Singapore Morning News For July 4

SCCCI, Bank of China to give local firms a leg-up in China market
THE Singapore Chinese Chamber of Commerce and Industry (SCCCI) and the Bank of China have inked an agreement to help Singapore businesses make inroads into the China market.
— The Business Times

Singapore based fintech investment platform Fundnel establishes Australian headquarters in Adelaide
SINGAPORE fintech investment portal Fundnel will establish an Australian headquarters in Adelaide.
— The Advertiser

Singapore hospitals are losing foreign patients
Whilst Singapore still remains a compelling medical tourist destination, foreign patient growth may decelerate gradually as competitive pressures from neighbouring ASEAN countries grow.
— Singapore Business Review

Singapore’s PMI expands for 10th straight month in June
Singapore’s manufacturing economy continued to grow, with the Purchasing Managers’ Index (PMI) expanding for the 10th straight month in June, according to the latest reading released on Monday (Jul 3).
— Channel NewsAsia

Top Glove sells Singapore-based indirect associate to Mclean Technologies
Top Glove Corp Bhd has disposed of its 36.84% indirect stake in Singapore-based Sonic Clean Pte Ltd, which provides cleanroom washing services and supplies to industries ranging from hard disk drive to medical industries.
— The Edge Markets

Vertex Ventures invests $3m in Validus Capital’s Series A round
Vertex Ventures has invested $3 million (S$4.1 million) in Validus Capital, an online fintech marketplace for small and medium enterprises (SMEs) based in Singapore. Validus Capital said will use the Series A cash infusion to fund technology initiatives and enter new geographies across the region.
— Deal Street Asia

Singapore’s Tastemakers Say These Are The Best Shops And Restaurants In Singapore
No matter what you think about Singapore, there’s no questioning its status as a global shopping paradise. Brands from around the world clamor to have their products sold here, and for good reason: the city is absolutely booming. Of course, everyone knows about the shopping malls of Singapore, which push luxury to new heights, yet not everyone knows about the smaller, yet still intriguing, shops.
— Forbes

Singapore turns vacant space into urban farms
Resource-scarce Singapore is turning vacant pockets of land into space for urban farming as the island city strives to ease its reliance on imported food.
— EMTV Online

More than 60 soon-to-be-displaced Sungei Road vendors received help
The Government has engaged about 200 vendors at the Sungei Road flea market, with more than 60 of them receiving some form of assistance, such as being allocated stalls at hawker centres, said Senior Minister of State for Environment and Water Resources Amy Khor in Parliament on Monday (Jul 3).
— Channel NewsAsia

Comfort instructs cabbies to report errant private-hire drivers
In text messages sent out to its drivers last week, ComfortDelGro asked its drivers to take photos of private-hire cars – such as those operated by Uber and Grab – that pull up at taxi stands.
— The New Paper

Singapore: E-retailer Y Ventures targets $5.5m IPO
Y Ventures Group, which pitches itself as a data-driven e-commerce retailer and distributor, is seeking to raise up to $5.572 million (S$7.7 million) from its upcoming listing on Singapore Exchange’s Catalist board.
— Deal Street Asia

CapitaLand divests Wilkie Edge for $202.7m
CapitaLand Commercial Trust Management Limited (CCTML), the manager of CapitaLand Commercial Trust (CCT), has offloaded Wilkie Edge for S$280 million ($202.7 million) to the Lian Beng Group.
— Deal Street Asia

Govt will follow ‘due process’ in weighing future of Oxley Road property: Lawrence Wong
GOVERNMENT agencies follow a “due process” when they assess the architectural or heritage merit of the late Lee Kuan Yew’s former home, Minister for National Development Lawrence Wong told Parliament on Monday.
— The Business Times

Future Economy to involve tripartite partners: Heng
THE government will consult its tripartite partners as it implements Committee on the Future Economy (CFE) recommendations, said Minister for Finance Heng Swee Keat in a parliamentary reply on Monday.
— The Business Times

Govt has nothing to hide, says PM in debunking abuse of power charges
The Government has nothing to hide in its dealings over 38 Oxley Road, Prime Minister Lee Hsien Loong said yesterday when debunking allegations made by his siblings in a running public dispute that has stretched for more than two weeks.
— Today Online

Eligible students will get places despite mergers, fewer JCs, says Minister
Even with junior colleges (JCs) being merged and fewer of them around, all eligible students who opt to go to one will still be able to do so, Minister of State for Education Dr Janil Puthucheary said yesterday
— Today Online

Private home prices seen rising as early as Q1 next year
THE private housing market is close to its trough, say property consultants on Monday, given that the 0.3 per cent fall in the official benchmark price index in the second quarter is the smallest of the 15 quarters since the peak in Q3 2013.
— The Business Times

SGX will be listing daily leverage certificates
Singapore Exchange (SGX) announced that it will be commencing the trading of Daily Leverage Certificates (DLCs) on Asian indices starting from July 17.
— Singapore Business Review

DPM Teo tells why the government had to step in
THE government had to get involved in the matter of No 38 Oxley Road because it has the responsibility to consider the public-interest aspects of any property with historical and heritage significance, Deputy Prime Minister Teo Chee Hean said on Monday.
— The Business Times

Singapore Land Authority gets new deputy chairman and board members
YEOH Oon Jin has been appointed deputy chairman of the Singapore Land Authority (SLA) board for a two-year term with effect from Aug 1 this year, the Ministry of Law (MinLaw) announced on Monday.
— The Business Times

Case flags car importer for second time
The Consumers Association of Singapore (Case) has flagged a parallel importer of cars for questionable practices for the second time.
— The New Paper

Singapore factory activity expands for 10th straight month in June – PMI
Activity in Singapore factories expanded at a slightly faster pace in June, thanks to increases in new orders, new exports, inventory and factory output, a survey showed on Monday.
— Nasdaq/ Reuters

Singapore company scoops up Torquay’s Palace hotel
The four-AA-star, 141-bedroom Palace hotel has been sold for an undisclosed sum off a guide price of more than £10m to Singapore-based property and investment company Fragrance Group.
— The Caterer

PM Lee delivers ministerial statement in parliament over family’s feud
Prime Minister Lee Hsien Loong today delivered a ministerial statement in Parliament, addressing his younger siblings’ allegations that he had abused his power on matters relating to the fate of 38, Oxley Road, according to a report in The Straits Times on Monday.
— Thai PBS

Grab cuts number of cars on Singapore roads
Grab has helped reduce the number of cars on Singapore roads by about 19,000 since it launched its service there in 2013, said head of Grab Singapore Lim Kell Jay.
— The Sun Daily

Iskandar to be three times the size of Singapore, says FT report
Iskandar Malaysia is poised to become three times the size of Singapore when it is completed by its expected date of 2025, says the Financial Times (FT).
— The Star Online

Feature photo Atelierdreiseitl
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 4 added by Leakhena Khat on July 4, 2017
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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.