Singapore morning news for April 26

Singapore morning news for April 26

Singapore morning news

Singapore’s GLP Plans $3 Billion IPO of U.S. Warehouses
GLP Pte, the Singapore-based developer of logistics properties, is planning an initial public offering for its U.S. operations that could raise about $3 billion, people with knowledge of the matter said.
— Bloomberg

230 people fall ill with gastroenteritis symptoms at Zhenghua Primary School
The authorities are investigating a gastroenteritis outbreak at Zhenghua Primary School, after 230 people fell ill with symptoms, including diarrhoea and vomiting.
— CNA  (very annoying popups)

Industrial property market to hold firm in 2019, business parks seen as bright spot
THE industrial property market appears to have bottomed out, with analysts projecting a stable market outlook for this year and citing business parks as a likely outperformer.
— The Business Times

Singapore ranked the 20th most powerful country in the world
This year’s US News and World Report rankings show that Singapore has clinched the 20th spot among the 80 most powerful countries in the world.
— The Independent

Consumers can set own limits for e-payment alerts
The Monetary Authority of Singapore (MAS) has revised a new rule that requires financial institutions to send alerts to consumers for every e-payment transaction above $0.01.
— Straits Times (annoying popups)

Singapore Looks to Establish itself as Global FX Trading Hub
A report published by Bloomberg on Thursday indicates that Singapore is making headway in its efforts to become a major hub in the foreign exchange (FX) markets.
— Finance Magnates

Shaving milliseconds off currency trades could make Singapore billions
Singapore is seizing an opportunity measured in milliseconds to win a bigger slice of the world’s foreign exchange market, worth $5.1 trillion (¥570 trillion) daily.
— The Japan Times

S’pore aims to cut sub-second lag to boost forex trading
Singapore is grabbing a sub-second opportunity to win a bigger slice of the world’s US$5.1 trillion (S$7 trillion) a day foreign exchange market.
— Straits Times (annoying popups)

Coastline Residences to launch this weekend at S$2,450 psf
EAST Coast is heating up with launches galore, with possible major launches this year yielding at least 1,500 units, going by Knight Frank’s estimates in March.
— The Business Times

PM Lee to meet Xi Jinping during official visit to Beijing, attends high-level summit for 1st time
PM Lee is invited by President Xi to attend the summit for the first time.
— Mothership

Prominent journalists express concern over POFMA’s impact on their practices in a letter to Comms and Info Minister S Iswaran
27 journalists, including Clare Rewcastle-Brown of Sarawak Report and editor-in-chief of Southeast Asian affairs platform New Naratif Kirsten Han, have signed a letter expressing concern regarding the Protection from Online Falsehoods and Manipulation Bill on Wed (24 Apr).
— The Online Citizen

S’pore firm unveils flying vehicle with an eye on US market
A Singapore firm has unveiled a one-seater flying vehicle that it hopes could be used for door-to-door transport in urban areas when it is launched in the United States.
— Straits Times (annoying popups)

Singapore takes split-second chance to be FX hub for Asia’s rich
Singapore is grabbing a sub-second opportunity to win a bigger slice of the world’s US$5.1 trillion-a-day foreign exchange market.
— The Edge Singapore

SGX seeks review of fraud allegations at cosmetics firm Best World
The Republic’s securities regulator has called for an independent review of fraud allegations made by a short-seller against Best World International, which knocked 9 per cent off the cosmetics firm’s share price on Wednesday.
— Today Online

Belt and Road must remain ‘open’ for free flow of trade, investments: Chan Chun Sing
Given the need to uphold the current rules-based trading system, China’s Belt and Road Initiative (BRI) should continue to be an open platform that allows free flow of trade and investments, said Singapore’s Trade and Industry Minister Chan Chun Sing on Thursday (Apr 25).
— CNA  (very annoying popups)

Banks demand Singapore court appoint new Hyflux management
Hyflux creditors will ask the Singapore High Court to appoint new managers to guide a restructure of the troubled water treatment company.
— Nikkei Asian Review (paywall)

