Singapore morning news for May 9

Singapore morning news for May 9
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Singapore morning news

164,000 Singaporean adults living in private housing have no declared income
About 164,000 Singaporeans live in private properties and do not declare income for the purpose of personal income tax here, said Second Minister of Finance Indranee Rajah on Wednesday (May 8).
— CNA  (very annoying popups)

Singapore opposition joins backlash against proposed fake news law
Singapore’s lone opposition party in parliament has said it will oppose a controversial fake news bill that has been criticised by rights groups, journalists and tech firms as a debate over the proposed legislation entered a second day on Wednesday.
— The Edge Singapore

Govt confirms that fake news law will also cover WhatsApp chats and closed Facebook groups
Senior Minister of State for Law and Health, Edwin Tong, revealed in Parliament yesterday (7 May) that the proposed Protection from Online Falsehoods and Manipulation Act (POFMA) bill will also cover closed and encrypted communications channels like private WhatsApp chats and Facebook.
— The Independent

Media outlets commit to providing credible news
As space for civic discourse has become highly fragmented with misinformation and malicious content flooding social media platforms, it is important to have trusted news sources to provide quality and reliable reporting, said Singapore Press Holdings (SPH) chief executive Ng Yat Chung.
— Straits Times (annoying popups)

MAS’ S$45b transfer to GIC could give government revenues a boost
THE Monetary Authority of Singapore (MAS) will be transferring S$45 billion from the official foreign reserves (OFR) in May to GIC, the city-state’s sovereign wealth fund, to manage, in a move economists say is necessary to ensure adequate sustainable return on investments in the current protracted …
— The Business Times

‘Very onerous’ process to challenge order on content deemed as online falsehood: Sylvia Lim
Individuals appealing against a correction or take-down direction under the proposed law against online falsehoods could find the process “very onerous”, said Workers’ Party (WP) Member of Parliament (MP) Sylvia Lim in Parliament on Wednesday (May 8), adding that it is up to the individual to prove that his statement was true.
— CNA  (very annoying popups)

Govt does not interfere in salary decisions for top brass at GIC, Temasek: Lawrence Wong
The Government maintains an “arms-length relationship” with GIC and Temasek Holdings and does not interfere in their operational decisions, Second Finance Minister Lawrence Wong said, declining to reveal the salaries of top management at the two firms.
— Today Online

MAS’ S$45b transfer to GIC could give government revenues a boost
THE Monetary Authority of Singapore (MAS) will be transferring S$45 billion from the official foreign reserves (OFR) in May to GIC, the city-state’s sovereign wealth fund, to manage, in a move economists say is necessary to ensure adequate sustainable return on investments in the current protracted low inflation and interest rate environment.
— The Business Times

Financial Supermarket GoBear Announces US$80 Million in Funding
Asian financial supermarket GoBear has announced US$80 million in funding to date. GoBear will use the funds to drive growth through product and technology enhancements, expand its partner network, and fill key roles.
— AEC News Today/ PR Newswire

Singapore could be prolonging water dispute until it becomes self-sufficient
Singapore could be stalling for time in its water dispute with Malaysia as the city state will most likely be self-sufficient in its water supply when its current deal expires in 2061, former finance minister Tun Daim Zainuddin said.
— Malay Mail

Singapore’s embattled Hyflux dodges judicial management process
Singapore’s embattled water treatment company Hyflux Ltd. has staved off an attempt by lenders to have independent managers run the company, avoiding a process that has dragged on for some of the nation’s troubled firms.
— The Star Online

MAS to transfer $45 bil to government for long-term investment
The Monetary Authority of Singapore (MAS) said on Wednesday it would be transferring $45 billion from the official foreign reserves (OFR) to the Singapore government for longer-term investment.
— The Edge Singapore

Workers’ Party opposes online falsehoods Bill, says Pritam Singh
The Workers’ Party (WP) objects to the proposed law to tackle deliberate online falsehoods, on grounds that the Executive should not be the initial decision maker on what constitutes false statements, said party secretary-general Pritam Singh on Tuesday (May 7).
— CNA  (very annoying popups)

