| Regional Affairs
Singapore Committed to Invest US$2.1 Billion: BKPM Tempo 6th Mar 2016
Investment Coordinating Board (BKPM) said that investors in Singapore had showed commitment to invest US$2.1 billion in Indonesia. The investment interest was expressed during the Singapore Investment Forum held by the BKPM representative office in Singapore, the Indonesian Embassy, the Indonesian Chamber of Commerce and Industry, the Singapore Business Federation (SBF) and the International Enterprises (IE) on Thursday, March 3, 2016. “Based on BKPM investment marketing identification, the investment interest consists of US$200 million worth of investment in the property sector, US$1.5 billion worth of investment in the agriculture sector, US$10 million of investment in plantation, US$100 million of investment in industrial zones, and US$300 million worth of investment in information technology infrastructures,” BKPM head Franky Sibarani said in a press release received on Saturday, March 5, 2016.
Vivian Balakrishnan to make introductory visit to Australia Channel NewsAsia 2nd Mar 2016
Foreign Affairs Minister Vivian Balakrishnan will make his introductory visit to Australia from Mar 3 to 4, the Ministry of Foreign Affairs (MFA) announced on Wednesday (Mar 2). On his visit, Dr Balakrishnan will meet with his Australian counterpart Julie Bishop, Environment Minister Greg Hunt, Minister for Trade and Investment Steven Ciobo, Minister for Industry, Innovation and Science Christopher Pyne, Special Envoy for Trade Andrew Robb, Deputy Leader of the Opposition and Shadow Minister for Foreign Affairs and International Development Tanya Plibersek, as well as other Australian personalities.
Singapore suggests interim solution to South China Sea dispute Channel NewsAsia 2nd Mar 2016
Singapore is trying to help lower tensions in the disputed South China Sea by proposing a short-term interim solution to avoid accidental miscalculations that can lead to conflict at sea, said Foreign Affairs Minister Vivian Balakrishnan on the final day of his visit to China. China and several ASEAN countries - including Brunei, Vietnam and the Philippines - have territorial claims in the South China Sea. However, as Singapore is not a claimant state, this will allow it to play a neutral role in being a constructive conduit for dialogue among the claimant states, said Dr Balakrishnan.
Singapore stresses need for greater accountability on haze to Indonesia Channel News Asia 2nd Mar 2016
Singapore has stressed to Indonesia the need for greater transparency and accountability to overcome the recurring problem of transboundary haze that has been plaguing the region for decades, the Ministry of Environment and Water Resources (MEWR) said on Wednesday (Mar 2). The ministry announced this, after Environment and Water Resources Masagos Zulkifli met with his Indonesian counterpart Siti Nurbaya Bakar during an introductory visit to Indonesia.
Masagos Zulkifli to visit Indonesia on Wednesday Channel NewsAsia 1st Mar 2016
Singapore's Minister for the Environment and Water Resources will meet officials including Indonesian Environment and Forestry Minister Siti Nurbaya Bakar and Indonesian Peat Restoration Agency Head Nazir Foead during his introductory visit to the country. Minister for the Environment and Water Resources Masagos Zulkifli will be making an introductory visit to Indonesia on Wednesday (Mar 2). Mr Masagos will meet officials including Indonesian Environment and Forestry Minister Siti Nurbaya Bakar and Indonesian Peat Restoration Agency Head Nazir Foead during the visit, the Ministry of the Environment and Water Resources said in a press release on Tuesday.
Singapore-China ties a progressive partnership: Foreign Minister Vivian Balakrishnan The Straits Times 29th Feb 2016
Last year, Singapore and China commemorated 25 years of diplomatic relations, culminating in the exchange of state visits by Singapore President Tony Tan and Chinese President Xi Jinping. We established an All-Round Cooperative Partnership Progressing with the Times. Singapore and China have had interactions for many centuries. Singapore has always been part of the Maritime Silk Road. The majority of our (Singapore's) citizens have ancestors from China. We enjoy a long-standing, wide-ranging relationship that transcends politics. The landmark visits by Singapore's first prime minister Lee Kuan Yew (1976) and China's former paramount leader Deng Xiaoping (1978) laid a strong foundation for the modern phase of our bilateral relations, prior to the establishment of formal diplomatic ties in 1990. Mr Lee Kuan Yew always believed that a strong China that was positively engaged with South-east Asia would strongly benefit the region. That was why he suggested we jointly develop the Suzhou Industrial Park in 1994, our first government-to-government project, to promote the exchange of development experiences.
Singapore-China relations: A progressive partnership Today 29th Feb 2016
Last year, Singapore and China commemorated 25 years of diplomatic relations, culminating in the exchange of state visits by Singapore President Tony Tan and Chinese President Xi Jinping. We established an All-Round Cooperative Partnership Progressing with the Times. Singapore and China have had interactions for many centuries. Singapore has always been part of the Maritime Silk Road. The majority of our (Singapore’s) citizens have ancestors from China. We enjoy a long-standing, wide-ranging relationship that transcends politics. The landmark visits by Singapore’s first prime minister Lee Kuan Yew (1976) and China’s former paramount leader Deng Xiaoping (1978) laid a strong foundation for the modern phase of our bilateral relations, prior to the establishment of formal diplomatic ties in 1990.
National Affairs
Singapore toughens aircraft tracking rules ahead of MH370 anniversary Singapore Business Review 4th Mar 2016
Planes should report their location every 15 minutes. The Civil Aviation Authority of Singapore (CAAS) has establieshed new rules to improve the tracking of Singapore-registered aircraft on Friday, March 4. Under the new rules, planes will be required to report their location at least every 15 minutes, throughout the entire duration of the flight. The new rules apply to passenger planes weighing over 27,000 kg and carrying more than 19 passengers, as well as cargo aircraft of more than 45,500 kg.