WPP’s Essence launches innovation hub in Singapore after government backing
WPP agency Essence has launched an innovation, research and development hub in Singapore following investment from the Economic Development Board.
— The Drum

Quarz Capital proposes merger of Ascendas Hospitality Trust and Ascott Residence Trust
Activist investor Quarz Capital Management has issued an open letter to the manager of Ascendas Hospitality Trust (A-H Trust) urging for its merger with Ascott Residence Trust (ART) to resolve the key issue of overlapping investment mandates between the two REITs and deliver substantial value to unitholders of both camps.
— The Edge Singapore

Adoption of Singapore law growing regionally: survey
Singapore law is the second-most adopted governing law in cross-border transactions in Asia after English Law, a survey commissioned by the Singapore Academy of Law’s (SAL) Promotion of Singapore Law Committee has found.
— Legal Business Online

1,000 company training committees to be set up by NTUC to help workers upgrade skills
The National Trades Union Congress (NTUC) is aiming to set up training committees in some 1,000 companies over the next three years to identify the areas of training and skills that workers need to keep up with industry transformation.
— Today Online

Singapore putu piring hawker stall featured in new Netflix show
Making putu piring, the steamed rice cake filled with melted palm sugar or gula melaka and adorned with pandan leaf, was once her parents’ dream.
— Asia One

Hyflux granted one-month extension of debt moratorium instead; new deadline is May 24
Hyflux International, the debt-laden water company facing potential liquidation, has been granted a one-month extension of its debt moratorium to May 24 although it had asked for an extra three months.
— The Edge Singapore

Activist Fund Urges Singapore REIT Merger to Boost Value
Two Singapore REITs are being urged to join the wave of consolidation starting to sweep the industry.
— Bloomberg

Analysts like Mapletree Commercial Trust for its all rounded FY19 performance
Analysts are mostly keeping neutral after Mapletree Commercial Trust (MCT) yesterday announced that its 4Q19 DPU has increased by 1.8% to 2.31 cents from 2.27 cents in 4Q18, bringing FY19 DPU to 9.14 cents, 1.1% higher y-o-y.
— The Edge Singapore

Singapore regulator seeks review of fraud allegations at cosmetics firm Best World
Singapore’s securities regulator has called for an independent review of fraud allegations made by a short-seller against Best World International Ltd, which knocked 9 percent off the cosmetics firm’s share price on Wednesday.
— Reuters

Slight increase in public-sector cases registered for corruption investigations last year
Public-sector cases registered for investigation inched up last year, even as incidence of corruption remained low, said the Corrupt Practices Investigation Bureau (CPIB) as it released its latest statistics on Thursday (April 25).
— Today Online

Developers finding it tough to locate showflats on project site
SOME developers are housing their showflats in unconventional places – from malls, industrial buildings, to even several kilometres away from the actual condo site.
— The Business Times

Duty Free International posts 7.2% increase in 4Q earnings to $3.3 mil
Duty Free International (DFI) reported 4Q19 earnings of RM10 million ($3.3 million), 7.2% higher compared to RM9.3 million in 4Q18.
— The Edge Singapore

Ensure rules that are set can be followed, Chee Hong Tat urges internal auditors
Speaking at a conference on Thursday (Apr 25), the Senior Minister of State for Trade and Industry stressed that when rules and procedures are set, it is important to consider the impact when they are implemented on the ground.
— CNA  (very annoying popups)

Heng led team in concluding CECA with India opening up SG for Indian FTs to work in
On 29 June 2005, India and Singapore signed the India-Singapore Comprehensive Economic Cooperation Agreement (CECA). This free trade agreement not only enables Singapore and India to trade goods freely, it also allows professionals to work in each other country more easily.
— The Online Citizen

