DAILY NEWS

Daily News 20th November 2018

Singapore Economy

Singapore at forefront in Asia for talent competitiveness
Singapore has come up tops in Asia for talent competitiveness this year, according to a global ranking by Swiss business school IMD. Among the Asian economies in the IMD World Talent Ranking 2018, Singapore retained its position as 13th in the world, ahead of traditional rival Hong Kong which fell six spots to 18th. This was followed by Malaysia, which jumped six places to come in 22nd.
https://www.businesstimes.com.sg/government-economy/singapore-at-forefront-in-asia-for-talent-competitiveness

Business climate worsens, but Singapore’s prospects still beat China’s, survey finds
Global trade woes may send some business Singapore’s way, but uncertainty is still weighing down companies’ near-term outlook. This is the take-away from the latest Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey, which polled 157 firms from Sept 18 to Oct 17.
https://www.businesstimes.com.sg/government-economy/business-climate-worsens-but-singapores-prospects-still-beat-chinas-survey-finds

Singapore Q3 GDP growth seen losing momentum, trade war dims outlook: poll
Singapore is expected to report slower third-quarter economic growth than initially thought, a Reuters poll showed, as the manufacturing sector faces strains from weaker global demand and an intensifying trade dispute between the United States and China.
https://www.businesstimes.com.sg/government-economy/singapore-q3-gdp-growth-seen-losing-momentum-trade-war-dims-outlook-poll
https://www.straitstimes.com/business/economy/singapore-final-q3-gdp-figures-tipped-to-come-in-lower-on-weaker-gobal-demand-trade

Despite global uncertainty, Singapore ‘does not need to be pessimistic’: Vivian Balakrishnan
Singapore recognises the uncertainty and volatility in the world today, but looking at what it has achieved this year, it does not need to be pessimistic about its outcome, Foreign Affairs Minister Vivian Balakrishnan said on Monday (Nov 19).
https://www.channelnewsasia.com/news/singapore/despite-global-uncertainty-singapore-does-not-need-to-be-10946458
https://www.todayonline.com/singapore/despite-global-uncertainty-singapore-does-not-need-be-pessimistic-vivian-balakrishnan

Singapore Real Estate

Clifton Partners picks up Tras St shophouse trio for S$21.2m
Veteran property investor Stanley Quek is selling another conservation shophouse property. This time, an entity connected to him has offloaded three adjoining two-storey shophouses on Tras Street, for S$21.2 million.
https://www.businesstimes.com.sg/real-estate/clifton-partners-picks-up-tras-st-shophouse-trio-for-s212m

Ascott to boost presence with Ciputra alliance
CapitaLand’s serviced residence arm, The Ascott, has formed a strategic alliance with Indonesian property developer Ciputra Development Group that will boost Ascott’s pipeline as it manages serviced residences to be developed by Ciputra in Indonesia and China over the next five years.
https://www.businesstimes.com.sg/real-estate/ascott-to-boost-presence-with-ciputra-alliance
https://www.businesstimes.com.sg/companies-markets/ascott-to-manage-builder-ciputras-serviced-residences-in-indonesia-china-over-next
https://www.straitstimes.com/business/companies-markets/ascott-to-manage-ciputras-residences-in-indonesia-china
https://www.straitstimes.com/business/companies-markets/ascott-to-manage-ciputras-serviced-residences-in-indonesia-china-over

Companies’ Brief

Deloitte Legal partners new local firm Sabara Law
Deloitte Legal has added a Singapore legal practice to its network of over 2,400 law professionals in more than 80 countries to beef up its legal capabilities. Deloitte Legal in a Nov 19 media statement announced its latest local addition to its network: Sabara Law.
https://www.businesstimes.com.sg/companies-markets/deloitte-legal-partners-new-local-firm-sabara-law
https://www.businesstimes.com.sg/companies-markets/deloitte-legal-adds-singapore-practice-sabara-law-to-its-network