Singapore won’t let planes out of sight CNBC 4th Mar 2016
Singapore will require all of the city-state's aircraft operators —both passenger and cargo services — to ping the location of all their aircraft every 15 minutes throughout flights. "This move is consistent with the International Civil Aviation Organization's (ICAO) plans to require a 15-minute standard for normal flight tracking by November 2018," the Civil Aviation Authority of Singapore (CAAS) said in a press release Friday. "Also, we will impose this requirement on our airlines flying over any area, which is more comprehensive than the ICAO requirement which is only for aircraft flying over oceanic areas."
Customs
Singapore signs landmark investment treaty with Iran Channel NewsAsia 29th Feb 2016
A new milestone in Singapore relations with Iran. The two countries have signed a Bilateral Investment Treaty (BIT) following the reintegration of Iran into the global economy after years of international economic sanctions. The delegation led by the Singapore Business Federation into Iran has been touted as the largest trade delegation from Singapore to the Middle East. The 51-strong trade mission is accompanied by Singapore's Trade and Industry Minister S Iswaran. During his two-day visit to Tehran, Mr Iswaran inked the BIT with Iran’s Minister of Economic Affairs and Finance, Ali Tayyebnia, making Singapore the first Asian country to do so.
Defense & Security
Singapore, Vietnam reaffirm defence relations through policy dialogue Channel NewsAsia 1st Mar 2016
The bilateral defence relationship between Singapore and Vietnam was reaffirmed during the 7th Singapore-Vietnam Defence Policy Dialogue (DPD) on Monday (Feb 29), said the Ministry of Defence (MINDEF). Vietnam's Deputy Minister of National Defence and Senior Lieutenant General Nguyen Chi Vinh co-chaired the dialogue with Permanent Secretary (Defence) Mr Chan Yeng Kit at MINDEF. Views were also exchanged on international and regional security issues of mutual interest, such as Humanitarian Assistance and Disaster Relief (HADR).
Economics
Govt to look into doing more to strengthen job market information Channel News Asia 5th Mar 2016
The Government will look into doing more to strengthen job market information, so job seekers are more aware of where vacancies are, and employers know where to find workers. Manpower Minister Lim Swee Say said this in response to one of the suggestions that emerged from an SGfuture dialogue session that he facilitated on Saturday (Mar 5).
More firms setting up regional headquarters in Singapore, even as others relocate Channel News Asia 3rd Mar 2016
A growing number of firms that require higher value-add capabilities – such as those in the aerospace and biomedical industries – are seeking to set up their regional headquarters in Singapore, even as others are moving out of the city-state to cut costs, observers said. The city-state remains a key hub for business activities such as research and development (R&D) and training, amid the shift in focus towards higher value-add activities, economists said.
Singapore growth at tipping point, Moody's warns Asia One 2nd Mar 2016
Growth in one of Asia's most prominent economies has reached "a structural tipping point," according to rating agency Moody's, and it remains to be seen how successful government efforts will be in reversing the slowdown. No, it's not China but tiny Singapore. Gross domestic product (GDP) in the financial hub has more than halved over the past five years. After logging an average annual growth rate of 6.2 per cent between 2000 and 2010, GDP expanded just 2 per cent last year, from 3.3 per cent in 2014. Enhanced productivity is key to higher growth going forward, Moody's said, a thought reflected in ongoing government efforts to boost workers' skills, implement fiscal incentives for companies to improve efficiency and tighten foreign labour inflows.
Singapore’s economic growth has reached a tipping point: Moody’s Singapore Business Review 1st Mar 2016
Productivity gains is the only way to boost growth. Singapore is now past the era of breakneck economic growth. Analysts at Moody’s noted in a report that Singapore’s growth unlikely to outstrip that of its Asian peers in coming quarters, although trends will remain highly volatile. Moody’s said that the city-state’s growth is likely to hover at just 2% in the medium term, a far cry from the average growth pace of 6.2% which was achieved between 2000 and 2010. The report noted that significant productivity gains are key to restoring robust GDP growth, as Singapore now faces the challenge of sustaining growth and raising median incomes in a spatially constrained economy with no natural resource base and a limited workforce.
Singapore bank lending flat in January The Straits Times 29th Feb 2016
Singapore bank lending barely moved in January from the previous month as little movement in business and consumer loans. Loans and advances by domestic banks totalled S$600.2 billion in January 2016 from S$599.8 billion in December, according to data from the Monetary Authority of Singapore on Monday (Feb 29). Bank lending declined 0.7 per cent month-on-month in December.
14% of Singapore workforce self-employed: Manpower Ministry Channel NewsAsia 29th Feb 2016
As of June 2015, the Republic had 300,500 self-employed workers making up 14 per cent of the workforce, the Minister for Manpower Lim Swee Say said in Parliament on Monday (Feb 29). The large majority - 93.1 per cent - are from the services industry, particularly in the transportation and storage sectors, he said in response to separate questions by Members of Parliament Ang Hin Kee (Ang Mo Kio GRC) and Patrick Tay (West Coast GRC).
Financial Sector Tripartite Committee to help develop career paths for finance sector Channel NewsAsia 29th Feb 2016
The Financial Sector Tripartite Committee will help develop structured career paths for those in the finance industry, its co-chairperson Patrick Tay said in Parliament on Monday (Feb 29). The committee will also set up a one-stop career advisory facility in April this year to provide guidance for those looking to join the industry. These measures are part of efforts to help Singapore's financial sector meet the changing needs of the industry.
