| Regional Affairs
Singapore to match Malaysia's road charge The Star Online 1st Nov 2016
Singapore will match "in some form", Malaysia's road charge (RC) of RM20 at the two land entry points to Johor – the Causeway and the Second Link – that came into effect Tuesday, Channel News Asia reported. Quoting a statement from Singapore's transport ministry, the report said Malaysia's road charge was "discriminatory against Singapore-registered vehicles as it is only applied at the Singapore checkpoints".
Singapore says may retaliate if VEP ‘discriminatory’ Malay Mail Online 28th Oct 2016
Singapore may retaliate with an entry charge for Malaysian vehicles similar to the VEP fee if it finds that Singaporean vehicles have been discriminated. — Today picKUALA LUMPUR, Oct 28 — Singapore’s Transport Ministry today said it could hit Malaysian vehicles with an entry charge similar to the one Putrajaya will enforce beginning November 1, if it finds the fee to discriminate against Singaporean vehicles. “We note that Malaysia plans to implement a Road Charge of RM20 at the Causeway and Second Link checkpoints from 1 November. “If it discriminates against Singapore-registered vehicles, we will match it in some form,” the ministry was quoted as saying by The Straits Times. Malaysia today confirmed that it will begin charging the long-delayed vehicle entry permit (VEP) fee of RM20 on foreign vehicles entering via the Causeway and Second Link in Johor.
Foreign Affairs Minister Vivian Balakrishnan calls on Vietnam PM Channel NewsAsia 26th Oct 2016
Foreign Affairs Minister Vivian Balakrishnan called on Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi and reaffirmed "excellent" bilateral relations between the two countries, Singapore’s Ministry of Foreign Affairs (MFA) said on Wednesday (Oct 26). Dr Balakrishnan and Mr Phuc noted the regular high-level political exchanges between the two countries, underpinned by strong economic links, growing tourism flows and warm people-to-people relations, MFA said. The ministry added that Mr Phuc said he looked forward to building on this strong foundation and highlighted Vietnam's commitment to continue providing a conducive environment for Singapore investors. Dr Balakrishnan and Mr Phuc also welcomed continued exchanges between the two countries at the Government, parliamentary and people-to-people levels. On the second day of his introductory visit to Vietnam, Dr Balakrishnan also called on President of the Vietnam Fatherland Front (VFF) Central Committee Nguyen Thien Nhan. They underscored the growing friendship between VFF and the People's Association (PA) and exchanged ideas on harnessing new technologies to improve Government services and engage citizens, MFA said. Dr Balakrishnan was also hosted to lunch by his Vietnamese counterpart Pham Binh Minh, who is also Deputy Prime Minister. They discussed ways to further expand the growing ties across areas of a bilateral strategic partnership such as trade and investment, aviation, education and training, security, and defence, MFA said. It added that both leaders also exchanged views on regional developments and stressed the importance of ASEAN centrality and unity. After the meeting, they signed a renewed Agreement on the Study Visit Programme and Executive Education Programme for Senior Communist Party of Vietnam Officials from 2017 to 2019. On Tuesday, Dr Balakrishnan met with chairman of the CPV Commission for External Relations Hoang Binh Quan and discussed common challenges faced by Singapore and Vietnam. He also attended a reception for Singaporeans in Hanoi.
National Affairs
Transformation plan launched for training and adult education sector Channel NewsAsia 3rd Nov 2016
As more workers seek to update their skills, SkillsFuture Singapore (SSG) – the statutory board tasked to coordinate and promote lifelong learning – is looking to improve standards in the training and adult education (TAE) industry. A transformation plan for the sector was launched on Thursday (Nov 3) targeting three areas: Changing business models, strengthening technological infrastructure and building manpower. Speaking at the Adult Learning Symposium, Education Minister (Higher Education and Skills) Ong Ye Kung said: “As TAE providers, you will have to rethink your own business models. Many of you know that businesses and individuals are now looking for more than trainers or subject matter experts. Aside from existing measures which TAE providers can tap on, the plan called on providers to review their current business strategies and operating models against the skills and manpower needs of the industries they serve. A Training Exchange platform will be set up by the end of 2017 to publish training outcomes and quality indicators of individual providers who receive direct funding.
Labour movement to intensify efforts to help unemployed find jobs of future Channel NewsAsia 1st Nov 2016
SINGAPORE: From January 2017, Singapore's labour movement will kickstart a new initiative to help the unemployed find jobs, it said on Tuesday (Nov 1). The initiative will involve the development and rollout of skills and training courses that are specially focused on helping Singaporeans take on the jobs of tomorrow, said National Trades Union Congress (NTUC) assistant secretary-general Patrick Tay. It will aim to complement existing efforts by the Government to equip people with the necessary abilities to fill these positions. Tapping on its extensive network with companies and Government agencies, NTUC will gather data from the ground on emerging job opportunities.
Revised anti-competition guidelines to kick in on Dec 1 Channel NewsAsia 1st Nov 2016
SINGAPORE: The Competition Commission of Singapore (CCS) has revised its anti-competition guidelines for the first time since issuing them in 2007, it announced on Tuesday (Nov 1). The revised guidelines, which were made after a public consultation, take into account international best practices. They will make it easier for businesses, consumers and other stakeholders to understand how CCS will administer and enforce the Competition Act, the competition watchdog said in a press release. One of the key amendments is that financial penalties will be calculated based on the turnover for the financial year before the last date of the offences rather than using the turnover for financial year preceding the date of CCS’ decisions.
Ng Chee Meng, Ong Ye Kung promoted to full ministers TODAYonline 28th Oct 2016
Mr Ng Chee Meng and Mr Ong Ye Kung will be promoted to full ministers with effect from Nov 1. They will continue with their existing portfolios: Mr Ng will be Minister for Education (Schools) and 2nd Minister in the Ministry of Transport. Mr Ong will be Minister for Education (Higher Education and Skills) and 2nd Minister in the Ministry of Defence. At the MOE, Mr Ng will be responsible for pre‐school education, special education, general education (Primary, Secondary, Junior Colleges/Centralised Institutes). Mr Ong will be responsible for Institute of Technical Education, polytechnics, universities, private education institutions, continuing education and training, skills upgrading and workforce training.
Singapore ranked ninth globally in a rule of law index Singapore Business Review 21st Oct 2016
Singapore clinched the ninth spot globally in a rule of law index for two years in a row. The report released by US-based advocacy group World Justice Project (WJP) evaluated countries through 44 indicators across eight primary rule of law factors - constraints on government powers, absence of corruption, open government, fundamental rights, order and security, regulatory enforcement, civil justice and criminal justice. The study found Singapore topping two of the eight categories. They are in terms of order and security, and regulatory enforcement, which are attributable to the city's low crime rate and respect for due process. It came next to Denmark in terms of the absence of corruption. Overall, the top three performers were Denmark, Norway, and Finland. Compared with peers in East Asia and Pacific, Singapore is second to New Zealand. Australia only came in third. Singapore ranked low amongst 36 high-income countries under open government and fundamental rights categories. It took the 23rd and 31st spots, respectively.
