| Regional Affairs
DPM Tharman to head G30 group of top global financiers TODAYonline 30th Nov 2016
SINGAPORE — Deputy Prime Minister Tharman Shanmugaratnam is to become the next chairman of the exclusive Group of Thirty (G30), a Washington-based think-tank made up of prominent policymakers and financial experts, the group said on Wednesday (Nov 30). Mr Tharman, who is also Coordinating Minister for Economic and Social Policies, takes over from former European Central Bank president Jean-Claude Trichet, who will complete his five-year term as G30 chairman at the end of the year. Mr Tharman’s term will begin on Jan 1 next year and run for five years. Mr Tharman’s impending appointment comes after he previously headed the International Monetary and Financial Committee at the International Monetary Fund between 2011 and last year. “It will be a real privilege to succeed Jean-Claude Trichet, whose knowledge, wisdom and warmth have made him a role model for so many of us, in the G30 and beyond,” said Mr Tharman.
Singapore, Myanmar to begin talks on bilateral investment treaty Channel NewsAsia 30th Nov 2016
SINGAPORE: Singapore and Myanmar will begin discussions on a bilateral investment treaty, as well as update an avoidance of double taxation agreement, announced Prime Minister Lee Hsien Loong on Wednesday (Nov 30). Mr Lee made the comments at an official dinner he hosted for visiting Myanmar State Counsellor, Aung San Suu Kyi at the Istana's Banquet Hall. Singapore has been a long-standing and steadfast friend of Myanmar, said Mr Lee, and the two countries are looking to do more together as they celebrate the 50th anniversary of diplomatic relations. Mr Lee noted that the two countries' economic ties are strong and that they are increasing their trade and investments in each other, showing Singapore's confidence in the long-term success of Myanmar. He also hailed the two countries' people-to-people ties, noting that Ms Suu Kyi's visit coincides with the mutual lifting of visa requirements for Singapore and Myanmar ordinary passport holders, which takes effect from Dec 1.
Singapore among countries identified for more investment by Asia-Pacific business leaders The Straits Times 18th Nov 2016
Top business leaders in the Asia-Pacific region who plan to increase their investments over the next year, have listed Singapore, China, Indonesia and the United States as their preferred destinations, according to a survey released at the Asia-Pacific Economic Cooperation (Apec) summit. But the Apec CEO survey by PricewaterhouseCoopers (PwC) also found that just slightly over half of those surveyed are planning to invest more over the next year. Only about 28 per cent of business leaders surveyed were very confident about revenue growth over the next 12 months, similar to sentiments last year. The survey results come as Apec's policy support unit warned in a report that rising trade barriers may hurt the region's consumers and businesses alike.
National Affairs
Familiar faces re-elected to PAP central exec committee The Straits Times 5th Dec 2016
People's Action Party (PAP) cadres yesterday re-elected 12 familiar faces, most of them senior Cabinet ministers, to the party's highest decision-making body. Besides the 12 nominees for the central executive committee (CEC) with the highest number of votes, two other members who received the 13th- and 14th-highest votes at the party's biennial conference were co-opted into the CEC, as is party practice, for a two-year term. They are Minister for Social and Family Development Tan Chuan-Jin - who was among the top 12 at the 2014 conference - and Foreign Minister Vivian Balakrishnan, who is not in the outgoing CEC.
Singapore ranks 2nd in global connectedness Telecom Asia 18th Nov 2016
Singapore is the world's most connected and globalized country, according to DHL’s Global Connectedness Index (GCI). All but two of the top 10 most globalized countries in the world are located in Europe, with Singapore and the United Arab Emirates as the exceptions. The 2016 edition of the report shows that global connectedness, measured by cross-border flows of trade, capital, information and people, surpassed its 2007 pre-crisis peak during 2014. In 2015, globalization's post-crisis expansion slowed, but the data indicate that it did not go into reverse. Currently available evidence -- still preliminary in some areas -- suggests that the world was about 8% more connected in 2015 than in 2005.
Customs
Singapore tops global trade rankings The Straits Times 1st Dec 2016
Singapore continues to top global rankings when it comes to enabling trade amid an uncertain period for exporters, according to a new report. The Global Enabling Trade Report 2016 found that the domestic market here is one of the world's most open, with 99.7 per cent of goods entering duty-free, while border clearance processes are the world's best in terms of efficiency, predictability and transparency. The private sector ranks third for its transport services, and second for its operating environment, with especially high marks for efficiency and trust in public institutions.
Singapore committed to trade, global integration and wide-ranging relationships amid world changes The Straits Times 29th Nov 2016
Singapore is committed to trade and global integration and maintaining its longstanding, wide-ranging relationships amid the sweeping changes shaking the world order, said Foreign Minister Vivian Balakrishnan on Tuesday (Nov 29). The Republic will also continue to emphasise Asean centrality and unity, said Dr Balakrishnan at The Straits Times Global Outlook Forum. He called for the South-east Asian grouping to maintain its neutrality, openness and inclusivity as it grows into a global economic powerhouse.
Defense & Security
Pay Attention to Australia and Singapore's Growing Defense Ties The Diplomat 6th Dec 2016
As China appears to be signaling the end of its tacit approval of Singapore’s military training in Taiwan, the recent signing of the Australia-Singapore Comprehensive Strategic Partnership (CSP)’s Memorandum of Understanding (MOU) on Military Training and Training Area Development is particularly timely. Singapore and Australia share a number of strategic commonalities that have drawn them together as partners, forming a nexus, or perhaps model, for a growing camp of states wishing to make meaningful steps in Southeast Asian security inside the contested space between the two primary Pacific powers, namely China and the United States. Exercise Trident, a bilateral exercise concluded in early November 2016, exemplifies this strategic convergence.
Singapore Moves Closer to New Military Helicopter Fleet The Diplomat 6th Dec 2016
The city-state is moving forward on efforts to replace its aging assets. Singapore has agreed to buy new military helicopters from Airbus and Boeing in a bid to replace its aging fleet. According to Singapore’s defense ministry (MINDEF), the city-state has awarded contracts to Airbus for the acquisition of H225M medium-lift helicopters and to Boeing for CH-47FF heavy-lift helicopters after what it said was an “extensive evaluation.” The helicopters would replace the Republic of Singapore Air Force (RSAF)’s aging Super Pumas and older Chinooks, which have been in service since 1983 and 1994 respectively.
