| Regional Affairs
Singapore company builds network in Lao service sector Vientiane Times 15th Mar 2016
The Mekong Group is a Singapore-based company which has a particular focus on Laos due to the stable political conditions, low crime rate, pro-business government policy and low cost of living. Mr Michael Aw, CEO of the Mekong Group Pte Ltd, said Laos is sometimes overshadowed by bigger economies like Myanmar and Cambodia whenever one explores the Indochina market. “In fact, Laos' GDP per capita is US$1,700, higher than Myanmar at US$1,200, and Cambodia at US$1,000,” Mr Aw noted. “Plus it has more stable political conditions, lower crime rates, a pro-business government policy and lower cost of living, making it a heaven for investors and expatriates working here,” Mr Aw said recently at a partnership agreement signing ceremony with a local insurance company in Vientiane.
National Affairs
Budget 2016 focuses on economic transformation, building a caring society Channel NewsAsia 24th Mar 2016
Drawing on the theme of partnership, Finance Minister Heng Swee Keat delivered his inaugural Budget statement on Thursday (Mar 24), with a strong focus on continuing the transformation of the Singapore economy, while ensuring that society also remains caring and resilient. Measures announced by the Government included economic measures aimed at addressing immediate cyclical weaknesses, but also significant economy-wide initiatives aimed at transforming industries through innovation and enterprise. Targeted at helping industries find new areas of growth, the Minister said that the entire package of initiatives, called the Industry Transformation Programme, would amount to S$4.5 billion.
Automation Support Package: What you need to know Channel NewsAsia 24th Mar 2016
A new Automation Support Package will be introduced by the Government to support companies to automate, drive productivity, and scale up, said Finance Minister Heng Swee Keat in his Budget speech on Thursday (Mar 24). “Currently, there is no support for the scaling up of automation projects. As these involve significant financial outlays, some companies find it difficult to commit,” said Mr Heng.
Government can give more support to training agencies: Labour MP Channel NewsAsia 18th Mar 2016
In order to make workers who go for training be more receptive to learning, the Government could do more to support training agencies in terms of developing curricula and enhancing training for instructors, said Labour MP Ang Hin Kee in a blogpost on Friday (Mar 18). Mr Ang, who is also the Assistant Secretary-General of the National Trades Union Congress (NTUC), noted that there have been commentaries about workers needing to have the right mindset, that more Government funding is needed and for added assistance to be extended to companies to support training.
Special Select Committee nominates 9 NMPs for 13th Parliament Channel NewsAsia 17th Mar 2016
Nine people have been nominated by a Special Select Committee to fill the vacancies of Nominated Members of Parliament (NMPs), the Office of the Clerk of Parliament announced on Thursday (Mar 17). Four of them are NMPs who served in the previous term.
Public feedback on Mediation Bill wanted Channel NewsAsia 17th Mar 2016
The public's feedback on a proposed Mediation Bill is wanted, said the Law Ministry on Thursday (Mar 17). According to the ministry's press release, Singapore offers international parties a full suite of dispute resolution services for commercial cross-border disputes. The Bill, when enacted, will provide further legislative support for international commercial mediation. The Bill will apply to all types of mediation including international commercial mediation and will strengthen the framework for enforcement of mediated settlements conducted in Singapore.
Customs
Singapore and Australian leaders to review 10-year strategic partnership The Straits Times 17th Mar 2016
Ministers of Singapore and Australia are meeting in Sydney on Friday (Mar18) to review the progress of a strategic partnership, nearly nine months after the pact was inked (june 29). The partnership could see new levels of cooperation in defence, the economy, foreign affairs, and arts and culture. Under the 10-year roadmap of the Comprehensive Strategic Partnership signed by then Australian Prime Minister Tony Abbott and Prime Minister Lee Hsien Loong last June(2015), there will be better access and integration of the two countries' financial and capital markets. A new defence agreement and a review of the Singapore-Australia trade agreement are also set to be concluded by July this year.
Mustapa : Malaysia-Singapore Should Improve Connectivity Amid Widening Market Access Malaysian Digest 17th Mar 2016
Malaysia and Singapore need to improve connectivity between both countries to enhance the movement of people as well as goods and services to optimise the benefits from a more open economy going forward. Connectivity was the main issue raised by International Trade and Industry (Miti) Minister Datuk Seri Mustapa Mohamed during his meeting with his counterpart, Lim Hng Kiang, here, on Wednesday. "We often hear of the massive congestion at the Johore Causeway and the Second Link which serve as entry points into both countries.
Defense & Security
Arms Spending Spree in Southeast Asia Has Singapore Worried Bloomberg 24th Mar 2016
Elevated defense spending in Southeast Asia is a worry as it’s not being matched by greater military cooperation, according to Singapore Defence Minister Ng Eng Hen. Asked if defense outlays in the region caused him concern, Ng replied: "Of course, wouldn’t it worry anyone?” Speaking in an interview with Bloomberg News on Thursday ahead of the release of the country’s annual budget, Ng said Singapore’s own defense spending as a proportion of gross domestic product was “fairly high” and would probably stay around current levels.
