| National Affairs
Why Singapore has the smartest kids in the world CNN 5th Oct 2015
It's a world-class teacher's pet -- a straight-A student that's top of the class: Singapore is officially the country with the smartest high-school kids in the world. The country's academic success has helped it become a thriving economy, and the way it has built its education system could hold lessons for the rest of the world. "Singapore is a fascinating case," said Marc Tucker, the president of the U.S. National Center on Education and the Economy. "[It] was a major British port before the Second World War. When Britain got out and closed its base Singapore was in terrible shape. "Now today they are one of the best performing economies in the entire world. They did it largely with education and training."
Singapore's Coordinating Ministers: What their role entails CNA 5th Oct 2015
For the first time in Singapore’s political history, there are three Coordinating Ministers in Government, which was announced by Prime Minister Lee Hsien Loong when he unveiled his new Cabinet on Monday. In Singapore, the post of Coordinating Minister for Security and Defence was created in 2003, in a time when the world was reeling from the Sep 11 terror attacks in the U.S. The security landscape had changed dramatically, and governments around the world found themselves having to take a hard look at their countries' security. The post was given to Dr Tony Tan Keng Yam, the current President. Over the years, Singapore has had four Coordinating Ministers with a focus on the country’s security. The position was renamed as Coordinating Minister for National Security in 2005. All who have held the position are senior, trusted leaders in Government. All had served as Deputy Prime Ministers.
PM Lee Hsien Loong names Cabinet aimed at leadership succession CNA 29th Sep 2015
Prime Minister Lee Hsien Loong on Monday (Sept 28) announced a renewed and restructured Cabinet with the aim of readying a team to lead Singapore soon after the next general election. Mr Lee said he had moved boldly to put fourth-generation leaders in roles of heavy responsibility to test and train them. Deputy Prime Ministers Teo Chee Hean and Tharman Shanmugaratnam will act as Coordinating Ministers and mentors. Mr Teo will oversee national security and strategic planning, while Mr Tharman will oversee economic and social policies. Outgoing National Development Minister Khaw Boon Wan will be Coordinating Minister for Infrastructure, as well as Transport Minister. Mr Lee said the appointment of coordinating ministers was made with an eye on a more complex policymaking environment, and the need to coordinate responses to broad challenges that involve multiple ministries.
Role on world stage not new to Vivian Balakrishnan Straits Times 29th Sep 2015
Dr Vivian Balakrishnan's new role as Singapore's chief diplomat will not be entirely foreign to him, as he has played key roles in brokering environmental deals on the world stage. The experience underlies his move to the Ministry of Foreign Affairs (MFA) on Oct 1, he indicated in a Facebook post on Monday (Sept 28). "I have learnt that so many of the most pressing and complex challenges of the future will require patient but purposeful negotiations and deep collaboration with multiple stakeholders," said the Minister for the Environment and Water Resources. "In this spirit, I look forward to my next posting at the MFA and am very grateful to the Prime Minister for his confidence."
Prime Minister Lee Hsien Loong announces Singapore's new Cabinet CNA 28th Sep 2015
A total of 20 Ministers were named in the Cabinet, which sees the introduction of three Coordinating Ministers: Teo Chee Hean and Tharman Shanmugaratnam, both of whom will remain as DPM, as well as Khaw Boon Wan, who will concurrently be the new Transport Minister.
Customs
SG Customs to supervise unstuffing of select import cargo PortCalls Asia 30th Sep 2015
A new circular has been issued by Singapore Customs advising traders and declaring agents that it conducts selective customs supervision of unstuffing of import containers and transshipment containers going to unmanned places. Circular No. 13/2015, dated September 28, 2015, said the selective customs supervision is “to ensure compliance with regulatory requirements, such as to check that all goods conveyed in the containers have been accurately declared to Customs.” A container that has been selected for customs supervision of unstuffing will be sealed with a customs red seal and affixed with a warning tag after being cleared at the checkpoint. A “Notice to Haulier” will be issued to the prime mover driver to inform the trader of the customs supervision requirement. “Traders are reminded not to break the customs red seal and/or unstuff the container without prior approval from Singapore Customs,” said the circular signed by Fauziah Abdul Sani, head of the Company Compliance Branch, Singapore Customs.
