| National Affairs
S’pore youth have relaxed attitude towards drug abuse, survey shows Today Online 24th Jun 2015
Youth here have a blasé attitude towards drugs, particularly when it comes to cannabis, a survey of youth who were arrested for drug abuse has found. And this is not something seen only among youth from dysfunctional families, but from all social backgrounds, said Second Minister for Home Affairs Masagos Zulkifli.
The media in Singapore The Economist 24th Jun 2015
It is not often that a criminal trial involves a prosecutor pushing for rehabilitation and appropriate counselling", and a defence lawyer urging the judge to jail his client. But that is what happened at a hearing on June 2nd for Amos Yee, a 16-year-old Singaporean blogger found guilty of circulating an obscene image and insulting Christians. The rub, in this case, is that the prosecutor was arguing for Mr Yee to be sent to a Reformative Training Centre, a heavily structured programme for young offenders involving military-style training as well as counselling, which can last up to 30 months. Mr Yee’s lawyer was pushing for a short jail term. As it turns out, both sides will need to wait. At a hearing on June 23rd Mr Yee—who uploaded a cartoon which depicted Singapore’s founding prime minister, the late Lee Kuan Yew, and the late British prime minister, Margaret Thatcher, in a compromising position, and who mocked Christians on his YouTube channel—was remanded for another two weeks. The court is awaiting a psychiatric report after the head psychiatrist for Singapore’s prison system said that Mr Yee may be autistic.
Amos Yee to be remanded two weeks at IMH Today Online 23rd Jun 2015
Teenage blogger Amos Yee will be remanded for two weeks at the Institute of Mental Health (IMH) for an assessment on his suitability for a mandatory treatment order (MTO), after it was found that he could have autism spectrum disorder. His lawyer Alfred Dodwell has also submitted to the court an undertaking by Amos, 16, to privatise his offending postings on social media and not repost or circulate them.
Singapore investors keen on snapping up more overseas properties as regional currencies weaken Singapore Business Review 22nd Jun 2015
Japan and Australia are key targets. Singapore investors remain keen on snapping up more overseas properties as regional currencies weaken against the SGD. According to CBRE, Singapore-based companies and funds remain on track for more overseas acquisitions this year, after being the top source for outbound investment in 2014.
Singapore companies hiring more women tech professionals The Straits Times 18th Jun 2015
The number of women in Singapore working in technology - a profession still seen as dominated by men - is booming, specialist recruitment firm Robert Half said on Thursday. Releasing the results of a survey it conducted, the firm 49 per cent of companies here have recruited more women into technology roles during the last five years.
Singapore Airlines ranked second best in the world Channel News Asia 18th Jun 2015
The Singapore Airlines (SIA) was named the world's second best at the Paris Airshow on Tuesday (Jun 16). The award was given out by Skytrax, a consultancy and reviews site. The Airline of the Year award was given to Qatar Airways. SIA gained one spot from last year to be ranked second, coming in ahead of last year's winner, Cathay Pacific Airways. SIA also clinched other awards. It was voted Best Business Class Airline overall, as well as Best First Class Seats. Additionally, SIA's First and Economy Class categories both made it to the second spot on their respective lists.
EDB predicts hot interest in solar power Channel NewsAsia 18th Jun 2015
The first solar leasing tender under the SolarNova programme was called earlier this month, to drive the use of solar energy in Singapore. The programme is the largest in terms of capacity in Singapore so far and consolidates demand across three government agencies - the Ministry of Home Affairs, PUB and the Housing and Development Board (HDB).
Singapore’s exports drop 0.2% year-on-year in May Channel News Asia 17th Jun 2015
Non-oil domestic exports (NODX) in Singapore fell 0.2 per cent on-year in May, due to an decrease in electronic exports, according to statistics released on Friday (Jan 16) by International Enterprise (IE) Singapore. The fall in exports comes after a 2.2 per cent expansion in the previous month. Electronic exports fell 2.5 per cent on-year, following the 4.0 per cent decline in the previous month. The decrese was largely due to parts of ICs (-69.6 per cent), parts of PCs (-26.4 per cent) and disk drives (-29.0 per cent), IE Singapore said.
Economists lower Singapore growth forecast in MAS survey Channel News Asia 17th Jun 2015
Private sector economists are now less upbeat about the growth outlook for the Singapore economy this year, and have moderated their growth expectations for several sectors, according to a quarterly survey released by the Monetary Authority of Singapore (MAS) on Wednesday (Jun 17). The economists polled in the survey said they expect Singapore’s economy to grow by 2.7 per cent this year, down slightly from the median forecast of 2.8 per cent in the previous survey in March.
US Credibility on the Line Over Trade Pact The New York Times 15th Jun 2015
Staunch ally Singapore said Monday that U.S. credibility in Asia is on the line amid uncertainty over its participation in a 12-nation free trade pact. Singapore's Foreign Minister K Shanmugam said the United States faces a "stark choice" on whether it wants to have continuing leverage in a region where it has long been the guarantor of peace and prosperity.
Customs
Increased capacity, efficiency for S’pore port Brunei Times 24th Jun 2015
Singapore Prime Minister Lee Hsien Loong inaugurated the expansion of the Pasir Panjang Terminal yesterday, which will further bolster Singapore's position as a shipping hub. The $3.5 billion expansion - under Phase 3 and 4, comprising the currently operational Pasir Panjang Terminal 5 and two future terminals that will be operational by the end of 2017 - will add 15 million TEUs (twenty foot equivalent units) to Singapore's handling capacity. This will boost Singapore's container throughput by 40 per cent to 50 million TEUs every year. The quay length of the Phase 3 and Phase 4 expansions will be almost 6,000m with 15 berths.
