| Regional Affairs
Zhejiang sees Singapore as base for Belt and Road ventures into South-east Asia The Straits Times 30th Nov 2017
One is a Chinese behemoth, with its regional headquarters in Singapore. The other is a homegrown outfit, which today has a presence in China and across the Asia Pacific. Instead of competing, the two logistics firms, Forchn Holdings and Singapore firm YCH Group, see complementary strengths in teaming up to expand across South-east Asia. They hope to leverage on China's Belt and Road Initiative to link up Asia with much of the world through massive infrastructure projects. To underscore the potential benefits, Zhejiang province has named Singapore as one of its first three overseas stations to help its companies expand abroad. Singapore is the first station for the e-commerce-focused province that major Chinese firms such as Alibaba and Net Ease call home, with the other two stations being in Poland and the Czech Republic. Mr Zhang Guobiao, who will lead the Singapore station, said the city state provides a face that is "easier for all to accept" for a Chinese firm looking at overseas expansion. Singapore's good global reputation and wide network of relationships also make it an attractive springboard to go international from, he added.
National Affairs
Businesses to use only CorpPass for online transactions with Govt from Q3 2018 Channel NewsAsia 18th Dec 2017
Businesses will be required to use the Singapore Corporate Access (CorpPass) for their online transactions with the Government from the third quarter of 2018, the Government Technology Agency (GovTech) announced on Monday (Dec 18). In a press release, it said this is "to create better efficiencies and a more secure digital ecosystem for businesses to thrive in a Smart Nation". GovTech said more than 80 per cent of businesses that have regular transactions with the Government have registered for and started using CorpPass. It expects more than 250,000 active businesses to use CorpPass, for their online corporate transactions with the Government from the third quarter of 2018. CorpPass will also be made available to foreign businesses in 2018. In addition to the existing suite of digital services managed by over 50 Government agencies, businesses can transact with Inland Revenue Authority of Singapore (IRAS) using CorpPass by the third quarter of next year.
Elderly to make up almost half of S’pore population by 2050: United Nations TODAYonline 6th Dec 2017
The Republic’s population size is expected to reach 6.34 million in 2030, based on projections from the United Nations (UN) released this year. By then, there will be 806,000 people under 15 years old, and 1.8 million people who are aged 65 years or older - making up about 28 per cent of the total population. The numbers will reach 722,000 and 3.08 million, respectively, out of a total population of 6.58 million by 2050. This means that in about three decades, almost half (47 per cent) of Singapore’s total population will be at least 65 years old. According to the UN’s 2017 World Population Ageing report, Singapore’s population stood at 5.71 million as of this year, consisting of 855,000 people under the age of 15, and 886,000 people aged 65 and above. On Friday (Dec 8), Singapore’s Prime Minister’s Office Strategy Group disputed the UN numbers for 2017, which it said differed from official statistics. For example, Singapore’s total population size is actually 5.61 million this year, according to Singapore’s Department of Statistics. Contrary to UN’s figures, the size of Singapore’s population as of this year for seniors aged 65 and above is below 570,000, and for those aged below 15 is under 700,000, the agency said.
People will be given time to prepare for tax changes: Indranee TODAYonline 5th Dec 2017
Singaporeans would be given “enough notice” ahead of tax hikes to make preparations of their own, Senior Minister of State (Finance and Law) Indranee Rajah said on Tuesday (Dec 5). At the sidelines of a dialogue session on the upcoming Budget, reporters asked if the Goods and Services Tax (GST) would be raised next year and Ms Rajah said: “As I’ve said before, we’re working on the ‘what’ and ‘when’. So we’ll have to see. We’ll keep the public informed as and when we have arrived at a decision on that.” She also stressed that the Budget — usually delivered in February or March — is a “financial plan” to position Singapore for the future. Last week, the Development Bank of Singapore (DBS) published a research report stating that the GST is likely to be raised from 7 to 9 per cent when the Budget statement is made next year, with the projected hike being staggered over the next two years.
