Singapore morning news for December 3

Singapore morning news for December 3

Singapore morning newsRegional markets braced for busy week
Singapore and other regional markets head into December with a busy week, as investors shift their focus to key events – Brexit, US and China economic data releases, an Opec meeting – beyond the G-20 summit.
— Straits Times

Goldman Sachs’ 1MDB cover-up is bigger than the scandal
For nearly five years now, the unfolding 1 Malaysian Development Bhd or 1MDB scandal has had little or no impact on Wall Street even though US investment banking giant Goldman Sachs was at the core of the shenanigans and a key enabler.
— The Edge Singapore

Public feedback sought ahead of Budget 2019
December 03, 2018 5:00 AMThe views and suggestions of Singaporeans are being sought in preparation for Budget 2019, by the Ministry of Finance (MOF) and government feedback unit Reach.
— Straits Times

Standard Chartered said to cut Dubai, Singapore jobs as bank reduces costs
Standard Chartered Plc is cutting jobs in Dubai and key markets including Singapore as it looks to curb expenses, people familiar with the matter said.
— The Straits Times

Financial resilience key as greater uncertainty looms: Finance Minister Heng Swee Keat
One key issue discussed among finance ministers at the G20 Leaders’ Summit was how to build a more resilient financial system at a national, regional and global level, Singapore Finance Minister Heng Swee Keat said at the end of the two-day event in Buenos Aires, Argentina on Sunday (Dec 2).
— Channel News Asia

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Singapore on radar for foreign institutional investors again
After years of lacklustre foreign institutional interest in the Singapore commercial property market, Singapore is appearing on investors’ radar again.
— The Straits Times (paywall)

Singapore must get used to a ‘more uncomfortable world’: PM Lee
Issues such as the trade dispute between the United States and China, and straining geopolitical relations in the West took centre stage at the G20 Leaders’ Summit.
— Channel News Asia

Behind a tall order: Goh Chok Tong reflects on succession and politics past and present
My interview with Emeritus Senior Minister Mr Goh Chok Tong following the publication of his authorised biography, Tall Order, happens at a fortuitous time.
— Channel News Asia

George HW Bush represented ‘finest of the Greatest Generation’: PM Lee
Prime Minister Lee Hsien Loong described the late George HW Bush as one who represented “the finest of the Greatest Generation”, in a tribute to the 41st American President.
— Channel News Asia

Employment rates and average incomes rise in 2018
Employment rates for residents 15 & over rose from 64.9% in 2017 to 65.1%.
— The Singapore Business Review

Noble’s auditors come under fire
Singapore authorities have summoned EY (Singapore), the auditor of Noble Group’s subsidiary, Noble Resources International, to assist in a joint investigation that was announced on Nov 20.
— The Edge

Vulnerabilities, missed opportunities and 16 recommendations: COI hearings on SingHealth cyber attack wrap up
Beginning June 11, there were at least seven points when malicious activities in the SingHealth IT network should have been reported to the Cyber Security Agency (CSA), said Solicitor-General Kwek Mean Luck on Friday (Nov 30).
— Today Singapore

Singapore least confident in Asean when it comes to opportunities to get ahead: LinkedIn study
Singapore was the least confident of gaining access to and pursuing desired opportunities among the Asean countries surveyed, including Indonesia, Malaysia and the Philippines, according to a study by LinkedIn.
— The Business Times

On-Demand bus trial starts in Singapore
Singapore is launching a six-month trial of an on-demand public bus service on December 1, using technology to reduce congestion and costs in what could be a model for gridlocked cities in the region.
— Investine

Allianz picks 20% stake in Singapore’s Ocean Financial Centre for $392m
German insurer Allianz’s realty investment arm Allianz Real Estate will pick up a 20 per cent stake in Singapore’s Ocean Financial Centre for S$537.3 million ($392.3 million), it said in a statement on November 29.
— Deal Street Asia

Singapore Infrastructure Dispute-Management Protocol introduced to aid big infrastructure projects
To make mega infrastructure projects more bankable, a Singapore Infrastructure Dispute-Management Protocol has been introduced to help parties manage disputes, thus minimising the risks of time and cost overruns.
— The Business Times

G-20 outcome positive but tough negotiations still have to take place: PM Lee
PRIME Minister Lee Hsien Loong hopes the meeting between US President Donald Trump and Chinese President Xi Jinping will result in a constructive outcome that can be built upon.
— The Business Times (paywall)

Apple picks up apps created by SST students
December 03, 2018 5:00 AMWatch out for Dalton Ng, James Lim, Axios Yeo, Ravern Koh, Sean Lim, Shannen Rajoo and Yee Jia Chen.
— Straits Times

Machine learning being used to detect fraud
SkillsFuture Singapore (SSG), an agency that gives out grants and funding for lifelong training, announced yesterday it has implemented the use of machine learning to detect fraud.