Singapore minister urges U.S. focus on strategic interest in Asia Reuters India 3rd Dec 2016
Singapore's Defence Minister Ng Eng Hen waits to speak at a plenary session of the 11th International Institute of Strategic Studies (IISS) Asia Security Summit: The Shangri-La Dialogue in Singapore June 3, 2012. Ng Eng Hen said it was not Singapore's place to comment on Trump's phone calls, but welcomed comments by his aides reaffirming Trump's support for the longstanding U.S. "one China" policy, a policy also supported by Singapore. China lodged a diplomatic protest on Saturday after Trump spoke by phone with President Tsai Ing-wen of Taiwan. Trump's 10-minute telephone call with the Taiwanese leader was the first by a U.S. president-elect or president since President Jimmy Carter switched diplomatic recognition from Taiwan to China in 1979, acknowledging Taiwan as part of "one China".
China protests to Singapore over troop carriers in Taiwan Reuters 28th Nov 2016
Six of the nine armoured troop carriers belonging to Singapore, from a shipment detained at a container terminal, are seen in Hong Kong, China November 24, 2016. Picture taken through a glass window. The nine troop carriers were impounded in Hong Kong last week, sparking a rebuke to Singapore from China's foreign ministry about maintaining military ties with self-ruled Taiwan, which China considers a breakaway province. "China has already made representations over this to the Singapore side," Foreign Ministry spokesman Geng Shuang said at a regular press briefing on Monday. China had also "demanded" that Singapore abide by Hong Kong's relevant laws and cooperate with the Hong Kong government to handle relevant follow-up work, he added.
Economics
Singapore's weak exports heightened recession risk Singapore Business Review 8th Dec 2016
Economy braces for further contraction in Q4. The external and domestic headwinds have raised the risk of a recession in Singapore, and heightened the chance of fiscal or monetary stimulus over the near term, analysts said. ANZ economist Weiwen Ng said the risk of a recession in the current quarter cannot be ruled out, though that is not ANZ's core view at this stage. The higher U.S. yields and stronger dollar seen after the U.S. election could divert capital flows away from Asia and lead to higher domestic interest rates and tighter financial conditions in Singapore, he said.
Recession risks remain despite 3Q GDP revision Singapore Business Review 8th Dec 2016
Weak job markets could drag 2017 economy below 1%, says analyst. Singapore's 3Q GDP has been revised upward to +1.1% YoY and -2% QoQ but Citi belives that risk of recession and MAS easing remain. On a QoQ SAAR basis, the upward revision was led by manufacturing and services, though the latter continued to contract on trade-related services and financial services.
Analysts are having nightmares over Singapore's services sector Singapore Business Review 8th Dec 2016
3Q figures didn't improve as wholesale & retail and finance & insurance subsectors dipped 1.5% and 0.7%. Singapore’s 3Q GDP grew 1.1% y/y, a markedly lower rate of growth from the 2.0% y/y growth registered in the first half of this year. On a q/q SAAR basis, 3Q GDP contracted 2.0%, a reversal from the 0.1% growth in 2Q (although it is better than the advance estimates of a 4.1% decline). According to UOB, on the expenditure-side of GDP, private consumption expenditure grew only 0.6%, the slowest growth since the sustained slowdown that started in 4Q 2015.
MTI narrows 2016 GDP growth forecast to 1-1.5% Singapore Business Review 8th Dec 2016
This is from an earlier forecast of 1-2%. The Ministry of Trade and Industry has narrowed Singapore's growth forecast for the whole 2016 as the economy grew 1.1% in 3Q16, slower than the 2% from the previous quarter. MTI expects Singapore economy to grow by only 1% to 1.5%, down by the more positive outlook of 1% to 2% before. The manufacturing sector expanded 1.3% YoY, similar to the 1.4% growth in the previous quarter.
Singapore stocks hit over one-year high TODAYonline 8th Dec 2016
SINGAPORE — Singapore stocks hit their highest in more than a year on Thursday (Dec 8), while other South-east Asian stocks gained in line with broader Asia on expectations that the European Central Bank (ECB) would extend its asset buying programme. The ECB is expected to extend its quantitative easing programme (QE) by six months in a decision, while keeping the size of its monthly asset purchases unchanged, according to a majority of economists polled by Reuters last week. The ECB will announce its policy decisions at 12.45 GMT (8.45pm Singapore time). While the US Federal Reserve’s interest rate hike expected this month is already priced in, hopes of an extension of the ECB’s stimulus programme are among the reasons for the rally, said Mr Mikey Macainag, an analyst with Manila-based Sunsecurities.
Singapore refining margin narrowest in nearly 5 years Singapore Business Review 8th Dec 2016
Thanks to supply issues in major producers. Singapore's benchmark 180-cst fuel oil refining margins settled on Tuesday at their narrowest discount to Dubai crude in almost five years on the back of robust seasonal demand, limited supplies and falling crude prices ahead of an OPEC meeting on Wednesday. Refining margins for the benchmark 180-cst fuel oil have risen sharply this quarter, supported by supply issues in major producers like Russia and Venezuela as well as strong demand, said Nevyn Nah, oil products analyst at Energy Aspects.
Singapore must fix structural challenges to stay ahead TODAYonline 8th Dec 2016
Joining the chorus of voices warning of the impact of protectionism on Singapore’s economy, the Institute of Chartered Accountants in England and Wales (ICAEW) and Oxford Economics yesterday also cautioned that the Republic needs to address its loss of competitiveness to enhance its growth prospects. Mr Priyanka Kishore, ICAEW economic adviser and Oxford Economics lead economist, said: “Singapore has to fix a number of structural challenges associated with a loss of competitiveness among some key manufacturing sectors which might otherwise dampen growth over the coming years.
October prices firmer, but still worrisome The Business Times 8th Dec 2016
CHANGES in Singapore’s consumer prices in October seemed to be on the uptick from a month ago, but economists still say it’s not enough. Supported by a smaller decline in prices of oil-related items, the headline inflation rate dipped 0.1% from September’s 0.2% fall, while core inflation rose 1.1% from 0.9% a month ago. October’s dip in the headline number was its smallest in 24 months, but it was still shy of the market’s expectation of a no change in prices. Economists also say the rise in core inflation isn’t strong enough.
