| National Affairs
By announcing GST hike early, Govt being 'honest and upfront' about national needs: Heng Swee Keat Channel NewsAsia 1st Mar 2018
SINGAPORE: By announcing the GST increase early, the Government is giving “ample notice” to citizens and businesses, and is being “honest and upfront” about Singapore’s national needs and setting out what needs to be done, Finance Minister Heng Swee Keat said in Parliament on Thursday (Mar 1). Rounding off the Budget debate in Parliament, Mr Heng addressed questions from Members of Parliament on the timing of the GST increase. He pointed out that in planning Singapore’s finances, the Government takes the “long view”, where it seeks to understand major trends holistically, and how they might affect Singaporeans. “We seek to understand major trends holistically, and how they might affect Singaporeans,” he said. “We assess carefully what we need to do in response, and how we should find the resources to support our plans. Mr Heng added that just as the decision to raise GST was not made lightly, the Government will exercise care in deciding the timing of its implementation. “Before we move to raise the GST, we will carefully assess the prevailing economic conditions as well as our needs at that point.” In explaining the rationale for the increase, Mr Heng also pointed out that the Government should not shy away from addressing the need for taxes, where it sees areas of collective need that can be better met by Government provision. This, he said, includes areas like healthcare, supporting the elderly and retirees, investing in people through preschools and SkillsFuture, and strengthening Singapore’s security.
Budget 2018 passed in Parliament, with 8 Workers' Party MPs voting against it Channel NewsAsia 1st Mar 2018
Budget 2018 was passed in Parliament on Thursday (Mar 1), with 89 Members of Parliament (MPs) voting for it, and eight MPs from the Workers’ Party (WP) voting against it. WP chief Low Thia Khiang was not present for the vote. In his speech wrapping up the Budget debate in Parliament, Finance Minister Heng Swee Keat addressed issues and concerns on the Budget raised by MPs over two and a half days. Noting that some had asked if the Government’s increased spending for the future could be funded with a "windfall surplus", like the S$9.6 billion one in FY2017, he said the Government's plans to secure Singapore's future cannot be funded on the basis of "episodic windfalls". He pointed out that the FY2017 surplus was largely due to “one-off, exceptional factors” that the Government does not expect to occur every year. He explained that this is why the bulk of the FY2017 surplus will be reserved for future needs like the MRT development plans and ElderShield subsidies.
Economic transformation the 'most critical challenge' facing Singapore: Heng Swee Keat Channel NewsAsia 1st Mar 2018
While the announcement of the planned increase in the goods and services tax (GST) may have received the most attention, the “most critical challenge” facing Singapore is in transforming its economy, Finance Minister Heng Swee Keat said on Thursday (Mar 1). Speaking during his round-up speech on the Budget debate, Mr Heng stressed that growing the Singapore economy is not only the best way of ensuring strong and sustainable revenues but also “the most important way for our people to realise their aspirations.” “This task is growing more urgent by the day, as structural changes in the global economy and technological advances disrupt the status quo,” he said. “Our strategy is to position Singapore as a Global-Asia node of technology, innovation and enterprise.” “This means fostering pervasive innovation throughout our economy, it means building deeper capabilities in our firms and our people, and it means forging stronger partnerships at home and abroad, to build, scale and ride on the region’s growth together.”
Cabinet reshuffle after Parliament prorogues to give younger ministers more exposure: PM Lee Channel NewsAsia 27th Feb 2018
A Cabinet reshuffle, which is set to take place after Parliament takes a mid-term break, will give younger ministers more exposure and responsibility, Prime Minister Lee Hsien Loong said on Tuesday (Feb 27). "This way, my successor will be supported by a stronger and more experienced team, committed to leading Singapore to a better and brighter future," Mr Lee said in a Facebook post. Parliament will prorogue after the Budget debate, which started on Tuesday, and after the Committee of Supply debates on each ministry’s expenditure, which are expected to end on Mar 9. In January, Mr Lee said that the Cabinet reshuffle will be "a significant step in exposing and building the new team of leaders", although he does not plan to appoint new deputy prime ministers. Mr Lee also said in his Facebook post on Tuesday that he has asked the fourth-generation ministers to draft the Government's agenda for the President's Address when the new parliamentary session opens in May. "It will give Singaporeans a better sense of them and their thoughts," he said. Mr Lee said earlier that the Government’s agenda will “bear the imprint” of the fourth-generation leaders, who are taking on greater responsibilities and putting forth their ideas for Singapore.
Spring Singapore arm appoints private sector partners to co-invest over S$200m in deep-tech startups The Straits Times 8th Feb 2018
The investment arm of Spring Singapore, Spring Seeds Capital (SSC), has appointed nine co-investment partners in a bid to catalyse more than S$200 million of investments into early stage startups over the next eight years. With this initiative, SSC is committing up to S$100 million under the research, innovation and enterprise (RIE) budget. This amount will be matched by private capital raised by the co-investment partners. The nine appointed partners are: Armstrong Industrial Corporation, HealthXCapital, Heritas Capital Management, Incuvest-Avior, MedTech Alliance 2, Millennia-VFT Ventures, Silicon Solution Partners, Small World Accelerator and Trendlines Medical-K2 Global.
