| Regional Affairs
Why Vietnam highly values its relations with Singapore Asia Times 5th Sep 2016
In September 2011, Truong Tan Sang made Singapore and Malaysia the destinations of his maiden overseas trip as Vietnam’s Head of State. Tran Dai Quang Five years later, incumbent president Tran Dai Quang followed suit by choosing to visit two fellow ASEAN members, Brunei and Singapore, (from August 26 to 30), on his first foreign trip. This shows how much Hanoi values its relations with Singapore. Though smaller than Ho Chi Minh City in terms of area and population, Singapore is an important partner for Vietnam at bilateral and regional levels. As underlined in a joint statement issued on Tuesday (August 30), the last day of Quang’s three-day visit to Singapore, Vietnam-Singapore trade has grown steadily over the last decade, amounting to $21.6 billion, with a 10.6% increase year-on-year, in 2015.
Vietnam offers S’porean firms new opportunities TODAYonline 30th Aug 2016
Vietnam, the second most popular market for Singaporean companies venturing overseas, continues to provide business opportunities, especially in the manufacturing, consumer services and urban solutions sectors, Minister For Trade and Industry (Industry) Mr S Iswaran said yesterday. “Vietnam is an important economic partner for Singapore and our economic ties have grown from strength to strength. Bilateral trade has doubled over the past decade to almost S$22 billion last year. Singapore is also Vietnam’s third-largest investor, and the top Asean investor, with more than US$38 billion (S$52 billion) in total investments,” he said at the Singapore-Vietnam Business Forum, attended by 250 participants, and graced by Vietnamese President Tran Dai Quang.
Vietnamese President to make three-day state visit to Singapore Channel NewsAsia 29th Aug 2016
Vietnamese President Tran Dai Quang will be in Singapore for a three-day state visit from Aug 28 to Aug 30, said the Ministry of Foreign Affairs in a press statement on Sunday (Aug 28). President Quang is accompanied by his wife Madam Nguyen Thi Hien and his delegation including Minister-Chairman of the President’s Office Dao Viet Trung and Minister of Planning and Investment Nguyen Chi Dung. On Monday, President Tony Tan Keng Yam will host an official welcome ceremony at the Istana and receive a call by President Quang. Mrs Mary Tan will separately host Madam Hien to tea. Prime Minister Lee Hsien Loong will also host President Quang to lunch.
Spotlight on bilateral, business ties during Vietnam President's visit to Singapore Channel NewsAsia 29th Aug 2016
Strengthening bilateral and business ties featured prominently on the second day of Vietnamese President Tran Dai Quang's visit to Singapore. He is currently on a three-day state visit at the invitation of Singapore President Tony Tan Keng Yam. During a ceremony at the National Orchid Garden earlier on Monday (Aug 29), a striking orchid hybrid was named Ramasamyara Hien-Quang in honour of President Quang and his wife, Madam Nguyen Thi Hien. President Quang was then given a ceremonial welcome at the Istana, where he later called on Dr Tan. Prime Minister Lee Hsien Loong then called on President Quang and later hosted him to lunch at the Istana. The president's visit marks the 43rd anniversary of diplomatic relations between Singapore and Vietnam.
Singapore 'can help One Belt, One Road project reach potential' The Straits Times 17th Aug 2016
Singapore can play a key role in helping China's ambitious One Belt, One Road (OBOR) initiative reach its full potential, said Minister in the Prime Minister's Office Chan Chun Sing yesterday. He told a forum that while the initiative was inspired by the ancient overland and maritime trade routes, it will need to incorporate other dimensions of connectivity to really flourish - and this is where Singapore can help. "To me, whether it's One Belt, One Road, or the Maritime Silk Road, it goes beyond the two dimensions of conventional land and sea connectivity. It will be what I call a five-dimensional connectivity - that's land, sea, air, data and finance," he said.
Why China’s Plan to Build a New Silk Road Runs Through Singapore Bloomberg 14th Aug 2016
As the son of a man who journeyed from China to Singapore and founded a shipping business a half century ago, Teo Siong Seng sees his life as one immersed in the ancient trading networks of Asia.So the managing director of the Pacific International Lines Group is seeking to benefit as China rejuvenates its Silk Road routes to the Middle East and Europe. He is setting up a joint venture with China Cosco Shipping Corporation Ltd. to help China’s largest shipping group build connections in Southeast Asia and beyond. “Chinese companies alone may not have enough experience to carry out their investments in other countries,” said Teo, who’s also chairman of the Singapore Business Federation. “To cooperate with companies like us would also make their businesses smoother. They have to learn the way we deal with local people and the way we do business.”
National Affairs
Singapore bids farewell to former President S R Nathan Channel NewsAsia 29th Aug 2016
SINGAPORE: Singapore on Friday (Aug 26) bade farewell to S R Nathan, its longest-serving President, with a State Funeral Procession past some of the landmarks most closely associated with him, and a State Funeral Service paying tribute to Mr Nathan and his long and distinguished career in public service. For the past day, Mr Nathan had lain in state at Parliament House, where more than 20,000 members of the public paid their respects to him. At 2pm on Friday, his casket was transferred onto the ceremonial 25-pounder gun carriage by a coffin bearer party comprising nine Singapore Armed Forces (SAF) and Singapore Police Force (SPF) personnel. Escorted by police outriders and vehicles, the ceremonial gun carriage made its way through Singapore's civic district and heartlands. The first landmark it passed was City Hall, where the then-President Nathan reviewed Singapore's National Day Parade in 2000, 2005 and 2010.
Relooking leadership renewal in Singapore The Straits Times 28th Aug 2016
For almost 15 minutes last Sunday evening, many Singaporeans did not know what had happened to their Prime Minister. The audience at ITE College Central saw Mr Lee Hsien Loong suddenly go quiet, struggling to hold on to the podium before he was led offstage, supported by Defence Minister Ng Eng Hen. Television viewers watching the National Day Rally live had an even more anxious time because they thought he might have collapsed on stage, the cameras having panned away from him by then. They did not know he was able to walk off, and even managed a wave.
Singapore appoints ambassadors to Germany, Vietnam Channel NewsAsia 25th Aug 2016
Ms Catherine Wong Siow Ping will assume the post as ambassador to Vietnam on Sep 5. She joined the Ministry of Foreign Affairs in August 1995 and last served as the director-general of the Americas Directorate. She was formerly special Assistant to then-Foreign Minister George Yeo from 2004 and 2006 and served overseas at the Singapore Consulate-General in Hong Kong from 1997 to 2000 and the Singapore embassy in Washington DC from 2006 to 2008. Mr Laurence Bay Siow Hon will assume his role as ambassador to Germany on Sep 19. He joined MFA in 1996 and last served as the director-general of the Consular Directorate from 2014 to 2016. Prior to this, he was the director-general of the South Asia and Sub-Saharan Africa Directorate from 2012 to 2014. Mr Bay also served overseas at the Singapore embassy in Jakarta from 1999 to 2003 and the Singapore embassy in Tokyo from 2008 to 2012. Mr Bay was awarded the Public Administration Medal (Bronze) by the Singapore Government in 2007.