Defense & Security
Southeast Asia Cooperation and Training (SEACAT) exercise commences Asian Military Review 6th Oct 2015
The Republic of Singapore Navy (RSN) is participating in the annual, multilateral Southeast Asia Cooperation and Training (SEACAT) exercise, together with navies from the United States, Brunei, Indonesia, Malaysia, the Philippines, and Thailand. This year’s exercise, held from 5 to 9 October 2015, marks the 14th in the series. The Exercise SEACAT series, which started in 2002, aims to enhance maritime information-sharing and the coordination of maritime security responses to piracy and maritime terrorism activities in the region. The RSN’s Changi Command and Control Centre (CC2C) at Changi Naval Base will play a key role in the exercise, and host the exercise headquarters as the simulated Southeast Asia Maritime Information Coordination Centre for the sixth consecutive year. Participating navies will conduct their exercise planning at the CC2C. The CC2C provides a platform for information-sharing, which will strengthen collaboration and understanding among regional partners in maritime security. At sea, the navies will also conduct drills, which will include ship tracking as well as boarding operations involving vessels simulated to be engaging in terrorist-related activities.
Singapore & US conclude bilateral exercise – Valiant Mark Asian Military Review 24th Sep 2015
The Singapore Armed Forces (SAF) and United States Marine Corps (USMC) concluded a bilateral exercise codenamed Valiant Mark today. Commanding Officer of the SAF’s exercise troops Lieutenant Colonel (LTC) Fan Mun Poh and Executive Officer of the USMC’s exercise troops Major (MAJ) Samuel Cunningham, co-officiated at the closing ceremony at Jurong Camp this morning to mark the end of the exercise. About 200 personnel from the 7th Singapore Infantry Brigade and the 2nd Battalion, 4th Marine Regiment took part in the exercise from 7 to 23 September, which included a series of live-firing exercises and professional sharing on weapons systems. The highlight of the exercise was a battalion amphibious operation, where troops from both armed forces demonstrated their ship-to-shore capabilities. Singapore and the US share excellent and long-standing bilateral defence relations. The two militaries interact extensively through bilateral and multilateral exercises, professional exchanges and the cross-attendance of courses. These regular interactions have enhanced the interoperability between the two armed forces and help foster mutual understanding among their personnel.
Australia and Singapore to strengthen bilateral defence relations Asian Military Review 22nd Sep 2015
The Chief of Army of the Australian Defence Force Lieutenant General (LTGEN) Angus Campbell called on Singapore Minister for Defence Dr Ng Eng Hen at the Ministry of Defence (MINDEF) this morning. LTGEN Campbell, who is in Singapore for his introductory visit from 17 to 19 September 2015, also called on Chief of Defence Force Major-General Perry Lim and Chief of Army Brigadier-General Melvyn Ong, after inspecting a Guard of Honour at MINDEF earlier today. LTGEN Campbell will speak at the Goh Keng Swee Command and Staff College as part of the Distinguished Speakers’ Programme, before visiting the Murai Urban Live Firing Facility and Singapore Armed Forces Centre for Military Experimentation later today.
Energy
Singapore Refining to shut crude, secondary units in Oct Business Times 28th Sep 2015
Singapore Refining Company (SRC) will shut a crude distillation unit (CDU) and residue catalytic cracker (RCC) at its 290,000 barrels-per-day refinery in Singapore's Jurong Island in early October for maintenance, traders said on Wednesday. The shutdown of the 60,000-bpd CDU and the 46,000-bpd RCC, although planned, will tighten gasoline supplies as it comes at a time when maintenance has been planned in India and Malaysia as well, they said. SRC, which operates three CDUs, was not reachable for comments. According to the traders, the CDU and the RCC, a unit which processes residue oil into mainly gasoline and some diesel, will shut for around four weeks in October. The refinery is a joint venture between PetroChina-owned Singapore Petroleum Corp and Chevron. SRC is the smallest of three refinery operators in Singapore. The other two are Royal Dutch Shell and ExxonMobil.
Singapore must be prepared to handle nuclear developments: Experts Channel NewsAsia 28th Sep 2015
While Singapore has kept its own nuclear plans on the back-burner, authorities need to engage the public and educate them on nuclear developments in the region, experts say. As the region increasingly looks to nuclear power plants to solve its energy woes, experts say it is critical for Singapore to be adequately prepared. While Singapore has kept its own nuclear plans on the back-burner, authorities need to engage the public and educate them on nuclear developments in the region. For decades more than 30 countries have been generating power in some 400 nuclear plants. In 2012, about 10 per cent of the world's electricity was generated from nuclear energy, according to the Nuclear Energy Institute website. But the shock of the Fukushima disaster in 2011 reverberated across the world and prompted countries with nuclear power to take stock of the safety of their plants. Some European countries like Germany are taking their plants off the grid, instead importing nuclear-powered electricity from France. In Asia, plans have been delayed but not derailed. China and India, between them, have almost 50 nuclear plants in operation and are building even more. In Southeast Asia, Vietnam could have its first power reactors by 2020. Thailand, Indonesia and Malaysia have also made plans.