Hotel Properties’ associated firm buys Tuscany site for some 22.6m euros
Property firm Hotel Properties Limited (HPL) on Monday said that its associated company plans to buy for an estimated 22.6 million euros (S$35.4 million) the freehold interest of a 740-acre site in Tuscany, Italy that is occupied by a five-star hotel and a fully consecrated chapel.
https://www.businesstimes.com.sg/companies-markets/hotel-properties-associated-firm-buys-tuscany-site-for-some-226m-euros
https://www.businesstimes.com.sg/companies-markets/corporate-digest-790

CIMB makes new management appointments
Malaysian bank CIMB Group on Monday announced changes and new appointments to its top management, with the current group chief financial officer (CFO) Shahnaz Jammal due to relinquish his current post to become CEO of the group’s wholesale banking business.
https://www.businesstimes.com.sg/companies-markets/cimb-makes-new-management-appointments-0
https://www.businesstimes.com.sg/companies-markets/cimb-makes-new-management-appointments

Sapphire Corp’s consortium wins 1.4 billion yuan, 15-year public-private-partnership project in Chengdu
ainboard-listed infrastructure design and construction group Sapphire Corporation said on Monday that its subsidiary Ranken Railway Construction Group Co Ltd, along with its consortium partners, have secured a public-private-partnership (PPP) project in Chengdu, China.
https://www.businesstimes.com.sg/companies-markets/sapphire-corps-consortium-wins-14-billion-yuan-15-year-public-private-partnership
https://www.businesstimes.com.sg/companies-markets/sapphire-corp-unit-scores-ppp-project-in-china

Views, Reviews, Forum & Others

Internet economy in South-east Asia to top US$240b by 2025: study
South-East Asia’s Internet economy is expected to exceed US$240 billion by 2025, beating the previous estimate of US$200 billion put up just a year ago, as lower costs enable more consumers to go online using their mobile phones.
https://www.businesstimes.com.sg/government-economy/internet-economy-in-south-east-asia-to-top-us240b-by-2025-study
https://www.straitstimes.com/business/economy/s-e-asian-internet-economy-set-to-top-330b-by-2025
https://www.businesstimes.com.sg/government-economy/google-temasek-study-sees-us240b-south-east-asia-internet-economy-by-
025
https://www.straitstimes.com/business/economy/south-east-asia-internet-economy-to-top-us240b-by-2025-google-temasek-study
https://www.straitstimes.com/business/economy/vital-role-for-singapore-in-region-says-report
https://www.channelnewsasia.com/news/business/internet-economy-to-create-1-7-million-full-time-jobs-in-10946012

Future of Singapore’s growth is in S-E Asia’s Internet economy
To understand why Singapore’s future is in its immediate neighbourhood, look no further than your mobile phone. Alongside Alibaba, Facebook and Google Chrome, apps like Grab, Deliveroo and Carousell are often displayed. The rich variety of apps on mobile phones in South-east Asia is symbolic of the dynamism of tech activity in the region.
https://www.straitstimes.com/opinion/future-of-singapores-growth-is-in-s-e-asias-internet-economy

Region’s VC, PE to double to US$70b by 2024: Bain report
South-East Asia’s booming venture capital and private equity market is poised to see deal value soar to US$70 billion over the next five years, doubling that of the previous five years, according to consultancy Bain & Co’s report released on Monday.
https://www.businesstimes.com.sg/banking-finance/regions-vc-pe-to-double-to-us70b-by-2024-bain-report

Parliament: Fund for future rail lines to get initial $5b injection
With the cost of constructing rail lines expected to rise over time, it would be responsible to set aside funds for investing in the rail network for future generations, said Senior Minister of State for Transport Janil Puthucheary in Parliament on Monday (Nov 19).
https://www.straitstimes.com/politics/parliament-bill-passed-to-set-up-fund-for-the-expansion-of-rail-network

Parliament: Harsher penalties for terrorism financing, money laundering and money mules
Harsher penalties and increased enforcement powers are in place under legislation passed on Monday (Nov 19) to tackle terrorism financing and money laundering. Individuals who have a high level of culpability in not reporting terrorism financing offences could face a maximum fine of $250,000, up from the current $50,000, while the maximum jail term remains at five years.
https://www.straitstimes.com/politics/parliament-harsher-penalties-for-terrorism-financing-money-laundering-and-money-mules
https://www.channelnewsasia.com/news/parliament/tougher-penalties-against-money-laundering-terrorism-financing-10946136

