Singapore morning news for October 5

S$131 million in ComCare support given to needy households in FY2017
A total of S$131 million was disbursed in the last financial year to about 79,500 beneficiaries of the various ComCare schemes, with the number of households receiving such assistance increasing over the past five years.
— Channel NewsAsia (video)

Big-ticket property deals fall 42% in Q3 after cooling measures
THE tally of big-ticket property transactions of S$10 million and above across all sectors tumbled 42 per cent to S$6.5 billion in the third quarter from S$11.2 billion in Q2 – after the July property curbs put the brakes on residential collective sales.
— The Business Times

Caps set on how much foreigners living here can borrow
Foreigners living in Singapore, including foreign workers and maids, will be limited in the amount of money they can borrow from licensed moneylenders.
— The Straits Times

Singapore working with Indonesia over regional intelligence web
Singapore is working closely with Indonesia to get more support at an Asean meeting later this month to build a regional counter-terrorism intelligence-sharing network, said Defence Minister Ng Eng Hen, speaking at a Total Defence Awards dinner last night.
— The Straits Times

HDB resale prices down 0.7% in September
Housing and Development Board (HDB) flat resale prices dipped 0.7% MoM in September, SRX Property revealed. HDB Executive saw the largest price decrease of 1.9%.
— Singapore Business Review

Singapore passes new law on variable capital companies
Variable capital companies (VCCs) can now be operated from Singapore after new legislation was passed earlier this week.
— Out-Law.com

400 of the World’s Most Influential Business and Government Leaders to Attend Bloomberg’s First-Ever New Economy Forum in Singapore on November 6-7, 2018
Bloomberg today announced preliminary speakers and the agenda for the inaugural New Economy Forum, hosted by Michael R. Bloomberg in Singapore on November 6-7, 2018.
— AEC News Today/ PR Newswire (media release)

Maybank to ring-fence Singapore retail, SME and commercial banking businesses
MAYBANK on Thursday said that it has been granted approval from the Monetary Authority of Singapore (MAS) to locally incorporate its community financial services business in Singapore.
— The Business Times (paywall)

SRC Recruitment and employee face 243 charges for advertising maids in ‘undignified light’ on Carousell
A recruitment agency and one of its staff members are facing 243 charges in total for “insensitive advertising of foreign domestic workers (FDWs)” on online marketplace Carousell.
— Today Online

More seniors in Singapore seek long-term financial aid
Increasing numbers of seniors who cannot work due to old age or illness and who lack family support are behind the steady rise in the number of families seeking long-term financial aid.
— The Newpaper

CapitaLand Gets $300m Sustainability-Linked Loan
CapitaLand revealed on Thursday (4 Oct) that it has clinched a $300 million multi-currency sustainability-linked loan from DBS Bank.
— PropertyGuru Singapore

Work pass holders who borrow from unlicensed moneylenders to face repatriation
Work pass holders who borrow from unlicensed moneylenders will be repatriated and barred from further employment in Singapore under planned new penalties.
— Channel NewsAsia

Ng urges SAF to exploit data intelligently to stay ahead
The SAF must learn to use and exploit data more intelligently to stay ahead, Defence Minister Ng Eng Hen said yesterday.
— The Newpaper

Indonesia, Singapore to hold annual leaders` retreat in Bali
The governments of Indonesia and Singapore will carry out the Indonesia-Singapore Annual Leaders` Retreat in Nusa Dua, Bali, on Oct 11, a Ministry of Foreign Affairs spokesperson has said.
— Antara News

Transition to cloud will improve govt service delivery
SLOWLY but surely, the contours of Singapore’s Smart Nation have emerged in recent years and given shape to what is undoubtedly a grand vision to turn the republic into a showcase for the smart use of technology to better the lives of citizens.
— The Business Times (paywall)

Total Defence could include sixth pillar to tackle cyber threats
To address the very real impact of cyber attacks, the Government is taking steps to reshape the Total Defence framework that may see digital defence added as a sixth pillar, said Defence Minister Ng Eng Hen.
— The Straits Times

Grab, Fave in strategic tie-up to boost growth across Asean
Grab and deals platform Fave – formerly Groupon Singapore – have formed a strategic partnership to speed up their growth across the Asean region.
— The Straits Times

