| Regional Affairs
Japan, neighbours must put World War Two behind them - Singapore PM Reuters 25th Jun 2014
Singapore's prime minister on Tuesday urged Japan and its neighbors to put World War Two behind them, saying that if they kept reopening issues dating back to the conflict it would be a "continuing sore" in their relations. "One of the reasons Japan’s difficulties are not just with China, but with also Korea is because of reopening of issues that go back to the Second World War and before, which have never been properly put to rest the way they were put to rest in Europe after the war," Lee Hsien Loong told a think tank during a visit to Washington. "So it’s really a sovereign choice for the Japanese to make," Lee said, adding that he was sure the United States would be urging Japan to "act cautiously and circumspectly and try to develop its relationship with its near neighborhood."
PM Lee urges US use of trade policy to engage region Today Online 25th Jun 2014
With the end in sight for negotiations over the trade partnership that will account for one-third of world trade, Prime Minister Lee Hsien Loong yesterday (June 24) called on the United States to use trade policy as a key instrument in engaging the Asia-Pacific region. The Trans-Pacific Partnership (TPP), which includes the US and 11 countries in the Asia-Pacific including Singapore, Australia, Japan and Chile, is “consequential” — and not only for the 40 per cent of world gross domestic product it covers, Mr. Lee said at a think-tank discussion on Tuesday in Washington DC. “Consequential also because it is a signal of America’s commitment and seriousness as an Asia-Pacific power,” he said. Mr Lee was speaking at a moderated discussion at the Council on Foreign Relations with about 145 diplomats, government officials and business leaders in the audience.
Singapore Offers Anti-Haze Help to Malaysia and Indonesia The Straits Times 10th Jun 2014
Singapore has offered help to Malaysia and Indonesia to combat any land and forest fires in the run-up to the traditional dry season, to prevent another severe haze episode from affecting the region. The Singapore Government has offered Indonesia Singapore Civil Defence Force teams to help fight fires and to provide anti-fire planning assistance, aircraft to transport the fire-fighting teams and to carry out cloud-seeding operations to create rain artificially, and satellite pictures and hotspot coordinates. This is the same assistance package offered to Indonesia in previous years. The Singapore Government has also pledged to help Malaysia fight fires if the need arises.
Southeast Asian leaders flounder in the face of online criticism South China Morning Post 8th Jun 2014
Political leaders in Southeast Asia are spooked by escalating online dissent and have no clue what to do except implement draconian legislation or file lawsuits, according to analysts. In Thailand, the junta behind the latest coup d'etat monitors social media to weed out troublesome bloggers, while in Vietnam, laws implemented last year can see critics fined for saying anything negative online about the regime. Malaysia's prime minister is suing an acclaimed independent news website, and his counterpart in Singapore is taking similar action against a young blogger.
National Affairs
Enhancing public debate on inequality in Singapore EAF 25th Jun 2014
The publication of Thomas Piketty’s 2014 book Capital in the 21st Century has brought the issue of income inequality to the fore of public policy debates in many countries. This is remarkable, given the book’s length (696 pages), the intricacy of the historical data series that forms the statistical foundations of the book’s main propositions, and its relatively narrow geographical focus (mainly the US, the UK, and Western Europe). The issues of inequality, social mobility prospects, fairness and adequacy of social protection arrangements have recently risen to prominence in public policy debates in Singapore, and this is likely to continue.
PM Lee marks 10th anniversary of US-Singapore FTA in Washington Channel News Asia 25th Jun 2014
Singapore Prime Minister Lee Hsien Loong on Tuesday (June 24) celebrated the 10th anniversary of the US-Singapore Free Trade Agreement (USSFTA) at a ceremony in Washington DC in the United States. “It's enhanced America's longstanding presence in the Asia-Pacific and it's caused other regional countries to sit up and take note and think about how they, too, can deepen their relationship with the US,” Mr. Lee said of the USSFTA. Entering into force on Jan 1, 2004, the USSFTA was the first Free Trade Agreement between the US and an Asian nation and remains the only such agreement with an ASEAN country, according to a statement by the US Chamber of Commerce and the US-ASEAN Business Council. Today, Singapore is the US’ top destination for investment in Asia. Bilateral trade has also grown 70 per cent since the treaty was inked, to reach US$68 billion (S$85 billion) in 2012.
Singapore needs to diversify concept of leadership: Tharman Channel News Asia 22nd Jun 2014
Singapore needs to diversify the concept of leadership in society, and schools and community activities could play a part, said Deputy Prime Minister Tharman Shanmugaratnam. Mr. Tharman, who is also finance minister, was speaking at a youth dialogue organized by self-help group SINDA on Sunday, where he took questions from participants. Mr. Tharman said: "We have to diversify the concept of leadership in society. It's not that it isn't there, it's not that no one is recognizing it but we have to do more of it. “And when schools invite speakers, whether it's for annual speech day or the annual, whatever you call it nowadays in school -- you know, invite speakers who come from less conventional backgrounds, someone who's become an outstanding mechanic, maybe someone who's become a senior nurse in a hospital." “Anyone who's achieved something with passion and believes in his or her job or what they're doing in the community is worth listening to -- and it's usually less boring as well."
When mistrust is the new normal The Straits Times 22nd Jun 2014
If a low level of support for political leaders and high level of mistrust are normal, what makes Singapore so confident it can buck the trend? But, you might argue, Singapore is special, and while other countries can live, even thrive, with normal, this place won't. It is small and vulnerable, and has always depended on a strong government with widespread support to overcome the odds. While this has indeed been how Singapore succeeded over the past 50 years, there is no guarantee it will always be so. There is no reason to believe that the Singapore electorate is so special and so different from others that it will behave differently and continue to have high levels of trust in government. Neither is there any reason to believe that the Government here will always be so exceptional as to always command respect and trust from the people.
PM Lee to visit US from June 21 to 26 Asia One 20th Jun 2014
Prime Minister Lee Hsien Loong will make a working visit to Washington DC and New York City from June 21 to 26, during which he will meet Cabinet Secretaries, as well as principal figures in the US Senate and House of Representatives in the White House. PM Lee will also deliver a speech at a reception to commemorate the 10th Anniversary of the US-Singapore Free Trade Agreement. The reception is to be co-hosted by the US Chamber of Commerce and the US-ASEAN Business Council. He will also speak at the Council on Foreign Relations (CFR). In New York City, PM Lee will meet business and industry leaders. PM Lee will also launch Temasek Holdings' New York Office. PM Lee will be accompanied by Mrs Lee, Manpower Minister Tan Chuan-Jin, Deputy Speaker of Parliament Charles Chong, Member of Parliament Dr Janil Puthucheary, as well as officials from the Prime Minister's Office and the Ministry of Foreign Affairs. During his absence, Deputy Prime Minister Teo Chee Hean, will be the Acting Prime Minister.
PM Lee's press sec issues letter to The Economist Yahoo! 20th Jun 2014
Prime Minister Lee Hsien Loong’s press secretary Chang Li Lin has issued a letter to The Economist, in response to an opinion piece the magazine had written about the ongoing defamation case against Singapore blogger Roy Ngerng. In it, she said, "You referred to an “alleged ‘serious libel’” by Roy Ngerng. This is not an allegation. Mr Ngerng has publicly admitted accusing Lee Hsien Loong, the prime minister, of criminal misappropriation of pension funds, falsely and completely without foundation. After promising to apologise and to remove the post, Mr Ngerng did the opposite; he actively disseminated the libel further. This was a grave and deliberate defamation, whether it occurred online or in the traditional media being immaterial.” Ngerng is embroiled in a defamation suit initiated by PM Lee after posting an article that accused the latter of embezzling and misusing CPF funds via the vehicles of Temasek Holdings and the Government Investment Corporation, Singapore’s two key investment arms. He has since been fired from his job as a patient co-ordinator at Tan Tock Seng Hospital, a move which was backed by the Ministry of Health.
Off the mark: Singapore’s exports slide 6.6% in May www.yahoo.com.sg 18th Jun 2014
The decline is even worse than the gloomy forecasts. Singapore’s non-oil domestic exports (NODX) had already been expected to decline in May, but the stunning 6.6% yoy decrease defied even the gloomiest of forecasts. According to data released by International Enterprise Singapore, last month’s NODX was hauled down by sluggish electronic domestic exports, which experienced a 15.3% yoy dip in May. The decrease in electronic domestic exports was largely due to a whopping 57.8% decrease in consumer electronics, along with a 16.2% drop in integrated circuit exports and an 18.6% decline in the export of personal computer parts. Non-electronic exports also suffered a blow, with exports of aircraft parts dipping by 30.2%, coupled with a 26.3% drop in pharmaceutical exports and a 13.1% in specialised machinery.
Singapore dilemma: When diversity policy meets local law BBC 14th Jun 2014
In May, a dozen university students showed up for dinner at Goldman Sachs' office in Singapore's business district. But it was no run-of-the-mill event. Hosted by the company's Lesbian, Gay, Bisexual and Transgender (LGBT) employee network, and billed as a "LGBT recruiting and networking dinner", it triggered controversy in this largely conservative nation-state. Local newspaper MyPaper ran a piece ahead of the dinner entitled: "Wanted by Goldman Sachs: LGBT employees". News of the event caused enough handwringing that Minister for Social and Family Development Chan Chun Sing publicly expressed concern. While discrimination had "no place in our society", foreign companies should "respect local culture and context" and "not venture into public advocacy for causes that sow discord among Singaporeans", he said. The incident, however, raised questions over how far companies should pursue their diversity policies in countries which may not agree with them. The minister's statement comes as more multinational companies are stepping up to publicly support Singapore's annual gay rights event, Pink Dot, happening on 28 June. Gay sex is banned in Singapore, but companies including Google, Barclays, J P Morgan, Goldman Sachs and BP are on board as corporate supporters for what has become the city-state's biggest annual gathering organised by civil society.
A butterfly on a wheel The Economist 13th Jun 2014
Roy Ngerng Yi Ling does not look like a dangerous radical. An affable, earnest, rather wonkish 33-year-old, he was until June 10th a “patient co-ordinator” in one of Singapore’s public hospitals. He plausibly describes himself as “naive”. Mr Ngerng, however, is now a celebrity in Singapore, at the centre of a lawsuit that says much about the ways the place has changed in recent years; and the ways it has not. He is now jobless, sacked for engaging in conduct “incompatible with the values and standards” the hospital expects of its employees. This is but one of Mr Ngerng’s travails. He is being sued for defamation by Singapore’s prime minister, Lee Hsien Loong. He might face financial ruin.
Singapore confronts peril of please-all economics Reuters 12th Jun 2014
Singapore is confronting the perils of please-all economics. Ageing citizens are pushing the government for bigger nest eggs and more subsidized healthcare and housing. There is also popular resentment against letting more foreigners in, and not much appetite for increasing the 7 percent consumption tax. Squaring this fiscal circle will be a long-term challenge. Already, there's simmering anger in the city-state about overcrowded trains and costly public housing. About 2,000 people gathered recently to demand that the state-run retirement plan raise its 4 percent annual interest rate. People protested last year, too, when the government unveiled a plan to boost the resident population by 30 percent to 6.9 million by 2030, with immigration compensating for a drooping birth rate.
