| National Affairs
S'pore cannot be "winner takes all" society: PM Lee Straits Times 12th Jan 2014
Singapore cannot be a society where the winner takes all, said Prime Minister Lee Hsien Loong. He was speaking to students receiving Edusave awards at his Teck Ghee ward in Ang Mo Kio GRC on Saturday. Mr Lee said they may have worked hard for their success, but since they also received help from the people around them, they have a responsibility to help others and to care for them. It was a school trip to Japan which helped Secondary 4 student Soh Jing Zhi realise the importance of social responsibility. When he returned to Singapore, he rallied his schoolmates to take charge of cleaning their own school. Besides taking a leadership role in his co-curricular activity (Concert Band), Jing Zhi is also among the top three of his cohort last year - earning him the Edusave Scholarship, which is given to students who are in the top 10 per cent of their cohort. Jing Zhi, who studies at Chong Boon Secondary School, said: “I enjoy what I do, so I do not find it a chore to keep up with my studies. To manage my time well, I have a schedule to keep to. Especially when I'm studying, I try to block out any distractions to keep myself on task.”
Singapore looks to curb hiring of expats Economic Times 10th Jan 2014
Singapore has joined the bandwagon of protectionist regimes when it comes to employment of foreign workforce. A revised monthly salary structure for expats has already kicked in. Further, from August, those wishing to hire expats will need to first advertise for local (Singaporean) employees. Indian companies deputing employees from India to work in Singapore, or even subsidiaries in Singapore seeking to hire Indian employees will need to have a relook at their salary structures.
Mixed blessings SEA Globe 9th Jan 2014
Yong Vui Kong fell to his knees when he heard the judge’s verdict. The Malaysian had spent the past five years on Singapore’s death row, but now he had been granted clemency; his sentence was commuted to life imprisonment and 15 strokes of the cane. This judgment was made possible by amendments to Singapore’s death-penalty legislation voted in by parliament on November 14 of last year. According to these changes, judges now have the option to impose life sentences with caning if those convicted of drug trafficking fulfill certain criteria: if they have provided substantial assistance to investigators and if they are found to have been couriers only. Those with mental disabilities may also be spared if their disability is found to substantially impair their judgment. Singapore’s government sees this development as a fine-tuning of their well-known “zero tolerance” stance against drug trafficking. When presenting the amendments in parliament, Deputy Prime Minister Teo Chee Hean said: “The changes announced today will sharpen our tools and introduce more calibration into the legal framework against drug trafficking, and put our system on a stronger footing for the future.” But a new sentence does not necessarily mean the end of suffering: Caning is no trivial matter. Like capital punishment, corporal punishment has been a controversial issue in Singapore. Only 33 countries retain judicial corporal punishment, and critics claim that the violence meted out upon male inmates amounts to torture. “Prison is supposed to rehabilitate individuals and help restore these people back into society when they are released. I am not sure how the violence and mental and physical trauma of caning can seek to achieve that purpose in the most holistic sense,” said Rachel Zeng of the Singapore Anti-Death Penalty Campaign. “Criminals do not need to be killed, tortured, humiliated or treated violently in order to bring justice to the society at large or to the victims and their families.”
S'pore leaders will not waver on two core beliefs as pursuit of excellence evolves: Heng Straits Times 8th Jan 2014
Singapore's leaders will not waver on two core beliefs even as they continue striving for success, Education Minister Heng Swee Keat said on Wednesday. These are that everyone must have a role and stake in the success, and that the key to future success lies in developing the young. "How we go about pursuing excellence will change with time and conditions, but what must not change is our belief that success must be shared, both in the making and the partaking, by all in our society," he said at a book launch by former civil service chief Lim Siong Guan.
'Crisis mode over, but challenges remain' Straits Times 8th Jan 2014
WITH Singapore's economic restructuring in full swing and the global economy on the mend, local businesses are being urged to get out of crisis mode. They need to find the right industries and markets to expand into, experts advised at a forum held yesterday. But to be able to do so, local firms, especially small and medium-sized enterprises (SMEs), will need support with branding, innovation and raising productivity. Such aid would help them deal with the perennial problems of high business costs and manpower shortages, said the panel of 16 tax experts, economists and business leaders at a pre-Budget roundtable discussion held by the Institute of Singapore Chartered Accountants (Isca). In short, local firms need more support to better compete globally. Budget 2014, to be delivered by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Feb 21, will likely continue with the theme of productivity-led growth, said Isca president Ernest Kan.
