| Regional Affairs
PM Lee, President Widodo to meet for leaders' retreat in mid-2016 Channel NewsAsia 13th Jan 2016
Singapore’s Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo are expected to meet for a leaders' retreat in the middle of this year in Indonesia, said Singapore’s Foreign Minister Vivian Balakrishnan. This will be the second stand-alone bilateral meeting for both leaders and it marks 50 years of relations between the two countries. They first met during Mr Widodo's introductory visit last year. Dr Balakrishnan said the exact date and venue of the leaders' retreat has not been confirmed. He also stressed that the relationship between Singapore and Indonesia is good and that there are many opportunities to enhance it.
Singapore FM, Indonesian officials meet in Jakarta on cooperation Global Post 12th Jan 2016
Singapore's Foreign Minister Vivian Balakrishnan met with Indonesian officials in Jakarta to enhance bilateral cooperation, the Ministry of Foreign Affairs (MFA) said on Tuesday. The MFA said Balakrishnan met with his Indonesian counterpart Retno Marsudi on Tuesday, reaffirming multi-faceted and deep cooperation between Indonesia and Singapore. The Singapore top diplomat noted that economic cooperation between the two countries was growing steadily. Singapore companies were moving beyond the more familiar regions of Batam-Bintan-Karimum Special Economic Zone (BBK) and Jakarta, and into other regions such as Central Java.
Overall outlook for ASEAN economies this year positive: Expert Channel NewsAsia 12th Jan 2016
Countries like Singapore that are more exposed to the United States will benefit greatly from its recovery, says Centennial Asia Advisors, Singapore's CEO, while speaking at the annual Regional Outlook Forum. SINGAPORE: The overall outlook for ASEAN economies in 2016 is positive, according to Mr Manu Bhaskaran, CEO of Centennial Asia Advisors, Singapore. Speaking at the annual Regional Outlook Forum 2016 on Tuesday (Jan 12), Mr Bhaskaran pointed out that their economic trajectories will be determined by the balance among several forces. For example, the impact of recovery in the United States, Europe and Japan, against the uneven and probably negative spill-overs from China's economic challenges. "Countries in ASEAN that are much more exposed to the United States in particular, obviously will do well. I think Singapore is one of those countries that will benefit greatly from a recovery in the United States," said Mr Bhaskaran on the sidelines of the event.
Singapore, Indonesia express interest in manpower development cooperation Channel News Asia 12th Jan 2016
Singapore and Indonesia have expressed interest to enhance cooperation in areas such as manpower development, and this includes a scheme to help companies from Singapore recruit talent in Indonesia. "We believe Indonesian universities and technical institutes will produce many graduates with digital skills and we are thinking of launching a scheme, in which Singapore companies - which are looking for talent - will be able to recruit talent here, deploy them here, and provide services for the rest of the world," Singapore's Foreign Minister Dr. Vivian Balakrishnan said during a January 12 meeting in Jakarta with his counterpart, Ms. Retno Marsudi. The meeting was held on the first day of Dr Balakrishnan's visit to Jakarta. Earlier that day, he had also met with Indonesian Coordinating Minister for Political, Legal and Security Affairs Luhut Pandjaitan. The visits are part of his introductory visits to countries in the region, after taking office as Singapore's new Foreign Minister.
ASEAN at court in Sunnylands East Asia Forum 6th Jan 2016
At the ASEAN Summit in Kuala Lumpur, in November, President Obama reached out to elevate the United States–ASEAN relationship to a ‘strategic partnership’ and invited ASEAN Leaders to a summit that, it’s now been announced, will take place at Sunnylands in Rancho Mirage, California on 15–16 February. This is a bold initiative of possible geopolitical consequence. This will be the first such summit hosted by the United States with ASEAN leaders. Its declared aim is to build on ‘the deeper partnership that the United States has forged with ASEAN since 2009 and will further advance the Administration’s rebalance to Asia and the Pacific. For nearly 40 years, the United States and ASEAN have worked toward stability, prosperity, and peace in Southeast Asia. This summit will provide leaders a forum to strengthen cooperation under the new United States–ASEAN strategic partnership, launched in Kuala Lumpur, on political, security, and economic issues.
National Affairs
Call to freeze foreign worker levy hikes grows louder among SMEs Singapore Business Review 13th Jan 2016
They also demand support in hiring older workers. Small and medium enterprises are clamouring for an easing of the scheduled foreign worker levy hikes as growth slows and costs rise. The Pre-Budget 2016 survey by the Singapore Chinese Chamber of Commerce and Industry (SCCCI) showed that 70.3% of SMEs want the government to stop raising foreign worker levies to combat rising business costs. Meanwhile, over 65% of SMEs are asking for subsidies to support hiring Singaporean workers older than 55. Over seven out of ten firms also called for an adjustment of foreign worker policies according to the needs of industry sectors, while over half of respondents called for the introduction of pro-SME manpower policies that would encourage fresh graduates and PMETs to join SMEs.