Lam Pin Min: Town councils can ban PMDs, set own rules for their usage on void decks
Singapore– In Parliament on Tuesday, May 7, the Senior Minister of State for Transport, Lam Pin Min said that it is up to town councils to formulate and implement their own rules concerning the usage of personal mobility devices (PMDs) on void decks, including banning them outright for the sake of safety.
— The Independent

UOB gives SMEs digital boost with Shopmatic tie-up
United Overseas Bank (UOB) is integrating the digital solutions of e-commerce solutions provider Shopmatic into its suite of cloud-based business solutions, UOB BizSmart, to help small businesses build e-commerce websites quickly and expand their sales channels.
— Straits Times (annoying popups)

Who Gets to Define Fake News? In Singapore, a Debated Question
Singapore’s ruling party defended its planned bill to combat “fake news” amid continued debate about who gets to define what’s true and false.
— Bloomberg (paywall)

Despite declining revenue, UOB expects Overseas Education to perform well for FY19
UOB KayHian is keeping its “buy” call on Overseas Education (OEL) with a target price of 46 cents.
— The Edge Singapore

Netizens displeased after hearing POFMA will be applied on closed platforms like chat groups and social media groups
Senior Minister of State for Law Edwin Tong said in Parliament on Tuesday (7 May) that the proposed Protection from Online Falsehoods and Manipulation Bill (POFMA) will cover closed communications platforms such as private chat groups and social media groups, as well as those with end-to-end encryption that only permits messages to be exchanged between senders and receivers.
— The Online Citizen

Proposed law against online falsehoods will not curb academic research: Ong Ye Kung
The Education Minister gave the assurance in parliament that the proposed legislation will not strip researchers of their academic freedom.
— CNA  (very annoying popups)

Duke-NUS Medical School study shows more adults over 60 suffering from chronic diseases, struggling with daily activities
A new study is showing that the proportion of people over the age of 60 who have three or even more chronic diseases almost doubled from 2009 to 2017.
— The Independent

Law Minister K Shanmugam addresses concerns over proposed online falsehoods and manipulation law
Law and Home Affairs Minister K Shanmugam addressed criticism of the Protection from Online Falsehoods and Manipulation Bill in a parliamentary speech on Tuesday (May 7), saying while there is nothing wrong with questioning whether the powers given to the Government could be abused.
— CNA  (very annoying popups)

MAS to disclose more information on monetary policy operations
The Monetary Authority of Singapore (MAS) will start releasing more information on its exchange rate-based monetary policy operations this year, as it announced a transfer of S$45 billion from official foreign reserves to the Government.
— Today Online

PINTEC Opens International Headquarters in Singapore to Facilitate Global Business Development
Pintec Technology Holdings Ltd. (“PINTEC”; NASDAQ: PT), a leading fintech solutions provider, today unveiled its new international headquarters in Singapore, while also launching “SquirrelSave”, a new digital wealth management service developed by its Singapore-based venture, PIVOT Fintech Pte. Ltd (“PIVOT”).
— AEC News Today/ PR Newswire

More telephone records reveal Quah’s hand behind trades; private bank Coutts wrote off $4.7 mil from penny stock crash
The prosecution in the trial of John Soh Chee Wen and Quah Su-Ling, the alleged masterminds behind the 2013 penny stock crash, in court on Wednesday dived deeper into telephone records to shine light on Quah’s hand behind trades made by OCBC Securities remisier Angelia Poon Mei Choo.
— The Edge Singapore

Tuning in to S’pore at Venice Biennale
The humble recorder is taking centre stage at the Singapore pavilion at the Venice Biennale. Recorder Rewrite, a film installation by artist Song-Ming Ang and curator Michelle Ho, is the centrepiece of the pavilion – launched today by Mr Baey Yam Keng, Senior Parliamentary Secretary for Transport, and Culture, Community and Youth.
— Straits Times (annoying popups)

PH, Singapore celebrate 50 years of diplomatic relations
The Philippines and Singapore on Wednesday jointly unveiled the official commemorative logo of the 50th anniversary of the two countries’ diplomatic relations, symbolizing the start of year-long activities to be held in both Manila and the Lion City.
— Manilla Bulletin

