide retail investors with a simple and low-cost way of building a well-diversified investment portfolio. The SGX expects a total of up to 20 EIP ETFs to be accessible for retail investors without enhanced safeguards under the new EIP scheme.
Singapore core inflation seen moderating in Q2 and Q3 South China Morning Post 28th Apr 2015
Singapore’s core inflation may moderate in the second and third quarters and headline inflation could be negative for "some consecutive months", the central bank said on Tuesday. Inflation was expected to return next year as oil prices pick up, it said. Direct oil-related items are expected to dampen overall inflation by up to 1 percentage point in 2015 after a negligible contribution last year, the Monetary Authority of Singapore (MAS) said in its half-yearly macroeconomic review. "In sum, the sharp correction in global oil prices is expected to further dampen domestic inflation, with possible second-round effects in terms of lower production costs," the MAS said. It added that while the labour market is likely to remain tight, pass-through of costs should remain moderate because of the slow growth environment.
MAS issues revised notices on anti-money laundering and counter-terrorism financing Channel NewsAsia 24th Apr 2015
The Monetary Authority of Singapore (MAS) issued revised Notices to financial institutions on anti-money laundering (AML) and countering the financing of terrorism (CFT) on Friday (Apr 24), the MAS announced in a media release.
Taiwan Says Singapore Bourse Equity-Trade Link to Start July Bloomberg 22nd Apr 2015
Taiwan will open a cross-border stock trading platform with Singapore on July 1, a regulator said. Taiwan is seeking to draw more global investors into its equity market, Financial Supervisory Commission Minister Tseng Ming-chung said in Taipei on Wednesday as he outlined the program’s start date. The link follows the opening of cross-border trading between Shanghai and Hong Kong in November. “Capital internationalization is a global trend,” Tseng said at a forum. “We want to push internationalization of Taiwan’s security market, starting regionally and then to countries farther away.” The Taiwan and Singapore bourse operators made a pact in September to study an exchange link, with Taiwan Stock Exchange Corp. Chairman Lee Sush-der saying then that it would take about six months. Taiwan’s 150 biggest stocks will be eligible for investment through the program, Michael Lin, president of the exchange operator, said in December.
Taiwan-Singapore Stock Trading Link to Launch in July The Wall Street Journal 22nd Apr 2015
A stock-trading link between Taiwan and Singapore will launch on July 1, the Taiwanese financial regulator said Wednesday, the latest tie up between stock exchanges in Asia in a bid to boost volumes and listings. Brokers in Taiwan will be able to place orders on a select group of stocks listed on the Singapore Exchange, without going through the city-state’s brokers as they are doing now, an official from the Taiwan Stock Exchange said. The same rule will apply to Singapore’s brokers. The launch of the cross border platform will come several months after the Shanghai-Hong Kong Stock Connect link went online in November.
Singapore: New services set up for Asia Pac Asia Insurance Review 22nd Apr 2015
ACE Group one of the world's largest multiline property and casualty insurers, has created a new business unit-ACE International Excess (AIE)-to provide commercial property insurance on an excess basis targeting large companies in the Asia Pacific region. The new business unit will be modelled after ACE Bermuda International, ACE Group’s existing high excess unit, and will provide coverage for exposures that are generally low in frequency and high in severity. AIE will offer excess property insurance in addition to the region’s existing capacity for its property book of business.
Singapore: Manulife diversifies distribution with Financial Advisers unit Asia Insurance Review 21st Apr 2015
The Singapore unit of leading Canada-based financial services group, Manulife, has launched a financial advisory subsidiary to strengthen its distribution network and provide an additional avenue for consumers to access its financial solutions. Manulife Financial Advisers (Manulife FA), launched in Singapore yesterday, is Manulife’s first FA unit in Asia, but the trend towards FA is undeniable as is seen in more developed markets.
