Singapore morning news for October 22

Look up! Flying taxis to be tested in Singapore skies mid-2019
SINGAPORE – The Jetsons zoomed around in flying cars in a cartoon series which featured life in 2062.
But those in Singapore may not have to wait that long to see one up close with German aviation start-up Volocopter announcing it will perform a series of urban flight tests of its air taxis in the Republic in the second half of 2019.
— Asia One

European Union, Singapore Sign Free-Trade and Investment Pacts
The European Union and Singapore signed free-trade and investment protection agreements in Brussels on Friday in a bid to improve bilateral business ties amid rising global trade conflicts.
— Bloomberg

SGD will fare around $1.35 against USD in 2018: Fitch Solutions
The Singapore dollar will remain ‘range-bound’ against the USD in the near-term despite headwinds from global trade developments as the Monetary Authority of Singapore (MAS) pushed to modestly appreciate the SGD nominal effective exchange rate, Fitch Solutions said.
— Singapore Business Review

Singapore bucks global trend; draws more investments in H1
MULTINATIONAL corporations were still pumping more money into factories and offices in Singapore in the first six months of the year, even as they slashed global investments at the same time.
— Business Times

E-application option for all UOB consumer products
Applications for all of United Overseas Bank’s (UOB) consumer banking products can now be done online, so transactions such as applying for a home or car loan or opening a deposit account will take less than 15 minutes, the bank announced today.
— Straits Times

After first F-35 crash, Lockheed Martin reassures customers of jet’s ‘excellent’ safety record
In the third of a three-part series on the F-35 Lightning II Joint Strike Fighter, the defence contractor also discusses the jet’s closest competitors, the programme’s problem-riddled past and its grand plans for the future.
— ChannelNewsAsia

UK fintech firm TransferWise to link up with payments infra in Singapore, HK
Competition in digital payments in Hong Kong, Singapore and across Asia is becoming increasingly fierce, as traditional financial institutions and new technology firms from around the world vie for dominance both within markets and in cross border payments.
— Deal Street Asia

Collective-sale fever cools for large residential sites
Even before new rules to raise the minimum average unit size for condominium and private apartment projects outside the central area were announced last Wednesday, the collective-sale fever was abating for larger sites, as owners at Chuan Park condo know all too well.
— Straits Times

Singapore outclasses Hong Kong when it comes to average home size
Singapore, which is smaller than Hong Kong in land area, is seemingly more generous when it comes to average standards for living space.
— South China morning Post

Child abuse cases on the rise in S’pore, VWOs and authorities work to raise awareness
SINGAPORE — Fed up with his young son Weijie’s (not his real name) antics in school, and stressed out from his job as a salesman, the father began abusing him.
— Today Singapore

Singaporean charged with supplying luxury items to North Korea
A Singaporean man, Chong Hock Yen, 58, was charged yesterday with allegedly supplying prohibited luxury goods to North Korea worth over $500,000.
— The New Paper

Hong Kong has more millionaires than ever before but loses out to rival Singapore on average wealth
Hong Kong now has more millionaires than ever before but still lags behind its traditional rival Singapore in terms of individual wealth, according to a survey by the Credit Suisse Research Institute.
— South China Morning Post

Embattled Hyflux stays afloat with $530m investment from Indonesian consortium
A consortium called SM Investments composed of Indonesian-based conglomerate Salim Group and energy firm Medco Group has agreed to pump $530m into troubled water treatment firm Hyflux via private placement, according to a filing with the SGX.
— Singapore Business Review

More COEs in next three months may keep prices down
In its latest announcement yesterday, the Land Transport Authority said that there will be 10,046 COEs a month from November to January – up 8.9 per cent from the current monthly supply of 9,225.
— The New Paper

Samsung unveils a new ultrasound system ‘HERA W10’ powered by beamforming technology at ISUOG World Congress 2018
Samsung Medison, a global medical equipment company and an affiliate of Samsung Electronics, is showcasing its new generation of premium ultrasound system HERA W10 and prototype of a chair-type ultrasound system HERA I10 at the 28th World Congress of the International Society of Ultrasound in Obstetrics & Gynecology (ISUOG) from October 21st to 24th in Singapore.
— AEC News Today/PR Newswire (media release)

