DAILY NEWS

Daily News – 22nd November 2018

Singapore Economy

Singapore and Kazakhstan ink bilateral investment treaty
Singapore and Kazakhstan aim to strengthen their economic partnership, Emeritus Senior Minister Goh Chok Tong said on Wednesday, as the two countries signed a bilateral investment treaty (BIT). The agreement was exchanged by Senior Minister of State for Trade and Industry Koh Poh Koon and Kazakhstan Minister for Investment and Development Zhenis Kassymbek, in the presence of Prime Minister Lee Hsien Loong and Kazakhstan Prime Minister Bakytzhan Sagintayev at the Istana.
https://www.businesstimes.com.sg/government-economy/singapore-and-kazakhstan-ink-bilateral-investment-treaty
https://www.businesstimes.com.sg/government-economy/singapore-and-kazakhstan-sign-bilateral-investment-treaty
https://www.straitstimes.com/business/singapore-and-kazakhstan-ink-bilateral-investment-treaty

Singapore Q3 GDP grew 2.2%, below street estimates; MTI narrows 2018 forecast to 3-3.5%
Singapore’s growth in the third quarter fell short of economist predictions, dragged down by moderating demand for electronics amid uncertain global conditions arising from the US-China trade war. In the latest data, the Singapore economy grew by 2.2 per cent in the third quarter, below economist expectations of 2.4 per cent and a notch slower than the 2.6 per cent seen in the advanced estimates.
https://www.businesstimes.com.sg/government-economy/singapore-q3-gdp-grew-22-below-street-estimates-mti-narrows-2018-forecast-to-3-35
https://www.straitstimes.com/business/economy/singapore-economy-grew-22-in-q3-less-than-expected-full-year-growth-forecast-at-3
https://www.channelnewsasia.com/news/singapore/singapore-economy-expands-2-2-in-q3-10956688
https://www.todayonline.com/singapore/spore-economy-grew-22-cent-q3-well-below-forecast

Singapore non-oil exports grow for 5th quarter in a row in Q3, posts 8% jump
Singapore’s non-oil domestic exports (NODX) continued to grow for the fifth straight quarter in July-September, posting an 8.0 per cent jump over the past year and extending the 9.3 per cent rise in the second quarter.
https://www.businesstimes.com.sg/government-economy/singapore-non-oil-exports-grow-for-5th-quarter-in-a-row-in-q3-posts-8-jump
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-top-forecasts-in-q3-by-growing-8-2019-growth-seen-falling
https://www.channelnewsasia.com/news/singapore/singapore-q3-trade-2018-10956682

Singapore, Netherlands to share know-how on environment, water
Amsterdam has been battling floods since it was founded in the 13th century, and the Netherlands has become a leader in waste management and resource recovery. Singapore will now be able to better tap such expertise under a new agreement inked with the Netherlands yesterday.
https://www.straitstimes.com/singapore/singapore-netherlands-to-share-know-how-on-environment-water
https://www.channelnewsasia.com/news/singapore/singapore-netherlands-ink-environment-and-water-management-10955852

Singapore and the Netherlands share long friendship, common values: President Halimah
Singapore and the Netherlands have a longstanding friendship that goes back to Singapore’s early independence, and they continue to share strong economic ties and a similar outlook on the world, said President Halimah Yacob on Wednesday (Nov 21).
https://www.straitstimes.com/politics/singapore-and-the-netherlands-share-long-friendship-common-values-president-halimah

Singapore Real Estate

China developer CFLD cuts staff in Singapore office
Barely two years after setting up its headquarters here in June 2016 and going on a hiring spree earlier this year, the international arm of Chinese developer China Fortune Land Development (CFLD) has retrenched a number of employees in its Singapore office, The Business Times has learnt.
https://www.businesstimes.com.sg/real-estate/china-developer-cfld-cuts-staff-in-singapore-office

Developers now have to screen buyers to prevent money laundering under new Bill
Developers will bear new responsibilities and duties to prevent money laundering and terrorism financing from happening in the real estate sector, under a Bill passed by Singapore lawmakers on Tuesday. This, along with other proposed changes in the Developers (Anti-Money Laundering and Terrorism Financing) Bill, will bring Singapore’s anti-money laundering and terrorism financing regime in line with international standards, said Minister for National Development Lawrence Wong.
https://www.businesstimes.com.sg/real-estate/developers-now-have-to-screen-buyers-to-prevent-money-laundering-under-new-bill