Customs
SingPost opens logistics hub in Tampines to grow its regional e-commerce business The Straits Times 1st Nov 2016
Singapore Post has launched a regional e-commerce logistics hub at Tampines Logistics Park. The S$182 million facility is SingPost's largest e-commerce logistics investment in Singapore to date. The three-storey facility has two warehousing floors, 150 simultaneous loading bays as well as an office block. The ground floor of the building houses a fully automated parcel sorting facility with a capacity of up to 100,000 parcels a day, and end-to-end sorting, shipping and returns management capabilities that enable quicker order fulfilment.
Big changes for Aus-Singapore FTA | What forwarders and customs brokers need to know gadens 27th Oct 2016
Many readers would be aware that Australia has a number of Free Trade Agreements (FTAs) with Singapore of different types including the proposed Trans Pacific Partnership Agreement (TPPA) and the Australia-New Zealand Free Trade Agreement with ASEAN (AANZFTA). However, probably the most visible FTA with Singapore is the Singapore-Australia (SAFTA), which is our second-oldest FTA and the first of the modern FTAs entered into after ANZCERTA.
Defense & Security
SAF looks to artificial intelligence to gain punch TODAYonline 2nd Nov 2016
SINGAPORE — Beyond unmanned systems and robotics, the Ministry of Defence (Mindef) is exploring the use of artificial intelligence (AI) to combat future threats — a move that will “radically change the way that the Singapore Armed Forces fight, using less manpower and still delivering the same or even more combat power”, in the words of the ministry’s Permanent Secretary (Defence Development) Ng Chee Khern. For example, Mindef is exploring how to integrate AI-infused autonomous unmanned systems with those that are manned by its soldiers. “The SAF is expected to face a reduction in the number of national servicemen, given Singapore’s low birth rate,”
Mr Ng said. “As a result, we have to leverage even more on technology to tackle these challenges. The next generation of the SAF must be leaner, more versatile and more potent to overcome these constraints, and still be equipped to deal with future threats.”
Singapore Airshow 2016 generates $329m for the economy: study Singapore Business Review 21st Oct 2016
This year's airshow closed its curtains with a significant contribution to the Singapore economy as it welcomed over 130,000 trade visitors and more than 1,000 participating companies from across the globe. According to a study by Kadence International, Singapore Airshow 2016 reaped nearly $329m from flights and accommodation, rentals and set-up of exhibition spaces, transportation, client entertainment, food and drink, leisure activities, and shopping. This year's airshow happened late February this year, spanning six days from the 16th to 21st. The study revealed that personal spending including expenditure on leisure and shopping activities by all foreign visitors grew 13.3% to $94.m. Meanwhile, overall personal spending all local and foreign visitors spiked up 12.4% to $111.m. According to Experia Events Managing Director Leck Chet Lam, the airshow offers immense potential for global and regional companies to establish business relationships within the region. More so, the study showed that spending on leisure activities by exhibitors and trade attendees this year increased by 22% and 67% respectively, while trade attendees also spent 11% more on shopping when compared to 2014.
Economics
Manpower minister sounds alarm on Singapore's cost competitiveness Singapore Business Review 2nd Nov 2016
The city-state's competitiveness in offering products and services could soon erode, Manpower Minister Lim Swee Say warned. In a speech at SPF Productivity Conference and Exhibition 2016, the minister stated that Singapore needs to improve its productivity for the economy to grow more healthily. He argued that if the country's productivity gains continue to lag behind wage growth, its competitiveness will progressively be eroded. The minister said in the past five years, GDP growth has dropped from an average of 4% between 2011 to 2014, to 2% in 2015, and less than 2% this year. He cited two reasons for this low growth. "First, cyclical slowdown in the global economy has dampened demand for our products and services in the short term. Second, structural transition in our local workforce will redefine our growth capacity in the long term," he pronounced. "The only workable and sustainable solution is to up our productivity gain," he said. "With better education and skill profiles, those entering every year are looking for jobs that are different from those vacated by those who have left the workforce." He furthered, "What this means is that economic transformation is important - not just because they will bring about higher productivity for the economy to grow more healthily - but because they will bring about better jobs and better wages for our people to grow better in their careers.
Singapore records zero growth in online hiring for September
TODAYonline 1st Nov 2016
People working in the human resources (HR), finance or banking sectors will find it hardest to find a new job, with overall online hiring coming to a standstill in September.
The latest Monster Employment Index (MEI) showed that online hiring activity in Singapore has stalled, with zero per cent growth in activity in September – the second consecutive month of no growth in online hiring.
HR and admin job groups are the worst hit, with online job listings recording a drop of 12 per cent year-over-year in September.
As an industry sector, the Banking, Financial Services and Insurance (BFSI) sector saw the steepest decline, dropping 11 per cent year-on-year. This is even lower than the 5 per cent drop year-on-year reported in August this year.
Flailing export dampens GDP growth outlook Singapore Business Review 1st Nov 2016
The relatively steady, but mediocre growth in external demand, is likely to continue over the near term, the Monetary Authority of Singapore (MAS) said in their biannual macroeconomic review. "In particular, uneven global demand has been accompanied by a downshift in the relationship between trade and income, reflecting compositional changes in final expenditure of industrialised countries and ongoing restructuring of global value chains. The resulting weakness in global trade has clearly impacted Singapore, given its high trade dependency," the central bank said. MAS explained that this has been further compounded by the exposure of the economy to particular underperforming sectors, such as semiconductors and transport services. The confluence of these factors and the associated product price declines have led to heightened pressure on firms’ profit margins. The accompanying consolidation within pockets of trade-related industries will further weigh on the economy in the quarters ahead, and consequently, growth will largely be underpinned by activity in the modern services and domestic-oriented sectors. On balance, GDP growth is projected to come in at the lower end of the 1–2% forecast range in 2016, and only slightly higher in 2017.
S’pore not in crisis, long-term strategy for structural problem in place: PM Lee TODAYonline 1st Nov 2016
Soothing anxieties over the slowing economy and job market, Prime Minister Lee Hsien Loong said Singapore is “not in a crisis” but the structural problem it has to overcome has no quick fix but requires a long-term strategy that has been set in motion. Mr Lee was speaking to unionists in a dialogue arranged by the National Trades Union Congress on Tuesday (Nov 1), where he gave reassurances about Singapore’s economic situation and outlook – the second time in just over a week he has done so. While the economy is expected to register growth of 1 per cent to 2 per cent this year, this was due to weak external demand, he said.
Economists lower growth forecasts for Singapore amid dimming outlook Channel NewsAsia 1st Nov 2016
Following surprisingly downbeat growth figures in the third quarter, a number of economists have cut back their expectations for Singapore’s economy, with DBS being the latest to do so. In a report released on Tuesday (Nov 1), Mr Irvin Seah, a senior economist at DBS Bank, wrote that he now expects the city-state to log economic growth of 1.2 per cent this year, down from a previous forecast of 1.5 per cent. For 2017, Singapore’s gross domestic product (GDP) will likely expand 1.3 per cent, given that the sequential decline in the latest GDP figures has lowered the growth trajectory, wrote Mr Seah. This is another marked downgrade from the economist’s long-standing forecast of 1.9 per cent.
