Singapore Morning News For June 14

Singapore, Americas Shake on Blockchain in FinTech Pact
Singapore’s central bank and the Association of Supervisors of Banks of the Americas (ASBA) are coming together to strengthen FinTech ties between Singapore and the Americas.
— Cryptocoins News

Singapore Is Beating Hong Kong As Asia’s Best Place To Do Business
You expect rivalry between Hong Kong and Singapore. Both are well-off former British colonies in Asia with clean governments and a free-port approach to foreign investment – on which they heavily depend for economic development. Both have a city-like in geographic reach and populations between five and eight million.
— Forbes

E-commerce enabler Shopmatic raises $5.7M from Singapore-based investors
Singapore-based technology company Shopmatic has raised $5.7 million in Series AA funding led by ACP Pte Ltd, a technology-focused venture capital firm, and SPRING SEEDS Capital, the investment subsidiary of SPRING Singapore, an agency under the Ministry of Trade and Industry. Sameer Narula, Managing Partner, ACP, will be joining Shopmatic’s board of directors.
— Your Story

Move Over, Switzerland: Singapore and Hong Kong Set to Attract More Wealth
Singapore and Hong Kong will attract wealth from abroad at more than twice the pace of Switzerland over the next four years as Asia’s economic expansion draws cash from millionaires, Boston Consulting Group predicts.
— Bloomberg

Job market in Q1 stays weak but with pockets of optimism
THE job market remained weak in the first quarter of the year, but not as weak as earlier figures suggested.
— The Business Times

Singapore Airlines takes top spot in global airline ranking
The flag carrier of Singapore has taken the top spot in the world airline ranking published this week by AirHelp, a technology company that provides legal services to airline passengers travelling into or out of the European Union.
— The Malay Mail Online

Singapore-based clean energy firm Equis to sell India portfolio
Singapore-based renewable energy developer Equis Energy wants to sell its entire India portfolio, comprising green energy platforms Energon and Energon Soleq, two people aware of the development said.
— Deal Street Asia

Salary, Individual Income Tax, and Social Security in Singapore
It is important for companies operating and hiring employees in Singapore to understand the key elements of the country’s payroll process and stay updated on the latest regulatory changes when computing salary and social security contributions.
— Asean Briefing

DBS outshines rivals in terms of pre-provision operating profit
Out of the three big banks in Singapore, DBS reported the highest growth in terms of pre-provision operating profit (PPoP), clocking in a 3-year CAGR of 8%.
— Singapore Business Review

Surge in global household debt fuels concern: IIF
A NEW international debt crisis, many believe, could be triggered by high levels of government debt and emerging market corporate borrowing. But a new study says that mushrooming household debt in some advanced and emerging economies also represents a serious threat to the global
— The Business Times

S’pore property, Asia looking up: Fidelity
SINGAPORE property is starting on a long uptrend, said a top executive at Fidelity International.
— The Business Times

New player riding on insurtech joins local life insurance market
RIDING on the fintech and insurtech wave sweeping Singapore shores, newcomer Singapore Life harbours hope it would be able to make headway in an already intensely competitive life insurance market.
— The Business Times

Youth vulnerable to Internet-savvy terror groups
The Iraq War and the Arab Spring played big roles in the rise of the Islamic State in Iraq and Syria (ISIS), but the terrorist group grew in strength over the years because its leaders understood how powerful a recruitment tool the Internet can be.
— The New Paper

Is the consumer sector showing signs of improvement?
There has been a slight improvement in Singapore consumer sentiment if retail sales in April are to be considered.
— Singapore Business Review

ICBC Singapore, Surbana ink cash management deals
ICBC Singapore on Tuesday said it has signed a global cash management agreement with Surbana Jurong and Mewah Oils & Fats Pte Ltd.
— The Business Times

MM2 Pays $133 Million for 50% Stake in Singapore’s Golden Village Cinema Chain
Singaporean media mini-conglomerate MM2 Asia is buying the 50% stake in the Golden Village theater chain currently owned by Australia’s Village Roadshow. It disclosed a price of US$133 million (S$184 million) for half of the company.
— Variety

Vending machine cafe opens at Ang Mo Kio MRT station
Hungry commuters at Ang Mo Kio station have another grab-and-go option, with the launch of a new vending machine cafe at the station on Tuesday (Jun 13).
— Channel NewsAsia

How technology could help meet Singapore’s food security needs
Recent developments in agricultural technology could allow 2.5 hectares of land to yield about 10,000 tonnes of vegetables – some 10 per cent of Singapore’s annual consumption.
— Channel NewsAsia

Singapore’s total employment falls the most in nearly eight years
Total employment in Singapore fell by 6,800 in the first quarter of 2017 — the largest quarterly contraction in nearly eight years as businesses in the city state restructure to reduce their reliance on manpower.
— CNBC

New life insurer joins Singapore market
NEW player Singapore Life on Tuesday said it has been approved as a fully licensed direct life insurer by the Monetary Authority of Singapore (MAS), making it the first local insurer to be licensed since 1970.
— The Business Times

Man, 26, gets jail, caning for rape and other sexual offences
In an ordeal that lasted around three hours, a woman was raped by a man on their first meeting, two years after they got to know each other through social media.
— Today Online

Instincts helped ICA officer stop two IS supporters from entering Singapore
It was her gut feeling, honed by years of experience and training, that helped an Immigration and Checkpoints Authority (ICA) officer intercept two Islamic State (IS) supporters when they arrived at the Singapore Cruise Centre in HarbourFront from Batam.
— Today Online

Resident long-term jobless rate creeps up despite fewer workers laid off
With economic growth still uneven, the Ministry of Manpower’s (MOM) latest labour market report for the first three months of the year was a mixed bag.
— Today Online

Dementia affecting more people under the age of 65
Once regarded as a condition affecting mostly those aged over 65, a growing number of younger patients have been diagnosed with dementia in recent years.
— Today Online

Singapore-Based Investment Company Purchases The Cottages of Boone for $60 million
Capstone Collegiate Communities, LLC, the Birmingham, Ala. – based developers of The Cottages of Boone recently sold the 60-acre student-housing development to Wallace Loft LLC for $60 million, according deeds filed with the Watauga County Register of Deeds.
— HCPress

Boustead unit Esri Singapore launches startup programme
MAINBOARD-LISTED engineering company Boustead Singapore said on Tuesday that its geo-spatial unit Esri Singapore has launched a startup programme aimed at helping emerging businesses develop sustainable Smart Nation solutions.
— The Business Times

COSCO Shipping International (Singapore) Co., Ltd. (SGX:F83) Magic Formula Rank in Perspective
COSCO Shipping International (Singapore) Co., Ltd. (SGX:F83) has a current MF Rank of 13487. Developed by hedge fund manager Joel Greenblatt, the intention of the formula is to spot high quality companies that are trading at an attractive price. The formula uses ROIC and earnings yield ratios to find quality, undervalued stocks. In general, companies with the lowest combined rank may be the higher quality picks.
— Buckeye Business Review

Feature photo Leakhena Khat
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.

Singapore Morning News For June 14 added by Leakhena Khat on June 14, 2017
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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.