Investors Building Up Portfolios in Singapore Property Stocks Wall Street Journal 21st Apr 2015
One of the hottest trades in Singapore this year is snapping up stocks of property developers in hopes that the companies will be taken private at a premium and delisted from the exchange. The strategy is a result of a downturn in the sector that drove stock prices lower last year. The decline spurred a flurry of transactions, including deals taking companies private, and laid the groundwork for investors to gamble on struggling companies that have become cheap. Hard-hit developers like Wing Tai Holdings Ltd., Ho Bee Land Ltd. and Wheelock Properties (Singapore) Ltd. have become some of Singapore’s best-performing stocks this year, reversing almost all of last year’s losses. The value of the three companies has risen by more than US$685 million.
Singapore: Insurance doyen Leow Siak Fah passes away Asia Insurance Review 20th Apr 2015
Mr Leow Siak Fah, Executive Chairman of the Citystate Group, and leading dealmaker and doyen of the Asian insurance industry, has passed away. He died last Tuesday in Germany, where he was seeking treatment for an undisclosed illness. Mr Leow read law at the University of Singapore and was called to the Malaysian Bar. He is an alumnus of the Advanced Management Program, Harvard Business School. Mr Leow had over 50 years of working experience in the insurance industry, including some years in the UK. He founded many insurance companies in several countries. He was responsible for the formation of the EQ Insurance Company Limited of which he was the Chairman.
Singapore: Consumers' views sought on financial advisers Asia Insurance Review 17th Apr 2015
The Life Insurance Association of Singapore (LIA), Association of Banks in Singapore and Association of Financial Advisers Singapore have made a joint call for consumers to be forthcoming in giving feedback on their financial adviser representatives when evaluation of their recent experience in purchasing investment or insurance products is sought. The call is made as life insurers, banks and licensed financial adviser firms implement a new requirement under the Balanced Scorecard Framework (BSC Framework) this year. The BSC Framework ensures that the remuneration of these representatives and supervisors are also tied to key performance indicators that are non-sales related. The variable income of these representatives and supervisors will be affected if they fail to provide suitable product recommendations or do not make proper disclosure of material information to clients.
SGX, BOC, BOCI extend MOU to bring in more RMB initiatives Singapore Business Review 17th Apr 2015
Such as RMB-denominated products and derivatives contracts. BOC and SGX signed an MOU in 2013, agreeing to strengthen the RMB infrastructure in both markets. In a media release, SGX announced that it will expand this MOU and include more RMB-denominated products and solutions, such as the development of RMB-denominated commodities and derivatives contracts, as well as enhancing RMB clearing and settlement services. Chew Sutat, Executive Vice President of SGX, said, “We look forward to expanding our partnership with Bank of China and BOCI to provide global investors with more RMB-denominated products and services. Singapore is a key offshore RMB centre and today’s announcement reinforces SGX’s commitment to strengthen the connectivity between China and Singapore.”
Singapore: A.M. Best opens new office apace with Asia Pac growth Asia Insurance Review 16th Apr 2015
A.M. Best, a leading specialist credit rating agency covering the insurance and reinsurance industries, has established a new office in Singapore as part of its continuing growth in the Asia Pacific region. A specific driver for A.M. Best's new Singapore base is the impending ASEAN Economic Community which is due to be established at the end of this year. A.M. Best's Singapore office will offer internationally recognised ratings to insurers, reinsurers, takaful operators and captives in Singapore and across the ASEAN/Australasia regions. The new office is to be led by Dr Roger Sellek, Chief Executive Officer of AM Best's operations outside of the Americas.
SGX shares fall after saying not in process of setting up link with Chinese stock market The Straits Times 16th Apr 2015
Shares of Singapore Exchange (SGX) fell on Thursday morning, a day after the bourse operator quashed rumours that it was in the process of establishing a trading link with the Chinese stock market. SGX shares hit $8.67 on Wednesday, their highest in nearly five years, on talk of such a link. On Thursday, SGX was trading down 16 cents, or 1.86 per cent, at $8.43 at around 9:50am. SGX said on Wednesday that it was not currently in the process of setting up a stock trading link that is similar to the Shanghai-Hong Kong Stock Connect. But, it added that it remains open to "future collaborations which benefit its partners and shareholders".