Speculated GST hike could boost e-commerce tax Singapore Business Review 30th Nov 2017
RHB Research said an increase of the Goods and Services Tax (GST) could mean higher tax for e-commerce businesses and slower growth for consumer discretionary firms. A possible GST hike was the talk of the town last week after Prime Minister Lee Hsien Loong said Singapore will be raising taxes to support growing government spending. Previously, the GST was raised by 2 ppts to 7% on 1 July 2007. Similar to 1994, consumers shopped ahead of time. June's retail sales index shot up 15.3% YoY, followed by a decline of 2% YoY in July. Spending behaviour soon normalised in August. For the 12 months following the GST hike, retail sales were up by 3.6% YoY. Based on historical records, consumer discretionary, comprised of furniture & household equipment, recreational goods, watches & jewellery, apparel & footwear, and food retailers typically saw a slowdown in growth or declining sales in the 12 months following a GST hike. Meanwhile, consumer staples – supermarkets, mini-marts & convenience stores and department stores – were fairly resilient against GST hikes in the past.
Customs
Japan, Singapore Start Blockchain Pilot to Improve Trade Links Cryptovest 7th Dec 2017
The Bank of Tokyo-Mitsubishi UFJ and Japanese IT services provider NTT Data Corporation are working together in a blockchain PoC pilot project aimed at improving trade connectivity between Japan and Singapore. The Bank of Tokyo-Mitsubishi UFJ (BTMU), Japan’s biggest lender and a subsidiary of Mitsubishi UFJ Financial Group (MUFG), and NTT Data Corporation have initiated a blockchain-based proof of concept (PoC) pilot whose goal is to consolidate trade links between Japan and Singapore.
New blockchain based proof-of-concept to link digital trading platforms in Japan and Singapore OpenGovAsia 6th Dec 2017
In collaboration with Singapore’s National Trade Platform (NTP), Mitsubishi UFJ Financial Group, Inc.’s (MUFG) banking entity, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and NTT DATA Corporation (NTT DATA) jointly announced the commencement of a proof-of-concept (PoC) prototype leveraging blockchain or distributed ledger technology (DLT) that aims to strengthen trade ties between Singapore and Japan. This initiative aims to make cross-border flows more secure, efficient and transparent, with the long-term goal of fostering greater trade and supply chain integration across the region. This PoC is the first attempt to integrate digital platforms between the two nations, and it seeks to address and provide digital solutions to technical challenges prevalent in international trade, where differing trade regulations and documentation standards predominate.
Defense & Security
Singapore’s defence ministry starts bug bounty programme ComputerWeekly 13th Dec 2017
Singapore’s Ministry of Defence (Mindef) is getting white hat hackers to identify loopholes in its internet-facing IT systems in the country’s first government-led bug bounty programme to combat growing cyber threats. Some 300 selected white hat hackers from around the world will test such systems for vulnerabilities or bugs, and will receive bounties from S$150 (US$111) to around S$20,000, based on past programmes organised by HackerOne, the bug bounty facilitator that Mindef has engaged to run the programme.
Biggest US-Singapore Forging Saber Military Exercise Now Underway The Diplomat 7th Dec 2017
On November 28, the United States and Singapore began carrying out the sixth iteration of a key integrated, live-firing exercise. The drills, which will last until December 13, were an illustration of the longstanding defense ties between the two sides and the importance of these interactions for the strengthening of the city-state’s defense capabilities given its own space constraints at home.
China, S'pore vow to boost military exchanges in latest sign of improved relations TODAYonline 13th Dec 2017
China and Singapore have pledged to step up military exchanges, including joint anti-terrorism and naval drills, in the latest sign of improved ties between the two countries. Rear Admiral (RAdm) Jiang Guoping, an assistant to the People's Liberation Army's chief of the Joint Staff Department, said on Monday (Dec 11) that China was willing to further strengthen co-operation with Singapore on areas such as joint anti-terrorism and naval exercises, and personnel training, according to a statement on the defence ministry website. RAdm Jiang said the two countries' military ties had "developed smoothly" in recent years, adding that China looked forward to taking relations to "a new level". China also supported Singapore in its role as chair of the Association of Southeast Asian Nations next year, he said. RAdm Jiang's remarks were made in Singapore as he co-hosted the sixth dialogue on defence policy being held between the defence ministries of the two countries, along with Singapore's Permanent Secretary for Defence Chan Yeng Kit.
What’s in the New Singapore-Indonesia Counterterrorism Exercise? The Diplomat 8th Dec 2017
Last week, Singapore and Indonesia carried out a new exercise in counterterrorism, an area of growing concern for the two sides. The interaction highlighted the ongoing collaboration by the two countries in the defense realm in spite of the lingering challenges they continue to face in managing their broader relationship.