Singapore’s marginalised migrants The Hindu 2nd Jan 2014
A brief spell of rioting by low-skilled Indian migrant workers in Singapore has once again brought to the fore questions on integration and social harmony —– an issue haunting many countries such as the UK, Germany and Italy. Early this year, citizens of this island-nation vehemently opposed in large numbers a White Paper proposed by the government to enhance the population to 6.9 million by 2030, from the current 5.4 million. The proposal was based on the fact that the country has been registering a below-replacement level fertility rate for several years and the proportion of the ageing population is estimated to be high from 2020 onwards. Hence, other means to attain a steady increase in the population, and to ensure economic productivity were focused on, i.e. to encourage migration by 15,000 to 25,000 immigrants per year and to attract Singaporean expatriates back to their home country.
Singapore's economy grows 4.4% on-year in Q4 2013 CNA 2nd Jan 2014
The Singapore economy grew 4.4 per cent on a year-on-year basis in the fourth quarter of 2013, down from 5.9 per cent in the previous quarter. This is according to advance estimates from the Ministry of Trade and Industry. The city-state's fourth quarter gross domestic product (GDP) came in below economists' expectations of about 4.8 per cent. But some economists tell Channel NewsAsia that Singapore's economic outlook in 2014 remains positive, thanks to the global economy picking up. For the whole of 2013, the economy is estimated to have grown by 3.7 per cent. This is in line with the government’s growth forecast of 3.5 to 4 per cent. Still, experts see Singapore's economy benefiting from the economic recovery in the US, Europe and China in 2014.
Singapore, still growing strongly, resists social transformation EAF 31st Dec 2013
Throughout 2013, Singapore’s macroeconomic management revealed the economy’s strengths. Official estimates of Singapore’s real economic growth of between 3.5 and 4 per cent for 2013 compare favourably to the IMF’s World Economic Outlook of October 2013, which showed an average growth rate of 1.25 per cent for developed economies and 5 per cent for developing economies. Unemployment remains low at about 2 per cent and job openings continue to outnumber job seekers. Meanwhile, inflation eased relative to previous years and is expected to be in the range of 1.5 to 2 per cent for 2013. Singapore’s attempts to find new growth niches also had some success this past year as evidenced by its new role as an offshore renminbi clearing centre. Yet in affluent and rapidly ageing Singapore, the impact of raw growth on quality-of-life concerns is increasingly limited. The concerns of the population are nuanced and require the fruits of growth to be channelled towards specific social outcomes. These concerns include relative poverty; access, equity and affordability in healthcare; and retirement income provision. Consistent with similarly situated countries, the Singaporean public desire higher quality urban amenities, especially in public transport and recreation spaces, and meaningful participation in issues affecting them. Yet policymakers continue to respond to these desires by slightly tinkering existing philosophies, policies and programmes, even when there is a strong case for more substantive reforms.
Govt intervention to keep housing bubbles in check is right move: Khaw Boon Wan CNA 23rd Dec 2013
National Development Minister Khaw Boon Wan has said that while the property cycle cannot be completely eliminated, the government can try to keep housing bubbles "less bubbly" by intervening. Writing on his Facebook page on Monday, Mr Khaw said that is the right thing to do, even if it may make some developers and home sellers unhappy. Ireland's property prices peaked in 2007 in tandem with a booming economy. But according to an article in the New York Times last weekend, prices have fallen by nearly 50 per cent since, as the country's housing bubble burst.
