DAILY NEWS

Daily News – 14th September 2018

Singapore Economy

More locals employed in H1, but long-term jobless rate up slightly: MOM
More Singaporeans found jobs in the first half of this year than in the first six months of 2017, with local employment growth 1.5 times higher. However, the latest Manpower Ministry (MOM) statistics released on Thursday also showed that the long-term unemployment rate edged up.
https://www.businesstimes.com.sg/government-economy/more-locals-employed-in-h1-but-long-term-jobless-rate-up-slightly-mom
https://www.straitstimes.com/singapore/unemployment-up-as-more-look-for-work-amid-economic-pickup
https://www.straitstimes.com/singapore/more-singaporeans-find-jobs-but-long-term-unemployment-rate-rises-mom
https://www.channelnewsasia.com/news/singapore/mom-labour-market-q2-2018-employment-retrenchments-10716616
https://www.todayonline.com/singapore/labour-market-improves-first-half-2018-job-vacancies-3-year-high

Moving towards a Smart City
From e-payments to improving public transport, these are just some of the initiatives that will be covered in a new video series produced by The Business Times (BT). Smart City is supported by the Info-communications Media Development Authority’s (IMDA) PSB programme.
https://www.businesstimes.com.sg/government-economy/moving-towards-a-smart-city

Asia’s emerging markets in stronger position than peers elsewhere: MAS chief
Emerging markets in Asia are in a stronger position than peers elsewhere because of solid economic growth prospects, low inflation and strong reserve buffers, said Singapore’s central bank chief.
https://www.businesstimes.com.sg/companies-markets/asias-emerging-markets-in-stronger-position-than-peers-elsewhere-mas-chief
https://www.businesstimes.com.sg/government-economy/asian-emerging-markets-better-off-than-global-peers-mas-chief-ravi-menon
https://www.straitstimes.com/business/economy/asias-emerging-markets-better-off-than-global-peers-mas-chief-ravi-menon

Indonesia and Singapore will exchange financial data to curb tax evasion
Indonesia and Singapore will start exchanging financial data on taxpayers by the end of this month, with an eye on cracking down on tax evasion. Indonesia has met all requirements, including confidentiality and data protection safeguards, to kick-start the arrangement on Sept 30, the tax office’s spokesman Hestu Yoga Saksama told The Straits Times.
https://www.straitstimes.com/asia/se-asia/indonesia-and-spore-will-exchange-financial-data-to-curb-tax-evasion

Singapore Real Estate

US$500m boost for region’s infrastructure and urban projects
A new joint venture by Surbana Jurong and Mitsubishi Corporation will set up a US$500 million fund to invest in urban development and infrastructure projects in emerging Asia. Surbana Jurong Capital – Surbana Jurong’s new financial services arm – is signing an agreement with Mitsubishi today to set up a fund management company.
https://www.businesstimes.com.sg/real-estate/us500m-boost-for-regions-infrastructure-and-urban-projects

Impact of startup fundraising on property
Singapore’s startup ecosystem has come a long way to emerge on the global stage since the first startup cluster was incepted at Block 71 in Ayer Rajah. In 2017, Singapore was ranked first in the world for startup talent by Startup Genome, and number one on a list of the best startup cities by Nestpick.
https://www.businesstimes.com.sg/real-estate/impact-of-startup-fundraising-on-property

Businesses no longer allowed to bid for religious land under new MND framework
Only religious groups will be able to bid for land reserved for places of worship under changes to the tender process, and such tenders will no longer be evaluated solely on price. The Ministry of National Development (MND) said on Thursday (Sept 13) that these changes are being made “to ensure that only religious groups that actively contribute to the community, and have a genuine need for worship space” can bid for such land.
https://www.businesstimes.com.sg/real-estate/businesses-no-longer-allowed-to-bid-for-religious-land-under-new-mnd-framework
https://www.straitstimes.com/singapore/religious-groups-welcome-tighter-land-tender-process
https://www.channelnewsasia.com/news/singapore/only-religious-groups-can-bid-for-land-reserved-for-places-of-10716854