Singapore GDP to overtake Hong Kong by 2025 Singapore Business Review 31st Oct 2016
Asia's economy will continue to play an increasingly important role over the next decade as its share of global GDP rises from 33% in 2015 to 38% by 2025 according to BMI. This will be led in part by strong growth in emerging and frontier markets such as India, Indonesia, the Philippines, Vietnam and Bangladesh. While financial hubs such as Hong Kong and Singapore will see their share of regional GDP shrink on the back of their lower growth rates, they will nonetheless remain important markets given their high levels of GDP per capita. With many emerging and frontier markets growing rapidly in size, some of the more developed but slower-growing economies will fall in terms of their relative size. Financial hubs such as Hong Kong and Singapore will both move downwards, with Singapore falling two places to become the 14th largest economy in the region and Hong Kong falling a further, by six places, to be the 15th largest economy. "Importantly, our forecasts show that Singapore will grow to become larger than Hong Kong by 2020. Despite their decline in relative size over the coming years, at approximately USD500b in 2025, their economies will offer substantial opportunities for investors and will continue to boast some of the highest levels of GDP per capita in the region," BMI said.
Singapore Tops Asia by Productivity Ahead of Hong Kong: Chart Bloomberg 30th Oct 2016
Singapore’s push for automation is keeping it atop the list of Asia’s most-productive nations. The city is planning self-driving taxis and face-reading payment systems for rail commuters as it grapples with a rapidly aging population, falling fertility rates and a slump in economic growth. Brokerage CLSA Ltd ranked productivity in Singapore ahead of Australia, Taiwan and Hong Kong.
Singapore private home prices fall steeper 1.5% in Q3 as sales drop 12%: URA The Straits Times 28th Oct 2016
Overall private home prices in Singapore fell 1.5 per cent in the third quarter from the second quarter, according to data from the Urban Redevelopment Authority released on Friday (Oct 28). This is the 12th straight quarter of price decline following a slew of property cooling measures that have crimped demand for private homes and put a lid on prices. Third quarter's price drop was markedly higher than the 0.4 per cent dip in the previous quarter. It was unchanged from flash estimate released by URA earlier this month. Sales of new private homes (excluding ECs) fell 12 per cent in the third quarter to 1,981 units from 2,256 units in the second quarter. Rentals of private homes also saw a steeper drop of 1.2 per cent in the July-September period, compared to the 0.6 per cent decline in the previous quarter, URA's data showed.
Surprise biomedical boom sees Sep GDP climb 3.3 % Singapore Business Review 26th Oct 2016
According to Citibank, despite the large upside surprise in Sep IP, we would be cautious to call this a turnaround in growth, considering that the uptick was largely driven by volatile biomed, which has little backward linkage to the rest of the economy. "Today’s data would imply a 1.3%YoY expansion in 3Q manufacturing GDP, versus an expected contraction of 1.1% in the Advanced Estimates. All else being equal, this would lead to a smaller 3Q GDP contraction of 2.5%QoQ SAAR (1.0%YoY, vs. AE: -4.1%QoQ SAAR, 0.6%YoY), although we remain wary of pressures for downward revisions in transport and storage and re-exports. We suspect the higher biomed-driven uptick in 3Q IP probably contributed to MAS’s bullish implied GDP forecasts of 1.2-1.3%YoY in 2016 and 1.8% in 2017. Folding in today’s numbers, these implicit forecasts would imply a smaller 4Q16 GDP rebound of 1.2-3.9%QoQ SAAR (vs at least 4.5% previously) and an average quarterly growth of 2.2-2.6%QoQ SAAR in 2017." Citi noted that while a 4Q jump is possible on a technical rebound from depressed levels, the implicit forecast for 2017 remains relatively bullish given the soft macro backdrop.
Singapore loses mantle as world's easiest place to do business: World Bank Singapore Business Review 26th Oct 2016
Singapore has conceded its number-one ranking to New Zealand on ease of doing business despite numerous efforts, World Bank study found. In the annual 'Doing Business' report, Singapore was pushed out of its decade-long place at the top with an overall score of 85.05. New Zealand meanwhile gained a higher 87.01 attributable to its steps undertaken to remove the cheque levy, which made paying taxes easier. Rounding up the top 10 in the list are Denmark, Hong Kong, Korea, Norway, United Kingdom, United States, Sweden and Macedonia. The countries were ranked based on 11 sets of indicators such as the ease of starting a business, dealing with construction permits, accessing electricity and obtaining credit. For the first time, the Washington-based development lender took gender factors into consideration in assessing how easy it is to start a business, register property and enforce contracts.
Singapore sees longest deflation stretch since 1977 Singapore Business Review 25th Oct 2016
There is now a significant ray of hope for Singapore's consumer prices as the index (CPI) posted its smallest fall after being stuck in the doldrums for 23 months now. According to the latest data by the Monetary Authority of Singapore and Ministry of Trade and Industry, overall consumer prices fell 0.2% in September, its tiniest contraction since December 2014. This marked the longest stretch of negative inflation seen in the city-state since 1977. According to MAS and MTI, CPI inflation has troughed with the latest readings, and is projected to pick up 0.5% to 1.5% next year, from around 0.5% in the contraction zone for 2016. This projected growth in consumer prices will most likely be due to the rise in private road transport cost. "The cost of private road transport is projected to rise in 2017, largely as a result of the expiry of the road tax rebate for petrol vehicles," the two said in a statement. Meanwhile, MAS Core Inflation moderated to 0.9% in September from 1.0% in August, largely on account of lower services inflation, which more than offset the stronger pickup in food prices. It is expected to average around 1% in 2016 before rising to 1% to 2% next year. This would come as energy related components begin to contribute positively to inflation and temporary disinflationary effects from budgetary measures fade. "However, the increase in core inflation will be gradual, given the absence of more generalised demand-induced price pressures," the institution said
Energy
Singapore to Launch World's Largest Floating Solar Panels iTech Post 28th Oct 2016
The Singaporean authorities are pilot testing 10 different solar panel system and they will evaluate which one will be used in making the largest solar panel island to generate clean energy for the country.The pilot testing will focus on the energy efficiency of the panels as it is above water and the presence of the panels will reduce water evaporation and if this happens, the water might just cool down the panels reducing the efficiency of the panels to gather solar energy. They are also considering the possible environmental impact that it may cause to the organism living under the panels. The Solar Energy Research Institute of Singapore will help in the evaluation of the different systems being used in the floating solar panels. The institute will work together with Singapore's Economic Development Board and Public Utilities Board who are the main agency behind the forthcoming project.