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Singapore still hungry for more fraud detectors
The big three banks have already initiated using AI and data analytics to pump up the detection of illicit activities.
— The Singapore Business Review

Kampung Admiralty snags top accolade at World Architecture Festival
The housing development Kampung Admiralty by Woha Architects has won Building of the Year at this year’s World Architecture Festival.
— Straits Times

MPs to pay for short-term parking in HDB carparks following Govt review
Elected Members of Parliament (MPs) will have to pay when they park in Housing and Development Board (HDB) carparks from next year.
— Today Singapore

New ultralight material offers many uses for plastic waste, NUS researchers say
Researchers in Singapore are seeking a patent for a new sound-proof and heat-resistant material made from recycled plastic bottles they say could help reduce plastic waste dumped in oceans and clogging landfills.
— Today Singapore

Singapore expats burdened with lower packages and higher cost of living
A study revealed that over half or 52% of expats in Singapore are dissatisfied with the city’s cost of living.
— The Singapore Business Review

Singapore, Malaysia and Indonesia listcos less exposed to cyber threats than global peers: Survey
Listed companies in Singapore, Malaysia and Indonesia are less exposed to cyber threats, on average, than their global peers, a new study has found.
— The Business Times

SGX cautions on what to observe when conducting share buy-backs
Firms should not carry out buy-back operations two weeks after releasing their quarterly financial statements.
— The Singapore Business Review

URA releases four sites for sale under the second half 2018 GLS programme
The four sites can yield about 1,915 residential units altogether.
— The Singapore Business Review

Bank lending in October up 3.41% to $671.74b
Business loans grew by 3.35% due to a steep 10.53% climb in building and construction loans.
— The Singapore Business Review

SGX’s proposed review changes may hold IPO managers to higher standards
Issue managers must be independent from the firm listing on the mainboard.
— The Singapore Business Review

Keppel REIT divests 20% stake in Ocean Financial Centre to Allianz for $537.3m
The agreed property value will see $77.1m in capital gains for Keppel REIT.
— The Singapore Business Review

Grab should rework strategies to keep the market in balance
GrabTaxi Holdings Pte has a lot of smart people on its payroll. Let’s hope the transportation startup spends more time listening to its economists. Yeah I know, startup and economics in the same sentence.
— Deal Street Asia

Tin Men Capital injects $9.1m in SG e-ticket platform GlobalTix
Singapore-based e-ticket distribution platform GlobalTix Pte Ltd has raised S$12.5 million ($9.1 million) in a Series A round from venture capital firm Tin Men Capital to accelerate its expansion across Asia, according to an announcement on Thursday.
— Deal Street Asia

SG coffee shop operator Kimly cancels $11.7m acquisition of Asian Story
Singapore-listed coffee shop operator Kimly Limited has decided to return Asian Story Corporation (ASC), the drinks manufacturer it recently acquired for S$16 million ($11.7 million), to its previous owner, due to recent developments, including investigations by deal regulators.
— Deal Street Asia

L Catterton Asia picks up stake in Chinese fitness company Will’s Group
The Asian arm of US-headquartered global private equity firm L Catterton has invested an undisclosed amount in Chinese fitness facilities and services provider Will’s Group, it said in a statement on Friday.
— Deal Street Asia

Local toymaker Mighty Jaxx keen to produce kitchenware for the blind
Young designer Kevin Chiam’s sought-after invention for the visually impaired was on ice, but the local cult toy brand saw its potential and now hopes to bring it to market.
— Channel News Asia

STI’s high yield haven offers balm to painful bear grip
STI’s dividend yield is highest among its Asian peers at 4.4 per cent as at end October
— The Business Times (paywall)