Coming soon to Punggol: Two new primary schools in 2020, Yusof Ishak Secondary School to relocate in 2021
Two new primary schools will open in Punggol in 2020 and Yusof Ishak Secondary School will move to the rapidly growing HDB town in 2021 to meet the demand for school places in the housing estate.
https://www.straitstimes.com/singapore/education/coming-soon-to-punggol-two-new-primary-schools-in-2020-yusof-ishak-secondary
https://www.channelnewsasia.com/news/singapore/yusof-ishak-secondary-bukit-batok-punggol-move-moe-10716654

Completion of first stretch of Lornie Highway, better known as Bukit Brown Road, pushed back till Q4 2018
Motorists will have to bear with the ongoing construction along Lornie Road – one of the busiest roads here – for a couple more months. The Land Transport Authority (LTA) said on Thursday (Sept 13) that the southbound Lornie Highway – better known as Bukit Brown Road – will be completed only in the fourth quarter of 2018.
https://www.straitstimes.com/singapore/transport/first-stretch-of-lornie-highway-to-open-in-next-quarter

Smart waste system in Tampines, Pasir Ris alerts collection crew when nearly full
A smart waste collection system that has been rolled out in Tampines and Pasir Ris is able to send out alerts when they are nearly full, in a move that is expected to improve efficiency in the industry. It is the first such system in Singapore, and will be rolled out progressively islandwide by public waste collectors when the National Environment Agency (NEA) calls new tenders between next year and 2021.
https://www.channelnewsasia.com/news/singapore/smart-waste-system-tampines-pasir-ris-alerts-collection-crew-10719228

Companies’ Brief

Accuron MedTech opens S$10m incubator hub in Tuas
Singapore-based medical device company Accuron MedTech opened a S$10 million medical technology (medtech) centre here on Thursday. The 22,000-square-foot centre in Tuas provides incubator facilities and business services for the group’s portfolio companies, complementing the core urology unit, Dornier MedTech.
https://www.businesstimes.com.sg/technology/accuron-medtech-opens-s10m-incubator-hub-in-tuas
https://www.straitstimes.com/business/companies-markets/temasek-backed-accuron-medtech-opens-10m-technology-centre-in-tuas-to

Contractors’ body sets four targets to transform industry
The Singapore Contractors Association Ltd (SCAL) has unveiled four key targets for itself, in line with the Construction Industry Transformation Map (ITM).
https://www.businesstimes.com.sg/government-economy/contractors-body-sets-four-targets-to-transform-industry
https://www.businesstimes.com.sg/government-economy/singapore-contractors-association-outlines-four-key-targets-launches-award-for
https://www.straitstimes.com/singapore/manpower/singapore-contractors-association-to-train-industry-workers-in-digital

Construction sector to build innovative culture
Mention the construction industry and some may think of hard hats and boots, but there are plans to encourage innovation by providing more training in areas such as virtual design and construction. This was one of the measures announced last night at the annual dinner of the Singapore Contractors Association Limited (SCAL), whose members have together built more than 75 per cent of Singapore’s buildings and infrastructure.
https://www.straitstimes.com/singapore/manpower/construction-sector-to-build-innovative-culture

HSBC to move HQ to Marina Bay Financial Centre from 2020
HSBC Singapore will be relocating its head office from its current premises at HSBC Building, 21 Collyer Quay, to Marina Bay Financial Centre (MBFC) Tower 2 from April 2020 to accommodate the company’s rapid growth plans.
https://www.businesstimes.com.sg/companies-markets/hsbc-to-move-hq-to-marina-bay-financial-centre-from-2020
https://www.businesstimes.com.sg/real-estate/hsbc-singapore-to-relocate-to-marina-bay-financial-centre-in-2020
https://www.straitstimes.com/business/hsbc-spore-to-move-head-office-to-mbfc-in-2020