Singapore parliament passes controversial contempt of court bill Reuters UK 16th Aug 2016
Singapore's parliament passed on Monday a bill spelling out what constitutes contempt of court, drawing criticism from rights groups, foreign diplomats and even the prime minister's sister, who say the new law will suppress freedom of speech. The bill's definition of includes publishing material that interferes with ongoing proceedings or alleges bias on the part of judges. Offenders could be fined up to S$100,000 and jailed up to three years. Critics say the bill's vaguely worded provisions and the harsh punishments proposed could further impede freedom of speech by leading to self-censorship. The government says the bill will not change or expand current contempt of court practices and only aims to clarify them. Minister of Law K. Shanmugan said in parliament the law was aimed at protecting ordinary citizens. Britain abolished a similar act called "Scandalising the Judiciary" in 2013 on the grounds it was "incompatible with freedom of speech", the British High Commision told Reuters last week, urging "Singapore and all countries which retain 'Scandalising the Judiciary' to abolish it." The group Human Rights Watch said the bill was "overly broad" and penalties were "disproportionate".
Singapore ranked 6th globally for innovation The Straits Times 15th Aug 2016
Singapore's ranking - one up from last year - placed it ahead of countries such as the Netherlands, Germany, the Republic of Korea and Japan. The improved ranking was driven not just by its performance but also tweaks to survey methodology, such as the addition of new indicators. The Global Innovation Index, now in its ninth year, is co-published by Cornell University, business school Insead, and the World Intellectual Property Organization. This year's index surveyed 128 economies, using 82 indicators to gauge both innovative capabilities and measurable results.Singapore did well on indicators gauging a country's political and regulatory environment, education system and infrastructure among others. However, it came in 78th on innovation efficiency, which measures how much innovation output a country is getting for its inputs.
Marathon debate over Bill defining contempt of court Channel NewsAsia 15th Aug 2016
Over the span of seven hours, a total 19 members of the House spoke on the Administration of Justice (Protection) Bill raising issues or seeking clarifications, prompting Law Minister K Shanmugam to mount a staunch defence of the Bill on Monday (Aug 15). Opposition Workers' Party (WP) MPs voiced strong objections to the Bill, which seeks to spell out what constitutes contempt of court. Said Aljunied GRC MP Sylvia Lim: "Are we not using a sledgehammer to kill an ant? It would be intimidating not just to persons on the receiving end of such investigations but to society at large.
Customs
EEU to Explore Prospects of Free Trade Area With Singapore Sputnik 1st Sep 2016
The Eurasian Economic Commission's (EEC) Board gave the green light to the study of prospects of the free trade area between the Eurasian Economic Union (EEU) and Singapore, EEC Trade Minister Veronika Nikishina said. "In August, the EEC Board approved a proposal to explore jointly the feasibility of talks on the free trade area with Singapore. In September, we are set to bring the issue to the vice prime ministers of our countries," Nikishina told RIA Novosti. The EEU currently has a free trade agreement (FTA) with Vietnam. The economic bloc are considering signing bilateral FTAs with four more South Asian countries — Singapore, Cambodia, Thailand and Indonesia.
New impetus for Việt Nam-Singapore trade relations vietnamnews 29th Aug 2016
HÀ NỘI – President Trần Đại Quang’s visit to Singapore on August 28-30 is expected to give an added impetus to the already thriving trade and investment relations between Việt Nam and Singapore. Singapore is currently the largest ASEAN trade partner of Việt Nam with two-way trade turnover almost reaching US$2.5 billion in the first five months of this year, nearly $1.8 billion of which was from Việt Nam’s imports. Bilateral trade is expanding at an average of 12 per cent per year. In addition, the island state is the third largest among the 114 foreign investors in Việt Nam with 1,600 valid projects worth nearly $36.3 billion. Singaporean investors operate in most economic sectors in Việt Nam but the bulk of investment is in infrastructure, services and real estate.
New Manufacturing Cost Statement (MCS) Template for Certificate of Origin (CO) Application with Singapore Customs Singapore Customs 15th Aug 2016
With the exception of wholly-obtained/produced1 goods, all CO applicants for locally manufactured goods are required to complete a MCS to Singapore Customs for verification under the relevant Free Trade Agreement (FTA) or Scheme.
Singapore hosts four-nation joint customs training programme Singapore Customs 18th Aug 2016
Singapore Customs hosted a joint training programme for 20 middle-management officers from the customs administrations of Brunei Darussalam, Indonesia, Malaysia and Singapore from 15 to 18 August 2016. This Joint Customs Middle Management Programme (JCMMP) marks the first time Singapore Customs has brought together middle managers from the four customs administrations for joint training. Tapping on the strengths of each customs administration, the programme featured trainers from all four customs administrations to enhance the participants’ knowledge and competencies in key customs domains such as digital customs, customs procedures, trade facilitation, enforcement, and compliance. As a commitment to continued collaboration in capacity-building, the heads of the customs administrations of Singapore, Brunei Darussalam, Indonesia, and Malaysia signed a joint statement on 18 August 2016 committing to hold the JCMMP on an annual basis.
Defense & Security
US Air Force Chief Makes First Singapore Visit The Diplomat 25th Aug 2016
The U.S. Secretary of the Air Force made an introductory visit to Singapore this week. Deborah Lee James, the 23rd secretary of the Air Force and the second woman to hold the position, visited the city-state from 23-25 August. During the visit, she called on Singapore’s Defense Minister Ng Eng Hen. According to a statement by Singapore’s defense ministry (MINDEF), the two both reaffirmed the strong bilateral defense relationship as well as discussed the wide range of ongoing defense cooperation. As I have mentioned previously, the U.S.-Singapore defense relationship is an important one for both sides. For the United States, Singapore has been a key point for U.S. presence in the region, stepped in to support an American military presence following the closure of U.S. bases in the Philippines in 1991 and more recently agreeing to host littoral combat ships and P-8 Poseidon aircraft. For Singapore, the United States is a key producer of defense technology and facilities for military training, including for the Republic of Singapore Air Force (RSAF) (See: “Strengthening the U.S.-Singapore Strategic Partnership”).
Southeast Asia shores up maritime defense in response to China Nikkei Asian Review 26th Aug 2016
JAKARTA -- Southeast Asian nations are beefing up maritime security in the South China Sea as Beijing continues to assert its claims to contested areas, raising the specter of an arms race that could flare up tensions. Indonesia plans to deploy five F-16 fighter jets and three to five naval frigates to the Natuna Islands as early as this year, a military official told The Nikkei. Indonesia is upgrading a military base in the South China Sea archipelago, building new runways and an expanded port due for completion by the end of 2017. Submarine deployment is planned as well. Purchasing additional fighters from Russia is also under consideration.