Defense & Security
TKMS starts construction of Singapore's Type 218SG submarines Jane's 28th Jun 2015
Work on the Republic of Singapore Navy's (RSN's) two new Type 218SG diesel electric submarines has started, a MINDEF spokesperson confirmed to IHS Jane's on 29 June. The spokesperson said Chief of Navy Rear Admiral Lai Chung Han witnessed the steel-cutting ceremony at ThyssenKrupp Marine Systems' (TKMS') facility at Kiel on 24 June, which marked the commencement of construction for the service's future submarines, as part of an official visit to Germany. Singapore signed a contract with TKMS for two new air-independent propulsion (AIP) submarines in December 2013. Initial details of the contract were scant, although a TKMS statement said the new design has been customised to meet the country's unique requirements, and includes capacity to accommodate additional equipment to meet future operational requirements.
Singapore debuts stealthy naval interceptor ahead of 50th anniversary parade IHS Jane's 360 28th Jun 2015
The Republic of Singapore Navy (RSN) has unveiled a new high-speed and stealthy naval interceptor designed to perform a range of missions, including base defence for the service's two naval facilities, force protection, as well as maritime security operations alongside its existing Fearless-class patrol vessels and future Littoral Mission Vessels. The new interceptor, called the Specialised Marine Craft (SMC), will be officially revealed to the public as part of the military display aimed at showcasing the Singapore Armed Forces' latest capabilities during the country's National Day celebration on 9 August. The SMC replaces the service's Fast Boats, which were retired in 2008.
Energy
Why Singapore is putting its oil back into the ground CNN 18th Jun 2015
They're found 150 meters below the ground, taller than a nine-storey building and, once complete, will store 9 million barrels of oil. The Jurong rock caverns in Singapore are defying the challenge of limited land space by creating a deep underground storage facility for the city-state's oil reserves. This is the first project of its kind in South-East Asia, but it has been tried before to great success elsewhere in the world.
S’pore to use food waste to boost energy creation Today 18th Jun 2015
When it comes to transforming waste to electricity, the sum of the parts is indeed greater than their whole. By adding food waste to the process of turning used water sludge into electricity, twice as much power can be produced compared with the conventional method that digests only used water sludge. Such technology will be tested at a new facility launched by national water agency PUB and clean-energy firm Anaergia today (June 17) at the Singapore International Water Week Technology and Innovation Summit.
Financial Services
HDB to raise income ceilings for BTO flats, ECs Today Online 24th Jun 2015
The Housing and Development Board (HDB) will raise the income ceilings — for the second time since 2011 — for Build-To-Order (BTO) flats and Executive Condominiums (ECs), said National Development Minister Khaw Boon Wan yesterday, as he looks to “give every Singaporean couple a chance” to live in an HDB flat even though they may have greater means and do not need Government-subsidised housing. The new limits could be rolled out as soon as August or September. Around the same time, the HDB is also expected to launch a new “two-room flexi” scheme which has been in the works. The new initiative would merge the existing studio apartment and two-room-flat schemes, and offer buyers flexibility in lease lengths.
SGX to invest S$20 million into infrastructure improvement after Nov 5 outage Channel News Asia 24th Jun 2015
The Singapore Exchange (SGX) announced on Wednesday (Jun 24) that it will “direct S$20 million to infrastructure investments which will further improve the robustness of SGX’s systems and recovery processes”. In a press release, it added that it will also contribute S$1 million to the Investor Education Fund, “used to fund educational programmes approved by the Investor Education Committee, which includes industry practitioners”.
Consumer prices fall further while core inflation hits 5-year low Today Online 23rd Jun 2015
Consumer prices in Singapore fell for the seventh straight month in May while core inflation hit a five-year low, raising concerns among economists about weakening demand in the domestic market. The consumer price index (CPI) for all items was down 0.4 per cent last month from the same month a year earlier, reflecting a weak housing rental market and a moderation in services and food price inflation, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said today (June 23). However, the decline was less steep than the 0.5 per cent drop in April and a similar pace forecasted by economists in a Reuters poll, as private road transport costs rose.
DBS and UOB appointed new managing agents for Child Development Account The Straits Times 22nd Jun 2015
The Ministry of Social and Family Development has appointed DBS Bank and United Overseas Bank (UOB) as new managing agents for the Child Development Account (CDA). Together with existing CDA bank OCBC, the move will provide parents with more banking choices when it comes to applying for an account.
SIA to open training centre to public for the first time Singapore Business Review 19th Jun 2015
According to a release, Singapore Airlines (SIA) will open the doors of the SIA Training Centre to the public for the first time, as part of the Airline’s SG50 activities. To be held on 25 July 2015, the SIA Open House will provide visitors exclusive access to behind-the-scenes training of the pilots and cabin crew of SIA. The one-day event will be held from 9am to 6pm.
Singapore’s Export Decline Adds to Signs of Economic Slowdown Bloomberg 16th Jun 2015
Singapore’s overseas sales unexpectedly fell for the first time in three months, signaling a weakening growth outlook for the export-dependent nation. Non-oil domestic exports fell 0.2 percent in May from a year earlier as shipments of petrochemicals and electronics declined, data on Wednesday showed. That compares with the median estimate for a 2.3 percent gain in a Bloomberg survey of 16 economists.
Division between banks' domestic and offshore operations to go: DPM Tharman The Straits Times 30th Jun 2015
Banks will no longer be required to segregate their domestic and offshore operations for accounting purposes, Deputy Prime Minister Tharman Shanmugaratnam told a gathering of bankers. Mr Tharman was speaking at the 42nd annual dinner of the Association of Banks in Singapore, held on Tuesday at Raffles City Convention Centre. Banks have been required to register their domestic banking units (DBU) and Asian Currency Units (ACU) as separate accounting entities. The DBU of a bank holds its domestically focused operations denominated in Singapore dollars, while the ACU holds its offshore operations entirely denominated in foreign currency.
$225m boost for financial technology The Straits Times 30th Jun 2015
A $225 million initiative to help financial firms set up innovation labs and to fund infrastructure to deliver financial technology (fintech) services was announced yesterday. The Financial Sector Technology & Innovation (FSTI) scheme is one of several programmes aimed at establishing Singapore as a smart financial centre, which in turn is part of the Government's "smart nation" initiative, said Mr Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) yesterday. Mr Menon told the Global Technology Law conference that the MAS will develop a regulatory approach that strengthens the industry's cyber security as well as devising initiatives to support the adoption of new technologies. These include developing efficient digital payments systems and regulatory reporting and smart surveillance systems.