New tech to keep Singapore’s waters safe The Straits Times 21st Mar 2016
Unmanned vehicles and surveillance systems will beef up Singapore’s maritime borders, said the Police Coast Guard last Friday. They are part of efforts to boost maritime security here.
Bevy of cameras, high-tech sensors to secure shoreline Asia One 19th Mar 2016
A surveillance dragnet of 314 CCTV cameras will be built around Singapore's shoreline from this year, part of the Police Coast Guard's (PCG) efforts to boost its detection of intruders. It will add to its multi-layered defence of the island's maritime borders, already watched over by advanced electro-optic cameras, radar systems and boat patrols. "We want to look out at our waters so we can spot enemy vessels early, as this gives us time to respond," said PCG head of operations and security Ang Eng Seng. The closed-circuit television (CCTV) cameras will be fully deployed by 2018. Superintendent Ang said these detection systems would not only pick up smugglers, but also potential terrorist elements, who use the same routes to enter or leave the country.
Singapore Police Force must evolve to deal with terror threats: Shanmugam Channel NewsAsia 18th Mar 2016
The way the Singapore Police Force (SPF) works, thinks and trains must change to deal with any terror threats, said Home Affairs Minister K Shanmugam after a tour of the Police Coast Guard headquarters at the Brani Base on Friday (Mar 18). During his tour, the SPF also showcased its capabilities by demonstrating what would happen if a vessel was hijacked, with hostages on board. The SPF trains regularly using realistic facilities like this, but it won't be enough, said Mr Shanmugam.
FlightSafety's Simulator for the Sikorsky S-76C+ and S-76C++ Located in Singapore Receives FAA Level D Qualification Aviation Pros 15th Mar 2016
NEW YORK (March 14, 2016) – FlightSafety International announces that its simulator for the Sikorsky S-76C+™ and S-76C++™ located in Singapore has been qualified to Level D by the United States Federal Aviation Administration. The facility has also been approved to provide FAA PART 142 training under FlightSafety’s single certificate. “We are pleased to announce that training for the Sikorsky S-76C+ and S-76C++ is now underway in Singapore,” said Daniel MacLellan, Senior Vice President, Operations. “The Level D qualification of the simulator and PART 142 approval of the Learning Center demonstrates FlightSafety’s ability to meet the most stringent standards and provide the highest quality training programs using advanced technology simulators.”
More roles for women in the military due to increased use of technology Channel News Asia 15th Mar 2016
SINGAPORE: The increased use of technology in the military has opened up more roles for women, with 2014 seeing the highest number of women recruited in recent years. There are currently about 1,500 uniformed women in the force, making up 7 per cent of the Singapore Armed Forces (SAF).
Economics
Budget 2016: More support for SMEs to address near-term concerns Channel NewsAsia 24th Mar 2016
To tide over cyclical weaknesses in Singapore’s economy, Budget 2016 includes a range of measures to support businesses, particularly small- and medium-size enterprises (SMEs), Finance Minister Heng Swee Keat announced on Thursday (Mar 24). First, the Corporate Income Tax rebate will be raised from 30 per cent of tax payable to 50 per cent, with a cap of S$20,000 rebate each year for Year of Assessment 2016 and 2017.
Budget 2016: S$4.5 billion package to help firms and industries Channel NewsAsia 24th Mar 2016
To drive longer-term economic transformation and take Singapore to the next phase of development, the Government will set aside S$4.5 billion for firms and industries under a new Industry Transformation Programme (ITP). The package, announced by Finance Minister Heng Swee Keat in his Budget speech on Thursday (Mar 24), consists of three prongs – one targeted at providing support at the firm level, one targeted at providing support at the industry level, and one that supports innovation.
Singapore Budget 2016: Winners and Losers Bloomberg 24th Mar 2016
In a step toward boosting economic expansion and innovation, Singapore Finance Minister Heng Swee Keat announced that he expects GDP to stay in the 1 percent to 3 percent range after growth fell to 2 percent last year from 3.3 percent in 2014 as "strong headwinds" are expected from the weakness in the global economy. This is the first budget presentation since the People’s Action Party’s victory in the September election and the death of the nation’s founding father and first elected prime minister Lee Kuan Yew last March. Here are the winners and losers.
Budget 2016: What you need to know right now Singapore Business Review 24th Mar 2016
Singapore has entered a new phase in its restructuring journey. Finance Minister Heng Swee Keat delivered his first Budget in Parliament on March 24. Here are key points from Budget 2016: Budget 2016 marks a new phase in economic restructuring through more targeted approaches. Budget 2016 aims to drive scale and create value by build resilience in workers, enterprise, industries. The budget position needs to strike balance between the rise in expenditure and accommodating to support businesses in current climate amid economic restructuring. Should the climate turn, Singapore should stand ready to respond Expenditure needs will grow faster than revenues, so the government should spend only when needed. There will be a surplus of $3.4b or 0.8% of GDP in FY16. The rise in expenditure is supported by increases in operating revenue and NIR contribution due to one-off factors which are not expected to be sustained. In addition, the addition of Temasek to the NIR network will act as a greater source of revenue in the long-term. In FY15, the budget recorded a deficit of $4.9 billion, or 1.2% of GDP. In FY16, total spending will rise to $5bn, 7.3% higher year-on-year.
