Singapore Morning News For March 16

Singapore Morning News For March 16
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Singapore morning newsSingapore and Paris Top World’s Most Expensive Cities
Singapore is the world’s most expensive city for the fifth straight year in the Economist Intelligence Unit’s latest Worldwide Cost of Living report, with Paris and Zurich tied for second place.
— Bloomberg

Singtel inks agreement to build submarine cable connecting Southeast and North Asia
A high-performance submarine cable will soon provide additional bandwidth between Southeast and North Asia, Singtel said on Thursday (Mar 15).
Channel NewsAsia 

Broadcom withdraws $121b bid for Qualcomm
Broadcom has formally withdrawn its takeover offer for Qualcomm after US president Donald Trump issued a rare presidential order blocking the deal.
— Telecom Asia 

Government-backed labour movement confirms it did gather feedback on GST hike ahead of Budget 2018
Confirming widespread speculation, the government-backed labour movement confirmed yesterday that it did conduct a survey between November and December 2017 that gathered feedback from union leaders on a possible Goods and Services Tax (GST) hike.
— The Independent Singapore 

WeChat to bring payment option to ComfortDelGro taxis from April
Chinese social media giant WeChat is continuing to expand its footprint in Singapore, bringing WeChat Pay to ComfortDelGro taxis from next month, said Ms Grace Yin, operation director of WeChat Pay International Business, on Thursday (Mar 15).
Channel NewsAsia

Singapore-based Indian recruited people from T.N., Telangana for IS
The National Investigation Agency (NIA) has filed chargesheet against four terror suspects, including a Singapore citizen of Indian origin, Haja Fakkurudhen, in a special court on the charges of organising clandestine camps, recruiting and training persons in Tamil Nadu and Telangana, besides facilitating their travel to Syria to join the Islamic State (IS).
— The Hindu 

Risks and rewards of fintech in Singapore
The term “fintech” has seen widespread use since the 2000s, but some of the technologies it encompasses have existed for decades. For example, the science of cryptography has been fundamental to the financial system since the early days of electronic transactions.
— The Business Times 

Shanmugam, UK academic debate need for legislation to deal with fake news
A UK academic drew a riposte from Law and Home Affairs Minister K Shanmugam on Thursday (Mar 15) when he said legislation should be the “very last resort” against social media platforms, in the event of disinformation campaigns.
— Channel NewsAsia 

Fast Asia Open: Singapore exports, Japan industrial production
Paul Jacobs, the recently demoted chairman of Qualcomm, has approached several global investors in an effort to acquire the $89bn chipmaker founded by his father, in what would be one of the largest buyout deals in history.
— The Financial Times

Local employment growth nearly doubles in 2017: MOM report
Things are looking up in the job market, as local employment, job vacancies, and citizen median income all grew last year while the unemployment rate and retrenchments fell.
— Today Online 

Formula 1 technology being adapted to monitor MRT train performance in Singapore
The technology is commonly used aboard Formula 1 race cars to provide vital real-time information to the Formula 1 pit crews and mission control. The SMRT-McLaren Applied Technologies team will work on customising the solutions to monitor the train motors, brakes, pneumatic systems and gearboxes fitted aboard one SMRT train.
—  Open Gov Asia 

Singapore Airlines says maintains open mind on bidding for Air India stake
Singapore Airlines has an open mind about making an initial bid for a stake in state-run Air India, the head of the Singaporean carrier’s India business told Reuters on Thursday.

All countries will suffer if trust is broken and ‘tit-for-tat’ trade wars break out: PM Lee
All countries, big or small, will suffer if “tit-for-tat” trade wars break out, said Prime Minister Lee Hsien Loong in a written interview with Australian media.
— Channel NewsAsia 

Singapore tightens the work-permit process
Singapore’s Ministry of Manpower (MoM), the ministry of the Government of Singapore which is responsible for the formulation and implementation of labor policies related to the workforce in Singapore has issued new rules.
— People Matters

Singapore can be ‘a sandbox for subversion’, warns expert at hearing on deliberate online falsehoods
Singapore can become “a sandbox for subversion”, and misinformation can be used to turn communities against one another, a security expert has warned.
— The Straits Times (paywall)

Bank of Singapore Seeks to Expand Its Family Office Business
Bank of Singapore, the private bank of Oversea-Chinese Banking Corp., is looking to expand its family office business as the city-state rolls out the red carpet for wealthy investors.
— Bloomberg 

Fake news turning Singaporeans against each other? Could be already happening, says expert
Organised fake news and disinformation campaigns could already be influencing and undermining Singaporean society, said national security expert Shashi Jayakumar on Thursday (Mar 15) in both written and oral submissions to the Select Committee on Deliberate Online Falsehoods.
— Channel NewsAsia 

‘Never say never’ to cryptocurrencies going mainstream, MAS chief says
While the Monetary Authority of Singapore (MAS) does not consider cryptocurrencies as money, there is potential for this to happen in the future, its managing director Ravi Menon said.
—  Today Online 

Singapore: Video game content producer Virtuos raises $15m led by 3D Capital
Virtuos, a video game content production company, on Wednesday announced raising a $15-million funding round led by 3D Capital Partners, and setting up of new headquarters and R&D center in Singapore.


Feature photo Jakub Michankow


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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