More workers to enjoy free exercise, wellness sessions
More workers will soon have access to free exercise sessions and wellness programmes, thanks to efforts by the Health Promotion Board (HPB).
— The Straits Times

Singapore Conglomerate’s New Musang King Orchard Project Grasping New Export Opportunities to China
The king of fruits – durian has gone viral in Hong Kong in recent years. Musang King (D197), a top-notch species among all kinds of durian, is highly sought after by Hongkongers. Different kinds of related products are all over the city.
— AEC News Today/ PR Newswire (media release)

Pasar and Iceberg lettuce sold at FairPrice and Sheng Siong recalled after high pesticide levels found
SINGAPORE – A Malaysia-produced lettuce sold at NTUC FairPrice and Sheng Siong supermarkets under the Pasar and Iceberg brand names has been recalled, after the Agri-Food and Veterinary Authority of Singapore (AVA) detected high levels of pesticide in the product.
— The Straits Times

Singapore Media Festival looking to boost Asia’s creativity industry | Video
New platforms will be introduced in this year’s Singapore Media Festival (SMF) to boost Asia’s creativity industry, announced the Infocomm Media Development Authority (IMDA) on Thursday (Oct 4). Vanessa Lim reports.
— Channel NewsAsia (video)

Singapore can play ‘important role’ in cybersecurity for SEA region, says FireEye CEO
Singapore can play an “important role” in cybersecurity for the Southeast Asian region, particularly in the area of thought leadership, said FireEye CEO Kevin Mandia on Thursday (Oct 4).
— Channel NewsAsia

Convergence Business Summit & Expo Returns to Singapore
Convergence returns to Singapore for the seventh event in the series, at The Pavilion, Far East Square, CBD, Singapore, 10-11 November 2018 — Emerging Technology Business Summit, Expo & Networking.
— AEC News Today/ PR Newswire (media release)

Trial for lawsuits against Workers’ Party MPs to start today
The Aljunied-Hougang Town Council is suing Workers’ Party secretary-general Pritam Singh, chairman Sylvia Lim and former chief Low Thia Khiang, plus two of its town councillors, over $33.7m in payments the town council made from July 15, 2011 to July 14, 2015.
— The Straits Times

OCBC aiming for encore performance by gem of a PE fund
A LITTLE-known, OCBC bank-backed private equity fund is on course to achieve its targeted internal rate of return (IRR) of 20 per cent – and the bank is aiming to start a second fund next year.
— The Business Times

PIL, IBM in blockchain trial to create electronic bill of lading
SINGAPORE’S largest privately-owned shipping line, Pacific International Lines (PIL), has teamed up with IBM in another initiative to digitalise supply chain management.
— The Business Times

CapitaLand joint venture acquires Collective Works
A joint venture between CapitaLand and The Work Project – The Work Project Kingdom (TWPK) – has acquired a co-working business for an undisclosed amount.
— The Straits Times

F&B licence application to become simpler, faster and cheaper from next year
SINGAPORE – From next year, business owners will find that applying for food and beverage (F&B) licences is a simpler, faster and cheaper process.
They will spend less time filling up forms, pay lower licensing fees and have their applications processed more quickly, said Senior Minister of State for Trade and Industry Chee Hong Tat on Thursday (Oct 4).
— The Straits Times

Local studies find link between myopia and glaucoma
SINGAPORE – Singaporeans with myopia have a higher chance of getting glaucoma when they grow older and the risk increases as myopia becomes more severe, according to the results of local studies revealed on Thursday (Oct 4).
— The Straits Times

Feature photo Joan Campderrós-i-Canas

This week’s Singapore morning news feature photo acknowledges International Day of Older Persons, October 1.

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 5 added by Stella-maris Ewudolu on October 5, 2018
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Stella-maris Ewudolu

Journalist at AEC News Today

Stella-maris graduated with a Bachelor of Arts, Education from Ebonyi State University, Nigeria in 2005.

Between November 2010 and February 2012 she was a staff writer at Daylight Online, Nigeria writing on health, fashion, and relationships. From 2010 – 2017 she worked as a freelance screen writer for ‘Nollywood’, Nigeria.

She joined AEC News Today in December 2016.