Singapore morning news for August 23

DSI hunts Singaporeans on fraud charges
The Department of Special Investigation (DSI) is seeking extradition of four Singapore citizens on the charge of deceiving around 250 victims to trade in a fake firm and lose some Bt235 million, a deputy DSI chief said.
— The Nation

A hit on Facebook, Nas is set to air a story on Singapore
Mr Nuseir Yassin, 26, the man behind the popular channel Nas Daily, has pledged to rack up 1,000 days on the road – telling the stories of people in various places, including Singapore.
— The New Paper

Singapore seeks UNESCO status for hawker centers – Malaysians not amused
Singapore Prime Minister Lee Hsien Loong in his speech at the republic’s National Day Rally on August 19 said that the city state will be nominating its rich hawker culture for UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity.
— Investine

Nokia says it’s owned $3.47 for each 5G smartphone
Nokia announced its patent-licensing rate for 5G smartphones, pegging the value of its 5G patents at €3 ($3.47) per smartphone.
— Telecomasia

Has the PAP government pressed the panic button, announcing a new policy without having worked out any details whatsoever?
Prime Minister Lee Hsien Loong announced the Voluntary Early Redevelopment Scheme (VERS) at the National Day rally with a flourish, injecting fresh hope and optimism to Singaporeans worried about the plight of their 99-year leasehold HDB flats.
— TOC

Airtel Offers International Roaming Plans For Prepaid Customers: 5 Points
These Airtel prepaid recharge packs will be available to customers for the following 20 countries: UAE, Nepal, Bangladesh, Saudi Arabia, USA, Qatar, Kuwait, Malaysia, Singapore, United Kingdom, Sri Lanka, Bahrain, China, Canada, Germany, Australia, Hong Kong, France, Netherlands and Thailand.
— NDTV Profit

Photographs to remember old buildings and locations
And it is why architectural photographer Darren Soh has come up with Before It All Goes: Architecture From Singapore’s Early Independence Years, a solo exhibition that is a tribute to the modernist post-war architecture here that is slated for demolition.
— The New Paper

The failure of Singapore’s diplomacy under Lee Hsien Loong’s administration?
I consider his decision to swallow the humble pie a very profound and very telling. At the same time, it is bad omen for Singapore!
— TOC

Singapore ‘arrogant’ to nominate hawker culture for Unesco listing: Malaysian chef
Malaysian chefs are “frying” Singapore’s bid to nominate its hawker culture for Unesco’s Representative List of the Intangible Cultural Heritage of Humanity.
— AsiaOne

Schooling retains 100m fly gold at Asiad
Joseph Schooling has won Singapore’s first gold medal at the 2018 Asian Games, after retaining the men’s 100m butterfly title in a Games record time of 51.04sec on Wednesday (Aug 22).
— The New Paper

Laura Ashley annual profits crash to £100,000
Fashion and homeware retailer Laura Ashley has seen annual profits crash to just £100,000 following a sales slide and hefty writedowns on a property sold in Singapore.
— Eastern Daily Press

Singaporeans and Malaysians at odds over hawker culture
Malaysian chefs are “frying” Singapore’s bid to nominate its hawker culture for Unesco’s Representative List of the Intangible Cultural Heritage of Humanity.
— The Straits Times

Community eye clinics save patients a trip to hospital
Six primary-care facilities – including Hougang Polyclinic, where Mr Chinnayah has been seeking care – have been chosen for the initiative.
— The New Paper

Are Singapore’s fintech startups hoarding capital?
Despite a massive pool of available capital fueling the ambitions of homegrown startups in Singapore, fintechs may be more likely to snag investor attention and score growth-stage funding rounds than other less fortunate startups who are stuck at seed funding.
— Singapore Business Review

Danone Dumex formula recalled in Singapore after cronobacter sakazakii bacteria detected
Singapore’s Agri-Food & Veterinary Authority (AVA) has recalled A batch of Dumex Mamil Gold Infant Milk Formula – Step 1 (850g) after detecting cronobacter sakazakii bacteria in samples.
— Food Navigator-Asia

Wilmar International buys rival Bunge’s sugar operations
Wilmar International’s arm acquired the sugar trading book of its rival, US agribusiness firm Bunge for an undisclosed amount, both companies revealed.
— Singapore Business Review