Collective responsibility fundamental to S'pore's future: Tharman CNA 12th Jun 2014
Taking more collective responsibility and preserving an egalitarian ethos will be fundamental to Singapore's future, says Deputy Prime Minister Tharman Shanmugaratnam. One example of this is the new national health insurance scheme MediShield Life, where collective responsibility is demonstrated by Singaporeans paying premiums and the government giving subsidies to those from the lower- and middle-income group. "We must not say that we're putting in place a scheme where everyone will be helped but we don't in fact make sure that we can fund it and we can sustain it. Too many countries have done this and we must avoid that fundamental political deceit. When we say collective responsibility, it means we find the way of funding it, we decide on what's the fairest way of sharing the burden," he said.
'All lose, lose all' risk if political provocateurs win Straits Times 12th Jun 2014
The People's Action Party (PAP) has made a sustained effort since the 2011 general election to engage with the ground, update its policies and increase its investments in social issues. It has also appointed new political leaders and publicly introduced potential election candidates. Such moves are implicit signals of a "New PAP" - one that is concerned about social and not just economic issues, one unembarrassed to provide Singaporeans with social spending and one which wants not to be seen as elitist. Yet, there is considerable cognitive dissonance between what the PAP views as the "New PAP" and the public perception of the same.
More Adopting Workforce Skills Qualifications Training: WDA Survey Today Online 11th Jun 2014
More companies are adopting the Singapore Workforce Skills Qualifications (WSQ) training for their workers, according to survey results released by the Singapore Workforce Development Agency (WDA) today (June 11). About 54 per cent of the 7,480 companies surveyed by the annual Awareness and Adoption Survey (AAS) had adopted WSQ training last year, an increase from 43 per cent in 2012. Overall awareness of the WSQ training had increased to 70 per cent last year, up from 69 per cent in 2012, among the 1,480 companies surveyed for another WDA annual survey, the Outcomes Evaluation Survey (OES). The majority of companies surveyed under the OES last year also indicated that WSQ training had made a positive impact and most indicators rose compared to results in 2012.
Condos' Dark Tale of Rising Vacancies The Business Times 11th Jun 2014
As dusk descends upon the Singapore skyline, the excess capacity building up in the private housing market is evident. Dark patches in some condominium developments completed six to 12 months ago, or even longer, point to a significant number of vacancies. Analysts cite a host of factors, including strong investment demand for real estate after the global crisis, escalation in private home completions of late, and slower expatriate inflow. Vacancies are set to climb while rents will fall, in general. Suburban locations, where most of the supply is, will be the worst hit. "If, increasingly, there are a lot of empty units, it could indicate that we're not making the best use of our limited land resources," said Lee Lay Keng, DTZ's regional head (SEA) of research. After the global crisis, investors sought refuge in trusty assets such as real estate. Taking advantage of the low interest-rate environment, some took to hoarding property at new launches and are, hence, not bothered whether they can find tenants after taking possession of their units, observers said.
Singapore Ranks Third in the World for Proportion of Millionaire Households Today Online 10th Jun 2014
Millionaire households in Singapore formed 10 per cent of the population in Singapore last year, down from 17.1 per cent in 2012, according to the latest report from Boston Consulting Group (BCG). The latest findings mean Singapore’s density of millionaire households ranks third globally, behind Qatar at 17.5 per cent and Switzerland at 12.7 per cent. In absolute numbers, the United States had the highest number of millionaire households (7.1 million), and the highest number of new millionaires (1.1 million). It is followed by China, where robust wealth creation has led to a rise in millionaire households from 1.5 million in 2012 to 2.4 million last year. China has surpassed Japan, where the number of millionaire households fell from 1.5 million to 1.2 million last year.
Singapore Rises in Expatriates' Cost of Living Global Ranking Today Online 10th Jun 2014
Singapore has jumped four spots from 35th to 31st in the global ranking of the most expensive locations for expatriates, according to a Cost of Living survey by consultancy firm ECA International. It has, however, been overtaken by Hong Kong, which ranks 29th globally. ECA International says that the price of items in its shopping basket of goods and services for expatriates in Singapore has increased at approximately 2.3 per cent over the past 12 months, but it says this is a “relatively low rise” compared to other Asian cities. “While price increases of items in our basket are now just over 2 per cent in Singapore, this is still a long way off the 6 per cent increases we observed a couple of years ago,” said Mr Lee Quane, Regional Director for Asia at ECA International. Mr Quane noted that the cost of living for relocated employees would also be affected by the currency used to pay their salaries, and exchange rate fluctuations instead of inflation would more likely have a bigger impact on an expatriate’s purchasing power.
50 books on Singapore to mark nation's 50 years Straits Times 10th Jun 2014
A series of 50 books by an all-star cast of experts is in the works for Singapore's golden jubilee next year. Covering 50 topics of importance to the country, the Singapore Chronicles will be launched by the Institute of Policy Studies (IPS) and released in batches throughout 2015. They will offer a wide-ranging glimpse into the country's history and culture, covering topics ranging from the constitution and the merger, to food and sports. Written by experts in their field for the general audience, the books - each expected to be about 100 pages long - will serve as simple primers for each subject and will illustrate "what makes Singapore Singapore and why we chose certain paths and left others untrodden" said IPS Special Research Adviser Arun Mahizhnan at a media briefing on Tuesday. So far, 47 of the books have been commissioned and some manuscripts have already started coming in, he said. Each book will give a historical account of the topic, highlight some critical milestones or issues, and provide a glimpse into the future. - See more at: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/...
S'pore must build on reliability to retain global edge: Tharman Straits Times 10th Jun 2014
As other countries rapidly catch up to Singapore's stage of development, the Republic must maintain its competitiveness by becoming more reliable, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam. "We can't be the cheapest," he told news agency Reuters in an interview last Thursday. "But we have got to be fast, we have got to be nimble and very importantly, we have got to be reliable." Singapore has become a more expensive place to do business in recent years, as inflation has climbed on the back of high property prices and a tight labour market. The strong Singapore dollar has also affected foreign appetite for Singapore-made products. But the Republic can retain its global edge in high-end manufacturing and services if it establishes a reputation for reliability, said DPM Tharman.
Blogger Roy Ngerng's Employment Contract with Tan Tock Seng Hospital Terminated The Straits Times 10th Jun 2014
In a statement released on Tuesday afternoon, TTSH said it was terminating its contract with Mr. Ngerng because of "conduct incompatible with the values and standards expected of employees, and for misusing working time, hospital computers and facilities for personal pursuits".It added that Mr. Ngerng's recent public actions and conduct have caused the hospital "grave concern", citing the defamation suit that the blogger is currently embroiled in. The suit arises from a May 15 blog post in which Mr. Ngerng alleged that Prime Minister Lee Hsien Loong is guilty of criminally misappropriating Central Provident Fund savings. He was asked to remove the post immediately, apologize, and give a written offer of damages and costs. Mr. Ngerng took down the post and apologized.
IPS to launch books to celebrate Singapore's 50th birthday CNA 10th Jun 2014
A series of books to commemorate Singapore's 50th year of independence will be launched next year, the Institute of Policy Studies (IPS) announced on Tuesday (June 10). The Singapore Chronicles will comprise of 50 volumes written by experts in their field. It will cover topics in the fields of politics and governance, the environment, arts and culture and the economy, the IPS stated. Each book is to serve as a primer on a subject, and can be thought of as an "extended Wikipedia article" written by specialists for the general public. It will serve to record, explain and offer some insights into what makes Singapore, Singapore, it added. Authors include Ambassador Chan Heng Chee, former Permanent Secretaries Peter Ho and Bilahari Kausikan, food writer Sylvia Tan, academic Chua Beng Huat and biologist N Sivasothi, the IPS revealed.
Protesters Assail Singapore Pension System WSJ 10th Jun 2014
Roughly 2,000 people protested against perceived inadequacies in Singapore's state-run pension system, signaling rising discontent over retirement savings in this city-state. The demonstration Saturday was one of the largest shows of public dissent in tightly regulated Singapore, where the governing People's Action Party has seen its parliamentary dominance ebb in recent years with an increasingly vocal electorate seeking more steps to quell socioeconomic pressures. Protesters cheered as a half-dozen speakers called on the government to improve the Central Provident Fund, or CPF, the state-run pension system that many lower- and middle-income Singaporeans say lacks transparency and fails to meet their retirement needs. "Singaporeans have a right to know where our…money is going," Roy Ngerng, a 33-year-old health-care worker who helped organize the protest, told the crowd. "What we want is transparency and accountability." A spokeswoman for the prime minister's office didn't respond to a request for comment. Prime Minister Lee Hsien Loong and other officials have said they would review the pension plan and consider certain changes but defended the overall system as sound and transparent.
Libel Suit Turns Singapore Blogger into Underdog for Pensioners Wall Street Journal 10th Jun 2014
A blogger in Singapore facing a libel lawsuit has become the center of what some are calling a David-versus-Goliath battle that has exposed a desire among citizens for greater public debate over retirement security. Roy Ngerng, a 33-year-old health-care worker, apologized last week for falsely alleging on his blog that Prime Minister Lee Hsien Loong had misappropriated public money from the Central Provident Fund, a state-run pension system. He also offered to pay 5,000 Singapore dollars (US$3,980) in libel damages. Mr. Lee rejected the payment as “derisory” and has since started proceedings at Singapore’s High Court to assess damages. Mr. Ngerng’s admission of wrongdoing, however, has not stopped many Singaporeans from expressing support for him – and offering to offset his legal fees.
US-Singapore FTA still "gold-standard", 10 years on CNA 9th Jun 2014
The US-Singapore Free Trade Agreement is now into its 10th year, and trade agency International Enterprise (IE) Singapore says it is a comprehensive gold-standard agreement that covers diverse areas like the free flow of goods, services exports and intellectual property. This free trade pact could also be the foundation for other multi-lateral trade deals like the Trans-Pacific Partnership. "Market access is all about generating wealth and generating external demand for your goods and services. And that translates to the man on the street, and that equates to preserving and creating jobs for Singaporeans," said Mr Satvinder Singh, Assistant Chief Executive of IE Singapore. Local company Racer Technology, which has a S$50 million in annual turnover in Singapore alone, has gained from access to foreign markets such as the US. The 20-year-old SME makes medical devices. After the US-Singapore free trade pact came into effect in 2004, revenue from its US business grew from S$2.5 to S$12.5 million annually. "We find our sales increasing in such a way that I decided I should have a sales office there,” said Mr Willy Koh, the firm’s founder and chief executive.
Singapore shows the way in innovative urban governance Hindustan Times 9th Jun 2014
'Singapore is a fine city' is a popular slogan on T-shirts, mugs and fridge magnets at souvenir shops in the island country. It tells you how Singapore imposes frightfully strict fines for littering, spitting, chewing gum, or not flushing a public toilet after use. It also testifies the great quality of life its citizens enjoy. Today, Singapore is one of the most efficient city systems in the world. A city-state of five million people, Singapore has been a pioneer in urban governance. Hosting the World Cities Summit that concluded last week, its leaders showcased some of the best practices and innovations in city management. While we still keep debating whether to impose congestion tax in Delhi, Singapore did it way back in 1975 to become the first city to control volume of traffic in inner-city district at a time when addressing air pollution and crowding of roads was not any government's priority. The Singapore government combined road-pricing efforts with a rapid expansion of public transport. The result is an integrated network of mass transit (metro), light rail, buses and taxis as a viable option to private vehicles.