Customs
Budget 2018: GST to be imposed on digital services from 2020 Channel NewsAsia 20th Feb 2018
There will be a goods and services tax (GST) imposed on imported digital services such as movie and music streaming services and mobile apps come 2020, Finance Minister Heng Swee Keat announced during his Budget 2018 speech on Monday (Feb 19). Mr Heng said he is introducing this tax on imported services with effect from Jan 1, 2020, to make the country’s tax system “fair and resilient” in today’s digital economy. “Today, services such as consultancy and marketing purchased from overseas suppliers are not subject to GST. Local consumers also do not pay GST when they download apps and music from overseas,” the minister said.
Malaysia DPM: Further discussion needed with Singapore on single border checkpoint The Straits Times 11th Feb 2018
Malaysia will need to hold further discussions with Singapore over the possibility of having a single border checkpoint between the two countries, said Deputy Prime Minister Ahmad Zahid Hamidi on Sunday (Feb 11). Datuk Seri Ahmad Zahid, who is also Malaysia's Home Minister said the country respected Singapore's concern over security matters if there were to be only one checkpoint for the Rapid Transit System (RTS) and the High Speed Rail (HSR), the two upcoming train links between both countries.
Defense & Security
Asean nations unite in fighting terrorism Bangkok Post 8th Feb 2018
SINGAPORE: Deputy Prime Minister and Defence Minister Prawit Wongsuwon has joined his Asean counterparts in a fresh regional move to fight terrorism in the region and conduct a joint naval military drill with China. In a joint declaration, Gen Prawit and nine other defence ministers agreed to forge closer cooperation within and outside the bloc to brace against serious adversities that threaten the Asean community, which is home to 600 million people.
Economics
Singapore's economy jumps by 3.6% in 2017 Singapore Business Review 1st Mar 2018
Goods producing industries push the growth with 5.7% increase. Singapore economy grew by 3.6% for the whole year of 2017, faster than 2.4% growth in 2016. Goods producing industries, which include manufacturing and construction, posted the highest growth with 5.7%. The manufacturing sector expanded by 10.1%, which is pushed by growth in the electronics and precision engineering clusters. The construction sector, on the other hand, shrank by 8.4% from 1.9% growth in 2016. The output was pulled down by 29.1% decline in private residential and private industrial construction works. Meanwhile, service producing industries grew by 2.8% driven by increase in the finance & insurance (4.8%), transportation & storage (4.8%), and wholesale & retail trade (2.3%).
Singapore is the 6th least corrupt country in the world Singapore Business Review 23rd Feb 2018
New Zealand topped the list with 89 points, five points higher than Singapore. Transparency International’s (TI) Corruptions Perceptions Index ranked Singapore as the sixth least corrupt country in the world in 2017. The index scores and ranks countries based on the perception of experts and business executives on how corrupt the public sector is. The scores range from 0, which is perceived as highly corrupt, to 100, which means that a country is perceived very clean. Whilst Singapore moved up one notch in 2017 index, its score remained at 84. New Zealand topped the list even as its score dipped 1 point to 89. Moreover, African countries such as Syria (14), South Sudan (12), and Somalia (9) scored the lowest taking the tail end spots 178, 179, and 180 respectively. Africa is also the worst performing region when it comes to curbing corruption. “The lowest-scoring countries on the index are often those where there is conflict or war. Reducing corruption in these contexts is particularly challenging. The fragile nature of governments in these situations presents a real challenge to making meaningful changes,” TI explained. Meanwhile, Asia Pacific is also failing to curb corruption which resulted to an average score of merely 44.
Oil domestic exports surge by 15.4% in January Singapore Business Review 16th Feb 2018
Higher sales to Malaysia, Australia, and Indonesia drive the growth. Oil domestic exports registered a 15.4% year-on-year growth in January. According to International Enterprise (IE) Singapore, the increase in oil domestic exports last month was driven by higher sales to Australia (+56.9%), Malaysia (+51.6%) and Indonesia (+20.7%). In terms of volume, oil domestic exports jumped by 5% in January 2018, after the 8.2% growth last December.
Total trade jumps 7.1% in January Singapore Business Review 16th Feb 2018
It is supported by growth in total exports and imports. Total trade in Singapore jumped by 7.1% year-on-year (yoy) in January, according to International Enterprise (IE) Singapore. Total exports rose by 9.2% in January from 0.6% growth December, whilst total imports increased by 4.8% in January from 1.6% rise in December. However, on a seasonally adjusted (SA) basis, IE Singapore noted that total trade declined in January after levels reached a recent high last December. “On a m-o-m SA basis, total trade declined by 4.4% in January 2018, compared to the flat performance in December 2017. On a SA basis, the level of total trade reached S$80.7 billion in January 2018, lower than the previous month’s achievement of S$84.4 billion. Total exports decreased by 4.2% in January 2018, compared to the 0.7% increase in December 2017. Meanwhile, total imports declined by 4.6% in January 2018, after the 0.8% decrease in the previous month.”
