Singapore morning news for November 6

S’pore firms look to China’s millennials to drive future sales
Singapore companies are putting their bets on China’s rising wealthy millennials to drive future sales despite the ongoing trade war between China and the United States and a cyclical downturn in electronics, a survey has found.
— Straits Times

LTA starts six-month trial of metal detectors, X-ray scanners at selected MRT stations from Nov 12
From next Monday (Nov 12), some commuters at selected MRT stations will have to walk through metal detectors and pass their belongings through X-ray scanners before going through the fare gates.
— Today Singapore

Singapore banks’ good times have come and gone
Very little went wrong for DBS Group Holdings last quarter. Singapore’s biggest bank, the last to report earnings, posted a 76% jump in net income. Net interest margins widened 13 basis points and credit costs were 71% lower than a year earlier. Investment banking wobbled, but trading income surged to compensate.
— The Edge

Singapore’s Claim as a Street-Food Hub Riles Malaysians
Ever since Singapore separated from Malaysia and declared independence in 1965, the two neighbors have argued over who has stronger claims to aspects of their shared heritage.
— The New York Times

Singapore shares decline as DBS Group weigh, Malaysia also slips
Malaysia shares Monday slipped amid sharp losses in the gaming and aviation sector following last week’s budget announcement, while Singapore stocks declined as DBS Groudp Holdings led banks lower.
— Nikkei Asian Review (paywall)

PRG subscribing for 29.9% stake in Singapore’s Capital World
PRG Holdings has proposed to inject capital into Singapore-listed Capital World Ltd by subscribing to a 29.9% stake of the latter’s enlarged share capital.
— The Star Online

Asean centra South China Sea stability lity key to maintaining
The 51st Asean Foreign Ministers’ Meeting (AMM) and related meetings held in Singapore from July 30 to August 4 were hailed as a success.
— AEC News Today/PR Newswire ( media release)

Bank of Singapore CIO Says ‘Bad Tone’ Crept Into Trade Conversation (video)
Rajeev de Mello, chief investment officer at Bank of Singapore, discusses his concerns about the impact of the U.S.-China trade war.
— Bloomberg

Singapore assessing 2019 forecasts with trade war risks in view
Singapore may need to review its economic growth projections for next year as a trade spat between the world’s two biggest economies increases uncertainty and crimps business investment, the city state’s finance minister said.
— Free Malaysia Today

Personetics Expands Singapore Office to Support Rising Demand by Asia Pacific’s Banks
Personetics, the leading provider of Self-Driving Finance™ solutions for the banking industry, is expanding its presence in Singapore to support the growing demand for its AI-powered solutions among Asia Pacific banks.
— AEC News Today/ PR Newswire (media release)

Singapore Assessing Growth Forecasts Amid U.S.-China Spat, Minister Says (video)
Singapore Finance Minister Heng Swee Keat says the government may need to review its economic growth projections for next year because of the trade spat between the U.S. and China.
— Bloomberg

SGX signs MOUs with China trade bodies to boost ties
To further strengthen its ties with Chinese companies and markets, the Singapore bourse has signed memorandums of understanding (MOUs) with the Zhejiang (S) Entrepreneurs Association (ZJEA) and the China Futures Association (CFA) yesterday.
– Straits Times

Bee+ Success Story Added to Curriculum at Asian Business Case Centre, Nanyang Business School
Beeplus: Insight into China’s Co-working Space Industry, a business case that examines the Bee+ co-working model, has been entered into the curriculum at the Asian Business Case Centre, part of Nanyang Business School (NBS) at Singapore’s Nanyang Technological University (NTU).
— AEC News Today/ PR Newswire ( media release)

Singapore to shore up defences as mercury and seas rise
The threat of climate change to Singapore and the world has become increasingly serious, and the Republic must act to shore up its defences.
— Straits Times

Singapore Assessing 2019 Forecasts as Trade War Risks Loom (video)
Singapore may need to review its economic growth projections for next year as a trade spat between the world’s two biggest economies increases uncertainty and crimps business investment, the city state’s finance minister said.
— Bloomberg

Man who drove into sea off Sentosa Cove had taken illegal drugs, court heard
A Grab driver, who drove his multi-purpose vehicle (MPV) into the waters off Sentosa Cove last year and had to be rescued, was under the influence of narcotics when he went behind the wheel that day, a district court heard on Monday (Nov 5).
— Straits Times