Government, Unions Seek Work-Life Balance for Low-Wage Workers Today Online 9th Jun 2014
The Government and unions want low-wage workers to have a good work-life balance as they work together to raise the workers’ wages, said Deputy Prime Minister Teo Chee Hean yesterday. Speaking yesterday to low-income workers at the Family Recreation & Fun (FRF) Carnival organised by the National Trades Union Congress (NTUC), Mr Teo pointed out how the Government and unions have worked closely together to help lower-income Singaporeans. For example, more than one million workers have been trained under the Workforce Skills Qualifications framework since 2005 to help them take on better-paying jobs. About 400,000 workers received an average of S$1,500 through the Workfare Income Supplement scheme last year, he added.
NTUC Takes the Lead in SG50 Celebrations Straits Times 9th Jun 2014
Singapore has yet to celebrate its 49th birthday this August, but that has not stopped the labour movement from starting its celebrations for the country's 50th birthday next year. Yesterday, the National Trades Union Congress (NTUC) got low- wage workers and their families to colour birthday cards and pen well-wishes at a carnival in the union-linked Downtown East resort. It is the first major organisation to start celebrating the SG50 birthday. Starting early will drum up "the sense of pride and belonging" among low-wage workers, said NTUC assistant secretary- general Zainal Sapari. Details of the union's year- long celebration were not immediately available, but Mr Zainal said it will end with a mass display next year. NTUC held a free fun fair for poor families yesterday. It handed out free theme park tickets, food vouchers and arcade game coupons to 12,000 low-income union members and their families.
Singaporeans ‘no longer trust their government’: Writer Catherine Lim criticises PM in open letter South China Morning Post 9th Jun 2014
An open letter to Prime Minister Lee Hsien Loong, written by one of Asia's most iconic personalities in the field of literature, is spreading fast on social media, with many leaving comments on her blog thanking her for speaking up while others are skeptical. Dr Catherine Lim is a well-known and prominent writer in the region, having published numerous novels and collections of poetry and short stories as well as political commentaries. In her open letter, she claimed that Singaporeans "no longer trust their government and the government no longer cares about regaining their trust".
Online Attacks a Rising Issue for Companies, Say IT Experts Today Online 7th Jun 2014
As personal handheld devices become more powerful and capable of supporting applications that are more complex, they also become more susceptible to cyberattacks, warned IT experts. And with more people using such devices to work remotely, these could make an organisation’s system vulnerable to attack, they said, adding that, too often, organisations take little additional precautions until it is too late. Their comments come in the wake of the revelation by the Infocomm Development Authority (IDA) on Wednesday that 1,560 SingPass user accounts could have been illegally accessed. How this happened is still being investigated, but the IDA had stressed that there was no evidence at this point suggesting the SingPass system had been compromised.
Market Development
Green Elements a Must for More Developments in Singapore: URA Channel News Asia 12th Jun 2014
SINGAPORE: In its push to introduce more greenery in the Republic's urban landscape, the Urban Redevelopment Authority (URA) on Thursday (June 12) unveiled enhancements to its Landscaping for Urban Spaces and High Rises (LUSH) programme. In a statement, the URA said LUSH 2.0 will cover more geographical parts of Singapore, and include more development types from the original scheme. Come Sept 12 this year, new private buildings and redevelopments will be required to replace the greenery they have displaced in building their projects, it said. For instance, the landscape replacement policy originally applied only to new developments in areas around Marina Bay, Kallang Riverside and Jurong Gateway. Qualifying developments will need to incorporate green landscaping on at least 40 percent of the land area they occupy. Commercial and residential developments elsewhere in Singapore will also have to set aside at least 30 per cent of their land area for green spaces.
CSR
Startup wants to make Singapore’s rigid, expensive education system accessible and free to everyone Tech in Asia 4th Jun 2014
For many years now, Singapore’s education system has been touted as a model for many countries – including highly developed ones such as Finland – to draw inspiration from. The island-state, together with fellow Asian nations such as South Korea and Japan, has consistently topped international rankings when it comes to educational standards despite having achieved independence just 49 years ago. But the system doesn’t work for everyone, and it can be tough on those in society who are stuck in the lower income brackets. Education in Singapore is certainly not cheap. When compared to other countries, Singaporeans pay one of the highest university tuition fees in the world, second only to Ireland.
Customs
Singapore Charges Firm Over Weapons-Smuggling To North Korea Defense News 10th Jun 2014
Singapore on Tuesday filed criminal charges against a shipping firm based in the city-state accused of helping smuggle missiles and other military hardware from Cuba to North Korea. The foreign and home affairs ministries said in a joint statement that the charges were filed against Chinpo Shipping Company Pte Ltd and a Singapore citizen identified as Tan Hui Tin. Chinpo Shipping transferred $72,000 to a shipping company in Panama on July 8, 2013 in the knowledge the money could be used “to contribute to the nuclear-related, ballistic-missile-related, or other weapons of mass destruction-related programs or activities” of North Korea, according to the charge sheet. The ministry joint statement said the Singapore Police Force had completed its investigation into Chinpo Shipping’s involvement, clearing the way for state prosecutors to lodge the charges. Chinpo Shipping was also slapped with a second charge of conducting a remittance business without a license. Singapore in January this year received information that a Singapore-registered shipping firm had been implicated in the shipment of arms from Cuba to North Korea, prompting the police to launch an investigation, the joint statement said.
S'pore trade pact 'may be delayed but not derailed' Straits Times 10th Jun 2014
GAINS made by radical political parties in recent European Union (EU) elections are likely to have raised some concerns in Singapore, where the EU has a landmark trade deal still in progress. Observers say the results may slow down the finalisation of the EU-Singapore free trade agreement (FTA), but they are confident that it will be ratified nonetheless. The FTA, initialled in September last year, is an ambitious deal that took trade negotiators about 21/2 years to hammer out and has yet to be ratified. The process had to take a back seat as EU parliamentary elections got under way, and the results proved to be a surprise and a wake-up call to many in Europe and around the world. Voters handed sharp gains to several eurosceptic, anti-establishment parties and to parties on the radical right and left of the political spectrum.
Singapore agrees to facilitate trade among WTO members The Online Citizen 11th Jun 2014
The Ministry of Trade and Industry (MTI) has announced that the World Trade Organization (WTO) has been notified that Singapore will implement all the operational provisions of the WTO’s Agreement on Trade Facilitation (ATF) immediately when the ATF comes into force. Besides Singapore, a number of other developing country WTO Members, including Colombia, Costa Rica, Hong Kong (China), Mexico and South Korea, have also notified the WTO of their respective commitments to the ATF. For businesses and economies to meaningfully reap the benefits of the ATF, it is important that all WTO Members notify their commitments and ratify the agreement as quickly as possible. Under the ATF, a developing country WTO Member may designate all or some provisions for implementation immediately upon entry into force of the ATF (also known as “Category A commitments”). It is anticipated that these members will notify by end-July 2014 their Category A commitments. Developed country members do not have to make such notifications to the WTO as they are to fully implement the ATF upon its entry into force. The ATF will enter into force after at least two-thirds of WTO Members have ratified the Agreement, which is expected to be by 31 July 2015
Asia Territory Spats Pose Danger to Trade, Singapore Warns Bloomberg 4th Jun 2014
The risk of territorial disputes damaging trade in Asia is “very real” and the region must focus on shoring up economic links as well as security ties, according to Singapore Defence Minister Ng Eng Hen. “It’s completely artificial to think that there are somehow firewalls between trade and security,” Ng, 55, said yesterday in an interview at the Ministry of Defence. “We shouldn’t from a security point of view be dominating headlines every few other days and I don’t think it’s necessarily a positive if this continues for the region. At some point it may impact trade and our real economies.” Ng was speaking after a weekend forum of defense ministers and military leaders in Singapore, where the U.S. and China openly criticized each other over their agenda in the region and China’s claims over large parts of the East China Sea and South China Sea dominated discussion. The meeting highlighted the growing pains in Asia as China emerges as a military and economic power, challenging decades of U.S. dominance. “China’s rise is a fact,” Ng said in the interview. “China needs to articulate its own vision, and its own position in this new, revised world order. Our approach has been that dialogue is essential, inclusivity is important.”
Singapore lifts 3-year ban on Fukushima food products Japan Daily Press 2nd Jun 2014
According to Singaporean Prime Minister Lee Hsien Loong, Singapore will now lift the ban it put in place three years ago on importing food products from Fukushima in Japan, which has suffered what is now seen as one of the world’s nuclear disasters after the Great East Japan Earthquake and tsunami in March 2011 caused multiple reactor meltdowns at the Fukushima nuclear power facility. Lee announced this as he met with Japan Prime Minister Shinzo Abe on the sidelines of the recently concluded Shangri-La defense and security forum. Food exports from Fukushima, one of the disaster-hit prefecture’s main industries, has suffered due to the nuclear crisis within the area and the negative press the prefecture has gotten because of it. But due to the strong bilateral relationship between Singapore and Japan, the Singapore premier has made it a point to announce the lifting of the ban when he met up with his Japanese counterpart. In response, Abe expressed his gratitude saying this move will give Fukushima “great courage.” Among the points the two talked about was the continued progress of the Trans-Pacific Partnership, of which both countries are members of. They expressed hope that the multi-nation free trade pact would soon reach its goals and move forward.
Defense & Security
Singapore PM: Might not right in territorial disputes Associated Press 25th Jun 2014
Singapore’s prime minister said Tuesday international law should determine how territorial disputes in the South China Sea are resolved, rather than the notion that “might is right.” Prime Minister Lee Hsien Loong was responding to a question about China’s expansive territorial claims in resource-rich oceans that have spooked some of its Southeast Asian neighbors. Singapore is not a claimant state in the South China Sea, but is supportive of efforts by Southeast Asia’s regional bloc to negotiate with China a code of conduct to manage and resolve the territorial disputes, that have increased regional tension. The city state also balances its strong ties with Washington with cordial relations with Beijing.
Singapore asks U.S. for continued pilot training UPI 13th Jun 2014
Singapore has asked the United States for a follow-on Foreign Military Sales deal for continued pilot training and equipment. The U.S. Defense Security Cooperation Agency, in its required notification to Congress of the possible sale, said the State Department had already signed off on the package that is worth $251 million. "Singapore needs this training and equipment to support its F-16 aircraft," the agency said. "The continuation of this training program will enable Singapore to develop mission-ready and experienced F-16 pilots." If approved, training of Singapore's F-16 pilots would continue for five years at Luke Air Force Base in Arizona. Covered under the deal would be provision of 80 CATM-9M captive air training missiles, jet fuel, containers, academic instruction, maintenance, clothing and individual equipment.
Singapore firm charged with smuggling weapons to North Korea Today 11th Jun 2014
Criminal charges were filed against a Singapore-registered shipping company yesterday for helping to smuggle missiles and fighter jets from Cuba to North Korea. A UN report also alleged that North Korea’s embassies, including in Singapore and Cuba, were used to shift arms to Pyongyang via complex financial methods that were “pioneered by drug-trafficking organizations”. “The panel has found that North Korea makes increasing use of multiple and tiered circumvention techniques,” a summary of the 127-page report said.