HDB terrace near Whampoa sold for record price of nearly S$1.2 million
A Housing and Development Board (HDB) terrace house was sold for nearly S$1.2 million in the third quarter of this year, smashing a previous record for the priciest HDB unit ever sold, according to a real estate trends report published by OrangeTee on Wednesday (Nov 21).
https://www.channelnewsasia.com/news/singapore/hdb-terrace-bahagia-whampoa-sold-for-record-price-million-10953454

Companies’ Brief

Soilbuild buys Sembcorp EOSM for S$12.3m
Soilbuild Construction Group on Wednesday said it is buying Sembcorp EOSM – an associated firm of Sembcorp Industries that designs and makes building materials in Singapore, Malaysia and India – for some S$12.3 million.
https://www.businesstimes.com.sg/companies-markets/soilbuild-buys-sembcorp-eosm-for-s123m
https://www.businesstimes.com.sg/companies-markets/soilbuild-buys-sembcorp-associated-firm-for-s123m

Banyan Tree unit sells 18.6% stake in JV with China Vanke to JV partner for S$78.6m
A unit of resort operator Banyan Tree Holdings plans to sell 18.6 per cent of its stake in a joint venture (JV) with China Vanke, Banyan Tree Assets (China) Holdings (BTAC), to China Vanke for S$78.6 million. BTAC is a JV company formed between Banyan Tree Holdings and Vanke for holding mainly all of the hotels and real estate assets of the JV in China.
https://www.businesstimes.com.sg/companies-markets/banyan-tree-unit-sells-186-stake-in-jv-with-china-vanke-to-jv-partner-for-s786m

AIMS Financial Service to buy out partner managing AA Reit
AIMS Financial Service Group – a Sydney-based fund manager – plans to buy out its partner that owns the other half of the management entities of AIMS AMP Capital Industrial Reit (AA Reit). No acquisition amount was disclosed.
https://www.businesstimes.com.sg/companies-markets/aims-financial-service-to-buy-out-partner-managing-aa-reit

Singapore startup Mogul.sg unveils keyword-based property search portal
Traditional property portals let users filter their search by selecting from a small number of parameters such as district, location, price and type of property. The issue with this is that results end up swarming in by the hundreds and even thousands, said proptech startup Mogul.sg.
https://www.businesstimes.com.sg/garage/singapore-startup-mogulsg-unveils-keyword-based-property-search-portal
https://www.todayonline.com/singapore/new-property-site-mogulsg-taps-onemap-offer-more-detailed-searches-homebuyers

Alibaba suffers ‘down round’ investment as Babytree prices HK IPO at low end
China’s Babytree Group, a parenting website operator, has priced its Hong Kong IPO at the bottom of a marketing range, people close to the deal said, reducing its valuation and implying a “down round” for investor Alibaba Group Holding.
https://www.businesstimes.com.sg/companies-markets/alibaba-suffers-down-round-investment-as-babytree-prices-hk-ipo-at-low-end

Views, Reviews, Forum & Others

PAP likely to announce line-up of top 4G leaders on Friday
Singaporeans will get a good indication of who is most likely to succeed Prime Minister Lee Hsien Loong as People’s Action Party (PAP) leader and the country’s fourth prime minister on Friday (Nov 23). Sources said that the party’s top decision-making body met on Wednesday night to finalise its choice of who fills the crucial post of first assistant secretary-general.
https://www.straitstimes.com/singapore/pap-likely-to-announce-line-up-of-top-4g-leaders-tomorrow

Public service officers urged to engage Singaporeans to ‘co-create’ solutions
A former top civil servant, National Development Minister Lawrence Wong has this advice for today’s up-and-coming public officers: Don’t just do paperwork behind the desk, but go out and engage stakeholders and Singaporeans.
https://www.straitstimes.com/politics/public-service-officers-are-urged-to-engage-singaporeans-to-co-create-solutions

Singapore’s first bitcoin trial begins, with dispute on trades allegedly reversed wrongfully
The trial for Singapore’s first legal dispute involving the cryptocurrency bitcoin started on Wednesday (Nov 21), with a court expected to decide whether a number of trades done in April last year had been wrongfully reversed – leading to proceeds deducted without authorisation.
https://www.straitstimes.com/business/singapores-first-bitcoin-trial-begins-with-dispute-on-trades-allegedly-reversed-wrongfully

