Singapore morning news for October 18

Here’s what kept Singapore from being the most competitive country in the world
If the World Economic Forum’s Global Competitive Index 2018 is anything to go by, Singapore could improve on business dynamism, and innovation capability to beat the global powerhouse that is the United States. The US topped the index with a score of 85.6, effectively beating Singapore which scored 83.5.
— Singapore Business Review

EU and Singapore to sign trade deal on sidelines of ASEM summit- Merkel
The European Union plans to sign a free trade agreement with Singapore on the sidelines of the Asia-Europe Meeting (ASEM), Chancellor Angela Merkel said on Wednesday, adding the summit should highlight the importance of multilateral cooperation.
— Reuters

Singapore revises rules to counter ‘shoebox apartment’ problem
Singapore on Wednesday announced stricter guidelines on the maximum number of units in new blocks of private flats and condominiums in a move to tackle what authorities have called “excessive development of shoebox units” in the island-state.
— Reuters

Banking veteran Mukhtar Hussain to become HSBC (Singapore) chairman and director
HSBC BANK (Singapore) has appointed Mukhtar Hussain as its chairman and director effective Oct 17, as the locally incorporated arm of The Hongkong and Shanghai Banking Corporation seeks to capture Asean business and deepen Singapore’s role as a partner in the Belt and Road.
— The Business Times

Temasek launches first retail bonds with 2.7% interest rate
Retail investors can now invest in Temasek Holdings’ bonds with the launch of its first public bond offer.
— ChannelNewsAsia

BOLDR Supply Company Launches the Rockpack Bags on Kickstarter
The BOLDR Supply Company is making their first foray into bags, with their launch of the BOLDR Rockpack collection of bags on Kickstarter.
— AEC News Today/PR Newswire (media release)

Singapore, Austria sign agreement to boost cooperation in digitalisation, ICT
Singapore and Austria on Wednesday (Oct 17) inked a partnership that will bolster the exchange of information and best practices in key areas of digitalisation and information and communications technology (ICT).
— ChannelNewsAsia

Average lifespan of S’poreans in 2040 will be 85.4 years, third longest globally: Study
SINGAPORE — The average Singaporean can expect to live 85.4 years in 2040, up 2.1 years from the average of 83.3 years in 2016, according to a new study by a global health research organisation.
— Today Singapore

The Fullerton Hotel Sydney set to debut at 1 Martin Place in October 2019
The Fullerton Hotels and Resorts has today announced that as of 18 October 2019, The Fullerton Hotels and Resorts will be responsible for the management of the hotel located at 1 Martin Place, currently The Westin Sydney.
— AEC News Today/PR Newswire (media release)

Flexible working projected to contribute $54.8b to Singapore economy by 2030: Study
SINGAPORE – A study of flexible working in 16 key markets has found that the shift to this non-traditional working arrangement will raise its contribution to the Singapore economy to $54.8 billion by 2030, up from $27.3 billion currently.
— Straits Times

MICE visitors make up 15% of arrivals in Singapore, 22% of spending in H1 2018
SINGAPORE continues to enjoy its status as a choice destination for quality events, as visitor arrivals to Singapore increased 7.7 per cent year on year to 9.2 million in the first half of 2018, Senior Minister of State for Trade and Industry Chee Hong Tat said on Wednesday.
— Business Times

Major development plans in the works for Sentosa and Pulau Brani
There are plans to reshape the entire island of Sentosa to provide more scope for new attractions and investments.
— Straits Times

Dip in COE premiums for small cars in Oct 17 bidding exercise
COE prices closed mixed at the end of the latest bidding exercise on Wednesday (Oct 17).
— TodayOnline

STI posts -7.4% returns to date this year, 12.9% over 3 years: SGX
SINGAPORE – The Straits Times Index (STI) has generated a total return of -7.4 per cent for investors from January to Oct 15, according to a Singapore Exchange (SGX) update on Tuesday (Oct 17).
— Straits Times

Singapore exports up 8.3 per cent in September
SINGAPORE — The Republic’s year-on-year non-oil domestic exports (NODX) growth accelerated in September thanks to a surge in pharmaceutical shipments, official data showed on Wednesday (Oct 17).
— Today Singapore