Singapore, Indonesian navies help Malaysia foil pirate attack Today Online 16th Jun 2014
The Malaysian navy on Saturday foiled a pirate attack with the aid of navies from Singapore and Indonesia after the pirates confronted a Singapore-managed tanker off Malaysia’s east coast in the South China Sea, reports yesterday said. The Star reported yesterday that the International Maritime Bureau said the pirates fled after the navy patrol boats from Indonesia and Singapore arrived, abandoning their attempt to loot the vessel. In a Facebook post yesterday, the Republic of Singapore Navy said its Information Fusion Centre — a network of military navies and civilian shipping companies worldwide — received an alert about the attempted attack at about 8.40pm on Saturday and coordinated an operational response with Malaysia and Indonesia. Its patrol vessel, the RSS Gallant, was also deployed and was the first naval vessel to arrive near the scene of the attack at 12.45am yesterday morning. The vessel also provided position updates and shadowed the tanker.
Singapore and Brunei Navies Conclude Bilateral Exercise Defense Studies 12th Jun 2014
The Republic of Singapore Navy (RSN) and the Royal Brunei Navy (RBN) conducted their bilateral flagship naval exercise, codenamed Exercise Pelican, from 4 to 10 June 2014. The RSN deployed a Formidable-class stealth frigate (RSS Intrepid) with an embarked naval helicopter for the exercise, while the RBN participated with two Darussalam-class patrol vessels (KDB Darussalam and KDB Darulaman). Commencing off the waters of Brunei, the two navies conducted various naval warfare serials such as manoeuvring exercises, gunnery firings and helicopter operations. During the closing ceremony, Commanding Officer of RSS Intrepid, Lieutenant Colonel Aaron Beng said that Exercise Pelican had strengthened the overall defence relationship between the RSN and RBN. "The complexity of Exercise Pelican has grown over the years. This has continued in this year's exercise as our navies work towards deepening interoperability with each other." he said.
Singapore Charges Company Over North Korea Weapons Shipment WSJ 10th Jun 2014
Singapore filed criminal charges on Tuesday against a shipping company implicated in a shipment of weapons to North Korea that was seized by Panamanian authorities last year. Locally registered Chinpo Shipping Company Ltd. was charged with transferring $72,000 to a Panama shipping agent knowing that the funds could be used to contribute to the "nuclear-related, ballistic missile-related, or other weapons of mass destruction-related programs or activities" of North Korea. A Chinpo executive, 50-year-old Singapore citizen Tan Hui Tin, who is the daughter of Chinpo's chairman, was charged for withholding potential electronic evidence. The charges follow Panama's seizure in June of a North Korean ship headed from Cuba to North Korea. Panamanian authorities suspected it was transporting drugs but found two Cuban fighter jets, missiles and live munitions beneath the Chong Chon Gang's cargo of sugar. Panama says the weapons violated United Nations sanctions that restrict arms trading with North Korea because of its nuclear weapons program. In March, the United Nations Security Council's sanctions committee named Chinpo as one of two companies involved in trying to ship arms to North Korea. The other was Ocean Maritime Management, a Pyongyang-based company. Singapore's Foreign Ministry said authorities received information about Chinpo in January this year. A panel of experts advising the Security Council said in its annual report on North Korea that the country's embassies, including in Singapore and Cuba, were suspected of helping to organize arms shipments to Pyongyang via complex financial methods that were "pioneered by drug-trafficking organizations."
National Service recommendations accepted Straits Times 10th Jun 2014
A high-level committee's recommendations to improve National Service have been formally accepted by the Government. Some key recommendations by the Committee to Strengthen National Service (CSNS) include establishing a volunteer corps in the Singapore Armed Forces, increasing benefits and incentives for servicemen and cutting down on waiting time for pre-enlistees. Prime Minister Lee Hsien Loong said that the Government would accept the recommendations. "These proposals will strengthen NS for future generations and ensure the defence, safety and security of Singapore," he wrote, in a letter to the committee. The 30 changes proposed by the Committee are expected to cost the Defence Ministry some $4.5 billion over the next decade. About half of the amount will fund benefits and schemes aimed to support servicemen, while the rest will be used to improve the SAF's training system, the committee said. Set up more than a year ago, the committee has consulted over 40,000 people from all walks of life through focus group discussions, town hall meetings and web chats.
Singapore and US reaffirm bilateral defence ties CNA 30th May 2014
Singapore’s Minister for Defence Ng Eng Hen and United States Secretary of Defense Chuck Hagel have reaffirmed the two countries' long-standing and excellent defence ties. During their meeting on the sidelines of the 13th Shangri-La Dialogue on Friday (May 30), they noted the successful inaugural deployment of the US’ first Littoral Combat Ship (LCS), USSFreedom, to Singapore in 2013, and looked forward to the arrival of the USS Fort Worth later this year. In addition, they exchanged views on a wide range of regional and security issues, welcoming multilateral forums such as the Shangri-La Dialogue and the ASEAN Defence Ministers’ Meeting-Plus. Secretary Hagel also called on Singapore Prime Minister Lee Hsien Loong at the Istana on Friday. Separately, the US Chairman of the Joint Chiefs of Staff, General Martin Dempsey was conferred Singapore’s highest military award by President Tony Tan Keng Yam at the Istana. This is in recognition of his contributions towards enhancing ties between the United States Armed Forces and the Singapore Armed Forces.
Economics
Unemployment Rate Creeps Up in the First Quarter of 2014, But More Job Vacancies Unfilled The Straits Times 13th Jun 2014
The rate of unemployment crept up in the first quarter of 2014, but the number of job openings continued to outnumber that of job seekers amid continued strong job growth, based on the latest official figures released by the Manpower Ministry on Friday. The overall seasonally-adjusted unemployment rate was 2 per cent, up from 1.8 per cent in December. It rose from 2.7 per cent to 2.9 per cent for residents, and from 2.8 per cent to 3.0 per cent for citizens. The number of those employed grew by 28,300, lower than the seasonally high increase of 40,600 in the quarter before and the gain of 28,900 in the first quarter of 2013. Fewer workers were laid off in the first quarter of this year than in the preceding quarter, although the March figure of 3,110 was higher than the 2,120 of the year before.
Factories to Give Economy a Boost AsiaOne 12th Jun 2014
The brighter global economic outlook is giving Singapore's factories a boost and prompting more optimism about the Republic's growth prospects among private sector economists. The economy should also continue to see low unemployment, a poll of 26 private sector economists by the Monetary Authority of Singapore showed yesterday. Growth is expected to come in at 3.8 per cent for the full year, which is at the higher end of the official forecast of 2 per cent to 4 per cent. While the full-year estimate was unchanged from a similar survey released in March, economists now believe that manufacturing will shoulder a bigger burden of growth. The sector, which makes up a fifth of Singapore's economy, is expected to grow 5.6 per cent this year, according to those polled. This is up from their estimate of 5 per cent in March's survey, and significantly higher than last year's sluggish 1.7 per cent expansion.
Singapore Economy to Grow by 3.8% This Year: MAS Survey Today Online 11th Jun 2014
Singapore’s economy is expected to grow by 3.8 per cent this year, according to a quarterly survey of economists released by the Monetary Authority of Singapore (MAS) today (June 11). The figure is unchanged from the previous survey done three months ago, despite gross domestic product (GDP) growth in the first quarter being lower than expected, the MAS said. GDP grew 4.9 per cent in the first quarter, lower than the median forecast of 5.3 per cent reported in the March survey. The economists pegged GDP growth for the second quarter at 3.3 per cent, higher than the 3 per cent forecasted in the previous survey. Inflation is expected to slow, with the economists forecasting consumer price index (CPI) to come in at 2.2 per cent for the full year, down from the 2.8 per cent forecast in March. Core inflation — which excludes accommodation and car prices — is expected to be 2.4 per cent, unchanged from the previous survey. This indicates economists expect car prices and rents to come down from last year. Looking further ahead, economists expect GDP will expand by 3.9 per cent next year.
Singapore Must Build on Reliability to Retain Global Edge: Tharman AsiaOne 10th Jun 2014
As other countries rapidly catch up to Singapore's stage of development, the Republic must maintain its competitiveness by becoming more reliable, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam. "We can't be the cheapest," he told news agency Reuters in an interview last Thursday. "But we have got to be fast, we have got to be nimble and very importantly, we have got to be reliable." Singapore has become a more expensive place to do business in recent years, as inflation has climbed on the back of high property prices and a tight labour market. The strong Singapore dollar has also affected foreign appetite for Singapore-made products. But the Republic can retain its global edge in high-end manufacturing and services if it establishes a reputation for reliability, said DPM Tharman. In sectors such as manufacturing, this might manifest itself in lower defect rates, he added. Applied across the whole economy, the concept of reliability would give foreign investors and buyers confidence in Singapore's quality and consistency.
Singapore finance minister accepts slower growth as trade-off for social stability Reuters 6th Jun 2014
Singapore is willing to accept slower growth as a trade-off for social stability as it aims to keep down the number of foreigners working in the city-state, Finance Minister Tharman Shanmugaratnam told Reuters. Unhappiness about inflows of foreigners helped an opposition party gain ground in the 2011 general elections as the People's Action Party, which has ruled Singapore since independence in 1965, won only 60 percent of votes, its worst showing to date. Tharman, who is also a deputy prime minister, said the government accepts a slower growth rate as the cost of ensuring the country retains its national identity, combats over-crowding and keeps the ratio of foreign to local workers at around one-third.
Singapore joins China with dangerous debt level, GMT says Bloomberg Businessweek 3rd Jun 2014
Singapore companies’ indebtedness has swelled to the most in Asia after China and India as the city-state’s economic growth slows, according to GMT Research Ltd. Leverage among the Southeast Asian nation’s corporates is following counterparts in the two larger economies to a level considered a “danger threshold,” Gillem Tulloch, founder of the Hong Kong-based researcher, said in an interview yesterday. Debt rose to six times the amount of operating cash flow in 2013 for non-financial Singaporean companies, from 5.1 times in 2012.
Energy
Singapore is planning the world's largest floating solar farm Fast Coexist 11th Jun 2014
There isn’t much extra space in Singapore, since the entire country is smaller than New York City and fully developed. So when the government decided to install more solar power to help meet the area’s energy needs, they turned to water instead of land: When finished, the country's new power plant would be the world’s largest floating solar farm. “The vast majority of photovoltaic installations in Singapore will obviously be on rooftops, but even those are limited,” says Thomas Reindl, deputy CEO of the Solar Energy Research Institute of Singapore, the organization that will be managing the project for the government. “Alternative areas have been explored, and one of the most promising options is inland water reservoirs.”