Singapore's record high fuel oil stocks push oil into floating storage Business Times 21st Sep 2015
Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters, traders and shipbrokers said. Lower oil prices have boosted refinery profits over most of this year, in turn driving refiners to maximise run rates and increase the supply of fuel oil in the region, traders said. Traders are also taking advantage of cheaper freight rates and a steep contango where prices of cargoes loading in the current month are cheaper than those loading in forward months. "The contango is paying for it at the moment though freight rates have been swinging up and down," a Singapore-based fuel oil trader said. Freight rates for VLCCs hit a six-year low in late August but have since climbed to a seven-week high as of last week. The price difference between the 380-centistoke (cst) fuel oil loading in the front month versus a month later widened to its biggest spread in late August since at least March 2009, when Reuters first started tracking the data. The price spread has since narrowed but still remains wide. "The structure pays for the floating storage so it's a free option for traders," said a Singapore-based trader who is storing fuel oil in a tanker. "If the spread (narrows), then you can always discharge and sell and get out of the structure but December should be the furthest that people will store as the structure will not fully pay off past December," the trader said.
Hyflux-Mitsubishi JV bags $750m waste-to-energy contract DealStreetAsia 16th Sep 2015
Hyflux Ltd and consortium partner Mitsubishi Heavy Industries (MHI) have secured a contract worth S$750 million ($534.8 million) to operate a waste-to-energy (WTE) plant by Singapore’s National Environment Agency (NEA). According to BioEnergy Consult, waste-to-energy (WTE) is the use of modern combustion and biochemical technologies to recover energy, usually in the form of electricity and steam, from urban wastes. These new technologies can reduce the volume of the original waste by 90 per cent, depending upon their composition and use of outputs. The main categories of WTE technologies are physical, thermal and biological. The joint venture partners will develop the WTE plant in Tuas under a Design-Build-Own-Operate scheme and provide waste treatment services exclusively to NEA for 25 years. The city-state’s sixth plant, it will have the capacity to handle 3600 tonnes of waste daily and generate 120 MW of clean and renewable electricity. Additionally, it will have one of the best land utilisation factors, in terms of incineration capacity per unit floor area. It is also intended to be amongst the most efficient facilities, in terms of energy recovery per unit waste incinerated, in the world.
Financial Services
Singapore Exchange to offer custom indexes to expand The Straits Times 5th Oct 2015
Singapore Exchange will offer custom indexes services as the bourse seeks to broaden its earnings base. "Offering index services to diversify the market data business is common amongst exchanges," Tinku Gupta, head of market data and connectivity at the exchange said in a statement Monday. "It helps us in attracting new institutional channels." Singapore Exchange, which enjoys a monopoly over share trading in the Asian city, joins peers elsewhere in expanding into the indexes space and wants to build it into a regional business.
Loan growth eases in August as consumer lending falters Singapore Business Review 4th Oct 2015
Total lending grew 0.5% last month. Domestic banking units (DBUs) saw a slower increase in bank lending during the month of August. Preliminary data from the Monetary Authority of Singapore (MAS) showed that total loans inched up 0.5% to $613 billion last month, compared to a 0.6% growth in July. This compares with a growth of 0.6% in July. The softer month-on-month figure was driven by a lack of growth in consumer lending, which stayed flat in August. Business loans rose 0.8% to $373 billion, driven by higher loans to financial institutions as well as to transport, storage, and communication companies. Consumer lending growth was flat. The slight increase in housing loans was offset by a decrease in car loans.