Singapore business sentiment edges up from record low: Credit bureau The Straits Times 29th Feb 2016
Singapore businesses turned slightly hopeful about their prospects in the second quarter of 2016 after starting the year down in the dumps. According to the Singapore Commercial Credit Bureau's (SCCB) latest quarterly Business Optimism Index (BOI) study, companies are marginally positive with the index inching up to +0.89 percentage points for April-June from -2.93 percentage points for January to March. On a year-on-year basis, the index fell from +9.0 percentage points for the second quarter to +0.89 percentage points. Despite the slight improvement in the index, business sentiment remains weak, said the SCCB in its report released on Monday (Feb 29).
Singapore Firms Going Out of Business in 'Ominous' Sign: Chart Bloomberg 28th Feb 2016
The number of businesses in Singapore that closed shop in December exceeded those that were formed by the widest margin since 2005. Some 7,120 companies stopped operations, compared with 4,757 that were created, according to the statistics department. Joseph Incalcaterra, an economist at HSBC, describes the move as “ominous,” saying it signals weaker services output in the first half.
Energy
The Business Times - Singapore's cleantech companies starting to take off in the region Gov SG 2nd Mar 2016
IN a small Philippine village about 600 km south-west of Manila and out in the country's western island province of Palawan, the price of a piece of forested land in a Unesco World Heritage site began rising, seemingly inexplicably, a year ago. Residents there started clearing the land and building homes on it. The reason? News had spread that a Singapore company was going to build a solar plant there. Atem R Ramsundersingh, the chief executive and co-founder of WEnergy Global, recalled: "The place was developing even before we went in." The company is planning to build a US$10 million hybrid micro-grid in the protected nature area. The facility will have a capacity of 1.4 megawatt-peak (MWp) solar power, a 1 MW diesel generator and the largest clean battery in Asia at 1.7 MWh.
Profits of Singapore-listed companies hit by fall in oil, property prices Asia One 2nd Mar 2016
The fall in oil and property prices translated to weaker profits for several Singapore-listed companies that announced their full-year figures. As at late-Monday, 433 listed companies had released their results for the full year ended December 2015, data from The Business Times showed. They recorded a combined S$25.2 billion in profits, down 22.7 per cent from the year-ago period. Keppel Corporation's full-year net profit fell 19.1 per cent to S$1.52 billion, with its fourth-quarter results hit by a S$230 million provision for the default risks tied to a US$4.9 billion rig construction contract with the financially stricken Sete Brasil.
Explore new industries such as urban farming, solar power: Leon Perera Channel NewsAsia 1st Mar 2016
In his adjournment motion speech in Parliament on Tuesday (Mar 1), Non-Constituency Member of Parliament Leon Perera said Singapore could explore, invest in, and export new industry sectors such as urban farming or generating solar power. He also said the authorities should be more proactive in grooming local Small and Medium Enterprises to develop new technology. "We hope these suggestions would lead to more fact-finding on the part of the relevant Government agencies, working with academia and the private sector, so as to develop these two sectors as engines for economic and non economic benefits for Singapore," Mr Perera said.
Sun Electric brings solar power to local businesses Today 1st Mar 2016
Providing an environmentally friendlier and potentially cheaper alternative to electricity fired by coal or natural gas, home-grown Sun Electric kicked off its first live distribution of solar power to local businesses on Monday (March 1). The solar-powered electricity is distributed through Singapore’s power grid and supplied by solar energy generators installed in collaboration with JTC Corporation (JTC) and SPRING Singapore. Solar power will cost up to 15 per cent less than conventional electricity, according to Mr Eugene Lim, MD Finance at Sun Electric — the first solar energy company to obtain an electricity retail licence in Singapore. It also launched an array of clean energy products under SolarSpace, a platform that enables consumers in cities to buy solar energy, even if they do not have a roof of their own to install solar panels.
Solar-generated electricity distributed through Singapore's power grid Channel NewsAsia 29th Feb 2016
Sun Electric, the first solar energy company to obtain an electricity retail license in the Republic, announced on Monday (Feb 29) the first live distribution of solar-generated electricity to its seven local customers through the Republic's power grid. Since a month ago, seven local SMEs - including The Chope Group, Pilatique, Seagift and Sky Tower on Sentosa - have been receiving solar energy via Sun Electric's solar energy generators on JTC rooftops in Tuas South, under its test-bedding programme.
Parliament: No evidence to suggest price collusion by petrol companies The Straits Times 29th Feb 2016
The Competition Commission of Singapore (CCS) has found no evidence to suggest that petrol companies are colluding to set pump prices, said Minister of State for Trade and Industry Koh Poh Koon in Parliament on Monday (Feb 29). He was responding to questions from three MPs about why pump prices have not fallen although crude oil prices have fallen. They also asked if there were cartel practices. Crude oil prices fell by an average of 59 cents between June 2014 and January this year.
House in S’pore can generate more energy than it consumes Nation Multimedia 7th Mar 2016
STAYING in the so-called B House off Dunearn Road in Singapore, you may never have to pay any energy bills. This is because it is one of the first carbon-negative homes in the city. This means that it can generate more power, via solar panels, than it consumes. The property comprises two separate residences on a plot of land measuring about 1,625 square metres. On the roof of one of the houses, there are about 100sqm of solar panels, capable of generating 16,720 kilowatt-hours of electricity a year. A family of five is estimated to consume 8,000kW-h a year, which means that the B House has a potential annual energy surplus of 8,720kW-h.
Record number pledge support for Marina Bay energy-saving campaign Channel NewsAsia 7th Mar 2016
o help power sustainable light festival i Light Marina Bay, a record 73 buildings and organisations around Marina Bay pledged their support for a campaign to switch off non-essential lighting and turn up air-conditioning temperatures throughout the festival period, organiser Urban Redevelopment Authority (URA) announced on Friday (Mar 4). The energy savings from the campaign "Switch Off, Turn Up", will be used to offset the power consumption of the light art installations at the festival, which features 25 local and international light art installations and runs from Friday to Mar 27.