Singapore's economic growth unlikely to hit 3.3% until 2018: ICAEW The Business Times 21st Mar 2016
DOMESTIC non-oil exports - and hence the manufacturing sector - are expected to remain subdued over the coming year, leaving the economy reliant on the services sector, according to ICAEW's latest "Economic Insight: South East Asia" report, which also posits that Singapore's economic growth is unlikely to hit 3.3 per cent until 2018. Stronger government investment and solid spending by households are expected to support service sectors activity but services related to oil and re-exports will be vulnerable to continued weakness in regional trade, noted the report.
Singapore February exports climb but trade outlook still weak Reuters 17th Mar 2016
Singapore's exports unexpectedly rose in February from a year ago, helped by a surge in shipments from the statistically volatile pharmaceuticals sector, but the broader trade outlook remains clouded by poor demand from Asian countries. Non-oil domestic exports (NODX) rose 2.1 percent in February from a year earlier, trade agency International Enterprise Singapore said in a statement on Thursday. The median forecast in a Reuters survey was a contraction of 2.6 percent. In January, exports fell by a revised 10.1 percent from a year earlier.
Business confidence among Singapore SMEs falls to survey's all-time low The Straits Times 17th Mar 2016
On the whole, SMEs in Singapore do not expect to achieve any growth during the next six months. Slowing global growth sent an index that measures the sentiments of small and medium enterprises to its lowest score since it was first published at the start of 2010. After six straight years of optimism, the SBF-DP SME Index fell 1.1 points to 50.0 - a score which indicates SMEs do not expect to achieve any growth during the next six months.
Analysts cut 2016 growth forecast for Singapore economy to 1.9%: MAS survey Channel NewsAsia 16th Mar 2016
Analysts are less optimistic about Singapore’s economy, cutting their growth forecast for 2016 to 1.9 per cent from 2.2 per cent, according to the latest quarterly survey by the Monetary Authority of Singapore (MAS) released on Wednesday (Mar 16). That compares with the official Gross Domestic Product (GDP) forecast by the Ministry of Trade and Industry (MTI) of 1 per cent to 3 per cent growth. While in line with the Government's forecast, it would be Singapore's weakest annual growth since 2009.
Parliament passes changes to Economic Expansion Incentives Act Channel NewsAsia 14th Mar 2016
Changes to the Economic Expansion Incentives Act were passed in Parliament on Monday (Mar 14) to encourage companies to continue introducing high value-added activities in Singapore. Businesses in Singapore are encouraged to acquire new technologies through corporate tax reliefs under the Pioneer Incentive Scheme. Firms can also obtain multiple Pioneer Certificates for different economic activities in Singapore over time. Prior to the changes, the Act only allowed each firm to receive tax relief for a maximum of 15 years, regardless of the number of Pioneer Certificates the company has. With the amendment, the tax relief period will be applied on the activity rather than the company as a whole. The changes will also apply to the Development and Expansion Incentive.
Energy
Singapore-based smart street lighting startup to list on ASX; $5.7m committed by investors Tech in Asia 18th Mar 2016
GridComm, a Singapore-based startup that builds energy- and cost-saving ‘smart’ lighting grids, announced that it is completing a backdoor listing bid on the Australian Securities Exchange (ASX). Mike Holt, CEO of the startup, tells Tech in Asia that it has received a commitment of US$5.7 million from investors in a fundraising effort which will close in early April. Built on top of existing lighting grids, GridComm connects street lights into a network that can be monitored with software. This allows administrators to monitor usage, dim the lights, and save electrical costs.
Singapore's LNG Trading Hub Ambitions Press Forward Forbes 21st Mar 2016
Last week at the LNG Supplies for Asian Markets 2016 conference in Singapore, S. Iswaran, Singapore’s Minister for Trade and Industry, said that the city-state aims to allow domestic gas customers to import up to 10% of their annual LNG intake from the international spot market for domestic use – a brilliant move that will help establish Singapore’s regional gas trading hub ambitions.
Singapore awards $19.8 million in energy research grants Gov Insider 20th Mar 2016
Singapore awarded grants worth S$27 million (US$19.86 million) for 13 projects on smart grids and natural gas. Five projects on smart grids will focus on strengthening electricity grids against cyber attacks, developing smarter and more efficient energy management, and solar power, the Energy Market Authority (EMA) announced. One project led by the Agency for Science, Technology and Research (A*STAR) will develop a multi-layered system to protect networks used for managing and monitoring smart grids.