Singapore: Biggest Mideast financial advisory firm expands in city state Asia Insurance Review 2nd Oct 2015
UAE-based Nexus Financial Services, the largest financial advisory firm in the Middle East, is taking over Zurich Life Insurance (Singapore)'s appointed financial representatives, the Swiss insurer said in a statement yesterday. The advisor force will be joining Nexus Singapore, a new financial advisory firm in Singapore established by the Nexus Group, with no ownership by Zurich Life Singapore. Nexus Singapore is led by CEO, Mr Gary Harvey, who has more than 26 years of experience in the financial services industry of which 13 years have been in Singapore. Nexus Singapore has ambitious expansion plans for the local market and it intends on building a strong adviser network across multiple client segments in Singapore. Advising on life, savings and investment products, Nexus Singapore will initially focus on the mass affluent market and will look to expand into the high net worth market segments in due course.
Singapore bank loans growth slowed to 0.5% in August: MAS The Straits Times 30th Sep 2015
Singapore's bank lending growth slowed in August, as both business and consumer loans moderated, preliminary data from the Monetary Authority of Singapore (MAS) showed on Wednesday (Sept 30). Year-on-year, total bank loans rose 1.5 per cent in August down from the 2.2 per cent gain in July. Business loans growth decelerated to 0.2 per cent year-on-year from 1.1 per cent the previous month as general commerce and manufacturing loans contracted further. Building/construction and transport/storage loan momentum also eased. Compared to July, loans to most business industries still saw modest growth with the exception of manufacturing and business services.
Singapore names Heng Swee Keat as new finance minister New Straits Times 28th Sep 2015
Singapore’s new finance minister will be Heng Swee Keat, replacing Tharman Shanmugaratnam who will remain deputy prime minister in a new cabinet, the prime minister announced on Monday, just over two weeks after winning a general election. Heng is currently education minister and was a former managing director of Singapore’s central bank. Shanmugaratnam, an international financial expert who has worked for the International Monetary Fund, will also be the coordinating minister for economic and social policies. Prime Minister Lee Hsien Loong told a news conference the new cabinet would prepare the next team of leaders to be ready to take over from him and his senior colleagues after the next general elections, due within five years.
Singapore growth outlook weak, too soon for stock market recovery: Samsung Asset Management The Straits Times 28th Sep 2015
It's too soon to bet on a rebound for Singapore stocks, according to Samsung Asset Management, which sees little value in the shares even at the widest discount to global equities in more than a decade. The benchmark Straits Times Index is poised for a 15 per cent slide this quarter, the most since the throes of the global financial crisis in 2008. The gauge is on the cusp of a bear market, while the MSCI Singapore Index is already in one. Faltering growth in China and the prospect of higher US interest rates leave shares vulnerable to more losses, according to Mr Alan Richardson, a money manager at Samsung Asset whose South-east Asian equity fund has beaten 96 per cent of peers over five years.
SGX grilled by concerned shareholders at AGM The Straits Times 24th Sep 2015
Investors grilled Singapore Exchange (SGX) bosses on a range of issues yesterday amid some concerns over the bourse's business performance. The 600 or so shareholders clearly had plenty to get off their chests at the annual general meeting. One of the most contentious issues concerned the upcoming minimum trading price (MTP) requirement but there were also questions about the sluggish securities business, rising staff costs and director fees. One of the more vocal attendees was activist investor Mano Sabnani, who asked the SGX to be more active in guiding the stock market to meet the 20-cent minimum trading price requirement, set to fully kick in in March next year.
MAS rolls out tougher safeguards for retail investors Singapore Business Review 24th Sep 2015
Non-conventional investment schemes will also be regulated. The Monetary Authority of Singapore (MAS) will enhance its regulatory framework in order to provide greater protection for retail investors. Under the new framework, the MAS will expand its regulatory powers to non-conventional investment products that share features similar to capital markets products. These include buy-back arrangements of precious metals, which will be equivalent to collateralised borrowing and will be regulated as debentures under the Securities and Futures Act.
SGX plans new post-trade system for clearing, delivery of shares Channel NewsAsia 23rd Sep 2015
The Singapore Exchange (SGX) plans to implement a new generation post-trade system that will facilitate the clearing and settlement of trades as well as the delivery of shares, CEO Loh Boon Chye said on Wednesday (Sep 23). "The updated post-trade system will enable our local brokers to increase operational efficiency and offer differentiated services to their retail customers," he told shareholders at SGX's annual general meeting (AGM). Currently, most retail investors keep their SGX-listed shares in the Central Depository (CDP). When a trade is carried out via SGX, the shares are transferred from one CDP account to another. This is unlike the practice in some other countries where investors can trade the same shares using several different platforms and deposit the shares with various intermediaries.