Singapore tests alternative energy investments costing over S$30m TODAYonline 28th Oct 2016
Frequent users of the Tuas Checkpoint may have noticed something unusual going on at Tengeh Reservoir recently – rows and rows of floating solar panels. Singapore now hosts the world’s largest floating solar test-bed atop a hectare of waters at Tengeh Reservoir, and it will be feeding energy from the sun to the national power grid from as soon as December. Over at Semakau Island, an area the size of eight soccer fields had been cleared to make way for a microgrid system that can consolidate power generated from multiple renewable energy sources – solar, wind, tidal, diesel, and power-to-gas technologies – to power the island’s operations.
Solar energy is a necessity TODAYonline 28th Oct 2016
The government-led SolarNova project to have 350 megawatt peak of solar power by 2020 is a great way to reduce our carbon emissions (“Govt to ramp up use of solar panels islandwide”; Oct 17). Technology has come a long way over the centuries, and energy is required more than ever. Clean energy is now needed to bring down carbon emissions. The prices of solar panels have been dropping owing to more plants being built and breakthroughs in the technology in recent years. The increased efficiency means that we can gain more energy with the same number of panels. However, efficiency also depends on the panels not being blocked by shade. Installing them on lower ground would not be efficient.
NTU Singapore to build an offshore integrated system of renewable energy sources EurekAlert! 28th Oct 2016
Nanyang Technological University (NTU Singapore) is building an offshore system that will integrate multiple renewable energy sources such as solar, wind, tidal, diesel, and power-to-gas technologies. The region's first large-scale offshore power grid system, it will have four hybrid microgrids, occupying over 64,000 sq metres of land or roughly about eight soccer fields. The system will be built at Semakau Landfill which is managed by the National Environment Agency (NEA). It will have over 3,000 sq. metres of photovoltaic (PV) panels, including energy storage systems that are already in operation. The deployment of the first hybrid microgrid was announced today by Mr Masagos Zulkifli, Minister for the Environment and Water Resources at the Asia Clean Energy Summit (ACES) held at the Sands Expo and Convention Centre, Marina Bay Sands.
Harnessing energy from the sun, wind and tides on offshore Semakau Landfill The Straits Times 25th Oct 2016
Harnessing energy from the sun, wind or tides for conversion into electricity is already possible. But making them work together in an integrated system disconnected from a main power grid used to be just a theory - until now. Scientists from the Nanyang Technological University (NTU) are building the region's first large-scale, offshore power grid system on Semakau Landfill, taking up about 64,000 sq m of land, roughly the size of about eight soccer fields. Called the Renewable Energy Integration Demonstrator-Singapore (Reids), it will combine renewable power from the sun, wind and sea, as well as diesel, storage and power-to-gas technologies, to ensure these energy sources operate well together.
Singapore underlines energy hub status by joining key oil group CNBC 24th Oct 2016
With reductions in the price of solar energy and increased government support, renewables are becoming a larger part of the energy mix, says IEA's Fatih Birol. Singapore has joined the influential International Energy Agency (IEA) as an association country, upping the city-state's focus on energy security. A joint statement, released at the opening of Singapore's International Energy Week (SIEW) conference, noted that the city-state had become an energy hub for Southeast Asia, which was expected to see energy demand rise by 80 percent by 2040 amid strong population and economic growth. "This initiative will help build a more inclusive global energy architecture and is especially important as Asia grows in importance in the global economy and energy landscape,"
Singapore Govt. to release an energy usage monitoring app by early 2018 The Tech Portal 24th Oct 2016
Singapore’s Energy Market Authority, national water agency Public Utilities Board and Singapore Power, on Monday, jointly issued a Call for Proposals (CFP) to develop technical solutions for a smart metering trial. The CPF invites prospective firms to develop and trial smart solutions for remotely reading all three meters reliably and cost-effectively. This move will provide more timely usage data to consumers to help them better manage their utility consumption. Singapore’s Minister for Trade and Industry S Iswaran announced the initiative at opening ceremony of the ninth Singapore International Energy Week. It will enable the households to track the usage of water, electricity and gas through a mobile application to enhance consumers’ awareness of their consumption patterns.The trial of the smart technologies will begin in early 2018.
New R&D centre hopes to give ailing marine and offshore engineering sector a lift Channel NewsAsia 31st Oct 2016
A centre aimed at sustaining Singapore's leadership position in the marine and offshore engineering sector was launched on Monday (Oct 31) by the Agency for Science, Technology and Research (A*STAR) and the National University of Singapore (NUS). The Technology Centre for Offshore and Marine Singapore (TCOMS), a joint venture between A*STAR and NUS, hopes to provide state-of-the-art research and development (R&D) facilities for the industry. One of these facilities will be the Deepwater Ocean Basin, which is currently being constructed in NUS and is expected to be completed in 2019. This facility will be able to simulate harsh ocean environments and facilitate the development of concepts such as intelligent floating platforms and subsea systems, they said. Speaking at the launch of TCOMS, Minister for Trade and Industry (Industry) S Iswaran acknowledged that the launch comes at a time when the marine and offshore engineering sector is facing headwinds. However, he added: "We cannot hold back this restructuring, both to cope with the downturn and to prepare for future opportunities. Yet it is also essential that, in this transition process, the industry does not lose key capabilities that have been developed over the years, and can be built upon for future growth.
Singapore mulls second LNG terminal Singapore Business Review 28th Oct 2016
And a fourth storage tank at the Jurong Island terminal will be finished in 2018. Singapore is boosting efforts to establish itself as Asia's liquefied natural gas (LNG) trading hub, looking at third party spot imports and a second LNG terminal, while LNG bunkering services will start next year. The city state, already one of the world's leading oil trading centres, is vying with Tokyo and Shanghai to become Asia's main pricing hub for the emerging LNG market as the fuel moves away from being traded almost exclusively through long-term contracts. "These developments will increase the vibrancy of the Singapore gas market, and grow its regional footprint," trade and industry minister S. Iswaran said at the opening of the Gas Asia Summit.
Consolidating solar, wind and tidal energy on Semakau Landfill Channel NewsAsia 25th Oct 2016
The region’s first large-scale offshore power grid system is being built on Semakau Landfill, consolidating power generated from multiple renewable energy sources – solar, wind and tidal – as well as diesel and power-to-gas technologies, to ensure that these energy sources work well together. The deployment of the offshore system’s first hybrid microgrid was announced on Tuesday (Oct 25) by Environment and Water Resources Minister Masagos Zulkifli at the Asia Clean Energy Summit held at the Sands Expo and Convention Centre. The power grid system, which will have four hybrid microgrids occupying over 64,000 sq metres of land or about eight football fields, is being built by scientists from the Nanyang Technological University (NTU). Once all four microgrids are built by the end of 2017, they are expected to produce enough energy to power the equivalent of 250 four-room HDB flats for a year, NTU said. Fish hatcheries and nurseries at Semakau Landfill will be among the first to be powered. Singapore is taking the lead in developing renewable energy solutions in Southeast Asia. “The deployment of this first hybrid microgrid is a big leap towards low-carbon electricity production for the nation and the region,” said NTU Chief of Staff and Vice-President (Research) Prof Lam Khin. Such a hybrid microgrid system could be used to provide electricity on islands, remote villages, or in emergency situations, said NTU.
