Singapore morning news for May 17

Singapore morning news for May 17

Singapore morning news

S’pore to spend big on upgrading air traffic system
In a move to ensure safety and efficiency, Singapore is expected to spend several billion dollars over the next few decades to upgrade Changi Airport’s air traffic management system and introduce other improvements.
— Straits Times (annoying popups)

Tough year for banking sector: Report
Fitch Solutions Macro Research said this will be a challenging year for the banking sector, given that global outlook risks may spill over to the small and open economy of Singapore.
— Straits Times (annoying popups)

Singapore firms scramble to mitigate trade war fallout as orders dive
SINGAPORE businesses across various sectors from manufacturing to trading to services are feeling the heat from the extended US-China trade war as new orders dive – with some bracing for a decline in revenue this year.
— The Business Times

SIA’s Q4 earnings down 28%, full-year gain slumps 47%; airline sees fuel costs headwinds
SINGAPORE Airlines capped fiscal 2019 with a 28 per cent fall in fourth-quarter bottom line earnings to S$202.6 million from S$281 million a year ago, on the back of lower operating profit and higher non-operating costs related to SilkAir’s refleeting and restructuring.
— The Business Times

A*Star: Nothing came out of MOU signed with Marvelstone Group last year
THE Agency for Science, Technology and Research’s (A*Star) commercialisation arm, A*ccelerate, said there has been no collaboration with fintech group Marvelstone Group, despite an agreement signed with Marvelstone late last year.
— The Business Times

Pay train, bus fares with Visa contactless cards from June 6
More commuters will soon be able to pay for trips on trains and buses by tapping their contactless credit cards or mobile phones, with the Land Transport Authority (LTA) expanding its SimplyGo system to Visa card users from June 6.
— Straits Times (annoying popups)

Singapore Red Cross website hacked, over 4,200 affected
Singapore’s privacy watchdog is investigating a breach of the Singapore Red Cross website which compromised the personal data of more than 4,200 people, including their full names, contact numbers and e-mail addresses.
— Straits Times (annoying popups)

Businessman jailed for role in money-laundering scheme
A Singapore-based company director has admitted in court his connection with a 2008 case in which Citibank in New York was duped into transferring US$27.2 million (S$37.2 million) from the corporate account of the National Bank of Ethiopia (NBE) to various beneficiaries.
— Straits Times (annoying popups)

Donation rate falls but donors in Singapore are giving more: Survey
The overall donation rate fell from 91 per cent in 2008 to 79 per cent last year, said the National Volunteer and Philanthropy Centre.
— Straits Times (annoying popups)

PUB rejects Utico’s request to delay Hyflux Tuaspring takeover
National water agency PUB has shot down a last-minute request by potential Hyflux white knight Utico to delay its takeover of the Tuaspring desalination plant, slated to take place tomorrow.
— Straits Times (annoying popups)

National Service registration to start on May 22
Male Singapore citizens and permanent residents born between Jan 2 and Mar 31, 2002, will have to register for National Service between May 22 and Jun 11 this year.
— Channel NewsAsia (very annoying popups)

Can the three musketeers – finance, technology, and trust – click?
Both France and Singapore are mature economies, enjoying a high per capita income but reaching the limits of growth through increases in factor inputs.
— The Business Times

Citi to roll out consumer e-payments business in Asia and other markets by Q1 2020
CITI is aiming to launch its digital consumer payments business in Asia and elsewhere by the first quarter of 2020, so it can ride the wave of the region’s growing flows and digital ecosystems, said a senior executive of the US bank on Thursday.
— The Business Times

New maritime cyber-security centre launched
The Maritime and Port Authority of Singapore (MPA) has a bulwark against cyber attacks with its new Maritime Cybersecurity Operations Centre, launched officially yesterday.
— Straits Times (annoying popups)

Tech will never replace teachers: Ong Ye Kung
Technology has changed various industries in Singapore, including education, but it will never replace teachers here, Education Minister Ong Ye Kung said yesterday.
— Straits Times (annoying popups)

Thundery showers expected for rest of month
Expect more thundery showers and warm conditions in the next two weeks.
— Straits Times (annoying popups)

SIA annual profits fall 47.5% on merger and fuel costs
The decline was due mainly to higher fuel prices as well as costs incurred in preparation for SilkAir’s merger with the parent airline.
— Straits Times (annoying popups)

Hyflux’s UAE investor plans to meet retail investors, asks PUB to delay Tuaspring takeover
United Arab Emirates utility company Utico on Thursday (May 16) proposed to hold a town hall session for investors of Hyflux’s perpetual securities and preference shares so as to put together a “win-win proposal”.
— Channel NewsAsia (very annoying popups)

Mediacorp bags 14 awards at World Media Festivals
Mediacorp won 14 awards at the 2019 World Media Festivals Television & Corporate Media Awards, its largest haul of awards to date at the global competition.
— Channel NewsAsia (very annoying popups)