Singapore-based Sembcorp plans to acquire two power projects in India in next 18 months Dna India 1st Mar 2016
Singapore-based power company Sembcorp on Saturday said it is looking to acquire two power projects, one brownfield and another greenfield, with combined capacity of nearly 1200-megawatts (MW) in the next 12 to 18 months. According to Atul Nargund, CEO of Sembcorp Gayatri Power Complex, the group is interested in acquiring power projects located preferably in 'mine mouth' areas (where coal mines are located).
Singapore feeds first solar power into retail grid to reduce emissions Reuters 29th Feb 2016
Singapore on Monday announced it had begun to feed solar power into its retail electric grid for the first time, as it seeks to reduce emissions and prepares to fully liberalize its electricity market. Singapore, one of the sunniest cities in the world, generates almost all its power from imported natural gas, with solar fuelling less than 1 percent. In countries like Germany and Japan, rooftop solar panels have helped boost capacity and bring record levels of renewable energy into the power mix.
Financial Services
The Bourses of ASEAN: A round-up of development in 2015 Lexology 8th Mar 2016
2015 was a mixed year for the world’s capital markets and the story was no different across ASEAN. Spread across two client alerts, we take a brief look at the capital markets of each of the ASEAN members, how they fared in 2015 and the outlook for 2016. In the first alert we looked at the markets of the wider Mekong region. In this second alert we consider the markets in ASEAN’s more southerly member nations.
Arm-twisting Singapore over bank secrecy laws won't work The Straits Times 6th Mar 2016
Singapore, by and large, is a very serious nation. Asia's richest country by per capita income ranked 24th in a recent World Happiness Report, behind much poorer Brazil, Costa Rica and Venezuela. In this sombre city-state of 5.5 million, money is no laughing matter, and the same is true for its bank secrecy laws. Which at least partly helps explain why Singapore is fastest growing among the five biggest wealth centres globally. Now, however, there is a fly in the ointment. This week, the Internal Revenue Service (IRS) sought to make UBS turn over the Singapore bank account records of US citizen Hsiaw Ching-Ye. The Swiss lender refused. UBS has until March 31 to explain its reasons and the outcome could set the stage for a testy showdown.
SE Asia Stocks-Singapore, Philippine lead gains on upbeat regionals Reuters 2nd Mar 2016
Southeast Asian stock markets rose on Wednesday, with Singapore and the Philippines climbing 2 percent each, as global risk sentiment improved with stronger oil market and investors sought for bargains in battered shares in key sectors such as banks. The key Straits Times Index traded up 1.95 percent, led by a 3.1 percent rally in shares of DBS Group Holdings , the most actively traded by turnover. Nomura's ASEAN banks strategists said most ASEAN banks were attractively priced, with DBS its top pick among Singapore banks. Singapore banks fell 2 percent last month on concerns over the costs related to a China slowdown and the fall in commodity prices.
Fare payments: LTA studying 'contactless' credit and debit cards The Straits Times 2nd Mar 2016
Commuters may be able to use their "contactless" credit and debit cards to pay for bus and train rides in future, as part of a new payment option the Land Transport Authority (LTA) is exploring. With the system, commuters can tap their credit cards in and out at train station fare gates or on bus card readers, just like using stored- value fare cards. And there will be no need for top-ups. Commuters will be charged for their trips through their credit or debit cards, similar to a post-paid telco subscription or an utility bill. Details of the payment process for debit cards are still being worked out.
Banking Amendment Bill 2016 Lexology 2nd Mar 2016
The Banking (Amendment) Bill 2016 (“the Bill”) has been presented to Parliament for First Reading. The Monetary Authority of Singapore (“MAS”) has proposed making several legislative amendments to enhance prudential safeguards, corporate governance and risk management controls in the banking industry. These amendments are aimed at strengthening MAS’ regulatory and supervisory framework, and aligning them with international best practice. Certain amendments have also been proposed to formalise MAS’ existing regulatory expectations and to clarify the regulatory policy intent on certain matters.
LTA explores bank cards for alternative fare payment system Singapore Business Review 2nd Mar 2016
Upfront top-ups may become a thing of the past. Singapore commuters may soon be able to ditch the hassle of upfront top-ups as the Land Transportation Authority (LTA) intends to roll out a pilot for account-based ticketing system in Q4 this year. According to LTA’s announcement, the pilot is an effort to examine the feasibility of implementing such a system in the future. With account-based ticketing, commuters can use contactless debit or credit cards for fare payments. Like utility bills or post-paid mobile phone subscriptions, transactions will be processed and charged to the commuter in subsequent credit or debit card bills.
These charts summarise Singapore banks' worrisome O&G exposures Asian Banking & Finance 29th Feb 2016
The banks will likely suffer from deteriorating asset quality. The full-year 2015 results of DBS, OCBC, and UOB revealed significant exposures to the oil and gas sector, signalling weak asset quality for Singapore's largest banks. The rout in oil prices negatively affected domestic loans, while macroeconomic headwinds from countries like Indonesia and China hurt foreign loans, according to Eugene Tarzimanov, vice president - senior credit officer at Moody's Investors Service. Consequently, the banks reported higher nonperforming loans in 2015.
MAS says banks can improve underwriting practices for corporate loans Straits Times 29th Feb 2016
Singapore's central bank said there was room for banks to strengthen underwriting practices in their corporate lending business after it conducted an inspection of several lenders. The Monetary Authority of Singapore (MAS) said protracted low interest rates and increased liquidity over the past years had resulted in a very competitive market and compressed interest margins for banks. In this environment, some banks may relax loan structures and covenants, and under-price risks in their corporate lending activities, MAS said in a review paper published on its website.