Five more banks now offer FAST transfers The Straits Times 18th Sep 2015
Five more banks will now allow customers to tranfer Singdollar funds almost immediately between the accounts of the participating banks from today. Bank of China, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Hong Leong Bank and Mizuho Bank will join 14 other banks in offering the Fast And Secure Transfers (FAST) service, said the Association of Banks in Singapore (ABS) in a statement. There has been a steady increase in customers using the round-the-clock electronic fund transfer service since its launch in March last year, said the association, with 18 million transactions recorded.
SGX to tackle listings woes Brunei Times 16th Sep 2015
Singapore Exchange Ltd (SGX), which is facing a dearth of initial public offerings (IPOs), is setting up three independent listings committees in an attempt to address investor concerns about its independence. The formation of the committees, which will comprise senior bankers, lawyers and chief executives of companies, is the most significant strategic announcement made by SGX since veteran banker Loh Boon Chye became its CEO in July. “SGX’s long-term success depends on our having and maintaining a solid record as a market regulator and operator,” chief regulatory officer Tan Boon Gin told a briefing on Tuesday. Unlike other major financial markets, Singapore does not have a dedicated securities watchdog. Instead SGX is the front-line regulator and is in turn regulated by the central bank, the Monetary Authority of Singapore (MAS). SGX also so far did not have an independent committee looking at listings.
Health & Life Sciences
22 renal patients at SGH infected with hepatitis C virus; 4 of them have died. SGH apologises 'unreservedly' The Straits Times 6th Oct 2015
22 renal patients who were infected with hepatitis C were warded from April to June 2015 in newly-renovated Ward 67 at SGH; majority were kidney transplant patients. 4 of them has died. SGH says source of hepatitis C infection might be IV injectable agents; no new hepatitis C cases have since been found.
Study explores viability of getting treatment by same doctors, nurses Channel NewsAsia 5th Oct 2015
The National Healthcare Group Polyclinics has initiated a study into a new model where patients with chronic conditions are under the care of the same team of healthcare professionals. The study initiated by the National Healthcare Group Polyclinics was based on a patient empanelment healthcare model in the United States, where a group of patients are assigned to the same team of healthcare providers in a medical home.
New technology to enhance lives of seniors in the pipeline: Yaacob Ibrahim Channel News Asia 3rd Oct 2015
The elderly at 25 senior activity centres are set to benefit from technology to help them with mental and physical exercises, and activities to boost their memory. This was announced by Minister for Communications and Information Yaacob Ibrahim at the opening of the Silver IT Fest at Nanyang Polytechnic on October 3. It aims to promote IT literacy and enhance the lives of seniors. Plans are also underway to identify challenges faced by seniors and carry out technical trials at certain eldercare facilities. The collaboration, called Smart Eldercare, includes partners such as the Infocomm Development Authority of Singapore, A*STAR, NTUC Health and St Luke's Eldercare.
More people, urbanisation 'behind rise in dengue cases' The Straits Times 2nd Oct 2015
Dengue cases are on the rise in Singapore despite efforts to eradicate the Aedes mosquito that carries the virus. In fact, dengue fever has already claimed two victims here this year, the latest being a 60-year-old Indian national who was in Singapore to visit her son. She died on Saturday. New research has shown that as the Republic gets more crowded, the chances of a person getting infected with the virus increase.
NHG, NTU to research disease risk factors unique to Asians Channel NewsAsia 2nd Oct 2015
A research programme aimed at understanding risk factors unique to Asians for diseases like diabetes and high blood pressure has been jointly set up by the National Healthcare Group (NHG) and Nanyang Technological University (NTU). The programme, titled Predictive and Preventive: Better Health at Affordable Cost, aims to further the understanding of these risk factors so that care and intervention can be prescribed even before the diseases set in. Speaking at the signing ceremony on Friday (Oct 2), Health Minister Gan Kim Yong said the Memorandum of Understanding (MoU) will provide a framework and infrastructure for clinician scientists.
Regional Congress for Mental Health kicks off Channel News Asia 1st Oct 2015
The Regional Congress of the World Federation for Mental Health began on October 1 to commemorate the upcoming World Mental Health Day on Oct 10. The three-day congress was launched by Minister of Health Gan Kim Yong, at The Fairmont Singapore, and will end on Oct 3. In his opening address, Mr Gan outlined the key thrusts of Singapore's approach to mental health, such as by spearheading initiatives to facilitate early detection and intervention of mental health conditions, and to develop the capabilities of primary care and the community sectors to complement each other.
