Singapore morning news for November 2

Singapore morning news for November 2

Singapore morning newsSingapore’s struggle to repeal Section 377A
By most global indicators, Singapore would probably surpass many advanced nations. For example, Singapore is considered one of the least corrupt countries in the world, it has the lowest tax rates and has the third highest per-capita gross domestic product (GDP) in the world in terms of Purchasing Power Parity.
— The Asean Post

Singapore’s OCBC Q3 profit rises 12 pct
Singapore’s Oversea-Chinese Banking Corp Ltd reported a 12 percent rise in quarterly profit on Thursday, supported by robust growth in net interest income.
— Reuters

GovTech: Security approach must adapt to counter increasing threat
Singapore government officials must focus on situational awareness and constant vigilance in cyber security, a GovTech official has said.
– Gov Insider

Singapore bags more than half of PE and VC investments in Southeast Asia
Singapore’s foodtech market will also continue to grow as international players enter the scene
— Singapore Business Review

Singapore firms show resurgent interest in Vietnam
SINGAPORE firms are looking towards Vietnam again, after an earlier wave of interest was disrupted by the global financial crisis and a domestic slowdown.
— The Business Times

Subaru issues two global recalls over faulty engine part, information display
Japanese automaker Subaru announced on Thursday (Nov 1) a worldwide recall, including in Singapore, of some of its most popular vehicles to replace a faulty engine part and repair defective multi-information displays.
— Channel NewsAsia

Foreigners make up for lack of local MBA takers in Singapore
MBA providers are struggling to attract local students, but renewed interest from Vietnam, India, and China buoy the industry’s performance.
— Singapore Business Review

Goldlinks Announce Partnership with Bizkey, Binging GGC to the Masses as Payment
On October 31, 2018, when the whole blockchain industry was celebrating the 10th anniversary of the launch of the Bitcoin Whitepaper, global gold industry blockchain alliance Goldlinks announced the signing of strategic partnerships with BUMO, a leading international commercial public blockchain platform, and Bizkey, the blockchain-based Asian smart POS terminal and an offline payment system using digital currencies, expanding the company’s business ecosystem.
— AEC News Today/ PR Newswire (media release)

Singapore to conduct first-ever survey on death penalty between Oct and Dec this year
Following the series of recent executions by the state – most notably that of Malaysian Prabu N Pathmanathan who was convicted for drug trafficking – and backlash from human rights organisations, the Ministry of Home Affairs (MHA) will be carrying out a survey to study the Singaporean consensus regarding the death penalty.
— TOC

SGX adds 10 more leveraged exposure products
COME November 7, investors in Singapore with a taste for volatile trading will have more daily leverage certificates (DLCs) to choose from.
— The Business Times

New tech and FinTech: opportunity and risk in Singapore case study
DISRUPTIVE technology evolution has made a wide impact to global economies, the very first forefront business that feel this in both positive and negative way is financial service industry.
— The Nation (annoying pops)

Cerberus Capital Management Acquires SGI Frontier Capital
Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, today announced the strategic acquisition of SGI Frontier Capital (“SGI”), a leading private equity firm focused on frontier markets in Asia and Africa.
— AEC News Today/PR Newswire (media release)

Tobacco products sold in Singapore must have plain packaging from 2020, should law be passed
From 2020, the packaging of all tobacco products sold here will be stripped of its colour, brand images and promotional information to take on a standard look, if proposed changes to the law are passed after being tabled in Parliament early next year.
— TodayOnline

GIC is world’s third most influential and powerful asset owner
SINGAPORE sovereign wealth fund GIC has made a dramatic ascent to became the world’s third most influential and powerful asset owner after two large US pension funds.
— The Business Times

Slew of measures to boost security of public healthcare IT
The cyber attack on SingHealth’s network in June has prompted a slew of new measures at its IT vendor, including a requirement to report suspicious IT incidents within 24 hours.
— The New Paper

Consumer insights and trends seminar open for registration
CONSUMERS in emerging countries are more receptive to innovation and disruption than those in developed countries – and yet, bigger marketing budgets are being thrown into media buys and product launches in developed countries.
— The Business Times

Government to provide public transport vouchers for low-income households help cope with with 4.3% hike in fare or some say, 11%
Following the latest fare increase by the Public Transport Council (PTC), the Ministry of Transport has announced that the government will be giving $9 million in vouchers to 300,000 low-income households to cope with the increase.
— TOC