Singapore among choice locations for finance companies
Hong Kong, Tokyo and Singapore are choice destinations in the region for finance companies to be based, a study said, with the financial services sector expected to continue to play a key role in growth for the region.
https://www.businesstimes.com.sg/banking-finance/singapore-among-choice-locations-for-finance-companies

Singapore will do well to keep close eye on UK audit industry shakeup
Britain’s parliament will launch an inquiry into the nation’s scandal-hit auditing industry in the new year – a move that could result in sweeping changes to the way audits are carried out and the firms (namely, the Big Four) that predominantly perform them.
https://www.businesstimes.com.sg/companies-markets/singapore-will-do-well-to-keep-close-eye-on-uk-audit-industry-shakeup

Cosco-PSA Terminal JV unveils 2 new berths
China’s Cosco Shipping Ports is launching two new berths at its joint venture container terminal with PSA Corporation, having signed a Memorandum of Understanding on Wednesday with PSA Corp for the two berths.
https://www.businesstimes.com.sg/transport/cosco-psa-terminal-jv-unveils-2-new-berths
https://www.businesstimes.com.sg/transport/cosco-psa-joint-venture-terminal-to-add-two-new-berths

New independent cinema to open in King Albert Park area
A new cinema is opening in the Bukit Timah Road area in early December. EagleWings Cinematics, located in the King Albert Park Residences Mall, will feature two halls with premium seats and two halls with standard seats. KAP Residences Mall is located at 9, King Albert Park.
https://www.straitstimes.com/lifestyle/new-independent-cinema-to-open-in-king-albert-park-area

Part of Canning Rise road to be closed from January for park to be more pedestrian-friendly
A portion of the one-way Canning Rise road will be permanently closed to traffic and pedestrianised from 12am on Jan 3, 2019, the National Parks Board (NParks) said in a statement on Wednesday (Nov 21). This will connect Fort Canning Park’s Farquhar Garden and Fort Canning Green seamlessly, and create a pedestrian-friendly environment within the park.
https://www.straitstimes.com/singapore/transport/part-of-canning-rise-road-to-be-expunged-in-january-for-park-to-be-more
https://www.channelnewsasia.com/news/singapore/fort-canning-rise-road-closure-park-connectors-10953056

Making Asean the next global power-house
All eyes are on Asean as the region of 650 million sets its sights on becoming the world’s fourth-largest economy by 2050. As economic and digital integration accelerate, it becomes increasingly apparent that power will be the underlying force that will hypercharge the region’s growth.
https://www.businesstimes.com.sg/opinion/making-asean-the-next-global-power-house

Why a smart city must also be a cybersecure city
Over the past decade, smart cities have moved from being a buzzword to a reality. From cashless societies to autonomous vehicles and intelligent surveillance systems, the world’s reliance on data and connectivity has risen dramatically.
https://www.businesstimes.com.sg/opinion/why-a-smart-city-must-also-be-a-cybersecure-city

Building a public service that is digital to the core
Singapore has done well in international indices on smart cities and digital government. Last week, the Republic scored another accolade, winning the Smart City 2018 award, at the Smart City Expo World Congress in Barcelona.
https://www.todayonline.com/commentary/building-public-service-digital-core

Victims of foul play at Singapore-listed companies need faster, better relief
More than three years after Iceberg Research first alleged overly aggressive accounting at Noble Group, Singapore investigators said on Tuesday that they are probing suspected breaches of disclosure and accounting rules at the commodities trading company.
https://www.businesstimes.com.sg/opinion/victims-of-foul-play-at-singapore-listed-companies-need-faster-better-relief

Flow of cross-border payments needs better pipelines
Imagine you turn on a tap in Singapore and hot water comes out in an apartment block in New York. It sounds impossible, and yet something similar happens every day in the global payments system. Despite this, there is major scope to improve the plumbing that enables money to flow across borders. While domestic payments have advanced rapidly in recent years through the introduction of Real Time Payment schemes, such as FAST in Singapore, cross-border payments have failed to keep pace.
https://www.businesstimes.com.sg/opinion/flow-of-cross-border-payments-needs-better-pipelines