Singapore is well-positioned to weather global trade shocks: Moody's Singapore Business Review 8th Dec 2016
Its economic, fiscal and financial buffers often surpass those of AAA-rated peers. Moody's said in a report that its outlook for Singapore's Aaa rating is stable as it expects the government's prudent policies and sound financial position to support the sovereign credit profile. The credit rating agency adds that while it does not expect real GDP growth to return to levels seen in the last decade, it also expects the volatility of growth to be significantly lower than before and more consistent with other Aaa-rated economies.
Singapore leads global trade ranking for the fifth time Singapore Business Review 8th Dec 2016
Its domestic market is rated as world's most open. Singapore topped the Global Enabling Trade Report 2016 once again. The report, published by World Economic Forum and the Global Alliance for Trade Facilitation, assesses the extent to which economies have institutions, policies, infrastructures and services which facilitate the free flow of goods. Singapore led the Enabling Trade Index (ETI) for the fifth time. Singapore's domestic market is rated as one of the world’s most open, with 99.7% of goods entering duty free.
Singapore economy heads for its worst downturn since 2008 Singapore Business Review 8th Dec 2016
Global concerns could dampen 3% growth forecast next year. Singapore, on track to post its worst economic performance since the 2009 global financial crisis this year, is bracing for more uncertainty as rising protectionism poses risks for the export-dependent nation. While the government is forecasting economic growth of as much as 3 percent in 2017 -- double the maximum it sees for this year -- the city-state faces mounting global concerns that could affect trade, including financial market volatility following the U.K.’s vote to leave the European Union,
MOF calls for public feedback on upcoming Budget 2017 Channel NewsAsia 6th Dec 2016
The Ministry of Finance (MOF) is seeking views and suggestions from all Singaporeans in preparation for the upcoming Budget 2017, it said in a press release on Sunday (Dec 4). "Individuals, households, and businesses are welcome to provide feedback on issues such as how we can best develop Singaporeans, support families, and help local companies grow through innovation and internationalisation," MOF said. Members of the public can provide views through various channels. From Monday, Singaporeans can visit the REACH Pre-Budget 2017 website to submit their views online. During the feedback period, REACH will be staging Pre-Budget 2017 Listening Points across Singapore. Locations of these Listening Points - open booths to give input in person - are also found on REACH's website.
Committee on the Future Economy wraps up discussions; to make recommendations early next year Channel NewsAsia 1st Dec 2016
The Committee on the Future Economy (CFE) held more than 80 discussions and focus groups, involving more than 1,000 students, educators, parents, union members, business leaders and academics, since it began its work to review Singapore's economic strategies nearly a year ago. Finance Minister Heng Swee Keat, who co-chairs the committee with Trade and Industry Minister S Iswaran, added that CFE members also joined in more than 20 panels, seminars and conferences, where they reached out to more than 6,000 people. Mr Heng on Thursday (Dec 1) gave details of the CFE's engagement figures in a Facebook post after he chaired the committee's fifth and final meeting. Mr Heng said that at Thursday's CFE meeting, committee members continued to stress the value of partnership between the public, private and people sectors, and that the CFE "must continue to engage with companies, workers and others even after the committee wraps up". "I fully agree, and really appreciate this readiness to work together," Mr Heng said. "For now, we are working hard to capture the depth and breadth of the feedback that we have received." Mr Heng and Mr Iswaran added that the CFE would share its recommendations early next year.
Singapore economy to grow 1-3% in 2017 Singapore Business Review 30th Nov 2016
The growth outlook remains modest for next year. The Ministry of Trade and Industry (MTI) expects the manufacturing sector to see an improvement in performance on the back of sustained global demand for semiconductors and semiconductor equipment, although the marine & offshore engineering segment and firms supporting the global oil & gas industry are expected to continue to face weak demand conditions amidst low oil prices. Tourism-related sectors are likely to benefit from a boost in travel demand as the global economic outlook improves. At the same time, sectors such as information & communications and “other services industries” are likely to continue to support growth, adds MTI. On the other hand, externally-oriented services sectors such as finance & insurance and wholesale trade are expected to remain sluggish.
Singapore's 4Q GDP growth to hit 0.6% Singapore Business Review 30th Nov 2016
Wholesale trade predicted to still drag into 4Q16. The Singapore economy expanded by a revised 1.1% yoy (-2.0% qoq saar) in 3Q16, up from the initial flash estimate of 0.6% yoy (-4.1% qoq saar) and close to analysts' forecast of +1.1% yoy (-2.3% qoq saar), OCBC said in a report. Notably, manufacturing stabilised for the second straight quarter and expanded by 1.3% yoy (-9.0% qoq saar) in 3Q16, whereas services flatlined at 0% yoy (-1.3% qoq saar which marked the third consecutive quarter of sequential contraction). Here's more from OCBC: The services sector was largely weighed down by wholesale trade due to weakness in petroleum and petroleum products, but even the bell-weather finance & insurance sector proved a drag (-0.7% yoy and -4.7% qoq saar) amid weakness in offshore financial intermediation, fund management and security dealing segments.
Singapore inflation down 0.1% in October Singapore Business Review 30th Nov 2016
Smaller drag from oil-related items offset lower food and services inflation. Singapore inflation has fallen 0.1% in October, compared to the 0.2% fall in September. This came as a smaller drag from the cost of oil-related items more than offset lower food and services inflation. According to a joint statement by Monetary Authority of Singaproe and Minitry of Trade and Industry, cost of oil-related items fell at a slower rate of 3.7% in October, compared to the 8.4% drop in the previous month, owing to a smaller decline in electricity tariffs and petrol prices. Meanwhile, food inflation moderated to 1.9% from 2.2% in the previous month, due to a slower pace of increase in the cost of non-cooked food items and restaurant meals.
Singapore could skip deflation in October: poll Singapore Business Review 30th Nov 2016
It would mean an end to two-year decline in consumer prices. Singapore's consumer price index (CPI) is likely to be flat in October from a year earlier, escaping deflation for the first time in two years, helped by recent gains in global oil prices, a Reuters poll showed. The median forecast in a Reuters survey of 17 economists was for the all-items CPI to be steady in October from a year earlier, after declining 0.2 percent in September. Such a result would end a record 23 straight months of year-on-year declines in all-items CPI that began in November 2014. Headline CPI has been dragged down over the past two years by lower global oil prices as
Singapore Minister Sees Steady Job Market as Hiring Ticks Up Bloomberg 29th Nov 2016
Singapore’s government hopes there won’t be any deterioration in unemployment next year as the job market keeps pace with 2016 levels, said Ong Ye Kung, the country’s minister for education. With the unemployment rate for residents currently about 3 percent, and industries including health care, precision engineering and aerospace performing well and still hiring, Singapore’s employment market was “not bad at all,” Ong said in an interview on Bloomberg TV on Tuesday. “Next year we hope there’s an uptick in several sectors and so we hope we can maintain unemployment the way it is," he said. “But more importantly is long-term unemployment. We have always kept it low and we keep it low by ensuring workers keep on re-skilling.” Singapore’s export-driven economy is under pressure amid a slowdown in global trade and lower energy prices that’s hurt the oil and gas services industry and caused thousands of job losses.