Working with top VC managers key to unicorn investing: report
INVESTING in unicorns – the holy grail for investors – is both challenging and risky. But this may be overcome by a systematic, diversified approach of investing with top-quartile venture capital managers, according to an exclusive report by UBS.
— The Business Times

Blockchain platform to help Aussie farmers’ trade processes
A new blockchain platform is set to help farmers receive payments for goods more quickly, enabling parties in the supply chain to look into the sources of their commodities and make it easier for them to learn more details of their trade as well.
— Straits Times

B2B startups ‘are where the opportunities lie’
FORGET unicorns; business-to-business (B2B) startups are where the investment opportunity now lies, said Singapore-based venture capitalists in a panel discussion at YourStory Startup Dialogue, a startup event held last week by Indian startup media platform YourStory and local public relations firm Asia PR Werkz.
— The Business Times

No digibanks as OCBC opts for digital transformation
OCBC Bank’s digital transformation is bearing fruit, with costs down and more customers transacting online, said chief executive Samuel Tsien yesterday.
— Straits Times

Transport workers honoured for kind acts
When he spotted a boy with special needs in school uniform on his bus, Mr Sam Ali, 53, an SBS Transit bus captain, thought something might be amiss.
— The New Paper

Geylang Serai hub celebrates heritage, embraces new tech
While Malay heritage will be the focal point at the months-old Wisma Geylang Serai (WGS), the civic and cultural centre will also have its eye on the future.
— Straits Times

StarHub sends out retrenchment letters to some 300 staff members, offering compensation beyond market value
Following StarHub’s announcement earlier this month regarding the impending retrenchment of some of its staff members, the local telecommunications giant began laying off some of its 300 full-time and contract workers on Monday (29 Oct).
— TOC

Efforts to lift lower-income group have borne fruit, says MSF report
The Singapore system is not perfect, but it has performed better than most in improving the lives of poor and vulnerable families here, the Ministry of Social and Family Development (MSF) said in a first-of-its-kind report released yesterday.
— Straits Times

No laughing matter
Malaysians like to say that Singapore profits at their country’s expense. After all, Singapore buys water from Malaysia at a seemingly low price.
— The Edge

StarHub to end cable services and go fully fibre
StarHub will be pulling the plug on its cable services by June 30 next year, the telco said yesterday.
— Straits Times

Photojournalist brings joy to disaster victims
But it was only years after joining as a Singapore Red Cross (SRC) volunteer in 2005 did Mr Wong Leong Jeam, 67, realise he could also make them smile.
— The New Paper

Property sales bookings now paperless with Showsuite
A new fully digitalised sales booking platform now operational could save hundreds of thousands of sheets of paper for developers and property agents at a single project.
— Straits Times

Open electricity market debuts on strong note
Electricity retailers reported brisk sign-up rates since the launch of the open electricity market yesterday, with three saying that response was overwhelming.
— Straits Times

More wet weather in S’pore in first half of Nov. 2018
Singapore is going to be wet for the first half of November 2018, the Meteorological Service Singapore (MSS) said on Thursday, Nov. 1.
— Mothership

Millennials choosing Instagram-worthy homes over saving for retirement: Manulife survey
The majority of Millennials in Singapore perceive short-term life goals such as creating an Instagram-worthy home as being more important than saving for retirement, according to a survey commissioned by financial services group Manulife.
— The Edge

S’pore Airlines to start 16-hour direct flights to Seattle from Sept. 3, 2019
From September 3, 2019, Singapore Airlines (SIA) will be launching a non-stop flight to Seattle in the US State of Washington.
— Mothership

E-biker with a death wish caught travelling at “70 to 80kmh” along SLE
An e-bike rider was caught on video travelling along the Seletar Expressway (SLE) towards the Bukit Timah Expressway (BKE).
— Stomp (Straits Times)

Deutsche Boerse launches EEX Asia in Singapore to grow in Asian commodity markets
German exchange group Deutsche Boerse is revamping its Asian business with the launch of its European Energy Exchange (EEX) in Singapore, looking to boost its business in the world’s fastest growing commodity markets.
— Reuters

GovTech: Security approach must adapt to counter increasing threat
Singapore government officials must focus on situational awareness and constant vigilance in cyber security, a GovTech official has said.
— Gov Insider

 

Feature photo Utica Private Limited

 

This week’s Singapore morning news feature photo acknowledges World Cities Day, October 31.

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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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.

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