Financial Services
Singapore banks' profitability under pressure: Moody's Singapore Business Review 3rd Nov 2016
Moody's Investors Service says that the profitability of the three largest banks in Singapore by assets is under pressure, as seen by their Q3 2016 financial results. The three banks are: DBS Bank, Oversea-Chinese Banking Corporation Limited, and United Overseas Bank Limited. "The Q3 results for DBS, OCBC and UOB show a further weakening in the banks' asset quality and profitability, because of the persistent challenges that they face in relation to their oil and gas exposures," says Eugene Tarzimanov, a Moody's Vice President and Senior Credit Officer. The deterioration was in line with Moody's expectations, as reflected in the negative outlook assigned to the banks' ratings at end-March 2016. "The NPL ratios of all three banks climbed to new highs at end-September 2016," says Simon Chen, a Moody's Vice President and Senior Analyst. "The NPL increases were driven mainly by the banks' loans to oil and gas service companies; a segment within the oil and gas industry that has been the most severely impacted by low oil prices." Moody's expects that asset quality challenges posed by the troubled oil and gas service companies will persist over the next few quarters, contributing to a further weakening in the banks' asset quality. Moody's report notes that despite the headwinds that the banks face, all three show robust loss absorption buffers. In particular, during Q3 2016, the banks recorded higher fully-loaded common equity Tier 1 ratios, driven mainly by retained earnings and slow balance sheet growth.
Singapore banks remain healthy despite bad loans: Fitch Singapore Business Review 2nd Nov 2016
Fitch Ratings believes the credit profiles of Singapore's three local banks will remain strong, characterised by healthy funding and liquidity profiles and strong capitalisation, despite 3Q16 results that showed continued - though modest - decline in asset quality due to their exposure to the troubled oil & gas sector. "We believe these three banks - DBS Group Holdings, United Overseas Bank Limited and Oversea-Chinese Banking Corp, have strong loss-absorption buffers to weather global macroeconomic headwinds, given their strong capital buffers, sound lending practices and adequate profitability," said Fitch. These factors support Singapore banks' 'AA-' ratings.
To be a FinTech hub, Singapore needs RegTech TODAYonline 1st Nov 2016
Singapore is working hard to develop its financial technology (FinTech) industry and results are beginning to show. In a recent report by Deloitte, Singapore was tied with London as the top FinTech hub in the world. Both cities attained a score of 10 on the index — the best score among financial centres ranked. The score is an aggregate of a city’s position on three business indices, the Global Financial Centre Index, Doing Business 2016 and Global Innovation Index, with a lower score associated with an environment more conducive to the growth of FinTech.
Singapore: Insurers urged to develop solutions for cyber and emerging risks Asia Insurance Review 28th Oct 2016
The insurance industry has been called upon to develop insurance solutions for new and emerging risks, including cyber attacks. The sector must also keep pace with emerging technology such as autonomous vehicles, said National Development Minister and Second Finance Minister Lawrence Wong at the 50th anniversary of the General Insurance Association (GIA) earlier this week. He pointed out that shifts to higher-end manufacturing and services increase risks that include reputational, environmental, cyber and supply chain interruptions. For example, the widespread use of digital and mobile applications have exponentially driven up the risk and cost of cyberattacks against businesses and consumers.
1 in 4 Singaporeans now use a digital wallet Singapore Business Review 27th Oct 2016
More than one-fourth (26%) of cardholders now use mobile digital wallet technology such as Apple Pay, Android Pay, Google Wallet or Samsung Pay, which was launched earlier this year. Early adopters of this technology—nearly half of whom use Apple Pay—indicate greater satisfaction with their card issuer and have higher spend on their credit card. The average satisfaction score among users of mobile digital wallets is 718, which is 29 points higher than among those who do not use digital wallets. Additionally, mobile digital wallet users spend an average of $1,183 monthly, or $280 higher than among those who do not. More than half (52%) of credit cardholders in Singapore say they are motivated to use their primary card because of the ability to receive cashback rewards, but these cardholders end up being notably less satisfied with their issuer, according to the J.D. Power Singapore Credit Card Satisfaction Study,SM released today.
Demand for cyber insurance on the rise as cybercrime shoots up Channel NewsAsia 26th Oct 2016
More companies in Singapore are looking to insure themselves against data breaches and network disruptions, as greater digitisation makes data and operations more vulnerable to malicious hacking attempts and network failures. One high-profile example of a cyber attack is StarHub, which on Tuesday night (Oct 25) confirmed that its two most recent broadband outages were the result of intentional and likely malicious attacks on its domain name servers (DNS). It also said the two attacks were "unprecedented in scale, nature and complexity". The growing threat landscape has thus led to increased awareness and interest in cyber insurance. Insurance broker Howden, for one, told Channel NewsAsia that its Singapore office has seen enquiries for cyber insurance double in the past year, while AIG Singapore reported in March that it saw a seven-fold increase in enquiries about cyber insurance policies over the past three years. Market players said that such insurance policies can cover a wide range of cyber incidents, including malicious external activity, the actions of a rogue employee or inadvertent disclosure, such as a "fat finger" error from a well-meaning employee.
The Fintech 100 – China dominates, Singapores enters the list Digital News Asia 24th Oct 2016
Fintech Innovators, a collaboration between fintech investment firm, H2 Ventures and KPMG Fintech, on Oct 24 announced its list of the world’s leading fintech innovators, the 2016 Fintech 100. The annual list includes the leading 50 Established fintech companies across the globe, as well as the most intriguing 50 ‘Emerging Stars’ – exciting new fintechs with bold, disruptive and potentially game-changing ideas. Bluzelle, one of KPMG Digital Village’s portfolio startups based in Singapore, was recognised as one of the top 50 emerging stars in fintech globally.
Food & Agriculture
Singapore: Exotic produce becoming more popular Fresh Plaza 25th Oct 2016
Exotic produce like pitaya (yellow dragon fruit) from Ecuador and ghost pepper from India, is becoming a more common sight at supermarkets, specialty shops and even, market stalls in Singapore. Stores like Fairprice Finest and Cold Storage are bringing in more exotic produce from countries like Colombia and Ecuador to introduce some variety to Singaporean grocery lists. Mr Victor Chai, the director of fresh and frozen products for Fairprice told TMG that the supermarket constantly looks for ways to engage its customers and cater to their evolving lifestyles by periodically [introducing] new and unique products.
Health & Life Sciences
Medicine, technology to the fore at Singapore Medical Week next year TODAYonline 3rd Nov 2016
SINGAPORE — With advances in medicine and technology promising to enable earlier detection of diseases and make prediction of diseases possible, how can doctors make good use of it to improve care for their patients? A conference and expo next August, organised by doctors for fellow doctors and the public, will seek to address this question and more. The Singapore Medical Week and FutureMed 2017 conference will take place on the week of Aug 24 next year, announced the Singapore Medical Association on Thursday (Nov 3). American biomedical and innovation expert Ogan Gurel, who will be the keynote speaker of FutureMed 2017. said that instead of diagnosis and treatment of diseases, a doctor’s true value is in prognosis, or communicating to the patient what an illness means for one’s life, family and the activities one is able to do.