Singapore businesses welcome EUSFTA
SINGAPORE’S business community has welcomed Friday’s signing of the European Union-Singapore Free Trade Agreement (EUSFTA), with exporters of electronics, pharmaceuticals, chemicals and processed food products particularly well-placed to benefit.
— Business Times

AI and machine learning spell radical changes for traders, asset management
ARTIFICIAL intelligence and machine learning are set to shake up traders’ jobs by enabling them to generate their own alpha, boosting fund managers’ returns in today’s asset management industry, currently under pressure to justify fees with outperformance.
— Business Times

Lasting Power of Attorney: Plan for online application system welcomed
An online Lasting Power of Attorney (LPA) system that is being planned by the authorities has been welcomed by those interviewed, for the convenience and efficiency it is likely to bring.
— Straits Times

Foreign domestic workers to get new, bigger clubhouse
Foreign domestic workers (FDWs) may soon get a new clubhouse that is 10 times larger than their current premises – and where they can relax, socialise, exercise, pick up skills, undergo counselling and remit money, among others.
— Straits Times

Huobi Launches HUSD: The All-In-One Stablecoin Solution
In the spirit of putting our users’ needs first, Huobi Global is proud to announce the launch of HUSD, its all-in-one stablecoin solution.
— AEC News Today/ PR Newswire (media release)

Singapore’s rich pre-colonial history to be showcased
The National Museum of Singapore will roll out a key exhibition showcasing the country’s rich historical heritage to commemorate the bicentennial next year.
— Straits Times

Commercial spots see more crime than residential areas; Orchard and Marina Bay tops list
Neighbourhood police centres (NPCs) in commercial areas saw more crime last year than those in residential areas, with Orchard NPC topping the list, government figures show.
— Straits Times

Boarding the bus? Say ‘thank you’ to the driver
At 3am, when most people are fast asleep, Ms Azlillawati Abdullah’s day is just beginning.
— Straits Times

Bus stop benches in Singapore cost between $500 and $1,500, excluding installation costs: LTA
SINGAPORE – Bus stop benches in Singapore cost between $500 and $1,500, excluding installation costs, the Land Transport Authority (LTA) said on Sunday (Oct 21).
— Straits Times

Malaysia’s ultra-rich vs Singapore’s: Who’s wealthier?
KUALA LUMPUR — If you have ever wondered how many ultra-rich individuals Malaysia has, a study has shown that a mere 487 are considered millionaires or billionaires.
— Today Singapore

Action will be taken against food court operators “found to be errant”: Senior Minister Amy Khor
Action will be taken against food court operators that are “found to be errant” by the National Environment Agency, according to Senior Minister of State for the Environment and Water Resources Amy Khor.
— TOC

Commentary: Young Singaporean business owners are more independent than their international peers
Looking at young millennial business owners makes me optimistic about Singapore’s future, says one HSBC observer.
— ChannelNewsAsia

What is the average income of Singaporeans living in different neighbourhoods?
Housing prices vary dramatically between neighborhoods in Singapore. For this reason, affordability varies for individuals and families across the island. Have you ever wondered how much you would have to earn to live comfortably in various neighborhoods in the country? In this article we analyse how much you would have to earn in order to afford a typical 4-room HDB flat in each of Singapore’s neighborhoods.
— Asia One

Alternative burial methods arise amid land scarcity | Video
With the number of niches to store ashes getting fewer in Singapore, some people are looking at alternative options for their loved ones’ final resting place. Tan Si Hui has more with the story.
— ChannelNewsAsia

Growing class divide simmering in “Crazy Rich” Singapore
Last Thursday (18 Oct), the 2018 Global Wealth Report published by Credit Suisse Research Institute (CSRI) ranked Singapore 9th in the world in terms of household wealth per adult, giving it the highest rank in Asia.
— TOC

Feature photo Ghetto Singapore/ National Archives of Singapore

This week’s Singapore morning news feature photo acknowledges World Day for Audiovisual Heritage, October 27.

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 October 22 added by Maria Mirasol Rasonable on October 22, 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.