NODX grows by 13% in January Singapore Business Review 15th Feb 2018
Increase in export of non-electronic products pushed the growth. Non-oil domestic exports (NODX) grew 13% year-on-year (yoy) in January due to the rise in non-electronic exports. According to International Enterprise (IE) Singapore, exports for non-electronic products increased by 20.7% yoy as a result of surges in non-electric engines & motors (383.6%), food preparations (100%) and measuring instruments (43.2%). The increase in NODX for January were mostly contributed by the U.S. (+53.4%), Japan (+28.8), and European Union (+16.9%).
Chart of the Day: Government spending dipped by 2% to $53.7b in 2017 Singapore Business Review 15th Feb 2018
Operating expenses rose by 7% due to social spending. This chart from EY shows that for the first three quarters of 2017, total government budget expenditures declined by 2% to $53.7b, compared to the same time period in 2016. Meanwhile, operating expenditures rose by 7% from $52.1b, boosted by spending on social development, especially in education and national development. Development expenditures, which account for approximately a quarter of the overall budget fell by 23% in the first three quarters of 2017, compared $18.9b in 2016.
Analysts cautiously raise GDP growth forecast for 2018 Singapore Business Review 14th Feb 2018
This is after Singapore GDP growth slowed down to 3.6% in Q4. Singapore's GDP growth reached 3.6% YoY in Q4, lower than the 5.5% growth in Q3. Consequently, analysts raised their forecasts for the 2018 GDP, but not without caution. Singapore Business Review previously reported that the government expects economic growth to slow down to a range of 1.5%-3.5% due to a slowdown in manufacturing. UOB said manufacturing growth could slow down in 2018 after semiconductor sales growth had peaked in 2017. The bank raised its growth forecast from 2.5% to 2.8%. UOB economist Francis Tan said, "Risks in the horizon include potential trade protectionist measures from the US and upside inflationary surprises that could cause the Federal Reserve to be more hawkish that could result in tighter global financial conditions." Standard Chartered was more optimistic and kept its expectations to around 3.2%. This is due to a high base effect and growth expected to broaden. Sectors that have benefited from the electronics cycle face moderation due to a high cyclical base effect, whilst activity in weaker sectors bottoms out.
MTI expects economic growth to slow down this year Singapore Business Review 14th Feb 2018
GDP growth forecast is set at 1.5 to 3.5%. The pace of growth in Singapore economy is expected to moderate in 2018, according to the Ministry of Trade and Industry (MTI). The MTI highlighted global and domestic issues that will hurt the country’s economy. Whilst global macroeconomic risks receded at the end of 2017, the agency noted that are there still some downside risks that could weigh down the global economy if they happen. “First, concerns over protectionist sentiments and in particular, the US administration’s trade policies remain. An increase in trade barriers could adversely affect global trade, with spillover effects on economic growth worldwide. Second, an upside surprise in inflation could cause monetary policy in the US to normalise faster than expected. This could in turn cause global financial conditions to tighten more than anticipated, and potentially lead to sharp corrections in financial markets. Should this occur, regional economies with elevated debt levels could be disproportionately affected, and there could be some pullback in investment and consumption growth in these economies,” explained MIT.
Singapore's services trade made $463.3b in 2017 Singapore Business Review 14th Feb 2018
Transport services boosted services exports. Singapore's services trade moved out of the lull as it grew by 4.7% and reached a total of $463.3b in 2017. According to International Enterprise (IE) Singapore, both services exports and imports increased by 4.2% and 5.1%, respectively. The growth in services exports can be linked to the expansion in transport services (+6.9%), charges for the use of intellectual property (+14.7%), and insurance services (+18%). Exports of services refer to the value of cross-border services provided by residents to non-residents, whilst imports of services refer to the value of cross-border services provided by non-residents to residents.
Singapore's household income grew in 2017, income inequality unchanged: Singstat Channel NewsAsia 8th Feb 2018
The increase in the median monthly household income was the slowest since 2009 when households registered a decrease in earnings from work. Then, the median monthly household income fell 1.5 per cent in nominal terms and 2.4 per cent in real terms.The slowdown in income growth rate came despite a pick-up in Singapore’s gross domestic product (GDP) over the course of 2017, propelled by a stellar run in the manufacturing sector. Moving forward, overall job prospects will likely improve amid a broadening economic recovery, but wage growth in 2018 could be muted.
Energy
Earth to Singapore: Join up the green dots The Straits Times 8th Feb 2018
An MEWR spokesman said the Government has committed to reducing electricity consumption by 15 per cent, and improving water efficiency by 5 per cent, in 2020, under the Public Sector Sustainability Plan launched last year. "In this Year of Climate Action, we intend to expand our targets under the plan to also include new targets in waste reduction and the adoption of renewable solar energy. We are also studying the expansion of our green procurement requirements to include other products," he added.
Fourth liquefied natural gas tank to be completed by H1: MTI Singapore Business Review 28th Feb 2018
It has a capacity of 260,000 cubic metres. The construction of fourth storage tank at Singapore’s liquefied natural gas (LNG) terminal is expected to be completed by the first half of this year. It has a capacity of 260,000 cubic metres. “We believe this will offer LNG traders more options, greater flexibility and better efficiency in transshipments. SLNG will soon call for proposals for the use of its spare terminal capacity to grow its ancillary services business,” said S Iswaran, minister for Trade and Industry, at the LNG Supplies for Asian Markets 2018. SLNG is the company that owns and operates the LNG terminal. “Since the launch of our LNG terminal in 2013, we have expanded its capacity ahead of demand. This additional capacity for ancillary services has allowed for the development of LNG trading activities in Singapore. We now have a sizable LNG trading ecosystem, comprising around 45 international firms with LNG trading desks in Singapore today,” Iswaran noted. Last year, SLNG handled 23 LNG vessel cool-downs and storage & reloads.
