Singapore Morning News For January 3

Singapore’s solid fourth-quarter growth bolsters bets on central bank tightening
Singapore’s economic growth slowed in the fourth quarter as factories lost steam, but a services sector recovery has bolstered expectations the central bank could tighten monetary policy as early as April, sending the local currency higher.
— Reuters

SMRT is cheated of whopping S$9.8 million in contracts by their own employees
Four Singaporeans were charged in court last Friday, 29 Dec 2017, with conspiring and cheating SMRT Trains Ltd of a whopping S$9.8 million in contracts that were awarded to an organisation they had vested interests in.
— The Independent Singapore

Cryptocurrency more a ‘marketing stunt’ than payment option in Singapore: Expert
It claims to be the world’s highest crypto club. Perched on the 45th floor of the Singapore Land Tower, Skyline provides more than a panoramic view of Singapore’s skyline. It also allows customers to pay for their drinks not just in cash, but also in Ethereum.
— Channel NewsAsia

Singapore’s Islamic State Jihadi
In an Islamic State video released in September 2017, Singaporean jihadi Megat Shahdan who goes by the nom de guerre of Abu Uqayl, threatened to launch attacks in Singapore. He also called on Singaporeans and other Muslims to support the Islamic State and its objectives.
— The Diplomat

Singapore’s R&D tax in need of disruption
Singapore cannot afford to rest on its laurels. If it does, there is a danger of companies relocating their knowledge-creating activities to other seemingly more attractive jurisdictions, some of which have very clear cost advantages
— The Business Times

Singaporeans may be paying one of the highest charges for electricity in the world
On 30 Dec, the Straits Times reported that the Electricity tariffs will go up in the next three months. The report said: “Households will pay more for electricity in the new year, with tariffs rising by an average of 6.3 per cent.”
— The Independent Singapore

Singapore private home prices record first rise in four years
Prices of private homes in Singapore increased for a second successive quarter in the last three months of 2017 to chalk up their first annual gain in four years as confidence in the property market continued to strengthen.
— Nikkei Asian Review

Ceiling collapses at Resorts World Sentosa casino; 4 injured
Four people were injured after a ceiling collapsed at Resorts World Sentosa (RWS) on Tuesday morning (Jan 2).
— Channel NewsAsia

Fugitive Vietnamese businessman held by Singapore
A real estate developer wanted by Vietnamese authorities amid a crackdown on corruption has been detained in Singapore, and his family fears he will be sent home, where he could face the death penalty, a lawyer representing him said on Tuesday.
— Bangkok Post

880,000 HDB households to get GST Voucher rebate in Jan
About 880,000 Singaporean Housing and Development Board (HDB) households will receive the next instalment of the GST Voucher – Utilities-Save (U-Save) rebate this month, the Ministry of Finance said in a statement on Tuesday (Jan 2).
— Today Online

Singapore realty investor CapitaLand buys first office asset in Germany for $294m
Singapore-based realty investor CapitaLand has made its first commercial investment in Germany with the acquisition of office building, Main Airport Center (MAC) in Frankfurt, Germany for $294.3 million (Euro 245 million).
— DealStreetAsia

Productivity gains seen in economy’s uptick, but momentum uncertain
THE Singapore economy has picked up speed on the back of an uptick in global trade, but a sustained improvement in productivity growth could still remain elusive.
— The Business Times

PM Lee announces Singapore’s 200th anniversary celebration in 2019 – GE to follow?
In his New Year message, PM Lee announced plans to mark the 200th anniversary of 1819, when Stamford Raffles founded the modern day Singapore:
— The Independent Singapore

22 firms, people fined over privacy breaches in 2 years
Singapore’s privacy watchdog has fined 22 organisations – one of them twice – a total of $216,500 over the past two years for security breaches that exposed the personal details of Singaporeans.
— The New Paper

Singapore needs robust, independent enterprises: Ron Snir, Israel Trade & Economic Office
Ron Snir, the Head of the Israeli Economic Mission to Singapore, is frank on her views of Singapore and its evolving venture ecosystem and points out that it is not fair to compare the startup scenes across both countries, considering the massive head-start that Israel enjoys.
— DealStreetAsia

Singapore-Sri Lanka tax treaty enters into force
Singapore’s Inland Revenue Service today announced that a revised tax treaty with Sri Lanka entered into force on December 31, 2017.
— MNE Tax

Confinement nanny trade turns professional to tackle diminishing job appeal
Thirty-five-year-old Ms Pearlyn Cheok is childless, but her love for children has brought her into contact with more than 14 babies over the past two years. Since then, she has spent more time with new families in Singapore than at home in Kulai, Johor with her husband.
— Channel NewsAsia

Feature photo Dickson Phua

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 January 3 added by Leakhena Khat on January 3, 2018
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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.