Singapore: No hike in add'l private health cover rates for 1 year Asia Insurance Review 29th Jun 2015
All five life insurers offering Integrated Shield Plans (IPs) in Singapore have pledged not to increase premiums for the additional private insurance coverage portion for 12 months, following the implementation of MediShield Life at the end of this year. In a statement, the Life Insurance Association Singapore (LIA) said that this reflects the life insurance industry’s efforts to facilitate a smooth transition for IP policyholders. IPs provide more choices for those who would like to increase their level of medical insurance coverage beyond the government-run plan. IPs include two parts: MediShield, the government-run basic health insurance scheme which will be replaced by MediShield Life – a universal medical insurance plan mandatory for all Singaporeans which also covers pre-existing conditions – and additional private insurance coverage, otherwise known as top ups.
MAS to adopt new regulatory approach to boost financial technology system Channel NewsAsia 29th Jun 2015
The Monetary Authority of Singapore (MAS) is taking steps to create a Smart Financial Centre, in line with the country's Smart Nation plan. With the rising wave of new financial technology (FinTech), it plans to adopt new regulations and initiatives to grow a conducive ecosystem for innovation. Digital payments, for example, are one of many different kinds of FinTech making their way into the financial system. Speaking at an industry event on Monday (Jun 29), MAS managing director Ravi Menon stressed that a safe and secure environment is critical in fostering financial innovation: "A smart financial centre must be a safe financial centre. Technology can be a double-edged sword. If not managed well, it can potentially lead to a variety of risks in the financial industry.
Singapore: Labour body lobbies for portable medical plans Asia Insurance Review 26th Jun 2015
The National Trades Union Congress (NTUC), an umbrella body of labour unions, is redoubling its efforts to urge employers to subscribe to portable medical insurance plans for their employees which the latter can turn to even when they are out of work or in between jobs. At present, less than 10% of unionised companies in Singapore have adopted a portable medical benefits scheme, despite more than 10 years of lobbying by the NTUC, reported Channel News Asia. To get more companies on board, NTUC is calling for tax or cash incentives for companies that switch to portable medical benefits plans. For a start, it wants to work with 10 to 15 companies and start a fund, on which these companies can draw down to offset the cost of paying for their workers' insurance co-payment and deductibles.
Singapore banks need to quicken response to disruptive innovations AsiaOne 26th Jun 2015
There have been some interesting developments in the world of finance over the past few months, which have led to a clarion call for change being sent out across the banking industry. Piyush Gupta, the CEO and director of the DBS Group, sounded the warning in a keynote speech at Singapore Management University's (SMU) Sim Kee Boon Institute for Financial Economics' (SKBI) 5th annual conference in early May. In a thought-provoking speech, he predicted that unless traditional banks adapt, innovate and harness digital technology, they would perish sooner than they could realise any threat. Indeed, the pace of change is so fast that it prompted Mr Gupta to declare that DBS' goal in the next five years was to become an "invisible" bank. Vivian Balakrishnan, minister-in-charge of the Smart Nation initiative, appeared to concur with Mr Gupta's viewpoint, and in his keynote address at the conference dinner, said: "If our banks, financial institutions and businesses are doing exactly the same thing next year as they were doing last year, we are going to be swamped, because the pace of change is not slowing down."
SGX to invest US$15m in tech systems after outages Brunei Times 25th Jun 2015
The Singapore stock exchange (SGX) said on Wednesday it would invest $20 million (US$15 million) to improve its technology after suffering trading disruptions late last year, and will not raise trading fees for the time being. Singapore Exchange Ltd was rebuked by the Monetary Authority of Singapore (MAS), the city-state’s central bank and the SGX’s regulator, over the two disruptions which were caused by a software error and a power failure. The outages came as the bourse was already grappling with falling trading volumes. SGX said on Wednesday it would not raise trading fees for the time being. Officials said that SGX was previously looking to restructure post-trade fees this year.
SGX trading glitch: MAS reprimands SGX for lapses; directs it to improve technology infrastructure The Straits Times 25th Jun 2015
The Monetary Authority of Singapore (MAS) has reprimanded the Singapore Exchange (SGX) for lapses related to the market outages on 5 November and 3 December 2014 and directed the exchange to improve its recovery capabilities and processes. There will be a moratorium on fee increases for the securities and derivatives markets with immediate effect until the improvements are completed, MAS said in a statement, which was accepted by the bourse on Wednesday. SGX also said it accepted recommendations by its Board Committee of Inquiry to eliminate the root cause for the power outage and will invest S$20 million to improve and strengthen its technology infrastructure in their acceptance of full responsibility for the outage incident.
Association of Banks in Singapore to charge fees for Sibor and SOR data from Oct 1 The Straits Times 25th Jun 2015
From Oct 1, all data on the Singapore Interbank Offered Rate (Sibor) or ABS Swap Offer Rate (SOR) will be subject to a usage fee of US$1,500 (S$2,015) monthly for each, the Association of Banks in Singapore (ABS) announced on Thursday (June 25). In addition, subscribers who receive real-time Sibor or SOR data from a market data vendor will be required to pay end-user fees of US$5 a month each. But data delayed by 24-hours or more will be available for free to end users.
SGX Tallies Cost of Disruptions After Regulator’s Reprimand Bloomberg 24th Jun 2015
Singapore Exchange Ltd. will pay S$1 million ($743,000) into an education fund after two trading disruptions earned a reprimand from the city-state’s regulator and a bar on raising fees until fixes are cleared. “There will be a moratorium on fee increases for the securities and derivatives markets with immediate effect until the improvements are completed,” the Monetary Authority of Singapore said on Wednesday after the exchange announced it will spend S$20 million to improve trading systems. “Following the discussion with MAS on the incidents, SGX has also decided to contribute S$1 million to its Investor Education Fund.” The twin breakdowns in November and December marred the stewardship of Southeast Asia’s largest bourse by Chief Executive Officer Magnus Bocker, who’s stepping down next week to make way for Loh Boon Chye, formerly Bank of America Corp.’s head of Asia-Pacific global markets. Loh, who assumes his role July 14, faces the challenge of reviving stock-trading volumes, which have lagged Hong Kong’s. Bocker issued a public apology after the incidents, which disrupted trade for several hours.