Singapore push to become metals hub bears fruit Business Times 9th Jun 2014
Some 150 people gathered at the Fullerton Bay Hotel rooftop for drinks on a Wednesday night recently to meet fellow members of the mining industry in Singapore. The crowd was so large that the organisers, the Singapore Mining Club, had to turn away another 50 who were interested because of space constraints, a reflection of how much the Singapore metals sector has grown in breadth and depth from an insignificant presence five years ago. "When we were here five years back, Geneva was the trading hub," said Dhaval Shah, UIL Singapore head of non-ferrous metals. "All the trading houses have now moved their base to Singapore because this is where they see the growth coming in the future." UIL is part of the UD Group, one of the top 10 metal trading groups in India that first set up an office here in 2009. Last month, it consolidated ownership of its trading offices into a holding company in Singapore and appointed former head of Singapore Mercantile Exchange Thomas McMahon as its CEO.
Financial Services
Singapore Must Stay Nimble in Rapidly-Changing Finance Industry: Tharman The Straits Times 11th Jun 2014
The global finance industry is evolving rapidly as fast-changing technology hits customer habits and banking staff levels. That means the Republic must stay nimble and develop capabilities to ensure the sector continues to provide rewarding careers for Singaporeans, said Deputy Prime Minister Tharman Shanmugaratnam. Speaking at the Institute of Banking and Finance's (IBF) 40th anniversary dinner last night, Mr Tharman, who is also Finance Minister, said the sector has been buffeted by speedy technological change. This has caused the automation and therefore the redundancies of many jobs, he said at the event held at the Ritz-Carlton hotel. For example, analysts believe a large proportion of job cuts in the United States' financial sector reflects the ongoing shift from branch to mobile banking. This reduces the need for staff at branches.
Morgan Stanley Sees Singapore Stocks as Region's Top Picks The Business Times 11th Jun 2014
In a region where it makes sense to behave defensively, Singapore equities are Morgan Stanley's top pick, compared with those of Thailand and Indonesia, given the former's attractive valuations. "In a rising rate environment, we believe Singapore could be a relatively safe haven (despite its higher earnings volatility), excluding its relatively vulnerable property sector," a report by Morgan Stanley Research said on Monday. The report said Singapore's relatively low political and policy risk, its healthy banking system and well-managed cash-generating firms are some of the favourable characteristics.
Singapore IPO market shrinks 72% in first half of 2014 Channel NewsAsia 25th Jun 2014
Proceeds from initial public offerings (IPOs) in Singapore shrank 72 per cent in the first half of 2014 from a year ago, according to data compiled by Thomson Reuters, reflecting the subdued trading interest so far this year. Companies raised US$773.6 million on the Singapore Exchange (SGX) during the first six months of the year, down from US$2.77 billion during the same period last year. The largest IPO so far this year was the one by PACC Offshore Services Holdings, which raised US$375.5 million. Bank of America Merrill Lynch, DBS Bank and Oversea-Chinese Banking Corp (OCBC) were the issue's joint book runners. When secondary stock offerings and convertible securities are included, Singapore-listed equity and equity-related transactions totalled US$6.9 billion - a 42 per cent decline from just under US$12 billion in the first half of 2013, Thomson Reuters said.
S'pore unveils new rules to strengthen banking system Malaysia Chronicle 25th Jun 2014
Singapore on Tuesday (June 24) announced new liquidity requirements as part of measures to make the local banking system more resilient. Minister of Trade and Industry Lim Hng Kiang also said the Monetary Authority of Singapore (MAS) will issue a consultation paper on how it plans to regulate foreign banks considered to have a significant retail presence in Singapore. Mr Lim, who is also deputy chairman of MAS, made the announcements at an Association of Banks in Singapore dinner. Under the proposed changes, foreign banks with a market share of over 3 per cent of resident non-bank deposits and more than 150,000 small depositors will be asked to incorporate their retail operations locally if they have not already done so.
Banks in S'pore may face difficulties in meeting new liquidity rules Channel NewsAsia 25th Jun 2014
Banks in Singapore may face difficulties in meeting the new liquidity requirements that were announced on Tuesday. Analysts say they would have to hold more liquid, or safer assets, at a time when consumers are clamouring for higher returns on their deposits. Come next January, the three local banks -- DBS, OCBC, and UOB -- will need to have a liquidity coverage ratio of 100 per cent for Sing-dollar liabilities. This means that in the event of a crisis, like a bank run, they will have enough liquid assets to cover every dollar that is deposited. In addition, they will also need to hold liquid assets in foreign currencies. Local banks will need to cover 60 per cent of their non-Sing-dollar liabilities. This will gradually increase to 100 per cent by 2019.
Singapore unveils new rules to strengthen banking system Channel News Asia 24th Jun 2014
Singapore on Tuesday (June 24) announced new liquidity requirements as part of measures to make the local banking system more resilient. Minister of Trade and Industry Lim Hng Kiang also said the Monetary Authority of Singapore (MAS) will issue a consultation paper on how it plans to regulate foreign banks considered to have a significant retail presence in Singapore. Mr Lim, who is also deputy chairman of MAS, made the announcements at an Association of Banks in Singapore dinner. Under the proposed changes, foreign banks with a market share of over 3 per cent of resident non-bank deposits and more than 150,000 small depositors will be asked to incorporate their retail operations locally if they have not already done so. Such banks - called domestic systematically important banks or D-SIBs - will have to hold 2 percentage points of capital above the international Basel III regulatory minimum. They will also be required to have well-developed recovery and resolution plans.
Singapore Sets Tougher Banking-Liquidity Rules The Wall Street Journal 24th Jun 2014
Singapore on Tuesday unveiled tougher rules on minimum levels of liquid capital that banks must hold as part of global regulatory efforts to inoculate banks against sudden financial stress. Singapore banks DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas BankLtd. as well as foreign lenders with a major presence in the city state must prepare to meet a new rule, known as the liquidity coverage ratio, Trade Minister Lim Hng Kiang told an annual gathering of bankers in Singapore. The liquidity coverage ratio was first proposed by the Basel Committee on Banking Supervision—a group of the world's top regulators and central bankersin the wake of the global financial crisis of 2008. It requires lenders to hold enough liquid assets, such as cash and government bonds, to be able to withstand an intense 30-day liquidity crisis. Starting January 2015, DBS, OCBC and UOB must meet the new liquidity rules for all of their Singapore-dollar assets and 60% of all-currency assets, said Mr. Lim, who is also deputy chairman of the Monetary Authority of Singapore.
Singapore: Munich Re unit has big plans for SE Asia and Lion City Asia Insurance Review 24th Jun 2014
The ERGO Insurance Group is entering the Singapore insurance market by acquiring 100% of the property-casualty insurance company SHC Insurance. This acquisition is an important milestone for ERGO in expanding its presence in Southeast Asia. ERGO aims to make more acquisitions in the region and steer the individual companies acquired through a regional management team in Singapore. SHC Insurance offers a wide range of property-casualty insurance products. The company recorded a premium income equivalent to EUR45 million (US$61 million) with a profit amounting to an equivalent of EUR5 million in 2013. SHC Insurance ranks 14th in the Singapore property-casualty market.
OCBC's new paperless branch opens at the Singapore Sports Hub The Straits Times 23rd Jun 2014
OCBC Bank's new paperless branch at the Singapore Sports Hub opened on June 23, touting latest environmentally-friendly innovations. The Kallang Wave branch, as it is called, offers a digital platform in which 10 common transactions or branch services may be performed without the need for paper. The digital platform addresses two issues, said the bank, where more customers are seeking service, and more environmentally-conscious customers are asking for paperless services. The branch also includes an new service kiosk that includes the use of the iPad.
Banks seek to attract rich with more diverse services Today 20th Jun 2014
With the number of millionaires growing in Asia, banks are coming up with a more diverse suite of services to cater to the needs of the high net worth individuals (HNWI). Banks are also seeing growth potential with a new segment of clients. According to the World Wealth Report 2014, about 1.8 million individuals joined the ranks of HNWIs globally last year, with the Asia Pacific region adding the most of such individuals. Such sought-after clients have investible assets of between US$1 million to US$10 million lying between the priority banking and the private banking segments.
DBS launches cross-border RMB lending in Suzhou Singapore Business Review 20th Jun 2014
It’s the first Singaporean bank to jump on the RMB bandwagon. Companies can now obtain cross-border RMB loans from DBS in Suzhou, under the recently launched Suzhou Industrial Park cross-border renminibi (RMB) transactions initiative. DBS China announced today that it has facilitated one of its customers from Southeast Asia based in Suzhou Industrial Park (SIP) to obtain an RMB denominated loan from its Singapore headquarters under the new initiative. The bank’s Singapore headquarters is currently actively working with companies in the industrial township to prepare for RMB bonds issuance in Singapore. DBS is the first Singapore bank to set up operations in the SIP in 2007 and is the only Singapore-headquartered bank to pilot the new RMB initiative.
Here comes the king: Singapore crowned top acquiror in SEA cross-border M&A Singapore Business Review 17th Jun 2014
Thanks to OCBC and Frasers Centrepoint. Singapore snagged the top spot from other Southeast Asian countries as the top acquiror nation for cross-border M&A. It hit $24b in 2014 YTD, all thanks to big-time deals that were revealed this year led by OCBC and Frasers Centrepoint. According to the latest stats from Dealogic, SE Asia cross-border outbound M&A volume has reached a YTD record $26.6bn in 2014 YTD, up 73% from the $15.4bn announced in the same 2013 period.
DBS acquires Hong Kong credit card company Singapore Business Review 17th Jun 2014
$88m deal sealed on Monday. DBS announced on Monday that it has already acquired the remaining 50% of the issued shares of Hutchinson DBS Card Limited. The acquisition was worth HKD546m (SGD88m). DBS purchased the shares from Whampoa Ltd. Prior to the deal, DBS and Whampoa each held 50% of Hutchinson DBS Card Limited. According to an announcement by the SGX, “The book value and net tangible asset value of the Target Company is HKD728million (SGD117million) as of December 2013.”
Singapore pushes RMB-denominated financial services WantChina Times 17th Jun 2014
Having emerged as the largest offshore renminbi clearance center, Singapore aspires to actively take part in the internationalization of the renminbi, announced S. Jayakumar, Singapore's minister of foreign affairs. Faced with rising loan costs and a sluggish realty market, growing numbers of Chinese enterprises are raising funds in Singapore through the issuance of bonds, according to Shanghai's National Business Daily. Bonds topped S$19.8 billion (US$15.81 billion) in scale in 2013, more than double the amount 10 years ago, according to Bloomberg. The Monetary Authority of Singapore has announced plans to launch 5 billion yuan (US$800 million) in call loans to meet the short-term needs for renminbi among financial institutions in Singapore, a move which will pave the way for Singapore to become an offshore renminbi clearance market. Demand for renminbi clearance among local financial institutions has increased markedly, along with a pickup in renminbi-denominated trading activities on the island nation, according to an official in charge at the authority.
Drop it low: Why ROE of Singapore banks' subsidiaries in China are painfully low Singapore Business Review 16th Jun 2014
Even after almost a decade of being there. Singapore banks may have to rethink putting more stepping stones in China's banking industry as ROEs of their local subsidiaries keep disappointing everyone with its low numbers. According to Barclays, even seven to eight years after local incorporation, the ROE of the China banking subsidiaries remains low, and in most cases, is significantly lower than the returns generated by the parent/group (with the exception of HSBC). We believe ROEs are low mainly due to regulatory constraints. This could be because of the complex and time-consuming approval system to expand branch and sub-branch network, approval and licence requirements for new products and services, weaker relations with regulators in China compared to local peers and heavy administrative burden for smaller foreign banks, strict financial regulatory restrictions, including loan-to-deposit limits and high reserve requirements, inability to own a controlling stake in a local Chinese bank.