Singapore to follow Malaysia, scrap motorcycle toll at Tuas
Singapore will do away with its 40-cent toll on motorcyclists at the Tuas checkpoint, in line with Malaysia’s decision to abolish it at the Linkedua or Second Link next year.
— Free Malaysia Today

China and Singapore have concluded talks on upgrade of FTA: MTI
Singapore and China have concluded negotiations on an upgraded free trade pact (FTA) between the two countries, said Singapore’s Ministry of Trade and Industry (MTI) on Monday (Nov 5)
— Straits Times

Singapore’s bid for UNESCO hawker food listing eats at neighbours
Singapore – Traditional street food thrives across Asia, as it does around the world, reflecting in unique ways local history, culture, ingredients, and tastes.
— Aljazeera

S’pore well placed to be e-commerce hub for region
Goods imported into Singapore take slightly over 30 hours to clear the border compliance process. This might sound like a long time, but it is almost a third of the time that goods imported into Indonesia might take.
— Straits Times

Top five REITs total returns averaged 5.7% in October
The top five in the 10 best-performing REIT constituents in the i-Edge S-REIT Index saw an average return of 5.7% from July to October, the Singapore Exchange (SGX) revealed.
— Singapore Business Review

Clan federation plans 8 projects to mark nation’s bicentennial
They sailed through choppy waters to Singapore in large, overcrowded junks, often with hundreds of passengers on each vessel jostling for space.
— Straits Times

Bangladeshi jailed for rioting amid fatal clash between rival contraband cigarette syndicates
A clash at a worker’s dormitory in Tuas between two illegal cigarette syndicates run by Bangladeshi nationals resulted in the death of one syndicate leader in 2016, a district court heard on Monday (5 November).
— Yahoo News

SCDF’s hazmat capabilities on standby
The threat of chemical, biological and radiological attacks is a key focus for the Singapore Civil Defence Force (SCDF) in its security preparations for the coming Asean Summit to be held here from Nov 13 to 15.
— Straits Times

Action taken against cleaning contractor for water wastage at Dover Crescent after Stomp report
Action has been taken against a cleaning contractor for wastage of water at a multi-storey carpark in Dover Crescent following feedback from a Stomper, said West Coast Town Council in response to queries.
— Stomp (StraitsTimes)

New garb for a new start
A family all dressed up for Deepavali on Oct 27, 1962. Deepavali, also known as the Festival of Lights, will be celebrated today. During the festival, Hindus don new clothes to represent a new start.
— Straits Times

ingPost’s turnaround may take three years as US losses continue to widen
Higher terminal dues and tough competition in the logistics segment may further affect the firm’s business prospects.
— Singapore Business Review

Asian markets tumble as trade-deal hopes dashed
Asian markets tumbled yesterday, tracking late falls in US markets last Friday after White House economic adviser Larry Kudlow dashed hopes of a breakthrough in US-China trade relations.
— Straits Times

Acres rescues python at Yishun Ring Road after onlooker calls pest control
A python was spotted on a grass patch near Block 165 Yishun Ring Road on Saturday afternoon (Nov 3) and subsequently rescued by the Animal Concerns Research and Education Society (Acres).
— Stomp (StraitsTimes)

Plan for drones to inspect pipelines on Jurong Island
Work is under way to build drones to inspect pipelines on Jurong Island, making the task more efficient and safer for staff.
— Straits Times

Maybank transfers community financial services business to Singapore subsidiary
As a result, 1,850 employees will be transferred from the branch to the subsidiary.
— Singapore Business Review

Dancing, singing police officers help spread Deepavali cheer
The Singapore Police Force (SPF) are lighting up this year’s Deepavali with a music video released on their Facebook page on Monday (Nov 5).
— Straits Times

Feature photo Yudi Setiawan

This week’s Singapore morning news feature photo acknowledges World Science Day for Peace and Development, November 10.

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 November 6 added by Maria Mirasol Rasonable on November 6, 2018
View all posts by Maria Mirasol Rasonable →

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Maria Mirasol Rasonable

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Maria Mirasol Rasonable graduated with a Bachelors Degree in journalism from Polytechnic University of the Philippines, Santa Mesa, Manila, Philippines.

She previously covered police rounds for Philippine Daily Inquirer as a trainee before becoming editorial staff at Gospel Komiks under the Communication Foundation for Asia (CFA-MG), Santa Mesa, Manila where she wrote lifestyle and trending fashion and styles articles.