SGX sets aside S$1.5m to support SME fund-raising platform Channel NewsAsia 24th Jun 2015
Singapore Exchange (SGX) will provide a S$1.5 million grant over three years to support the development of CapBridge, a capital-raising platform for fledgling small- and medium-size enterprises (SMEs), the bourse announced on Wednesday (Jun 24). CapBridge is expected to become operational by the second half of 2015. The grant for the fund-raising platform follows a Memorandum of Understanding signed in January between SGX and Clearbridge Accelerator (CBA). SGX and CBA are also in discussions with financial institutions to develop demand for CapBridge, from enterprises and investors.
Singapore Exchange Reveals Cause of Trading Outage The Wall Street Journal 24th Jun 2015
Singapore Exchange said Wednesday it would invest 20 million Singapore dollars (US$14.9 million) in its technology infrastructure and apologized for a power outage late last year that halted trading in its securities and derivatives markets for more than two hours. The exchange also said it would contribute S$1 million to an investor education fund and freeze any increases to securities and derivatives markets fees until Singapore’s central bank was satisfied the exchange operator had met all its obligations. Singapore Exchange, also known as SGX, said it “regrets and fully accepts responsibility” for the power outage, following an internal investigation that blamed the outage on a design fault in the exchange’s power infrastructure and the failure of a backup generator to operate correctly.
Short-sellers descend on Singapore stock market Reuters 19th Jun 2015
The Singapore stock market has unexpectedly turned into a playground for short-sellers looking to profit from weakness in shares of companies with heavy exposure to a slowing Chinese economy or the energy sector. The average short interest for stocks traded on the Singapore Exchange (SGX) has jumped over a quarter so far this year, with nearly 1.2 percent of companies' free float out on loan compared with 0.9 percent on Dec. 31, according to London-based financial information services firm Markit. Singapore has never been a hotbed of short-selling like Hong Kong, due to the market's relative small size and lack of depth. The surge in shorting interest was triggered by China's slowing economy and low energy prices. Attacks on commodity trader Noble Group Ltd from a research outfit and a short-seller also stoke shorting interest.
DBS plans to issue Singapore's first covered bond The Straits Times 17th Jun 2015
DBS Group Holdings Ltd. is planning to sell Singapore's first covered bond as lenders in Asia seek to lift the quality of their assets amid tighter rules. The city-state's largest bank will meet investors in Asia, Europe and the U.S. from June 22 to discuss a euro- or dollar- denominated bond offering, according to a person familiar with the matter. An issue would mark the start of a potential US$10 billion (S$13.4 billion) sale program, the person said. DBS joins lenders in Malaysia and Korea selling covered bonds as Basel III rules that require banks to hold more liquid, high quality debt are enforced. Covered bonds typically get the highest grades from rating companies as they're backed by performing mortgages and other investments perceived as safe.
New SGX CEO appointment welcomed by industry players Channel NewsAsia 10th Jun 2015
Singapore Exchange (SGX) is set to launch a new chapter next month, with homegrown veteran banker Mr Loh Boon Chye taking the helm. Industry players said they are optimistic that the new CEO will be able to take the bourse forward, with necessary reform. However they also said he has his work cut out for him, as there are challenges ahead. Keppel DC REIT's IPO on the mainboard last year was Singapore's second largest in 2014, raising more than S$500 million. As a whole, the IPO market in Singapore has been languishing, and this year, there have been only three listings so far, raising about S$55 million.
SGX appoints Loh Boon Chye as new CEO Channel NewsAsia 8th Jun 2015
The Singapore Exchange (SGX) has appointed Loh Boon Chye as its new chief executive officer. He officially begins his post on July 14, SGX said in an announcement online on Monday (Jun 8). Mr Loh takes over from Magnus Bocker who has been CEO since 2009. SGX said in February that Mr Bocker would not be seeking an extension of his appointment beyond his current contract, which ends Jun 30. Chairman of SGX Chew Choon Seng said: "We are pleased to welcome Boon Chye as the new CEO. He is very well-regarded by everyone who has worked with him and respected as an accomplished leader and team manager. Boon Chye is no stranger to SGX and his knowledge and extensive experience in capital markets equip him well to take SGX forward."
Singapore banks step up efforts to serve small businesses Channel NewsAsia 18th Jun 2015
Singapore lenders are stepping up efforts to serve small businesses better. Banks including OCBC and UOB are putting more resources into developing bankers to address the specific needs of small and medium-sized enterprises (SMEs). While these efforts have been welcomed by business leaders, they said gaps still exist where banking support is concerned. OCBC Bank holds training sessions for its staff at least four times a year, so that they will be able to serve SMEs. A typical class of 25 to 30 employees will pick up know-how on OCBC's SME banking offerings, as well as the finer points of tailoring service for different business circumstances. The Association of Small and Medium Enterprises (ASME) said small businesses approaching banks these days are getting better service than they did in the past, but challenges remain.
DBS launches Singapore’s first global covered bond programme Channel News Asia 17th Jun 2015
DBS Bank has established a US$10 billion (S$13 billion) global covered bond programme, under which it will issue covered bonds from time to time. The initiative, a first for the Singapore market, was announced in a press release on Wednesday (Jun 17). Covered bonds refer to debt issued by banks, secured against a specific asset pool that remains on the issuer's balance sheet. The bank said that covered bonds “are rated higher than unsecured debt, often attaining the coveted AAA rating, as investors have recourse to both the issuer and a portfolio of assets”.