Keppel Capital unit, Allianz Real Estate buy office building in Shanghai for US$48m
Keppel Capital, through a fund managed by its subsidiary Alpha Investment Partners, has partnered Allianz Real Estate and another co-investor to acquire a prime office building in Shanghai for about US$48 million. The building, Bay Valley C6, is located in Shanghai’s Bay Valley Business Park and has a total aboveground gross floor area of 19,768 square metres.
https://www.businesstimes.com.sg/companies-markets/keppel-capital-unit-allianz-real-estate-buy-office-building-in-shanghai-for-us48m
https://www.businesstimes.com.sg/companies-markets/keppel-capital-unit-allianz-real-estate-acquires-office-building-in-shanghai-for
https://www.straitstimes.com/business/companies-markets/keppel-capital-in-tie-up-to-buy-prime-shanghai-building

CDL buys London commercial building for £183m
City Developments Limited (CDL) announced on Friday morning that it has acquired a prime freehold Grade A commercial building in London for £183 million (S$328 million). The project, Aldgate House, is located in the district of Aldgate, right beside Aldgate Underground Station and with six other stations within a five-minute walk.
https://www.businesstimes.com.sg/companies-markets/cdl-buys-london-commercial-building-for-%C2%A3183m
https://www.straitstimes.com/business/companies-markets/cdl-buys-aldgate-house-in-london-for-328m

Viva Industrial Trust Management secures S$100m loan
Viva Industrial Trust Management has been granted a six-month unsecured loan facility of S$100 million from HSBC. The loan, which was secured through a trustee of Viva Industrial Real Estate Investment Trust (VI-Reit), will be used to repay the existing S$100 million 4.15 per cent Series 001 notes due on Sept 19, 2018.
https://www.businesstimes.com.sg/companies-markets/viva-industrial-trust-management-secures-s100m-loan

Moody’s maintains A3 rating for Ascendas Reit
Moody’s Investors Service is maintaining its A3 rating and positive outlook for Ascendas Real Estate Investment Trust (A-Reit) following the Reit’s announcement on Sept 7 that it had raised S$452.1 million of equity in a private placement of new units. In a note on Thursday, the ratings agency noted that the transaction is credit positive as the equity proceeds “will be used to pre-fund planned capital investments, thereby alleviating the need to rely on fresh borrowings” and that Ascendas Reit also indicated that it may use part of the proceeds to reduce debt.
https://www.businesstimes.com.sg/companies-markets/moodys-maintains-a3-rating-for-ascendas-reit

VIEWS, REVIEWS, FORUM & Others

Singapore has a responsibility to lead a smart world
ALL eyes and ears this week will be on Formula One in Singapore – it is hard to miss the fast and furious display in our city each year. But more quietly, in the background, is another event: the Milken Institute Asia Summit, a gathering of corporate, finance and political leaders to discuss the future of Asia.
https://www.businesstimes.com.sg/opinion/singapore-has-a-responsibility-to-lead-a-smart-world

Climate change and its unintended consequences
Scarcely had I begun my first lecture of the fall semester here at the University of California, Berkeley, when I realised that I was too hot. I desperately wanted to take off my professorial tweed jacket.
https://www.businesstimes.com.sg/opinion/climate-change-and-its-unintended-consequences

Regulators must set governance standards in this age of disruption
By now, it is well known that technology is disrupting many businesses and shortening company lifespans at an alarming rate. In an August 2017 report for example, Credit Suisse said the average age of a company listed on the S&P 500 has fallen from almost 60 years in the 1950s to less than 20 years currently.
https://www.businesstimes.com.sg/opinion/regulators-must-set-governance-standards-in-this-age-of-disruption

Asean states have fared well. Now, to continue doing so
Asean members rank among the world’s most dynamic, resilient, and fastest-growing emerging economies. In a time of significant changes in technology, trade and demographics, can they maintain that momentum?
https://www.businesstimes.com.sg/opinion/asean-states-have-fared-well-now-to-continue-doing-so

Number of exits by South-east Asian startups rises for third year running
Startup exits in South-east Asia have grown in number for the third year running this year, with nearly 200 exits forecasted to take place by year’s end, an inaugural study on the region’s tech, startup, funding and regulatory ecosystem, has said.
https://www.businesstimes.com.sg/startups/number-of-exits-by-south-east-asian-startups-rises-for-third-year-running