Singapore Home-Price Drop in 2016 Might Prompt Reversal of Curbs Bloomberg 12th Jan 2016
A further slide in residential home prices in 2016 may finally persuade the Singapore government to take its foot off the brakes in Asia’s worst-performing property market. Property brokers including Knight Frank LLP and Jones Lang LaSalle Inc. said the government may be swayed to lift some of the curbs that have depressed local home sales and damped values. Home prices could drop as much as 8 percent this year, extending a similar decline since their peak in 2013, if an economic slowdown in the island-state becomes severe, according to Ong Teck Hui, National Director of Research & Consultancy at Jones Lang LaSalle in Singapore.
Singapore's new Parliament opens on Jan 15: 5 things to watch The Straits Times 9th Jan 2016
The first session of Singapore’s 13th Parliament opens on Jan 15, with the swearing-in of 89 elected Members of Parliament and two Non-Constituency Members of Parliament (NCMPs). President Tony Tan Keng Yam will address the House after that, in a speech that sets the policy directions of the Government and outlines its goals for the new five-year term. After more than 30 years of having at least three parties in the House, this will be the first Parliament in more than 30 years to have only two parties represented: the ruling People’s Action Party (PAP), and the opposition Workers’ Party (WP). Both the PAP and, to a degree, the WP have also succeeded in getting some of their younger leaders—their so-called "Fourth Generation Leaders"—into parliament
Healthcare stocks going strong in a weak market The Straits Times 1st Jan 2016
While the local bourse may need a transfusion, healthcare stocks were in the pink of health. Healthcare was the strongest sector of all primary listings on the Singapore Exchange last year. The SGX Healthcare Index, which comprises 29 constituents with a combined market capitalisation of $31.6 billion, rose 11.8 per cent as at Dec 29.
Customs
Extra 10% concession on port dues for container vessels in Singapore Channel NewsAsia 13th Jan 2016
An additional 10 per cent concession on port dues will be granted to container vessels calling at the Port of Singapore, starting from Friday (Jan 15). The additional concession will be in place for one year, and will be granted to container vessels calling at the Port of Singapore if they are carrying out cargo works with a port stay of not more than five days. The additional concession will be on top of the existing port dues concessions, such as the Green Port Programme incentives and the 20 per cent concession introduced in 1996. In all, these concessions are expected to amount to more than S$17 million in annual savings for container liners and help Singapore strengthen its position as a global hub port.
Economics
Economic downturn could be structural, not cyclical: Chan Chun Sing The Straits Times 14th Jan 2016
In his maiden blog post on Thursday (Jan 14), labour chief Chan Chun Sing warned that the economic "downturn" Singapore is facing should not be treated as a cyclical one, but as a permanent structural one. Mr Chan, who joined the National Trades Union Congress (NTUC) about a year ago, wrote: "In every downturn, it is better to assume there are deeper structural changes needed than assume that the downturn is cyclical and we will soon be back to business as usual." In what he said would be the first of many posts by him on the NTUC blog www.labourbeat.org, Mr Chan addressed the current economic outlook, which he called "particularly challenging".
China’s slowdown will hit Singapore hardest: ANZ warns The Brunei Times 13th Jan 2016
THE slowdown in China will hit Singapore faster and harder than any country in the region, economists from Australian bank ANZ have warned. Other economists were not as dire in their prognoses, but agreed that the open nature of the local economy and the strong trade, investment and tourism links between the two nations mean that slower growth on the mainland will have a direct and broad-based impact on businesses and jobs here.
Committee on the Future Economy can help Singapore firms stay ahead of the curve: Experts Channel News Asia 12th Jan 2016
Plans outlined by the Committee on the Future Economy (CFE) are expected to help Singapore businesses carve out niches for themselves. While Singapore firms face increasing competition, analysts have said there are also opportunities as the region becomes better integrated. The ASEAN Economic Community (AEC) kicked off at the end of 2015. Along with other ongoing multilateral trade talks like China's One Belt, One Road initiative and the Trans-Pacific Partnership, the members of the AEC are expected to present new opportunities to Singapore businesses. Amid growing regional integration, economists said the Future of Connectivity, one of five sub-committees of the Committee on the Future Economy, will play a key role going forward, in helping Singapore collaborate with economies in the region.