Chas clinics required to issue itemised bills from next year: MOH TODAYonline 28th Oct 2016
From Jan 1 next year, all general practitioners and dental clinics under the Community Health Assist Scheme (Chas) must issue itemised bills to patients eligible for subsidies through the scheme, in light of complaints over costs. Currently, some clinics do not provide itemised bills or only provide them upon request. Announcing the change on Friday (Oct 28), the Health Ministry (MOH) added that it would also update the Chas subsidy guidelines for dental services from the same date, to define more clearly the types of dental services subsidised under the scheme and their claim limits. This move is expected to enhance fee transparency, and to help patients better understand the treatments and subsidies they receive, the ministry said.
Singapore’s Mall Vacancies Jump to Highest Level in a Decade Bloomberg 27th Oct 2016
Singapore mall vacancies rose to the highest level in a decade in the third quarter as an oversupply of shop spaces added to muted spending by shoppers. A gauge of mall vacancies rose 0.6 percent to 8.4 percent in the three months ended Sept. 30, even as rents declined 1.5 percent in the quarter, data from the Urban Redevelopment Authority showed Friday. That’s the highest vacancy rate since Sept. 2006, according to data compiled by Bloomberg. The Urban Redevelopment Authority in 2014 started including food and beverage, entertainment and fitness outlets to its retail space data, which it backdated to the first quarter of 2011, according to an e-mailed statement. Prior to 2011, the statistics only included shop space.
New healthcare laws to regulate online providers Singapore Business Review 26th Oct 2016
The Ministry of Health is planning to update the Private Hospitals and Medical Clinics Act (PHMCA) to ensure continued relevance of Singapore's regulatory system for healthcare services. Enacted in 1980, PHMCA is a key piece of legislation for all healthcare services in Singapore utilised by public and private patients. It was last amended in 1999. Speaking at the Scientific Conference of the Centre of Regulatory Excellence yesterday, Minister of State for Health Lam Pin Min said that much has changed in Singapore’s healthcare landscape since the last amendment of the law and hence, there are many areas to be reviewed. "For example, the current licensing framework under the PHMCA is premise-based. It works on the assumption that all healthcare services are provided from a physical, brick and mortar location. This needs to change given the increasing prevalence of mobile, online and co-located services," he said. The Minister also pointed out that the current PHMCA also does not differentiate appropriately between certain types of healthcare institutions. This, he said, has resulted in the force-fitting of some institutions to fit our regulations. "For example, community hospitals have historically been subjected to the same requirements as acute hospitals. What would be more appropriate is to tier the PHMCA’s regulatory requirements according to the type and nature of service," he explained.
$325 million contract to build a new platform at Tanah Merah Station awarded to local firm The Straits Times 26th Oct 2016
The Land Transport Authority (LTA) has awarded the contract to build a new platform at Tanah Merah Station and viaducts for about $325 million. Local contractor Lum Chang Building Contractors was given the contract, LTA said in a statement on Wednesday (Oct 26). The new platform will allow new tracks to be added - speeding up the journey to and from Changi Airport. As part of the contract, Lum Chang Building Contractors will also work on extending the East-West Line train tracks to connect the new four-in-one East Coast Integrated Depot at Changi. The depot will house trains from the East-West, Downtown and Thomson-East Coast Lines, as well as buses. LTA said Lum Chang Building Contractors has experience in infrastructure and building projects in Singapore and overseas. For instance, LTA projects the firm was involved in are the building of Bukit Panjang Station of Downtown Line 2, as well as Paya Lebar, Dakota, Mountbatten, Stadium and Nicoll Highway stations of the Circle Line.
Laws governing healthcare services to be reviewed The Straits Times 26th Oct 2016
Starting next month, the Ministry of Health (MOH) will be talking to industry players to find out how laws governing the sector need to change. A one-size-fits-all approach under the existing Private Hospitals and Medical Clinics Act is no longer suitable, said Minister of State for Health Lam Pin Min yesterday. The Act, which governs all private and public healthcare services here, was first enacted in 1980. It has not been amended in 17 years. "Since then, much has changed in Singapore's healthcare landscape," said Dr Lam at the Centre of Regulatory Excellence's Scientific Conference yesterday. "MOH is therefore reviewing the Act to keep pace with the rapid advances in medicine and health technology, new and changing modalities of services, and profile and needs of our population."
MOH planning to update law that governs all Singapore healthcare services The Straits Times 25th Oct 2016
SINGAPORE - The Ministry of Health (MOH) is planning to update the main piece of legislation that governs all healthcare services in Singapore, which was last amended more than 15 years ago. This is so that regulations can keep pace with the rapidly changing healthcare environment while still having sufficient safeguards so that patient safety is not compromised. The current Private Hospitals and Medical Clinics Act works on the assumption that healthcare services are provided from a physical location, said Minister of State for Health Lam Pin Min on Tuesday morning (Oct 25). "This needs to change given the increasing prevalence of mobile, online and co-located services," he said, speaking at the Scientific Conference of the Centre of Regulatory Excellence. He added that the Act is currently relatively broad and not differentiated between different types of healthcare institutions. For instance, community hospitals, which tend to focus on rehabilitation, are currently treated the same as acute public hospitals under existing requirements.
New healthcare network launched The Straits Times 24th Oct 2016
A new network made up of groups such as hospitals and universities was launched on Friday to tackle Singapore's healthcare challenges. The new Centre for Healthcare Innovation Co-Learning Network will bring local and overseas institutions together to deal with challenges sparked by the country's ageing population and slowing labour force growth. A total of 21 partners have joined the network led by Tan Tock Seng Hospital and the National Healthcare Group. The initiative will focus on training healthcare workers differently so they can support the move from hospital to community care, said Minister of State for Health and Communications and Information Chee Hong Tat, who announced the network on Friday.
Paradigm shift in healthcare The Straits Times 24th Oct 2016
The Health Ministry has drawn up a sensible plan for the coming decades, taking in the limitations of a shrinking workforce coupled with a rapidly growing need for eldercare services as the population ages. The road map includes tapping technology to raise productivity and reduce the need for manpower. But the real challenge to the system is to keep demand for services down. But to this, too, Health Minister Gan Kim Yong has an answer. He spoke of the need to "aggressively" promote health and preventive health services. Singapore has been doing this quite well in the past, resulting in people here living some of the longest lives, behind only a handful of countries such as Japan, and more importantly, with more of the longer lives translating into healthy years.
TCM can play role in meeting healthcare challenges of ageing population: Gan Kim Yong The Straits Times 23rd Oct 2016
While Traditional Chinese Medicine (TCM) is complementary to mainstream medicine in Singapore, it can play an important role in meeting the healthcare challenges of the Republic's ageing population. The principles of TCM and its approach to disease prevention and management hold the potential to do so, said Health Minister Gan Kim Yong on Sunday (Oct 23). "Acupuncture, for niche areas like pain management and stroke rehabilitation, is now available at public hospitals, an important step to a more holistic approach to patient care," said Mr Gan, giving an example. He was speaking at the International Conference for the Modernisation of Chinese Medicine, held at the Suntec Convention and Exhibition Centre.