Food & Agriculture
Singapore manufacturers confident of meeting US trans fats standards Channel News Asia 17th Jun 2015
Trans fats will be removed from the US food supply over the next three years, in a move that could prevent thousands of heart attack deaths every year. Singapore exports packaged items like sauces, snacks, rice noodles, and coffee to the US, and local food manufacturers are confident they can meet these standards in food exports. The Republic already has strict guidelines when it comes to trans fats. There are limits on how much trans fats can be found in food and manufactured food products. It is also compulsory to label trans fats levels on the packaging of retail fats and oils. These guidelines are the reason food manufacturers are not worried that they will be affected by the US ban on trans fats.
World's first poultry biochip launched in Singapore Straits Times 16th Jun 2015
The world's first poultry biochip, which can identify nine major poultry diseases in one sample, was launched on Tuesday. The VereVet biochip was developed by scientists from the Agri-Food and Veterinary Authority of Singapore (AVA) and Veredus Laboratories, a supplier of molecular diagnostic tools, who worked on it for five years.
Health & Life Sciences
Ng Teng Fong hospital set to open with Big Move The Straits Times 29th Jun 2015
The new Ng Teng Fong General Hospital (NTFGH) opens its doors at 8.30am tomorrow, with 80 of its 120 specialist outpatient clinics and 365 of its 700 beds - each with its own window. Its team of 3,000 staff, who had been running Alexandra Hospital which closes its doors today, will all move to the new premises, to run both the general hospital and the adjoining 400-bed Jurong Community Hospital.
Public consultation on proposed amendments to Tobacco Actf The Straits Times 25th Jun 2015
A public consultation will be held to gather views on proposed amendments to the Tobacco (Control Advertisements and Sale) Act, as Singapore continues to strengthen its tobacco control measures. The Ministry of Health (MOH), Health Promotion Board and Health Sciences Authority will hold the online consultation from June 25 to July 24, said MOH in a statement on Thursday.
NTUC wants employers to ride on Portable Medical Benefits Scheme Channel News Asia 24th Jun 2015
Less than 10 per cent of unionised companies in Singapore are on some form of the Portable Medical Benefits Scheme, despite more than 10 years of lobbying by the Labour Movement. The Labour Movement wants employers to ride on the Scheme. Unlike a company's group medical insurance, portable medical benefits will cover people even if they are out of work or in between jobs. MediShield, introduced in 1990, is Singapore's national insurance scheme. Besides this, most companies offer workers Group Medical Insurance. When an illness strikes, only one insurance kicks in. The Labour Movement wants to get rid of this duplication.
Initiative to improve workplace health launched Channel News Asia 24th Jun 2015
About 120,000 employees will be part of a healthier workforce by March next year, the Health Promotion Board (HPB) announced on Wednesday (Jun 24). The Healthy Workplace Ecosystem, launched on Wednesday at one-north, aims to make healthier options accessible to working Singaporeans. The initiative will be rolled out to more business clusters by March, and expand into non-office settings. About 60,000 office-based employees will benefit from the Healthy Workplace Ecosystem and by 2016, another 60,000 workers in the industrial or non-office settings parks will be targeted.
First satellite blood bank opens in the West Today Online 23rd Jun 2015
To meet the Republic’s growing demand for blood, another satellite blood bank opened today (June 23) at Westgate Tower, giving Jurong its first blood bank. Bloodbank@Westgate Tower, located in Jurong East, is also the Health Sciences Authority’s (HSA) third satellite blood bank.
MOE, Temasek Foundation set up Sabah Earthquake Fund to assist families of victims The Straits Times 23rd Jun 2015
A fund has been set up for the families of victims who lost their lives, as well as those whose livelihoods were affected, in the wake of the earthquake that hit Sabah. This was in response to requests from the public, the Ministry of Education (MOE) and Temsasek Foundation said in a joint statement on Tuesday (June 23).
New ethics guidelines for human biomedical research The Straits Times 23rd Jun 2015
The rights of participants who take part in biomedical research will be better protected, under new guidelines launched on Tuesday (June 23) by the Government's Bioethics Advisory Committee. Among other things, those who volunteer for trials will be assured of compensation if anything goes wrong.
CVC and Temasek to buy US$2b generic drugs firm Alvogen Channel News Asia 22nd Jun 2015
European private equity fund CVC and Singaporean sovereign wealth fund Temasek are to buy a controlling stake in the pharmaceutical firm Alvogen, its chairman and chief executive said. Robert Wessman, former CEO of Actavis, founded the New Jersey-based generic drugs firm in 2009. The size of the stake the consortium purchased was not disclosed, but the deal values the company at around US$2 billion, a source familiar with the matter said on Monday.
Sharp rise in number diagnosed with cancer The Straits Times 21st Jun 2015
Each day, 36 people in Singapore are told that they have cancer, marking a worrying rise in the country's top killer. Cancer cases have jumped by about 17 per cent since 2010, despite certain cancers being preventable if people choose healthier lifestyles and drop bad habits. Associate Professor Chng Wee Joo, director of the National University Cancer Institute, said: "This trend remains a concern as it means we have not been making much headway in the prevention of cancers."
Healthcare sector must align with SkillsFuture movement, say industry players The Business Times 19th Jun 2015
As Singapore moves towards becoming a Smart Nation, the country's healthcare sector will need to respond by providing training and development programmes aligned with the SkillsFuture movement, that is, tailored to give healthcare-sector workers opportunities to go farthest, wherever they stand in terms of educational qualifications or work experience, industry players and observers have said. This is so that they can deliver affordable, quality healthcare to a rapidly greying population, plagued by chronic conditions amid rising healthcare and social care costs.
MERS will arrive in Singapore sooner or later: Health Minister Gan Kim Yong Channel News Asia 19th Jun 2015
The Middle Eastern Respiratory Syndrome (MERS) will arrive in Singapore sooner or later due to the country's global connectivity, said Health Minister Gan Kim Yong on Friday (Jun 19). His comment echoes that by Prime Minister Lee Hsien Loong, that it is a "matter of time" before Singapore has its first MERS case, due to its inter-connectivity. Thailand on Thursday confirmed its first case of MERS - a 75-year-old man from Oman. South Korea has also reported more than 160 cases in the country.
