Singapore Morning News For May 30

Singapore ranks fifth on global cities outlook index
SINGAPORE has risen six spots to rank fifth in the world in an index that tracks the outlook for global cities.
— The Business Times

Singapore Has Fintech Dreams, But It’s Short on Tech Talent
Singapore’s goal of becoming a high-tech financial hub are running into real-world problems of labor supply and demand.
— Bloomberg

Top North Korea envoy to hold crucial talks in U.S. about summit
A top North Korean official was headed to New York on Tuesday for talks with U.S. Secretary of State Mike Pompeo, the latest indication that an on-again-off-again summit between President Donald Trump and North Korean leader Kim Jong Un may go ahead next month.
— Reuters

Malaysia PM Mahathir says will inform Singapore of intent to drop high-speed rail project
Malaysia’s Prime Minister Mahathir Mohamad said on Tuesday (May 29) that he will inform Singapore about his country’s intention to withdraw from the Kuala Lumpur-Singapore high-speed rail (HSR) project.
— Channel NewsAsia

Economists play down concerns over Malaysia’s fiscal health despite government’s populist measures
While moves by the new Malaysian government to roll back a consumption tax and reinstate fuel subsidies have heightened concerns about its fiscal position, analysts say that the country’s strong fundamentals and efforts to cut wasteful spending will cushion any shocks.
— Today Online

Singapore suffers ‘dramatic’ drop in expat pay: survey
The average cost of employing an expatriate at a middle manager level of seniority in Singapore is now US$223,095 down from US$235,545.
— International Investment

EU close to granting swaps-trading equivalence to Singapore
The European Commission is gearing up to deem Singapore an equivalent jurisdiction for trading over-the-counter derivatives, on the back of a new trading obligation being drawn up by the city state, according to two sources.
— Risk.Net

Did Singapore’s Straits Times get spun on 1MDB?
It was a major scoop for The Straits Times, Singapore’s newspaper of record: an exclusive interview with Xavier Justo, the former PetroSaudi executive-turned-whistleblower in the 1Malaysia Development Berhad (1MDB) scandal, while he languished in a Bangkok prison.
— Asia Times

Singapore-based Hayman Capital to provide loans to local SMEs
Hayman Capital based in Singapore is providing micro finance services for local small and medium enterprises, and loans will not be limited to businesses currently in operation.
— Eleven Myanmar

Singapore’s fintech ambitions bump up against immigration curbs
Singapore’s goal of becoming a high-tech financial hub are running into real-world problems of labour supply and demand.
— The Business Times

Singapore Meetings, Incentives, Conventions, Exhibitions (MICE) Tourism Market In-Depth Business Analysis 2018 to 2021
Singapore Meetings, Incentives, Conventions, Exhibitions (MICE) Tourism Market Analysis: tracks the major market events including product launches, technological developments, mergers & acquisitions, and the innovative business strategies opted by key market players.
— The Expert Consulting

Singapore Exchange Delays New India Futures After Lawsuit
Singapore Exchange Ltd. said it will delay the start of its new Indian stock futures contracts, as a court dispute in Mumbai heads to arbitration.
— Bloomberg

Singapore’s ‘Popiah King’ may anchor Pacific Radiance’s S$120m rescue deal
SINGAPORE’S “Popiah King” may emerge as the next prominent business magnate in town to extend rescue financing to a listed company in the embattled offshore and marine (O&M) sector.
— The Business Times

SPIKING and QUOINE Partner to Launch World’s First Private Token Sale on an Exchange
Spiking, a Singapore-based financial-technology trading application, will partner with global blockchain fintech company QUOINE to launch its Initial Token Offering (ITO) private sale on QUOINE’S ICO Mission Control on 6 June 2018.
— AEC News Today/ PR Newswire (media release)

Grab to charge Hitch drivers 10% fee from Jun 1
Drivers on Grab’s carpooling service, GrabHitch, will have to pay a 10 per cent “platform fee” from Friday (Jun 1).
— Channel NewsAsia

Japan’s foreign minister mulls visit to Singapore ahead of Trump-Kim summit
Japanese Foreign Minister Taro Kono is considering visiting Singapore in early June before the country is expected to host a US-North Korea summit, Kyodo News reported on Tuesday (May 29).
— The Straits Times

KL-Singapore HSR derailed: Experts say Jurong projects unlikely to be affected
Demand in the Jurong Lake District is unlikely to be affected by the cancellation of the KL-Singapore high-speed rail project. For one, the terminus has not even broken ground, notes Gwyneth Teo.
— Channel NewsAsia

Singapore bets right on ‘gazelles’: Stripe
A TOP executive at one of the world’s most valuable payments technology startups has lauded Singapore for being ahead of the curve in “realising economic transformation through high-growth startups” – what she proclaims is a little-known but important concept globally.
— The Business Times

Feature photo Katja Maasing

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 May 30 added by Leakhena Khat on May 30, 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.