Singapore’s Defence Tech Agency Develops Command and Control System Defense World 6th Dec 2017
Singapore’s Defence Science and Technology Agency (DSTA) has developed a command and control (C2) system which integrates video feeds from the Heron 1 Unmanned Aerial Vehicle (UAV) into an augmented reality display. Acting as the nerve centre of the Command Post, the C2 system gives commanders an integrated battlefield picture, and enables the Singapore Armed Forces (SAF) to shorten the overall sensor-to-shooter cycle. Prior to incorporating this system, information and operations were largely conducted using disparate sources, a Singapore MoD release said Tuesday.
Singapore-Philippines Urban Warfare Training Kicks Off The Diplomat 5th Dec 2017
On Monday, Singapore announced that a new program to help build Philippine military expertise in urban warfare had officially kicked off. The launch of the initiative, first announced as part of the city-state’s assistance to Manila to combat the terror threat posed by the Islamic State and its affiliates, is yet another manifestation of ongoing indigenous efforts among Southeast Asian states to build regional capacity on this front.
Economics
Services recovery to turn around labour market: BofAML Singapore Business Review 18th Dec 2017
This is expected to boost wage growth. With services expected to become the key growth driver, it is just a matter of time before the labour market reaches a turning point, the Bank of America Merill Lynch (BofAML) said. According to its forecast, services employ the bulk of workers and its fortunes are closely tied to labour market conditions. BofAML ASEAN economist Mohamed Faiz Nagutha commented, "Below-trend growth in 2016-17 has led to substantial slack in the labour market, which should unwind in the coming quarters." The services sector's contribution to GDP dipped from 2.1% in 2015 to 0.7% in 2016, albeit it is still the highest contributor amongst sectors. BofAML expects the figure to hit 1.6% in 2017. Moreover, BofAML is expecting overall net job losses to turn into modest gains soon. "Wage growth should be supported by this recovery and robust productivity growth," Nagutha added.
Singapore business optimism for 2018 rises to two-year high Singapore Business Review 18th Dec 2017
Optimism rose 26 ppt to 6%, whilst expected profitability rose 22 ppt to 2%. Singapore's business optimism and profitability expectations are rising, advisory firm Grant Thornton revealed. According to its annual survey, two indicators reached their two-year highs. Singapore business optimism rose by 26 ppt from -20% to 6%, whilst anticipated profits over the coming year went up 22 ppt from -20% to 2%. However, this is significantly lower than the averages for the Asia Pacific (APAC) region of 41% for optimism and 37% for profitability. The biggest APAC opportunities over next five years cited by Singapore businesses are increased ASEAN cooperation at 54%, the globalization of supply chains at 30%, the Trans-Pacific Trade Partnership (TPP) at 28%, and automation at 28%. Meanwhile, Singapore businesses said that the biggest threats to the APAC region over the next five years are the ageing population at 46%, automation at 36%, and regional conflicts regarding territorial rights 32%. China's “One Belt One Road" initiative is seen indifferently by Singapore businesses, with 36% saying it will have an impact, 22% saying they did not think it would have an impact, and the remainder not sure.
Singapore NODX up 9.1% in November Singapore Business Review 18th Dec 2017
Singapore's non-oil domestic exports (NODX) rose 9.1% YoY in November, much slower than the 20.5% expansion last month. According to International Enterprise (IE) Singapore, NODX rose 8.7% on a MoM seasonally adjusted basis, from $14.7b last month to $15.9b in November. Non-oil retained imports of intermediate goods (NORI) rose by $1.1b from $6.5b in the previous month to reach $7.7b. Meanwhile, total trade rose by 10.1% YoY. Total exports jumped by 9.6%, whilst total imports grew 10.7%. On a seasonally adjusted basis, the level of total trade reached $85.5b, higher than the previous month’s achievement of $81.1b. Total exports increased by 6.8%, whilst total imports grew by 4%. Electronic NODX increased by 5.2% YoY. Integrated circuits (IC), disk media products, and other computer peripherals grew by 9.6%, 21.6%, and 70.3% respectively, and they contributed the most to the increase in electronic domestic exports. Non-electronic NODX increased by 10.6% YoY. Non-monetary gold, specialised machinery, and primary chemical increased by 43.4%, 17.1%, and 38.5% respectively, contributing the most to the growth in non-electronic NODX. Oil domestic exports expanded by 31%, whilst NORX rose by 3.9%, after the 0.9% decline in October 2017, due to the higher shipment of electronic and non-electronic re-exports.