LTA awards S$64m contract to ST Engineering, Alexander Dennis for three-door buses
SINGAPORE’S Land Transport Authority (LTA) will procure a total of 100 three-door double-deck buses for about S$64 million from Alexander Dennis (Singapore) Services and Singapore Technologies Engineering’s (ST Engineering) land systems arm.
— The Business Times

Hyflux gets letter of intent for possible S$400m injection
Hyflux is engaging with potential white knights overseas for a new restructuring deal worth S$400 million, said the embattled water treatment firm in a filing to the Singapore Exchange on Thursday (Apr 25).
— CNA  (very annoying popups)

Shaving Milliseconds Off Currency Trades Could Make Singapore Billions
Singapore is grabbing an opportunity measured in milliseconds to win a bigger slice of the world’s $5.1 trillion-a-day foreign exchange market.
— Bloomberg

‘Fearful’ prosecution witness admits even third statement might not have been the whole truth
Alex Chew Keng Chiow, the RHB Securities remisier who is the prosecution’s second witness in the 2013 penny stock crash trial, has admitted that even his third conditional statement to the Commercial Affairs Department may have contained some untruths.
— The Edge Singapore

Singapore’s tripartite partners in ‘advanced stage’ of setting new retirement, re-employment ages: Ng Chee Meng
Singapore’s tripartite partners are in the “advanced stage” of determining the new retirement and re-employment ages with “good progress made”, said National Trades Union Congress (NTUC) secretary-general Ng Chee Meng.
— Yahoo News SG

Non-profit voluntary welfare group Thye Hua Kwan to open new temple with multi-religious focus
The non-profit voluntary welfare organisation (VWO) Thye Hua Kwan Moral Society will be opening a new temple with a multi-religious focus to the public on 20 May in Sengkang West.
— The Online Citizen

Online falsehoods law will tackle attempts to ‘manipulate opinions, influence elections’: PM Lee
The proliferation of technology and social media is providing a medium for hate speech and fake news to spread quickly, and legislation is an essential part of the answer to tackle these issues, Prime Minister Lee Hsien Loong said on Thursday (Apr 25).
— CNA  (very annoying popups)

NTU and SMU implement serious anti-harassment measures on campus
Sexual harassment is a critical issue that Nanyang Technological University (NTU) and Singapore Management University (SMU) are taking extremely seriously.
— The Independent

New petition on Change.org calls out for the system “to be fair and just to Nicholas too”
The recent ‘Peeping Tom’ scandal at National University of Singapore (NUS) is starting to gain widespread attention, with more and more people voicing out against perpetrator Nicholas Lim for receiving a mild punishment from the university after he was caught filming a fellow student, Monica Baey while she was showering.
— The Online Citizen

Corruption remains firmly under control, says CPIB
The corruption situation in Singapore remains firmly under control, said the Corrupt Practices Investigation Bureau (CPIB) in a release of its 2018 statistics yesterday.
— Straits Times (annoying popups)

Sing Investments & Finance posts 19.7% drop in 1Q earnings to $5.0 mil
Sing Investments & Finance saw its earnings fall 19.7% to $5.0 million for the 1Q19 ended March, from $6.2 million a year ago.
— The Edge Singapore

IGD: Singapore grocery to be worth SGD9.9bn by 2023
Singapore’s grocery market is forecast to see steady growth to SGD9.9bn by 2023, up 14.5% from 2018, according to the latest forecasts from international food and consumer goods researcher, IGD Asia.
— IGD

PM Lee to attend Belt and Road Forum in Beijing, witness signing of MOUs with China
Prime Minister Lee Hsien Loong will visit Beijing from Thursday (Apr 25) for five days to attend the second Belt and Road Forum and witness the signing of memorandums of understanding on bilateral cooperation between Singapore and China.
— CNA  (very annoying popups)

Without even and just Rule of Law, society breaks down
Most commentators on governance say besides free and fair elections the next most important defining characteristic of any democracy is the rule of law.
— The Online Citizen

