Singapore Morning News For October 9

Singapore: GIC completes stake buy in Philippines’ EDC, picks 9% in Sweden’s Verisure
A consortium backed by Singapore’s GIC has completed the acquisition of up to 31.7 per cent stake in the Philippines’ Energy Development Corporation (EDC). The sovereign wealth fund has also acquired a minority stake in Sweden’s home alarm systems provider Verisure Midholding AB.
— DealStreetAsia

Amazon challenged by air-conditioned malls, Alibaba in Singapore
As Amazon.com Inc pushes into Southeast Asia with a new venture into Singapore, the online retailer is facing some tough hurdles. Shopping in air-conditioned malls is practically a national sport, and e-commerce rivals moved in long ago.
— Today Online

Here’s Another Positive Sign for Singapore Property Bulls: Chart
Employers in Singapore struggle to balance rising healthcare costs and the need to give attractive, competitive benefits to their workers, a study found.
— Human Resource Director

ABB robot hatches 30 per cent more eggs for Singapore egg farm
Since then, the robotic palletizing system, that stacks heavy boxes and baskets of eggs onto pallets, has raised the farm’s productivity by 30 per cent.
— Robotics And Automation News

ST Engineering eyes new tech, high-growth sectors
ENGINEERING conglomerate Singapore Technologies Engineering is intensifying its focus on new technologies and high-growth sectors as it seeks to position itself for long-term growth.
— The Business Times

Measures in place to ensure that safety is built-in at each level of Exercise Wallaby: BG Mark Tan
Measures have been put in place to ensure that safety is built-in at each level of training for the Singapore Armed Forces’ Exercise Wallaby in Australia, says Exercise Director and Chief Guards Officer Brigadier-General Mark Tan.
— Channel NewsAsia (video)

Elected presidency may be reviewed as racial make-up evolves
Even though provisions have been made to ensure that minorities are elected president from time to time, the elected presidency may need to be reviewed down the road as Singapore’s racial make-up evolves, said Speaker of Parliament Tan Chuan-Jin yesterday.
— The New Paper

Singapore firms continue to hedge USD exposure
SINGAPORE companies are generally a cautious bunch, they take no chances with their US dollar exposure and hedging remains an ongoing activity, said banks.
— The Business Times

Puma Energy issues US$600m of bonds; Trafigura closes big deals
SINGAPORE-headquartered oil storage and distribution company Puma Energy, which is reportedly preparing for an initial public offering, has issued US$600 million of bonds due 2024 with a coupon of 5.125 per cent.
— The Business Times

HK listing a boon for S’pore-based automotive service provider
SINGAPORE-based automotive service provider MBM Wheelpower has come a long way since its humble beginnings in 2001, and is now benefiting from last year’s listing in Hong Kong, said company founder and chief executive Kelvin Lim.
— The Business Times

RFID tray return system, roaming robots among innovations at new Jurong West hawker centre
Each time a customer returns a tray of used crockery and cutlery at designated areas, the machines at the new Jurong West Hawker Centre will dispense 20 cents as an incentive.
— Today Online

Regional defence investments in large amphibious vessels driven by geography and ships’ versatility
Talk of naval modernisation in South-east Asia usually revolves around the acquisition of traditional naval platforms such as submarines and frigates. What has slipped under the radar in recent years is the increased interest in large amphibious warfare vessels, such as that of Singapore’s Endurance-class landing ships tank, that enable the deployment of forces in the air and sea as well as on land.
— Today Online

New network prepares asatizahs for online war against the Islamic State
With social media acting as a fertile ground for the Islamic State in Iraq and Syria (ISIS) to disseminate its propaganda, local Islamic religious teachers are gearing for an online battle of influence by beefing up their knowledge on radicalisation and learning tactics to counter extremism online, including through workshops by Google.
— Today Online

Commentary: How Singapore can be a space power, with small satellites
In 1957, the first man-made satellite was launched into space by the Soviet Union. Since mankind’s first foray into space, we have not looked back.
— Channel NewsAsia

Halloween ticket scams cost victims $21,500
Undergraduate Pandora Ng, 21, thought she was getting a good deal when she transferred $80 to someone she met on online marketplace Carousell for two tickets to Universal Studio Singapore’s (USS) popular annual Halloween event.
— The New Paper

Drink maker loses bid to stop game’s ‘monster’ trademark
United States energy drink manufacturer Monster Energy failed to block Japanese mobile-game producer Mixi Inc’s move to register its trademark Monster Strike in Singapore for its popular mobile game.
— The Straits Times (paywall)

Singapore’s Changi Airport Group will invest, develop Pune International Airport: CM Fadnavis
Chief minister Devendra Fadnavis on Saturday said he has invited Singapore’s Changi Airport Group to invest in and develop the new International Airport at Purandar. He stressed that the pursuit of mega projects in Pune was his priority.
— Hindustan Times

Air India subsidiary AIESL inks deal with Singapore Airlines’ engg arm
Air India’s subsidiary AIESL has forged a partnership with Singapore Airlines’ engineering arm, as AIESL seeks to get a foothold in the global MRO market besides tapping the local business.
— Business-Standard

Singapore to Regulate Crypto-Based Businesses, Not Cryptocurrency Itself
Mr. Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister, Coordinating Minister for Economic and Social Policies, and Chairman of Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), has responded to a question pertaining to MAS’s assessments and regulatory intentions regarding cryptocurrencies and initial coin offerings (ICOs).
— Bitcoin

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 9 added by Leakhena Khat on October 9, 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.