Analysts raise 2017 GDP growth forecast to 3.3% Singapore Business Review 14th Dec 2017
According to forecasters, Singapore's economy is expected to grow 3.3% YoY in 2017. The Monetary Authority of Singapore's (MAS) survey of professional forecasters revealed that the figure is an upgrade from 2.5% YoY median forecast in the previous survey. In terms of indicators, economists were more bullish on manufacturing GDP at 10.6% YoY, finance & insurance at 3.7% YoY, and wholesale & retail trade at 1.7% YoY. The outlook for the construction sector turned sourer as it dipped from -4.2% YoY to -7.6% YoY. Almost half or 47% of the analysts believe that the electronics sector presents a strong potential upside for the Singapore economy. External growth is cited by 40% of respondents, up from 35% in September. Exports upswing, which accounted for 35% of all responses in September, now represents only 13% of the survey responses. In its place, property market recovery is the third most common response, cited by 27%. There is also no change to the composition of the top three downside risks from the September survey. However, a much greater percentage of respondents, at 67%, believe the slowdown in the Chinese economy poses a significant potential downside. Geopolitical uncertainty in North Korea and the Middle East, as well as global trade protectionism, continue to be major concerns. In this survey, 40% of respondents expect them to be potential hindrances to growth, down from 47% in September.
The price isn't right: Singapore still unripe for inflation surge Singapore Business Review 8th Dec 2017
Core inflation could only hit 1.6% in 2018. Despite a bullish macro outlook and expectations for a turnaround in the labour market and domestic consumption, the Bank of America Merrill Lynch (BofAML) said it's not yet time for a surge in underlying inflation. According to an analysis, in 2018, core inflation is expected to increase only marginally to 1.6% from around 1.5% this year. Moreover, smaller price increases in energy components could dampen core inflation despite the expected re-emergence of demand pull price pressures. Meanwhile, headline inflation is expected to be muted at around 0.9% as a likely recovery in rentals will only affect accommodation inflation with a lag of around four quarters. "In our view, inflation will only return close to its historical average in 2019 as the output gap turns positive. We forecast core inflation at 1.8% in 2019 and headline at 1.7%," said BofAML analyst Mohamed Faiz Nagutha.
Brace yourselves for a slower export momentum in 2018 Singapore Business Review 6th Dec 2017
Citi projected a decline in export growth from 4.9% this year to 2.6% next year. Singapore's export momentum is likely to slow down, but its growth is expected to broaden to areas beyond technology, Citi Research revealed. Citi forecasted a 4.9% real export growth in 2017 and then cut it to 2.6% in 2018. While tech momentum is likely to moderate from a high base, resilient demand – partly structural – and low inventories suggest a sharp slowdown is unlikely, the firm said. Other manufacturing segments are expected to ride on the broader recovery in global capex, and any upside to oil prices may ease the drag from offshore and marine (O&M).
Domestic supply price index up 3.5% in October Singapore Business Review 30th Nov 2017
Singapore's domestic supply price index (DSPI) rose 3.5% YoY in October, the Department of Statistics (SingStat) revealed. The oil and non-oil indices rose 13.4% and 0.4%, respectively. Four commodities showed higher prices, led by manufactured goods at 5.8%, followed by chemicals & chemical products at 3.6%, crude materials at 0.9%, and food & live animals at 0.6%. They were partially offset by price decreases in four commodities, led by machinery & transport equipment with 1.4%, beverages & tobacco with 1.4%, animal & vegetable oils with 0.9%, and miscellaneous manufactured articles with 0.6%. On a monthly basis, the DSPI went up 1.1%, lower than the 1.6% increase in the previous month. The DSPI measures changes in the prices of goods manufactured either locally or imported which are retained for use in the domestic economy.
Singapore's import and export price indices up in October Singapore Business Review 30th Nov 2017
Singapore's import price index rose 3.2% YoY, whilst its export price index went up 1.1% YoY in October, the Singapore Department of Statistics (SingStat) revealed. For imports, oil and non-oil indices rose 13.4% and 0.6%, respectively. Five commodities showed higher prices, led by manufactured goods at 5.8%, followed by crude materials at 3.5%, chemicals & chemical products at 2.9%, beverages & tobacco at 0.5%, and food & live animals at 0.3%. These were partially moderated by lower prices of three commodities. Miscellaneous manufactured articles fell 1%, animal & vegetable oils dropped 0.4%, whilst machinery & transport equipment went down 0.2%. For exports, the oil index jumped 15.1%, whilst the non-oil index slipped 1.5%. Prices of beverages & tobacco dipped 4%, machinery & transport fell 3.1%, food & live animals went down 2.4%, and miscellaneous manufactured articles dropped 0.4%. Meanwhile, these decreases were offset by higher prices of crude materials at 10.9%, manufactured goods at 3.7%, chemicals & chemical products at 2%, and animal & vegetable oils at 0.5%.