Talent crisis in Singapore restricts growth of its R&D sector Biotechin Asia 30th Sep 2015
Singapore is currently in the race to lead the biotechnology hub in Asia, investing billions of dollars towards research and development. However, a lack of specialized talent in this field is turning out to be a major obstacle in its path. As more job vacancies arise in research & development, limited talent in the area is resulting in an increment in wages without a substantial increase in productivity. As a result, biopharmaceutical firms need to devise new research strategies to manage costs as well as encourage talent in the region.
New research centre offers new hope to diabetes patients The Straits Times 30th Sep 2015
Diabetes affects nine per cent of adults worldwide; but it differs between individuals as well as between groups. That is why more targeted treatments are needed for patients in Asia. Hence, a new $9 million research facility launched yesterday will look into how physical traits and environmental factors such as lifestyle and diet - among Asians - can affect those who suffer from diseases such as diabetes. Funded by the Nanyang Technological University (NTU), the Singapore Phenome Centre will be housed within the university's main campus. It is the first of its kind in Asia and the second in the world.
Mining of patients' data boosts healthcare The Straits Times 29th Sep 2015
The healthcare sector is sitting on a wealth of data that it is learning to mine to better match patient needs and services. Professor Philip Choo, NHG's chief executive officer, said data has "the potential to revolutionise healthcare" as it helps providers better understand the causes of chronic diseases and help patients to prevent or control them.
Smart hospitals, telehealth and EHR in Singapore eGov Innovation 28th Sep 2015
Singapore is exploring the use of smart technology to transform its healthcare sector. “We do not have enough hospital beds in Singapore to take care of our entire aging population, hence there has to be aging-in-place, there has to be care in the community. Technology can personalise care when patients come to a clinic, and technology is great for operational excellence, optimising healthcare resources,” said Jacqueline Poh, Managing Director of the Infocomm Development Authority (IDA).
PM Lee unveils new Cabinet of 20 ministers Asia One 28th Sep 2015
A total of 20 Ministers were named in the Cabinet, which sees the introduction of three Coordinating Ministers: Teo Chee Hean and Tharman Shanmugaratnam, both of whom will remain as DPM, as well as Khaw Boon Wan, who will concurrently be the new Transport Minister. Mr Gan Kim Yong will remain as Minister of Health. Dr Amy Khor has been appointed Senior Minister of State for health while Dr Lam Pin Min and Mr Chee Hong Tat will both become Minister of State for health
Singapore Eyes More Cambodian Patients as Regional Healthcare Competition Rises Khmer Times 27th Sep 2015
An increasing number of Cambodians looking for healthcare services abroad are opting for Singapore rather than Vietnam and Thailand, according a service that arranges medical travel in Singapore. Pin Netra, director of Asia Health Network, says wealthy Cambodians are shopping regionally now for the best services available, moving beyond the neighbors to India as well as Singapore. Vietnam remains the top foreign destination for medical treatment, but Cambodian hospitals and clinics are quickly catching up to the level of healthcare services offered there, Ms. Netra said.
Swiss giant to make key heart failure drug in Singapore Philippine Daily Inquirer 22nd Sep 2015
Swiss pharmaceutical giant Novartis will begin manufacturing a blockbuster heart failure drug at one of its Singapore plants this year, and is also expanding its contact lens manufacturing facility here. In an exclusive interview with The Straits Times on September 20, its global chief executive Joseph Jimenez said the heart failure drug, Entresto, is “one of the most important products in the company’s history” and will be shipped worldwide from Novartis’ plant in Tuas.
MediShield Life: Only 25,000 need pay extra The Straits Times 21st Sep 2015
Only about 25,000 out of almost four million people who will be covered by MediShield Life, when it is launched on Nov 1, will need to pay extra premiums because they have serious pre-existing diseases. The reason they need to pay only 30 per cent more for 10 years is that the MediShield Life Review Committee has spread the cost of including this group of high-risk people among everyone else and the Government. As a result, everyone pays up to 3 per cent higher premiums, with the Government underwriting the remaining extra cost.
More turning to patient-specific drug imports The Straits Times 19th Sep 2015
The Health Sciences Authority (HSA) told The Straits Times that the number of applications has increased by about 10 per cent on average in each of the past five years. It did not provide absolute figures, and noted that the rise includes repeat applications from some patients. It added, however, that "this increase can be largely attributed to new therapies used to treat patients with diseases like cancer and serious infectious diseases".