Energy
Sembcorp taps into Singapore's solar power market Singapore Business Review 30th Nov 2016
It acquired 49% of Changi Mega Solar. Sembcorp will soon be walking on sunshine as it acquired stakes in Changi Mega Solar. Through wholly-owned subsidiary Sembcorp Utilities, Sembcorp has acquired 49% of the solar energy firm for $2.6m. The acquired firm is developing a 3.6 megawatt grid-tied solar photovoltaic system on the rooftop of SATS Airfreight Terminals 5 and 6 near Singapore Changi Airport. This system will provide renewable power directly to SATS Airfreight Terminals 5 and 6. The project is Sembcorp's first solar energy project in Singapore, where it has gas-fired, biomass and energy-from-waste projects. "Worldwide, the company has a power portfolio of over 10,000 megawatts, comprising both thermal and renewable assets.
Four oil-linked firms likely to be ineligible for latest government aid Singapore Business Review 7th Dec 2016
The impact of recent government-back relief for Singapore Oil & Gas companies is not expected to be large, but every bit helps, said DBS Vickers Securities. The Ministry of Trade and Industry has recently announced enhanced support measures for the marine and offshore engineering (M&OE) companies based in Singapore, in view of the intensifying financial challenges for the sector amidst a prolonged industry downturn. The support is in the form of new incremental loan facilities from SPRING Singapore and IE Singapore available to Singapore-based M&OE industry players. According to the research house, Pacific Radiance and Ezra are key beneficiaries while PACC Offshore Services Holdings (POSH), Nam Cheong, Vard, and Mermaid Maritime may not qualify.
UPDATE 2-Singapore fuel oil margins at narrowest discount in almost 5 yrs Reuters 30th Nov 2016
SINGAPORE, Nov 29 Singapore's benchmark 180-cst fuel oil refining margins settled on Tuesday at their narrowest discount to Dubai crude in almost five years on the back of robust seasonal demand, limited supplies and falling crude prices ahead of an OPEC meeting on Wednesday. Refining margins for the benchmark 180-cst fuel oil have risen sharply this quarter, supported by supply issues in major producers like Russia and Venezuela as well as strong demand, said Nevyn Nah, oil products analyst at Energy Aspects. In addition to the strong market fundamentals, traders said tumbling crude prices also contributed to the strengthening in fuel oil margins.
Singapore to Give Loans to Help Struggling Oil-Linked Companies Bloomberg 25th Nov 2016
Singapore will provide financing support to the country’s marine and offshore engineering companies to help ease some of the liquidity problems the industry has been facing amid weak oil prices. Companies in that sector will have access to borrow as much as S$5 million ($3.5 million) each for as long as six years, the Ministry of Trade and Industry said in a statement Friday. The maximum amount a borrower group will have is S$15 million, it said. The loans will be available starting next month, it said. The global center for oil-rig construction for decades, the slowdown in the industry contributed to Singapore’s economy contracting in the third quarter as companies struggle to meet debt obligations and cut jobs. Output in the marine and offshore engineering sector fell 32 percent in the 10 months through October from a year ago, the worst-performing industry in the island city, according to data from the country’s Economic Development Board.
Pavilion Gas, Shell appointed as new LNG importers for Singapore Channel NewsAsia 24th Nov 2016
Pavilion Gas and Shell have been appointed as the new liquefied natural gas (LNG) importers for Singapore, supplying the nation with 1 million tonnes per annum of LNG each for up to three years, whichever is earlier. The two companies were selected as they offered reliable, flexible and competitively priced LNG supplies, said Trade and Industry Minister (Industry) S Iswaran during his keynote address at the Singapore International Energy Week (SIEW) 2016. Beyond the next tranche of LNG imports, which is expected to start in 2017, EMA also plans to allow third-party spot imports and new piped natural gas imports on a case-by-case basis, Mr Iswaran said. During SIEW 2016, Mr Iswaran and International Energy Agency (IEA) executive director Dr Fatih Birol also announced that Singapore will become an IEA Association Country. The IEA Association provides a platform for the IEA to engage non-member countries to work together on issues including energy security, energy data and statistics and energy policy analysis. It enables non-member countries to participate in a variety of activities, including IEA standing groups, committees and ministerial meetings. As part of plans for cooperation, a Singapore-IEA regional training hub will be established, which will allow IEA to use Singapore as a base to build capabilities in the region. Singapore will also host a regional run of the IEA Energy Efficiency Training Week in 2017 to provide hands-on training for energy efficiency practitioners.
Financial Services
MAS eyes integrated insurance market in Southeast Asia Singapore Business Review 8th Dec 2016
Speaking at the ASEAN Insurance Summit in Yogyakarta, Indonesia, Monetary Authority of Singapore Insurance Department Head Lee Keng Yi said Singapore envisages an integrated ASEAN insurance market. This integrated market is a liberalised market place which will facilitate a wider distribution of risks through cross border provision of solutions and open access to the individual domestic markets. “This will result into safer and more cost-effective provision of insurance which will help plot critical capacity gaps in the respective ASEAN jurisdictions,” she said.
Bank lending sees 1% growth in October Singapore Business Review 8th Dec 2016
Following the 12 consecutive months of contraction. After 12 months of declines, bank lending in Singapore registered a growth again, up 0.8% from last month and 1% from last year. According to the latest figures by the Monetary of Authority of Singapore total lending in the said month is $607.98b, up from $601.71b last year. Loans to businesses rose 1%, mainly driven by lendings to financial insitutions which saw a 16% increase to $79.5b from $68.3b last year. Of the business segments, only the loans to agriculture, manufacturing, general commerce, and professional individuals business declined, down to $5.3b, $25.4b, $61.6b, and $9.1b, respectively.