Energy
MPA puts in $12m more to boost LNG bunkering The Straits Times 15th Dec 2017
A further $12 million has been invested to boost liquefied natural gas (LNG) bunkering in the Port of Singapore. Half the amount from the Maritime and Port Authority of Singapore (MPA) will co-fund the building of new LNG vessels to help develop ship-to-ship bunkering. The other half will top up the MPA's existing co-funding programme to support the building of LNG-fuelled vessels, it said in a statement yesterday. The MPA launched a $12 million programme in September 2015 to support the building of such ships, allowing for co-funding of up to $2 million a vessel. It said the initial funding has been fully utilised to support Keppel Smit Towage, Maju Maritime, Harley Marine Asia, Sinanju Tankers and most recently.
Carbon transition policies may threaten APAC stable power outlook Singapore Business Review 7th Dec 2017
The heightened risk and higher environmental costs remain a pressing concern. The stable outlook for the Asia Pacific power sector in 2018 can be downgraded to negative if the carbon transition of power companies in the region leads to weakened business conditions, according to Moody’s Investors Service. Moody’s has maintained a stable outlook on the region’s power sector since 2009. As countries attempt to reach target level of carbon emissions and achieve their respective energy goals, carbon transition policies will continue to drive business conditions across APAC. However, Moody’s argues that this exposes the countries to higher transition risks with China’s thermal power generators projected to face the greatest challenge in APAC. Nevertheless, the credit agency believes that the region has strong market structures in place to weather the transition and that higher environmental costs associated with carbon transition policies will remain largely manageable.
Financial Services
Plus500 Complements its Regulatory Portfolio with a Singapore License Finance Magnates 11th Dec 2017
The list of regulatory jurisdictions where Plus500 is operating continues to grow. The latest achievement for the company on the compliance front is the addition of a regulatory license in Singapore. The jurisdiction has been notorious in the industry for being very rigorous when granting regulatory permits. At the same time, the stamp of approval of the Monetary Authority of Singapore is very well respected in Southeast Asia.
Singapore banks can save over 10% from fintech Singapore Business Review 10th Dec 2017
Moreover, about 41% of banked balance has now abandoned traditional channels. Singapore banks can either be hurt or helped by fintech, as long as they can figure how to make use of them, the Monetary Authority of Singapore (MAS) revealed. In its financial stability review, banks can have over 10% of potential cost savings in their operating income. MAS also estimated the same for Asia, where cost savings can reach up to 20%. MAS estimates fintech payments already takes up 20-50% of household consumption if the probability of payments disintermediation is high in the next five years. A majority of 56% of the banked population is also willing to shift their savings into a pure play digital bank. An average of 41% of total balance has already been shifted.
2017 ASEAN IPO market revitalised by record listings in Singapore and Malaysia DealStreetAsia 5th Dec 2017
Capital markets across Southeast Asia produced record-high capital raising activity in the first 11 months months of 2017. 144 initial public offerings (IPOs) saw S$10.4 billion ($7.71 billion) in total funds raised with a market capitalisation of S$33.9 billion ($25.1 billion) according to data from Deloitte Singapore.
Keeping insurance premiums affordable The Straits Times 1st Dec 2017
The Ministry of Health (MOH) will work with insurance companies to "improve and strengthen their claims process" so people will not end up paying high premiums. Health Minister Gan Kim Yong said the ministry is seeing how it can implement some of the recommendations from the Health Insurance Task Force report released last year, which highlighted the sharp rise in claims - a major driver of healthcare costs here. Said Mr Gan: "We want to give the assurance and ensure that premiums are sustainable in the long term and don't result in excessive claims."