Why Singapore's c.bank is unlikely to make another off-cycle policy move Reuters 11th Jan 2016
Singapore's central bank may ease monetary policy outside its half yearly reviews if oil prices fall more sharply or China's economy takes a turn for the worse, but economists say a repeat of last January's surprise easing is unlikely for now. Eight of nine analysts surveyed by Reuters from January 6 to January 11 said the Monetary Authority of Singapore (MAS) was not expected to change policy before its next review in April. The MAS surprised investors last January, when it eased its exchange-rate based policy in an unscheduled statement, saying declining global oil prices had significantly changed the city-state's inflation outlook. This time, the deflationary impact from sliding oil prices is expected to be less severe.
Singapore won’t join Asia’s dreaded currency wars, say analysts Singapore Business Review 11th Jan 2016
Some analysts fear that a devaluation war might be brewing between Asian central banks, but the Monetary Authority of Singapore (MAS) is expected to keep out of the fray if such a battle materializes. According to HSBC, the MAS is expected to remain on hold this year following two policy moves last year, which caused the Singapore dollar to weaken against the greenback. The MAS is unlikely to ease policy again on back of weak growth and inflation forecasts, coupled with other factors such as tightening by the Fed and the desire to avoid a tightening of liquidity in the Singapore financial market.
Harder now to retool Singapore economy The Business Times 11th Jan 2016
EVEN as the Committee on the Future Economy (CFE) begins its work, private-sector economists caution against hopes for a big bang outcome that will significantly address Singapore's immediate challenges. That's largely because technological disruption and the rapidly-changing global environment make earlier strategies - such as the tactic of picking winning sectors to boost economic growth - tougher to execute.
Committee on the Future Economy announces 5 key areas of work Channel News Asia 11th Jan 2016
The newly-formed Committee on the Future Economy (CFE) announced five sub-committees to set the direction for Singapore's future economic development after its first meeting on January 11. The areas the sub-committees will be working on are corporate capabilities and innovation, future growth industries and markets, connectivity, urban development and infrastructure, as well as jobs and skills. The sub-committees will draw in additional representatives from both the private and public sectors, and will each be co-chaired by a minister and a private sector CFE member. They will also be engaging stakeholders and the public for their views.
China Slowdown to Hurt Export-Heavy Singapore the Most in Southeast Asia Bloomberg 10th Jan 2016
China's economic expansion has been a powerhouse for regional and global growth, boosting other countries' economies with demand for commodities and other imports. Now the reverse is happening - its slowdown is dragging down growth across the region. In Southeast Asia, Singapore could be the worst hit, with a 1% fall in China's economic growth subtracting 1.4% from Singapore's, given that China is the country's largest export destination. Overall, China accounts for almost 15 percent of Singapore's shipments.
Singapore logs surprise Q4 growth spurt but 2015 GDP is sluggish CNBC 3rd Jan 2016
Singapore grew a surprise 5.7 percent on-quarter on an annualized basis in the final three months of 2015, data released Monday showed, but a more tepid 2.1 percent for the full year. The city-state revealed fourth-quarter gross domestic product (GDP) of 2 percent on-year, well above estimates of 1.3 percent, according to a Reuters poll. The 5.7 percent on-quarter growth beat estimates of a 1.7 percent expansion. But 2015 growth of 2.1 percent was the most sluggish expansion recorded by Singapore since 2009, when the economy contracted 0.6 percent. Manufacturing has dragged on the Singapore's economy, contracting 6 percent on-year in the fourth quarter, on top of a 5.9 percent contraction in Q3. But the services sector expanded by 3.2 percent compared to the same period in 2014, and construction grew 2.2 percent.
Committee on the Future Economy's work critical to Singapore's next lap of growth: DPM Teo Channel News Asia 22nd Dec 2015
The work of the Committee on the Future Economy (CFE) is a critical aspect of Singapore's next lap of growth. Acting Prime Minister Teo Chee Hean said this comes against the backdrop of serious challenges the country is facing, which includes a population and workforce that is no longer growing. Singapore's citizen labor force growth will start to plateau from 2020 and Mr Teo said this will be a "major challenge" to the economy, but there are also opportunities, if Singapore gets its strategies right. Observers have also said that the committee's work going forward is especially important, given the slower pace of growth expected in 2016.
Energy
Brazilian Blowout Hits Singapore’s Sembcorp The Wall Street Journal 11th Jan 2016
Through January 11, shares in Singapore's Sembcorp, the state-run builder of offshore oil rigs, dropped around 10% in 2016. While the weak oil price is a contributing factor, a more immediate issue is the corruption scandal enveloping Brazil’s national oil giant Petrobras. Investors now speculate that an entity linked to Petrobras, called Sete Brasil, could file for bankruptcy later this month. Sete Brasil accounts for roughly 40% of Sembcorp Marine’s backlog of orders. Combined with oversupply in the oil-equipment industry, as major oil companies pare back big projects, these woes in Brazil will hit Sembcorp’s earnings.
