Singapore morning news for July 16

DBS downgrades full-year Singapore growth forecast to 0.7%, OCBC lowers it to 0-1%
IN the wake of disappointing second-quarter flash data, economists have trimmed their full-year growth predictions for Singapore in 2019.
— The Business Times

Singapore is 3rd in Asia-Pacific for nurturing women entrepreneurs
SINGAPORE ranked third in the Asia-Pacific in fostering growth for women entrepreneurs, though its progress between 2017 and 2019 was outpaced by several other cities around the world, according to a study by US tech giant Dell.
— The Business Times

Govt rolls out IT tools to boost security of sensitive data
THE Public Sector Data Security Review Committee has started rolling out IT tools to improve the government’s management of citizens’ sensitive data before the full set of recommendations and findings is due on Nov 30.
— The Business Times

Further curbs on money lending to foreigners
BUILDING on measures implemented in November last year, the Ministry of Law (MinLaw) has further tightened caps on loans to foreigners and low-income foreigners in particular.
— The Business Times

Singapore’s construction sector may face protracted slowdown in medium term: Fitch
SINGAPORE’S construction sector faces increasing risks of a protracted slowdown in growth in the medium term, due to the poorer global economic outlook over the next few years, Fitch Solutions Macro Research said in a report on Monday.
— The Business Times

Commentary: Singapore trade, disrupted, (not) business as usual
A troubling and potent mix of factors have reshaped the global trade landscape and created greater headwinds for Singapore businesses, says SMU’s Professor Locknie Hsu.
— Channel NewsAsia (very annoying popups)

Over 40 new standards to be developed for new tech, business processes
THE Singapore Standards Council (SSC) will in the coming months develop more than 40 new standards for nascent technologies and business processes such as additive manufacturing and video analytics, in its push to keep pace with economic transformation and new technologies.
— The Business Times

Singapore’s virtual banks offer homegrown AI a chance to shine
SENIOR Minister Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore (MAS), is right to hail new virtual bank licences expected to be granted later this year as the next chapter in Singapore’s banking liberalisation journey.
— The Business Times

June new home sales down 13.8% from May
Demand for new homes in June – typically a slow month in the Singapore property market due to the school holidays – appeared resilient although developers sold fewer units.
— Straits Times (annoying popups)

Brad Bowyer joins Tan Cheng Bock’s Progress Singapore Party
Brad Bowyer, former member of People’s Voices (PV), took to his Facebook on Monday (15 July) to announce that he has joined Dr Tan Cheng Bock’s Progress Singapore Party (PSP).
— The Online Citizen

H&M to start charging for shopping bags in Singapore
Customers shopping at H&M will soon be charged for using shopping bags, as part of a new initiative announced by the fashion retailer on Monday (Jul 15).
— Channel NewsAsia (very annoying popups)

Is There a Risk of Singapore Post Cutting Its Dividend?
With Singapore Post Limited (SGX: S08) recently announcing its decision to divest its USA e-commerce businesses, will this have an impact on its future dividends?
— The Motley Fool

Most working adults not financially ready for retirement
THE majority of working adults in Singapore are financially unprepared for retirement, with one in three saying that they do not invest and see investing as a form of gambling.
— The Business Times

BMW launches first of its kind subscription service here
IF there’s one thing Singaporeans love, it’s a buffet. But how will people here take to an all-you-can-eat approach to driving BMWs?
— The Business Times

Man charged after allegedly defaulting on NS obligations
A 22-year-old man appeared in court yesterday after he allegedly defaulted on his national service (NS) obligations.
— Straits Times (annoying popups)

Three High Court judges appointed
Judicial Commissioners Pang Khang Chau, Audrey Lim Yoon Cheng and Ang Cheng Hock have been made High Court judges, bringing the number of Supreme Court judges to 23.
— Straits Times (annoying popups)

CapitaLand’s Ascott signs up 26 new properties, enters 6 new cities
CapitaLand’s lodging business unit The Ascott has signed up 26 new properties, a majority of which are under management contracts, with three on franchise agreements, it said yesterday just after the market opened.
— Straits Times (annoying popups)

Engineering JV to build $668m of pumping stations
National water agency PUB has appointed Koh Brothers Eco Engineering’s construction unit and its joint venture (JV) partner, China Harbour (Singapore) Engineering, for a $668.2 million pumping station project at the Tuas Water Reclamation Plant.
— Straits Times (annoying popups)