SGX submits non-binding bid to buy The Baltic Exchange Channel News Asia 26th Feb 2016
The Singapore Exchange (SGX) has submitted a non-binding bid for the acquisition of global shipping market hub The Baltic Exchange, it announced on Friday (Feb 26). In a statement, SGX said that as "discussions are still preliminary, there is no certainty or assurance that the possible transaction will materialise or that any definitive or binding agreement will result from such discussions". It added that it will "comply with the listing rules of the Singapore Exchange Securities Trading Limited, and will promptly disclose any material developments in regard to the Possible Transaction by way of public announcement".
Food & Agriculture
Here’s how the dreaded drought will affect agribusiness players in Singapore this year Singapore Business Review 2nd Mar 2016
CPO prices will finally rebound, but risks are also rising. Drought usually spells trouble for farmers across Asia, but the same could not be said for palm oil plantation companies across the region. After languishing for several quarters, analysts reckon that the fortunes of Singapore-listed planters are changing at long last. With crude palm oil (CPO) prices expected to finally rebound this year as output drops, analysts note that investors should keep an eye on long-ignored agribusiness stocks. However, they also warn that despite a projected recovery in CPO prices, listed planters will continue to face heightened currency risks and persistently low commodity prices. These, in turn, could curb growth in the near term.
Singapore, others plans to invest up to $2.7b in Indonesia: BKPM Deal Street Asia 7th Mar 2016
Singapore has committed to invest up to $2.1 billion across various sectors – including property, agriculture and plantation sectors – in Indonesia this year. This was revealed by the Indonesian Investment Coordinating Board (BKPM) in a recent statement. According to BKPM, this investment interest was conveyed during the Singapore Investment Forum held by the BKPM Representative Office in Singapore on March 3 in cooperation with the Singapore Business Federation (SBF) and the Indonesian Chamber of Commerce and Industry (Kadin) “Based on BKPM investment marketing identification, the investment interest consists of $200 million worth of investment in the property sector, $1.5 billion worth of investment in the agriculture sector, $10 million of investment in plantation, $100 million of investment in industrial zones, and $300 million worth of investment in information technology infrastructures,” said BKPM head Franky Sibarani.
Singapore, KL to have 'regular exchanges' over water Straits Times 26th Feb 2016
Singapore and Malaysia have agreed to "institute regular exchanges" to address concerns over water supply caused by low rainfall in recent months, Singapore's Ministry of the Environment and Water Resources (MEWR) said yesterday. MEWR and its Malaysian counterpart will monitor and implement measures to mitigate concerns over falling water levels in Johor's Linggiu Reservoir and ensure a reliable supply of water for both countries. There are concerns that low rainfall can cause salinity intrusion in the Johor River, and disrupt Singapore's ability to draw its entitlement of 250 million gallons a day from the river, the ministry said.
AVA issues recall of Mars chocolate products manufactured in the Netherlands Straits Times 26th Feb 2016
The Agri-Food and Veterinary Authority of Singapore (AVA) has issued a recall of Mars chocolate products manufactured in the Netherlands and advised those who have bought these products not to consume them. The affected products were manufactured between Dec 5, 2015, and Jan 18, 2016, AVA said in a press release late Wednesday (Feb 24). Only products labelled as Mars Netherlands are affected by this recall, it added.
Health & Life Sciences
NEA 'regularly monitors' resistance of mosquitoes against fogging: MEWR Channel NewsAsia 2nd Mar 2016
The National Environment Agency (NEA) regularly monitors the insecticides used in anti-mosquito fogging, to ensure the chemicals used are effective, Dr Amy Khor said in Parliament on Monday (Feb 29). Dr Khor - Senior Minister of State for the Ministry of the Environment and Water Resources as well as the Ministry of Health - was responding to a question from Chua Chu Kang GRC MP Yee Chia Hsing, who asked if the chemicals used in fogging are alternated to prevent the build up of resistance.
Quality of healthcare 'not tied to workforce numbers' The Straits Times 2nd Mar 2016
Having more doctors and nurses does not automatically lead to better-quality healthcare or better outcomes, said Minister of State for Health Chee Hong Tat. He made the point yesterday when replying to Non-Constituency MP Leon Perera, who had said he was concerned that Singapore's ratios of doctors and nurses to population are closer to those of Taiwan and Hong Kong rather than to those of the developed OECD countries. The two Asian economies suffer a shortage of doctors and nurses.
Can 'health' be the new wealth for Singapore? The Straits Times 1st Mar 2016
The year has opened with turbulence and uncertainty. Manufacturing, a key pillar of the Singapore economy, saw its output in 2015 fall by 5.2 per cent while stocks in the financial sector have endured an even more painful beating. The Straits Times Index has lost over 6 per cent of its value these last two months alone. Even as these dark clouds gather, senior political and business leaders have also been gathering, to debate Singapore's "Future Economy".
MOH on track to grow healthcare workforce: Chee Hong Tat Channel NewsAsia 1st Mar 2016
The Ministry of Health (MOH) is on track to grow the healthcare workforce by 20,000 between 2011 and 2020, said Minister of State for Health Chee Hong Tat in Parliament on Tuesday (Mar 1). Mr Chee said latest data shows the doctor-to-population ratio in 2014 was 21 doctors per 10,000 population, while the nurse-to-population ratio stood at 69 nurses per 10,000 population. The Minister of State added that MOH is looking to attract Singaporeans to work in the healthcare industry, such as through improving the work environment and bringing back Singaporeans who have studied abroad.
