Singapore Morning News For July 18

June NODX busts forecasts; good showing expected for next few months
NON-OIL domestic exports (NODX) ended the first half of 2017 with a better-than-expected showing – and private-sector economists expect the fine performance to continue for a few more months in the second half before easing.
— The Business Times

Singapore: Space debris removal startup Astroscale secures $25m Series C
Private companies ANA Holdings Inc (ANA) and OSG Corp have backed a $25-million Series C round in Singapore-headquartered Astroscale Pte Ltd, bringing the firm’s total raised capital to $53 million.
— DealStreetAsia

More than 400 safety violations found at work sites in June: MOM
There were more than 400 cases of safety violations at work sites in June alone after enforcement efforts were stepped up by the Ministry of Manpower (MOM), Minister of State for Manpower Sam Tan said on Monday (Jul 17).
— Channel NewsAsia

Singapore sustains momentum in M&A, doubles VC investment
The latest data from Duff & Phelps revealed that there is a total of 485 deals in Singapore comprising of mergers & acquisitions, private equity and venture capital investments, and initial public offering in the first half of the year.
— Singapore Business Review

Industrial Construction Market in Singapore: Market Size, Growth and Forecast Analytics to 2021
Timetric’s “Industrial Construction Market in Singapore: Market Size, Growth and Forecast Analytics to 2021” contains historic and forecast market data for the industrial construction market in Singapore, with a detailed breakdown of the data by construction activity (new construction, repair and maintenance, refurbishment and demolition) and by cost type( construction materials, construction equipment and construction services).
— PR Newswire

Singapore: CellResearch Corporation explores 2019 Nasdaq listing
Singapore-based CellResearch Corporation (CellResearchCorp), a biotechnology firm specialising in stem cell research aimed at wound treatments, is considering a listing on the New York-based Nasdaq in 2019 as part of its plans to establish a global footprint.
— DealStreetAsia

Singapore pushes up Southeast Asia’s deal activity in first half of 2017
Pushed by heightened deal making in Singapore, the Southeast Asian region witnessed a 25 per cent on-year rise in the number of deals in the first six months of 2017.
— DealStreetAsia

Commentary: The age-old question about university rankings
Recent news reports about Asia-Pacific university rankings have gotten people riled up.
— Channel NewsAsia

Developers sold 73% more homes in first half of 2017
DEVELOPERS have sold 6,388 private homes in the first six months of this year – just 20 per cent shy of the 7,972 units they moved in the whole of last year.
— The Business Times

Singapore has other advantages over London
Sir, Edwin Loo (Letters, July 12) describes some ways in which Singapore’s Master Plan on land development is far more effective than the corresponding policies existing in the UK today. Aside from planning, however, Singapore has other advantages that London and the UK can never match: the ability to import and export cheap construction labour at will, minimal welfare benefits that permit equally minimal taxation, a regulatory regime that asks few questions of any foreigners who are flush enough to pay the 15 per cent stamp duty charged on inbound property purchases, and an entrepreneurial bureaucracy that actively manages all these policies to maximise the state’s income in line with market trends.
— The Financial Times

Number of cabs hits 8-year low
According to the latest Land Transport Authority figures, the number of cabs hit an eight-year low of 25,699 as at June 30. This represents a 10.6 per cent drop from its peak of 28,736 in 2014 – a year after Uber and Grab set up here.
— The New Paper

Singapore: Union Gas Holdings launches $4.1m IPO offer on Catalist
Fuel products provider Union Gas Holdings has launched its initial public offering (IPO) on the Catalist board of the Singapore Exchange (SGX). Listing and trading of shares are expected to commence on Friday.
— DealStreetAsia

Singapore: SPRING Singapore commits $72.9m to develop deep tech startups, seeks co-investors
SPRING Seeds Capital (SSC), the investment arm of SPRING Singapore, has committed up to S$100 million ($72.9 million) to develop high-potential startup ventures.
— DealStreetAsia

Singapore-based CellResearch considering Nasdaq listing
WHEN CellResearch Corporation (CellResearchCorp) started working on ways to treat hard-to-heal wounds, it was wandering into uncharted territory – using stem cells from the lining of babies’ umbilical cords to develop treatments for such wounds.
— The Business Times

Singapore’s desk rent is 57% cheaper versus New York
The Global Cities Report by The Instant Group released a study that analyses the trend on flexible working spaces in major cities across the globe.
— Singapore Business Review

Be friends with all and enemies with none, but don’t compromise national interests: Vivian Balakrishnan
As a small state, Singapore has to “stand up and be counted” when needed and not “suffer what we must,” Foreign Affairs Minister Vivian Balakrishnan said on Monday (Jul 17).
— Channel NewsAsia

Finance sector posts 12% more jobs online in Q2
The latest report from JobTech revealed that there is an increase of more than 350 unique online jobs in the Singapore banking & finance sector in the second quarter of the year, over the 2,800 sector online jobs captured in 1Q17.
— Singapore Business Review

Singapore deal-making still growing strong, led by rise in M&As
DEAL making in Singapore is continuing an upward track.
— The Business Times

Fintech giant Lufax to launch online investment platform in Singapore
LUFAX, the world’s second-largest fintech firm, is staking its claim beyond China, as the unit of Ping An Group plans to launch its first overseas online wealth management platform in Singapore targeting offshore mid-market retail investors.
— The Business Times

OKP shares extend slump, wiping S$18.5m from its market value
The share price of the holding company for Or Kim Peow (OKP) Contractors — which bagged the contract for the construction of the Upper Changi Road East viaduct that collapsed last Friday — continued to tumble yesterday, wiping off about S$18.5 million from the market value of the firm since the accident.
— Today Online

322 notices issued to firms for flouting safety rules last month
Inspections conducted last month on 400 construction sites saw the Manpower Ministry (MOM) issuing 322 notices to firms for flouting workplace safety regulations.
— Today Online

Construction sector comes crashing in Q2
The construction sector remained in a dismal state and continues to be the weakest link in Singapore’s economic performance.
— Singapore Business Review

DBS eyes USD green bond debut
Reuters reported that DBS Group Holdings, rated Aa2/AA- (Moody’s/Fitch), has hired banks for a potential offering of US dollar Green bonds, which would be the first offshore issue of this kind from a Singapore issuer.
— Singapore Business Review

Singapore banks urged to prioritise long-term funding
Reuters reported that Singapore’s three biggest banks will be required to prioritise long-term funding from next year to ensure they will be stable in extended periods of market stress.
— Singapore Business Review

Public bus service to connect Sentosa to central Singapore
From Jul 30, visitors to Sentosa will have the option of taking a public bus to and from the island.
— Channel NewsAsia

Rise of the Internet celebrity economy
When Zhang Dayi was called to the stage at Alibaba’s Global Netrepreneur Conference in Hangzhou, China, last Tuesday, it was clear to the audience that she was a different breed of speaker.
— The New Paper

Feature photo Bryn Pinzgauer
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 18 added by Leakhena Khat on July 18, 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.