Singapore Morning News For November 17

Singapore suspends trade ties with North Korea
Singapore has suspended trade ties with North Korea in the latest move by a country to implement UN sanctions to curb Pyongyang’s nuclear weapons program, a customs document showed Thursday, November 16.
— Rappler

Singapore’s exports jump 20.9% in October
Non-oil domestic exports (NODX) in Singapore jumped by 20.9 per cent year-on-year in October, according to statistics released by trade agency International Enterprise (IE) Singapore on Friday (Nov 17).
— Channel NewsAsia

Singapore to declare 2018 Year of Climate Action
Singapore will designate 2018 as the Year of Climate Action, Environment and Water Resources Minister Masagos Zulkifli announced at the United Nations Climate Change Conference (COP23) on Thursday (Nov 16).
—Channel NewsAsia

Singapore will work with Asean neighbours on climate change issues: Masagos
Singapore will work with its South-east Asian neighbours on strategies to mitigate the effects of climate change when it takes on the role of Asean chairman next year, Environment and Water Resources Minister Masagos Zulkifli said on Thursday (Nov 16) at a United Nations climate change conference in Bonn, Germany.
— The Straits Times (paywall)

Smoke detectors to be made compulsory for new homes from June 2018
Starting June next year, it will be mandatory for all new homes to be installed with smoke detectors, also known as Home Fire Alarm Devices (HFADs).
— Channel NewsAsia (video)

Singapore swoops on Australian cattle trader
Singapore’s Yarra Corporation has bought a controlling stake in South East Asian Livestock Services (SEALS) as continental demand for Australian-bred cattle rises.
— Global Meat

$1.1 billion cruise ship Genting Dream makes Singapore its home
The Genting Dream yesterday arrived at Marina Bay Cruise Centre Singapore, Asian luxury cruise line Dream Cruises’ first home port in South-east Asia, featuring new itineraries to Thailand, Indonesia and Malaysia.
— The New Paper

Fast Asia Open: Malaysia GDP, Singapore exports
Saudi authorities are negotiating settlements with princes and businessmen held over allegations of corruption, offering deals for the detainees to pay for their freedom, say people briefed on the discussions.
— The Financial Times

Singapore, Philippines enter into fintech collaboration deal
The Monetary Authority of Singapore (MAS) and Bangko Sentral ng Pilipinas (BSP) signed a FinTech Cooperation Agreement (CA) at the sidelines of Singapore’s Fintech Festival currently being held on November 13 to 17.
— Singapore Business Review

Singaporean Shipbuilders Making Korea’s Big 3 Shipbuilders Tense
A red flag was raised for Korean shipyards such as Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries which had dominated the offshore plant market. This is because they are losing orders to Singaporean shipyards which have not been even recognized as their competitor so far.
— Hellenic Shipping News

Productivity, inequality key issues in Singapore’s competitiveness
A RAPID slowdown in labour productivity growth, as well as rising inequality among businesses due to the rise in new technologies, were identified by economists as key challenges that will affect Singapore’s long-term competitiveness.
— The Business Times

Malaysia’s Carey Island port plan stalls: Delay means less competition for Singapore
A delay in the $45.5 billion project on Carey Island may deal a blow to Malaysia and its maritime ambitions, but it could be a boon for Singapore as a key port in the region.
— The Straits Times (paywall)

Singapore SMEs to Get Blockchain-Based Digital Trade Platform
Singapore will have its first blockchain-based trade platform for small and medium-sized enterprises (SMEs) by the beginning of 2018. Prudential Singapore is collaborating with StarHub to support it. Fasttrack Trade (FTT), as the platform is called, will be developed by fintech startup Cites Gestion.
— Cryptovest

6 members of S$25m gambling racket first to be charged under new Organised Crime Act
A new law to deal with organised crime activities was invoked for the first time on Thursday (Nov 16) against six alleged members of a gambling racket that had amassed more than S$25 million in illicit proceeds.
— Today Online

Tech sector shines in Q3 earnings, banks could be weaker in Q4
THE technology sector recorded stronger than expected growth for this earnings season, even as observers pointed out that the banking sector could possibly be headed for a weaker performance in the current quarter.
— The Business Times

Singapore startup unveils Asia’s first robot trader for retail investors
EVEN before the disruption dust kicked up by robo-advisers has settled, a Singapore-based startup has developed investment robots that can work out trading and investment strategies and execute them on behalf of users.
— The Business Times

Why SingPost’s logistics segment is a drag to its growth
Singapore Post’s (SingPost) logistics segment went into the red as operating profits turned into a loss of $4.2m in Q2.
— Singapore Business Review

IFC to evaluate investments in country-specific VC funds in SE Asia
International Finance Corporation (IFC), the private investment arm of the World Bank Group, that has now become a strong player in the venture capital space, sees growing number of investable opportunities in emerging Asian markets such as Myanmar and Indonesia, a top official at the firm told this portal.
— DealStreetAsia

Funding for Asean’s FinTechs surging; Singapore gets lion’s share of Asean FinTechs
Funding for financial technology or fintech firms in Asean is surging on the back of the region’s young and underbanked population.
— The Straits Times (paywall)

Singapore Government, financial sector and local universities sign MOI for TeSA Fintech Collective
The Infocomm Media Development Authority (IMDA) and Monetary Authority of Singapore (MAS), together with SkillsFuture Singapore (SSG), six local universities, and five financial associations[1], today sealed a landmark Memorandum of Intent (MOI) for the TechSkills Accelerator (TeSA) FinTech Collective, to jointly develop industry-ready professionals in meeting the strong demands of emerging infocomm technology (ICT) skills.
— Open Gov Asia

Feature photo Aapo Haapanen
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 November 17 added by Leakhena Khat on November 17, 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.