US, ASEAN States Launch Maritime Exercise in Singapore The Diplomat 25th Aug 2016
The United States and several Southeast Asian countries launched an annual maritime exercise in Singapore this week. The 15th iteration of the annual Southeast Asia Cooperation and Training (SEACAT) exercise commenced at the Republic of Singapore Navy’s Multinational Operations and Exercises Center (MOEC) on August 22. SEACAT, which began in 2002 under the name “Southeast Asia Cooperation Against Terrorism,” was renamed in 2012 to expand the scope of training among regional navies and coast guards. The exercise brings together liaison officers from nine participating countries – Singapore, Brunei, Indonesia, Malaysia, the Philippines, Thailand, Bangladesh, Cambodia, and the United States – to collaborate and execute maritime responses to scenarios to better tackle maritime security challenges such as smuggling and piracy.
SEACAT Enhances Maritime Security Between Navies in SE Asia Maritime Logistics Professional 23rd Aug 2016
SEACAT focuses on regional cooperation to address shared maritime security challenges like smuggling, piracy and other illicit activities at sea by bringing together liaison officers (LNOs) from Singapore, Brunei, Indonesia, Malaysia, the Philippines, Thailand, Bangladesh, Cambodia, and the United States to collaborate and execute practical maritime responses to multiple realistic scenarios.
Economics
Singapore stocks lead Southeast Asia gains Bangkok Post 6th Sep 2016
Most Southeast Asian stocks rose on Tuesday, in line with Asian peers, with the Singapore index rising about 2% earlier in the day to hit a more than one-month high, while Malaysia closed more than half a percent higher. Asian shares advanced on Tuesday, with MSCI's broadest index of Asia-Pacific shares outside Japan extending gains to 0.8%. The Singapore index hit its highest since July 28 before closing up 1.6%, with gains in energy stocks supporting the rally. Sembcorp Marine and Keppel Corp rose after Brent crude oil prices gained earlier in the day, before falling on receding hopes of imminent action to tackle a supply glut.
Singapore Central Bank Proposes New Rules for Bitcoin Startups CoinDesk 29th Aug 2016
The central bank of Singapore has proposed a new regulatory framework for payments providers in the city-state, a move that would bring digital currency exchanges under its oversight. The proposed framework would require applicable companies to obtain a license from the Monetary Authority of Singapore (MAS), and divides payment activities into several categories. Digital currency exchanges would be covered by a provision overseeing startups that provide "money transmissions and conversion services".
SGX appoints new chairman to succeed Chew Choon Seng Channel NewsAsia 29th Aug 2016
The directors of Singapore Exchange (SGX) have elected a new chairman of the Board to succeed Mr Chew Choon Seng from September this year. In a news release on Monday (Aug 29), SGX said Mr Kwa Chong Seng will succeed Mr Chew when he retires at the conclusion of SGX's Annual General Meeting on Sep 22. Mr Chew joined the Board in December 2004 and has been the chairman since January 2011. According to SGX, Mr Kwa was elected to the Board in September 2012. He was appointed the lead independent director in December 2013, and has been the chairman of the Nominating & Governance and the Remuneration & Staff Development Committees since September 2013.
Singapore’s Dual-Class Shares Move Wins Nod From IPO Group Bloomberg 29th Aug 2016
Singapore’s stock exchange won approval from its listing advisory committee to allow dual-class shares, as it seeks to lure international businesses. Companies will be permitted to have weighted voting rights, subject to various corporate governance safeguards to mitigate the inherent risks of such structures, according to the report by Singapore Exchange Ltd.’s committee published Monday. The move may help narrow the city’s gap with Hong Kong, Asia’s biggest market for new listings, where minority-control voting structures aren’t permitted. Hong Kong lost Alibaba Group Holding Ltd.’s $25 billion initial public offering to the U.S. after regulators rejected the Chinese e-commerce company’s governance structure. Singapore paved the way for dual-class shares by amending laws governing companies earlier this year.
Singapore Sovereign-Wealth Fund to Buy Stake in Top Vietnamese Bank WSJ 29th Aug 2016
Singapore sovereign-wealth fund GIC Pte. Ltd. will acquire a 7.73% stake in Vietcombank, Vietnam’s largest bank by market capitalization, the latest in a series of bids by foreign companies for a slice of one of Asia’s hottest frontier markets. The deal is in part the result of Vietnam’s increasing openness to outside investment as it looks to liberalize a bloated state sector and streamline regulations. GIC will purchase 305.81 million shares in Vietcombank though a private placement, the two parties said in a statement Monday. This would be GIC’s first significant direct investment in a commercial Vietnamese bank, according to the statement. “GIC’s strong reputation and experience will provide Vietcombank the support it needs to achieve its financial and business goals, both locally and internationally,” said Nghiem Xuan Thanh, chairman of the bank’s board of directors, in the statement.
A clear idea of Singapore economy The Straits Times 27th Aug 2016
Singapore has experienced negative headline inflation for 21 straight months now, but this does not mean it is getting cheaper to eat at hawker centres or shop at the supermarket. Overall consumer prices fell 0.7 per cent last month from a year earlier, thanks largely to cheaper cars, lower utility bills and steep Great Singapore Sale discounts. Budget measures and other one-off programmes - including medical subsidies under the Pioneer Generation Package and the reduction in the concessionary foreign domestic worker levy - also had a part to play in keeping a lid on price increases. However, prices elsewhere in the economy continued to edge upwards. Food was 2.1 per cent pricier last month compared with the same month a year ago. The cost of household durables and services also went up, increasing 3.2 per cent.
High wages flash recession warnings in Singapore Reuters 25th Aug 2016
People take the stairs at the central business district in Singapore August 8, 2016. Instead Desbaillets is branching out in Manila, Jakarta and even in wealthy Tokyo in a worrying sign for Singapore's small, open economy. Indeed, while the city state's economy is expected to grow between 1-2 percent for the year, analysts say the wage-cost pressures are flashing warnings of a recession. At roughly 43 percent of gross domestic product - though below the 55 percent world average - wage costs in Singapore are now at levels which historically had preceded recessions in 1985, 1997 and 2001.
Asian funds pile into alternative assets as traditional returns slide The Globe and Mail 17th Aug 2016
As returns on traditional assets have nosedived or turned more volatile in Asia, conservative investors such as pension funds and insurers have been pouring cash into alternative investments that bring the yield they need, but at significantly higher risk. Many countries in Asia only started to cut interest rates in 2015 or 2016, but they are now at or near record lows and expected to fall further; India, South Korea, Indonesia, Taiwan and Thailand are all likely to see rate cuts this year, according to economists at Nomura.The resulting decline in bond yields has hit the region later than many other parts of the world, but is now forcing a strategy rethink for investors who need predictable income to match their fixed commitments. Zurich Insurance’s Asian division, for example, is considering investing in private debt including collateralised loan obligations and commercial real estate and infrastructure debt.