Singapore: ASEAN’s most competitive economy
Singapore is the most competitive economy in the region, placing second overall in the World Economic Forum’s (WEF) Global Competitiveness Index behind the United States (US).
— The Asean Post

Singapore e-wallet, WeChat in talks for cross-border payments
Singapore electronic payments provider Nets is in talks with Tencent Holdings’ WeChat Pay to allow users of its NetsPay digital wallet to make mobile payments in mainland China, according to people familiar with the discussions.
— Bangkok Post

SQream and Telogic Partner to Answer Growing Demand for Massive Data Analytics in Asia-Pacific
The partnership extends SQream’s reach to additional parts of Asia including Thailand, Indonesia and Singapore. SQream already has a string of Asian and US customers, and recently formed a partnership with Alibaba, which has invested in the company .
— AEC News Today/PR Newswire (media release)

LTA clarifies that forfeited PMDs will not incur storage fees
LTA made the clarification after a widely-shared social media post claimed a woman was told to pay close to $1,800 in towing and storage fees for her non-compliant e-scooter that had been impounded.
— The New Paper

Hospitals’ third-party agent contracts may be illegal
THE recent news of public hospitals engaging agents who bring in foreign patients for a fee came as a shock to many Singaporeans. We applaud the Ministry of Health (MOH) for its directions to public hospitals to end all contracts between them and “third party agents” (TPAs).
— Business Times

Little India retailers feeling the pinch in run-up to Deepavali
Cash registers in Little India should be ringing non-stop at this time of the year as Deepavali is approaching, but the plunging Indian currency is making customers think twice.
— Straits Times

Warmer weather, intense thunderstorms to start by end-Oct and last through Nov
After two weeks of wet weather in early October, the next two weeks of the month are expected to be drier and will usher in warmer temperatures and intense thunderstorms.
— TodayOnline

Falling currency has silver lining for some
One of the rare bright spots of a falling rupee is the windfall it has brought to those in India who depend on remittance from family members and friends living abroad.
— Straits Times

URA cuts number of units allowed to be built in condos, private flats
The Urban Redevelopment Authority (URA) has revised its guidelines in a bid to further curb the proliferation of shoebox units and ease infrastructure strain.
— Straits Times

Performance Marketing Firm LavaPM Brings China Perspective to 2018 SiriusDecisions APAC Summit
LavaPM was the exclusive Platinum Sponsor for SiriusDecisions 2018 APAC B2B Summit, which was held in Singapore on October 9.
— AEC News Today/PR Newswire (media release)

Ex-CEO of dental centre fined $15k for bribe offer
The chief executive officer of Family Dental Centre (FDC) – a chain of dental clinics – offered to bribe a rival’s employee with $50 for every patient that she could refer from her clinic to his.
— The New Paper

Online grocers risk losses with new experimental offerings
Riding on global trends, honestbee is launching a mixed grocery and dining space with cashless payment and robotic item collection features.
— Singapore Business Review

AsiaCollect, SEA leader in digital credit management services, expands to India through acquisition
AsiaCollect, a pioneer in providing integrated Credit Management Services (CMS) in Southeast Asia, has acquired India-based credit lifecycle management platform provider CREDITSEVA® [1].
— AEC News Today/PR Newswire (media release)

Online food delivery and grocery goes physical: is it worth it?
All of Singapore’s major food delivery platforms now have a physical extension of their services, reflecting a growing trend amongst retailers around the world.
— Singapore Business Review

Chart of the Day: Here are top markets that contributed to the growth in NODX
NODX to Thailand skyrocketed from a growth rate of 7.5% in August to 46.8% in September. This chart from Enterprise Singapore (ESG) shows that US continued to be the largest contributor to the growth of Singapore’s non-oil domestic exports (NODX), followed by the EU 28, and Thailand.
— Singapore Business Review

Man fined $7,600 for illegally importing and possessing wildlife; tried to smuggle turtle in spectacle case
SINGAPORE – A 28-year-old man was fined $7,600 on Wednesday (Oct 17) for illegally importing and possessing wildlife.
— Straits Times