Credit card curbs rein in borrowing binge The Straits Times 1st Dec 2017
The proportion of leveraged borrowers has fallen following new rules to rein in credit card debt but risks remain, according to the Financial Stability Review released yesterday. The Monetary Authority of Singapore (MAS) said in the report that it is watching the impact of fintech in the rise of unsecured borrowing. It cited data from Credit Bureau Singapore that showed the growth in outstanding credit card balances extended by banks has fallen. It is down from the peak of 14 per cent year on year in growth in the second quarter of 2012, to an average of 2.6 per cent increase in the first nine months of this year.
Asian banks’ operating income could be hit by fintech disruption: MAS Channel NewsAsia 30th Nov 2017
Asian banks that do not take any action against the rise of financial technology (fintech) could see their operating income take a hit, said the Monetary Authority of Singapore (MAS) on Thursday (Nov 30) in its latest Financial Stability Review. For lenders in Singapore that do nothing to stave off the disruption, that could mean a 5 per cent loss in operating income over the next five years, the central bank warned. The rise of fintech has stiffened competition in the payments, as well as the deposit and lending business. The former has seen more fintech companies offer payment options that compete directly with debit and credit cards issued by banks. Meanwhile, in the deposit and lending space, lower set-up costs have allowed fintech players to offer more attractive deposit rates. Such competition poses a threat to incumbent banks by eroding their deposit funding base.
Food & Agriculture
Move to rein in hype over formula milk The Straits Times 10th Dec 2017
Infant milk powder labels often tout a host of ingredients that ostensibly boost brain and eye development as well as a myriad of other benefits. But they may have to become much plainer if such claims, and even more innocuous ones, like "Calcium helps to build strong bones", are outlawed. Ms Seah Peik Ching, the Agri-Food and Veterinary Authority's (AVA) regulatory administration group deputy director, told The Sunday Times: "Under our regulations, there's a list of nutrient composition requirements where all the products need to contain these basic nutrients, so there's no reason for (brands) to highlight them." The AVA is gathering feedback for its proposal to ban health and certain nutrition claims, as well as images that idealise formula over breast milk on labels.
AVA to ramp up monitoring of farms for resistant bacteria The Straits Times 4th Dec 2017
In the face of a global spread of antibiotic resistance, the Agri-Food and Veterinary Authority of Singapore (AVA) will be ramping up the monitoring of resistant bacteria in livestock reared at local farms. This is because antibiotics fed to animals can end up affecting human health upon consumption. The authority said it is expanding its surveillance programme in phases to all animal production sectors, including farms rearing fish, cattle and goats. Besides the animals themselves, their products, such as milk, will also be monitored.
Programmes that aim to tackle urban food production and antimicrobial resistance launched Channel NewsAsia 1st Dec 2017
Three new research programmes that aim to address global challenges were launched at the Campus for Research Excellence and Technological Enterprise (CREATE) on Friday (Dec 1). CREATE is an international research hub built on institutional partnerships together with seven overseas universities - the Massachusetts Institute of Technology (MIT), University of California Berkeley, Cambridge University, ETH Zurich, Technical University of Munich, Hebrew University of Jerusalem, and Shanghai Jiao Tong University. The new programmes were announced by Minister for Finance Heng Swee Keat at a symposium celebrating CREATE's 10th anniversary.
Promoting food safety and trade with the help of nuclear techniques: Singapore hosts interregional training course on strategic food monitoring and sampling plans IAEA 1st Dec 2017
Seventeen specialists in food safety from Singapore, Mongolia and Tunisia participated in a training course on Radionuclides in Food organised by the International Atomic Energy Agency (IAEA) in cooperation with the Government of Singapore through the Agri-Food & Veterinary Authority (AVA) at the Veterinary Public Health Centre from 9 to 13 October 2017. Food safety and quality have become increasingly important world-wide in recent years, not only in terms of protecting the health of the consumer and ensuring food security, but also in regard to meeting international trade requirements. The training course was designed to provide participants with knowledge to set up or upgrade capabilities for radionuclide testing in food, and to implement appropriate monitoring programmes in their own countries and enable more effective contributions to relevant standard/guideline setting and implementation. The training also provided an opportunity for networking among the participating institutions and staff.
Health & Life Sciences
Calls for stronger partnership between public, private healthcare providers Channel NewsAsia 12th Dec 2017
The Ministry of Health is looking for more opportunities for public and private healthcare providers to work together as Singapore's healthcare needs are set to grow.