Commodity prices will make or break Singapore’s economy in 2016: HSBC Singapore Business Review 11th Jan 2016
Singapore inflation and growth (particularly in the manufacturing sector) outlook in 2016 will depend heavily on the energy outlook, according to a report by HSBC. The report further asserted that much of the inflation and growth outlook relies on commodity prices. It noted that energy is a crucial determinant of core consumer price index, and Singapore is one of the few countries where energy is not stripped out of core. Expectations are that oil prices will likely stay lower for longer. However, HSBC stated, any rebound could have inflation bounce up sooner than anticipated.
Singapore rig builders in dire straits as Sete Brasil mulls bankruptcy filing Singapore Business Review 8th Jan 2016
Singapore's two largest rig builders are now more at risk than ever before. Sete Brasil, whose rig contracts make up over half of Keppel Corporation and Sembcorp Marine's order books, is reportedly mulling a bankruptcy filing on back of a high-profile corruption scandal and the crash in oil prices. According to Maybank Kim Eng, the cancellation of almost all rig contracts is now a possibility and is no longer a far-fetched scenario.
Sembcorp energises China business with coal-fired power project in Chongqing Singapore Business Review 8th Jan 2016
Sembcorp, the utilities conglomerate, has further deepened its footprint in China as it injects $202m of equity into a 1,620MW coal-fired power project in Chongqing, China. According to RHB Research, the plant will utilise supercritical technology and is expected to be among the most efficient power plants in Chongqing. The joint venture with the Chongqing Municipal Government would serve also as a near-term boost for Sembcorp, as it is scheduled to be completed earlier than the company’s previous contracts with due dates of 2018 or later.
High voltage: Oversupply electrocutes energy segment as new players flood power market Singapore Business Review 7th Jan 2016
According to a report by Macquarie, power generation capacity has outgrown demand in Singapore. In the last five years, new players such as Keppel, PacificLight Power and Hyflux have entered the market, joining incumbents Senoko, Seraya and Tuas, which have expanded their own capacity as well. The report also says that the Singapore energy segment is likely to remain weak as most of the city-state’s power plants have entered long-term take-or-pay agreements for LNG/PNG which require them to buy the gas supplies or pay hefty penalties. Bound by these agreements, companies have little choice but to produce even though the market is in oversupply.
All of the lights: Expect leaner electric bills for 1Q16, says SP Electric Singapore Business Review 5th Jan 2016
SP Electric announced that consumers will enjoy lower electricity tariffs for January until the end of March 2016. According to a press release, the tariff reduction is due to the lower cost of natural gas, which is used for electricity generation. Natural gas prices fell by 8.9% compared to the fourth quarter of 2015.
Financial Services
Shell expanding Asia lubes business on population, vehicle growth Euronews 13th Jan 2016
SINGAPORE (Reuters) – Royal Dutch Shell plans to grow its lubricants business in Asia in the next five years, targeting surging vehicle sales and rising population growth, said a senior company official. The company will focus on expanding the business in China and in member countries of the Association of Southeast Asian Nations (ASEAN), said Mark Gainsborough, executive vice president of Shell’s global commercial division. It plans to open a new lubricants blending plant in Singapore in 2016, together with two other partners, following a plant opening in Indonesia late last year. In China, Shell has invested heavily in the country, in terms of manpower and infrastructure in lubricants, despite the recent slowdown in economic growth there, said Gainsborough pointing to its recent opening of a lubricants plant in Tianjin, China, its eighth such facility in the world’s second largest oil consumer.
Singapore: MSIG to run usage-based auto insurance pilot study Asia Insurance Review 12th Jan 2016
MSIG Insurance will embark in March on a Usage-Based Insurance (UBI) pilot study targeted at the local consumer market, the company said in a statement yesterday. UBI is a programme where drivers allow their driving data to be shared with insurance companies who will review the driver’s eligibility for discounts on insurance premiums. MSIG Insurance's six-month pilot study will test the feasibility of using telematics in Singapore, in a partnership with the automotive technology supplier, the CSE Group.
The potential for P2P lending in Singapore ASEAN Up 12th Jan 2016
Peer-to-peer lending is an alternative form of finance for people and businesses who want to avoid traditional credit institutions. In Singapore, this innovative and direct approach to lending and borrowing spurs a new line of financial services where technologies and trust come together to challenge large banking and finance firms.