Loans for low-income foreigners, maids, capped at S$500 under new licensed moneylending rules
Low-income foreigners will only be allowed to take a maximum loan of S$500 from licensed moneylenders, as the Ministry of Law on Monday (Jul 15) announced further restrictions on the amount they can borrow.
— Channel NewsAsia (very annoying popups)

SGX seeks price limits on stock auctions after $41 bln flash crash
Singapore Exchange’s regulatory unit is proposing imposing price limits during daily stock auctions to prevent incidents such as the US$41 billion flash crash in January that briefly roiled shares in conglomerate Jardine Matheson.
— Channel NewsAsia (very annoying popups)

SPH’s profits down again – it’s share price has dropped 30% since Ng came onboard
After the close of the markets last Friday (12 July), it was reported that Singapore Press Holdings’ (SPH) third-quarter profits dropped by 44.1% from $46.91 million last year 3Q to the present $26.2 million.
— The Online Citizen

CPF Board & MOH refuse husband’s request to use CPF funds for cancer-stricken wife, say: We have done all we can to extend support
The Central Provident Fund (CPF) Board and Ministry of Health (MOH) have issued a joint statement with regards to a husband’s request to use his CPF savings for his wife’s cancer treatment.
— The Independent

Does Singapore need a new approach to healthcare? Comparing SDP’s healthcare policy with 3M healthcare scheme
Much has been said about the affordable healthcare system in Singapore. In particular, the 3M (MediSave, MediShield (Life) and MediFund) formula has been hailed as an effective system to help keep government healthcare expenditure low while not burdening people which heavy out-of-pocket medical expenses.
— The Online Citizen

Nearly 50,000 low-income Singaporean women given free mammogram screenings by the Breast Cancer Foundation
In a press release earlier today (15 July), the Breast Cancer Foundation (BCF) announced that it will extend its successful Breast Cancer Foundation Encouragement for Active Mammograms (BEAM15) programme.
— The Online Citizen

Pictet bets on Asia expansion; aims to double team of bankers
PICTET Wealth Management (PWM) is pursuing a growth strategy in Asia, where it plans to double its team of bankers over the next few years.
— The Business Times

Non-urgent care the focus at Alexandra Hospital
The newly renovated Alexandra Hospital (AH) has become the first public hospital in Singapore without an Accident and Emergency Department, and will instead focus on non-emergency procedures to benefit the Republic’s growing elderly population.
— Straits Times (annoying popups)

Comfort ends cabby’s contract after he films drunk passenger
Transport operator ComfortDelGro has ended the contract of a taxi driver who filmed a drunk passenger because he wanted to shame her after she did not pay her fare.
— Straits Times (annoying popups)

Maids, foreign workers can get bosses to bar them from taking moneylenders’ loans
Maids and foreign workers can ask employers to bar them from taking up loans from licensed moneylenders under a self-exclusion framework similar to the one in place to stop individuals from entering casinos.
— Straits Times (annoying popups)

Applications open for Citizens’ Panel on work-life balance
Singaporeans keen to look at practical challenges of managing work and family commitments, and suggest solutions to the Government can apply now to join a new Citizens’ Panel.
— Straits Times (annoying popups)

Malaysian who evaded arrest for 30 years after killing colleague jailed
A Malaysian odd-job worker who killed a colleague in 1986 in a fight over $1,000 evaded arrest for 30 years, and even returned to Singapore a few times over the years, the High Court was told yesterday.
— Straits Times (annoying popups)

How Singapore could further improve road safety, from safer bus rides to higher fines for the rich
Dozens of suggestions were made on this topic in Parliament last week. While several creative ideas were mooted, how feasible are they and, more importantly, would they work?
— Straits Times (annoying popups)

One in 3 adults doesn’t invest: OCBC survey
One in three working adults in Singapore does not invest or find ways to grow his money, a survey showed. Women, especially, regard investing as a form of gambling.
— Straits Times (annoying popups)

GIP venture fund under judicial management
A venture fund approved under the Government’s Global Investor Programme (GIP) has been placed under judicial management after a court ruled it was unable to pay its debts.
— Straits Times (annoying popups)

129 arrested in anti-loansharking blitz
94 men and 35 women, aged between 17 and 82, were arrested for their suspected involvement in loansharking activities in an operation that was conducted from 8 to 10 July 2019.
— The Online Citizen