With fintech, Hong Kong-Singapore rivalry gets a new twist TODAYonline 8th Dec 2016
Tax benefits, Government help and easy access to regional markets led Mr Joe Seunghyun Cho to choose Singapore as the headquarters for his six financial technology companies, rather than base them in the rival hub of Hong Kong or his native South Korea. “We are quite impressed by Government agencies here,” said Mr Cho, whose Marvelstone Group is developing a mobile payments platform and invests in other fintech firms. Singapore authorities introduced him to tax advantages and connected his firm to potential partners.
Credit card usage in Singapore could collapse by 2020: study Singapore Business Review 7th Dec 2016
Credit card use in Singapore is set to fall 24% in less than five years, according to new research from Worldpay. For its Global Payments Report 2016, Worldpay analysed 30 eCommerce markets around the world, including Singapore, China, India, Hong Kong, Taiwan, South Korea, Malaysia and Australia in Asia. In Singapore, Worldpay found that although credit cards are the most popular payment method at the moment, taking a 60% share of the payments market, credit cards are slated for a major fall by 24 percentage points in 2020. Phil Pomford, General Manager Asia Pacific, Global eCom at Worldpay, said: “Our projections show that by 2020, credit cards will account for just 36% of the payment market in Singapore, which represents a significant drop in usage. This growing credit-wariness could be symptomatic of a wider political push to help consumers avoid debt. The government’s Total Debt Servicing Ratio (TDSR) rules, implemented in 2013, were designed to ensure that monthly debt payments don’t exceed 60% of the debtor’s monthly income. This public focus on the issue of debt helps explain why credit card use is predicted to fall nearly a quarter in less than five years, while debit card use is expected to rise.” At the moment, debit cards, cash on delivery and bank transfers each account for 9% of the total payments market in Singapore. However, according to Worldpay’s research, all of these non-credit payment options will double or nearly double by 2020. E-wallet growth is likely to remain relatively flat, growing from 9% market share in 2016 to 10% share by 2020. Consumer debt has been a growing topic in Singapore over the past few years, leading the government to create new regulations in order to help borrowers pay down their debts and to prevent further debt from accumulating.
Cyber threat Intelligence and Analysis Centre for financial institutions established in Singapore Asia Insurance Review 7th Dec 2016
The Monetary Authority of Singapore (MAS) and the Financial Services Information Sharing and Analysis Center (FS-ISAC) will establish an Asia Pacific (APAC) Regional Intelligence and Analysis Centre in Singapore that will encourage regional sharing and analysis of cybersecurity information within the financial services sector. It is expected to begin operations in 1H 2017.
Singapore fines StanChart, Coutts and bars former Goldman Sachs banker for 1MDB-linked lapses South China Morning Post 2nd Dec 2016
Singapore’s financial regulator said on Friday it has fined two British banks and barred a former Goldman Sachs banker in a widening crackdown on money laundering linked to Malaysian state fund 1MDB. Standard Chartered Bank was slapped with a S$5.2 million (HK$28.33 million) penalty while Coutts bank was fined S$2.4 million for breaching anti-money laundering regulations in 1MDB-linked transactions, the Monetary Authority of Singapore (MAS) said in a statement.
Singapore’s MC Payment raises $3.5m to finance expansion DealStreetAsia 30th Nov 2016
Singapore based electronic payment firm, MC Payment said Friday it has raised S$5 million ($3.5 million) led by 2W Group, an investment firm from Thailand. Australia’s Aura Funds Management, tryb Capital and Perle Ventures, also participated in the funding round, the company added.
Singapore Push at Point 72 Asset Management finews.asia 30th Nov 2016
Point 72 Asset Management, the family office managing the assets of its founder, Steven A. Cohen, and eligible employees, has recently doubled its capacity in Singapore.
Singapore authority reviewing VC regulation to boost startups Out-Law 30th Nov 2016
The Monetary Authority of Singapore (MAS) is reviewing the country's regulatory regime for venture capital (VC) managers to "grow the funding landscape" for startups in Singapore and the region, deputy prime minister and chairman of MAS Tharman Shanmugaratnam has said.
Fintech disruption in insurance and wealth management in vogue The Business Times 28th Nov 2016
The Monetary Authority of Singapore (MAS) is seeing many fintech experiments focused on insurance and wealth management, said an MAS senior executive on Friday at the final conference of the Singapore FinTech Festival.
MAS Issues "Regulatory Sandbox" Guidelines for FinTech Experiments MAS 28th Nov 2016
Singapore, 16 November 2016... The Monetary Authority of Singapore (MAS) today published its “regulatory sandbox” guidelines to encourage and enable experimentation of solutions that utilise technology innovatively to deliver financial products or services. The guidelines incorporate feedback from the public consultation as well as learning points from actual sandbox applications. 2 The guidelines will improve the clarity, flexibility and transparency of the regulatory sandbox in the following ways: a. Improved clarity - The guidelines includes examples and elaborations to illustrate MAS’ expectations on the sandbox such as the evaluation criteria for entry into the sandbox; b. Greater flexibility - The guidelines have been refined to allow greater flexibility, including through relaxation of a number of evaluation criteria for firms looking to enter a sandbox, and allowing room for adjustments during experimentation as firms learn from market responses; c. Increased transparency - MAS will work closely with sandbox applicants in the evaluation and experimentation process. Relevant information of approved sandbox applications will also be published on the MAS website. 3 Ms Jacqueline Loh, Deputy Managing Director of MAS, said, “Emerging financial products or services that utilise FinTech are becoming more sophisticated. The guidelines reflect MAS’ commitment to building a smart financial centre where innovation is pervasive and technology is used widely. The regulatory sandbox provides a conducive environment where regulatory requirements will be relaxed to enable firms to experiment with promising innovations within boundaries.”
In fintech push, don't forget regulatory tech The Straits Times 27th Nov 2016
Singapore's push to be a financial technology (fintech) hub is laudable ("S'pore's push to be fintech hub"; Nov 22, "New grant scheme to support fintech trials"; Nov 18, and "Singapore kicks off world's largest fintech event"; ST Online, Nov 14). However, any creation or implementation of technological ideas and products must fit in with a few principles.
These 10 startups won the Singapore central bank’s inaugural fintech awards Tech in Asia 18th Nov 2016
As the Fintech Festival week draws to a close, the Monetary Authority of Singapore announced the startups that won the inaugural Fintech Awards. The distinctions are awarded to startups, tech firms, and financial institutions that have created “innovative fintech solutions.” The winners were chosen out of 200 submissions from all over the world, most of them from Asia-Pacific. The MAS Fintech Awards break down to three parts: The Singapore Open awards, which are, well, open to companies of any size based in Singapore; the Singapore SME awards, for small- and medium-sized enterprises; and Singapore Founder, aimed at domestic SMEs with at least one Singaporean founder.