New bill proposed to strengthen AML/CFT regime in Singapore MIS Asia 15th Apr 2015
Changes have been proposed to a bill that seeks to strengthen Singapore's defences against money laundering and terrorism financing. Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam moved the Monetary Authority of Singapore (MAS) Amendments Bill for first reading in Parliament on Monday (13 April 2015). According to him, the amendments will allow Singapore to align its regime with the international AML/CFT standards set the Financial Action Task Force and the Core Principles for Effective Banking Supervision issued by the Basel Committee.
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.
Food & Agriculture
Wildlife Reserves Singapore chief re-joins F&N as CEO of non-alcoholic beverages Straits Times 22nd Apr 2015
Former Wildlife Reserves Singapore chief executive Lee Meng Tat has rejoined Fraser & Neave (F&N), to take on the role of chief executive of non-alcoholic beverages. Mr Lee, 52, will take on the role from May 1. He is taking over from Mr Ng Jui Sia, 63, who will assume the position of advisor of strategic projects.
Singapore inks eight agreements with Sichuan Channel News Asia 21st Apr 2015
In a boost for trade and investment ties between Singapore and Sichuan, the Republic inked eight agreements with the Chinese province on Monday (Apr 20), covering the consumer-related, infrastructure and logistics sectors. The agreements were signed at the 16th Singapore-Sichuan Trade and Investment Committee meeting held at the Singapore Expo. The meeting was co-chaired by Culture, Community and Youth Minister Lawrence Wong as Singapore's representative and Sichuan's Vice Governor Gan Lin. The Singapore Food Manufacturers' Association inked two agreements with Sichuan. One is with agribusiness enterprise New Hope, which aims to broaden business areas and collaborative models for Singapore and Chinese food manufacturers. The second is with the Sichuan Provincial Investment Promotion Bureau, forming a partnership to help Singapore food manufacturing firms gain a foothold in the province. Food promotion events with selected supermarket chains in the West China region to introduce Singapore flavours are on the cards.
Start-ups in F&B sector set to grow: Venture capitalist Channel News Asia 21st Apr 2015
The food and beverage (F&B) sector continues to attract interest among start-ups in Singapore. Venture capitalist Golden Gate Ventures expects to see more players in this space over the next three years. One such start-up, Oddle, developed an online food ordering system, which was launched in March 2013, and has since expanded rapidly. It currently hires 12 people in Singapore and five workers each in Vietnam and Hong Kong, and is looking to add 20 staff in Singapore this year. It recently secured S$1 million in funding which will go towards further regional expansion and product development.
Health & Life Sciences
NUS sets up S$1.5 million research centre to study family and population issues TODAY 28th Apr 2015
The National University of Singapore (NUS) has launched a new research center to better understand population and family issues in Singapore and Asia, as well as to bridge academic research with public policies. Fertility and marriage, ageing and health, migration and integration are just some of the eight themes the Center for Family and Population Research (CFPR) will focus on.
Singapore taps entrepreneurs to ensure elderly people aren’t left out of Smart Nation program Tech in Asia 28th Apr 2015
Health and aging are a big part of Singapore’s agenda in its Smart Nation initiative. It’s in that spirit that NUS Enterprise, the National University of Singapore’s entrepreneurial cluster, is teaming up with nonprofit think tank and advisory group Access Health International for the Modern Aging program, as announced on April 28. Starting in August, the four-month long program hopes to bring together students, health professionals, and researchers with the aim of developing business ideas that tackle the challenges of aging.
Proposals wanted on how to shape successful ageing in Singapore The Straits Times 24th Apr 2015
The Singapore's Health Ministry is offering cash prizes of up to $300 for ideas on how to age successfully. On April 24, it launched two challenges on the eCitizen Ideas! website, set up last year as a centralised portal for government crowdsourcing projects. The first calls for suggestions on how to promote health education among seniors, and what sort of information they need.