New network launched to meet needs of ageing population, slowing labour force growth The Straits Times 21st Oct 2016
A new healthcare network comprising hospitals and universities was launched on Friday (Oct 21) to help address healthcare challenges facing Singapore. Announced by Minister of State for Health Chee Hong Tat, the new Centre for Healthcare Innovation Co-Learning Network will help bring local and overseas institutions together to meet the needs of Singapore's ageing population and slowing labour force growth. A total of 21 partners have joined the network, which is hosted by Tan Tock Seng Hospital and the National Healthcare Group. The initiative will focus on training healthcare workers differently so that they can support the shift from hospital to community care, said Mr Chee, who is also Minister of State for Communications and Information.
S'pore on right track but can improve primary care: Expert The Straits Times 21st Oct 2016
When it comes to good-quality healthcare, Singapore is more or less on the right track, said healthcare guru Michael Porter yesterday. But some restructuring needs to be done - including getting experts from various disciplines to work in teams, rather than in silos - if the sector is serious about boosting productivity. For example, said Professor Porter, the Bishop William Lawrence University Professor at Harvard Business School, primary care in Singapore is still relatively underdeveloped. "In Singapore, you haven't got robust primary care for everyone yet," he said. "You have polyclinic care, and that's a good effort, but there are a lot of solo general practitioners."
Push to provide quality care closer to home The Straits Times 21st Oct 2016
Senior Staff Nurse Noraini Umar left her job 10 years ago to care for her young son and ailing parents. Now that her parents are better and her son is older, she returned after a three-month mandatory refresher. "There were so many changes. Now, technology is applied in many aspects of our work," she said of the the course. Since April, 19 nurses have returned to the aged-care sector under a scheme to bring back nurses who had stopped work, part of a large-scale effort to ramp up the number of healthcare workers. "With their previous nursing experience, they are valuable assets and contribute to caring for patients and residents and helping them to stay well in the home and community environment," said Health Minister Gan Kim Yong yesterday, as he launched the Healthcare Manpower Plan 2020.
The race to commercialise biomedical technologies in Singapore Singapore Business Review 21st Oct 2016
It’s been widely recognised that biomedical research has an impact that could affect millions both locally and globally – so much so that it was identified as the fourth pillar of economy in Singapore in 2000, and SG$16.1 billion was allocated for the development and support of biomedical research from 2010 to 2015. In fact, the biomedical research industry is now worth US$250 million globally, with almost 50% of that current market demand being met by work done in Singapore. Research and development in the biomedical field is essentially the first step towards advancement in the medical field, which includes making new technology more cost-efficient towards the fight against diseases. But just how does this translate into benefits for the everyday consumer, or in this case, patients?
ICT
Singapore is striving to be the world's first 'smart city' Engadget 3rd Nov 2016
Speaking with Engadget, Dr. Vivian Balakrishnan, the country's Minister for Foreign Affairs and Minister-In-Charge of The Smart Nation Initiative, spelled out how he believes the program will transform Singapore. "There is much political angst about inequality and middle class stagnation in developed economies," he said. "This has been accompanied by loud, populist and ultimately futile arguments about yesterday's ideology and politics ... In Singapore, we know that new technology trumps politics as usual." What Dr. Balakrishnan is alluding to is that, rather than being about talk, Smart Nation is about action. It's pushing forward with trials across many sectors, focusing on "areas with high impact on residents and citizens." For now, that means housing, health and transport.
M1 expects to roll out 4.5G network by next year TODAYonline 28th Oct 2016
Mobile users can expect to experience faster speeds by next year, as telcos here start to roll out the 4.5G network. M1 said on Friday (Oct 28) that its 4.5G network is expected to be deployed by 2017, and will boast downloads speeds that are about three times faster than the current 4G network — up to more than 1Gbps. And this latest network will do more than support mobile services, said an M1 spokesman during a Narrow Band Internet of Things (IoT) demo. It will be capable of supporting the connections of millions of sensors and IoT devices nationwide. M1 aims to roll out a Narrow Band Internet of Things network also by next year in tandem with Singapore’s Smart Nation drive.
Singapore university partners Singtel to launch $30M cybersecurity lab ZDNet 24th Oct 2016
The National University of Singapore (NUS) has joined hands with local carrier Singtel to jointly research and develop cybersecurity tools via a new facility. Called the NUS-Singtel Cyber Security Research and Development Laboratory, the S$42.8 million (US$30.8 million) facility was located at the NUS School of Computing and supported by Singapore's National Research Foundation (NRF). The lab would aim to establish data analytics techniques to enable IT service providers to better detect and respond to cybersecurity attacks in real-time as well as new approaches to deploy IT system based on a "secure by design" concept. NUS President Tan Chorh Chuan said: "Cybersecurity is absolutely crucial as Singapore strives to become a smart nation powered by big data and ICT technologies. NUS has identified cybersecurity as a strategic research area that has strong potential for high impact technology translation and partnership with industry." Tan added that the lab would further support the university in training more students in the cybersecurity realm.
UOB Singapore to launch virtual marketplace for SMEs Digital News Asia 24th Oct 2016
United Overseas Bank (Limited) (UOB) announced recently that it has signed an agreement with cloudBuy, a provider of cloud-based e-commerce and business-to-business (B2B) solutions, to create a virtual marketplace for the bank’s small- and medium-sized enterprise (SME) customers. This marks the first time that a bank in Singapore will create a B2B marketplace. UOB Singapore Business Banking head & MD Mervyn Koh said that SMEs’ growing digital-savviness and their desire for convenience have contributed to the increasing popularity of B2B e-commerce.
Singapore's Digital Future Bloomberg 2nd Nov 2016
Gabriel Lim, chief executive officer at Infocomm Media Development Authority, discusses Singapore's Vision 2025 smart nation target, the transition to a digital future and the new technologies that will be used to ensure the city of the future. He speaks to Bloomberg's Haslinda Amin on "Bloomberg Markets" from the Bloomberg Nation Builders Asia conference in Singapore.
Tech disruption comes to real estate sector: Should property agents be worried? Channel NewsAsia 28th Oct 2016
When she wanted to sell her flat along Hougang Avenue 4 earlier this year, Ms Lee and her husband engaged a property agent and at the same time, decided to have a go at creating their own listing on a few online property portals. While the couple did meet a few prospective buyers through the property agent, Ms Lee said none went ahead with an offer. Nearly two months later, the Lees sold their flat to an agent-free buyer who contacted them through their listing online. People like Ms Lee, who have tried to complete a property transaction on their own, are growing in number in Singapore. According to figures from HDB, the number of resale flat buyers and sellers who have gone the DIY way rose to 24 per cent in 2015, from 11 per cent in 2010. So far this year, 23 per cent of resale transactions carried out from January to May were completed without a property agent. With a wide variety of online portals and apps emerging, Minister for National Development Lawrence Wong urged the real estate industry to brace for technological disruptions. “We have opportunities but we also have to be realistic about these disruptions which are happening around the world and in Singapore,” he said at an event in August.