Qantas Extends Investor Splurge After Record Annual Profit
The same month, Qantas started funneling other flights to Europe through Singapore instead of Dubai.
— Bloomberg

Kevin Kwan, author of Crazy Rich Asians, defaulted on his NS obligations: Mindef
Singapore-born writer Kevin Kwan, whose book inspired the movie Crazy Rich Asians, defaulted on his national service obligations, the Ministry of Defence said on Wednesday in response to queries from The Straits Times.
— The Straits Times

Juggling Is the Key Skill in Sea’s E-Commerce Future
Sea’s marketing budget has also escalated, however. In the second quarter the Singapore-based, U.S.-traded company spent 2.5 times more on marketing its e-commerce business than the revenue actually derived from it.
— Bloomberg

Singtel eyes bid for Australia’s wireless operator Amaysim
Bloomberg reports that Singtel is working with the Bank of America for a possible bid for Australia’s wireless operator Amaysim, people with knowledge of the matter said.
— Singapore Business Review

Xiaomi Smart Home-Appliance Supplier to Plan U.S. IPO
Viomi, based in the southern Chinese city of Foshan, counts Sequoia Capital and Singapore sovereign wealth fund GIC Pte among its investors, according to its website.
— Bloomberg

Uplift the Muslim community by working together, Masagos urges
Minister-in-charge of Muslim Affairs Masagos Zulkifli on Wednesday (Aug 22) urged Malay Muslims to work together to help uplift the community, echoing a call made by Prime Minister Lee Hsien Loong in his National Day Rally.
— TodayOnline

Amherst Seeks More Than $1 Billion for Rental Houses
Other investors riding the wave include Pretium Partners LLC, which closed on a $1 billion fund, and Tricon Capital Group Inc., which announced a $750 million joint venture with the Teacher Retirement System of Texas and Singapore’s GIC Pte. Cerberus Capital Management is said to be raising more than $500 million to buy rentals.
— Bloomberg

Minister Wong now says HDB flat an asset that will appreciate as Singapore prospers
It was reported in the media that at a public feedback forum organized by government feedback unit REACH yesterday (21 Aug), National Development Minister Lawrence Wong now said that a HDB flat sold on a 99-year lease is an asset that will appreciate as the country prospers.
— TOC

Singapore real estate will endure as popular asset class
SINGAPORE property is likely to retain its lustre as a preferred choice for long-term wealth creation due to the city-state’s regional hub status, solid growth prospects and Asians’ deep-seated desire to own property.
— Business Times

Decommissioned power station turns into art market for a day
An abandoned red-brick building in Pasir Panjang turned into an art market over the Hari Raya Haji public holiday on Wednesday (Aug 22), hosting artists, musicians as well as former Sungei Road flea market hawkers.
— TodayOnline

Singapore ensign an assuring mark of quality at sea
When a ship sails with a red ensign hoisted – the crescent moon and five stars symbolising the Singapore flag – it is an internationally-recognised mark of quality and safety.
— The Straits Times

A Gem in Singapore’s City Fringe
It’s a well-known fact that prices of homes in Bishan – both HDB flats and private housing – are among one of the highest in Singapore.
— PropertyGuru

SCDF revises Fire Code using supercomputers, data analytics
When the Singapore Civil Defence Force (SCDF) undertook the task of revising the fire code for buildings, it turned to supercomputers and data analytics.
— Straits Times

US-China trade war: The countries caught in the crossfire
On the outskirts of the central business district in Singapore, the steady hum of machines producing speakers and air fresheners for customers around the region reverberates through one factory.
— BBCNews

MH special fares in Southeast Asia
Malaysia Airlines is cutting fares on Asian routes from Singapore for bookings confirmed by 27 August.
— TRWeekly

Legal tech project recruits big City firms
South-east Asia’s first lawtech accelerator has attracted three City law firms – Linklaters, Dentons and Clyde & Co – to its operation in Singapore.
— LegalFutures

Fast Asia Open: Japan manufacturing PMI, Singapore CPI
Federal Reserve officials expressed concern about their scope to battle the next recession in their latest meeting, even as strong immediate prospects for the US economy kept them on track for higher interest rates, with an increase likely next month.
— Financial Times

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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 August 23 added by Maria Mirasol Rasonable on August 23, 2018
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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.