Singapore Morning News For August 11

Singapore Morning News For August 11

Singapore morning newsSingapore narrows 2017 GDP forecast as Q2 growth quickens to 2.9%
The full year growth forecast for the Singapore economy has been narrowed to 2 to 3 per cent, from the earlier range of 1 to 3 per cent, said the Ministry of Trade and Industry (MTI) on Friday (Aug 11) as data showed the economy growing quicker than initially thought in the second quarter.
Channel NewsAsia 

Economists expect Q2 growth to be revised upwards
ECONOMISTS expect a more modest second-half economic growth, so the latest government forecast of around 2.5 per cent growth for this year, announced by Prime Minister Lee Hsien Loong in his National Day message, points to an upward revision to the second-quarter gross domestic product (GDP).
The Business Times 

Singapore playing catch-up in mobile banking use: Study
Despite the Republic having one of the highest mobile penetration rates among millennials in the world, only 67 per cent of this group indicated regular mobile banking use. This contrasts with market leaders the United States (78 per cent) and China (75 per cent), according to a study by Australian telecom network Telstra.
Today Online 

Singtel deploying Massive MIMO
Singtel is deploying Massive MIMO (multiple-input multiple-output) technology commercially on its LTE-Advanced mobile network to improve the mobile data experience during special events.

Singtel posts 5.6% drop in fiscal Q1
SINGTEL reported a 5.6 per cent drop in net profit, including exceptional losses, to S$891.6 million for the first quarter ended June 30 on the back of lower share of results of associates and joint ventures.
The Business Times  

Changi Airport turns to robots to keep T4 clean
As Changi Airport embraces automation to beat the labour crunch, it is also turning to robots to keep its latest addition – Terminal 4 – spanking clean.
Channel NewsAsia

Malaysia’s central bank criticises SGX’s trading of ringgit futures
Malaysia’s central bank Bank Negara Malaysia on Wednesday (Aug 9) hit out at the Singapore Exchange (SGX) after the bourse rolled out the trading of ringgit futures on its exchange last month.
Channel NewsAsia

Singapore bank DBS partners sgCarMart, Carro in new online car portal
Local bank DBS entered the car sales industry on Thursday (Aug 10) with the launch of its online consumer marketplace for car buyers and sellers it calls DBS Car Marketplace.
Channel NewsAsia 

Singapore non-oil domestic exports growth slows sharply to 2.7% in Q2
NON-OIL domestic exports (NODX) continued to grow year on year in the second quarter but the pace slowed sharply from 15.3 per cent in the first quarter to 2.7 per cent.
The Business Times 

Singapore’s Economy Grows Faster Than Previously Estimated
Singapore’s economy grew at a faster pace in the second quarter than previously estimated by the government, as a recovery in global trade helped to buoy manufacturing.

Singapore’s OCBC aims to tap flagship Chinese initiatives for growth
Singapore’s second largest lender, Oversea Chinese Banking Corporation, aims to benefit from China’s flagship “Belt and Road Initiative” and Greater Bay Area projects, according to chief executive Samuel Tsien.
South China Morning Post

Singapore PM declares ‘war on diabetes’ in National Day message
Singapore PM Lee Hsien Loong has said the city state needs to “go all out” to fight the soaring number of diabetes cases.

MAS and CAD sound warning over digital tokens and related investment schemes
MAS and CAD sound warning over digital tokens and related investment schemesTHE authorities have warned the public about the risks tied to investment schemes involving digital tokens, even as the fast-growing industry attracts believers – and enlarges the pool of those who could end up losing their money.
The Business Times 

Singapore’s services growth picks up pace; manufacturing still leads economic expansion in Q2
SINGAPORE’S services sector showed signs of improvement in the second quarter, while manufacturing continues to be the star performer, although growth came at a slower pace, according to the latest data released by the Ministry of Trade and Industry on Friday morning.
The Business Times 

Shoppers, tenants head elsewhere as Century Square mall renovation nears
Weeks before Century Square mall in Tampines shuts for a major renovation, the number of people going there has fallen by as much as half, with anchor tenants leaving and shoppers seeking other options at nearby malls.
Today Online 

DBS wades into used car market with launch of online site
Singapore’s largest lender officially launched DBS Car Marketplace yesterday, the biggest direct seller-to-buyer car marketplace in the Republic, in partnership with sgCarMart and Carro.
Today Online 

New homes to have smoke detectors
All newly built homes – Housing Board flats as well as private residences – will have to be installed with smoke detectors from next June, when an updated Fire Code is released, The Straits Times understands.
The New Paper

Reserved election ‘affirms values of multiracialism & meritocracy’
That Singapore will soon have a Malay president after 47 years is, for presidential candidate Halimah Yacob, an affirmation of two core values Singaporeans hold dear: multiracialism and meritocracy.
The New Paper 

We plan to deploy $300m commitment from KKR by next year-end: Rajesh Kamat, Emerald Media
Emerald, that was established as a Pan Asian media platform to focus on early to mid-level assets with an investment size between $20-$75m for private equity firm KKR & Co., plans to deploy the entire the entire $300 million (it got from KKR) by the end of next year, its managing director Rajesh Kamat, said in an interaction.

SE Asia: One large market or several smaller plays? Hear from top investors at Asia PE-VC Summit
The 640 million people-strong Southeast Asia region has been seeing a spate of deal activity on the back of strong investor and corporate interest from across the world.

Singapore: Centurion Corp to acquire student hostel asset near Yale for $70m
Singapore’s Centurion Corporation Limited is planning to acquire US-based College & Crown, a 160-unit student accommodation asset with 204 beds, for an aggregate consideration of about $70 million (S$95 million).

Singapore fintech hub Lattice80 to open office in India in global push
Singapore fintech hub Lattice80 plans to open an office in India by the end of next month, the first step in a global expansion that will spread to London, New York and the Middle East.

Changi’s biggest ground handler launches travel app with novel features such as home delivery for pocket Wi-Fi
Changi Airport’s biggest ground handler has launched a new travel app that allows users to do more than just access information on deals and attractions, and flight schedules.
The Straits Times 

Singapore Issues Additional Advisory On Investment Schemes Involving Digital Tokens
On August 10, 2017, the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) released a consumer advisory regarding token offerings and cryptocurrencies, which comes a few days after MAS’s August 1 clarification on its position on token offerings.

SIA to set up pilot training centre in Singapore with CAE
SINGAPORE Airlines (SIA) is teaming up with CAE to set up a pilot training centre to cater to demand from the fast-growing Asia-Pacific region.
The Business Times 

Singapore in line as Malaysia gets offer of rocket launchers
China will offer Malaysia advanced rocket launchers and a radar system to be based on the southern tip of the country, a move that could raise security concerns for neighboring Singapore.
The Standard

Feature photo Marco Verch
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Singapore morning news by AEC News Today is your one stop source for Singapore news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.



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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.

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