Food & Agriculture
Edible gardens take root in urban Singapore BBC News 8th Dec 2016
Singapore is a small, metropolitan island that imports more than 90% of its fruit and vegetables. Spare land is scarce, but urban farming - on rooftops, footpaths and vacant lots - is slowly taking root. That's because Bjorn Low, the co-founder of a business called Edible Garden City, has been sowing the seeds of change over the last four years by championing local produce that's still being grown in places by older plot farmers. He's teaching young urbanites how to use seeds from those plants to grow their own tropical-friendly produce at home.
Singapore food industry transformation is all about the long-term FoodNavigator-Asia 8th Dec 2016
Singapore’s policymakers have once again turned their attention to the food industry, and in light of recent previous sorties in this direction, it can only be a good thing. The city state announced a food manufacturing “transformation map” which sets out to make make it the regional centre of food manufacturing, and the home to a raft of globally competitive domestic food companies. The initiative is part of the government's industry transformation programme, first announced in March. A total of 23 roadmaps will be developed, with the food manufacturing industry’s the fifth to be rolled out.
Health & Life Sciences
Singapore healthcare providers hinge growth on overseas expansion Singapore Business Review 8th Dec 2016
Cambodia and Vietnam are their top preferrences. As competition heats up in Singapore between private and public healthcare providers, many are looking at regional expansion for growth opportunities. This is a trend that is not only unique in Singapore but also holds through across Asia, observes OCBC Investment Research. "While the competition for local patients is offset by the dependence on foreign patients that visit private hospitals, we understand that foreign patients’ volume has been flattish this year. Thus diversifying through regional expansion can alleviate such concerns and ensure sustainable growth for the longer run," it said.
Malaysia: Agents unhappy with health insurance premium hikes Asia Insurance Review 1st Dec 2016
Healthcare insurer Aetna International is establishing an Asian innovation hub which will focus on leveraging local expertise and customer feedback to develop tailored solutions for the region's markets, based on its existing offerings. Based in Singapore, the hub is specifically aimed at local healthcare market needs in regional markets including Indonesia, Thailand, Vietnam, Philippines, Malaysia, China, Hong Kong and Singapore, the company said in a release yesterday.
Singapore's pharma sector to see modest growth in 2017 Singapore Business Review 30th Nov 2016
The market is slated to grow at around 6%. Asia Pacific will pharmaceutical market will see modest growth in 2017, as ongoing trends such as the roll out of universal healthcare and advances by private healthcare providers is seen to continue. According to BMI Research, Singapore's pharmaceutical market will see a modest growth of around 6% in 2017, on the back of 5% rise in the whole APAC region to US$321b. BMI noted that there are two other themes that will define 2017 in APAC. one of which is the demise of Trans-Pacific Partnership. "The TPP had the potential to reshape the operating environment for multinational drugmakers. This includes strengthening the intellectual property regime with patent adjustments to a more transparent procurement process," the firm noted.
Health care insurer to set up innovation hub The Straits Times 30th Nov 2016
SINGAPORE - Health care insurer Aetna International is establishing an innovation hub for Asia which will focus on leveraging local expertise and customer feedback to develop tailored solutions for Asian markets, based on its existing offerings. Based in Singapore, the hub is specifically aimed at local healthcare market needs in regional markets including Indonesia, Thailand, Vietnam, Philippines, Malaysia, China, Hong Kong and Singapore, the company said in a release on Wednesday (Nov 30). Solutions from the hub will allow Aetna to offer value and service to the local populations, and to increase awareness of its products and expand its footprint in the region. "The hub will help us translate Aetna's vast healthcare expertise to markets in Asia and increase our reaction time to market developments in the region," said Mr Ran Wang, Aetna's regional product manager for South-east Asia and Hong Kong.
Doctors in Singapore treat congenital heart defect sans open heart surgery The Straits Times 22nd Nov 2016
For the first time in Singapore, doctors are able to treat a form of congenital heart defect without open heart surgery. A specially designed heart valve is delivered into the patient via a leg vein near the groin instead to treat Tetralogy of Fallot, a defect that affects the functioning of the valve. This procedure has been successfully carried out on two patients here since August by a team of congenital heart specialists from the National University Heart Centre, Singapore(NUHCS) and the department of paediatrics at National University Hospital (NUH). In this minimally invasive procedure, doctors insert a thin, hollow tube containing the heart valve into the vein and push it up into the heart. The valve is crimped into a small size but expands with the help of a balloon once it is in the right position . The procedure takes a few hours and helps to improve heart function so that the need for open heart surgery can be delayed.
Singapore-led team's study may pave way for drug to treat autism The Straits Times 18th Nov 2016
Singapore scientists have led groundbreaking research into the chemical workings of the brains of people with autism, which could pave the way for the first drug to treat the condition. The researchers found certain chemical changes in the brain tissue samples they took from autistic people, compared with those of non-autistic people. One of the reasons why there has been no drug developed for autism is that there are different causes that may give rise to the condition. This makes it hard to develop a drug that targets all autism cases. With this new finding, however, that could change. The team - led by scientists from the Agency for Science, Technology and Research's (A*Star's) Genome Institute of Singapore (GIS) - spent six years working on the project, together with scientists from the United States and Europe.
Boosting hopes for an IVF baby The Straits Times 18th Nov 2016
After many requests over the years, the Health Ministry has decided on a three-year trial to check that embryos used in assisted reproduction have the correct number of chromosomes, in hopes that it could boost couples' chances of having a baby. Senior Minister of State for Health Amy Khor said this was because of new and better technologies for screening embryos. Doctors agree that embryos that do not contain the correct number of 46 chromosomes are the primary reason for in-vitro fertilisation (IVF) failures - either because the embryos do not "take" and no pregnancy results, or the pregnancies end in miscarriage. In theory, ensuring embryos used have the correct number of chromosomes through screening before they are implanted could help eliminate such failures.