Nomura boosts wealth management business Singapore Business Review 16th Jun 2014
Its latest move seals a new division. Nomura Holdings, Inc. announced a series of moves to drive further growth across its Wealth Management business in Asia including Japan. A new Wealth Management business division will be established within the firm’s Retail division, integrating the current Japan Wealth Management Group with the Asia Wealth Management business. The new organization will be overseen by Juntaro Kimura, currently Head of Financial Management & Wealth Management at Nomura Securities in Japan, who will be appointed Senior Managing Director and Head of Wealth Management at Nomura Holdings. All changes are effective July 1, 2014. “This new structure underscores our commitment to Asia and positions us to further expand our Wealth Management business in the region. By establishing Nomura as a leading wealth management firm, we aim to further enhance our corporate value and deliver higher returns for all stakeholders,” said Nomura Group COO Atsushi Yoshikawa.
Playing it safe: Singapore banks cautious on Q3 employment prospects Singapore Business Review 16th Jun 2014
A strong year is not enough to ease hiring doubts. A hefty 35% of all Singapore-based banks and financial services businesses expanded their recruitment activity in Q1, a survey by recruitment firm Astbury Marsden revealed. But employers are becoming more cautious about prospects for hiring in the next quarter, with Astbury Marsden’s Employer’s Optimism Index down to 41.3 points. This shows a decline of 11.8 points from Q1 2014’s 53.1 points. A score below 50 reflects a negative sentiment on jobs. “Recent, somewhat downbeat, news from some of the global banks on their investment banking arms, particularly their fixed income currency and commodities businesses, underline the reasons why there is still such caution about hiring despite a fairly strong year so far,” noted Mark O’Reilly, Managing Director of Asia Pacific at Astbury Marsden.
Singapore: Impact of universal health cover to be studied Asia Insurance Review 10th Jun 2014
Policyholders of private medical insurance plans have been advised to continue to maintain them until the details of the government's universal medical insurance scheme, known as MediShield Life, have been firmed up. National Trades Union Congress (NTUC) assistant secretary-general, Mr Zainal Sapari. said that some union members had asked whether they should stop their insurance policies, such as Income Shield Plan. MediShield Life, to be launched next year, would provide health insurance cover to all Singaporeans for life. A committee looking into the design of the universal medical insurance scheme has also recommended that co-insurance rates be lowered and the policy year claim limit be increased, compared to the existing government-run basic health insurance scheme, Medishield.
Concerns raised over unusual share trading activity Channel NewsAsia 9th Jun 2014
Recent cases of unusual share trading activity have led to concerns over the possibility of insider trading in the markets. Some market watchers told Channel NewsAsia that it might be the right time to relook at the current regime. Earlier this month, a major change to how public buses will operate in the future was announced. But even before the announcement, the share market was already abuzz with speculation. SMRT shares surged over 40 per cent ahead of the announcement. Similarly, SBS Transit saw its stock jump over 20 per cent. Share price increases ahead of an important announcement are not that uncommon.
Temasek names three new board members Channel NewsAsia 9th Jun 2014
Singapore investment company Temasek Holdings has announced three additions to its board, increasing the number to 13. Mr Robert Ng Chee Siong and Mr Bobby Chin Yoke Choong will join the Temasek Board with effect from 10 June 2014, while Mr Peter Robert Voser will take up his appointment on 1 January 2015. The three new appointments would add to the depth and breadth of the Temasek Board, Chairman Lim Boon Heng said in a statement on Monday (June 9). "They are all experienced business builders and corporate leaders in regional and international arenas, who will add depth and useful perspectives to our board deliberations," he said. Mr Ng is currently chairman of the Hong Kong-based Sino Group, a property giant whose assets include the Fullerton Hotel in Singapore. He is also vice chairman of M+S Pte Ltd, where he played a key role in spearheading the real estate joint-venture initiative between Malaysia's Khazanah Nasional and Temasek.
MAS clarifies new rules on unsecured lending Channel NewsAsia 6th Jun 2014
Credit cards and personal credit lines, even education and renovation loans -- are just some examples of unsecured lending. Stricter rules kicked in for this sort of lending earlier this month, and ahead of the rollout of another set of measures, the Monetary Authority of Singapore (MAS) on Friday (June 6) clarified how some of these rules would be implemented. First, banks and financial institutions will have to run checks on borrowers. This means they will be able to find out how much money you owe to other banks in Singapore. Second, credit limits may only be raised with your written consent. Industry observers said people are more careful about applying for credit cards. Mr Vinod Nair, the CEO of MoneySmart.sg said: "Previously, I think people would just frivolously sign up for credit cards because there was a free gift, or a special promotion at that point in time. But with the new rules in place, I think people have become a lot more prudent, and are really taking up more products that match their lifestyle needs, and taking up fewer and fewer credit cards. So previously, where they would have 12 cards in their wallet, they would have three or four now, but these three or four (cards) are really what they would use frequently."
Breach of SingPass security spurs stronger defence The Malay Mail 6th Jun 2014
Changes will be made to the SingPass system to beef up its security to the standards for online banking here, including possibly allowing users to set their user names, as well as adding an extra layer of verification with two-factor authentication (2FA), the Infocomm Development Authority of Singapore (IDA) said. The measures, which come in the wake of a recent breach of 1,560 SingPass accounts, will be in place by the third quarter next year, the authority said in a statement late last night. “We are currently in the process of refining the SingPass system and users can look forward to an enhanced version to be ready by Q3 of 2015,” said the IDA. The use of 2FA to protect SingPass had been considered as early as 2012. The IDA put out a tender for it in August that year and in June last year, but no awards were made both times.
Singapore: Govt welcomes proposals for universal health cover Asia Insurance Review 6th Jun 2014
Singaporeans with pre-existing health conditions will have to pay an additional 30% in premiums to the proposed MediShield Life universal healthcare insurance scheme for a period of 10 years, according to recommendations made by the panel looking into the design of the scheme which will cover all Singaporeans for life. The Committee also recommends that the premium increase for other Medishield policyholders should not be more than 3% of existing premiums. The MediShield Life Review Committee yesterday outlined its recommendations for the universal public health insurance scheme, including removing the lifetime claim limit of S$300,000 (US$239,000) and having the government bear most of the costs of universal coverage. Other recommendations, which will be finalised soon, include lowering co-insurance rates and increasing the policy year claim limit by 40% from S$$70,000 to S$$100,000.
OCBC Bank launches new credit card focusing on cashback rewards Straits Times 4th Jun 2014
OCBC Bank has launched its latest credit card, which allows consumers to earn up to $960 in cashback rewards a year. Different types of spending on the OCBC 365 Credit Card, such as on petrol or weekend and weekday dining, will give cardholders different amounts of cashback rewards, from 0.3 to 6 per cent. Cashback rewards can be earned at all merchants as long as at least $600 is spent within any given month, said the bank. OCBC's group lifestyle financing head Desmond Tan said: "Through research, we know that the feature of cashback ranks high in the mind of the consumers. We want to make it simple and almost effortless for our customers to be rewarded.
Singapore's financial institutions spending more on cybersecurity: Survey Channel NewsAsia 4th Jun 2014
Banks and financial services companies in Singapore are increasing their spending on cyber-security to keep IT systems safe from attacks, with 60 per cent indicating they will up such expenditure this year compared to 2013, according to recruitment firm Robert Half. Singapore's average of 60 per cent of financial institutions indicating increased IT security spending in 2014 was the highest percentage of the six markets surveyed, well above the global average of 50 per cent, it added. The survey findings released on Wednesday (June 4) showed that IT security is more likely to get increased funding than other key banking functions such as regulatory reform and compliance, product development or digital initiatives such as online banking.
Borrowers won't have to make immediate repayments under new credit rules: MAS Channel NewsAsia 4th Jun 2014
The Monetary Authority of Singapore (MAS) on Wednesday (June 4) assured borrowers that they do not have to make immediate repayments to their financial institutions under the new unsecured credit rule. The central bank statement comes following concerns by consumers that their lending institutions may require them to make immediate repayments if they are assessed to have borrowed beyond their means. Instead, MAS told the media that it expects banks to work out reasonable repayment plans with such borrowers. It also encouraged affected borrowers to approach their financial institutions early to discuss possible repayment plans. The concerns were raised after MAS announced new credit card and unsecured credit rules in September last year. From this month, banks are to review a customer's total unsecured and secured debts across all financial institutions before granting a new credit card or unsecured credit facility.
SGX issues consultation paper on secondary listings Channel NewsAsia 4th Jun 2014
The Singapore Exchange (SGX) has issued a public consultation paper on secondary listings -- in particular on the regulatory framework for such listings. SGX is seeking to make the listing process more transparent. Currently, it reviews the regulatory requirements of the home exchange for each company on a case-by-case basis. But going forward, it plans to classify secondary listings into two groups -- those from developed and developing markets based on index providers FTSE and MSCI classifications. For companies from developed markets, SGX will not impose additional continuing listing obligations. But additional continuing listing obligations will be imposed on companies from developing markets. This is to enhance shareholder protection and corporate governance standards.
Islamic finance players urged to capitalise on growing inter-regional trade Straits Times 3rd Jun 2014
Singapore's ambassador to Kuwait has urged industry players in Islamic finance to take advantage of the growing trade between the Middle East and South-east Asia. Mr Zainul Abidin Rasheed said it was imperative for Singapore, the region and the Middle East to come together and develop the Islamic finance industries. He was speaking at the 5th World Islamic Banking Conference on Tuesday. Speakers from CIMB Islamic and OCBC Al-Amin Bank also discussed ways to make Islamic finance mainstream in key domestic markets and the cross-border opportunities between Asia and the Middle East.
Singapore sees bright prospects in Islamic finance: MAS Channel NewsAsia 3rd Jun 2014
Singapore's prospects in Islamic finance look bright, with more funds establishing themselves here to tap the Islamic debt market, the Monetary Authority of Singapore's (MAS) top executive said on Tuesday (June 3). "Singapore is the only non-Muslim majority country among the top 15 countries for Islamic finance," MAS Managing Director Ravi Menon said at the opening of the 5th World Islamic Banking Conference Asia Summit that is being held in the city-state. "More funds continue to be established here, to meet demand from clients in Asia as well as from the Middle East, while several corporations have established sukuk programmes in Singapore to tap the market over the next few years," he added. Sukuks are bond-like structures that comply with Islamic investment principles, which prohibit the charging or paying of interest.
Three Ts behind Singapore’s future as a leading financial centre Today Online 26th Jun 2014
Given the strong prospects of economic and financial sector growth in Asia, Singapore’s future prosperity is inextricably tied to its continued success as a leading regional and international financial centre. However, competition among financial centres is heating up. The latest Global Financial Centres Index (GFCI) showed Singapore is ranked the fourth most competitive financial centre in the world, behind New York, London and Hong Kong. What can Singapore do to enhance its competitive advantages to overtake its rivals? I argue that three Ts underpin Singapore’s future success as a financial centre: Talent, technology and trust.