Govt spending on healthcare to rise sharply in next 3-5 years: Heng Swee Keat The Straits Times 6th Dec 2017
Finance Minister Heng Swee Keat expects government expenditure on healthcare to "rise quite sharply" in the next three to five years and beyond. Speaking to the media after a tour of Changi General Hospital and Saint Andrew's Community Hospital on Wednesday (Dec 6), Mr Heng said he predicts that by 2020, government spending will go up by "at least $3 billion". In this year's Budget, the Ministry of Health (MOH) received $10 billion, up from the $4 billion health received in 2010.
SingHealth and A*Star tie up to tackle prevalent diseases in Asia The Straits Times 8th Dec 2017
Diabetes patients may not have to go to the clinic to have their blood sugar levels checked in future, as they could get this done at home through remote technology - another arsenal in the war against diabetes. Such is the concept of the diabetes clinic of the future, an approach which will be adopted at SingHealth's Diabetes and Metabolism Centre at Singapore General Hospital. (SGH)
Fee guide helps treat health costs The Straits Times 7th Dec 2017
How much should an orthopaedic surgeon charge for a simple knee replacement? In the private sector today, one in four charges more than $13,215, and a similar number peg fees at less than $7,747. This is just the surgeon's fee and does not include the cost of the artificial knee, use of the facility or what the anaesthetist is paid. Is a surgeon whose fee is double that of another doubly good? Is he charging what the market can bear? Or does his fee depend on whether a patient has an "insurance rider", which means the patient's insurance pays his full medical bill with no co-payment on his part?
Ministry of Health to introduce fee benchmarks for medical procedures Channel NewsAsia 30th Nov 2017
Patients can soon look up a recommended range of medical fees to help them decide where they should go for a procedure. The Ministry of Health (MOH) will appoint a committee by early next year to come up with fee benchmarks. This is part of the ministry's approach to ensure a sustainable healthcare system in the long term as the nation grapples with manpower constraints and rising costs in the healthcare sector, said Heath Minister Gan Kim Yong at a meeting with journalists on Tuesday (Nov 28). He said that there will be a range of fees that take into account factors such as the complexity of a medical case and the varying expertise of doctors. At present, the public can go on MOH's website to find out what patients pay for certain medical procedures at the various hospitals. Mr Gan also said he does not believe the move is anti-competitive as the fee benchmarks will be set by a committee comprising public and private healthcare institutions and government officials.
ICT
S'pore e-commerce agents face uncertain future as middlemen The Business Times 13th Dec 2017
Companies such as ezbuy - which purchase items on customers' behalf and ship them here for a fee - took off by offering consumers a convenient way to shop online with sellers overseas. But as retailers such as Alibaba and Amazon expand their international footprint, third-party resellers may not be around much longer, industry watchers told The Business Times.
S'pore eyes seamless digital transactions to help firms, migrants The Straits Times 6th Dec 2017
Singapore envisions seamless digital transactions across Asean that can help small companies do business more easily and give migrant workers a better deal. To make this happen, Singapore will champion digital technologies and strengthen cyber security as chairman of Asean next year, Foreign Minister Vivian Balakrishnan said.
Technology has put content pirates ahead of the curve, experts say TODAY 5th Dec 2017
Technology advancements have put purveyors of piracy ahead of the curve, making it more difficult to tackle the issue, said intellectual property lawyers and experts. Their comments came in the wake of Bloomberg’s report on Monday (Nov 4), in which the Asia-based Coalition Against Piracy called Singapore a haven for piracy of copyrighted programming by media companies such as Walt Disney and HBO.
Big jump in cybercrime cases in Singapore The New Paper 4th Dec 2017
The number of computer misuse and cyber security cases has shot up from 280 reports in 2015 to 758 last year, police told The Straits Times.
Singapore's outsourced data centre market generated S$1.3b in 2017: Study Channel NewsAsia 18th Dec 2017
The local colocated, or outsourced, data centre market generated an estimated US$934 million (S$1.3 billion) this year, according to a recent study released by Structure Research. The Canada-based research firm said in its study that this figure is projected to grow 13 per cent in 2018, and the market will grow at 12 per cent compound annual growth rate to hit US$1.5 billion (S$2 billion) by 2021. There are 46 colocation providers in Singapore, including providers with their own colocation data centres as well as sizeable resellers, and together they sell colocation space in 58 operational data centres here today, it added.
