Singapore Morning News For May 30

Customs Recorded Less Than 1% of Singapore Sand Imports
Cambodia’s customs department counted less than 1 percent of the sand Singapore reported importing from Cambodia last year, according to trade statistics.
— The Cambodia Daily

Singapore’s central bank ends 1MDB review, penalizes Credit Suisse, UOB
Singapore’s central bank said on Tuesday that it has imposed financial penalties on Credit Suisse CCGN.S and United Overseas Bank (UOB) (UOBH.SI) after completing its two-year review of banks involved in 1MDB-related transactions.
— Reuters

Electric vehicle adoption in Singapore slowly but surely growing
Singapore is one of the first few Asean countries to test-bed electric vehicles (EV), but its deployment has been rather slow, say RHB lead analyst S.hekhar Jaiswal in a Monday report.
— The Edge Markets

Singapore emerges as second largest trader of shark fin in the world
Many Singaporeans may no longer be consuming shark’s fin soup nowadays, but large amounts of this expensive and rare product is still making its way through our borders.
— Asia One

Singapore to spearhead regional access to financial services
Broadening access to financial services will be a key priority when Singapore assumes the chairmanship of the regional Association of South-east Asian Nations (Asean) group next year, said Mr Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).
— Today Online

Bank of Singapore now the heavyweight in NRI segment
BANK of Singapore is looking to expand its non-resident Indian (NRI) segment that stretches as far as Rwanda and Congo, following the bolt-on from Barclays’ Asian wealth business that has likely given OCBC’s private banking arm the largest piece of this pie in Asia.
— The Business Times

Gnowbe closes $1.7m seed round, partners KPMG Digital Village
Silicon Valley- and Singapore-headquartered start-up Gnowbe, a portfolio company of the REAPRA Group, has raised a $1.7 million seed round to support its next growth phase. Seed investors include Coent Ventures, 500 Startups and POEMS Ventures, as well as angel investors such as Koh Boon Hwee and Kabam founder Holly Liu.
— Deal Street Asia

Gilmour Space closes $3.7m Series A led by Blackbird Ventures
Rocket startup Gilmour Space Technologies (Gilmour Space) – that aims to provide affordable space launch services to the region’s fast-growing small satellite industry – has closed a seed round of A$5 million ($3.7 million) led by Australian VC firm Blackbird Ventures, with additional backing from 500 Startups.
— Deal Street Asia

Metro Q4 net profit up on higher revenue, but full-year earnings fall 29%
METRO Holdings on Tuesday reported a 3.5 per cent increase in revenue to S$33.7 million for its fourth quarter ended March 31, 2017 due to higher sales.
— The Business Times

Doing Business: Can Nigeria replicate the Singapore model like Mauritius did?
It is undeniable that there is a correlation between a country’s business environment, foreign direct investment inflows and international trade performance. Countries that make setting up businesses easy, allow clearance of goods at ports with little hassle, grant entry and exit visas to investors and visitors alike in quick time, enable the registration of property with little trouble, provide reliable electricity, and make documentation like construction permits easy to acquire, attract more foreign direct investment (FDI).
— Business Day Online

Bak kut teh outlet gets two-week suspension, fine for poor hygiene
The Soon Huat Bak Kut Teh outlet at Simpang Bedok was ordered closed for two weeks starting on Tuesday (May 30), after committing several health violations over the past 12 months.
— Today Online

Region’s strong growth, low financial reach big pluses for Asian banks
THE prospects for Asian banks are good chiefly because the prospects for Asian economies are good, said Ravi Menon, Monetary Authority of Singapore (MAS) managing director.
— The Business Times

E-bike rider charged with beating red light also probed for assault
An electric bicycle rider who was charged in court yesterday with committing a negligent act, is also under investigation for assault.
— The New Paper

Singapore Government to contribute US$100,000 in aid to flood-hit Sri Lanka
Following deadly floods in Sri Lanka that have displaced half a million and killed at least 160 people, the Singapore Government will contribute US$100,000 (S$138,490) in support of disaster relief efforts, Singapore’s Ministry of Foreign Affairs (MFA) said in a statement on Monday (May 29).
— Channel NewsAsia

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Singapore Morning News For May 30 added by Leakhena Khat on May 30, 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.