Government to slap firms with $5 carbon tax from 2019 Singapore Business Review 20th Feb 2018
Firms that produced 25,000 or more greenhouse gases per year will have to pay. “The carbon tax will apply uniformly to all sectors, without exemption. This is the economically efficient way – to maintain a transparent, fair and consistent carbon price across the economy to incentivise emissions reduction,” said Finance Minister Heng Swee Keat at the 2018 budget announcement yesterday. However, Heng clarified that petrol, diesel, and compressed natural gas (CNG) firms will not be imposed with carbon tax since they are already levied with almost similar excise duties. The first payment for carbon tax will come in 2020, based on emission in 2019. The tax is expected to generate nearly $1b in the first five years of implementation. Furthermore, Heng noted that they will review the carbon tax by 2023 as the government intends to raise the rate between $10 and $15 per tonne of emissions by 2030. Singapore's big 4 accounting firms have generally approved of the new carbon tax. Simon Yeo, partner, Climate Change & Sustainability Services, Ernst & Young said that carbon emissions now carry a price tag. " It is time to measure and mitigate emissions. These first steps into a carbon tax regime will pave the way for a more sustainable future to do our part to reduce global emissions and to protect Singapore in the future.”
7 in 10 O&G professionals to embrace digitalisation for higher profits Singapore Business Review 9th Feb 2018
But an old-fashioned culture remains the biggest barrier. Quality assurance and risk management company DNV GL reported that in their study on oil and gas (O&G) industry, 68% of Singaporean senior oil and gas professionals agreed that their organisations need to embrace digitalisation to increase profits, up from 36% in 2017. Digitalisation is attracting the most immediate investments, with 22% of the respondents expecting their organisations to make the first or further investments this year, whilst 49% expect digitalisation investments within five years. Further, 41% of the respondents said that they expect an increase in digitalisation investments, compared to 27% last year. Renewable energy investment comes next, with 35% of the respondents expecting an increase. Cyber security investments are also expected to increase by 41%, which mirrors the expectations for digitalisation, DNV GL said. However, 41% of the respondents said that an old-fashioned organisation or culture may be the primary barrier to digitalisation, whilst 30% said that the barrier could be the lack of required skills, and lack of funding. Meanwhile, Singapore Business Review previously reported that 68% of O&G professionals expect an increase in cost control.
Financial Services
S'pore not going cashless 'for its own sake' but for economic competitiveness The Business Times 1st Mar 2018
Singapore is not going cashless "for its own sake", but to enhance the competitiveness of its economy, said Vivian Balakrishnan, minister-in-charge of the Smart Nation Initiative, at the Committee of Supply debate on Thursday. Dr Balakrishnan was responding to Desmond Choo, a member of the People's Action Party and mayor of the North East District of Singapore, who had asked if Singapore's Strategic National Projects - among them e-payments - can be used to support future economic transformation especially in supporting the gig and freelance economy.
MAS mulls additional regulations to protect cryptocurrency investors Singapore Business Review 1st Mar 2018
It remains on guard for any risky activities using virtual currencies. The Monetary Authority of Singapore (MAS) is assessing whether additional regulations must be implemented to protect cryptocurrency investors. “As with most financial regulators, MAS does not regulate virtual currencies. But we regulate the activities that surround virtual currencies if these pose specific risks,” said Ong Chong Tee, deputy managing director (financial supervision) of MAS, in a speech. “An example would be the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) requirements that we have imposed on intermediaries providing virtual currency services. We are assessing if additional regulations are required in the area of investor protection,” Ong continued. The central bank earlier said that they are closely studying the developments and potential risks of cryptocurrencies, however, see no strong case yet to ban its trading in the country.
Singapore Budget 2018: Banks & developers eye imported services GST The Business Times 22nd Feb 2018
Banks with operations here are likely to be watching their expenses on imported services a little closer than before, as a small portion of goods and services tax (GST) will be levied on them in two years' time. This will not just hit the three Singapore banks buying services from abroad, but will also affect Singapore subsidiaries of global banks that use offshore call centres, or incur shared expenses spent on group-wide costs such as IT systems, tax experts told The Business Times. Other financial firms such as insurance companies and credit finance firms will feel some impact as well.
MAS forms e-payment user protection guide Singapore Business Review 13th Feb 2018
Financial institutions will be required to notify users of their e-payments. The Monetary Authority of Singapore (MAS) launched a public consultation on proposed guidelines to protect users of electronic payments (e-payments). According to a press release, the proposed guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of financial institutions (FI) and e-payment users. In the new guidelines, individuals and micro-enterprises should expect FIs to notify them of all their e-payment transactions. FIs will be expected to set clear resolution processes for unauthorised or erroneous payment transactions. The Guidelines also set out the responsibilities of e-payments users, including good security practices they should adopt to protect their passwords and e-payment accounts. The public consultation will run from 13 February to 16 March 2018.