Why This Singapore Stock Could Provide a Dividend Surprise
Boustead Projects Limited’s (SGX: AVM) annual report points to signs that there could be a bumper dividend coming for shareholders.
— The Motley Fool

‘Monster’ who prostituted wife and sexually assaulted daughter unintelligible in appeal attempt
A man dubbed a monster by the prosecution for his sexual offences against his wife, daughter and wife’s niece turned up in High Court on Monday (Jul 15) to appeal against his sentence in a hearing that did not go through.
— Channel NewsAsia (very annoying popups)

More access to some data in move to become ‘Smart Nation’ but researchers want more access to historical information as well
Almost five years ago, the government pledged to make more data available to the private sector as a way to turn Singapore into a Smart Nation.
— The Online Citizen

Lawyer M Ravi reveals Suriia Das’s legal case to challenge CPF Board resolved
International human rights lawyer M Ravi took to his Facebook page today (15 July) to announce that the legal case that he filed on behalf of Suriia Das “to challenge the CPF Board is now being amicably resolved with the Board”.
— The Online Citizen

5 Factors to Pick 3 of Singapore’s Strongest REITs
Here are five metrics used to pick Singapore’s strongest REITs including Parkway Life REIT (SGX: C2PU), Keppel DC REIT (SGX: AJBU), and IREIT Global (SGX: UD1U).
— The Motley Fool

3 Best-Performing Financial Stocks in Temasek’s Portfolio
These are the three best-performing stocks in Temasek’s Financial Services portfolio over the past five years. And none of them are Singaporean. Find out what they are here.
— The Motley Fool

OG founder’s grandson fined for harassment
The grandson of the founder of OG department store was fined $3,500 yesterday for harassing the husband of his then alleged lover.
— Straits Times (annoying popups)

Street-hail cabs remain good option for commuters in the face of ride-hailing apps: ST analysis
If you want the cheapest ride, go for Gojek, but if you are in a hurry, pick Grab. The best value in terms of fare and time is Gojek, followed very closely by a street-hail taxi.
— Straits Times (annoying popups)

Flexible work hours, sleep capsules boost hotel staff’s welfare
First-time mum Davina Yong places her five-month-old daughter in her in-laws’ care on weekdays, as she does not have help at home to look after her.
— Straits Times (annoying popups)

Grab driver who punched passenger gets 5 months jail-time
A Grab driver punched a man who refused to cancel his booking, causing the victim to lose two teeth. The passenger, Mr He Yong, 36, had another two teeth extracted as well as they were displaced.
— The Independent

Report calls for government to relook at end-of-life care schemes and giving better quality of life, netizens back the call
Singaporeans’ ideal situation of a “good death” is to die at home surrounded by loved ones. But according to a report released by the Institute of Policy Studies (IPS) on Friday (12 July), this desire to have a dignified passing is far from the reality on the ground and argues that a lot needs to be done to change the way end-of-life care is handled.
— The Online Citizen

Temasek’s investee company Bayer now being sued in Australia
Last month, Australian news media reported that a Melbourne gardener has become the first person to sue Bayer’s Monsanto in Australia over its weed killer product, Roundup (‘Melbourne gardener launches legal action against Monsanto in first Australian Roundup lawsuit’, 4 Jun).
— The Online Citizen

Feature photo WorldSkills Thailand

This week’s Singapore morning news feature photo acknowledges World Youth Skills Day, July 15.

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 July 16 added by John Le Fevre on July 16, 2019
View all posts by John Le Fevre →

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John Le Fevre

Thailand editor at AEC News Today

John is an Australian national with more than 40 years experience as a journalist, photographer, videographer, and copy editor.

He has spent extensive periods of time working in Africa and throughout Southeast Asia, with stints in the Middle East, the USA, and England.

He has covered major world events including Operation Desert Shield/ Storm, the 1991 pillage in Zaire, the 1994 Rwanda genocide, the 1999 East Timor independence unrest, the 2004 Asian tsunami, and the 2009, 2010, and 2014 Bangkok political protests.

In 1995 he was a Walkley Award finalist, the highest awards in Australian journalism, for his coverage of the 1995 Zaire (now Democratic Republic of Congo) Ebola outbreak.

Prior to AEC News Today he was the deputy editor and Thailand and Greater Mekong Sub-region editor for The Establishment Post, predecessor of Asean Today.

In the mid-80s and early 90s he owned JLF Promotions, the largest above and below the line marketing and PR firm servicing the high-technology industry in Australia. It was sold in 1995.