Govt wants NZ base for TPP deal New Zeland Herald 12th Jan 2016
Trade Minister Todd McClay will promote New Zealand's case to host a proposed secretariat for the Trans-Pacific Partnership when trade ministers from 12 Asia Pacific nations are expected to gather in Auckland to sign the deal next month. McClay confirmed to the Herald that there are some considerable "sensitivities" around the secretariat proposal. The proposal is expected to be one of the topics for discussion at a Trans-Pacific Partnership (TPP) ministerial meeting before the formal signing of the ground-breaking regional agreement, which covers some of the world's most robust economies and 40 per cent of global GDP.
Citation pursues recycling plan Business News 12th Jan 2016
Citation Resources’ 40 per cent-owned subsidiary Pearl Global has struck a heads of agreement with a Singaporean renewable energy company to fund the development of up to 50 tyre recycling plants across Asia. Under the agreement, Citation and Pearl will enter into a joint venture with Centricity Corporation, with the aim of developing Pearl’s thermal desorption plants in Asia (excluding Japan). Pearl’s thermal desorption plants convert shredded rubber from products such as used tyres into high calorific fuels, 'black carbon' and scrap steel.
Singapore Reviewing Quarterly Financial Reporting Rule Bloomberg 10th Jan 2016
Singapore Exchange Ltd. is reviewing a 13-year-old rule requiring listed companies to provide quarterly financial reports in light of moves by other regulatory jurisdictions including the U.K. to drop the practice. “We are aware that there are strong proponents and arguments on both sides of the quarterly reporting debate,” SGX said in an e-mail. “The arguments need to be viewed against a regulatory landscape that has changed since 2003. We will consult the public if there is to be any change in the listing rules.” Companies with a market value of at least S$75 million ($52 million) are currently required to provide quarterly financial reports.
SGX to seek feedback for sustainability report guidelines The Straits Times 5th Jan 2016
Singapore Exchange (SGX) is tabling a set of guidelines that will ask listed companies here to conduct sustainability reporting - and to explain their failure to do so - starting from 2018. The "comply or explain" guidelines require companies to identify risks involving environmental, social and governance (ESG) factors in a framework selected by the firms. These are to be disclosed in an annual report which will be published within five months of the financial year end. The companies must also set out policies and performance relevant to the issues disclosed in the report, while putting forth targets to achieve for the following year, SGX said on Tuesday (Jan 5). The bourse is now seeking feedback for these guidelines in a public consultation from now until Feb 5.
Barclays to cut Asia investment banking jobs next week: sources The Straits Times 5th Jan 2016
Barclays will announce investment banking job cuts across Asia next week, including closures in South Korea and Taiwan, sources with direct knowledge of the matter told Reuters. The British bank's latest cost cuts as part of its global restructuring will include corporate finance and advisory staff in South Korea and Taiwan, as well as equities sales and research staff among a total of at least 50 job losses throughout the region. In common with other European lenders, Barclays is facing up to a harsh environment for investment banks in Asia after the region's economies and markets failed to deliver sustained growth after the 2008 financial crisis.
SGX unveils step-by-step guidelines for Mainboard firms seeking to transfer to Catalist Singapore Business Review 5th Jan 2016
Mainboard-listed firms which seek to transfer to the Catalist board can do so as long as they follow SGX rules and undergo a review, the regulator said in a column. The Catalist board provides greater flexibility for a company to raise funds either to implement its growth strategy or to improve its financials. Mainboard firms which seek to transfer to the Catalist are usually those which have difficulty meeting the Minimum Trading Price (MTP) rule or those which have been placed on the Watch-list after failing to meet financial entry criteria.
Register for unclaimed life insurance proceeds launched Channel News Asia 4th Jan 2016
Members of the public who wish to find out if they have unclaimed life insurance proceeds now have a register to do so. Announced by the Life Insurance Association, Singapore (LIA) on Monday (Jan 4), the “LIA Register of Unclaimed Life Insurance Proceeds” is "for members of the public to search and contact the respective insurer or insurers directly should they have policies with unclaimed death proceeds of deceased relations or unclaimed maturity proceeds that have been outstanding for more than 12 months".
More may opt for mortgages tied to fixed deposit rates The Straits Times 23rd Dec 2015
The threat of rising interest rates is prompting more home owners to re-finance their mortgages by tying them to fixed deposit rates. This means the repayment rate is directly related to the interest banks pay customers who deposit cash. As any bank customer knows, deposit rates have been at rock-bottom levels for several years, but that can spell stability and lower costs for mortgage holders. Fixing home loans to bank deposit rates is a relatively new option here, with only DBS Bank and OCBC Bank offering the option. Mortgages are usually pegged to fixed rates or float in step with the Singapore interbank offered rate (Sibor) or swap offer rate (SOR).
