Singapore Morning News For October 13

Singapore economy grows 4.6% in Q3; beats expectations
SINGAPORE’S economy grew by 4.6 per cent compared to a year ago for the third quarter of 2017, based on advance estimates of gross domestic product (GDP) growth by the Ministry of Trade and Industry (MTI) on Friday morning.
— The Business Times

Singapore ranked 13th among 200 countries for low bribery risk
SINGAPORE has emerged 13th in a field of 200 countries, ranked according to the risk of encountering commercial bribery.
— The Business Times

MAS stands pat with neutral monetary policy stance
The Monetary Authority of Singapore (MAS) on Friday (Oct 13) kept its exchange rate-based monetary policy unchanged at its semi-annual review, in line with expectations.
— Channel NewsAsia

Uber used legally questionable software to monitor Grab and other rivals: Report
United States ride-sharing giant Uber has been accused of developing and using a legally questionable software to spy on Grab and other rivals in key regional markets, including the Republic.
— Today Online

Singapore firm to launch limousine services in Yangon
Singapore-based Strides Transportation signed a joint venture agreement on October 12 in Yangon to provide limousine services in Myanmar’s commercial capital in early 2018.
— Myanmar Times

Hands-free fare payment trial in 2018
A hands-free payment system – which allows commuters to breeze through fare gates without using travel cards – will be tested at selected MRT stations next year.
— The New Paper

Banyan Tree plans Singapore eco-resort
Singapore based luxury resort group Banyan Tree Holdings has revealed plans for its first hotel in the Lion City.
— TravelMole

Woman jailed for trying to bribe ICA officer to allow her entry into Singapore
A woman was sentenced to three months’ jail on Thursday (Oct 12) for trying to bribe an Immigration and Checkpoints Authority (ICA) officer with S$200 at Changi Airport.
— Channel NewsAsia

Chinese internet giant Tencent seeks to buy $100m of stock in Sea IPO
Singapore-headquartered consumer Internet company Sea Ltd, formerly known as Garena, on Thursday said Chinese internet giant Tencent Holdings has indicated an interest in purchasing up to $100 million worth of shares in the company’s proposed initial public offering (IPO).
— DealStreetAsia

New carbon tax ‘could boost Singapore’s edge’
The upcoming carbon tax here could well boost, not hamper, economic competitiveness.
— The Business Times

Baby white rhino gallops into public view at Singapore Zoo
A baby white rhino has made his first foray into the spotlight, galloping into a public enclosure at Singapore Zoo after being given a name – Oban, which means “King” in the African Yoruba language.
— Channel NewsAsia

Velox launches cloud PBX in Singapore
Singapore startup Velox Networks has launched a new VoIP and cloud based private branch exchange (PBX) communications platform.
— TelecomAsia

Singtel, Ericsson to establish 5G CoE
Singtel and Ericsson have announced plans to jointly establish Singapore’s first 5G Center of Excellence to spearhead Singapore’s evolution to 5G.
— TelecomAsia

MAS maintains flat appreciation rate for Singdollar
THE Monetary Authority of Singapore (MAS) maintained a neutral monetary policy of zero appreciation for the trade-weighted Singapore dollar exchange rate on Friday.
— The Business Times

Asean steps up efforts on seamless sea and sky
THE 23rd Asean Transport Ministers Meeting (ATM) kicked off in Singapore on Thursday morning, with leaders pledging further efforts to integrate the region’s air, ship and land borders.
— The Business Times

Surge in local biotech scene as public investments pay off
In a space that has been traditionally tough for startups to see rapid results or make quick profits, the local biotech scene has seen a surge in not only new companies formed, but also in valuation and clinical trial numbers.
— Today Online

Grab’s KrisFlyer miles conversion program takes off on Friday
From Friday (Oct 13) onwards, GrabRewards members will be able to convert their GrabRewards Points to KrisFlyer miles, announced ride-hailing firm Grab in a media release.
— Today Online

Singapore’s Aug retail sales up again to beat forecasts
SINGAPORE retail sales in August rose 3.5 per cent from a year ago, continuing its positive year-on-year growth seen in previous months, based on data released by the Department of Statistics on Thursday.
— The Business Times

Engineer develops tool to tackle homebuying woes
For months, a young couple tried to make sense of an overwhelming amount of information online as they searched for a Housing and Development Board (HDB) resale flat to buy.
— Today Online

Games start-ups start at Gamestart
Hardcore gamers are sometimes quick to scoff at their casual counterparts, who prefer the likes of Candy Crush or Pokemon Go to console or PC gaming.
— The New Paper

5 ways the Esplanade has made an impact on Singapore’s arts scene
This week, the Esplanade kicked off a year-long campaign to celebrate its 15th anniversary. Called #mydurian, it began with a light-up of its prickly domes, a social media campaign and contests.
— Channel NewsAsia

Fast Asia Open: China trade data, Singapore advance GDP
The Trump administration is holding out against a capital increase for the World Bank until it overhauls its lending to China and other middle income countries, creating a new source of tension between Washington and Beijing.
— The Financial Times

How Singapore Encourages Lifelong Learning and Workforce Resilience
As lifelong learning becomes increasingly critical for ongoing success in the global workforce, many countries are trying to figure out how to remain competitive in a connected, globalized, and technologized world. Few are taking the issue as seriously as Singapore, a dynamic city-state with a particularly urgent need to stay ahead of the curve. Its efforts to promote lifelong learning and workforce resilience provide an example that other countries may want to follow.
— The Diplomat

Singapore central bank, bank association, Accenture in blockchain tie-up
US consulting company Accenture said on Thursday (Oct 12) it has been appointed by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to manage and develop a blockchain-based platform for interbank payments.
— Channel NewsAsia

4 things Singaporeans can do to live a happier, longer life
The world has yet to discover the fountain of youth. But if there is something that can help mid-lifers (those in their 50s) improve the quality of their later years, then improving psychological resilience is a close second to a miracle substance, said Professor Angelique Chan, executive director at the Centre for Ageing Research and Education, Duke-NUS Medical School.
— Channel NewsAsia

No sweat? A new study could help those with rare condition
Research by the National Skin Centre could help better analyse and treat patients with hypohidrosis, or the inability to sweat.
— Channel NewsAsia (video)

ExxonMobil opens new plant in Singapore to boost Jurong refinery energy efficiency
US oil giant ExxonMobil officially opened its third cogeneration plant in Singapore on Thursday (Oct 12), to help increase energy efficiency at its Jurong refinery.
— Channel NewsAsia

Backed by Temasek, Wavemaker closes $66m venture fund for Southeast Asia
Wavemaker Partners LLC has closed a $66 million investment fund for Southeast Asia, marking an exceptional stretch for Singapore in which three venture capital firms completed fundraisings in the city within a single week.
— DealStreetAsia

Co-working space Justco raises $12m from Thai property developer
Singaporean co-working space operator JustCo’s valuation has reached $200 million after securing $12 million in a Series B round from Thailand’s listed property developer Sansiri Plc to fuel its expansion in Southeast Asia.
— DealStreetAsia

Singapore, Malaysia, Indonesia to continue efforts to map straits
Updating maps of Singapore’s waters is a tedious process and can take a team of four people months to complete.
— The Straits Times (paywall)

Fewer tourists picking up latest phones here
Singapore is losing its shine as a hot spot for tourists looking to pick up the latest smartphones.
— The New Paper

Feature photo Neil Howard
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 October 13 added by Leakhena Khat on October 13, 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.