Banking
Goldman Sachs Denies Singapore Stock Dump, Countersues Bloomberg 10th Jan 2014
Quah Su Ling sued Goldman Sachs International in London, accusing it of breach of contract for selling her shares in Blumont Group Ltd., Asiasons Capital Ltd. (ACAP) and LionGold Corp. and depressing their prices. Goldman Sachs International countersued for $12.3 million it says it’s still owed. Goldman Sachs International sold the shares in an “orderly and measured manner -- consistent with industry practice and accepted standards -- over the course of three weeks,” the bank said in court papers filed in London and made available this week. The lawsuit is Quah’s “attempt to delay or avoid repayment of debt.” Shares of the three Singapore companies tumbled with Asiasons falling 62 percent on Oct. 4, while Blumont declined 56 percent and LionGold was down 42 percent. Over three days from Oct. 4, the declines erased $6.9 billion from Singapore’s bourse value. The Monetary Authority of Singapore and the city’s stock exchange said they would probe activities around the shares of the companies. Quah, the Chief Executive Officer of IPCO International Ltd., claimed Goldman Sachs demanded she repay $48 million within 1 1/2 hours on Oct. 2 and started selling her shares. The bank hadn’t informed her previously of any shortfall in her margin loan or give her reasonable time to make payment, Quah said in court papers.
Customs
Singapore, Turkey to begin FTA talks CNA 10th Jan 2014
Singapore and Turkey will commence negotiations on a comprehensive bilateral free trade agreement (FTA). Prime Minister Lee Hsien Loong announced this at a joint press conference with Turkish Prime Minister Recep Tayyip Erdogan after their meeting on Thursday afternoon. Mr Erdogan is in Singapore on his first official visit. He is accompanied by an 80-strong delegation comprising ministers and businessmen. Mr Lee said instructions have been given to the economic and trade ministers of the two countries to start negotiations on the FTA. In financial cooperation, both leaders agreed to begin a regular dialogue between finance ministries to engage on issues such as macroeconomic development, multi-lateral cooperation and long-term financing. The leaders also witnessed the signing of a memorandum of understanding to boost counter-terrorism cooperation.
BMW at $213,000 Is Singapore Way to Encourage Train Rides Bloomberg 8th Jan 2014
Singapore will stick to a licensing system that has made it one of the world’s most expensive places to buy a car, limiting vehicle ownership to encourage more people to use public transport. Singapore needs the so-called certificate of entitlement for the “short and medium term” because of land limitations and road congestions, Lui Tuck Yew, minister of transport, said in an interview yesterday. More than 20,000 vehicles were sold in the city-state between January and November 2013, with luxury automakers Daimler AG (DAI) and Bayerische Motoren Werke AG (BMW) emerging as the top two sellers, making up one in every three cars sold. The island state, smaller in size than New York City, is spending S$60 billion ($47 billion) in the next decade to double its metro rail network and make public transport attractive in a nation where a BMW 328i sedan costs S$270,800, six times its price in the U.S. Rising wealth has led to more car sales and traffic jams while the influx of foreign labor has overcrowded trains, prompting an overhaul of the transport system.
Defense & Security
US army pacific commanding general on introductory visit to S'pore Straits Times 6th Jan 2014
The Commanding General of the United States Army Pacific (USARPAC), General Vincent Brooks, called on Singapore's Defence Minister Ng Eng Hen at the Ministry of Defence on Monday afternoon. As part of his introductory visit to Singapore from Sunday to Tuesday, Gen Brooks will visit the Multi-Mission Range Complex, Singapore's new indoor firing range, and the Murai Urban Training Facility, an urban military training centre. The Singapore Army and USARPAC interact regularly through professional exchanges, courses, visits and military exercises such as Exercise Tiger Balm. "These interactions have enhanced the professionalism and inter-operability of the two armies, and strengthened the mutual understanding and friendship between their personnel," said the Ministry of Defence in a statement. "Both armies look forward to further enhancing bilateral training opportunities."
Singapore Airshow Preview 2013 AIN Online 3rd Jan 2014
Next month’s Singapore Airshow, to be held from February 11 to 16 at the Changi Exhibition Center, adjacent to Singapore’s Changi International Airport, promises to remain the main aerospace trade event in Asia this year. New this year will be an Aviation Training Zone, while the U.S. will be the “first ever Feature Country,” according to organizers. With the region so full of potential growth–most notably China, Indonesia and other Southeast Asian nations, as well as India–exhibitors from the Americas and Europe will be eager to develop relationships and sign deals. The last show, held in February 2012, saw 900 exhibitors from 50 countries, including 60 of the world’s top 100 aerospace companies. There were also 22 national or group pavilions. The event attracted almost 45,000 visitors from 134 countries during the four trade days (the turnstiles clicked 135,000 times over the whole six days), and there were 274 delegations from 70 countries. As the show closed, organizers claimed that some $31 billion (U.S.) worth of deals had been announced at the event–three times the sum for the 2010 event.