HSA seizes illegal health products worth more than S$20,000 Singapore Today 18th Jun 2015
Four hundred capsules of an unlicensed medicine labeled as Viagra and set to be sold online at 10 times the original cost were among the more than 11,000 units of illegal health products seized by the Health Sciences Authority (HSA) in a week-long enforcement operation.
The doctor will not see you now: How Singapore is pioneering telemedicine CNN 17th Jun 2015
Stroke patients in Singapore are using iPads for remote rehabilitation -- removing the need to visit their clinic. The new treatment is part of a tele-rehabilitation programme currently being trialled by the National University of Singapore (NUS) to get patients back on their feet sooner. It uses tablets to guide patients through exercises on videos, whilst motion sensors capture data about their progress.
Ministry of Health: 57 suspected Mers cases have tested negative in Singapore The Straits Times 12th Jun 2015
A traveller who arrived here from South Korea this week was sent for further checks for the Middle East respiratory syndrome (Mers) but later tested negative. This was the only suspected Mers case from the seven flights from South Korea screened by the authorities as of 2pm on Wednesday, the Ministry of Health (MOH) said on Friday afternoon.
Higher healthcare premiums 'possible if claims increase' The Straits Times 29th Jun 2015
Premiums for integrated health insurance plans (IPs) may eventually go up if it makes good business sense for insurance companies, said Minister of State for Health Lam Pin Min yesterday. He added that this is especially if Singapore residents make more healthcare claims under these plans. Last Friday, the five private insurers promised they would not raise premiums for their portion of the IPs when MediShield Life - an enhanced version of MediShield - kicks in later this year.
RAPS, National University of Singapore Gear up for 2nd Year of Certificate Program Regulatory Focus 23rd Jun 2015
Last year, RAPS and the National University of Singapore (NUS) launched a joint graduate certificate program in Medical Devices Regulatory Affairs (MDRA) for Singapore-based regulatory professionals. The program was developed in partnership with Singapore’s government as part of its effort to help cultivate the highly competent regulatory workforce needed to support the country’s growing medical technology industry.
Friday deadline to update MediShield Life information Today 16th Jun 2015
The Ministry of Health (MOH) has reminded the public to update their household information on http://www.medishieldlife.sg by this Friday, to ensure they get the correct amount of subsidies for MediShield Life premiums. So far, around half of the 740,000 or so households have not responded to the letters the ministry sent to them last month asking them to update their household information.
MOH bans new forms of tobacco products from Dec 15, 2015 The Straits Times 15th Jun 2015
The Ministry of Health is moving to ban new forms of cigarettes including smokeless cigarettes and dissolvable tobacco or nicotine. The ban will take place from Dec 15 for such products. From August 1 2016, the Government will also ban tobacco products such as nasal snuff, oral snuff, gutkha, khaini and zarda.
440,000 elderly to get Medisave top-ups in July Channel NewsAsia 14th Jun 2015
About 440,000 seniors aged 66 and above this year will receive Medisave top-ups in July as part of the Pioneer Generation Package, said the Ministry of Finance on Sunday (Jun 14). This is the second year the top-ups are being given to pioneers and about S$202 million will be disbursed this time. MOF said the top-up amounts for each pioneer will range from S$200 to S$800 annually.
Reinventing Singapore’s GPs Today 12th Jun 2015
Singapore’s healthcare needs are characterised by a fast-ageing population and a sharply rising burden of chronic diseases. It is estimated that Singapore needs to increase its manpower pool of doctors, nurses and other healthcare workers by 70 per cent just to keep pace with the rise in demand for healthcare leading up to 2030. How, then, can a more cost-effective model of care be developed to keep the population healthy and active?
New fellowship programme helps healthcare staff to train less privileged peers overseas The Straits Times 12th Jun 2015
Healthcare staff from the National University Hospital (NUH) are now able to tap on an extra $120,000 a year to train their peers in South-east Asia and China. It follows a US$1 million (S$1.34 million) donation by the Fung Foundation - the philanthropic arm of global supplies management firm Li and Fung Limited - which has been matched by the Singapore government.
More foreign nurses hired to provide home care The Straits Times 11th Jun 2015
There is a growing number of qualified foreign nurses in Singapore caring for patients outside of hospitals and nursing homes. At least two companies began specialising in this service in the past two years, and existing ones say demand is growing. Affordability is another reason for the growing demand. Foreign home nurses are paid between $600 and $1,000 a month, depending on their qualifications. This is higher than the $500 average salary of a maid, but far less than the salary of a local nurse, who may earn $6,000 a month doing 12-hour shifts in a patient's home.
PM Lee: Matter of time before Singapore sees first Mers case The Straits Times 11th Jun 2015
It is "just a matter of time" before the first case of Middle East respiratory syndrome (Mers) is detected in Singapore, Prime Minister Lee Hsien Loong said on Thursday. Speaking to reporters inside the hospital's Communicable Disease Centre, Mr Lee stressed that Singaporeans must be especially vigilant now that the virus, which originated in the Middle East, has spread to South Korea.
Singapore beefs up precautionary measures against MERS Channel NewsAsia 9th Jun 2015
Singapore will begin temperature screening at air checkpoints for passengers arriving from South Korea from Tuesday (Jun 9), 7.00pm, as an additional precautionary measure against the MERS virus. Travellers flying to Singapore from South Korea will also receive health advisories starting from Tuesday, announced the Republic’s Ministry of Health (MOH) in a news release.
Singapore's Health Cloud wins DataCloud Enterprise Cloud Award in Monaco Healthcare Innovation 9th Jun 2015
The Health Cloud (H-Cloud) project of the Integrated Health Information Systems (IHiS), the Ministry of Health Holdings’ IT arm, received the prestigious DataCloud Enterprise Cloud Award: Cloud End User Innovation in Monaco. Richard Hall, chairman of the Cloud Judges panel, said the project proves that cloud security and reliability can deliver an essential public service supporting Singapore with a single repository for medical records.