ICT
Singapore best in Asia at adapting to new technology The New Paper 23rd Nov 2016
Singapore is tops in Asia for its ability to transform itself in the face of digital disruptions, said a study by the Economist Intelligence Unit. Well-known "disruptions" include car-sharing app Uber affecting the taxi industry and streaming site Netflix changing traditional TV. When Asian countries were compared with Australia, the UK and the US, Singapore was seen as the only one that could break western dominance, ranking just below the US. The report also introduced the Asian Digital Transformation Index which measures infocomm technology (ICT) infrastructure, human capital and industry connectivity in 11 Asian economies. There are three reasons why Singapore ranks highly.
Sale of 2G mobile devices for local use to be banned from Jan 1 TODAYonline 8th Dec 2016
The sale of 2G-only mobile devices, such as mobile phones and point-of-sales terminals, will be banned in Singapore from Jan 1 next year. Retailers and equipment suppliers with a Dealer’s Individual Licence (DIL) may continue to sell 2G-only mobile devices for export purposes and/or overseas use from that date, said the Infocomm Media Development Authority (IMDA) on Wednesday (Dec 7). The IMDA will work with the three telcos — M1, Singtel and StarHub — to help 2G users migrate to 3G or 4G networks.
Singapore named the most ideal IT hub in Asia Singapore Business Review 8th Dec 2016
Nearly 9 in 10 businesses in the city said so. Singapore, Hong Kong and Shanghai are identified as the top three cities as ideal IT hubs in Asia, according to a survey conducted by IDG Connect. According to IDG Connect, current location has a huge bearing on where organizations in China, Hong Kong and Singapore would like to see an ideal location.
3 things that make Singapore an ideal cloud computing hub in Asia-Pacific Singapore Business Review 8th Dec 2016
Cloud-based IT services are changing what is possible for enterprises and all kinds of businesses. From small- to medium-sized enterprises (SMEs) to multi-national corporations, the cloud is reshaping how and where we do business. It is making how we work and live simpler with access to communications, content, and a whole range of applications and services instantly accessible and efficient to use. Whilst Singapore is constrained by its land mass, the opportunities for it to be a cloud hub for Asia-Pacific are limitless.
Singapore unveils SGInnovate for tech start-ups Singapore Business Review 8th Dec 2016
It will enable aspiring entrepreneurs to commercialise and scale innovations. The city-state has delivered its promise to unveil a government agency focused on enabling aspiring entrepreneurs in Singapore to build, commercialise and scale technology-based innovations from Singapore that will have global relevance. Deputy Prime Minister & Coordinating Minister for Economic and Social Policies Mr. Tharman Shanmugaratnam officiated the launch of SGInnovate. The newly-formed agency will work with people who pursue the creation and building of technology-based products and companies from Singapore.
Infrastructure
Bids for Singapore-KL high-speed rail tender to be evaluated 'end-2018' The Straits Times 8th Dec 2016
Bids for the tender to build the High-Speed Rail (HSR) linking Singapore and Kuala Lumpur will be evaluated at the end of 2018, according to MyHSR, the agency in charge of the Malaysian share of the project. Tender documents for the systems package - for the actual rail track and train carriages - will be issued at the end of next year, MyHSR chief executive Mohd Nur Ismal Mohamed Kamal said when giving a timeline of the project for the first time. "After the tender is open in the final quarter of 2017, bidders will be given a year to submit. Then the two countries will do the evaluation," he said after a briefing about the project on Thursday (Dec 8).
Joint tender for high-speed rail project could be awarded by end of 2018: MyHSR chief Channel NewsAsia 8th Dec 2016
The head of the Malaysian company tasked with developing the high-speed rail project between Malaysia and Singapore on Thursday (Dec 8) said the two countries are expected to make a decision on who to award the rail system to by the end of 2018. Mohd Nur Ismal Kamal, CEO of MyHSR also confirmed that the joint tender for the system will open in the fourth quarter of next year. "They have to go through the actual alignment and prepare their tender submissions. So we open in the fourth quarter next year, give them one year to submit, (and) from there we do our evaluation."
Singapore-KL HSR agreement to be signed next week says PM Najib: Report Channel NewsAsia 6th Dec 2016
KUALA LUMPUR: Malaysian Prime Minister Najib Razak said the agreement for a High-Speed Rail linking up Singapore and Malaysia will be signed next week in Kuala Lumpur. "We will sign the HSR project agreement next week in KL," he was quoted as saying by Utusan Online on Tuesday (Dec 6), adding that "all is well and good." Mr Najib was speaking at a press conference after officiating the 10th anniversary of the Iskandar Malaysia development in Johor. The HSR bilateral agreement was meant to be signed at the Malaysia-Singapore Leaders' Retreat originally scheduled for Dec 5 in Johor Bahru, before being postponed.
Singapore, Malaysia have made very good progress on high-speed rail agreement: PM Lee The Straits Times 30th Nov 2016
SINGAPORE - Prime Minister Lee Hsien Loong says Singapore and Malaysia have made very good progress on a bilateral agreement on the Singapore-Kuala Lumpur High-Speed Rail (HSR), and hopes both sides can sign the agreement when he and Prime Minister Najib Razak meet at the Leaders' Retreat. "It is a very ambitious, very complicated and a very expansive project, in terms of scale. We have to try our best to anticipate what the likely issues are, when we build it, when we operate it, and have a clear understanding on how we will deal with it if a situation arises," Mr Lee said in an interview with the chairman of Malaysian state news agency Bernama Azman Ujang on Monday (Nov 28). "The first thing is to have a sound agreement between the two countries on the basis of how the project is structured, how it is going to be executed, and how it is backed by the two governments," said Mr Lee in the interview, the transcript of which was released by the Prime Minister's Office today (Nov 30).
Singapore tops Asia in per capita returns from infrastructure AsiaOne 30th Nov 2016
Singapore generates the highest built-asset income per person in Asia, at US$35,900(S$51,185.62), according to the Global Built Asset Performance Index by design and consulting firm Arcadis. The index is designed to understand how built assets can power more growth to economies by examining the income generated by buildings and infrastructure (for example, roads, airports, power plants, malls, railways, ports) across 36 countries and comparing it to the size of the economy measured by gross domestic product (GDP) as well as per-capita incomes. In Singapore's case, the study found that historically, the Republic has enjoyed a steady increase in returns on built assets per capita, although this growth has plateaued.