Corvettes and OPVs: Offshore Investments in South East Asia and Oceania Defense Studies 31st Dec 2013
The question can best be understood by looking at Malaysia. To meet its New Generation Patrol vessel (NGPV) requirement the Royal Malaysian Navy selected the Blohm & Voss MEKO 100 design as the ‘Kedah’ class. They seem to be OPVs at first sight for their armament consists of a 76mm (three-inch) gun and a 30mm (one inch) gun but they feature a sophisticated combat management system, an electro-optical director, a chaff launcher and are equipped to operate surface-to-surface missiles, surface-to-air missiles and an electronic warfare suite. These are not installed but it was recently revealed that Kuala Lumpur now intends adding anti-ship missile systems to them. They are rated in the naval bible, Jane’s Fighting Ships as corvettes and will be joined by DCNS ‘Gowind’ class ships ordered last year from France’s DCNS with the first example to be delivered in 2017. The French Navy operates one as an OPV but the design can be used as a corvette and Malaysia intends operating them in this role.
Energy
Exxon inaugurates petrochemical processing facility in Singapore FT 8th Jan 2014
ExxonMobil, the US energy group, is moving to capitalise on growing demand in Asia by inaugurating the world’s first facility that processes crude oil directly into petrochemical products at a facility in Singapore. The facility, part of a plant that accounts for a quarter of Exxon’s global chemical output, is the largest single manufacturing investment in the Asian city-state. A person familiar with the oil trading industry said that Exxon had invested more than $3.5bn in the facility. Higher living standards in Asia have led to a jump in demand for petrochemicals, used to make polythene and polypropylene, which are components in packaged consumer goods and synthetic fibres that make clothing. Rex Tillerson, chief executive, said global chemical demand would grow faster than gross domestic product expansion as living standards continued to rise.
Renewable energy can meet 10% of power demand without govt subsidies: SEAS Eco Business 25th Dec 2013
Renewable energy sources can generate up to 10 per cent of Singapore’s power demand by 2020, compared to less than 1 per cent today. According to a white paper released by the Sustainable Energy Association of Singapore (SEAS), this potential can be achieved without government subsidies but requires an estimated S$4 billion investment from the private sector over the next 12 years. The association currently has more than 160 members and represents the interests of companies in the sustainable energy industry and other related stakeholders. Solar energy, biomass and biogas are key renewable energy sources identified as sustainable alternatives to Singapore’s growing energy needs. According to the white paper, solar photovolatics is expected to generate some 4.8 per cent of the nation’s 2025 forecasted power needs, while biogas and biomass will contribute to some 2 per cent of the demand. The white paper suggests that companies invest in adopting the use of such renewable sources,which industry experts say are economically viable.
Financial Services
Singapore shares return to winning ways on upbeat US trade data Straits Times 8th Jan 2014
The Singapore market jumped back to winning ways on Wednesday after upbeat trade data from the United States. The benchmark Straits Times Index rose 29.77 points or 0.95 per cent to 3,150.65 as it snapped three sessions of declines. The banks were among the index gainers. DBS Group Holdings jumped 33 cents or 1.9 per cent to $17.37 and United Overseas Bank increased 38 cents or 1.8 per cent to $21.10.
Singapore: Nationale Suisse sets up branch Asia Insurance Review 10th Jan 2014
International Swiss insurance company Nationale Suisse has received a licence for its Singapore branch from the local authorities, the Monetary Authority of Singapore, allowing it to insure risks directly and to offer facultative reinsurance in Singapore and other Asian markets. The branch office of the Basel-based parent company is fully operational and offers tailored solutions in the engineering, marine and art sectors. These include insurance for construction and infrastructure projects, cover for operational technical risks in specific industries (including business interruption), transport insurance, and the insurance of works of art and art collections. The new branch represents another long-term driver of growth and income for Nationale Suisse. It operates under the name Swiss National Insurance Company Ltd (Singapore Branch).