Health & Life Sciences
Health ministry launches nursing scholarship Today 7th Jan 2016
‘O’-level students interested in pursuing nursing studies this year can now look forward to receiving an integrated diploma to degree scholarship with a value of S$120,000. The Integrated Nursing Scholarship (INS) is a five-year programme launched by the Ministry of Health that aims to nurture the next generation of nurse leaders. It will provide full coverage for tuition fees and other compulsory fees, allowances, commencement and distinction awards, and sponsorship for scholar development programmes.
Sharp rise in dengue cases last week The Straits Times 6th Jan 2016
Dengue cases rose sharply at the end of last year. The week of Dec 27 to Jan 2 saw 455 cases - the highest for the year and 86 more than in the previous week. It brings the total number of people infected last year to more than 11,000, with four dying from this mosquito-borne viral disease. The victims are mainly from the eastern half of the country, with the largest of the 97 active clusters in Tampines, which has 178 cases.
Meeting healthcare needs of ageing society The Straits Times 3rd Jan 2016
Singapore will continue to ramp up its healthcare capabilities to meet the expected rise in demand from an ageing population. The number of people aged 65 years and older will more than double from 430,000 today to more than 900,000 in 2030. One priority is to keep these people as healthy as possible, for as long as possible, so they can both enjoy quality life and also not require hospital care.
One-stop cancer centre for elderly patients The Straits Times 1st Jan 2016
The National Cancer Centre plans to formalise a new "multi-disciplinary" approach to tackling the disease among elderly patients when its new building opens in 2020. Patients often suffer a host of other conditions like high cholesterol, stroke and heart disease. As a result, their conditions require a range of medical professionals such as pharmacists, geriatricians and physiotherapists. Tackling all their problems together in one go is a model practised in countries such as South Korea, Australia and the United States. It is one the NCCS wants to follow when it moves to its new building in Outram as part of the multibillion- dollar plan to re-develop the Singapore General Hospital campus.
Singapore 'actively tracking' vaccine The Straits Times 30th Dec 2015
The Singapore authorities have been keeping tabs on French pharmaceutical firm Sanofi Pasteur and its plans for registering the dengue vaccine. A spokesman for the Health Sciences Authority (HSA) told The Straits Times: "The Ministry of Health and HSA are actively tracking development of this vaccine and have been following up with Sanofi on their clinical trial results and plans for registration. "Given the public health concerns associated with dengue, HSA has also been working closely with the company to advise on the registration process."
Getting the balance right in healthcare planning Today 30th Dec 2015
Commentary: This was not a great year for healthcare, with Group B streptococcus and hepatitis C making headlines for the wrong reasons. Singapore’s stellar reputation in healthcare took a hard knock with the Independent Review Committee’s investigation into the hepatitis C outbreak at the Singapore General Hospital (SGH), pointing to “lapses” and “gaps” in infection-control practices. The silver lining lies in how national attention is now firmly focused on infection-control measures in healthcare institutions and disease surveillance, and we can expect Singapore to bounce back stronger. While infections dominated the headlines in 2015, how Singapore deals with two other I’s — infrastructure and ideology — in the long term will be even more significant for the healthcare sector.
Healthcare experts welcome idea to possibly form infectious disease 'SWAT team' Channel NewsAsia 29th Dec 2015
Healthcare experts Channel NewsAsia spoke with welcomed the announcement that the Ministry of Health (MOH) is looking at possibly forming a national-level "SWAT Team" comprising of infectious disease experts. Minister of State for Health Chee Hong Tat announced this, when giving an update on a taskforce he is leading to implement changes in the wake of the Hepatitis C outbreak at the Singapore General Hospital.
New Yishun Community Hospital opens to patients The Straits Times 28th Dec 2015
The $320 million Yishun Community Hospital opened its doors to patients on Monday (Dec 28). The 428-bedded hospital, which offers rehabilitative, sub-acute, dementia and palliative care, is opening in phases and will start with five subsidised wards, or 170 beds.
Home-care medical services see increase in demand Channel NewsAsia 26th Dec 2015
With more people tapping on home-care services which allow them to receive medical treatment at home instead of going to the hospitals, service providers are in turn boosting manpower and rolling out more services. The Home Nursing Foundation supported close to 4,500 patients in its last financial year – a jump from 4,050 patients the year before. Meanwhile, NTUC Health saw its patient numbers grow from 1,700 last year to 1,900 as of November this year.