HSA flags dangerous sexual enhancement products sold online The Straits Times 21st Apr 2015
Five sexual enhancement products sold online have been flagged by the Health Sciences Authority for containing potent chemicals which can cause serious health problems. The Starkrx Performer Enhancer, Maximum Strength Sexual Enhancer, and Forta Plus for Men claims to contain only natural herbal ingredients. But they were found to contain either prescription substances sildenafil - the generic name of viagra, or nortadalafil (associated with cialis), which may cause blindness, impaired hearing or painful and exceedingly long erections.
Gan Kim Yong in Jakarta for World Economic Forum meeting Channel NewsAsia 19th Apr 2015
Minister for Health Gan Kim Yong is in Jakarta for the World Economic Forum East Asia (WEF-EA). Mr Gan is scheduled to speak at several sessions relating to health and the economic rewards of a healthy population. Mr Gan, who is accompanied by officials from the Ministry of Health, will also be holding bilateral meetings with key Indonesian officials and business leaders on the sidelines.
4SC Signs Licensing and Development Agreement with Menarini for Resminostat in Asia-Pacific Pharmi Web 16th Apr 2015
4SC AG, a discovery and development company of targeted small molecule drugs for cancer and autoimmune diseases, and Singapore-based Menarini Asia-Pacific Holdings Pte. Ltd. (Menarini AP) announced that they have entered into a licensing and development partnership for 4SC’s cancer compound resminostat for the Asia-Pacific region excluding Japan (APAC). Menarini Group will receive the exclusive licensing rights for the development and marketing of resminostat in all APAC countries, including among others China, South Korea, Australia,Thailand Philippines, Indonesia and Vietnam.
Singapore, Vietnam armies in first joint medical mission Channel NewsAsia 16th Apr 2015
The Singapore Armed Forces (SAF) and the Vietnam People's Army have kicked off the first joint medical mission between both militaries, said Defence Minister Ng Eng Hen on Thursday (Apr 16). In a Facebook post, Dr Ng said they are providing basic health care, dental and eye services to residents in the Binh Xuyen district of the Vinh Phuc province in Vietnam.
Singapore scientists discover gene mutation that contributes to glaucoma The Straits Times 15th Apr 2015
Singaporean scientists, together with international collaborators, have discovered a gene mutation that plays a part in a rare form of glaucoma here. The mutated CACNA1A gene was found to affect calcium transport channels, causing blockages in the interior of the eye that can lead to the disease.
Starbucks recalls limited edition ceramic mugs due to health concerns The Straits Times 15th Apr 2015
Starbucks is recalling a range of limited edition ceramic mugs which contain excessive lead, after it failed tests by the Agri-Food & Veterinary Authority of Singapore (AVA). Forty-four of the Watercolor Poppies ceramic mugs, priced at $17.90, were sold at selected Starbucks outlets in Singapore.
ICT
10 fintech startups selected for Startupbootcamp’s first Singapore programme Digital News Asia 20th Apr 2015
Financial services technology (fintech) accelerator Startupbootcamp FinTech has announced that 10 international startups have been selected to join its inaugural Singapore programme. The finalists, which include teams from across Asia Pacific and Europe, were chosen by a panel of industry experts including representatives from Startupbootcamp partners DBS, MasterCard and Infocomm Investments Pte Ltd (IIPL). All teams combined have raised more than S$2.5 million (US$1.9 million) and 30% of the chosen startups are already generating revenue, Startupbootcamp FinTech said in a statement. The 10 teams reflect important trends in fintech, including blockchain technologies, financial inclusion and wealth management, which are all relevant areas for consumers and businesses in South-East Asia, it added.
Singapore ranked best at using ICT for economic, social impact Future Gov 21st Apr 2015
Singapore is the best at using ICT to improve its economic competitiveness and social well-being, according to a new study by the World Economic Forum. The study ranks countries against the Networked Readiness Index, based on the regulatory and business environment; the availability of infrastructure and skills; affordability of ICT; individual, business and government usage; and economic and social impacts of ICT.