Singapore May Step Up Money Laundering, Terror Finance Rules Bloomberg 10th Jan 2014
The Monetary Authority of Singapore may step up regulations to curb money laundering and terrorism financing risks posed by remittance agents, money changers and some Internet-based payment systems. Controls on pawnbrokers and corporate service providers such as lawyers and accountants can also be improved, according to a government risk study released today. Singapore authorities are closely monitoring virtual currencies such as Bitcoins that may be used for illegal activities and will consider regulation if needed, according to the report. “Singapore’s openness as an international transport hub and financial center exposes it to inherent cross-border” money laundering or terrorism financing risks, according to the study. MAS “has put in place a robust preventive regime. Nonetheless, there are areas for further enhancement.” The risk assessment study comes seven weeks after Singapore police and the bank association urged residents to be wary of fraudsters seeking to use their bank accounts to funnel illegal funds after an increase of reported cases last year.
Singapore: Catlin establishes branch in Lion City Asia Insurance Review 9th Jan 2014
Bermuda-headquartered international specialist property/casualty insurer and reinsurer, Catlin Group, has announced that it has opened a new insurance and re-insurance branch in Singapore. The group says that it commenced selling specialty lines of direct insurance in Singapore and reinsurance throughout the Asia Pacific region through Catlin Insurance Company Ltd (CICL) on 1 January. The new operation will be managed by Catlin Singapore, Catlin's current Singapore-based underwriting operation. In a media release, Catlin Group says that the new company was established on 23 December last year, following the grant of a direct licence by the Monetary Authority of Singapore.
OUE to Start Taking Orders for $300 Million REIT IPO The Wall Street Journal 9th Jan 2014
Singapore-listed OUE Ltd. LJ3.SG 0.00% is set to start taking orders for its up to 400 million Singapore dollar (US$315 million) initial public offering for a real-estate investment trust, in the first of a slew of trust listings slated for the city-state this year. The developer , which is controlled by Indonesia's billionaire Riady family, will start taking orders from institutional investors early next week, people familiar with the deal said Thursday. The IPO would add to Singapore's profile as a destination for real-estate investment and business trust listings. It is also going to be a deal that will be closely watched by other companies that are queuing up to raise funds via REITs as they examine investor appetite for such structures. OUE, a developer of office buildings and hotels, is seeking to price its units at S$0.80 a piece, which translates to a 6.8% yield for 2014, two of the people said.
Temasek May Sell Bonds to Individual Investors in Singapore Bloomberg 7th Jan 2014
Temasek Holdings Pte, Singapore’s state-owned investment firm, is looking at ways to offer bonds to individual investors in the city state. Issuing fixed-income products will provide an “alternative investment opportunity” for investors seeking stable returns with lower risks, Stephen Forshaw, a spokesman for the company, said in a statement on its website in a response to a letter published in Today newspaper on Jan. 4. Temasek could join companies including Singapore Airlines Ltd., Genting Singapore Plc and Fraser & Neave Ltd., which have sold bonds to individual investors. The investment firm has a $10 billion medium-term note program where the securities are typically offered to institutions. The bonds have received top ratings from Standard & Poor’s Ratings Services and Moody’s Investors Service since 2004, according to Temasek’s annual report published in July. “Temasek is less risky than other corporate issuers,” Marie-Anne Garcia, a credit analyst at Oversea-Chinese Banking Corp. in Singapore, said by telephone. “They will offer to retail investors a broader range of means to invest in.”
Lim Chee Onn, Peter Ong reappointed to MAS board of directors Straits Times 31st Dec 2013
Senior International Advisor to Singbridge, Mr Lim Chee Onn, and Permanent Secretary of the Ministry of Finance Peter Ong have been reappointed to the board of directors of the Monetary Authority of Singapore (MAS) from today to May 31, 2016. They are part of a nine-member board chaired by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam.