Geothermal energy 'never turns off' Straits Times 20th Mar 2016
While many are looking up at the sun for clean, renewable energy to stem the emission of greenhouse gases, one scientist has suggested looking underground instead. Geothermal energy, says National Geographic explorer and geothermal scientist Andres Ruzo, 28, is another source of clean energy. "Compared to wind and solar energy resources, which are intermittent, geothermal energy is a resource that never turns off," he said. There are two types of geothermal energy systems, active and passive.
Oil-Price Collapse Fuels Singapore Layoffs Wall Street Journal 20th Mar 2016
In Singapore’s worst year for layoffs since the global financial crisis, workers at offshore-marine companies were significant victims—a sign of how reeling oil prices have scuttled a key part of the country’s economy. Singapore lost over 5,200 manufacturing jobs in 2015, 22% more than in 2014, with 1,680 of those lost jobs at companies producing fabricated metal products, machinery and equipment, including oil rigs. The island city-state is the world’s largest maker of jack-up rigs, or mobile platforms used to drill for oil at sea, and its economic growth is highly dependent on exports. Companies in the offshore-marine sector make rigs or the ships that service them.
Oil, gas exposure is 'biggest concern for Singapore banks' Asia One 20th Mar 2016
A "deep-stress" test for the oil and gas sector here has found that the proportion of non-performing loans for Singapore banks in this area could go up to 33 per cent, given the prolonged weakness in crude prices, said Credit Suisse. The scenario takes into account companies with a high net gearing and net debt, their ability to pay the interest charges on their debts as well as cash below their short-term financial liabilities. Singapore's oil and gas sector has borrowed about $25 billion, with 74 per cent or $18.3 billion of that sourced from the banks.
RPT-Fuel oil play yields near-record volumes in March, discounts flip to premiums Reuters 20th Mar 2016
Singapore, the world's top bunkering port, is in the midst of its first big fuel oil trading play since mid-2015, with nearly the same handful of traders buying and selling huge volumes of the shipping fuel, setting up wide swings in prices and spreads. The current wave of trading opened in late February with Russia's Lukoil, France's Total and private merchant Gunvor aggressively selling down the market by offering steep discounts on fuel oil.
Financial Services
Here’s why wealth management is all the rage for Singapore’s banks Singapore Business Review 24th Mar 2016
Especially in a time of loan growth turmoil. With Barclays’ divestment of its Singapore and Hong Kong private-wealth business, Singapore banks, DBS, UOB, and OCBC, has reportedly been interested and are scrambling to get their hands on the sale. According to Maybank Kim Eng, this is because the sale is a golden opportunity for Singapore’s banks to increase their share of the Asian wealth management (WM) industry and bolster earnings.
10 financial advisers fined for anti-competitive behaviour Channel NewsAsia 17th Mar 2016
In the first case of anti-competition in the financial services sector, the Competition Commission of Singapore (CCS) on Thursday (Mar 17) penalised 10 financial advisers for collectively pressurising a competitor to withdraw an offer from the life insurance market. They were ordered to pay fines totalling about S$900,000, after being found guilty of engaging in anti-competitive behaviour.
Singapore's general insurance profit slips on economic slowdown, competition The Business Times 17th Mar 2016
Increased competition and the economic slowdown hurt underwriting profit of Singapore's general insurance industry in 2015, even as total gross premiums rose. Total underwriting profit last year fell 17.1 per cent to S$325 million on a 2.6 per cent increase in total gross premiums to S$3.618 billion. According to the General Insurance Association of Singapore (GIA), the various classes in the industry posted mixed performances depending on how each was affected by the downturn, external headwinds and increased competition from existing and new players.
Singapore's financial services sector resilient amid new challenges The Straits Times 16th Mar 2016
Renowned economist Song Seng Wun was not surprised at all to learn, in March last year, that he was among 15 employees being let go from CIMB Securities. After 25 years in Singapore's financial services industry, Mr Song has endured enough business cycles to understand that job cuts come hard and fast in his field when business conditions sour. Fortunately for Mr Song, his jobless status was short-lived; within weeks, he was offered the chance to rejoin CIMB as an economist for its private banking unit.
MAS rolls out measures to boost Singapore's asset management industry Singapore Business Review 16th Mar 2016
The Monetary Authority of Singapore (MAS) is working on initiatives to provide greater support to the city-state's asset management industry. Speaking at the Investment Management Association of Singapore's (IMAS) 17th Annual Conference, Senior Minister of State for Law and Finance Indranee Rajah said that the central bank will roll out a couple of new measures initiatives to support the industry. First, the central bank will introduce a new regulatory framework for open-ended investment companies (OEIC).
Initiatives underway to attract more funds to set up in Singapore Channel NewsAsia 16th Mar 2016
The Monetary Authority of Singapore (MAS) is working on initiatives to support Singapore's asset management industry and attract more funds to set up here, said Senior Minister of State for Finance Indranee Rajah on Wednesday (Mar 16). MAS and the Accounting and Corporate Regulatory Authority (ACRA) are studying the introduction of a framework for open-end investment companies (OEICs), she said at the 17th IMAS Annual Conference. OEICs are structures that cater to investment funds, whose core activities include the issuance and redemption of shares on a regular basis, valuation of net assets, and the appointment of fund managers and custodians.