Illegal downloads: Singtel provides subscriber details after court order Today Online 21st Apr 2015
Singtel today (April 8) become the latest Internet service provider (ISP) here to comply with a court order to release the details of subscribers who allegedly downloaded the Oscar-winning film Dallas Buyers Club illegally. A Singtel spokesperson said today it received the High Court’s order yesterday. It must now turn over requested information, including the names, IC numbers and addresses of subscribers linked to the Internet Protocol (IP) addresses identified, of some 150 subscribers to Dallas Buyers Club LLC, which owns the film’s rights, by the end of the month.
Singtel moves to go global on cyber security with $1.1 billion purchase of Trustwave Straits Times 21st Apr 2015
Singapore's largest telco SingTel has acquired American security company TrustWave for US$810 million (S$1.1 billion) in its bid to become a global cybersecurity provider. The deal is expected to close in three to six months time. It will also have to get approval from the US authorities on regulatory issues.
Infrastructure
KL-Singapore high-speed rail may miss 2020 deadline, says report The Malaysian Insider 27th Apr 2015
The multi-billion ringgit high-speed rail link between Kuala Lumpur and Singapore is expected to miss its 2020 deadline by two years, Singapore's Business Times reported today. Citing unnamed sources, the business paper said 2022 may be a more realistic deadline as there were many unresolved issues in the mammoth project, which is estimated to cost nearly RM40 billion. "This (the delay) is not necessarily a bad thing. It's a huge project. More time is needed to sort some aspects out so that it can take off smoothly," a source close to the project was quoted as saying by The Business Times. It added that the engineering, procurement and construction (EPC) contract for the project may be awarded on a negotiated basis, but said this had yet to be confirmed. In 2013, Singapore and Malaysia agreed to build a high-speed train track by 2020 which would reduce the travel time on land between Kuala Lumpur and Singapore to just 90 minutes compared with up to eight hours now.
Hong Kong loses out to Singapore in race to develop Asian shipping hub South China Morning Post 23rd Apr 2015
Hong Kong has lost out to Singapore in the race to develop Asia's most comprehensive hub for shipping and related businesses, a leading figure in the city's shipping industry said yesterday. "In the context of [fostering] a maritime cluster, Hong Kong is no longer able to compete," Tung Chee-chen, chairman of Orient Overseas Container Line, told an industry conference in Singapore. Tung was referring to efforts by Hong Kong to leverage the city's strengths in financial services and shipping support services to shore up the once-dominant maritime business. The efforts by Hong Kong and Singapore to promote maritime clusters, under the shadow of the rise of the mainland's ports, aim to exploit not only the cities' financial services clout, but also their legal system strengths and absence of capital controls. Tung also admitted that he had been struck by Singapore's forward-thinking in expanding its port infrastructure.
Changi Airport introduces measures to be more cost effective for airlines Channel NewsAsia 23rd Apr 2015
Measures to help airlines and passengers of Changi Airport save about S$180 million over the next two years were announced on Thursday (Apr 23). From July, Changi Airport Group (CAG) will reduce the transfer and transit passenger service charge from the current S$9 to S$3. Franchise fees for ground handlers will be reduced by 20 per cent. Speaking at the Changi Airline Awards 2015 on Thursday evening, Senior Minister of State for Finance and Transport Josephine Teo said it is hoped that these measures will make it more cost effective for airlines to use Changi Airport. CAG will also extend some of the rebates and concessions under the Growth and Assistance Incentive programme beyond 2015. Details on this will be released at a later date.
Singapore Mulls Need for Nation’s Presence in Management of AIIB Bloomberg 18th Apr 2015
Singapore, one of the earliest nations to back a China-led development lender, is among countries considering the need for a presence in the Asian Infrastructure Investment Bank's management. "We were one of the early prospective founding members. We've moved early, and we've encouraged others to move as well," Finance Minister and Deputy Prime Minister Tharman Shanmugaratnam said in an interview in Washington on Friday. "Several countries including ourselves are looking at whether we should have our own candidates represented within the management of the institution, but it's too early to say anything on that." Singapore joined 20 countries in being first to sign up for the AIIB in October. Since then, U.S. allies from Australia to the U.K. have opted to back the bank, confounding efforts by the administration of President Barack Obama to campaign against the institution.