ICT
Amid cutbacks, Evernote closes Singapore office e27 30th Sep 2015
The digital filing cabinet Evernote announced yesterday that it is closing three global offices – in Singapore, Taiwan and Moscow – and laying off 47 employees. Tiang Lim Foo, Head of Market Development for Evernote APAC, addressed the news in a Facebook post in which he said, Q: Saw the news on Evernote. How’s Singapore office affected? A: I’m tasked to close down the Singapore operations, and I’ll be leaving by the end of October too. It should be noted that Evernote CEO Chris O’Neill was hired in July 2015 to replace Phil Libin, who stepped down to focus on product development . O’Neill used the company blog post to discuss the decision to let go of 13 per cent of the workforce of his company.
Singapore PC market growth driven by mobile PCs in 1H15, says Gartner Digitimes 29th Sep 2015
PC shipments in Singapore totaled 588,300 units in the first half of 2015, a 12% increase over the same period last year, according to Gartner. "Growth was driven by mobile PCs as shipments increased 18.4% compared to the same period a year ago, while desktop-based PCs declined 2.3%," said Lillian Tay, principal research analyst at Gartner. "The boost in the first half of 2015 came from the education and government segments for PC replacement project deliveries, while the aggressive prices (sub-US$300) in the less than 13-inch screen notebooks, and availability of new hybrid models, stimulated consumer purchases." Among the top-5 vendors, HP and Apple were the two vendors that gained market share in the first half of 2015. HP's success was attributed to the project wins and a new mobile PC model lineup. Apple's introduction of the new Macbook helped the company gain share. PC shipments in Singapore are expected to total 1.17 million units in 2015, a 7.4% increase over 2014. The second half of 2015 will be marginally better than second half 2014 due to subdued local economic conditions; the slowdown in professional market device replacement activity and a push-out in consumer purchases till early 2016 when more PC models will be available based on Intel's sixth-generation CPU architecture.
Accenture opens IoT innovation hub in Singapore Telecomasia 28th Sep 2015
Accenture has opened an Internet of Things center of excellence in Singapore to help companies transform their operations through a combination of deep industry experience and innovative technologies. Supported by the Singapore Economic Development Board, the center will house an innovation hub for Rio Tinto, which will be the center’s foundation client. The center will help agriculture, forestry, metals, mining, oil and gas, chemicals and utilities companies to capitalize on innovation and new digital services and business models. It will also focus on intelligent connected devices and machines that comprise the Industrial Internet of Things. “As resources industries navigate commodity price cycles and challenges around talent shortages and rising production costs, digital technology provides a way to gain competitive advantage,” said Jean-Marc Ollagnier, chief executive of Accenture’s resources operating group. “This is the reason the center is here, to help customers navigate any type of business cycle and pursue long-term growth.” The center will employ more than 30 researchers, scientists and engineers with deep experience in industry and technology domain areas including machine learning, cognitive computing, IoT sensor telemetry, advanced machine-human visualization, IoT security and business integration. Through the center, Accenture plans to hone the skills of up-and-coming leaders and collaborate with knowledge partners including universities, research institutes and technology companies in Singapore.
What you need to know before doing business online in Singapore Tech in Asia 25th Sep 2015
Singapore is widely known as one of the best cities to do business. Its stable political and economic climate, network-ready environment, transparency, and skilled labour force are some of the accolades pegged to the small island republic’s brand. As a result, the city plays host to many international brands who leverage its strategic location and competitiveness as their global and regional hub. Driven by increased internet access via mobile, lower prices and greater selection of products and services, rising rental rates, and labour crunch, ecommerce revenues are expected to reach $4.4 billion in 2015. Singaporean consumers have truly embraced ecommerce, with one fifth of Singaporeans surveyed by Fedex allocating up to half of their monthly discretionary spending on online shopping. By any measure, the market is primed for businesses with a smart e-retail strategy to make strong inroads. -Availability and Reachability -Speed -Mobility -Security
Smartphones becoming first screens in Singapore Telecom Asia 22nd Sep 2015
Usage of laptops and smartphones is outpacing that of set-top boxes (STBs) and smart TVs in the connected living rooms of today, according to new global research from Irdeto. The research reinforces a growing consumer trend of multi-screen usage and second screen devices becoming "first screens," with smartphones being the most used devices in living rooms in Singapore (56%), followed by PCs or laptops (39%) STBs (28%), tablets (27%) and smart TVs (26%). In contrast, PCs or laptops are the most used devices in living rooms in Australia (43%), followed by smartphones (30%), tablets (24%), smart TVs (23%) and STBs (18%). In Singapore, smartphones are the devices people are most likely to purchase in the next five years (49%). This is followed by PCs or laptops (40%), smart TVs (40%) and tablets (34%). In Australia, PCs or laptops are the devices people are most likely to purchase in the next five years (36%). This is followed by smartphones (33%), smart TVs (28%) and tablets (28%).