Food & Agriculture
High-tech farmers cropping up The Straits Times 14th Mar 2016
A new breed of farmer is appearing in Singapore. They are using high-tech and high-yield methods to transform their work from back-breaking labour into lucrative businesses. From running indoor vertical vegetable farms that grow crops in stacked layers, to raising fitter fish that are robust against aquatic diseases, farmers here are finding ways to overcome the limitations of traditional farming.
Singaporean firm studying Cebu for next assembly plant Sun Star 22nd Mar 2016
A Singaporean firm is exploring the possibility of building an agro-industrial assembly plant in the Philippines, citing the country’s plan to revive growth in the agriculture sector. John Yeo, general manager of Spanners International (B) Sdn Bhd paid a courtesy visit to City of Naga Mayor Valdemar Chiong last Monday. He explored the city’s Naga Valley Industrial Park for his planned venture. The investor said he is exploring potential locations in the country for the company’s plan to build at least a hectare of agro-industrial assembly plant to be specifically located in the countryside. The City of Naga, Cebu happens to be the first local government unit that Yeo visited.
The Stronger Agriculture Stock Now: Wilmar International Limited vs. Golden Agri-Resources Ltd The Motley Fool 22nd Mar 2016
There are a bunch of similarities between Wilmar International Limited (SGX: F34) and Golden Agri-Resources Ltd (SGX: E5H). Both companies are blue chips in Singapore’s stock market given that they are part of the 30 constituents of the local market benchmark, the Straits Times Index (SGX: ^STI). Both are also agriculture-based businesses that mainly produce palm oil and consumer products based on it. Both happen to be stocks that have performed badly over the past few years as well.
Health & Life Sciences
Singapore in a prime position to lead fight against tuberculosis The Straits Times 24th Mar 2016
If you think that tuberculosis (TB) is a disease of the past, you are right and also very wrong. On March 24 every year, World Tuberculosis Day is commemorated around the globe. You may be wondering why we still need a global event to draw attention to a disease that most newborns around the world are vaccinated against. Like many others, you may think that we must be close to eliminating TB, since we have been able to cure it with cheap and easily available drugs for 60 years.
From hospital to home: More patients making use of transitional care Channel NewsAsia 21st Mar 2016
More patients are tapping hospital services that continue to provide medical care at home after they have been discharged. The number of patients using transitional care services has grown from 490 in 2012 to 620 in the second quarter of 2015. Dr Ravinder Singh Sachdev, deputy chief medical informatics officer at Tan Tock Seng Hospital's (TTSH) Department of Continuing and Community Care, said the general focus of healthcare is gradually shifting from the hospital to the home.
Hepatitis C outbreak: Disciplinary action taken against senior staff in MOH, SGH Channel NewsAsia 17th Mar 2016
The Singapore General Hospital (SGH) on Thursday (Mar 17) announced that it had meted out disciplinary sanctions to 12 staff in leadership positions, following the Hepatitis C outbreak during last April to June. Four Ministry of Health (MOH) senior officers were also disciplined. In a press release, the hospital said the disciplinary actions against 12 staff in leadership positions, including senior SGH management, were stern warnings and financial penalties for gaps in their roles in managing the outbreak or in infection control. "The affected staff have accepted the penalties," it added.
Healthcare experts concerned over lack of manpower in long-term care sector Channel NewsAsia 16th Mar 2016
As the Republic ramps up healthcare infrastructure across the island in preparation for a rapidly ageing population, some healthcare experts are particularly concerned about manpower needs in the long-term care sector. The healthcare professional workforce expanded by 9,000 between 2011 and 2014. This was done through increasing pre-employment training pipelines, retention efforts such as increasing remuneration and overseas recruitment efforts to bring back more overseas-trained Singaporeans. The Health Ministry has said it is on track to meet manpower needs, with 45 per cent of the targeted 20,000 more staff needed by 2020.
Singapore will not support calls for drug legalisation: Desmond Lee Channel News Asia 16th Mar 2016
SINGAPORE: The Republic will not support calls for drug decriminalisation or legalisation, as it is not applicable to societies that are relatively drug free, said Senior Minister of State for Home Affairs Desmond Lee in Singapore's statement at the 59th Session of the Commission on Narcotic Drugs in Vienna on Monday evening (Mar 14). He also emphasised that Singapore will not follow other countries in allowing medical and recreational use of cannabis. Latest statistics from the Central Narcotics Bureau (CNB) show cannabis displacing heroin as the second most abused drug among new offenders. A study of medical literature by a team from the Institute of Mental Health (IMH) found cannabis to be addictive and harmful, impacting mental health and intelligence. The findings, from the study commissioned by MHA, also cast doubts on its effectiveness as medicine.