Man gets jail for using stolen credit card details to buy S$20,000 worth of milk powder, other items for resale
A man who used stolen credit card details to buy more than S$20,000 worth of items on online marketplace Honestbee for resale on Carousell was sentenced to 20 months’ jail on Thursday (May 16).
— Channel NewsAsia (very annoying popups)

7 more corporate partners to FORGE their corporate-startup innovation at Echelon 2019
With their diverse business statements on the table, these companies are on a mission to scout for ‘corporate ready startups’ to partner with and accelerate their corporate innovation journey For startups and entrepreneurs, the road to Echelon 2019 keeps getting better with each milestone …
— e27

2 Singapore REITs That Have Delivered Growth Recently
This article looks at 2 REITs that have delivered good performance in the latest quarterly result.
— The Motley Fool

Asian family offices, Insignia bless YouTrip with US$25.5m pre-Series A funding
IT MAY seem unconventional for an early-stage startup to receive strong backing from family offices. But YouTrip, a Singapore-based mobile wallet operator, sees this patient capital as a strength as it embarks on South-east Asian expansion.
— The Business Times

From filming movies to detecting sea mines
Since its founding in 1988, unmanned helicopter manufacturer Flying-Cam has been involved in the shooting of about 500 feature films – including the Harry Potter and James Bond series – in more than 75 countries.
— Straits Times (annoying popups)

Manhunt founder Alex Liu’s will sparks lawsuits
Two beneficiaries of the 2016 will are seeking a court order for the executors to account for and speed up distribution of the proceeds from a $1.06 million estate.
— Straits Times (annoying popups)

HDB launches tender for Canberra Link EC site
The Housing Board (HDB) has put up an executive condominium (EC) site in Canberra Link, in Sembawang, for sale by public tender.
— Straits Times (annoying popups)

Sota student wins award for bringing theatre to the elderly
Ms Dawn Lim believes in the value of theatre, and since starting a theatre troupe at her former school in Shanghai, this belief has bled into all facets of her life, including volunteering.
— Straits Times (annoying popups)

MBS fails to make $2m debtor bankrupt
The High Court has dismissed a bid by Marina Bay Sands (MBS) to bankrupt a high roller over a $2 million sum he owes the casino, ruling he was not notified of the debt as the documents posted to him were returned as unclaimed.
— Straits Times (annoying popups)

S’pore-based e-wallet firm raises $35m in funding
Singapore-based payment services company YouTrip has raised US$25.5 million (S$34.9 million), becoming the latest financial technology (fintech) start-up here to benefit from heightened investor interest in recent months.
— Straits Times (annoying popups)

Like Dividends? This Company Raised its by Nearly 400% in 10 Years
This Singapore-listed company generates excess operating cash flow, allowing it to increase its dividend by nearly 400% over a decade. Here’s how it achieved that.
— The Motley Fool

Temasek investee company Bayer loses 3rd trial – 13k more cases pending
Bloomberg reported on Tue (14 May) that Bayer AG was ordered to pay more than US$2 billion in damages to a Californian couple that claimed they got cancer as a result of using its Roundup weedkiller for about three decades. The jury agreed that Alva and Alberta Pilliod’s exposure to Roundup used …
— The Online Citizen

Singapore-based maritime carrier PIL received loans from Temasek Holdings last year, sovereign wealth fund holds shares in company as collateral
Singapore-based maritime containerline Pacific International Lines (PIL) received “previously unreported loans” from the Republic’s sovereign wealth fund Temasek Holdings in the form of hedge funds last year. Citing world maritime news platform Alphaliner’s latest weekly …
— The Online Citizen

Eight in 10 engage in micro-giving acts
From giving up their seat on buses to helping another person with directions, nearly eight in 10 Singaporeans say they render small acts of kindness.
— Straits Times (annoying popups)

Vertex raises $315m for fourth fund
Vertex Venture Holdings raised US$230 million (S$315 million) in the first close of its fourth South-east Asian fund to back technology start-ups across the region and India.
— Straits Times (annoying popups)

“We will do our best to learn from this incident” – CGH on latest viral complaint
Changi General Hospital (CGH) has promised to “learn from” the incident involving an elderly dementia patient who was recently admitted into their care, after the patient’s granddaughter blasted the hospital in a viral post on social media.
— The Independent

“A whole nation is counting on you” – Netizens wish to see Lee Hsien Yang as PM
Several netizens responding to Lee Wei Ling’s latest Facebook post have expressed their desire to see her younger brother, Lee Hsien Yang, as Singapore’s Prime Minister.
— The Independent


Feature photo Stephen Bowler

This week’s Singapore morning news feature photo acknowledges International Day of Light, May 16.


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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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.

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