Singapore narrows 2016 GDP forecast amid lacklustre growth Channel NewsAsia 15th Aug 2016
SINGAPORE: The growth forecast for Singapore’s economy in 2016 has been narrowed to between 1 and 2 per cent, down from the initial range of between 1 and 3 per cent, the Ministry of Trade and Industry (MTI) said on Thursday (Aug 11). The move to lower the upper limit of the 2016 GDP forecast took into account a slightly weakened global economy on the back of Britain's vote to exit the EU in June, which has "dampened and also added uncertainties" to global growth outlook, said Mr Loh Khum Yean, Permanent Secretary of MTI, at a media briefing.
Energy
Report: Singapore government could introduce measures to help struggling energy firms Petro Global News 6th Sep 2016
Singapore’s government could extend a helping hand to energy firms that continue to struggle with mounting debt amid low oil prices. EY tax partner at Singapore Chia Seng Chye told Bloomberg earlier this month that Singapore’s government could possibly introduce off-budget measures to help struggling energy firms if economic conditions worsen. Singapore’s government has not yet introduced or disclosed any measures specifically aimed at helping energy firms. According to data compiled by Bloomberg, Singapore-based firms have the heaviest debt loads among energy-related firms in Asia.
Shipbuilders turn to wind farms as profits sink Singapore Business Review 29th Aug 2016
When oil prices collapsed, many listed shipbuilders and vessel charterers scrambled to diversify in order to stay afloat as client demand dried up and their traditional income sources vanished. Offshore player Ezion, for instance, has turned to wind farms in a bid to diversify its dwindling earnings base. Ezion has formed a joint venture with a Chinese state-owned enterprise to deploy its service rigs to support the offshore wind farm market. According to analysts, this strategy will allow Ezion to ride out a longer-than-expected slump in oil prices, will provide the company with vessel deployment opportunities, and will open up the possibility of securing rare newbuild contracts.
Gold and Gemstones Pile Up in Singapore Vault on Quest for Haven Bloomberg 22nd Aug 2016
The stash of gold, silver and gems stored in the vaults and safe deposit boxes of Malca-Amit in Singapore has jumped almost 90 percent in the past year as wealthy investors seek a refuge in a world of negative interest rates, stagnating economies and political uncertainty. The company’s facilities in the city-state are about 70 percent full and more than 90 percent of the hoard comprises precious metals, according to Ariel Kohelet, managing director of Malca-Amit Singapore Pte, a logistics and storage provider, without giving specific figures. Revenue has grown at least 45 percent in 2016 from a year earlier, he said in an interview last week.
RPT-Energy company problems expose cracks in Singapore bond market Reuters 26th Aug 2016
The collapse of an oil services company and the deterioration in the finances of some other energy firms have exposed structural cracks in the Singapore dollar corporate bond market. The S$200 billion ($148 billion) market took off after the 1998 Asian financial crisis with issues by state-backed companies, banks and real estate firms. But demand from investors seeking higher returns has in recent years led to illiquid, unrated bond sales by more volatile, high-yielding oil and gas services' firms, and by 2014 they were making 17 percent of local dollar issues. Bondholders got a rude awakening last month when Swiber Holdings filed for creditor protection, making it Singapore's biggest casualty of the oil slump and raising the spectre of further failures. The shock is reflected in the absence of any Singapore dollar bond sales by high-yield borrowers since early June when property company GSH Corp did a S$60 million issue, more than half of which was bought by its executive chairman and by its CEO. The city-state's market is currently effectively shut to new sales by higher-risk borrowers.
Pavilion Energy inks agreement on energy cooperation with Indonesia's Pertamina The Straits Times 25th Aug 2016
Temasek-backed liquefied natural gas (LNG) company Pavilion Energy has inked an agreement with Indonesian state-owned oil and gas giant Pertamina as it forges ahead with its plans to develop small-scale LNG solutions. The memorandum of understanding (MOU) between the two firms, signed on Thursday morning, is aimed at working together to meet energy needs in the region. It includes exploring opportunities in small-scale LNG projects in South-east Asia, as well as joint marketing, trading, procurement and investments of LNG. "This MOU supports the parties' interests in developing energy solutions in the region, and fosters closer collaboration between the two parties," said a Pavilion Energy spokesman. The agreement comes one year after the Temasek-backed group said it plans to develop small-scale LNG solutions within the region - a cost-effective way of making natural gas available to energy users that are not connected to pipeline networks. Industry players have noted that such solutions would be ideal for Indonesia, which has the potential and ambition to become the most important small-scale LNG market in Asia, with its archipelago of 14,000 islands.
Talent pipeline for energy and chemicals sector The Straits Times 23rd Aug 2016
A scheme was launched yesterday to ensure a pipeline of talent for the energy and chemicals sector, one of Singapore's "backbone industries". The SkillsFuture Earn and Learn Programme for the sector will enable polytechnic graduates to earn an advanced diploma as well as a monthly wage. This will help "prevent leakages" in the industry, said Mr Erman Tan, president of the Singapore Human Resources Institute, referring to those who take up a polytechnic course or job in the sector only to realise it is not their cup of tea. "The programme will provide early exposure to those who are interested in joining the industry," he said, adding that participants get a chance to see what the industry is like, while employers can get a feel of potential recruits and give feedback to the polytechnics. The latest earn and learn scheme adds to programmes in other sectors such as aerospace and food manufacturing. By the year end, there will be 40 of these programmes, the first of which started last year. Those who graduate from the 18-month energy and chemicals sector scheme will be exempted from selected modules if they later pursue a related degree at the National University of Singapore or the Singapore Institute of Technology-Newcastle University. The new programme has signed up 26 participants already, including Ms Masyitah Hasunah, 20, a chemical engineering polytechnic graduate who is now a process technician with Shell Jurong Island. "I wanted to gain experience rather than continue my degree doing something I'm not sure about," she said. The energy and chemicals sector programme, which is led by Singapore Polytechnic (SP) and supported by the Workforce Development Agency, is open to those who have graduated from selected polytechnic courses. Applicants should not have graduated or finished their last day of national service for more than five years.
Earn and Learn Programme launched for energy and chemicals sector Channel NewsAsia 22nd Aug 2016
To build a pipeline of skilled local manpower for the energy and chemicals sector, the Singapore Workforce Development Agency (WDA) and Singapore Polytechnic launched an 18-month Earn and Learn Programme (ELP) on Monday (Aug 22). Participants of the programme will undergo on-campus training at Singapore Polytechnic, along with structured on-the-job training and mentorship with their employers, which include leading firms in the industry such as Shell, Mitsui and Hyflux. The minimum starting salary for the job component of the programme is between S$1,400 and S$2,000 with a shift allowance of S$800 to $1,100, and participants may also receive wage increments or promotions based on their performance. WDA said it has placed 26 participants from different polytechnics in eight companies since May this year. They will be trained in areas such as process principles, design, optimisation and safety, and assessed by industry practitioners from the sector. Graduates who successfully complete the programme will receive an Advanced Diploma in Chemical Engineering from Singapore Polytechnic, and will have the opportunity to pursue a related degree in the National University of Singapore and the Singapore Institute of Technology-Newcastle University with exemptions in selected modules. Speaking to the media on the sidelines of the event, Acting Minister for Education (Higher Education) Ong Ye Kung said the industry lacked manpower, despite its importance to Singapore's economy.