B5,000 fine for Singapore homes found breeding mosquitoes Bangkok Post 29th Feb 2016
Less than two weeks after it warned that Singapore could experience its worst dengue spell this year amid the looming threat of the Zika virus landing here, the government is taking the fight against the mosquito-borne disease up another notch. From March 14, all homes found to be breeding mosquitoes, instead of only culprits in active dengue clusters, face a S$200 (5,000 baht) fine, Minister for the Environment and Water Resources Masagos Zulkifli said.
First living paired kidney exchange in Singapore performed at NUH Channel NewsAsia 29th Feb 2016
The Republic's first living paired kidney exchange transplant has been performed at the National University Hospital (NUH). The exchange, which took place in April last year, was between Ms Siti Rasyidah Lokman Hadan, 23, who received a kidney from an anonymous altruistic donor, and her mother Mdm Noor Rafidah Nasir, 47, who donated her own kidney to a compatible recipient on the national waiting list. As Mdm Rafidah was willing to donate her kidney to a recipient on the national waiting list, Ms Siti was given priority to receive a kidney from an altruistic donor.
Majority of nursing graduates remain in public sector beyond 5 years: MOH Channel NewsAsia 29th Feb 2016
A total of 76 per cent of nursing graduates from the 2008 to 2010 cohorts who joined the public sector remained in the sector after five years, Health Minister Gan Kim Yong said in Parliament on Monday (Feb 29). There are also multiple measures to retain them in the public sector, Mr Gan added in a written response to a question by Tampines GRC MP Cheng Li Hui. For example, the Ministry of Health (MOH) has been progressively implementing the "Care" package recommended by the National Nursing Taskforce (NNT) to strengthen the development of the nursing profession.
A dose of TCM helps keep two charities in the pink The Straits Times 29th Feb 2016
Charities in Singapore typically work with schools, companies or other organisations to recruit volunteers and to canvass for donations, or share facilities with them. But two charities have partnered each other in an unusual way, exchanging volunteerism for medical services. Sian Chay Medical Institution, a traditional Chinese medicine (TCM) charity clinic, offers free consultation, with medicine and treatment at a subsidised rate. It has now extended free TCM services to members of RSVP Singapore, an organisation of senior volunteers. RSVP has about 1,000 members, including 350 who volunteer regularly. The two charities are also exploring opportunities for RSVP volunteers to help out at Sian Chay branch clinics. There are 11 branches, with another to open in Punggol later this year. RSVP Singapore executive director Edmund Song told The Straits Times: "The two charities share a common vision of senior citizens living vibrant and productive lives.
More needy residents in Jurong to receive free medical consultations Channel News Asia 28th Feb 2016
SINGAPORE: More low-income families and elderly residents in Jurong will receive free medical consultations under the Project Big Heart initiative. At a health carnival on Sunday (Feb 28), Jurong GRC residents in the Community Heath Assist Scheme (CHAS) or holding a Pioneer Generation card attended a free health talk on alternative medicine in managing chronic diseases, and received free cataract screenings and health screenings. The health screenings included BMI measurement and blood glucose tests at a nominal cost of S$2, which was waived for needy families. About 600 residents are expected to benefit from the carnival, which was organised by Jurong Central Grassroots Organisations, in partnership with Fullerton Healthcare, Atlas Eye Specialist Care and Loving Heart Multi-Service Centre.The free cataract screening will not be provided beyond the event, but eligible residents can continue to receive free medical consultations on a bi-monthly basis starting May 7 at Fullerton Healthcare's clinic in Jurong Point.
Private healthcare firm takes over Family Medicine Clinic The Straits Times 27th Feb 2016
A private healthcare operator will take over a Family Medicine Clinic (FMC) for the first time next month. Parkway Shenton has been partnering the National Healthcare Group (NHG) to run Ang Mo Kio FMC since it was set up in April 2013 and will now handle its daily operations and manpower management. The seven FMCs in Singapore cater to patients with chronic conditions, who would previously have gone to specialist outpatient clinics at hospitals. Two nurses and three patient service associates from Parkway Shenton will join the clinic. NHG will continue to provide laboratory, pharmacy and allied health services, such as dietary counselling. There are also plans to increase the number of family physicians at the clinic, who are all from Parkway Shenton, from three to five by the end of this year.
ICT
Infocomm industry must look beyond traditional sources of manpower: Yaacob Channel News Asia 4th Mar 2016
The infocomm industry needs to fill as many as 30,000 new positions by 2020. The Government will also introduce new programmes in April to help the industry, said Communications and Information Minister Yaacob Ibrahim on Friday (Mar 4). Speaking at the IT Leaders Awards 2016, organised by the Singapore Computer Society, Dr Yaacob said the island's 150,000-strong infocomm workforce must continue to master new skills and sharpen competencies, if they are to stay relevant in the fast-changing industry. He also said the infocomm talent pool can be grown through skills conversion and upgrading, and that companies must look beyond the traditional sources of manpower.
E-commerce sector feeling effects of consolidation: Analysts Channel News Asia 4th Mar 2016
Singapore's e-commerce industry could be in for a rough patch, especially as the economy sees slower growth. The sector, which is dominated by players chasing growth at the expense of profitability, is already feeling the effects of consolidation. One high-profile casualty is Japan's Rakuten, which recently bowed out of Southeast Asia. Said Mr Ajay Sunder, vice president of ICT Practice at Frost & Sullivan: "From a long-term perspective, we are clear, e-commerce has its value proposition and will grow. (In the) short term, what we are expecting is that there will be a lot of consolidation in the market and e-commerce is in that state where a lot of companies have tried different business models.