Food & Agriculture
More food sources strengthens food security: Ng Ser Miang Channel News Asia 4th Jun 2014
More food sources not only mean better options for consumers, it also strengthens the country's food security. Speaking at the launch of FairPrice's inaugural Vietnam Fair, Chairman of NTUC FairPrice, Ng Ser Miang, emphasised the significance of importing foods from various sources -- especially since more than 90 per cent of Singapore's food is imported. He said: "The strength of a diversified source of supply is that in the times of crisis, you will have different sources to go to -- not just relying on one source. "In the example of rice, seven years ago 95 per cent of our rice came from Thailand. Over the years, we now have rice coming from Vietnam and probably over time, it could come from Indonesia and from Myanmar as well." Prior to 2007, 95 per cent of FairPrice's total rice sales was made up of Thai rice. Vietnamese rice was then imported and helped to stabilise prices -- especially when floods in Thailand threatened to increase global prices of the crop.
Singapore lifts ban on food imported from Fukushima Eco-Business 3rd Jun 2014
Singapore will lift a ban on food imports from Fukushima Prefecture imposed amid the nuclear meltdowns crisis, Premier Lee Hsien Loong said Saturday at a meeting with Prime Minister Shinzo Abe. In response, Abe expressed his gratitude and said, “It gives Fukushima great courage,” government officials said. Singapore stopped importing food products from Fukushima after the massive earthquake and tsunami of March 2011 unleashed one of the world’s worst nuclear catastrophes at the Fukushima No. 1 plant. Abe and Lee, meeting in the city-state on the sidelines of the Shangri-La Dialogue, an Asia security conference, also agreed on the need to resolve international disputes peacefully amid China’s territorial claims against neighboring countries in the South China Sea.
Robust growth in store for local food manufacturing sector Channel News Asia 2nd Jun 2014
More than 150 exhibitors are taking part in this year's Singapore Food Expo 2014, which will showcase various food products. Commemorating its 15th anniversary this year, the expo, which runs from Thursday till June 2, is one of the largest food events in Singapore. Organised by the Singapore Food Manufacturers' Association, it serves as a platform for local F&B players to conduct market testing for their products. Speaking at the opening of the expo, Trade and Industry Minister Lim Hng Kiang said Singapore's food manufacturing sector has shown robust growth. "I am glad that JTC will be commencing construction of the new Food Hub at Senoko later this year," Said Mr Lim. "The Hub will be completed by 2017, and provide key infrastructure to support the push for further productivity improvements by SMEs in the food sector."
Health & Life Sciences
Health Minister Gan assures S'poreans over MediShield Life premiums Channel News Asia 7th Jun 2014
The one per cent increase in the employer Medisave contribution next year will be sufficient to cover the rise in premiums for the majority of the upper middle-income families when MediShield Life kicks in next year. This assurance was given by Health Minister Gan Kim Yong, who spoke to reporters on the sidelines of the World Blood Donor Day on Saturday. Mr Gan said the new national insurance scheme, MediShield Life, is a very important shift in Singapore's healthcare financing framework. He said the MediShield Life Review Committee had made very impactful recommendations such as the removal of the lifetime claim limit of S$300,000. In addition, the proposals to raise the claim limits and reduce the co-insurance rate will allow one to claim more from MediShield Life and that means paying less for one's medical bills. With more benefits and a higher payout, premiums will rise.
ICT
SingTel Furthers Foray Into Digital Ad Space With New Acquisitions Today Online 12th Jun 2014
A unit of SingTel has acquired two advertising technology firms for US$359 million (S$449 million) as part of efforts to achieve profitability and expand its footprint in a highly lucrative business, particularly as smartphone adoption swells in emerging markets. SingTel subsidiary Amobee said yesterday it will buy the United States and Australian assets of digital ad firm Adconion for US$209 million and data analytics and marketing tech firm Kontera for US$150 million. They are valued at US$235 million and US$150 million respectively.
StarHub, M1 May Bid for Fibre Broadband Installation Contract Straits Times 9th Jun 2014
Moves are being made to speed up the installation of fibre broadband for businesses, with possibly StarHub or M1 chipping in to help after OpenNet came under fire for persistent delays. The fibre broadband network builder last month called for a tender for contractors to help install fibre links in a bid to clear a backlog of unfulfilled business orders. Confirming the tender, OpenNet said the contracts will be for one year, for a start. "If the results are good, we will look forward to extending this arrangement," said Mr Daniel Ho, OpenNet's director for business development and communications. Mr Ho would not disclose the value of the tender, which closes in mid-June, citing confidentiality reasons. Sources, however, told The Straits Times the contract could be worth up to $3 million.
Google removes Singapore hate-speech blog targeting Filipinos Malay Mail Online 20th Jun 2014
The blog that hosted a hate-filled post targeting the Filipino population here has been taken down by Google as it violated its content policy. Blood Stained Singapore — which was hosted by Blogger, a blog-publishing service owned by Google — was removed on Wednesday, a day after the Philippine Embassy in Singapore posted a statement on its website that it had asked the Republic’s Government to hold the blogger accountable. Responding to queries as to why the blog was removed, Google referred this newspaper to its content policy, which states that bloggers should not “cross the line by publishing hate speech … content that promotes hate or violence towards groups based on race, ethnicity, religion, disability, gender, age, veteran status or sexual orientation/gender identity”. When asked, Google did not explain why the blog was removed only after the embassy spoke out against it. Several police reports have been lodged over the blog post. The police are investigating.
Data privacy ambiguity may hamper Singapore's smart nation ambition ZDNet 19th Jun 2014
It's been a big week for the Singapore government which unveiled its big plan to become "the world's first smart nation", tapping strongly on data sensors and analytics to enable intelligent urban living. However, unanswered questions about the management of such data, which cuts across government agencies and private entities, could prevent Singapore from realizing its smart nation dream. The Singapore government introduced several initiatives this past week that include a smart nation operating system, Internet of Things scheme targeted at homes, and pilot trials at a designated residential-business estate that serves as an important testbed for a nationwide rollout of smart nation applications.
Tech industry gets $15m nudge for partnerships Business Times Singapore 19th Jun 2014
A $15 million Partnership for Capability Transformation for the Infocomm Sector (iPACT) programme was launched yesterday, to boost cooperation between large enterprises and local tech companies. This $15 million allocation will co-fund the joint projects that larger firms and their smaller counterparts work on under the programme, and will be spread out over three years until March 2017. Four large companies - Motorola, StarHub, Microsoft and Razer - have already come onboard, the Infocomm Development Authority of Singapore (IDA) said yesterday. Large and established firms, dubbed "lead partners", are able to work with multiple local tech companies on different development projects in each iPACT partnership.
S$15m iPACT scheme seeks to help tech start-ups tap MNC expertise Today Online 19th Jun 2014
Local technology firms will soon be able to get support from multinational companies in developing products and even have the opportunity to tap their networks. Over the next three years, S$15 million will be made available for a new scheme called iPACT (Partnership for Capability Transformation for the Infocomm Sector), an offshoot of the PACT programme that was introduced in 2010 to incentivise large enterprises to work with local businesses in sectors including manufacturing and construction. The programme is part of a series of initiatives and partnerships launched yesterday at the Infocomm Media Business Exchange by the Infocomm Development Authority of Singapore (IDA) to train talent for the technology industry as efforts to transform the Republic into a Smart Nation are stepped up.
Brunei, Singapore sign pact on ICT development Brunei Times 18th Jun 2014
THE Authority for Info-communications Technology Industry of Brunei Darussalam (AITI) yesterday signed an agreement with IDA International Pte Ltd, a subsidiary of Singapore’s info-communications development authority, for cooperation in human capacity development for the Sultanate’s ICT sector. Under the agreement, IDA International will provide consultancy services to develop the National ICT Manpower Master Plan for Brunei as well as training to develop an ICT Industry Competency Framework. AITI said in a press statement that the MoU aims to support the nation in achieving its 2035 vision as a dynamic and sustainable economy equipped with well-educated and highly skilled Bruneians. The statement said developing the ICT sector is one of the strategies to achieve Brunei’s vision and is considered a source of new employment opportunities. The ICT sector is also expected to promote productivity and innovation across different economic sectors in the country.
7 out of 10 Singaporean youths are active in online piracy: survey Yahoo! News 18th Jun 2014
Seven out of 10 young Singaporeans aged 16 to 24 are actively downloading music, movies and television shows illegally, according to a survey. Also, six out of 10 Singaporean adults aged 16 to 64 have admitted to participating in online piracy. These are some of the key findings released by Sycamore Research and Insight Asia on Tuesday based on a result of a survey done with a total of 900 respondents. The survey, which took place in November and December 2013, highlights the prevalence of online piracy in Singapore. The fact that pirated content is available for free remains the major reason for Singapore netizens to engage in piracy, according to Anna Meadows, the Director of Sycamore Singapore, who led the presentation of the findings.
International Cooperation Needed To Innovate, Help Ageing, Special Needs Sector Bernama 17th Jun 2014
An international cooperation is needed to accelerate innovation and digital inclusion to help the ageing and special needs sector. This was among the consensus drawn at the Apec Tel Workshop held in Singapore on Monday. The workshop concluded that economies must drive user-centric and problem-driven innovation, balancing technology application and human touch for effective deployment of ICT to support an ageing society and persons with disabilities (PWDs). This includes continuing to promote cross-border collaboration to share knowledge and experiences for a smarter and digitally inclusive government.
Forget smart cities, Singapore aims to become a smart nation TelcomTV 17th Jun 2014
Singapore is determined to stay at the forefront of the ICT economy. The Infocomm Development Authority of Singapore (IDA) has announced that it is to develop a ‘smart nation platform’ (SNP) and promote supporting initiatives to strengthen its physical infrastructure and ecosystem. It wants to deploy mixed technology HetNets, create standards for the Internet of Things and nurture new areas such as ‘games science’. The SNP will comprise of key components such as the communications backbone, sensor networks, data analytics and practical applications. It will be developed in various phases, with the first phase focusing on the connectivity and sensor aspects expected to be available by 2015.
Singapore unveils plan in push to become smart nation ZDNet 17th Jun 2014
The Singapore government has introduced a slew of initiatives as part of its goal to become the world's first smart nation, including a smart nation operating system, Internet of Things scheme targeted at homes, and pilot trials at a designated residential-business estate. Announced Tuesday at the opening of the Infocomm Media Business Exchange (imbX) conference and exhibition held here this week, the initiatives cut across infrastructure, software, and services identified as necessary components to support a smart nation blueprint. These include the need for continuing enhancements to the nationwide broadband network (NBN) and national wireless network Wireless@SG.
11 Brunei ICT businesses to join CommunicAsia 2014 in Singapore Xinhua 16th Jun 2014
Eleven Brunei home- grown Information and Communications Technology (ICT) businesses left here on Sunday to join the Brunei Darussalam Pavilion at CommunicAsia 2014 that will be held from June 18 to 21 in Singapore. The delegations led by AITI, the country's authority for IT industry, sees CommunicAsia as an opportunity for the participants to gain maximum exposure to the latest ICT offerings and provide a platform for them to extend their business networks. AITI also sees this as an opportunity to promote the local ICT enterprises by helping them to extend their reach to international markets.