NTU and M1 to develop traffic management system for drones on faster 4.5G mobile network TODAYonline 7th Dec 2017
A research partnership inked on Thursday (Dec 7) could one day enable hundreds of drones to safely deliver parcels, or survey and inspect a given area, along pre-determined routes at the same time. Under the three-year initiative, Nanyang Technological University (NTU) and telecommunications firm M1 will develop a traffic management system for drones here using 4.5G mobile networks. In the past eight months, researchers have test-flown a drone on the 4.5G Heterogeneous Network (HetNet) for the first time. The 4.5G network, which is a faster version of the 4G data network used on mobile phones, allows operators to pilot their drones even when the unmanned aircraft systems are out of their line-of-sight. Currently, most drones operate on 2.4G networks, which are similar to wireless bandwidths. These unlicensed networks can be interfered by radio signals and are susceptible to hacking. They also have a lower flight ceiling of about 61 metres and can generally fly drones up to 4km in distance. The 4.5G network is secured as it is tied to a mobile SIM card. It will allow drones to go further than 4km if their batteries permit.
Infrastructure
KL-S’pore HSR to have four high speed trains per hour TODAYonline 8th Dec 2017
The Kuala Lumpur-Singapore High Speed Rail (KL-SG HSR) will be served by four high speed trains per hour once it commences operations in 2026. MyHSR Corp Sdn Bhd director of the commercial division Tonny Yeap said that two high speed trains will offer an express service between two stations – the Bandar Malaysia terminal in Kuala Lumpur and the Jurong East terminal in Singapore. “The other two trains will cater to the domestic service, with in-between intermediary stop at seven stations in Malaysia, namely Bandar Malaysia, Bangi-Putrajaya, Seremban, Melaka, Muar, Batu Pahat and Iskandar Puteri,” he said. Mr Yeap added that both services are expected to reduce travel time between the two countries to less than two hours, with the trains moving at 350km per hour.
Manufacturing
Private sector PMI rises to 55.4 in November Singapore Business Review 5th Dec 2017
The new reading is the highest since 2Q2013. The headline Nikkei Singapore Purchasing Managers’ Index (PMI) rose from 54.2 in October to 55.4 in November. According to IHS Markit, the latest reading was the highest seen for nearly 3.5 years, which also brought the average PMI so far in the final quarter of 2017 to the strongest seen since the second quarter of 2013. Output increased to the greatest extent for over a year, in line with higher sales. Inflows of new business rose further and at the fastest pace in almost four years. IHS Markit principal economist Bernard Aw commented, "The Nikkei Singapore PMI data accurately foretold of the stronger growth in the third quarter and the November reading brings the PMI average for the fourth quarter up to 54.8, which is consistent with an annual GDP growth of over 5.0%." "This suggests that the current strong growth momentum is likely to be sustained through the three months to December," Aw added.
Manufacturing PMI hits highest reading in six years Singapore Business Review 4th Dec 2017
It rose 0.3 point from last month to 52.9. Singapore's purchasing managers index (PMI) hit the highest reading since December 2009 as it rose 0.3 point to 52.9 in November. According to the Singapore Institute of Purchasing and Materials Management (SIPMM), the Singapore manufacturing PMI has recorded its 15th month of consecutive expansion. The higher reading was attributed to a faster rate of expansion in most key indicators, except for the contraction in the supplier deliveries, which dropped to 49.3. The manufacturing expansion was broad-based and across most sectors. Amongst key indicators, new orders which grew 54.1, output that expanded to 54.4, and new exports which hit 53.3, saw the fastest expansions.
Singapore's manufactured products price index up 2.1% in October Singapore Business Review 30th Nov 2017
The Singapore Department of Statistics (SingStat) revealed that the manufactured products price index (SMPPI) rose by 2.1% YoY in October. The oil and non-oil indices went up by 12.9% and 0.2%, respectively. Amongst the non-oil sub-indices, five commodities recorded higher prices. Prices of chemicals & chemical products rose 4.9%, miscellaneous manufactured articles jumped 4.7%, manufactured goods increased 3.6%, animal & vegetable oils rose 1.9%, and crude materials went up 0.9%. These were partially moderated by lower prices of three commodities. Beverages & tobacco fell 4.4%, machinery & transport equipment wore down 3.5%, whilst food & live animals dropped 1.7%. The SMPPI edged up 0.1% MoM in October, compared to the 1.5% increase in September. The SMPPI monitors price changes of locally manufactured commodities. The weights of the index are derived from the distribution of local production by commodity in 2011.
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