Singapore bank UOB will invest $10m in an equity crowdfunding site Tech in Asia 3rd Mar 2016
Singapore’s banks are head over heels in love with fintech. Well, I’m exaggerating, but it’s true that financial institutions in the country are exploring ways to use technology to improve their offerings. Count United Overseas Bank (UOB), one of Singapore’s largest banks, in that group. It announced that it will be investing US$10 million in OurCrowd, an “equity crowdfunding” site where accredited investors among UOB’s clientele can log on to invest in tech startups. UOB’s investment makes the bank a stakeholder and limited partner in the platform. That means it will invest in OurCrowd’s portfolio of startups.
Temasek seeks finance, hi-tech, healthcare partnerships Viet Nam News 3rd Mar 2016
Singapore's Temasek wants to step up investments in Viet Nam and plans to seek partnerships in finance, hi-tech, consumer goods and healthcare, Cheo Hock Kuan, Temasek International's Head of Strategic and Public Affairs, said at a meeting with Deputy Prime Minister Nguyen Xuan Phuc yesterday. Temasek established a representative office in Viet Nam in February 2005, with its investment list covering a range of sectors such as natural resources, agro-fishery, information technology and banking, according to Cheo Hock Kuan.
Rising interest in drone insurance Channel NewsAsia 3rd Mar 2016
As more local companies deploy drones in a variety of functions, attention is turning to what could happen if they’re involved in an accident. This is spurring commercial interest in drone liability insurance, with the industry seeing signs of pick-up in demand. Insurance broker Acorn International said that of the 10 drone-related insurance policies it worked on in the last three years, half were closed in 2015. The demand is largely from startups and technology firms, which want to get insurance coverage for damage to their drones, as well as for damage caused by the devices, said CEO David Ong.
Singapore unveils cloud outage response guidelines Telecom Asia 2nd Mar 2016
Singapore released on Friday a set of Cloud Outage Incident Response (COIR) Guidelines to assist with companies' business continuity management and disaster recovery plans. The guidelines address the need for preparing for and mitigating the threat of cloud outages – whether for business-critical uptime or data sensitivity – in the face of rapidly emerging new technologies. They are designed to also give clarity to enterprises and cloud service providers on what measures and processes should be put in place to prepare for and respond should cloud outages occur.
New co-working space lets fintech startups sip latte and admire art as they work Tech in Asia 1st Mar 2016
Did you think to yourself today, “My startup is all set up – if only I had a space to work out of!” If you did, then you probably haven’t searched through the multitudes of coworking spaces around Singapore. But even so, as long as your startup is fintech-oriented, there’s a new option for you: venture capital firm Life.Sreda has just announced it’s opening a co-working space in Singapore’s Block 79 startup hub. The 3,200-square-foot property includes a co-working space with all the modern bells and whistles expected of such a place these days. “Long black” and “latte” are mentioned in the press release.
Food delivery startup now brings you breakfast in Singapore Digital News Asia 29th Feb 2016
Food delivery startup Deliveroo now wants to catch you while it’s bright and early. The company announced today it’s launching a breakfast delivery service within Singapore’s Central Business District (CBD). Sticking to its promise of delivering within an average of 32 minutes, the startup’s delivery people will bring you your morning coffee, juice, bagel, croissant, or what have you, from 8am to 11am. Deliveroo is billed as a premium food delivery service, which means customers order food from high-end restaurants – or at least, higher than your average fast food place. To illustrate, the minimum order required for breakfast delivery is US$12.70 (it’s normally around US$20 for other times of the day). That’s probably why the service targets the CBD for now.
A Singapore-based company is building an all-electric supercar that can reach 250 miles per hour Tech Insider 29th Feb 2016
Electric cars are not only going farther, but going faster. The Tesla Model X and Porsche Mission E will both reach 155 miles per hour. And lesser known automakers are also keeping an eye on speed — Croatian automaker Rimac is creating an all-electric concept car that hits 185 miles per hour. But the Vanda Electric supercar, dubbed the Dendrobium, is aiming to top even the Rimac.
Singapore’s IIPL, IBM team up for building ecosystem for cognitive computing tech Deal Street Asia 29th Feb 2016
ingapore’s Infocomm Investments Pte Ltd (IIPL) and IBM are teaming up to support the growing number of technology startups and corporations in the Asia-Pacific region. The partnership is targeted at startups and technology firms keen on developing cognitive-powered apps through the TAG.PASS for IBM Watson accelerator programme. “Our partnership with IBM to embed Watson cognitive computing technology will help start-ups accelerate how entrepreneurial organizations solve their industry’s toughest challenges on a whole new level,” said Dr Alex Lin, the head of IIPL. Tim Greisinger, managing director of IBM Singapore, said, “We are living in a cognitive era where digital business meets digital intelligence. IBM’s mission is to help companies become more competitive, leveraging cognitive computing capabilities.”
Singapore prepares cloud outage incident response guidelines Digital News Asia 29th Feb 2016
SINGAPORE has unveiled a set of Cloud Outage Incident Response (COIR) guidelines to assist in business continuity management and disaster recovery plans. The guidelines were announced at the Singapore Computer Society’s Business Continuity Management Conference on Feb 26 2016 by Infocomm Development Authority of Singapore (IDA) assistant chief executive Khoong Hock Yun. “One important foundation for a vibrant digital economy is a flexible, cohesive, and integrated cloud ecosystem that meets our business enterprises’ needs,” said Khoong.