Nurturing talent through IDA Labs Channel News Asia 16th Jun 2014
he Infocomm Development Authority of Singapore (IDA) is doing more to nurture technology innovation among young people in Singapore. One way it is doing so is through the IDA Labs, which was officially opened earlier this year to provide hands-on exposure to coding and simple robotics. The RobotCar is the product of one of the workshops conducted for students at the IDA Labs, and 26 of these cars were presented as gifts to foreign ministers at the welcome dinner for the Ministerial Forum on ICT 2014. The IDA Labs provides technology and guidance for both students and companies to develop ideas. In his welcome address at the forum, Minister for Communications and Information Yaacob Ibrahim noted that such collaborations are important for building Singapore-based technology firms, and nurturing new talent.
Singapore releases TV white space regulatory framework ZDNet 16th Jun 2014
Singapore has released its regulatory framework for TV white space (TVWS), effective from November, to facilitate the deployment of the technology and ease demand for more bandwidth amid a growing number of mobile and online users. Telecommunication regulators across the globe have been searching for new, efficient ways to allocate and utilize spectrum. This is essential with increasing demand for online and mobile communications, said Yaacob Ibrahim, Singapore's Minister for Communications and Information. Speaking on Monday at this year's Ministerial Forum on ICT 2014, the minister said the number of online users worldwide was projected to reach almost 3 billion, while mobile broadband subscriptions will hit 2.3 billion by year-end. Citing further data from the International Telecommunication Union, Yaacob added that there will be 7 billion mobile cellular subscription by end-2014, making up 95.5 percent of the world's population. About half of this, or 3.6 billion mobile subscribers, will live in the Asia-Pacific region.
Singapore unveils Super Wi-Fi regulations Channel News Asia 16th Jun 2014
The Infocomm Development Authority of Singapore (IDA) on Monday (June 16) announced a regulatory framework for the use of TV White Space (TVWS) spectrum, which would free up additional bandwidth for better Internet connectivity and open up business opportunities. In a statement, the IDA said the regulations will free up approximately 180 megahertz (MHz) of spectrum when they kick in from November 2014. TVWS, also known as Super Wi-Fi, refers to unused or underutilised radio spectrum in the TV broadcast bands that could be used for alternative wireless broadband communications.
Grappling with smartphone addiction Agence France Presse 14th Jun 2014
Psychiatrists in Singapore are pushing for medical authorities to formally recognise addiction to the Internet and digital devices as a disorder, joining other countries around the world in addressing a growing problem. Singapore and Hong Kong top an Asia-Pacific region that boasts some of the world's highest smartphone penetration rates, according to a 2013 report by media monitoring firm Nielsen. Some 87 percent of Singapore's 5.4 million population own smartphones -- as Internet-capable phones with cameras are popularly known.
Infrastructure
Space doesn’t matter: Big-time global firms flock to Singapore despite office space dearth www.yahoo.com.sg 16th Jun 2014
Demand hits 14-year high in 2014. A shortage in office space is not deterring multinationals from establishing regional and global headquarters here, as Singapore remains more attractive compared to its regional counterparts.
Changi Airport Rolls Out S$100m Plan to Boost Passenger Traffic Today Online 13th Jun 2014
With passenger traffic on the decline, Changi Airport Group (CAG) has launched a S$100 million initiative to turn things around and improve the efficiency of its operations at the facility. From July, it will offer its airline partners a reduction in operating costs, including rebates of 50 per cent on aircraft parking fees and 15 per cent on aerobridge fees, until June 30 next year. It will also introduce a package that rewards airlines for growing transfer traffic at Changi Airport and encourage them to get on its FAST@Changi initiative, which offers self-service options for departing passengers. To stimulate traffic demand, it will invest in marketing campaigns to promote Singapore in major source markets such as Australia, China, India, Indonesia and Russia.
Record S$14.5b of Deals Announced at Water Week Today Online 10th Jun 2014
The biennial Singapore International Water Week (SIWW) held last week saw S$14.5 billion worth of projects, tenders, investments and Memoranda of Understanding (MOUs) announced at the event, up from the record S$13.6 billion in 2012. Among them were MOUs inked between national water agency PUB and several companies, including Evoqua, Anaergia and Grundfos, to explore research and development projects in water treatment, such as electrochemical desalination technology, waste-to-energy research and wastewater treatment solutions. Said Mr Chew Men Leong, PUB chief executive and executive director of the Environment and Water Industry Programme Office: “R&D and innovation are at the forefront of the quest for water sustainability and SIWW connects leaders and organisations across the water ecosystem to exchange ideas and experiences on real-world solutions, establishing valuable partnerships in these areas.
Urban Planning Key in Singapore Talks Asia Times Online 6th Jun 2014
With over 20,000 international participants, a triple summit wrapping up today in Singapore is generating an abundance of ideas on sustainable cities. Combining the World City Summit, Singapore Water Week and the CleanEnviro Summit into one mega-event (at one venue), the country has brought together urban policy-makers, environmentalists, water experts and business people to discuss the future of urban planning, even as UN-Habitat warns that the number of city dwellers could double by 2050 to nearly 6.5 billion people. "Unless we make a concerted effort to change the way we live and operate, the world is on course to enter uncharted, potentially dangerous territory,” warned Choi Shing Kwok, permanent secretary of Singapore's Ministry of the Environment and Water Resources, addressing a Business Forum at the World Cities Summit here this week. One of the major themes on the table has been the issue of environmental sustainability and the urgent need for better communication between local government authorities and community members to create more transparent and participatory governance at the grassroots level.
Port of Singapore wins "Best Seaport in Asia" award Channel NewsAsia 17th Jun 2014
The Port of Singapore has won the “Best Seaport in Asia” award for the 26th time at the 28th Asian Freight and Supply Chain Awards. The award ceremony was held in Shanghai on Tuesday. The judging criteria included cost competitiveness, container shipping-friendly fee regime, timely and adequate investment in new infrastructure to meet future demand and the facilitation of ancillary services. The total tonnage of ships under the Singapore Registry of Ships was 73.6 million GT, putting Singapore among the top 10 ship registries in the world.Shanghai on Tuesday.
New course on management of complex infrastructure projects Channel News Asia 3rd Jun 2014
A new programme will be launched to train private and public sector mid-level executives in managing complex infrastructure projects, announced Trade and Industry Minister Lim Hng Kiang at the World Bank-Singapore Infrastructure Finance Summit on Tuesday (June 3). To be run by the Singapore Management University and Lee Kuan Yew School of Public Policy's, the Asia Leaders Programme in Infrastructure Excellence (ALPINE) aims to groom specialist talent to handle development projects in emerging markets. The course will begin its first run in October. Mr Lim says the programme is Singapore's way of cultivating talent to complement the growing base of firms with project development expertise. He added that Singapore supports the vision for infrastructure financing to be regarded as an asset class separate from traditional debt and equity investments.
How to Make Singapore a More Pedestrian and Cyclist Friendly City: Experts Yahoo News Asia 3rd Jun 2014
Cross junctions and roundabouts, painted cycling lanes and diagonal crosswalks are among several recommendations unveiled by a research paper on Monday about how to make Singapore a more liveable city in the future. Conducted by nonprofit research and education organization Urban Land Institute, the Centre for Liveable Cities and Danish architect Jan Gehl, the paper outlined strategies to increase active mobility in Singapore by making the city friendlier to pedestrians and cyclists. "Active mobility” is a term that is quickly becoming a buzzword in modern cities where “urban capacity for motorised transport is reaching its capacity”, said the research paper, which said the changes could take place in the next 20 years.
Study: Singapore's Public Transport System One of World's Most Efficient Straits Times 2nd Jun 2014
Singapore has one of the most cost-efficient public transport networks in the world, according to a study released on Monday. Conducted by London consulting firm Credo, the study sought to calculate the "economic cost" of inefficient transport to the economies of 35 cities, as well as the economic benefits of investing in transport. It derived the cost of commuting using factors such as journey time, fares, crowding levels, and ease of using the network. The more efficient a transport network, the lower the impact on productivity. The study found that in Singapore, the economic cost of transport to an individual commuter is 8.9 per cent of Gross Domestic Product (GDP) per capita.
LTA, SMRT Tie Up With IBM and StarHub to Improve Public Transport Channel News Asia 2nd Jun 2014
The Land Transport Authority (LTA) and SMRT will collaborate with StarHub and IBM in a bid to improve the public transportation network through the use of data. The collaboration, announced on Monday (June 2), has been named Fusion AnalyticS for public Transport Emergency Response, or FASTER. It will use data-driven analytical models for better crowd management and public transport incident management. As part of the FASTER agreement, LTA and IBM will work together to combine farecard information from industry partners. SMRT will provide video data from selected MRT stations, and StarHub will provide anonymised telecommunications data for aggregate-level mobility analysis.
Government Will Learn From Other Cities to Build Better, Smarter Singapore Today Online 2nd Jun 2014
As Singaporeans’ expectations of the liveability and sustainability of their city rise, the Government will continue learning from other cities to make the Republic a better home and smarter nation where citizens feel a strong sense of ownership, said Prime Minister Lee Hsien Loong. Improving Singapore was “a journey without the end”, said Mr Lee, who was speaking at the opening ceremony of the World Cities Summit, Singapore International Water Week and CleanEnviro Summit Singapore last night. A better home can be created by making housing more affordable and public transport more reliable, integrating green spaces and waters into urban surroundings, strengthening social capital by integrating new immigrants with Singaporeans, creating more arts and cultural spaces as well as building a compassionate society, Mr Lee said.
Grant Call for SMEs to Test-Bed Water Technologies Channel News Asia 1st Jun 2014
Small and medium enterprises (SMEs) in the water industry which are keen to commercialise their technologies can tap on a grant to test-bed their ideas. Singapore's national water agency PUB and agency for enterprise development Spring Singapore are launching the second grant call for SMEs to develop and validate water technologies. In a joint statement, both agencies said the grant call is aimed at catalysing innovation in water research and development, and fostering collaboration with PUB to support SMEs in improving their capabilities. Companies can test-bed their technologies alongside existing processes in PUB's facilities -- such as reservoirs, drains, canals, water quality labs, waterworks, service reservoirs, drinking water pipes, sewers, water reclamation plants and NEWater factories. Projects leading to the development of water technologies will be funded by Spring Singapore.
Hitachi to Establish Regional Headquarters for Infrastructure Systems Business in Singapore IT News Online 30th May 2014
Hitachi, Ltd. (TSE:6501, "Hitachi") today announced that it plans to expand its infrastructure systems business in Southeast Asia by building a business structure that can respond quickly to the increasingly diverse needs and changes in the region. Specifically, by effectively utilizing Hitachi Infrastructure Systems (Asia) Pte. Ltd. ("Hitachi Infrastructure Systems (Asia)"), which was started in Singapore on April 1, 2014, as the Southeast Asian regional supervisory company for its Infrastructure Systems Business. Hitachi will roll out business activities with close ties to the region and its customers to maximize the value provided to those customers, and increase competitiveness on a global scale. These were revealed during the company briefing for local consulting companies held on May 29 at the Fullerton Hotel in Singapore.
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