Singapore's KrisEnergy warns debt covenants may come under stress Reuters 16th Aug 2016
Aug 15 Singapore oil and gas exploration firm KrisEnergy Ltd on Sunday said some covenants on existing debt agreements could come under stress in the near term as weaker oil markets hit revenue. The company said in a statement that it had engaged "external parties" to help look for ways to strengthen its capital structure as it grapples with the impact of a plunge in oil prices. "These measures may entail a form of issuance of equity or an equity-linked instrument, a refinancing of our capital structure, and/or the divestment or farm-out of assets," said the company, which counts rigbuilder Keppel Corp as one of its largest shareholders. Its ability to raise financing has been severely curbed, it said, while reporting a net loss for its second quarter. Oilfield services firm Swiber Holdings a few weeks ago applied to place itself under judicial management, after initially filing for liquidation, becoming the largest local company to fall victim to the slump in oil prices.
Financial Services
Singapore Vigilant Against Financial Misconduct, Menon Says Bloomberg 6th Sep 2016
Singapore has increased inspections of banks’ anti-money-laundering and terrorism-financing controls as it steps up enforcement actions against misconduct in the industry, the head of the central bank said. Financial institutions must promote constant vigilance and set the right moral tone, Ravi Menon, managing director of the Monetary Authority of Singapore, said at an event hosted by the Foreign Correspondents Association in the city Tuesday. The responsibility of ensuring compliance lies with each company’s board and senior management, he said.
Major VCs form lobby group to boost Southeast Asia’s startup industry Tech in Asia 30th Aug 2016
Some of Southeast Asia’s most prominent and active venture capital firms like Gobi Partners, East Ventures, and Convergence Ventures have formed a lobby group with the goal to promote and develop the venture capital (VC) industry in the region. The new group, called ASEAN Venture Council, was started by Indonesian venture capital association Amvesindo and its pendant in Singapore, SVCA. VC associations in Malaysia and Thailand are expected to join at a later date.
ASEAN Audit Regulators To Work With World Bank To Strengthen Audit Oversight In The Region Exchange News Direct 29th Aug 2016
ASEAN audit regulators are in discussions with the World Bank on collaborative efforts to further raising the standard of audit quality in ASEAN. This was a key agenda item at the 6th Annual Meeting of the ASEAN Audit Regulators Group (AARG) which was held in Singapore on 26 Aug 2016. Hosted by ACRA, the meeting was attended by over 100 participants. This included regulators from eight ASEAN countries, Hong Kong and China, as well as the regional and global leadership of the Global Public Policy Committee (GPPC) audit firms1. The AARG members comprise Singapore’s ACRA, Malaysia’s Audit Oversight Board (AOB), Indonesia’s Finance Professions Supervisory Center (PPPK) and Thailand’s Securities and Exchange Commission (SEC).
Singapore MAS sets up FinTech Innovation Lab, reviewing VC funding rules to boost fintech sector e27 29th Aug 2016
The Monetary Authority of Singapore (MAS) has officially launched its FinTech Innovation Lab today; located within the MAS building. The fintech incubator is christened the “Looking Glass@MAS” after the famous Lewis Caroll book “Through the Looking Glass and What Alice Found in There.” According to an official press statement, the name was picked because “it represents a glimpse into a different world where innovation is pervasive, and a warm place for its residents to pursue their passion, protected from the old way of doing things.” The incubator seeks to accomplish three goals: Facilitate collaborations between MAS, tech companies and financial institutions to test out fintech solutions. Bring in industry experts to provide consultation to startups on the areas of legal, regulation and other business-related matters. Be a venue to host relevant training sessions and networking sessions for the fintech community. In addition to its new fintech incubator, MAS also looks to review venture funding rules to ramp up fintech funding in Singapore.
Mobile payments move into hawker centres: is cash officially dead? – ASEAN Today ASEAN Today 25th Aug 2016
Hawkers in Singapore’s Tiong Bahru and Bukit Timah centres are riding at the forefront of the revolution that will kill off cash as they begin to use a simple mobile payment system. Modern life in Southeast Asia is already technology-driven, with mobile payments available for everything from taxis to cappuccinos via restaurants and cinema tickets, but certain areas have so far remained untouched. The hawker centres which serve as the beating heart of Singapore’s culture have long been a bastion of hard cash. That has just changed.
MAS Proposes New Regulatory Framework and Governance Model for Payments Monetary Authority of Singapore 25th Aug 2016
The Monetary Authority of Singapore (MAS) today released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. Singapore’s payment regulations currently cut across two pieces of legislation: the Payment Systems (Oversight) Act (PS(O)A) and the Money-changing and Remittance Businesses Act (MCRBA), which govern stored value and remittances respectively. With technological advances and the advent of FinTech, the lines between payments and remittance are blurring; new payment providers are emerging and some do not fit neatly into these categories.
MAS establishes FinTech Innovation Lab Monetary Authority of Singapore 24th Aug 2016
The Monetary Authority of Singapore (MAS) today announced the opening of its FinTech Innovation Lab. The purpose-built facility, known as Looking Glass @ MAS1, is located within the MAS Building. Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “MAS has been encouraging financial institutions to anchor their innovation labs in Singapore. Today, we are pleased to open our own FinTech Innovation Lab, underscoring MAS’ commitment to promoting a culture of innovation in the financial sector. Looking Glass @ MAS will serve as a platform for the FinTech community to connect, collaborate, and co-create with one another.”
Singapore reviewing rules to boost venture captal funding for fintech start-ups: MAS chief The Straits Times 24th Aug 2016
Singapore's banking regulator "will review some of the regulatory requirements placed on venture capitalists", to encourage more such investors to set up in Singapore and boost the funding pool for fintech start-ups, Monetary Authority of Singapore (MAS) managing director Ravi Menon said on Wednesday (Aug 24). Beyond funding, Singapore is also lagging behind fintech hubs like New York and Silicon Valley when it comes to having a pool of experienced mentors and investors in the fintech ecosystem, he added. "The innovation and technology will happen," said Mr Menon, who added that the key issue is "whether there are Singaporeans able to take those jobs". "We want to maximise the number of Singaporeans able to take the good jobs that are going to be created...That means intervening upstream, working with polytechnics and unviersities to make sure we have a strong talent pipeline," he added.
Asean ‘must stay on integration course to thrive in digital era’ TODAYonline 23rd Aug 2016
SINGAPORE — Economic integration has become even more important in the digital era and the Association of South-east Asian Nations (Asean) must embrace connectivity in order to thrive in the future economy, Minister for Trade and Industry (Industry) S Iswaran said yesterday. Integration efforts such as Asean Single Window to expedite customs clearance and help authorities exchange information electronically, as well as the Asean Customs Transit System, which seeks to reduce uncertainty in the length of time it takes for goods to move within the region, should be the “front and centre of the economic agenda”, he added.