Health & Life Sciences
Health Ministry working to tackle hospital bed crunch CNA 9th Jan 2014
In light of the bed crunch situation at hospitals, the Ministry of Health (MOH) is working to ensure that patients in public hospitals are cared for safely and comfortably. The ministry says an ageing population and a smaller family unit have led to increased demand for health care services. Senior Minister of State for Health Dr Amy Khor said this on the sidelines of a community event on Thursday. From December 29 to January 7, the Bed Occupancy Rate (BOR) at public hospitals ranged between 75 per cent and 95 per cent, with Tan Tock Seng Hospital and Changi General Hospital (CGH) having the heavier loads. Figures by MOH showed that waiting time for a bed ranged between two and nine hours. While there are plans to ramp up bed capacity with new hospitals and nursing homes, it will take time. Dr Khor said: “Even as we have put this plan (into place)… we are also proactively taking measures to address the bed crunch.
ICT
Singapore University's Innovative Online Safety Programme Future Gov Asia 10th Jan 2014
Singapore’s Nanyang Technological University (NTU) Director of Academic Projects at the President’s Office Dr Yuhyun Park has used an innovative educational entertainment programme to teach digital citizenship, moral character and critical thinking. The programme titled ‘iZ Hero Adventure: Fostering Citizenship in the 21st Century Digital Age’ uses animated characters to make learning fun and interactive. Focusing on digital safety education for children and youths aged between six and 13, it raises awareness of the dangers of the internet, such as obscene and violent content, abusive language, sexual predators, cyber bullies, and technology addiction.
Self-Tracking of Personal Health Iinformation Gains Ground in Singapore Future Gov Asia 6th Jan 2014
Supporting the growing trend towards patient engagement, a recent Accenture survey of more than 9,000 consumers across nine countries found that more and more patients believe they should have more access to their own Electronic Medical Record (EMR). In Singapore, for example, the survey shows that nearly all consumers (96 per cent) say they should have at least some access to their EMR, with roughly three out of four (73 per cent) surveyed saying they believe they should have full access. Corissa Leung, Accenture’s Managing Director for the ASEAN Health Industry, told FutureGov that this disconnect between consumers and physicians is likely to be more prominent as technology adoption accelerates, and physicians shift to a more open approach to delivering care. Additionally, many patients are taking ownership of their health records by self-tracking their personal health information. Self-tracking is a trend that is gaining traction in Singapore, with over half of patients surveyed in Singapore (63 per cent) reporting they actively track their health.
Singapore's Defence Scientist Supports Cyber Security Promotion Future Gov Asia 26th Dec 2013
With the Singapore government stepping up efforts to grow a strong pool of IT security professionals, Defence Science and Technology Agency (DSTA), a statutory board under Ministry of Defence (MINDEF), organised a timely camp to promote cyber security interest among youths. The camp, with MINDEF’s Chief Defence Scientist Quek Tong Boon as the Guest of Honour, provided more than 100 students from tertiary institutions a glimpse into the world of cyber defence. Students were taught how to detect system loopholes and vulnerabilities, spot security breaches and respond to an incident.
Infrastructure
When will Singapore roll back property curbs? http://www.cnbc.com/id/101325243 10th Jan 2014
With cracks beginning to emerge in Singapore's housing market following multiple rounds of cooling measures, questions are arising as to when the government will begin roll back its tightening policies. Private home prices in the city-state registered their first drop in seven quarters in the October-December period, falling 0.8 percent on-quarter. Meanwhile, public housing prices posted their second consecutive quarterly drop, down 1.3 percent – the worst reading in eight years.
Singapore to Double Changi Airport Capacity as Demand Increases Bloomberg 8th Jan 2014
Singapore plans to almost double the capacity of its airport over the next decade with two terminals as the economic growth in the Asia-Pacific region makes it more affordable for people to travel by air. Changi airport, Asia’s second-busiest for international travel, is expected to handle about 5 percent more passengers each year through the next decade, Singapore’s Transport Minister Lui Tuck Yew said yesterday. A fourth terminal, which will be built by 2017 at a cost of S$1.28 billion ($1 billion), will handle 16 million passengers annually. A fifth will be added in the middle of the next decade to handle 50 million travelers, he said. “We need to have capacity ahead of demand,” Lui said in an interview with Haslinda Amin. “You see rising income levels in Southeast Asia and Asia. You see aviation being increasingly within the reach of a larger segment of the population.”