Koi tank outside HDB flat dismantled after failed appeal
A Housing Board flat owner who converted his doorstep into a fish tank for his koi carp has dismantled it after his appeal to keep it was rejected.
— Straits Times (annoying popups)

NUS peeping tom case becoming example of ‘trial by social media’, sets ‘dangerous precedent’
I refer to the recent peeping tom case at the National University of Singapore (NUS). As a female alumnus of NUS, I have followed the case in the news and can empathise with Miss Monica Baey’s predicament.
— Today Online

What Singapore can learn from Silicon Valley
Learning points and takeaways to focus on growing Singapore’s startup ecosystem It was my second official business visit to Silicon Valley in three years.
— e27

NTUC offers tea & coffee for $0.50 a cup to benefit 1.7M SGs but only once a week for 1 yr
NTUC announced today (25 Apr) that for next month, union members can buy their cup of coffee or tea for only $0.50 each.
— The Online Citizen

Bold leadership key to developing S’pore for the future: ESM Goh Chok Tong
Land-scarce Singapore must have bold and visionary leadership to overcome more complex urban development challenges in the years ahead, Emeritus Senior Minister Goh Chok Tong said yesterday.
— Straits Times (annoying popups)

Petition urging NUS to be “fair and just” to Nicholas Lim circulates online
A petition urging the President of the National University of Singapore (NUS) to be “fair and just” to Nicholas Lim is circulating online.
— The Independent

Hyflux gets only a month more on debt stay in absence of binding offer
HYFLUX will have its debt moratorium extended by one more month to May 24, with High Court Justice Aedit Abdullah stressing that he wants the company kept on a short leash. Hyflux has been in restructuring limbo for almost a year now.
— The Business Times

Singapore Exchange 3Q earnings dip 1% to $99.7 mil
Singapore Exchange (SGX) reported 3Q19 earnings of $99.7 million, 1% lower than $100.5 million in 3Q18.
— The Edge Singapore

STI ends lower in line with Wall Street fall
Local investors stayed wary yesterday after Wall Street closed lower overnight following a record-breaking effort a day earlier.
— Straits Times (annoying popups)

Singaporean connected to Pasir Gudang chemical poisoning turns himself in to Johor police
A second Singaporean is now in police custody in connection with the March 7 chemical poisoning of Sungai Kim Kim in Pasir Gudang which left thousands poisoned and nearby schools closed for several days.
— The Independent

3 Things About Dairy Farm Investors Should Know
Three things investors should know about retail giant Dairy Farm International (SGX: D01).
— The Motley Fool

Religious leaders in Singapore pay their respects to victims
Eleven leaders and representatives of different faiths from the Inter-Religious Organisation (IRO), which includes 10 faiths, gathered yesterday to pay their respects to the victims of the Sri Lankan bomb attacks
— Straits Times (annoying popups)

Singapore Lyric Opera Children’s Choir presents their annual concert, “How Far I’ll Go”, 25 May
The Singapore Lyric Opera will be presenting their Children’s Choir Concert this year, with the theme “How Far I’ll Go”. It will be staged at the Victoria Concert Hall on 25 May 2019, 7:30pm.
— The Online Citizen

Singapore-based Malaysian doctor safely rescued after going missing on Nepal mountain
A Malaysian climber stranded in the open for two nights near the summit of Nepal’s Mount Annapurna was rescued on Thursday (Apr 25), expedition organisers said.
— CNA  (very annoying popups)

Monica Baey and Nicholas Lim speak out
The two students at the heart of a national debate over how universities handle cases of sexual misconduct agree on one thing: that others learn from their experience.
— Straits Times (annoying popups)

 

Feature photo Nanyang Technological University, Singapore

This week’s Singapore morning news feature photo acknowledges Girls in ICT Day, 25 April.

 

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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Piseth Pov graduated with a Bachelor’s degree in Economics Science from the Royal University of Law and Economics, Phnom Penh in 2017, and a Bachelor’s degree in English Communications from Western University, Phnom Penh, the same year.

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