Health monitoring system to be piloted later this year Today 3rd Jun 2015
A smart health monitoring and alert system will be piloted in the Jurong Lake District later this year, the Infocomm Development Authority (IDA) said yesterday. Medical equipment will be placed in the homes of some chronic disease patients or seniors and connected to wireless networks such as Wi-Fi, 3G or 4G, so that readings could be beamed directly to clinics they frequent. When there are anomalies, they will be asked to go for check-ups. This is one of the projects under the Infocomm Media Masterplan announced yesterday.
ICT
S’pore will not host Indonesian government data, says minister Today Online 22nd Jun 2015
Days after a non-governmental organisation filed criminal charges against Indonesia’s State-Owned Enterprises Minister Rini Soemarno for authorising Telkom to build a data centre in Singapore, the minister said the data centre “will not host” Indonesian government data. Ms Soemarno, who invited top executives from state firms, including Telkom, to an informal breaking of fast at her residence in South Jakarta, said Telkom’s data centre, which is being built with Singtel, was purely to tap Singapore’s potential market.
'Billions' of records at risk from mobile app data flaw Today 18th Jun 2015
Security researchers have uncovered a flaw in the way thousands of popular mobile applications store data online, leaving users’ personal information, including passwords, addresses, door codes and location data, vulnerable to hackers. The team of German researchers found 56 million items of unprotected data in the applications it studied in detail, which included games, social networks, messaging, medical and bank transfer apps.
Singapore's 2G network closure offers opportunities for telcos: report Business Times 17th Jun 2015
SINGAPORE'S telcos will see service monetisation opportunities arising out of the planned closure of the country's 2G networks, said a BMI Research report released on Wednesday. This is because the spectrum currently utilised for 2G mobile telephony services will be refarmed for 3G/4G mobile broadband - an area Singtel, M1, and StarHub are already adept at exploiting but which has yet to realise its full monetisation potential.
Data becomes telcos' new competition arena Channel News Asia 16th Jun 2015
Data is the new competition arena for telcos, as they strive to find new revenue streams, and consumers shift toward data-intensive applications. Analysts said one key area will be managing network and infrastructure costs while still providing a good user experience. As data consumption continues to increase, industry watchers said data analytics will be another growth area. MyRepublic has said it plans to set large data caps of 12 gigabytes or more, should it be awarded the fourth telco licence by the Infocomm Development Authority of Singapore (IDA). If MyRepublic does that, some analysts have said this could put pressure on current pricing of tiered data plans, forcing the three major telcos M1, StarHub and Singtel to be more generous.
Telcos to end 2G services in Singapore in 2017 Channel News Asia 19th Jun 2015
All three telcos in Singapore - M1, Singtel and StarHub - will pull the plug on 2G services from Apr 1, 2017, the companies said in a joint press release on Monday (Jun 15). The mobile operators will cease 2G voice, messaging and data services, and the spectrum currently used for the network will be used to provide faster, more advanced 3G and 4G services to cater for consumers' increased demand for mobile data and faster access speeds, they added. 2G refers to the second generation of mobile phone technologies, capable of supporting voice calls, SMS and basic internet access. It was introduced to Singapore in 1994.
Singapore Rising: The Plot to Be the Next Big Tech Hub Re/code 15th Jun 2015
San Francisco transplant Won Hee Chang, a motorcycle-jacket-wearing venture-capitalist-turned-entrepreneur, was spitting out a rapid-fire list of contacts I needed to meet in her hometown of Singapore, when she suddenly stopped. “Sorry, I never learned to chew gum, I grew up in Singapore,” Chang said. “I didn’t know you could split it into two pieces in your mouth!”
Twitter Plans to Double Singapore Staff Wall Street Journal 11th Jun 2015
Twitter Inc. plans to double its staff in Singapore over the next two years as it seeks to lure new users and advertisers in Asia, an executive said. Shailesh Rao, Twitter’s vice president for Asia Pacific, the Americas and emerging markets, told The Wall Street Journal in an interview Wednesday that the company will hire more than 100 new staff in Singapore, doubling its current workforce of about 80 employees. Twitter opened a small office in Singapore in 2013 and in recent weeks has moved to a larger space, which has now become the company’s Asia-Pacific headquarters.
Major telcos' services disrupted in parts of Singapore due to damaged infrastructure Channel News Asia 11th Jun 2015
Fibre broadband and home phone services in Singapore were partially disrupted on Thursday (Jun 11) due to damaged infrastructure, announced the Republic’s three major telcos. The outage started at about 10.40am on Thursday and it has affected users in Bukit Merah, Outram, Tanjong Pagar and Tiong Bahru, fibre network operator NetLink Trust said in a news release.
High-tech pushers! Singapore probes drugs via SMS scandal Malay Mail Online 11th Jun 2015
Drug-pushing has been taken to a new level in Singapore: Dealers are now touting through mass-SMS, raising concerns, in particular, of youths being sucked into abusing. One such text message seen by TODAY, sent from a number the receiver is not acquainted with, read: “Dealing with Ecstasy, LSD, heroin, cocaine, crack, magic mushrooms, amphetamines, Cannabis, Methylphenidate (Ritalin), Pholcodine, Ketamine. Call or Whatsapp.”
Apple Watch to launch in Singapore, Korea, Taiwan on June 26 Tech in Asia 4th Jun 2015
The much anticipated Apple Watch will finally be available in Singapore, South Korea, and Taiwan on June 26, the device maker announced. The smartwatch will be purchasable from Apple’s website, official Apple stores, and selected authorized Apple resellers.
Google to build 2nd data centre in Singapore, ups investment to S$675m Channel News Asia 2nd Jun 2015
The second site will be next to the existing data centre at Jurong West, and is expected to be online in mid-2017, says Mr Joe Kava, Vice President of Data Centers at Google Asia Pacific. Tech giant Google is expanding its data centre footprint in the Republic, investing in a second “larger, multilevel” facility that will bump its long-term investment in Singapore to US$500 million (S$675 million).
