Singapore Morning News For July 3

Singapore Morning News For July 3

Singapore morning newsPrivate home prices up 3.4% in Q2
Singapore private home prices jumped 3.4% as the private residential property index climbed 4.9 points from 144.1 points in Q1 to 149 points in Q2, the Urban Redevelopment Authority (URA) revealed. Growth softened from Q1 (3.9%).
— Singapore Business Review

Fewer BTO flats this year as resale market shows positive signs
The Housing Board is tapering off its supply of flats amid signs that the public resale market is finally starting to stabilise after a prolonged period of decline.
— The New Paper

Singapore’s manufacturing growth eases again in June
Singapore’s factory activity continued to expand in June but at a slowing pace, with the Purchasing Managers’ Index (PMI) down a marginal 0.2 point to 52.5, a report out on Monday (July 2) showed.
— The Straits Times

Chinese senior official meets Singaporean deputy PM
China is ready to cooperate with Singapore under the Belt and Road Initiative, a senior Chinese official said Monday.
— XinhuaNet

Singapore Home Prices Rise Strongly for Second Quarter
Singapore private home prices posted a second straight quarter of strong gains as the property market extended its recovery from a four-year slump.
— Bloomberg

South Korean President to visit Singapore next week
South Korean President Moon Jae-in will make a state visit to Singapore from July 11 to 13, the presidential Blue House announced yesterday, in what will bbe the first of its kind since Mr Moon took office in May last year.
— The Straits Times (annoying popups)

Minister to public servants: Stay humble to build better Singapore
Singapore’s 145,000 public officers were urged yesterday to stay humble as a reminder to themselves that for the country to progress, they need to convince Singaporeans to pull together with them as a team.
— The New Paper

Cash-rich buyers drive Singapore private home prices
Prices of private homes in Singapore rose for the fourth straight quarter, underpinned by demand from cash-rich buyers who’ve benefited as developers bid up prices for land in the city-state.
— Nikkei Asian Review (paywall)

900,000 Singaporean HDB households will receive next instalment of GST Voucher – Utilities-Save (U-Save) rebate
About 900,000 Singaporean HDB households will receive the next instalment of the GST Voucher – Utilities-Save (U-Save) rebate in July 2018.
— TOC

3,700 sheep available for this year’s korban
A total of 3,700 Australian sheep will be available for this year’s korban ritual at 26 mosques, the Singapore Mosques Korban Committee announced yesterday in a statement.
— The New Paper

HDB resale prices up 0.1% in Q2
HDB’s flash estimate of the second quarter 2018 Resale Price Index (RPI) is 131.7, an increase of 0.1% from the previous quarter (-0.8%).
— Singapore Business Review

More than half of employers struggle to fill in positions
The jobs that are hardest to fill are sales representatives, engineers, and drivers.
— Singapore Business Review

$6.3m in deposits owed to oBike users in Singapore; company unable to meet July 4 deadline to clear bikes
About US$4.6 million (S$6.3 million) in deposits is owed to users by troubled shared-bicycle firm oBike, the company’s founding investor and chairman Shi Yi told The Straits Times on Monday (July 2)
— The Straits Times (paywall)

Proposed amendments to improve court processes and control ‘vexatious’ cases
The Ministry of Law (MinLaw) is looking at tightening procedures to grant the courts greater powers to control “vexatious” proceedings, or matters which may not have sufficient grounds to proceed.
— The Straits Times

Institutional investors sold Singtel shares worth $40.2m
There are many ways to find investment ideas. Some useful ways are to screen for stocks or to look at a list of stocks near their 52-week lows to sieve out potential bargains. Studying what institutional investors have been buying or selling is another avenue.
— Singapore Business Review

M&A appetite of Singapore firms dips as they pursue revamp
M&A APPETITE among Singapore and South-east Asian companies has dipped, says Ernst & Young (EY) in its 18th Global Capital Confidence Barometer.
— The Business Times

China Mobile lands data centre in Singapore to support ‘the Data Economy in the new era’
China Mobile International (CMI) has broken ground on a new data centre development to be located in Singapore as the telco expands its infrastructure portfolio to help cope with regional demand and a surge in business ignited by Beijing’s “One Belt One Road” initiative.
— Data Economy

Chart of the Day: Singapore’s electronics inventory hits 7-year high
This chart from Maybank Kim Eng shows that the inventory component of Singapore’s electronics Purchasing Managers’ Index (PMI) has been climbing since late 2016 and touched a seven-year high in April.
— Singapore Business Review

Self-sustaining ‘future food city’ likely to be off coast of Singapore
A self-sustaining ‘future food city’, featuring a mixed crop cultivation of vegetables, seaweed and fish, could be established off the coast of Singapore.
— Food Navigator-Asia

Citibank Singapore to reskill 2,000 employees by 2020
Citibank Singapore has launched several training initiatives that will help to reskill over 2,000 employees in the next three years, The latest programme, which is part of Workforce Singapore’s (WSG) Professional Conversion Programme (PCP), will benefit some 400 Citibank Singapore employees from the Consumer Banking and Operations & Technology divisions.
— HRMAsia

Strong, capable SAF needed to safeguard Singapore’s sovereignty
Singapore needs a strong and capable military to safeguard the country’s sovereignty and way of life, Defence Minister Ng Eng Hen said yesterday.
— The New Paper

Singapore Wipro assets included in $405M Ensono acquisition deal
Ensono has closed its US$450 million acquisition of Wipro’s hosted data centre (HDC) services business in Singapore, US and European markets, with Indian assets set to be acquired later in 2018.
— Channel Asia