New business insurance premiums hit all-time high of S$4.09b in 2017: LIA The Straits Times 9th Feb 2018
The total value of weighted new business insurance premiums in Singapore reached S$4.09 billion in 2017; a new high for the nation's life insurance industry, according to The Life Insurance Association (LIA) in Singapore. This represented a 24 per cent increase compared with the same period in 2016, affirming the insurance industry's outstanding progress in the past 12 months, the non-profit trade body for life insurance product providers and life reinsurance providers based in Singapore said in a release on Friday (Feb 9).
Food & Agriculture
Taskforce on formula milk reports 4.8% drop in average prices Channel NewsAsia 8th Feb 2018
The average price of infant formula milk powder has dropped 4.8 per cent since May last year, Senior Minister of State of Trade and Industry Koh Poh Koon said on Feb 8. He said this in the first formal update since chairing a taskforce to look into high prices of formula milk that came into the spotlight in March last year. A survey last year showed that that the average price of a 900g tin of infant milk powder in Singapore had soared 120 per cent over the last decade to more than S$50.The Government then set up a taskforce to look into tightening regulations on labelling and advertising, facilitating imports of more formula milk options, strengthening public education, and encouraging good practices in hospitals.
17 F&B businesses in Singapore commit to sourcing for sustainable palm oil The Straits Times 26th Feb 2018
Singapore has been free from the scourge of haze for the past two years, but at least 17 food and beverage companies here are not taking the clear skies for granted. The 17 - including major brands such as Crystal Jade, F&N and TungLok, as well as smaller businesses such as Veganburg in Eunos and NomVNom in Tai Seng - have recently committed to sourcing for sustainable palm oil. Of these, 10 of them made the commitment to do so this year. They include TungLok Group and Commonwealth Capital, whose portfolio includes brands like PastaMania and Baker and Cook.
Consultation On Inclusion Of New Food Additive Provisions Under The Food Regulations | REACH MCI REACH 20th Feb 2018
The Agri-Food and Veterinary Authority (AVA) invites interested members of the food industry (local food manufacturers and importers) to submit applications for: (a) the use of new food additives currently not permitted for use in Singapore; and/or (b) the extension of the use of existing food additives to a wider range of food products. Background Food additives are chemical substances which are intentionally added to food, typically in very small known amounts, in order to serve specific technological functions. It is internationally accepted that food additives should only be used when: The Food Regulations specifies the types of food additives that may be added to food imported/manufactured and sold in Singapore, and the categories of food to which they may be added to. Further information on the regulation of food additives in Singapore is available from the following web links:
AVA awards 10 land parcels to vegetable farmers with innovative concepts The Straits Times 9th Feb 2018
Ten vegetable farming land parcels in Lim Chu Kang have been awarded to eight companies based on their concept proposals rather than the amount they bid. This means that the farmers did not have to worry about engaging in a price war for the land, but focused more on refining their ideas, having in mind Singapore's push for greater productivity through technological innovation and efficient use of scarce resources. It is the first time the Agri-Food & Veterinary Authority of Singapore (AVA) has awarded a tender on such grounds, the authority said in a press statement on Friday (Feb 9). It was launched in August 2017.
Health & Life Sciences
Singapore Budget 2018: S$550m increase in spending on health and social services The Business Times 26th Feb 2018
THE government will integrate its health and social services for seniors, and spend S$550 million more to better serve the needs of ageing Singaporeans. The consolidating of social- and health-related services for seniors will enable such services "to be planned and delivered holistically", Finance Minister Heng Swee Keat said in his Budget Speech on Monday. This means the Ministry of Social and Family Development will transfer its social aged care functions under the Senior Cluster Network and other programmes to the Ministry of Health. It will take effect from April 1 this year. "With this transfer, the Agency for Integrated Care (AIC) will be designated the central implementation agency to coordinate such services for seniors and their caregivers," Mr Heng said.
Understanding ElderShield and its proposed changes The Straits Times 24th Feb 2018
Both are insurance schemes that cover policyholders for as long as they live. While ElderShield covers people with severe disabilities, MediShield takes care of large hospital bills. You can opt out of ElderShield but not MediShield. Launched in 2002, ElderShield was designed to provide basic financial protection to Singaporeans who need long-term care. With ElderShield, you stop paying premiums after 65. You can continue to make a claim at any age afterwards, but the monthly cash payouts will last only up to six years. Those with supplementary plans will have enhanced cover.
Enlarged graphic warnings for tobacco products under new MOH proposal TODAYonline 12th Feb 2018
All tobacco products in Singapore may soon have enlarged graphic health warnings which could cover 75 per cent of the packaging, under a proposal by the Ministry of Health (MOH). In a press statement on Sunday (Feb 4), the MOH said it will be conducting a public consultation exercise on the Standardised Packaging Proposal for six weeks from Feb 5 to March 16. Under the proposal, tobacco packaging elements are set to be standardised — also known as plain packaging. Under plain packaging, there is generally strict regulation of the promotional aspects of tobacco packaging, including trademarks, logos, colour schemes and imagery.