Singapore Wants to Be Asia’s Sweden in Push for Cashless Payment Bloomberg.com 18th Aug 2016
Singapore plans to reduce the role of cash and checks in its economy by encouraging banks to switch to digital payments, according to the head of the country’s central bank. “For consumers, the use of cash for daily payments is high,” Ravi Menon, managing director of the Monetary Authority of Singapore, said at a financial technology conference on Friday. "For businesses, the use of checks is relatively high too.” Menon said cash in circulation in Singapore is the equivalent of 8.8 percent of gross domestic product, compared to just over 2 percent in Sweden. An average of 12.7 checks were written per person in Singapore in 2014, compared with practically none in Sweden, he added. This costs Singapore about S$2 billion ($1.5 billion) per year, mostly for storage and processing, which Menon described as a "non-trivial" amount.
MAS consults on proposed enhancements to the customer money and assets protection regime Clifford Chance 12th Aug 2016
The Monetary Authority of Singapore (MAS) has published the Consultation Paper on Enhancements to Regulatory Requirements on Protection of Customer's Moneys and Assets. MAS has undertaken a review of the requirements governing the protection of customer's moneys and assets under the Securities and Futures Act (SFA) and its related subsidiary legislation, and proposes to enhance the regulatory regime governing the safeguarding, identification and use of customer’s moneys and assets, and those relating to disclosures to customers.
Food & Agriculture
Minimal risk of BPA leaching into canned food sold in Singapore Channel NewsAsia 25th Aug 2016
A test of 30 different canned food products sold in Singapore found that all were within the Agri-Food and Veterinary Authority of Singapore's (AVA) safety limit for bisphenol-A (BPA), said the Consumers Association of Singapore (CASE) on Monday (Aug 22). In a press release, CASE said the majority of the 30 products tested, which were common food products from various countries purchased by mystery shoppers from supermarkets and heartland provision stores, had no detectable amounts of the chemical. BPA is a chemical used to prevent metal corrosion and breakage in canned foods. As it has been linked to diseases such as cancer and heart disease, the possibility of the chemical leaching into consumable product from the lacquer lining of the cans is a health concern.
Health & Life Sciences
IHH Healthcare's revenue hikes up by 18% to $841.2 million Singapore Business Review 29th Aug 2016
Singapore-listed healthcare provider IHH Healthcare Berhad reported an improvement in its revenue for the quarter ending in June, registering an 18% increase from $706.6 million last year. According to the company, the revenue increase is on the back of sustained organic growth and contribution from newly-opened hospitals. "Newly acquired assets over the past year – Continental Hospitals and Global Hospitals in India, and Tokuda Group and City Clinic Group in Bulgaria – also contributed to the increase in the Group’s Q2 2016 revenue," IHH said in a statement.
Zika outbreak: Other areas such as Sembawang being monitored AsiaOne 29th Aug 2016
A contractor fogs a condominium garden in Singapore in an effort to kill mosquitoes. The authorities are monitoring places outside the Aljunied Crescent and Sims Drive area - where the Zika cases emerged - after finding that some who contracted the disease either live or work elsewhere. Khatib Camp, Sembawang Drive, and several worker dormitories are among those on the list. "Given that the Zika virus is spread by the Aedes mosquito vector, MOH cannot rule out further community transmission in Singapore, since some of those tested positive also live or work in other parts of Singapore," the Ministry of Health and National Environment Agency (NEA) said in a joint statement.
Tenfold rise forecast in annual healthcare costs of elderly in Singapore by 2030 The Business Times 25th Aug 2016
TOTAL healthcare costs of the elderly in Singapore are projected to rise tenfold over the next 15 years to US$49 billion annually, a report by Marsh & McLennan Companies' (MMC) new Asia Pacific Risk Center said. Assuming the current medical cost inflation remains constant, Singapore is expected to spend an average of US$37,427 on healthcare for every elderly person - defined as someone aged 65 and above - by 2030. This makes Singapore's spending the highest in the region, ahead of Australia at US$30,827. The report, "Advancing into the Golden Years - Cost of Healthcare for Asia Pacific's Elderly", covers 14 markets in the region and uses data from the United Nations' population division, World Bank, as well as Oxford Economics, among others.
Singapore initiates new workplace safety plan hrmAsia 25th Aug 2016
Singapore’s workplace fatality rate is at its highest since 2009. To counter this trend, Minister of Manpower Lim Swee Say said at the Singapore Workplace Safety and Health (WSH) Conference yesterday (August 24) that the Ministry is leading a new plan called the WSH 2018 Plus to get the country back on track to keeping workplace fatalities to a minimum. MOM has identified three key priorities in its new plan: improving workplace safety standards in the construction sector, strengthening workplace safety and health competency among the workforce; and building collective workplace safety and health ownership.
Parliament: SAF to send medical team to Iraq for 3-month deployment in 2017 The Straits Times 15th Aug 2016
Singapore will expand its contribution to the multinational coalition combating terror group ISIS by sending a Singapore Armed Forces (SAF) medical support team to Iraq next year. Minister for Defence Ng Eng Hen told Parliament on Monday (Aug 15) that the medical team will be deployed for about three months, and that the composition of the team will be decided after a needs assessment. "The exact size, composition and capabilities of the medical squad team will be determined after needs assessment," he said. "The deployment is expected to take place in 2017, next year, for around three months."
ICT
Changes to Copyright Act due to tech developments in pipeline Channel NewsAsia 8th Sep 2016
To keep abreast with technological advances, business needs and societal developments, the Ministry of Law and the Intellectual Property Office of Singapore (IPOS) will be conducting a public consultation on proposed changes to the Copyright Act from Tuesday (Aug 23) to Oct 24 this year. In a statement, the Law Ministry said the review was called in view of technological developments in the past decades, and how they have led to "immense changes" in the way copyrighted works are created, distributed, accessed and used. The copyright law needs to "catch-up" to such developments, said Senior Minister of State for Law and Finance Indranee Rajah, who spoke at the opening of Singapore's IP Week@SG 2016 at Marina Bay Sands on Tuesday.
Creative Technology’s net profit spikes to $724.8k in 4QFY16 Singapore Business Review 29th Aug 2016
Digital entertainment products provider Creative Technology is back to profitability as net profit rose to $724.8k (US$536,000) in 4QFY16 ended 30 June 2016 as against a net loss of $3.7 million (US$2.7 million) in the corresponding period last year. Gross profit for the quarter, however, dropped 17% to $6.6 million (US$4.9 million) compared to $8 million (US$5.9 million) in 4QFY15. According to Creative Technology’s results, revenue was lower in the fourth quarter and FY16 due to the uncertain and difficult market conditions that continued to beat the sales of the group’s products. “Net sales for the fourth quarter of FY16 decreased by 19% compared to the same quarter in FY15, and net sales for FY16 decreased by 15% compared to FY2015. Net sales in FY16 decreased across the three geographical regions by 18%, 12% and 12% in Asia Pacific, the Americas and Europe regions, respectively,” Creative Technology explained.