Fullerton Health sets 100% cloud goal with Microsoft Singapore
Singapore-based Fullerton Health looks set to transform its business operations in new partnership with Microsoft, promising a 100 per cent cloud shift within three months.
— Channel Asia

TPG could struggle to survive against Singapore’s 7 telco service providers
TPG, the fourth Mobile Network Operator (MNO) set to enter Singapore in the second half of 2018, faces an uphill battle, amidst the myriad of Mobile Virtual Network Operators (MVNO) the incumbents have partnered with.
— Singapore Business Review

Israeli-Singaporean Company Trax Raises $125 Million for Retail Technology
Trax Image Recognition, an Israeli-Singaporean company whose image-recognition technology is used by retailers to track their business, said a group of investors had invested $125 million into the company.
— Haaretz

PropNex soars 22% on trading debut
Home-grown real estate group PropNex jumped as much as 22 per cent on its first day of trading on Monday (Jul 2), as investors tapped on the positive sentiment surrounding the property sector.
Read more at https://www.channelnewsasia.com/news/singapore/propnex-soars-22-on-trading-debut-ipo-property-ismail-10492030
— Channel NewsAsia

Warburg Pincus-backed Trax raises $125 million pre-IPO funding
Trax, a Singapore-based startup serving the retail industry, raised $125 million in a funding round led by Boyu Capital as it advances plans for an initial public offering.
— The Times of India

More than 7,000 cartons of duty-unpaid cigarettes seized at Tuas Checkpoint
A total of 7,484 cartons of duty-unpaid cigarettes were seized from two Malaysia-registered cargo trucks at Tuas Checkpoint last Thursday (Jun 28).
— Channel NewsAsia

First pharmacists, advanced practice nurses certified to prescribe medicines
From Monday (July 2), 38 highly qualified pharmacists and nurses will be able to prescribe medicines and order tests for patients without needing a doctor to sign off on them.
— The Straits Times

Reuter Communications opens Singapore office as agency plots expansion
Marketing agency Reuter Communications is expanding to Singapore for travel and lifestyle brands looking to target wealthy Chinese consumers.
— Mumbrella Asia

Selangor Dredging’s associate company to buy 17 Singapore land plots for RM180m
Selangor Dredging Bhd (SDB) announced today its associate company plans to buy 17 parcels of adjacent properties in the prime District 13 in Singapore for S$60.26 million (RM180.06 million), where the latter intends to develop exclusive mid-rise apartments.
— The Edge Markets

US Soy Cargo Set to Head for Singapore after China Offload
A vessel carrying over 70,000 tonnes of U.S. soybeans is expected to head towards Singapore after apparently offloading some of its cargo at the Chinese port of Tianjin, according to shipping data on Thomson Reuters Eikon
— Maritime Logistics Professional

Customs to speed up process for Thailand-bound exports
Singapore and Thailand signed a Mutual Recognition Arrangement (MRA) to speed up the clearance of goods from companies certified by the Singapore customs to have robust security practices, an announcement revealed.
— Singapore Business Review

Malaysian man takes sifu ‘hostage’, slashes Singapore apprentice with machete
A 33-year-old man was arrested on Monday (July 2) after allegedly holding his ‘sifu’ — an elderly traditional Chinese shaman — hostage and severely injuring a Singaporean man with a machete in Taiping.
— TodayOnline

Spelling words block by block: Polytechnic students create gadget to help dyslexic children
Learning the ABCs may come naturally to most children, but for those with dyslexia, differentiating the small letter “b” from “d” may be challenging because they look similar.
— TodayOnline

Silver Peak Announces $90 Million Investment from TCV to Accelerate SD-WAN Growth
Silver Peak®, a global leader in broadband and hybrid WAN solutions, today announced a $90 million strategic investment from TCV
— Market Insider

Ex-Traffic Police inspector gets more than 18 months’ jail for molesting subordinates
A retired Traffic Police inspector who molested four full-time national servicemen (NSFs) serving as special constables under him has been sentenced to 18 months and one week in jail on Monday (July 2).
— TodayOnline

Probiota Asia: World-leading probiotics summit returns to Singapore
NutraIngredients-Asia is delighted to announce that the second Asia edition of the global probiotics and prebiotics summit, Probiota, will be held in Singapore in October.
— Food Navigator-Asia

 

Feature photo Ravenblack7575

 

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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John Le Fevre

Thailand editor at AEC News Today

John is an Australian national with more than 40 years experience as a journalist, photographer, videographer, and copy editor.

He has spent extensive periods of time working in Africa and throughout Southeast Asia, with stints in the Middle East, the USA, and England.

He has covered major world events including Operation Desert Shield/ Storm, the 1991 pillage in Zaire, the 1994 Rwanda genocide, the 1999 East Timor independence unrest, the 2004 Asian tsunami, and the 2009, 2010, and 2014 Bangkok political protests.

In 1995 he was a Walkley Award finalist, the highest awards in Australian journalism, for his coverage of the 1995 Zaire (now Democratic Republic of Congo) Ebola outbreak.

Prior to AEC News Today he was the deputy editor and Thailand and Greater Mekong Sub-region editor for The Establishment Post, predecessor of Asean Today.

In the mid-80s and early 90s he owned JLF Promotions, the largest above and below the line marketing and PR firm servicing the high-technology industry in Australia. It was sold in 1995.

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