Engineering the future of medicine The Straits Times 8th Feb 2018
Singapore is facing a greyer future, with its accompanying health woes. Three in five people will have contracted cancer by the time they reach 65, and diabetes is a serious concern. Health problems will put a tremendous strain on our healthcare system and infrastructure. This is where biomedical technology can make a significant impact. There is a slew of emerging technologies that are slowly but surely disrupting the way healthcare and medicine are being practised. For example, personalised or precision medicine is changing how patients are being diagnosed and treated, especially for diseases such as cancer. The idea is to administer the right drug to the right patient, at the right dosage and the right time.
A virtual reality first for medical studies in Singapore The Straits Times 26th Feb 2018
Students across various medical disciplines will soon get to practise what they have learnt in a virtual environment. A team from the National University of Singapore (NUS) Alice Lee Centre for Nursing Studies, part of the NUS Yong Loo Lin School of Medicine, has created a computer program which lets them do just that. Called Create Real-life Experience And Teamwork In Virtual Environment, or Creative for short, the initiative lets participants work in a virtual ward with other medical professionals to treat a patient. The "professionals" will be played by students in fields such as nursing, pharmacy, dentistry, medicine and social work.
Polyclinics help with early detection of mental health issues The New Paper 23rd Feb 2018
As she treated one of her diabetic patients, family physician Winnie Soon noticed another condition had taken root. This patient was showing signs of depression, due to a "recent bereavement" in her family, and the mental illness was affecting her physical health. Acting quickly, Dr Soon referred her patient to a psychologist, and she was then taken for counselling. This detection was possible thanks to a partnership between the National Healthcare Group Polyclinics (NHGP), the Institute of Mental Health and Khoo Teck Puat Hospital (KTPH).
Govt to expand, consolidate social and health-related services for seniors under Ministry of Health TODAYonline 19th Feb 2018
To streamline the delivery of social and health services to seniors, the Government will expand the Community Networks for Seniors (CNS) initiative by 2020 and consolidate these services under the Ministry of Health (MOH), announced Finance Minister Heng Swee Keat in his Budget speech on Monday (Feb 19). From April 1, the Ministry of Social and Family Development (MSF) will transfer its social aged care functions under the Senior Cluster Network and other programmes to the Ministry of Health (MOH). For example, MOH will able to value add to Senior Activity Centres, which currently come under the MSF’s Senior Cluster Network, by integrating preventive health services to better support seniors to age in place, said a Ministry spokesperson.
ICT
Singapore Budget 2018: OIP will accelerate innovation and digital transformation The Business Times 26th Feb 2018
The Open Innovation Programme (OIP) is a welcome initiative that will accelerate innovation and digital transformation among Singapore businesses, industry players told The Business Times. But for it to bear fruit, it must support iterative development and have business leaders properly identify their digital requirements and understand what "going digital" really means for them. The OIP, unveiled by Finance Minister Heng Swee Keat in his delivery of Budget 2018 on Monday, is a new virtual crowdsourcing platform that will match the digital requirements of businesses to solutions created by infocommunications and technology (ICT) firms. It will be managed by the Info-communications Media Development Authority and launched in the second quarter this year. Francis Thangasamy, a Singapore-based vice-president at telecommunications firm CenturyLink, said: "The OIP will encourage and accelerate innovation through co-development. With the rapid rate of change driven by digitisation, it is challenging for firms to operate alone. It will make more economic sense to partner up and harness the full potential of digital transformation."
Closer FinTech Cooperation Between Maharashtra State And Singapore Mondovisione 26th Feb 2018
The Monetary Authority of Singapore (MAS) and the Government of Maharashtra (GoM)1 signed a Memorandum of Understanding (MoU) on 18 February 2018 to strengthen cooperation in promoting FinTech innovation in the two markets. The MoU was signed at a ceremony at the Magnetic Maharashtra event in India. The agreement provides opportunities for FinTech start-ups in Singapore to set-up and build business relationships with FinTech companies at the Mumbai FinTech hub. As part of the agreement, the Government of Maharashtra and MAS will co-develop educational programmes on FinTech and explore potential joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain, and big data. The Government of Maharashtra will also facilitate the creation of a marketplace for FinTech solutions developed in Singapore and at the Centre of Excellence (COE) in Mumbai. Under the MoU, the Government of Maharashtra and MAS have agreed to exchange information relating to FinTech trends and discuss regulatory approaches to encourage innovation in the financial sector.
Indonesia, Singapore to Exchange Financial Data in September Tempo 24th Feb 2018
Directorate General of Tax stated that financial data exchange and Automatic Exchange of Information (AEOI) for taxation purposes with Singapore will begin in September 2018. "We will begin information exchange with Singapore in September 2018," said international taxation director at the tax DG John Hutagaol in Jakarta on Friday, Feb. 23. John admitted that the government is currently preparing regulation for human resources and technological infrastructure. Singapore is ready to share Indonesian citizens’ financial information to Indonesian government as part of the implementation of AEOI for taxation purposes. Not only with Indonesia, Singapore will also exchange information with countries signing Multilateral Competent Authority Agreement (MCAA) regarding AEOI in the Netherlands in June 2017. Reciprocal exchange of financial information can commence after both jurisdictions introduce regulations required to implement Common Reporting Standard (CRS) and to maintain confidentiality and protection for the data exchanged.