Singapore’s National Research Foundation to invest another $28M in startups Tech in Asia 21st Sep 2015
A third installment of Singapore’s state-run Early Stage Venture Fund (ESVF-III) was announced today during TechVenture 2015, a conference organized by the country’s National Research Foundation (NRF). This latest tranche of the fund targeting the venture capital market will pour S$40 million (US$28.4 million) into establishing corporate venture funds by large local enterprises (LLEs). Dr. Vivian Balakrishnan, Singapore’s Minister for the Environment and Water Resources and Minister-in-charge of the country’s Smart Nation initiative, made the announcement during the event’s opening speech this morning. The idea is to help small, high-tech companies in Singapore grow through co-investments by the Singapore government and local private-sector players. According to the NRF, this allows for a technology ecosystem of small companies to grow around the larger ones that are putting in the money. This allows corporations to benefit from the technological innovations these smaller startups specialize in, while startups can tap into the resources and networks that larger firms have at their disposal.
SingTel's new mobile plan plays up flexibility Telecomasia 21st Sep 2015
SingTel has introduced a new customizable contract free mobile plan in an effort to differentiate through offering customers superior flexibility in their mobile services. The data-centric, SIM-only plan will allow customers to easily add extra data, talktime and messaging allocations at any time. The basic plan is an S$20 ($14.24) starter pack which includes 5GB of data, comprising 3GB of local mobile data and 2GB of premium Wi-Fi data. Additional local data can be purchased starting at S$5 for 1GB of data up to S$150 for 30GB. Customers can also pay S$5 for 200 minutes of talktime, S$10 for 800 minutes or S$15 for unlimited local calls. SMS or MMS messages can be added at the rate of S$5 for 1200 messages or S$15 for unlimited messages. SingTel vice president of mobile marketing Diana Chen said the new plans have been developed in response to consumer feedback.
Estonia's CIO: E-residency coming to Singapore and running a government statup e27 21st Sep 2015
For startups bred in small markets like Singapore, the immediate focus is always how they can think bigger. Thanks to the similarly small and digitally-savvy Estonia, being able to tap into the EU market will soon be possible for Singaporean startups. Starting in 2016, entrepreneurs in Singapore will be able to apply and claim e-residency status in Estonia, one of the most advanced e-societies in the world. Besides being the first country to hold legally-binding general elections over the Internet, Estonia is also home to the core team that built Skype. In a nutshell, having an Estonian digital ID lets anyone incorporate in Estonia while running a location-independent company from anywhere. For example — a Singaporean entrepreneur can run their Estonian startup from Thailand while working with their UK-based customers. “If you have a business and you deal with the European Union, Estonia can be a great entry point because we have tools that actually allow for location-independence. You can run your bank account and your company from a distance. Basically, you are interacting with the EU through Estonia,” Taavi Kotka, CIO of the Estonian government, told e27.
Hong Kong beats Singapore on Microsoft’s ‘New World of Work’ index for APAC, but both still lag far behind emerging markets South China Morning Post 18th Sep 2015
Hong Kong topped the list of developed countries in the Asia-Pacific region on a new productivity index by Microsoft but was far behind emerging markets in the region, which are often less handicapped by red tape and entrenched business practices. The so-called New World of Work (NWoW) index measured how well-equipped employees of medium-sized businesses (SMBs) are to perform in a mobile-first, cloud-first world. It included 200 respondents from Hong Kong and was published earlier this month. “While technology plays a key role to enable work from anywhere scenarios and higher productivity, there are other aspects such as organisational culture, policies, infrastructure, enabling collaboration or ability to break down barriers to innovation which are becoming increasingly important for an organisation to be competitive,” said Horace Chow, general manager of Microsoft Hong Kong. The index was designed to throw light on how dynamic a city or country’s business environment is. SMBs make up more than 98 per cent of total business enterprises in Hong Kong and about 90 per cent in Asia, according to Microsoft.
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