4 F&B outlets set to reopen tomorrow after stand-off ends
A stand-off over rent between the landlord of Singapore Land Tower and four food and beverage (F&B) establishments was resolved yesterday. About 50 staff are set to move back to their workplaces in the 48-storey skyscraper in Raffles Place.
— Straits Times (annoying popups)

Some critics have limited understanding of laws to curb fake news, says Shanmugam
Law and Home Affairs Minister K Shanmugam on Tuesday (May 7) chided some critics for their limited understanding of the proposed fake news laws, dedicating a significant portion of his speech in Parliament to rebutting criticisms of the draft laws.
— Today Online

Singapore makes it illegal to send unwanted nudes
Singapore has become one of the first countries to outlaw the sending of unsolicited lewd photos, or “cyber flashing,” as governments and companies around the world seek to curb new forms of harassment enabled by technology.
— Ink Stones News

Grab explores spinning off financial services business: sources
Singapore-based ride-hailing company Grab has mandated a few banks to approach potential investors to take minority stakes in its financial services business as it looks to spin off the unit, according to two people familiar with the matter.
— The Edge Singapore

Airbnb-style short-term home sharing still illegal: URA
THE decision by the Urban Redevelopment Authority (URA) to keep the status quo for short-term stays in private homes has likely triggered a collective sigh of relief from among hospitality players, who have seen their business eaten into.
— The Business Times

Tharman urges firms to invest in more green innovations
A sustainable future cannot be left solely to a passionate younger generation in tune with the green movement; those who hold the reins of companies also need to act.
— Straits Times (annoying popups)

Scoot launches Singapore-Thiruvananthapuram flight services
Singapore Airlines groups budget arm Scoot has commenced its daily non-stop flight services to Thiruvananthapuram from Singapore even as it is set to withdraw operations from Lucknow from next month owing to weak demand on the route.
— Live Mint

Singapore’s UOB launches utility marketplace
UOB is spreading its wings into the comparison market thanks to recent Monetary Authority of Singapore rules which allow banks to operate digital platforms that match buyers and sellers of consumer goods and services.
— Fin Extra

COE prices close mixed in latest bidding exercise
Certificate of Entitlement (COE) prices closed mixed in the latest bidding exercise on Wednesday (May 8), with premiums for cars continuing their upward trend.
— CNA  (very annoying popups)

Institutional Investors Have Been Buying These 2 Billion-Dollar Singapore REITs
Institutional investors can give investors ideas. Here are two REITs institutions have been buying recently in Singapore.
— The Motley Fool

Pritam Singh: Allowing Government to open itself up to scrutiny on peddling falsehoods can strengthen trust
Workers’ Party Chief and Member of Parliament Pritam Singh spoke in Parliament on Tuesday (7 May) about the decision to create an exemption for the Government such that it cannot be sued for perpetuating a falsehood, in regards to the Protection against Harassment Act (POHA), is a glaring omission and a lost opportunity at winning the trust of the public.
— The Online Citizen

Singapore shares slide on trade concerns
Waning sentiment over a US-China trade resolution sent investors running for the hills in a broadly lower session in Asia.
— Straits Times (annoying popups)

Singapore Spreads the Wealth
Singaporeans may be in line for some good news. The central bank’s decision to transfer S$45 billion ($33 billion) to the island’s sovereign wealth fund could push back an increase in the consumption tax.
— Bloomberg (paywall)

COE prices close mixed for May 8 bidding exercise
Certificate of Entitlement (COE) prices closed mixed at the end of the latest bidding exercise on Wednesday (May 8).
— Today Online

HSA’s recall of high blood pressure drugs: More than half of affected patients have switched to alternative medicines
The Ministry of Health (MOH) has helped more than half the patients affected by the recall of three brands of high blood pressure drugs switch to alternative medicines, said Senior Minister of State for Health Lam Pin Min in Parliament on Wednesday (May 8).
— CNA  (very annoying popups)

NEA reveals new ‘eye-catching’ CWO vests to deter litterbugs
Drop rubbish in Singapore and you might be dropping any fashion credibility you ever had.
— Asia One


Feature photo vaidehi shah

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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Piseth Pov graduated with a Bachelor’s degree in Economics Science from the Royal University of Law and Economics, Phnom Penh in 2017, and a Bachelor’s degree in English Communications from Western University, Phnom Penh, the same year.

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