Infocomm Minister unveils three ideas under Singapore’s tech masterplan Digital News Asia 2nd Jun 2015
SINGAPORE’S Infocomm Media Masterplan, unveiled last October, will be launched later this year to put in place the necessary infrastructure that will serve as a key enabler for its Smart Nation vision, according to Minister for Communications and Information Dr Yaacob Ibrahim (pic above). Yaacob highlighted three ideas under the Masterplan, the first of which is to harness data to advance the city-state’s economic competitiveness. The second is to mobilise the community around a series of ‘Smart Nation Tech Challenges’ which aim to create opportunities for individuals and businesses to co-innovate cutting-edge solutions with the Government to tackle urban challenges. Finally, the Infocomm Development Authority of Singapore (IDA) aims to launch a ‘Smart Health-Assist’ pilot in the Jurong Lake District later this year.
Local telcos deploy ‘small cells’ to boost surfing speeds in crowded areas Channel News Asia 2nd Jun 2015
M1 customers can soon look forward to faster surfing speeds in crowded areas: The telco will be deploying mini base stations, which boost 4G coverage, at hundreds of malls, commercial buildings and MRT stations islandwide. These mini base stations, called small cells, will first be installed at selected locations in the second half of this year, before embarking on an “intensive rollout” between next year and 2017. Places identified include Paragon and Nex shopping malls, as well as Orchard, Raffles Place and Jurong East MRT stations — subject to approvals.
Data centres a growth market in Singapore, Southeast Asia: IDA DealStreet Asia 2nd Jun 2015
Growing internet connectivity and demand for robust data infrastructure will drive the growth of data centres as critical facilities, according to the Infocomm Development Authority of Singapore (IDA). Currently, Singapore accounts for approximately 60 per cent of the data centre capacity in Southeast Asia; the sector is set to grow on the back of increasing demand across Southeast Asia and the Asia Pacific. Recent expansions in the city-states data centre sector will further strengthen Singapore’s position as an Asian data management and connectivity hub. Data centres form an integral portion of the value chain of the city-state and is aligned with the Smart Nation initiative, says Professor Toh Chai Keong, IDA’s assistant chief executive (Engineering & Technology Group)
High-tech firm Avago acquires rival Broadcom Deutsche Welle 29th May 2015
Singapore-based chipmaker Avago Technologies has announced it is buying US company Broadcom in a multibillion-dollar deal aimed at creating a global mobile chipmaking powerhouse. The cash-and-stock deal, worth about $37 billion (33.9 billion euros), was announced Thursday. Avago says the acquisition will give it the most diversified communications platform in the chip industry. The combined firm would have a market value of $77 billion and revenue of $15 billion, it added. It would be a key player in components in the surging market for mobile devices like smartphones and tablets. The deal, which includes $17 billion in cash and $20 billion in stock, has been approved by the boards of both companies, and is expected to close early 2016. Following the transaction, Broadcom shareholders will own about 32 percent of the combined company.
Avago, Broadcom deal could put pressure on Qualcomm: Analysts Channel News Asia 29th May 2015
Avago Technologies Ltd's US$37 billion deal to buy chipmaker Broadcom Corp creates new competitive challenges for Qualcomm and may force the world's largest mobile chip maker to radically rethink its own strategy.
Infrastructure
CCTVs to be installed at bus stops to monitor crowd levels Channel News Asia 24th Jun 2015
Closed-circuit televisions (CCTVs) will be installed at five bus stops with high commuter traffic to monitor crowd levels and make adjustments to bus schedules when needed, the Land Transport Authority (LTA) said on Wednesday (Jun 24). The year-long trial will test the effectiveness of video analytics in the monitoring and detection of crowds at bus stops, LTA said. The transport authority also said the system will also allow it to work with public transport operators to make timely interventions such as adjusting bus schedules, replacing single-deck buses with double-deck or bendy buses, and adding half-way trips to help ease crowding on buses and ensure that commuters waiting along the route are able to board the buses.
China's yuan and Silk Road initiatives 'good for Singapore Asia One 19th Jun 2015
China’s push to internationalise the yuan and promote connectivity through infrastructure building in the region are potentially big wins for Singapore in its role as an Asian financial centre, said Mr Wee Ee Cheong, chief executive (CEO) of UOB Group. The city state’s strong regulatory system should be used to attract more funds to bolster its position in the area of financing, he said at a press conference in Beijing yesterday where the bank outlined some of its new services to help firms take advantage of the increasing use of the yuan for global trade.
Singapore Air Impatient to Restore Nonstop U.S. Flights Bloomberg 18th Jun 2015
Singapore Airlines is in talks with Airbus and Boeing on developing a plane with new technology that would allow it to fly nonstop to the U.S. profitably, Singapore Air CEO Goh Choon Phong said.
TPP
Ally Singapore says US credibility in Asia on the line over trade pact Fox Business 15th Jun 2015
Staunch ally Singapore says U.S. credibility in Asia is on the line amid uncertainty over its participation in a 12-nation free trade pact. Singapore's Foreign Minister K Shanmugam said the United States faces a "stark choice" on whether it wants to have continuing leverage in a region where it has long been the guarantor of peace and prosperity. Shanmugam was speaking at a Washington think tank on Monday as Congress wrangles over legislation crucial to U.S. involvement in the Trans-Pacific Partnership.
Singapore Says TPP Vital for U.S. to Be Taken Seriously in Asia The New York Times 15th Jun 2015
Singapore's Foreign Minister K. Shanmugam said on Monday it was vital that the United States be able to pass the Trans-Pacific Partnership (TPP) trade agreement if it wanted to stay engaged with the Asia Pacific region and be taken seriously there. Speaking after U.S. President Barack Obama's bid to secure congressional legislation needed to pass the pending 12-nation TPP quickly was dealt a blow on Friday, Shanmugam said U.S. credibility hung in the balance.
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