More groups that help the ill and elderly being set up Channel NewsAsia 23rd Dec 2015
By 2030, one in five Singaporeans will be aged 65 and above. Serious health conditions are expected to rise too. For example, there were 13,416 people diagnosed with cancer last year, almost 800 more cases than 2013. To help the ill, more charities have been popping up, with 17 new groups in the Health and Social and Welfare sectors set up in 2014. Thirty-three per cent of the charities registered in 2014 were from the Health and Social and Welfare sectors, compared to 25 per cent in 2013.
New models of care for seniors need to be sustainable: Lam Pin Min The Straits Times 23rd Dec 2015
A balance has to be struck between innovation and sustainability when it comes to developing new models of care for seniors, said Minister of State for Health Lam Pin Min in a Facebook post on Wednesday night. He was referring to the shelving of plans for a proposed new building next to Salvation Army's Peacehaven nursing home, which planned to create a home-like environment with residents staying in single or twin rooms. Jade Circle - developed jointly by Peacehaven, the Lien Foundation and Khoo Chwee Neo Foundation - was supposed to provide residents with more privacy, autonomy and well-being.
More kids found with latent TB in NUH screening The Straits Times 23rd Dec 2015
Four more children who were warded at the National University Hospital (NUH) between July and late last month have been found to have latent tuberculosis (TB). The hospital has been recalling 178 children who had been long- stay patients in Ward 47 for TB screening since it found out on Nov 27 that one of its nurses working there had the disease. The children were hospitalised between July, when the nurse sought treatment for a bad cough, and November, when she was confirmed to have TB.
Healthcare in Singapore: Developments in the sector in 2015 Channel News Asia 22nd Dec 2015
Singapore has introduced its first universal healthcare scheme, as well as the opening of a new hospital. More beds have also been added to allows for more patients to be accepted.
A*STAR seals international alliance for medical technologies Channel NewsAsia 22nd Dec 2015
The Agency for Science, Technology and Research (A*STAR)'s Diagnostics Development (DxD) Hub signed a memorandum of understanding with two foreign parties to develop medical device and diagnostic technologies, A*STAR said in a news release on Tuesday (Dec 22). Under the agreement, A*STAR, American research institute Feinstein Institute for Medical Research - the research arm of the North Shore-LIJ Health System in New York, and Irish healthcare technology innovations firm i360medical will jointly identify and evaluate pipeline projects, with the aim of developing selected high potential projects for clinical use and commercialisation.
ICT
Singaporean shoppers are embracing mobile shopping: survey Singapore Business Review 14th Jan 2016
5 in 10 say they regularly shop via mobile devices. Singaporean shoppers are starting to embrace shopping through a mobile device, or mCommerce, according to Visa’s 2015 Consumer Payment Attitudes Survey. 5 out of 10 survey Singapore respondents said that they regularly shop via a mobile device, while 2 out of 10 say they preferred mCommerce over other online channels. According to respondents, the categories that are seeing more and more purchases via mobile are movie tickets (35%), food deliver (32%) and fashion accessories (20%). Meanwhile, almost half of respondents stated that they began making purchases using their mobile devices only a year ago. The survey also revealed that alongside the burgeoning popularity of eCommerce and mCommerce amongst Singapore shoppers is the growing preference for the use of payment cards overall rather than cash (76%). This is a marked increase in comparison to 2014, where almost 6 out of 10 (58%) respondents preferred payment cards over cash.
Locally developed wireless device may help manage chronic pain Today 13th Jan 2016
Patients with chronic pain can look forward to a new option to manage their condition. A wireless implantable chronic pain management device is being developed by A*STAR’s Institute of Microelectronics (IME) and local biotechnology firm Biospark Technologies. Currently, patients in need of pain management can turn to neurostimulators, which are surgically implanted devices that trigger mild electrical signals to block pain signals from reaching the brain. However, as these devices are battery-operated, patients need to undergo surgery every few years to replace the batteries. IME and Biospark Technologies said today (Jan 13) in a press release that new device would eliminate the need for such surgery, as it is powered wirelessly.
Singapore firms becoming more involved in tech start-ups Channel News Asia 12th Jan 2016
Singaporean companies are becoming more involved with tech start-ups, both as an investor and as a partner in developing new solutions. Singtel, for example, is looking to work more closely with start-ups to ensure that whatever is developed will meet business needs. Innov8, a venture fund manager owned by Singtel, is looking to do more than invest in promising companies. Through a new program called Innov8 Connect, it has published a set of briefs detailing various business challenges for start-ups to tackle. Singtel is one of several corporates looking to expand their presence in the venture capital space. Several banks, including DBS and Citibank, have also set up innovation centers. Last month, DBS announced plans to invest S$10 million in start-up initiatives over the next five years.