Private hospitals need to be part of national healthcare ecosystem: Health Minister Channel News Asia 16th Mar 2016
SINGAPORE: Private hospitals should upgrade their IT systems to not only view the National Electronic Health Record, but to contribute to patients' health records, Health Minister Gan Kim Yong said on Wednesday (Mar 16). Speaking at the official opening of Farrer Park Hospital, Mr Gan pointed out that the National Electronic Health Record enables a healthcare provider to check on patients' allergies and care history with other providers before deciding on the course of treatment. He said private hospitals should develop systems and relationships to achieve seamless patient-centred care, coordination and communication between healthcare providers. Mr Gan noted that Farrer Park Hospital has smart systems to enhance connectivity among its users. For example, doctors have ready access to patient information such as diagnostic images and laboratory test results through tablets and mobile devices. The Health Minister said he envisions the private sector to be closely integrated to the national healthcare system and hopes the opening of Farrer Park Hospital will help achieve this vision.
Singapore approves new heart failure drug The Straits Times 15th Mar 2016
A new heart failure drug that is more effective than existing ones in reducing the risk of death and hospitalisation has been approved for use in Singapore. It was passed by the Health Sciences Authority last month, after a successful worldwide trial between 2009 and 2013. Doctors said they believe the drug, called Entresto, represents a significant leap from past heart failure drugs.Adjunct Assistant Professor David Sim, director of the Heart Failure Programme at the National Heart Centre Singapore (NHCS), said: "Even with existing drugs for chronic heart failure, prognosis remains fairly poor. "But this drug reduces both risk of death as well as hospitalisation, so both mortality and morbidity. Some drugs reduce one but not the other, but this one does both." He mentioned. The trial involved 47 countries and 8,442 patients with chronic heart failure and reduced ejection fraction - where the heart muscle does not contract effectively and less oxygen-rich blood is pumped out to the body. NHCS, Khoo Teck Puat Hospital, Tan Tock Seng Hospital and National University Heart Centre took part in this trial, which involved 32 patients from Singapore.
$1.2 million fund at Mount Elizabeth Hospital will provide free cancer treatment for needy The Straits Times 15th Mar 2016
SINGAPORE - Mount Elizabeth Hospital (MEH) has launched a $1.2 million fund that will provide full sponsorship for needy Singaporeans who need cancer treatment. The first phase of the programme, which was launched on Tuesday (March 15) under the hospital's Life Renewed corporate social responsibility initiative, will provide diagnosis, treatment, and/or surgery for up to 120 women with breast cancer over the next two years. The hospital is partnering Parkway Cancer Centre to provide treatment to the beneficiaries, who will be identified with the help of voluntary welfare organisations.
Parliament bans display of tobacco products, including cigarettes, in shops Channel News Asia 14th Mar 2016
SINGAPORE: Stores will be banned from displaying tobacco products, after changes to the Tobacco (Control of Advertisements and Sale) Bill were passed on Monday (Mar 14). The ban will apply to all tobacco products, including cigarettes, cigars, beedies (thin cigarettes wrapped with a leaf), and ang hoon (loose tobacco leaves). Under the new rules, general tobacco retailers will be required to use storage devices to keep tobacco products out of the direct line of sight of customers. With the changes, retailers will have to use a text-only price list to communicate the tobacco products on sale with customers. Retailers will be allowed to publish the price list in each of the four official languages. “Display of the price list is allowed only upon customers’ request, and its appearance will be prescribed by MOH (Ministry of Health),” said Dr Khor. “It should be in text printed on white A4 paper, and contain only the necessary information on the product, such as brand and variant, price and barcode, and stock number. There should be no pictures or logos. We will also control the font size.” Tobacco retailers will be given a one-year grace period before the point-of-sale display ban takes effect, said Dr Khor, adding that the Government has engaged the retailers extensively since 2014.
ICT
TOC Ltd asks MDA to drop demand to return funds to foreign advertiser Channel NewsAsia 24th Mar 2016
The Online Collaborative Ltd (TOC Ltd) has called for the Media Development Authority (MDA) to withdraw its letter of demand for it to return advertising revenue received from a foreign company. In a letter dated Mar 24, TOC Ltd director Howard Lee said that the demand was "unreasonable and unjust", claiming that the foreign advertiser, Monsoons Book Club (MBC), was not a "non-commercial foreign source". Mr Lee also claimed that the funds received by TOC Ltd were for a "bona fide commercial purpose", in which they were used to advertise MBC as a sponsor for an essay competition.
Budget 2016: R&D by firms must continue to grow, say tax consultants Channel NewsAsia 24th Mar 2016
As the Republic works towards a future where economic growth is driven by creating value, research and development (R&D) by firms must continue to grow. Tax consultants have said that they expect this issue to be addressed in Budget 2016, with adjustments to existing schemes to promote innovation. The Government has set aside S$19 billion of funding under the Research Innovation Enterprise 2020 Plan (RIE2020). Amid the push for innovation, R&D investment by firms in Singapore has gone up. Latest statistics from research agency A*STAR showed that private-sector R&D spending hit a high of S$5.2 billion in 2014, up 16 per cent from the year before.