All Seletar operations shift to $80m new terminal
All operations at Seletar Airport have moved to a new $80 million passenger terminal, pulling the shutters down on the old facility which started handling civil flights 50 years ago. The new terminal comprises one section for scheduled commercial flights and another for business aviation, involving passengers travelling on chartered business flights and private jets.
https://www.straitstimes.com/singapore/transport/all-seletar-operations-shift-to-80m-new-terminal
https://www.straitstimes.com/singapore/transport/new-80m-passenger-terminal-opens-at-seletar-airport
https://www.channelnewsasia.com/news/singapore/new-seletar-airport-passenger-terminal-opens-doors-to-passengers-10946702

New Choa Chu Kang bus interchange to open on Dec 16
The current Choa Chu Kang bus interchange will be relocated from Dec 16 due to construction on the Jurong Region Line and related road works, said the Land Transport Authority (LTA) in a statement on Monday (Nov 19).
https://www.straitstimes.com/singapore/transport/new-choa-chu-kang-bus-interchange-to-open-on-dec-16
https://www.channelnewsasia.com/news/singapore/choa-chu-kang-bus-interchange-jurong-region-line-mrt-10945398

Tharman: Collective leadership needed on sustainability
The widespread adoption by the corporate sector of sustainable practices will not come automatically, or quickly enough, if this is left entirely to market forces, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam last night.
https://www.straitstimes.com/singapore/environment/tharman-collective-leadership-needed-on-sustainability

Climate change represents major challenges, but also opportunities: Teo Chee Hean
Climate change brings about not just great challenges but also opportunities, said Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean on Monday (Nov 19). “Climate change is one of the greatest global challenges of our time,” he said, noting that it requires a global solution, where governments, the private sector, civil society and private citizens work in unison.
https://www.straitstimes.com/singapore/environment/climate-change-represents-major-challenges-but-also-opportunities-teo-chee

New licensing moves for payment firms to be made law
Payment services firms in Singapore may soon be required to apply for a Major Payment Institution (MPI) licence if any licensable activity they conduct crosses S$3 million a month or if two or more of their activities (excluding e-wallets) collectively average over S$6 million a month.
https://www.businesstimes.com.sg/banking-finance/new-licensing-moves-for-payment-firms-to-be-made-law
https://www.channelnewsasia.com/news/singapore/payment-services-bill-enhances-regulations-10946048

Corporate governance at the crossroads
In August, the Monetary Authority of Singapore (MAS) issued the fourth edition of the Code of Corporate Governance for Singapore, after an extensive consultation of changes proposed by the Corporate Governance Council (CGC).
https://www.businesstimes.com.sg/opinion/corporate-governance-at-the-crossroads

Brexit deal breakthrough underwhelms UK
Following Thursday’s dramatic Cabinet resignations, the UK’s draft EU exit deal looks to be in significant jeopardy. Moreover, Theresa May’s entire premiership is hanging again in the balance too as she enters what she said on Sunday could be a critical week for the nation.
https://www.businesstimes.com.sg/opinion/brexit-deal-breakthrough-underwhelms-uk

Stormy days ahead in US-China relations
THE decision by China and the United States to have negotiators meet in Buenos Aires ahead of a Dec 1 meeting between President Xi Jinping and Donald Trump suggests that the two sides feel that a trade accord may be within reach, South China Morning Post has said.
https://www.businesstimes.com.sg/opinion/stormy-days-ahead-in-us-china-relations

Commentary: Beneath the digital friendly facade, Singaporeans still reluctant to accept cashless payments
Imagine this. A customer walks up to a food court in a neighbourhood mall. Upon ordering, he is directed to a confusing array of payment schemes and systems available at the cashier. Without batting an eye, he whips out his wallet, fishes for a note and hands it over.
https://www.channelnewsasia.com/news/commentary/singapore-cashless-society-digital-e-payment-smart-nation-facade-10937012