Singapore’s decision to air-gap public sector closely watched Lanka Business Online 29th Aug 2016
Aug 29, 2016 (LBO) – Singapore is working on how to “air gap” web access for public servants as a defense against cyber attacks, a media report said. But some security experts say the policy, due to be in place by May, risks damaging productivity among civil servants and cutting them off from the people they serve, according to a Reuters report.
Mediacorp launches cross-media audience planning solution Channel NewsAsia 29th Aug 2016
Media giant Mediacorp has teamed up with Nielsen and Pointlogic to enhance Customer360, its cross-platform targeting solution enabling advertisers to reach their consumers more effectively. By integrating disparate audience currencies across TV, Print, Radio, Out-of-Home and Digital on a single planning platform, the extended Customer360 now delivers deeper cross-media insights, including unduplicated audience reach, frequencies and overlaps for the first time in Singapore, Mediacorp said in a news release on Monday (Aug 29). The service also marks a world-first. "As the first media owner in the world to adopt a unified cross-media planning solution across its TV, print, radio, outdoor and digital media assets, Mediacorp has taken a huge step forward in delivering invaluable insights to its clients, marking a progressive change in the Singapore media industry," said Ms Elizabeth Ausman, Nielsen's Senior Vice-President of Product Leadership.
Wireless Broadband Alliance Launches City Wi-Fi Roaming Project TelecomEngine 29th Aug 2016
The Wireless Broadband Alliance today launches the City Wi-Fi Roaming project, part of the World Wi-Fi Day initiative to accelerate affordable wireless connectivity around the world. The initiative allows consumers and visitors of major cities, including New York, San Francisco, San Jose and Singapore, to automatically and securely roam between the public Wi-Fi networks throughout August and September. With the full backing of the Connected City Advisory Board, the City Wi-Fi Roaming project will focus industry, policy and public attention on addressing the divide between connected and unconnected societies. The Wireless Broadband Alliance is encouraging cities, government bodies, fixed and mobile operators, technology vendors, internet giants and service providers, as well as retailers, to come together to deliver connectivity to everyone, everywhere.
Tata Communications builds up infrastructure for cloud business Business Standard 26th Aug 2016
Eyeing 40 per cent annual growth in cloud operations, Tata Communicationsis planning to set up necessary storage infrastructurein countries of operations to win over local business by addressing its concerns on overseas data storage. “Data sovereignty is going to be more critical and the governments will look to introduce more stringent regulations around this element of storage in cloud,” Srinivasan C R, senior vice-president, global product management and data centre services, Tata Communications, told PTI. He flagged government concerns about accuracy of data being stored, going forward. “Building your datafarms in one location limits your ability to work with enterprise customers. Data residency is a big concern,” Srinivasan said. Various governments, including India, have been pushing companies
Reviewing VPN concerns The Straits Times 25th Aug 2016
Virtual private network (VPN) has been a contentious piece of technology here for years. Content publishers are unhappy that consumers here use the technology to access blocked content meant for overseas markets, even though many paid for the content. VPN has become more easily available since 2012, with local firms ViewQwest and MyRepublic bundling the service with their fibre broadband plans. On Tuesday, the Ministry of Law called for public feedback, hoping to update the Copyright Act, which was last updated significantly in 2004. It wants to know whether current laws governing the circumvention of digital locks on copyrighted work need to be updated. These restrict access to or use of the content, and can be circumvented by technologies, including VPN. The ministry did not recommend an outcome on the use of VPN in its consultation papers. But the Intellectual Property Office of Singapore, which had a part in putting together the consultation paper, recognised that there were concerns that bypassing geographical blocks could infringe copyright.
Self-Driving Taxis Hit the Streets of Singapore Fortune 25th Aug 2016
NuTonomy might not have the name recognition of Google, Ford, General Motors, or Uber. But at only three years old, the autonomous vehicle software startup and MIT spinoff has managed to beat them all to market. The software startup launched a self-driving taxi service in Singapore on Thursday that the public—not just test engineers—can use. The company says it’s the first-ever public trial of a self-driving taxi service. Even if just a trial, the development represents a stunning milestone considering the capital and resources that other, much larger companies have dedicated to the development and eventual commercial deployment of a self-driving taxi service.
World’s First Self-Driving Taxis Hit the Road in Singapore WSJ 25th Aug 2016
Singapore became the first country in the world to launch a self-driving taxi service on Thursday, beating ride-hailing giant Uber Technologies Inc. by mere days to public road tests of a technology that could revolutionize the transport industry. The trial, although small, illustrates how intense the global race to develop autonomous driving vehicles has become. The field has traditionally been dominated by U.S. tech giants like Uber and Alphabet Inc.GOOGL -0.33 %’s Google. Singapore’s nuTonomy, founded by two researchers from the Massachusetts Institute of Technology, said Thursday it began testing a free taxi-hailing service in a small business district in Singapore called one-north, a campus-like space dominated by tech firms and biotechnology companies. Other tech companies including Chinese internet giant Baidu Inc.BIDU 0.83 % have been testing self-driving cars on the roads for years, but this is the first time the vehicles have been open to public use. The trial was given the blessing of the Singapore government, which has long sought to turn the city-state into a hub for disruptive technology through generous financial-assistance programs and research partnerships with firms like nuTonomy.
Mind the air-gap: Singapore's web cut-off balances security, inconvenience Business Insider 23rd Aug 2016
SINGAPORE (Reuters) - Singapore is working on how to implement a policy to cut off web access for public servants as a defense against potential cyber attack - a move closely watched by critics who say it marks a retreat for a technologically advanced city-state that has trademarked the term "smart nation".
Huawei to tap safe, smart city interest with Singapore lab ZDNet 17th Aug 2016
Huawei Technologies has opened a facility in Singapore to showcase products and services for public safety and smart city deployments.The 650-square metre Southern Pacific OpenLab is the sixth and largest of such sites worldwide and the first in this region, with another four planned, according to Huawei. There are other OpenLab sites in Munich, Dubai, Moscow, Mexico City, and Suzhou. At the Singapore launch Wednesday, company executives demoed various technologies designed to support safe city deployments including emergency response dispatch and monitoring systems. The lab also showcased, amongst others, Internet of Things, cloud, and banking products.
Infrastructure
Road tax discs to be phased out from February next year Channel NewsAsia 29th Aug 2016
From Feb 15 next year, motorists will no longer be required to display road tax discs on the windscreens of their vehicles, the Land Transport Authority (LTA) said on Monday (Aug 29). Motorists are still required to ensure that they have paid the required road tax for the year. They can continue to check, as well as print out proof of the validity of their road tax, via the One.Motoring website. Between now and Feb 14, 2017, motorists will continue to receive their paper road tax disc when they renew their road tax. Starting from Feb 15, 2017, motorists will only receive a payment notice and no paper road tax disc will be issued. Motorists should ensure that their original motor insurance certificate is in their vehicles at all times, LTA said, adding that those driving into Malaysia are advised to carry printed proof of the validity of their road tax in their vehicles.