Daily Markets Briefing: STI up 0.48%
Don’t expect gains today. The Straits Times Index ended 14.96 or 0.48% higher at 3,109.44.
— The Singapore Business Review

Chart of the Day: Cooling measures hit foreign buyers’ interest in Q3
PR buyers’ home purchases went down by 26.4%.
— The Singapore Business Review

Singapore malls pin hopes on fitness spaces to battle declining footfall
The upcoming Funan Mall will allow indoor cycling in its Level 1 through amenities paired with end-of-trip facilities such as cafés and shower facilities.
— The Singapore Business Review

Million dollar HDB resale flats on the rise
An HDB terrace in Jalan Bahagia was sold for a record high price of $1.19m.
— The Singapore Business Review

Foodtech slowly devours startup funding in Singapore
The launch of US$40m VisVires New Protein (VVNP) fund with its niche focus on the global food and feed system attests to the growing investor appetite for foodtech startups.
— The Singapore Business Review

265 new cases of HIV reported between Jan and Oct: MOH
A total of 265 new cases of HIV infection were reported among Singapore citizens and permanent residents in the first 10 months of this year, said the Ministry of Health (MOH) on Saturday (Dec 1).
— Channel News Asia

Tampines Town Council’s new monitoring system tracks cleaners as they work
After gripes from residents over the cleanliness of their estate — such as their corridors not being swept — the Tampines Town Council has rolled out a monitoring system that offers more detailed insights into a cleaner’s routes, down to the floors that they have covered in a day’s work.
— Today Singapore

All-round CDAC help for weaker students
December 03, 2018 5:00 AMUnderperforming students from disadvantaged families will be given more holistic support by the Chinese Development Assistance Council (CDAC) from next year.
— Straits Times

How to prepare students for an uncertain future
Panellists discussed the changing face of education at the recent PopUp Skills Summit presented by GovInsider and Prudential Singapore.
— Gov Insider

Parents return to ‘school’ for lessons on maths coaching
December 03, 2018 5:00 AMWhen children struggle with mathematics, some parents go back to school.
— Straits Times

Decline in number of faith-based kindergartens
December 03, 2018 5:00 AMThe number of kindergartens affiliated with Christian and Catholic churches has fallen in recent years, as some convert to offering childcare and families’ needs change.
— Straits Times

More women taking up self-defence classes
A man touched her groin area while she was standing, which she did not realise until another commuter shouted at him. He immediately alighted at the next stop.

Man alleges foreign customs officer tears up Singapore passport
Singaporean Muhammad Nuruzzaman presented his passport at the immigration counter and later wrote in a Facebook post that “The Customs officer just tore my passport in the foreign country and claimed that it was done in Singapore”.
— The Independent sg

Move to introduce cigarette alternatives in Asia stubbed out by government resistance
No health issue has the capacity to divide public opinions more than smoking.
— Yahoo News

Made-in-Singapore smart T-shirt allows runners to track ECG
It’s a test more commonly performed at the doctors. But you can now track your electrocardiography (ECG), which detects cardiac abnormalities, through your mobile phone, by using a T-shirt that connects to an app.
— Channel News Asia

Fashion marketplace Zilingo bullish about fintech play, offline retail
Singapore-headquartered fashion marketplace Zilingo might look to establish its own financial services arm to offer services such as loans and payments to its merchants, its co-founder and CEO Ankiti Bose, said in an interaction.
— Deal Street Asia

Three big trends for the future of public safety
Digital transformation, artificial intelligence and data analytics are the way forward for police officers.
— Gov Insider

Designer of Miss Universe Singapore’s controversial Trump-Kim costume defends dress
The man behind Miss Universe Singapore’s controversial Trump-Kim Summit costume has spoken out in defence of his design, saying that he is “happy with the final result”.
— Channel News Asia


Feature photo Peter Gronemann

This week’s Singapore morning news feature photo acknowledges International Civil Aviation Day, December 7.


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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With a decade of experience as an editor and journalist, Roy has edited mastheads across Australia and Southeast Asia, from the remote island communities of the Torres Strait to Cambodia’s only award-winning newspaper, The Phnom Penh Post.

A a professional photographer since the days of film, he holds a Bachelor of Arts in Photomedia and a Postgraduate Diploma in Journalism.

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