Startup bringing driverless taxi service to Singapore Phys Org 24th Mar 2016
An exciting "driverless race" is underway among tech giants the United States: In recent months, Google, Uber, and Tesla have made headlines for developing self-driving taxis for big cities. But a comparatively small MIT spinout, nuTonomy, has entered the race somewhat under the radar. The startup is developing a fleet of driverless taxis to serve as a more convenient form of public transit while helping reduce greenhouse gas emissions in the densely populated city-state of Singapore.
Singapore-based adtech startup wants to revolutionize multiscreen conversations Singapore Business Review 21st Mar 2016
It secured US$1M funding from angel investors. Singapore-based startup is making a buzz in the broadcast and advertising sector with a promising technology across TV, Radio, Digital Signage, Cinema, Mobile, Web and connected TV. Launched in 2014, EYWAMEDIA, enables broadcasters and advertisers to enable audience consumption patterns, engage them real-time, create a content-ad strategy and finally create attribution, cross targeting and retargeting revenues using multiscreen technology.
3D printing to boost Singapore production The Nation 18th Mar 2016
AT A factory on the fifth floor of Woodlands Spectrum, a sprawling industrial estate in Singapore, 10 machines, each about the size of a large cupboard, hum for hours each day as they churn out fully formed products in metals, plastic, resin, sandstone or wax. Making anything from machinery gears to figurines, the additive manufacturing facility run by Ultra Clean Asia Pacific (UCT), a unit of Nasdaq-listed manufacturing-solutions player Ultra Clean Holdings, is the largest commercial 3D-printing facility in Southeast Asia, and still has capacity to spare despite receiving five to 10 orders per day. Industrial additive manufacturing is set to grow in the future of manufacturing in Singapore, thanks to the versatility, low cost and creative potential of the process, say industry players.
Small start-ups using big data to help consumers crunch information Channel NewsAsia 18th Mar 2016
Big data and analytics is a multi-billion dollar industry that is attracting investors from around the world. In Singapore, it is also the domain of several small start-ups, which see the potential in helping consumers make sense of information. One such start-up is Carro. It said it aims to do more than just match buyers and sellers of second-hand cars. By making better use of the data in its possession, Carro recently launched a tool that generates indicative prices for different cars in real time, as well as the time it may take to sell the car.
Start Singapore : Platform to help cut logistics costs The Straits Times 17th Mar 2016
Firms in a range of sectors, including semiconductors, energy and automotive, could shave 30 per cent off their logistics costs by using a high-tech platform called Cargobase. Founder Wiebe Helder said the savings come from ad hoc freight, which refers to shipments that are unscheduled or have no pre-agreed rates. Ad hoc freight usually accounts for only a small percentage of total logistics volume in companies, but can make up for a larger percentage of actual freight costs, he added. Mr Helder said the challenge for logistics executives is that they use e-mail, fax or phone to check pricing for ad hoc freight. Cargobase provides a solution that optimises ad hoc freight management for different modes of transport.
Singapore: EY boosts advisory capabilities with digitally-oriented centres, MAS to grow fund sector Deal Street Asia 17th Mar 2016
Professional services firm EY has launched four Centers of Excellence to provide services in digital business transformation strategy, cyber security, analytics and manufacturing to companies in the Asia-Pacific region. Announced at an EY forum, “Mega trends for 2016 and beyond: analytics, cyber security and productivity,” the four centers – the Asia-Pacific Advisory Center; Asia-Pacific Center of Excellence for Analytics; Asia-Pacific Center of Excellence for Cyber Security; and Asia-Pacific Center of Excellence for Manufacturing – represent a multi-million dollar, multi-year investment in Singapore by EY.
Cloud, free storage fuel data hoarding among Singapore firms ZD Net 16th Mar 2016
Only 9 percent of data in the average Singapore organisation is identified as business critical, or clean data, while 38 percent is deemed to be redundant, obsolete, or trivial (ROT). Compared to the global average of 15 percent, Singapore companies had a lower clean data percentage, and their ROT data was worse than the global average of 33 percent, according to Veritas Technologies' Global Databerg Report. Businesses in the city-state also had more "dark data", at 53 percent, compared to the global average of 52 percent, revealed the report, which surveyed more than 2,500 IT professionals across 22 countries, including Singapore, Japan, Australia, and China. Veritas defined ROT data as information with little or no business value to the organisation, while dark data encompassed information which value had yet to be identified and could carry business critical data or otherwise.
New programme will increase efficiency of retail deliveries: IDA Channel NewsAsia 15th Mar 2016
Logistics companies who make deliveries to two malls in Singapore can look forward to reduced truck congestion and lower operating costs under a new initiative by the Infocomm Development Authority of Singapore (IDA), SPRING Singapore and CapitaLand Mall Trust (CMT). The three parties signed an agreement on Tuesday (Mar 15) to pilot the In-Mall Distribution (IMD) programme at Bedok Mall and Tampines Mall, in a ceremony witnessed by Communications and Information Minister Dr Yaacob Ibrahim.
