Singapore Morning News For August 4

Singapore Morning News For August 4
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Singapore morning newsInsurance can help Asia cut economic losses from disasters: MAS chief
WITH the increasing frequency and severity of natural catastrophes striking Asia, the region needs to close the wide protection gap through insurance to lower the financial impact of natural disasters and raise disaster resilience, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).
The Business Times 

Singapore: LogMein Inc acquires Nanorep, UOB-backed OurCrowd exits
Nasdaq-listed LogMein Inc has agreed to acquire Israel-based Nanorep, a provider of self-service, virtual assistants and smart bot solutions for customer service and e-commerce, for a consideration of $45 million. This will pave the way for an exit for investors like UOB-backed OurCrowd, iAngels, JAL Ventures, and Oryzn Capital.
Deal Street Asia 

Singapore Property Market Is ‘Bottoming Out,’ Says Biggest Developer’s CEO
Singapore’s biggest developer, CapitaLand Ltd., detects signs that the city’s residential property market is “bottoming out” after a run of price declines, Chief Executive Officer Lim Ming Yan said.

LTA may review regulations barring taxis, private hire cars from making deliveries
The Land Transport Authority (LTA) on Thursday (Aug 3) said it would monitor recent trends to see if current regulations – which disallow taxi and private hire car drivers from making deliveries without a passenger on board – need to be reviewed.
Channel NewsAsia 

Over 1,000 defective cars for lease allegedly bought by Uber for Singapore
Uber Technologies’s auto-lending program is facing new questions after the company leased cars prone to fires in Singapore.
Today Online 

Singapore firms upbeat on Philippines
Singapore companies remain upbeat about growth prospects in the Philippines, despite the conflict in the southern city of Marawi and creeping Islamist extremism that has forced President Rodrigo Duterte to place Mindanao island under martial law.
The Straits Times (paywall)

Kingsford Construction fined S$130,000 for repeated safety lapses at Hillview Peak worksite
Kingsford Construction has been convicted and fined S$130,000 after it showed “repeated failures and recalcitrant attitude” towards workplace safety and health, said the Ministry of Manpower (MOM) on Thursday (Aug 3).
Channel NewsAsia 

Some real estate agents unhappy about PropertyGuru’s impending price hike
Local property search portal PropertyGuru’s decision to increase prices for property agents to list on its platform has sparked a backlash among some real estate agents.
Channel NewsAsia 

Cigarette sales down as shops comply with product display ban
Three days after the display of tobacco products was banned in shops, retailers are saying that cigarette sales have gone down, with some who took earlier measures reporting a drop of up to 30 per cent.
Today Online 

Amazon uses Uber for Singapore deliveries
After its much-anticipated launch in Singapore last week, Amazon is seeing skyrocketing orders for its Prime Now two-hour delivery service, prompting the company to hire Uber and taxi drivers to help deliver packages, CNET reports.
Business Insider 

HK leader to set up civil service academy similar to S’pore’s
Hong Kong Chief Executive Carrie Lam expressed optimism over the future of technological cooperation between the territory and Singapore, as she concluded her two-day official visit to the Republic yesterday.
Today Online 

NEC to plough over S$100m into Asia-Pacific, largely for R&D
INFORMATION technology (IT) and network technology solutions company NEC Corporation on Thursday said it is investing more than S$100 million in the Asia-Pacific region over the next five years, mainly for research and development.
The Business Times 

Young workers in Singapore ‘won’t have enough for retirement’
YOUNG workers in Singapore are at risk of a shortfall in retirement income despite widespread and high levels of private savings, a study by a member of a multinational consortium has found.
The Business Times 

Singtel to boost mobile data speeds during National Day Parade
Local telco Singtel said on Thursday (Aug 3) it intends to enhance mobile data speeds at large-scale events, starting with this month’s National Day Parade.
Channel NewsAsia 

SEA’s potential makes Chinese investments strategically rational, says APACIG’s Stegmann
Hanno Stegmann, CEO of Asia Pacific Internet Group (APACIG), a JV between Ooredoo and Rocket Internet founded in 2014, sees the competition in Southeast Asia between Chinese Internet majors and Western firms as a natural consequence of the growing economic importance of the region.
Deal Street Asia

Highest approval rate for PR in the past 7 years
According to the latest population report, the approval rate for PR/new citizen was one of the highest in 2016. 22,102 got their citizenship, while 31,050 people were granted PR. This is an increase of 3.7 per cent from 2015.
The Independent Singapore 

Singapore-listed TT International suspends trading as it sorts out funding options
TT International Limited, the Singapore-listed consumer electronics retailer which is being restructured under a scheme of arrangement since April 2010, is suspending the trading of its shares with immediate effect as it sorts out its funding options amidst creditors’ demands.
The Business Times

CapitaLand Unit to Invest S$170.3M to Acquire Land, Develop Serviced Residences in Upcoming Singapore Project
CapitaLand Ltd. (C31.SG) Friday said its serviced residence business unit will be investing 170.3 million Singapore dollars (US$125.4 million) to acquire land and build serviced residence in an upcoming integrated project in Singapore.

Does the decline in paid overtime hours bode well for Singapore’s workforce?
Since 2011, the average number of paid overtime hours per week has fallen from 3.7 to 3.3 hours, according to a labour market survey conducted by the Ministry of Manpower (MOM) earlier this year. This means fewer and fewer employees – specifically in the manufacturing, administrative and support services, and Transportation and Storage sectors – are clocking in for paid overtime.

Bid to block illegal streaming website denied
The High Court has thrown out Hong Kong-based pay-TV operator PCCW Media’s request to block website Dramanice for illegally streaming Korean drama serials, including hits like Descendants Of The Sun, My Love From The Star and The Heirs.
The New Paper 


Feature photo Craige Moore 
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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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.

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