Nas Daily promotes NTUC Income in sponsored video about retirement plans
Nuseir Yassin better known as Nas of Nas Daily was recently under fire from local Singaporeans for his ultra-positive video about Singapore which he made during his short visit to the island – calling it an ‘almost perfect’ country.
— TOC

Training beyond classroom for Worker 4.0
The training of workers in the manufacturing sector is set to go beyond the classroom setting. Several initiatives announced yesterday will, for instance, allow training to be taken to the workplace through online modules as the workforce prepares for Industry 4.0.
— Straits Times

Top seven myths Singaporeans believe about critical illness insurance
The Life Insurance Association of Singapore (LIA) 2017 Protection Gap Report found that Singaporeans require an average of 3.1 times of their annual income to adequately meet critical illness (CI) protection needs.
— TOC

Mid-career scheme for would-be teachers at international schools launched
Mid-career professionals can take up trainee positions in international schools while doing studies.
— Straits Times

Singapore tops global index for food security
Singapore is top in the world when it comes to ensuring that its citizens have access to safe and nutritious food at affordable prices in the short and long term.
— Straits Times

Champions for a more inclusive society
She may have lost both her hands in a freak accident in 2002, but never tell Dr Malvika Iyer what she cannot do.
— Straits Times

When winter escape to Singapore becomes flight of death for migratory birds
It is a grisly sign of the peak bird migration season, said National University of Singapore researcher David Tan.
— Straits Times

COE premiums end mixed amid weak buying sentiment
Certificate of entitlement (COE) prices ended mixed in the latest tender yesterday as demand for new vehicles remained subdued.
— Straits Times

Science Talk: Dive into Singapore’s marine environment to protect it
Singapore is an island-nation, and the lives of many Singaporeans are intertwined with the sea. Every day, coastal and marine areas here are used by thousands of people, for work and for play.
— Straits Times

Low-oxygen environment can worsen TB damage to lungs
When a person contracts tuberculosis, his body dispatches white blood cells to fight off the disease.
— Straits Times

Migrant workers volunteer to clean Pasir Ris Beach on Saturday
SINGAPORE – What are you doing this weekend? For a group of migrant workers, they are spending their Saturday (Oct 20) at the beach at Pasir Ris Park.
— Straits Times

3D-printing facility to be set up at PSA’s Pasir Panjang Terminal
SINGAPORE – The world’s first 3D maritime printing facility will be built at PSA’s Pasir Panjang Terminal, to create parts that can be used for port equipment.
— Straits Times

Teen e-scooter rider given probation for knocking into elderly man
SINGAPORE – A teenager was riding his e-scooter along Yishun Ring Road when it hit an elderly pedestrian, causing the man to suffer facial fractures.
— Straits Times

LTA clarifies that forfeited PMDs will not incur storage fees
The LTA made the clarification after a widely shared social media post claimed a woman was told to pay close to $1,800 in towing and storage fees for her non-compliant e-scooter that had been impounded.
— Straits Times

Black Maserati-driving NUS geography prof Henry Yeung Wai Chung, 50, charged for dangerous driving
A geography professor from the National University of Singapore has been charged in court for dangerous driving.
— Mothership

Cash not accepted at Honestbee’s first brick-and-mortar shop space
SINGAPORE — It is a supermarket, restaurant, and retail concept testbed rolled into one. And cash is not accepted here.
— Today Singapore

Monkey magically appears at Choa Chu Kang Ave 5 10th storey HDB corridor eating litter
A resident in the north-western part of Singapore opened his HDB flat front door and was greeted with the sight of a monkey chilling at the corridor.
— Mothership

Feature photo Toluna/ quik_silvez

This week’s Singapore morning news feature photo acknowledges International Day for the Eradication of Poverty, October 17.

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 18 added by Maria Mirasol Rasonable on October 18, 2018
View all posts by Maria Mirasol Rasonable →

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Maria Mirasol Rasonable

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Maria Mirasol Rasonable graduated with a Bachelors Degree in journalism from Polytechnic University of the Philippines, Santa Mesa, Manila, Philippines.

She previously covered police rounds for Philippine Daily Inquirer as a trainee before becoming editorial staff at Gospel Komiks under the Communication Foundation for Asia (CFA-MG), Santa Mesa, Manila where she wrote lifestyle and trending fashion and styles articles.