Singapore Budget 2018 to introduce GST for Digital Economy OpenGovAsia 21st Feb 2018
To ensure that the tax system remains fair and resilient in the digital economy, Singapore is to introduce Goods and Services Tax (GST) on imported B2B and B2C services. To ensure that the tax system remains fair and resilient in the digital economy, Singapore is to introduce Goods and Services Tax (GST) on imported services. With the advent of technology and digital economy, it has become increasingly common for consumers in Singapore to obtain services from overseas suppliers. Most often, these overseas service suppliers are able to deliver such services without a presence in Singapore. Today, services such as consultancy and marketing purchased from overseas suppliers are not subject to GST. Local consumers also do not pay GST when they download apps and music from overseas. However, this will soon change. Currently, GST is not applicable on imported services provided by an overseas supplier which does not have an establishment in Singapore, according to the Budget 2018. With effect from 1 Jan 2020, the Singapore Government will introduce GST on Business-to-Business (B2B) and Business-to-Consumers (B2C) imported services, to ensure that local and imported services are accorded to the same treatment.
Consortium on membrane science and technology set up in Singapore OpenGovAsia 21st Feb 2018
SG-MEM brings together Singapore’s public-sector universities and innovation centres, key government agencies, startups, SMEs, LLEs and MNCs on to one platform and aims to promote and access membrane technology for focus areas beyond water, such as energy, pharmaceuticals, food and beverage, and biomedical applications. The National Research Foundation Singapore (NRF) announced recently that it will set up a national consortium on membrane science and technology to promote research, collaboration, and commercialisation in innovative membrane products and technologies. The Singapore National Membrane Consortium (SG-MEM) aims to bring together the membrane Research & Development (R&D) capabilities of Singapore’s public-sector universities and innovation centres under one umbrella to accelerate the translation of research in membrane technologies into products and technologies that meet industry needs.
Singapore Turns to Biomimicry, Big Data to Save Water The News Lens International Edition 21st Feb 2018
Earlier this month, PUB, Singapore’s national water agency, issued a grant call for three categories of projects worth a collective total of SG$30 million (US$22.6 million). The money will go to improving energy efficiency in water production, optimizing water efficiency in industrial processes, and using data analytics in water resource management. Singapore is well-known for seeking new methods of producing water and keeping it clean to sustain its overall development. Rainfall accounts for about 10 percent of water supply in the city-state, followed by recycled used water and desalination, which have capacities of up to 40 percent and 25 percent respectively. The aim is to increase their capacities to 55 percent and 30 percent, for a total of 85 percent by 2060, the year before Singapore’s water treaty with Malaysia ends. At present, water imported from the Malaysian state of Johor can supply up to half the total demand.
MINDEF, Singapore Institute of Technology partner to train NS cyber defenders Channel NewsAsia 13th Feb 2018
Full-time national servicemen (NSFs) who are assigned to cyber vocations will come under a newly announced Cyber NSF scheme, and those who demonstrate the required aptitude and skill will be eligible for the Cyber Specialist Award, said Second Minister for Defence Ong Ye Kung on Monday (Feb 12). The Cyber Specialist Award is a short-term contract offered to NSFs in cyber vocations who demonstrate the requisite aptitude and skill and meet the “stringent selection requirements”, Mr Ong added. This award is made possible through the signing of a work-learn memorandum of understanding (MOU) between the Ministry of Defence and the Singapore Institute of Technology (SIT) on Monday. It is the first work-learn programme between the ministry and an educational institute where NSFs are sent for academic upgrading while employed in an operational role, the press release said.
Singapore’s Security ITM seeks to transform operating models through tech and innovation Opengov Asia 13th Feb 2018
Mrs Josephine Teo, Minister, Prime Minister’s Office and Second Minister for Home Affairs and Second Minister for Manpower, launched the Security Industry Transformation Map (ITM) today at the Lifelong Learning Institute. The Government will invest about S$10 million over the next three years to support the initiatives under the Security ITM. Roadmaps are being developed for 23 industries to address issues within each industry and deepen partnerships between the Government, firms, industries, trade associations and chambers. The ITMs are grouped into 6 broad cluster: Manufacturing, Built environment, Trade & connectivity, Essential Domestic Services, Modern services and Lifestyle. The Security Industry ITM comes under the Built Environment Cluster, which also includes the Construction, Environmental Services and Real Estate ITMs. The Security ITM, led by the Ministry of Home Affairs (MHA), seeks to transform the industry from one that is manpower-reliant, to one that leverages technology and raises skills to deliver high-quality security solutions. The ITM has been developed over a period of more than a year through a collective effort, through numerous focus group discussions and consultations with industry associations, security agencies, the Labour movement, service buyers and Government agencies.
Cryptocurrency speculation could ‘destroy’ innovation, Singapore central bank exec says CNBC 12th Feb 2018
Speculative cryptocurrency investors are negatively impacting on experimentation with the nascent technology, an executive at Singapore's central bank said Monday. Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore (MAS), told CNBC that he did not want speculative investing in the digital currency space to "destroy the experimental value of cryptocurrency." MAS is currently working on its own blockchain, or distributed ledger technology, project called "Project Ubin," and expects to complete a trial with a digital version of the Singapore dollar this year. Blockchain, the technology that underpins virtual currencies, maintains a continually growing record of transactions across a decentralized network. Voicing his concerns about speculators in the market, Mohanty said: "That's a key part because we are going to continue to experiment on this fabulous technology and find the use case, hopefully, in the long run.