Singapore’s BASH turns one, inks five MoUs Digital News Asia 29th Feb 2016
INFOCOMM Investments Pte Ltd (IIPL), the investment arm of industry regulator Infocomm Development Authority of Singapore (IDA), celebrated the first anniversary of its BASH (Build Amazing Startups Here) integrated co-working space by signing five Memorandums of Understanding (MoUs). IIPL also announced it would be launching three new accelerators later this year. “In just one year, six successful runs of accelerator programmes have taken place in BASH,” said Minister for Communications and Information Dr Yaacob Ibrahim. “I am told that these runs have, over the course of the year, accelerated 65 startups in BASH alone, out of about 230 startups accelerated across the whole of Singapore,” he said in a speech commemorating the first year.
ERP 2.0 goes the distance with new tech The Straits Times 26th Feb 2016
From 2020, Singapore's streetscape will look different in one respect - the blue-and-white Electronic Road Pricing gantries dotting the Central Business District and major highways will be dismantled. The next-generation ERP system will rely on satellite navigation technology to keep track of the vehicle population. That means the entire island is covered. In areas where satellite coverage is weak, signal beacons will be erected - possibly on existing infrastructure such as lamp posts and overhead bridges. Enforcement cameras will also be mounted on lamp posts and overhead bridges.
IDA issues outage guidelines for cloud service providers Channel News Asia 26th Feb 2016
SINGAPORE: There will be more clarity regarding the processes and responses by cloud service providers (CSPs) should there be a downtime, according to the Infocomm Development Authority of Singapore (IDA). A set of Cloud Outage Incident Response (COIR) guidelines were issued on Friday (Feb 26) by IDA Assistant Chief Executive Khoong Hock Yun, which drew on the combined work and feedback of enterprises and public agencies to enhance CSP resilience capabilities. Previously, businesses has said that they were not clear on what CSPs would do should a downtime occur, which hindered uptake of cloud computing services. With these guidelines, CSPs can clearly outline the scope and scale of resilience measures they offer as part of their cloud services in the terms and conditions. "Such measures can include clarity on mobilisation of emergency resources, prioritisation levels for recovery and restoration of affected cloud services.""In our journey towards being a Smart Nation, this Cloud Outage Incident Response guidelines complement our efforts to drive ICT standards, strengthen resiliency and encourage clarity for businesses as cloud users," Mr Khoong said.
Start-up scene in Singapore is female friendly: Infini Videos co-founder Channel NewsAsia 26th Feb 2016
When Tracy Wong decided to set up interactive video platform Infini Videos early last year, she faced a fundamental challenge - she was pregnant with her second child. "It was definitely more challenging than if I weren't pregnant. (I felt like) I was expecting ‘two babies’. One is the start-up, the other one was my real baby. It was mentally and physically exhausting. Actually, in my heavily pregnant state, eight or nine months, I went out to do video shoots and ran around directing talents. Also, I participated in meetings and met investors," she said. "Thinking back, I didn't regret that."
Infrastructure
Cross Island Line could save commuters 40 minutes: LTA chief Channel News Asia 6th Mar 2016
The Cross Island Line that will stretch from Jurong to Changi could save commuters up to 40 minutes of travel time, said Land Transport Authority (LTA) chief executive Chew Men Leong. The new MRT line, which is scheduled to be ready by 2030, has been the subject of controversy in recent weeks, over one possible option of running the line under the Central Catchment Nature Reserve. Some Singaporeans have even questioned the need for the line in the first place. Speaking to current affairs programme Talking Point, Mr Chew said the new line – with a potential daily ridership of 600,000 - would connect residents along the East-West corridor “to key employment centres such as Changi logistics park and the Jurong Lake district “with significantly shorter travelling times”.
Parliament: LTA mulling penalties to deter drivers who cause oil spills, Ng Chee Meng says The Straits Times 1st Mar 2016
The Land Transport Authority (LTA) is considering imposing deterrent penalties on drivers responsible for oil spills, after four major spills on Singapore roads this year caused traffic snarls. The LTA has claimed amounts from involved parties ranging from $5,000 to $200,000 for the costs of repairs to damaged roads in recent years, Senior Minister of State for Transport Ng Chee Meng told Parliament on Tuesday (March 1). He added there is no common profile of drivers involved.
Parliament: Rise in cable cut incidents due to increased road works, poor due diligence The Straits Times 29th Feb 2016
The rise in cable cut incidents over the past three years were caused by more road works and construction projects across Singapore, as well as contractors failing to exercise due diligence and caution during these works. This is according to Minister for Communications and Information Yaacob Ibrahim, who was speaking in Parliament on Monday (Feb 29). Answering a question posed by Mr Zaqy Mohamad (Chua Chu Kang GRC) on the frequency of such incidents, Dr Yaacob noted that the number of such incidents has grown steadily over the years, from four each in 2013 and 2014, and seven in 2015.
$450 million contract for new State Courts Towers awarded to Samsung C&T Corporation The Straits Times 29th Feb 2016
The State Courts have awarded the $450 million construction contract for its new building to Samsung C&T Corporation, a parent company of Samsung Group. The new complex is expected to be completed in 2019, and is slated to be operational from 2020, the State Courts said in a media release on Monday (Feb 29). The new complex will be made up of two interconnected towers, each about 178m high. They will rise behind the existing octagonal-shaped courthouse.
Manufacturing
Singapore’s manufacturing activity falls to lowest level in over 3 years Channel NewsAsia 2nd Mar 2016
Manufacturing activity in Singapore fell to its lowest level in over three years, as factories in the Republic saw fewer new orders, while output and employment declined. A report by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Wednesday (Mar 2) showed that the Purchasing Managers' Index (PMI) for February came in at 48.5, down from 49.0 in January. A reading above 50 means that the manufacturing economy is generally expanding, while a reading below that indicates a contraction. Singapore's PMI has hovered below the 50-point level since July. This is the eighth month of contraction and the lowest level seen since December 2012.
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