Singapore Morning News For May 31

Singapore’s largest underground substation to be built at Pasir Panjang
Singapore will build its largest underground substation yet, with the capacity to power more than two public housing towns when completed by 2025. Building the substation underground will free up three hectares – or more than three football fields of space – of land.
— Channel NewsAsia

Bad credit card debt in Singapore nearing its 10-year peak
The recent data release from the Monetary Authority of Singapore suggests that consumers in the country might be going overboard with their credit card usage. Here, we discuss the rise in bad credit card debt, its potential causes and consequences.
— The Online Citizen

Singapore’s private sector employees enjoyed higher wage growth and lower salary cuts in 2017: MOM
Private sector employees in Singapore received higher wages in 2017 compared to the previous year albeit a moderate increase after taking inflation into account, said the Ministry of Manpower (MOM) in a statement on Wednesday (May 30).
— Business Insider

Singapore gains unprecedented council membership to international navigation association IALA
According to an announcement by the Maritime and Port Authority of Singapore (MPA), Singapore has been elected for the first time to the Council of the International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA).
— Open Gov Asia

Malaysia drops challenge to ICJ ruling on Pedra Branca
Malaysia has discontinued proceedings at the International Court of Justice (ICJ) relating to the court’s 2008 judgment, which awarded sovereignty of Pedra Branca to Singapore.
— Channel NewsAsia

Singapore exchange delays India derivatives products launch
Singapore Exchange (SGX) is postponing the launch of its new India derivatives products after an Indian court ordered the lawsuit filed by National Stock Exchange of India (NSE) against SGX to be settled through arbitration.
— Asia Asset Management

Singapore entrepreneur Eric Cheng buys Japanese-licensed FX and crypto currency exchange for S$67 million
Singaporean entrepreneur Mr. Eric Cheng, CEO of Upper Joyful Limited, announced today the acquisition of two Japanese licensed companies that operate foreign exchange and crypto currency trading.
— AEC News Today/ PR Newswire (media release)

MAHATHIR PLANS MALAYSIAN ISLAND ON MIDDLE ROCKS NEAR SINGAPORE
Malaysian Prime Minister Mahathir Mohamad’s latest set of sweeping policy reforms announced on Wednesday has put neighbouring Singapore in the spotlight, as the recently elected leader confirmed the cancellation of a highly anticipated high-speed rail project between the two countries and revealed a surprise plan to build an island near the city state’s territorial waters.
— South China Morning Post

Malaysia still committed to JB-Singapore RTS link, cancellation of HSR subject to negotiations
Malaysia is still committed to the Johor Bahru-Singapore Rapid Transit System (RTS) despite its decision to cancel the KL-Singapore High Speed Rail (HSR) project, said new Transport Minister Anthony Loke on Wednesday (May 30).
— Channel NewsAsia

Singapore Airlines to launch world’s longest flight
Singapore Airlines has announced it will launch the world’s longest non-stop flight route in October, using an aircraft that offers no economy class.
— CNBC

India PM Narendra Modi in Singapore for 3-day official visit
When he reaches into his wallet to make a small purchase this weekend, Indian Prime Minister Narendra Modi will kick into high gear a new digital era in the growing ties between Singapore and India.
— The Straits Times

Sneak peek at Singapore Changi Airport’s spectacular new Jewel
A 250-meter-long bouncing net three stories above ground. A 50-meter-long suspended bridge with glass-panel flooring.
— CNN Travel

How the Malaysian election result could change Singapore’s role in China’s Belt and Road Initiative
The newly elected prime minister and government in Malaysia has sent an unwelcome shot across the bow of Singapore with the announcement that Malaysia is withdrawing from the high-speed rail project connecting Singapore and Kuala Lumpur.
— South China Morning Post

TechNode Launches Regional Headquarter in Singapore to Bring China’s Tech Ecosystem Closer to Southeast Asia
TechNode, a well-known and major player in China’s tech scene has chosen Singapore as its first Regional Headquarter outside China.
— AEC News Today/ PR Newswire (media release)

At Singapore regional defense dialogue, it won’t be all North Korea
When senior defense officials from around the world, including U.S. Defense Secretary Jim Mattis, meet in Singapore this weekend, it won’t be all about the U.S.-North Korea summit scheduled to be held in the same city later in June.
— Reuters

New skills framework for rail, bus jobs to support Industry Transformation Map | Video
A new skills framework for the public transport industry was launched on Wednesday (May 30) to support the Industry Transformation Map for land transport launched in February. Liyana Othman with more.
— Channel NewsAsia (video)

SINOPEC’s Lubricant Overseas Market Development Enters A New Journey
On May 29, the SINOPEC Lubricants International Partner Conferece 2018 was held in Singapore. Organized by SINOPEC, one of the world’s largest energy and chemical companies, it was the company’s second Asia-Pacific Regional conference.
— AEC News Today/ PR Newswire (media release)

Grab: With 88% of drivers poised to jump ship, it has branched into GrabFood
Grab might just be one of the more confusing companies out there.
— The Independent Singapore

Easy Chain goes big with star-studded launch event
With Singapore being one of the most business-friendly economies in the world, it is no wonder that blockchain technology are sprouting up here rapidly. There is thus substantial pressure on them to stand out from the crowd to attract customers and investors.
— AEC News Today/ PR Newswire (media release)

How Singapore can prepare for its Southeast Asian future: Linda Lim
That Singapore’s economic future lies with Southeast Asia, is not in doubt, says Dr Linda Lim, a professor and economist at the University of Michigan, in a piece published in the May edition of Maybank Kim Eng’s “Asean Inside Out” bulletin.
— The Business Times

Education system, society can afford to loosen up more: Ong Ye Kung
The education system must be “loosened up” to reduce stress on students, Education Minister Ong Ye Kung said, adding that Singaporeans can do without the “do or die” mentality where national examinations are seen as the be-all and end-all.
— Today Online

Feature photo Katja Maasing

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 May 31 added by Leakhena Khat on May 31, 2018
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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.