Singapore Morning News For August 25

Singapore Morning News For August 25

Singapore morning news

Singapore financial sector conducts terror, cyber attack simulation to test business continuity
Singapore’s financial sector underwent simulated terrorist and cyber attacks on Thursday (Aug 24), as part of efforts to ensure they had good plans in place in the event of such crises.
The Straits Times (paywall)

Income tax, GST take taxman’s haul to new peak of S$47b
DESPITE a subdued economy, the Inland Revenue Authority of Singapore (IRAS) collected S$47 billion in tax revenue for its financial year ended March 31, 2017, up 5 per cent from S$44.8 billion a year ago.
The Business Times 

36 buildings may have combustible cladding that don’t meet safety standards; police investigating
A total of 36 buildings here may have used external cladding that do not meet fire safety requirements here, said the Singapore Civil Defence Force (SCDF) on Thursday (Aug 24).
Channel NewsAsia 

Banks to sustain loan growth until 2019
Growth for the said year is around 5-6%.
There is optimism in Singapore bank’s loan growths in the coming years.
Singapore Business Review 

Singapore tax revenue up nearly 5% to S$47b in FY2017
The 14 per cent, or S$1.3 billion increase in collection from individual taxes came about due to higher earnings and the end of one-off rebates given previously, the taxman said.
Channel NewsAsia (video)

Singapore Tourism Board to launch new marketing brand at London Cocktail Week
The Singapore Tourism Board (STB) and the Singapore Economic Development Board (EDB), 24 August, jointly unveiled their new unified international marketing brand, Passion Made Possible. A formal launch for the UK market during London Cocktail Week (2-8 October) will follow in October.
Conference News 

New bike-sharing company uses tech to cut indiscriminate parking
When it starts operations tomorrow, SG Bike, Singapore’s fourth bike-sharing company, will use built-in alarms and radio-frequency identification (RFID) to minimise indiscriminate parking.
Channel NewsAsia (video)

A fresh branding emerges from deep dive into Singapore spirit
IT’S no longer just about drawing tourists or businesses. Singapore’s latest branding exercise aims to capture the nation’s essence in its entirety.
The Business Times 

Luxury watch market ticks up ahead of time, thanks to Chinese orders
A BIG jump in orders from China has put the global market for luxury timepieces back on its feet sooner than expected, after having languished for more than two years.
The Business Times 

S’pore startups get leg-up to enter Thai market
THAILAND is now increasingly seen as an attractive potential market for Singapore tech companies in sectors such as e-commerce, enterprise services, fintech, agritech and healthtech, according to International Enterprise (IE) Singapore.
The Business Times 

Promoting Singapore through the years
STARTED operations as the Singapore Tourist Promotion Board (STPB) in 1964, the Singapore Tourism Board (STB) is responsible for developing Singapore’s tourism sector as well as promoting and marketing Singapore as a tourist destination.
The Business Times 

Building owners vow to replace substandard cladding
Owners of buildings found to have fallen short of fire safety standards said that they would take steps to comply with regulations and replace the improper materials, with one thinking of taking action against the contractor.
Today Online 

Chinese-Backed Singapore Bourse Gets Regulator’s Nod
Asia Pacific Exchange Pte, has received in-principle approval from the Monetary Authority of Singapore to start a third derivatives exchange in the city, according to people with knowledge of the matter.

Search and rescue ops for sailors missing after US warship collision suspended
The United States Navy has suspended a search and rescue mission for the American sailors who have been missing since Monday’s collision between the USS John S McCain and an oil tanker in Singapore territorial waters.
Today Online 

SBS Transit seeks feedback through Commuter Chat
Civil servant Hoe Siew Hiang was on her way home from work when she was approached for her thoughts about bus services by SBS Transit staff at Ang Mo Kio Bus Interchange yesterday.
The New Paper 

Singapore Business Review opens nominations for the inaugural Made in Singapore Awards 2017
Singapore Business Review is now accepting nominations for the inaugural Made in Singapore Awards 2017.
Singapore Business Review 

Fast Asia Open: Japan CPI, Singapore industrial production
Japan’s SoftBank and its Saudi-backed technology fund have agreed to plunge a combined $4.4bn into shared-office provider WeWork, in one of the largest single investments into a private company on record.
Financial Times

Meaningful exits require critical mass of liquidity: Golden Gate Ventures
Justin Hall, the principal of venture capital (VC) firm Golden Gate Ventures, believes that for the Singapore Exchange (SGX) to remain relevant and competitive as a listing venue, sustained investor education and enhanced liquidity are critical to its continued success as a bourse.

Are exits the main entry barrier for VC in South & SE Asia? Industry execs weigh in
Exits remain a challenge for venture capitalists invested in the Asian venture capital space, and pressure on entrepreneurs to return money to investors is only mounting.

Aviation industry pay continues to improve
The median gross monthly salaries for workers in aviation services were higher than the national median gross monthly salary in 2016, according to a manpower survey done by the Civil Aviation Authority of Singapore (CAAS).
The Straits Times (paywall)

S’pore’s new tagline: Passion Made Possible
Passion Made Possible – that is Singapore’s latest tourism branding, taking over from YourSingapore.
The Straits Times (paywall)

Singapore distributor conducting its own probe
The Singapore distributor behind the problematic cladding material, Alubond, said that it is conducting its own investigations even as it cooperates with the Singapore Civil Defence Force (SCDF).
The Straits Times (paywall)

Samsung Galaxy Note 8 available in Singapore on Sep 15; pre-orders start Aug 25
The new Samsung Galaxy Note 8 will be available in Singapore on Sep 15, announced the smartphone maker on Thursday (Aug 24).
Channel NewsAsia 

STB, EDB launch unified Passion Made Possible brand for Singapore
SINGAPORE Tourism Board (STB) and Economic Development Board (EDB) jointly unveiled a unified brand on Thursday to market the island republic internationally for both tourism and business.
The Business Times 

Singapore investigating 2 companies sanctioned for providing oil to N Korea
The Singapore Government was notified of the US’ plans to impose sanctions on two locally registered companies – Transatlantic Partners and Velmur Management – before they were penalised on Tuesday (Aug 22), the Ministry of Foreign Affairs (MFA) said.
Channel NewsAsia


Feature photo newtjitsu
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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