StarHub helping broadband customers secure compromised devices Channel NewsAsia 28th Oct 2016
In the wake of distributed denial-of-service (DDoS) attacks on its network that caused broadband service outages on two days, StarHub is scheduling home visits to customers whose home Internet-connected devices could have been used in the attack, the telco said on Friday (Oct 28). It started contacting customers recently, a spokesman told Channel NewsAsia. StarHub had said on Wednesday that compromised Web-connected devices had created "illegitimate traffic" that disrupted broadband service for some customers last Saturday and Monday. The attack was the first of its nature on Singapore's telco infrastructure. "During the home visits, our technical service officers HubTroopers will conduct an on-site investigation before helping the customers secure any unsecured Internet-connected devices. These may include installing anti-malware software, changing default passwords, updating device software, fixing device mis-configuration and/or replacing devices," StarHub said. "Compromised devices can be likened to a home with an open or unlocked backdoor. In the Internet world, such unprotected devices can potentially allow unauthorised access to sensitive data, like passwords, credit card information, and video streams from webcams. Unbeknownst to the owners, these devices can also be used as an army of cyber weapons for malicious activities, like sending spam, slowing Internet access and launching attacks to take down websites and IT systems," it added. StarHub reiterated that customers have a part to play in cybersecurity. "We encourage customers to review the security settings of their Internet-connected devices and disconnect any suspect device."
DDoS attack on StarHub first of its kind on Singapore's telco infrastructure: CSA, IMDA Channel NewsAsia 26th Oct 2016
The Distributed Denial of Service (DDoS) attacks on StarHub’s broadband network were the first of that nature on Singapore's telco infrastructure, the Cyber Security Agency of Singapore (CSA) and Infocomm Media Development Authority (IMDA) said on Wednesday evening (Oct 26). This comes after the telco revealed in a media briefing on Wednesday that compromised devices such as webcams and routers owned by its customers led to the DDoS attacks. In a joint statement, CSA and IMDA said attacks on Domain Name Services (DNS), as seen in StarHub’s case, are “generally rare”, “although the latest Dyn incident in US has shown that it is surfacing as an emerging trend”. Communications and Information Minister Yaacob Ibrahim called on businesses to take action to address their specific cyber security needs, even as the Government steps up efforts to help them stay safe. Speaking at an Asia Pacific cyber security summit on Wednesday, Dr Yaacob said the Government has been consistent in pursuing cyber security development, working with multiple stakeholders, including businesses and international partners. This includes launching the national cyber security strategy earlier this month, and developing a multi-tiered cyber security response plan. A new Cybersecurity Act is also in the pipeline.
Compromised home devices triggered broadband outages: StarHub Channel NewsAsia 26th Oct 2016
Web-connected devices bought by StarHub subscribers were the cause of the "illegitimate traffic" that resulted in the distributed denial of service (DDoS) the telco suffered twice in two days, said StarHub's chief technology officer (CTO) Mock Pak Lum on Wednesday (Oct 26). In a media briefing, Mr Mock said affected devices such as broadband routers and webcams were responsible for the spike in Web traffic the telco saw last Saturday and Monday nights. However, he did not disclose how many devices or IP addresses were compromised, or what was the exact volume in the spike in Web traffic its domain name server (DNS) farms had to handle in a short space of time. The illegitimate traffic to the DNS resulted in an overload that disrupted Web connection for "some" broadband users, Mr Mock said. "Not everyone was affected," he added, saying that some users would have gotten to their desired webpage if they had waited long enough. StarHub is working with the Cyber Security Agency of Singapore (CSA) in terms of sharing information from its investigations, he added.
Infrastructure
R&D centre for marine and offshore sector opens in S'pore The Straits Times 1st Nov 2016
The opening of Singapore's first national research and development centre for the marine and offshore engineering industry yesterday comes at a time of severe stress for the struggling sector. The collapse in crude price has hit several local firms hard, including oil services firm Swiber Holdings, whose application for judicial management was approved last month, while others, such as Swissco Holdings, Marco Polo Marine and Ezra Holdings, are restructuring their debts. The sector's plight has prompted the Government to look into measures to help companies, said Minister for Trade and Industry (Industry) S. Iswaran at the launch of the new centre. "The Government is studying, in consultation with the marine and offshore engineering industry and financial institutions, the need for measures for the sector," he said.
These connected electric bicycles are set to run on Singapore's roads by 2017 Mashable 31st Oct 2016
By next year, Singapore will get a new mode of transport for short distances — bicycle-sharing. Mobike, a bicycle-sharing startup from China, has announced it's expanded into the island state, and is keen to start distributing its electric bikes here. Like projects such as Citi Bike, Mobike's bicycles are meant to be booked and ridden for short distances. Another user picks up the bike after you're done. SEE ALSO: Bike-sharing is taking off around the world But unlike Citi Bike, these bicycles are station-free. They're locked with a connected bike lock that you activate by scanning a QR code, and you lock it back when you're done with the ride — you just leave them on the corner of a street and walk away.
Grab partners with CapitaLand to boost network infrastructure Nikkei Asian Review 26th Oct 2016
Southeast Asia's leading ride-hailing app Grab is partnering with CapitaLand, the region's largest property developer, in its bid to capture more market share in Singapore's increasingly competitive taxi app environment. Grab and CapitaLand signed a memorandum of understanding for online and offline collaboration by integrating Grab's services with CapitaLand's network of developments including shopping malls, according to a joint press release from the companies on Friday. CapitaLand customers in Singapore will get access to Grab's services, including transport and concierge bookings. CapitaLand's concierges will also be given Grab terminals, allowing them to make multiple bookings on its app.
Manufacturing
Singapore factory activity expands yet again in October Singapore Business Review 3rd Nov 2016
The October reading of Singapore Purchasing Managers' Index (PMI) recorded a marginal dip of 0.1 point from the previous month to moderate at 50. This is the second reading of expansion after the PMI recorded 14 months of consecutive contractions, data from Singapore Institute of Purchasing & Materials Management show. A reading of the PMI above 50 indicates that the manufacturing economy is generally expanding and that the economy is generally declining when the reading falls below 50. The weaker expansion was attributed to slower overall factory output and lower employment, although new orders and new exports posted marginal improvements. Manufacturing inventory and finished goods recorded a faster rate of expansion, amidst a faster rate of supplier deliveries. The manufacturing employment index continued to post contraction readings since November 2014. The input prices index reverted to a contraction after two months of marginal expansion, whilst imports index posted a marginal expansion. The Electronics Sector PMI recorded an increase of 0.5 point from the previous month to post an expansion reading for the third month at 50.8. The faster rate of expansion was attributed to a continued expansion reading for new orders, new exports and factory output.
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