Mixed response to Netflix’s Singapore debut Channel News Asia 8th Jan 2016
On-demand Internet television service Netflix made its highly anticipated debut in Singapore on January 7, with a basic package priced at S$10.98 per month. However, the response from television buffs, including those who already access the United States version of the service through VPN (virtual private network) providers, appeared to be mixed. Netflix declined to reveal how many Singapore subscribers it has so far, but said that its service meets a need for on-demand content delivered over the Internet in the city-state. Still, there are several factors, such as media regulation rules and distribution rights, that will affect how quickly Netflix takes off in Singapore, said analyst Matt Pollins, a media lawyer at Olswang Asia.
British startups keen on expanding to Singapore: IDA survey Singapore Business Review 8th Jan 2016
Tech entrepreneurs in the United Kingdom are drawn to Singapore Smart Nation initiative, according to a survey by the IDA. The survey showed that UK start-ups are more willing than ever to seek international growth. Some 15% of respondents have already expanded abroad, 17% plan to relocate at least part of the business and a further 19% are considering a move in the future. Over half the UK start-ups surveyed were attracted by the Smart Nation vision, saying that they were excited about joining a major project that can benefit other world cities through innovation.
Temasek’s ST Telemedia jumps into the IoT bandwagon with Greenwave investment Singapore Business Review 6th Jan 2016
According to a statement by Singapore Technologies (ST) Telemedia, the company will be providing the majority of the funds in the USD 45 million Series C financing round for Greenwave Systems, an Internet of Things (IoT) software developer. The move marks ST Telemedia’s continuing investments into next-generation technology platforms.
Singapore leads in APAC online buying: Report Channel NewsAsia 14th Jan 2016
Online shoppers in Singapore are ahead of their Asia Pacific counterparts in terms of cross-border online shopping, according to a new report by digital payments company PayPal and market research firm Ipsos on Thursday (Jan 14). The two companies conducted a study on consumers' online shopping habits and found that 69 per cent of online shoppers in Singapore made purchases both domestically and overseas, while the rest only made domestic purchases. This was followed by Australia, at 65 per cent, and China, at 36 per cent, they said.
National cybersecurity R&D laboratory to be ready by end-2016 Channel NewsAsia 14th Jan 2016
A National Cybersecurity R&D Laboratory at the National University of Singapore (NUS) will be operational by the end of this year, announced Chairman of A*STAR Lim Chuan Poh on Thursday (Jan 14). It will receive S$8.4 million in funding over three years from the National Research Foundation, under the National Cybersecurity R&D Programme.
Will tech startups play a greater role in Singapore's future economy? e27 21st Dec 2015
On a visit to JTC LaunchPad @ one-north — which houses about 500 startups and 35 incubators within three blocks — in October this year, Singapore’s Finance Minister Heng Swee Keat reportedly said that startups play an important role in Singapore’s future economic structure. In an indication of that role, the composition of the 30-member Committee on Future Economy (CFE) announced today in a press release included the likes of Lim Der Shing, Venture Partner of Jungle Ventures and Co-founder and former CEO of JobsCentral Group, and Forrest Li, Founder, Chairman, and Group CEO of Garena. JobsCentral, based in Singapore, is an online jobs portal which started in 2000. Garena, founded in 2009 in Singapore, is an online and mobile entertainment provider with a reported valuation of US$2.5 billion. “We have not only put together a committee of diverse expertise and experience, but we will also engage key stakeholders and our people. Through this, we want to encourage everyone — employers, employees and individuals alike — to work with us to build a stronger economy for the future, and a Nation of Opportunity for all,” said Minister Heng, who will helm the CFE with Minister for Trade and Industry (Industry) S Iswaran, who will be deputy chairman.
Infrastructure
2 high-speed train services to Singapore, says operator www.yahoo.com.sg 3rd Jan 2016
Both the Malaysian and Singaporean governments have come to a consensus on the alignment of the 330km high-speed rail (HSR) linking Kuala Lumpur to Singapore, and have decided on two services, one being a direct service linking Kuala Lumpur to the island republic, and another with transit stops in between.
Manufacturing
Singapore manufacturing ends 2015 stuck in the red Singapore Business Review 5th Jan 2016
The Singapore Purchasing Manager’s Index (PMI) for December revealed that factory activity is in its sixth consecutive month of contraction, according to a report by DBS. Although overall Singapore manufacturing PMI has inched up to 49.5 from the previous month’s 49.2, the headline number is stuck in contraction territory on back of declining new orders, new export orders and production output. Also, the pick-up is more likely as manufacturers front-load production ahead of the Lunar New Year lull in February.
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