Highlights from SDG 9 - Industry, Innovation and Infrastructure workshop at RBF Singapore 2016 Open Gov 29th Nov 2016
OpenGov was at the Responsible Business Forum for Sustainable Development (RBF) held on 23 and 24 November 2016 in Singapore and attended a few workshops based on the UN’s 17 sustainable development goals (SDGs) to be achieved by the year 2030. SDG 9 - Industry, Innovation and Infrastructure focuses on building resilient infrastructure, promoting inclusive and sustainable industrialisation as well as fostering innovation. Mr. Reinoso provided his perspective from the government planning agency of the Philippines - SDG 9 presents both an opportunity and a challenge. SDG 9 provides the government an opportunity to take part in global development initiatives where different parties can work together towards achieving common goals and to learn from the experience and best practices of other countries. This includes countries in the Asia-Pacific which are more advanced in terms of infrastructural development.
Singapore tops Asia in returns per capita from infrastructure, buildings The Business Times 28th Nov 2016
Singapore generates the highest built-asset income per person in Asia, at US$35,900, followed by Hong Kong at US$21,400. SINGAPORE generates the highest built-asset income per person in Asia, at US$35,900, followed by Hong Kong at US$21,400. This is according to the Global Built Asset Performance Index released on Monday by Arcadis, a global design and consulting firm. The index is an alternative indicator to measure a country's economic performance. It indicates how built assets can power more growth to economies and examines the income generated by buildings and infrastructure - schools, roads, airports, power plants, malls, railways, ports and all other fixed assets - across 36 countries that collectively represent 78 per cent of global gross domestic product.
Funded by Chinese billions, Malacca is looking to eat Singapore's lunch on shipping CNBC 23rd Nov 2016
Once at the heart of the global spice trade, Malacca is pumping nearly $3 billion into an ambitious plan to put itself in demand in a different hot commodity - oil. The Malaysian state is reclaiming land along the Straits of Malacca to build a port that can handle the biggest tankers on the planet. The target: a slice of traffic sailing on to nearby Singapore, the top but congested trading hub in a region with $600 billion in annual oil trade - a third of global oil demand. Funded largely by Chinese investors, port operator T.A.G. Marine and developer Linggi Base are building the 12.5 billion ringgit ($2.82 billion) Kuala Linggi International Port (KLIP) to offer storage, repair and refueling services. At Singapore, 200 kilometers away, ships can spend costly time just waiting to deliver or take on goods, refuel or undergo maintenance work. With Singapore's port rules also banning floating storage and ship-to-ship (STS) transfers, the potential for savings and streamlined business is clear for KLIP users like trading company Agritrade Resources.
Manufacturing
Electronics sector surging 24.6% in October offers little cheer Singapore Business Review 30th Nov 2016
It only comprises less than 30% of manufacturing activities. UOB is maintaining its 2016 industrial production growth forecast of 1.0%, which implies a 1.0% y/y growth in the remaining 2 months of 2016 despite a better-than expected October results. The research house notes that however optimistic the electronics cluster may be, it is only 27.4% of total manufacturing activities. "Concerns on the still-weak exports conditions, particular the uncertainty evolving Brexit, more referendums in the EU, and the possible implementation of import tariffs on US imports from China (where Singapore exports to the latter) will provide lots of uncertainties for Singapore’s manufacturing sector," it said. Moreover, UOB said that the transport engineering cluster still remains in the doldrums due to the low global oil prices that has been stalling capex in this industry.
Semiconductors power up Singapore's manufacturing output in October Singapore Business Review 30th Nov 2016
Its production spiked 41.7% in October. The semiconductors production has once again sparked a boost in Singapore's manufacturing output, which saw a 1.2% expansion in October. According to Economic Development Board, the electronics cluster was a bright spot, as its output in October increased 24.6% YoY, after 17.9% YoY growth in September 2016. Within the cluster, the semiconductor segment was the strongest, with output rising 41.7% YoY in October, building on the 35.9% YoY expansion seen in the previous month. With this, a report from the SGX My Gateway said Singapore-listed stocks averaged a total return of 21.3% in the year-to-date. It tagged AEM Holdings, Avi-Tech Electronics, and Sunright as the best performers for the period.
Singapore's manufacturing output up 1.2% in October Singapore Business Review 30th Nov 2016
Electronics sector surged 24.6%. Singapore’s manufacturing output increased 1.2% in October 2016, data from Economic Development Board of Singapore show. Excluding biomedical manufacturing, output fell 1.4%. On a seasonally adjusted month-on-month basis, manufacturing output contracted 0.1% in October 2016. Excluding biomedical manufacturing, output fell 1.9%. The electronics cluster’s output increased 24.6% in October 2016 on a year-on-year basis. Growth in the cluster was largely supported by the semiconductors segment, which recorded an output growth of 41.7%. On a year-to-date basis, output of the electronics cluster expanded 11.7% compared to the same period a year ago.
Over 22,000 new jobs likely in Singapore manufacturing by 2024 The Straits Times 28th Nov 2016
More than 22,000 new jobs are projected to be created in the manufacturing sector in Singapore over the next eight years, such as for data scientists and robot coordinators, a new study has found. These higher-value positions will pay on average 50 per cent more than current jobs displaced during this period, the study by the Boston Consulting Group (BCG) added. Observers say a key challenge will be to seize this window of opportunity in the sector by equipping workers to acquire the skills to fill new places. Manufacturing accounts for a fifth of the Singapore economy and the sector has been hit hard by the current slowdown, but recently it has shown signs of a comeback. Disruptive technologies have also impacted the sector, with some 23,000 jobs forecast to be displaced by 2024.
Chart of the Day: Check out which sector dragged Singapore manufacturing output Singapore Business Review 8th Dec 2016
It was certainly not the electronics sector. Singapore’s manufacturing output increased 1.2% in October 2016, data from Economic Development Board of Singapore show. However, it would have posted a higher growth if it was not for three sectors reflecting disappointing outputs. While electronics registered a 24.6% growth as biomedical manufacturing posted 11.3% expansion, general manufacturing output plummeted 22.2%. But it was the transport engineering sector which posted the huge drop in output at 26.9%.
Transport engineering drags manufacturing output in October Singapore Business Review 8th Dec 2016
It showed a 26.9% contraction in the said month. Even if the industrial output registered an expansion 1.2% it moderated from a 7.7% growth in the previous month. According to DBS Group Research, the key drag has been the transport engineering, which posted a 26.9% decrease in ouput. General manufacturing was also down, falling 22.2% in the previous month. "The decline in general manufacturing is probably a result of the ongoing domestic restructuring weighing down on industrial activities. Spikes in manufacturing costs over the past years have diluted competitiveness.
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