Singapore can contribute meaningfully to Asian infrastructure projects: Lee Yi Shyan Channel NewsAsia 15th Apr 2015
The Republic can make meaningful contributions to infrastructure projects in Asia, said Senior Minister of State for Trade and Industry Lee Yi Shyan on Wednesday (Apr 15). He said infrastructure investment is an urgent priority for most, if not all developing countries - without which economic and social development cannot take place. He was speaking at the 4th Asia-Singapore Infrastructure Roundtable conference organised by the trade and enterprise agencies of Singapore and China.
How Singapore's port helped change the country's economy Channel NewsAsia 21st Apr 2015
The port of Singapore has played a significant role in the development of Singapore, helping the Republic become a first world economy in one generation. The maritime industry currently contributes about 7 per cent to Singapore's GDP, or 10 per cent of the services sector - which makes up three-quarters of the Singapore economy. PSA now manages the container terminals in Singapore. At PSA's control centres, ships are told where to dock, and crane operators move containers around remotely from ships to trucks to storage warehouses. The whole operation comes together seamlessly using sophisticated technology. Mr Ng Pi Rui, a control centre deputy manager with PSA Singapore Terminals, said: "We handle an average of 91,000 containers every day - handling about 60 ships on average every day." Five thousand - or about 6 per cent of those containers - end their journey in Singapore, while the rest are shipped on to destinations around the world.
Singapore signs MOU for partnership with Global Infrastructure Hub Channel NewsAsia 18th Apr 2015
The Republic signed a Memorandum of Understanding for its partnership with the Global Infrastructure Hub (GIH) on Apr 16 in Washington, DC, the Ministry of Finance (MOF) announced on Saturday (Apr 18). The GIH was established as a multi-year G20 initiative to meet infrastructure needs around the world. The GIH aims to work with international stakeholders to increase global investment in infrastructure with a four-year mandate, according to MOF. Singapore is one of seven countries that have entered into partnership with GIH, hosted in Sydney, Australia. The other countries that are a part of this G20 initiative are Australia, China, Mexico, New Zealand, South Korea, Saudi Arabia and the United Kingdom.
AIIB can be based in cities other than S’pore TODAYonline 15th Apr 2015
While the argument that “S’pore should be AIIB’s regional headquarters” (April 11) has merit, it should be up to the planners and the final list of Asian Infrastructure Investment Bank participants and shareholders to decide on the bank’s headquarters. The writer cites Singapore’s strong financial position, infrastructure and background as the first reason for it to have AIIB’s headquarters. This is true, given Singapore’s story of succeeding as a developed country in less than 50 years. However much Singapore has the foundations for a development bank, it is not the only choice in the region, though. Even if the infrastructure in other cities such as Jakarta is less stable, this does not mean that such cities cannot be possible choices. Other regional development banks, such as the Asian Development Bank (ADB) and the African Development Bank, are headquartered in less developed cities such as Manila and Abidjan, yet have a pretty successful development record.
Manufacturing
Singapore's manufacturing output down 5.5% year-on-year in March Channel NewsAsia 24th Apr 2015
Manufacturing output in Singapore fell 5.5 per cent year-on-year in March amid a decline across most industries, announced EDB Singapore in a media release on Friday (Apr 24). Excluding biomedical engineering, output fell 4.6 per cent. On a seasonally adjusted month-on-month basis, manufacturing output increased 1.2 per cent in March 2015 compared to February 2015. Excluding biomedical manufacturing, output fell 0.9 per cent. Output of the transport engineering cluster experienced the biggest fall of 15.6 per cent year-on-year, due to declines in aerospace, and marine and offshore engineering. The aerospace segment’s output fell 14.5 per cent following lower demand for engine repair jobs. Meanwhile, the marine and offshore engineering segment fell 18.2 per cent due to lower levels of rig building and ship repair activities.
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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