Is Singapore ready for bicycle-sharing system? The New Paper 15th Aug 2016
The Land Transport Authority recently announced plans to pilot a bicycle-sharing scheme and called for a tender on July 28. But some Singaporeans are bad at returning supermarket trolleys and some motorists are not exactly friendly to cyclists, so would this really work? ARYA THAMPURAN (ayrat@sph.com.sg) asks experts whether Singapore is ready for such a scheme The self-service bicycle-sharing scheme will be piloted in Jurong Lake District from end 2017. According to the Land Transport Authority (LTA), more than 1,000 bicycles will be available 24/7 at 100 docking stations around the area. The public can pick up and return their bicycles at any docking station.
Changi awards $1.11b contract for three-runway operations The Straits Times 15th Aug 2016
Changi has awarded a second contract, worth $1.11 billion, to develop a three-runway system that will allow the airport to handle more flights as the demand for air travel increases. The first contract of almost similar value was awarded in October. Changi which now operates with two runways will add a third strip as part of the development of Changi East, which includes a new mega passenger terminal, Terminal 5. The third runway will be the one currently used for military flights.nt phases, he said.
Superloop records AU$7.2m net loss amid Singapore, Hong Kong expansion ZDNet 29th Aug 2016
Asia-Pacific fibre infrastructure company Superloop has reported its full-year results for the financial year, announcing a net loss of AU$7.2 million, a substantial rise over last year's AU$1.2 million loss due to an increase in building out fibre, datacentres, and submarine cable landing stations across the Asia-Pacific region. Earnings before interest, tax, depreciation, and amortisation (EBITDA) were negative AU$5.6 million, up from last year's negative AU$3.55 million, while Superloop recorded its first revenue of AU$6.99 million for the year. Net assets were AU$119.7 million, up 122.5 percent year on year from AU$53.8 million, while cash and cash equivalents stood at AU$45.9 million, up 155 percent from AU$18 million, as of June 30.
ERP an effective way to ease congestion The Straits Times 29th Aug 2016
It could potentially ease the current congestion by pricing out drivers who are not willing to pay the higher ERP charges. This increase was coupled with a decrease in ERP charges on the Marina Coastal Expressway (MCE), and could be a measure by the Land Transport Authority to encourage drivers to travel via the relatively new MCE, instead of crowding the CTE. Similar traffic conditions in other parts of Singapore can be improved by increasing ERP charges. For instance, current price levels have failed to deter most drivers from using popular roads; this has led to congestion in areas such as Orchard Road and the Central Business District. Therefore, much can still be done to match ERP rates to the demands of motorists.
Sunseap wins tender to build first large-scale solar farm in Cambodia The Business Times 29th Aug 2016
Solar company Sunseap Group has won a government tender to build the first large-scale solar farm project in Cambodia. SINGAPORE solar company Sunseap Group has won a government tender to build the first large-scale solar farm project in Cambodia. To be developed 10 kilometres away from Bavet, a special economic zone of Cambodia in Svay Rieng province, the 10-megawatt project will help to meet the energy requirements of the area which add up to about 40 megawatts. Half of this is currently imported from Vietnam. The solar farm will be completed in the first half of next year, said the firm. As part of the project, Sunseap has also entered into a 20-year power purchase agreement with the state utility Electricite du Cambodge. Sunseap director Frank Phuan said that the project is indicative of the firm's expansion into the international market.
HDB shops to be refurbished for $29m Singapore Business Review 29th Aug 2016
The Singapore government has set aside $29 million to support the rehabilitation of 1,335 HDB shops in the city-state. According to HDB, 17 sites have been selected under the seventh batch of revitalisation of shops (ROS) scheme that seeks to boost the vibrancy and competitiveness of HDB shops. Eight more sites have applied for the new start-up fund for the formation of merchants’ associations. Overall, these 25 sites are the first to benefit from the optimised ROS scheme. “The ROS upgrading budget for each shop will be increased by 75%, from $20,000 to $35,000 per shop to enable HDB shops to enjoy a wider scope of upgrading works. The works could include shop directories, fixed awnings, signage, façade improvements and landmark structures, etc,” HDB explained.
CH2M Expands Infrastructure Hub in Singapore with Leadership Development Programme News Channel 17th Aug 2016
During Singapore International Water Week 2016, CH2M launched a new Leadership Development Programme at its Singapore InfraHub-a strategic infrastructure hub positioned to address Asia's growing infrastructure gap by investing in the firm's Singapore operations, local delivery and expertise. The Leadership Development Programme will help prepare the company's next wave of multi-disciplinary talent to develop and execute complex infrastructure projects in Singapore and the region. This programme, which is supported by the Singapore Economic Development Board (EDB), is the first-of-its-kind globally for CH2M, where employees will undergo mentoring and overseas training stints in countries in Asia-Pacific including India.
2-room Flexi flats top draw in latest BTO launch TODAYonline 17th Aug 2016
Close to 5,000 Build-To-Order (BTO) flats were launched by the Housing and Development Board (HDB) on Wednesday (Aug 17), with more than half of them in the mature town of Tampines, but it was the 2-room Flexi flats in Hougang that drew the most interest off the block. As of 5pm on Wednesday, the 2-room Flexi flats near Buangkok Green were almost fully subscribed, with 362 applicants for 364 units. Elderly applicants can choose from a variety of lease lengths under this category, but it was singles who dominated, with 1.9 applications for every unit available to singles. Other flats in Hougang and in Yishun also proved relatively popular, but property analysts TODAY spoke to expected the units in Tampines to draw the most interest from applications, due to its status as a mature estate with good amenities and infrastructure.
New bendable concrete that is stronger and more durable PHYS 17th Aug 2016
This innovation allows the creation of slim precast pavement slabs for quick installation, thus halving the time needed for road works and new pavements. It is also more sustainable, requiring less maintenance. NTU Professor Chu Jian, Interim Co-Director of the NTU-JTC I³C, said, "We developed a new type of concrete that can greatly reduce the thickness and weight of precast pavement slabs, hence enabling speedy plug-and-play installation, where new concrete slabs prepared off-site can easily replace worn out ones."
Manufacturing
Singapore's manufacturing output falls 3.6% in July, first contraction in 5 months Channel NewsAsia 29th Aug 2016
Singapore’s manufacturing output slumped 3.6 per cent in July from a year ago, contracting for the first time in five months, underlining concerns surrounding the country’s economic outlook. July’s reading also marked the biggest slump since Dec 2015, when factory output shrunk 11.9 per cent on a year-on-year basis, according to figures released by the Economic Development Board (EDB) on Friday (Aug 26). Economists polled by Reuters had expected a rise of 0.9 per cent on-year. On a month-on-month and seasonally adjusted basis, factory output plunged 4.0 per cent in July, significantly higher than a forecast of minus 1.1 per cent.
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