BMWs at $213,000 Is Singapore Way to Push Trains: Southeast Asia SF Gate 8th Jan 2014
Singapore will stick to a licensing system that has made it one of the world’s most expensive places to buy a car, limiting vehicle ownership to encourage more people to use public transport. Singapore needs the so-called certificate of entitlement for the “short and medium term” because of land limitations and road congestions, Lui Tuck Yew, minister of transport, said in an interview yesterday. More than 20,000 vehicles were sold in the city-state between January and November 2013, with luxury automakers Daimler AG and Bayerische Motoren Werke AG emerging as the top two sellers, making up one in every three cars sold. The island state, smaller in size than New York City, is spending S$60 billion ($47 billion) in the next decade to double its metro rail network and make public transport attractive in a nation where a BMW 328i sedan costs S$270,800, six times its price in the U.S. Rising wealth has led to more car sales and traffic jams while the influx of foreign labor has overcrowded trains, prompting an overhaul of the transport system.
Singapore's maritime sector recorded good growth in 2013: MPA http://www.channelnewsasia.com/news/business/singapore-s-maritime/946060... 7th Jan 2014
Singapore's maritime sector recorded good growth in 2013 as the global economy recovers, said the Maritime and Port Authority of Singapore (MPA) on Tuesday. According to its advance estimates, annual vessel arrival tonnage and container and cargo throughput both hit record high last year. The annual vessel arrival tonnage reached 2.33 billion gross tonnes last year, up 3.2 per cent from 2012, while container and cargo throughput was up 2.9 per cent on-year to 32.6 million standard-size containers in 2013. 557.5 million tonnes of cargo was handled by the port last year -- up 3.6 per cent on-year. Singapore kept its position as the the world's top bunkering port, despite bunker sales dipping from 42.7 million tonnes in 2012 to 42.5 million tonnes last year.MPA said the total tonnage of ships under the Singapore Registry of Ships grew 13.2 per cent in 2013.
Singapore’s Developers Move From Best to Worst: Southeast Asia Bloomberg 30th Dec 2013
Singapore’s developers posted the worst performance on the benchmark Straits Times Index (FSSTI) this year after recording the biggest gains in 2012 as property curbs drove home sales lower and slowed price gains. Property stocks in Singapore, ranked the most-expensive city to buy a luxury home in Asia after Hong Kong, may further languish next year after the government took measures to cool prices. Home sales may decline 10 percent in 2014 while prices are expected to drop for the first time in two years, according to broker Chesterton Singapore Pte. The property curbs, which included stamp duties and other taxes on home purchases, led Citigroup Inc. and UBS AG to rate the city’s residential developers underweight in the past two months. CapitaLand Ltd. (CAPL) and City Developments Ltd., the nation’s two biggest listed developers, were among the three worst performers on the index after being in the top 10 last year.
Manufacturing
Singapore factory output shrinks for 1st time in 9 month Asia One 8th Jan 2014
Factories are starting the year on a lethargic note, with a leading indicator of manufacturing output pointing to slowing activity. The purchasing managers' index (PMI) came in at 49.7 last month, down 1.1 points from November and the first contractionary reading in nine months. A reading above 50 signals an expansion in manufacturing while one below 50 indicates contraction. The decline in the overall PMI was due to slower growth in new orders and new export orders, as well as a decline in production output, stockholdings of finished goods and imports. The PMI is compiled monthly by the Singapore Institute of Purchasing and Materials Management (SIPMM) from a survey of more than 150 industrial firms. CIMB economist Song Seng Wun said the latest readings suggest factories are still struggling and the manufacturing sector's recovery may be "losing steam". Recent manufacturing numbers showed that the chemicals, precision and transport engineering clusters have been a drag in recent months, he added. The disappointing PMI reading stemmed from both cyclical and structural issues, said DBS economist Irvin Seah. "The festive season and upcoming Chinese New Year lull are possible reasons why manufacturers are not in a rush to ramp up production," he added. But the dip is also a sign of the "tremendous pressure" the sector faces from rising domestic business costs and stronger regional competition, he said.
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