Innovative features launched at temporary Woodlands bus interchange Channel NewsAsia 12th Mar 2016
Commuters in Woodlands can look forward to a series of innovative features rolled out at the temporary bus interchange, which opened on Saturday (Mar 12). These include closed-circuit televisions (CCTVs) placed above queue berths to alert interchange operators when crowd numbers exceed 12 metres – or about 70 passengers – at the berths. Based on the information, operators can then deploy double-decker buses or increase the frequency of bus arrivals to ease the crowd.
Singapore Budget 2016: What’s in store for startups Digital News Asia 24th Mar 2016
Innovation and enterprise were some of the keywords in Singapore’s finance minister Heng Swee Keat’s speech during the 2016 Budget announcement today. A big part of the speech focused on the need for Singaporean businesses to grow, embrace modern technology, and grow beyond the country’s borders.
EY opens four new regional centres in Singapore Digital News Asia 21st Mar 2016
EY (formerly Ernst & Young) has launched four Centres of Excellence (CoEs) to provide digital business transformation strategy, cybersecurity, analytics and manufacturing services to companies in the Asia Pacific region. The four centres are the Asia Pacific Advisory Centre; Asia Pacific Centre of Excellence for Analytics; Asia Pacific Centre of Excellence for Cybersecurity; and Asia Pacific Centre of Excellence for Manufacturing. They represent EY’s commitment to a multimillion-dollar, multi-year investment in Singapore, the company said in a statement, without disclosing figures.
Tech replaces men in blue at Neighbourhood Police Posts Channel NewsAsia 21st Mar 2016
To free up police officers from their desk-bound duties, more Neighbourhood Police Posts (NPPs) have undergone a revamp over the past two years to become fully automated, providing around-the-clock access to residents. The police told TODAY there are now nine redesigned NPPs that provide self-service features, such as an e-kiosk with a touchscreen terminal to allow members of the public to report a crime and apply for police documents, among other things. This is up from the initial three fully automated NPPs in West Coast, Radin Mas and Marsiling, which were announced as a six-month pilot in December 2013. There are currently 62 NPPs islandwide.
New scheme for mediation in IP disputes funds up to S$5,500 per case Channel NewsAsia 21st Mar 2016
A new scheme will offer parties who opt for mediation to resolve intellectual property (IP) disputes with funding of up to S$5,500 per case, the Intellectual Property Office of Singapore (IPOS) announced on Monday (Mar 21). The IP Mediation Promotion Scheme, which starts on Apr 1, is designed to help businesses and entrepreneurs leverage the strengths of mediation in achieving "customised, win-win solutions", IPOS said. IPOS estimated that close to 30 IP disputes will benefit from the scheme over the next three years, adding that nearly 100 per cent of businesses and lawyers reported high levels of satisfaction from mediation in a State Courts survey.
Infrastructure
Smart Nation, AEC to give logistics industry a boost: Analysts Channel NewsAsia 21st Mar 2016
The logistics industry is set to expand at a faster pace, with the setting up of the ASEAN Economic Community (AEC) and Singapore's push towards a Smart Nation, according to industry watchers. They added that the country's geographical position makes it a key gateway into Southeast Asia. For example, Singapore’s leading homegrown e-commerce logistics company SingPost is using technology and analytics to revolutionise parcel delivery in the domestic market. With the “Pick Own Parcel Stations" (POPStations), customers can collect their parcels at their own time.
Manufacturing
Singapore''s Industrial Production Falls Again in February Nasdaq 24th Mar 2016
Singapore's industrial production suffered a larger-than-expected decline February as output of both electronics and non-electronics goods fell. Industrial production was down 4.7% year-over-year in February, compared with a median 2.3% decline forecast from a poll of five analysts by The Wall Street Journal. Data released Thursday by the Singapore Economic Development Board showed that industrial production rose 0.1% on-year in January, compared with an initial estimate for a 0.5% fall reported last month. Read more: http://www.nasdaq.com/article/singapores-industrial-production-falls-aga...
Industry practices need to change to benefit from advanced pre-fab techniques: Experts Channel NewsAsia 21st Mar 2016
Pre-fabrication techniques have become more commonplace, as Singapore steps up efforts to boost productivity in the construction sector. However, to fully benefit from the use of advanced pre-fab techniques, several industry practices need to change, according to industry players. Local contractor Tiong Seng began using pre-fabricated components in the 1990s. It is now exploring more advanced methods, such as Pre-fabricated Prefinished Volumetric Construction (PPVC). This method involves building whole rooms on a factory site, before transporting them on-site where they can be put together like Lego bricks.
Manufacturing to get boost from 3D printing The Straits Times 17th Mar 2016
At a factory on the fifth floor of Woodlands Spectrum, a sprawling industrial estate, 10 machines, each about the size of a large cupboard, hum for hours each day as they churn out fully-formed products in metals, plastic, resin, sandstone or wax. Making anything from machinery gears to figurines, the additive manufacturing facility run by Ultra Clean Asia Pacific (UCT), a unit of Nasdaq-listed manufacturing solutions player Ultra Clean Holdings, is the largest commercial 3D-printing facility in South-east Asia, and still has capacity to spare despite receiving five to 10 orders per day.
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