Infrastructure
Government mulls borrowing guarantee to fund massive infra projects Singapore Business Review 20th Feb 2018
This could finance the KL-Singapore high speed rail and Changi T5. The government is considering providing guarantees for long-term borrowings made by Statutory Boards and government-owned companies to fund national infrastructure projects, Finance Ministry Heng Swee Keat said in his budget address. Borrowing could help spread the cost of large investments over the years and boost the local bond market, Mr Heng added. The financing model, which could be applied to build the KL-Singapore high speed rail and the Changi Terminal 5, represents a significant shift for the city-state, according to Bank of America Merill Lynch, as Singapore usually relies on PPPs for its infrastructure development. Should the government push through with its plan, it should note that current fiscal rules embedded in the Constitution explicitly prohibit the spending of monies raised from bond issuances even for important infrastructure projects and that this matter even requires presidential concurrence, added BofAML. “The mega investments have very lumpy and upfront costs, while the benefits are spread out over the future. Borrowing to spend on such productive items is more equitable from an intergenerational perspective and not necessarily a fiscal slippage,” said BofAML analyst Mohamed Faiz Nagutha.
LTA to take over SBS Transit rail assets worth $30.8m The Straits Times 15th Feb 2018
The Land Transport Authority (LTA) is to buy operating assets on the North-East MRT as well as the Sengkang and Punggol LRT lines from SBS Transit, and will take control of them from April as part of the new rail financing framework (NRFF). The value of these assets, which include trains as well as signalling and power systems, is currently estimated to be about $30.8 million, including the goods and services tax. The move, which comes after more than six years of discussion between the LTA and the transport operator, brings all of the Republic's rail assets under the Government.As part of the arrangement, SBS Transit will have to pay the LTA an annual licence fee to continue operating and earning revenue from the lines. However, both parties declined to disclose the sum that will be paid. The fee, which varies according to SBS Transit's profitability, will go into a sinking fund for asset replacement. In addition, new regulatory changes imposed by the LTA - resulting in higher operating costs or revenue loss - may see the authority reimbursing SBS Transit.These include changes to operating and maintenance standards, performance indicators, as well as the reduction of rentable and advertising spaces.The licence period for transport operators, between 30 and 40 years under the previous framework, will be shortened to 15 years, with the possibility of a five-year extension.
Manufacturing
Singapore semiconductor growth to ease in 2018: Industry group Channel NewsAsia 1st Mar 2018
Singapore's semiconductor output growth in 2018 will probably moderate compared with last year's strong expansion, amid recent signs of softening in global demand for mobile devices, the head of a local semiconductor industry group said on Thursday. Singapore's trade-reliant economy grew at its fastest pace in three years in 2017 with an expansion of 3.6 per cent, getting a boost from a pick-up in global demand for electronics products. The semiconductor industry gave a large boost to the city state's growth last year, with semiconductor output having surged 48 per cent in 2017, according to data from the Economic Development Board. Singapore's semiconductor production in 2018 is unlikely to be as strong as last year, Mr C.K. Tan, the president of the Singapore Semiconductor Industry Association (SSIA), told Reuters on the sidelines of the 2018 SSIA summit. "Right now these two months, you will see some softness depending on the market segment. I think automotive continued to be strong. Those that apply to the consumer market, like handsets ... there's a little bit of a slowdown," Mr Tan said.
Manufacturing output expands by 17.9% in January Singapore Business Review 26th Feb 2018
The electronics cluster delivered the most outputs. Singapore’s total manufacturing output in January jumped by 17.9% year-on-year (yoy), the Economic and Development Board (EDB) reported. The electronics cluster recorded the highest output growth with 32.4% yoy, followed by precision engineering with 24.5%, chemicals with 13.7%, general manufacturing with 11.6%, biomedical manufacturing with 2.5%, and transport engineering with 1.4%. Despite the growth, only 10% of manufacturers expect their output to increase in the first quarter of 2018. Biomedical manufacturing firms are the most optimistic (45%), followed by precision engineering (24%), and chemicals (5%). The manufacturing sector grew by 10.1% in 2017, which pushed the 5.7% growth in the goods producing industries. The Ministry of Trade and Industry is expecting the manufacturing sector to continuously grow and significantly contribute the country’s overall economy in 2018.
Manufacturing sector expands by 10.1% in 2017 Singapore Business Review 14th Feb 2018
It pushes 5.7% growth in the goods producing industries. The manufacturing sector grew by 10.1% for the whole year of 2017, which pushed the 5.7% growth in the goods producing industries. For the fourth quarter of 2017, manufacturing sector registered a 4.8% year-on-year increase driven by growth in the electronics and precision engineering clusters. Transport engineering and biomedical manufacturing clusters contracted as a result of poor performance from the marine & offshore engineering segment, as well as lower production of active pharmaceutical ingredients and biological products, respectively. Despite this, the Ministry of Trade and Industry is expecting continued growth in the manufacturing sector which will push the overall economy growth of Singapore in 2018.
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