Friday , November 15 2019
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Singapore Backs Launch Of CamelONE Trade Finance Platform

The Monetary Authority of Singapore is backing the launch of a new trade finance offering operated by trade facilitation platform provider vCargo Cloud (VCC), a press release said Monday (Nov. 11). MAS, along with several top financial institutions operating in the country, have supported the launch of CamelONE Trade Finance, operating on the Networked Trade Platform (NTP), a government-run platform ... Read More »

Singapore shares close 0.2% higher on trade deal optimism

TRADE optimism that buoyed US markets on Friday had a similar effect on Asian markets on Monday, as investors clung to positive comments about progress on a US-China trade deal. Echoing comments made by the US and China on Friday, US Commerce Secretary Wilbur Ross told leaders at the 35th Asean Summit in Bangkok that the two countries were making ... Read More »

Ferry operators take part in biennial multi-agency maritime security drill for first time

SINGAPORE – A “terrorist” speedboat on its way towards Singapore from the east coast was swiftly intercepted by a police coast guard vessel after the authorities received intelligence of suspicious activity. As part of the heightened security level, a Singapore navy littoral mission vessel, RSS Independence, moved in to divert maritime traffic and secure the area. Immigration and Checkpoints Authority ... Read More »

Beautician from Macau fined $1,000 for entering Changi Airport transit area to make GST claim for Rolex watch

SINGAPORE — A beautician from Macau working in Singapore entered Changi Airport’s transit area with a one-way ticket to Kuala Lumpur – but with no intention to board the flight, a court heard. Cheong Lai Lei, 42, simply wanted to make a GST refund claim for her boyfriend’s $12,570 Rolex watch. Unbeknownst to her, foreigners working here are not entitled ... Read More »

Volocopter eyes launch of its electric helicopter taxis in Singapore

SINGAPORE : German startup Volocopter said Singapore is emerging as one of the most likely destinations for the commercial launch of its electric helicopters, where it hopes to offer short-hop flights for the price of a limousine ride. The co-founder of the company, which is working with Singapore regulators to conduct a public test flight in coming months, said the ... Read More »

Over 26,000 cartons of duty-unpaid cigarettes seized by Singapore Customs

SINGAPORE – More than 26,000 cartons and 840 packets of duty-unpaid cigarettes were seized by the Singapore Customs on Sept 18 and 19. A total of 13 men were arrested at five separate locations, the Singapore Customs said in a statement on Thursday (Sept 26). On Sept 18, customs officers checked on two Singapore-registered trucks in Choa Chu Kang Avenues ... Read More »

Singapore in world’s top 20 for trade growth potential: StanChart study

SINGAPORE – Singapore continues to show substantial potential for trade growth, according to new research from Standard Chartered Bank (StanChart) released on Monday (Sept23). The city-state made the list of 20 global markets that are most rapidly improving their individual potential for trade to grow, coming in at 16th place, according to the bank’s new Trade20 Index. The Trade20 study ... Read More »

Bahrain accelerates setup process for Singapore startups

Startups can get guidance from Bahrain’s accelerators as well as financial grants. The Bahrain Economic Development Board launched a fast-track setup process for Singaporean businesses and startups that will help them access the broader Middle East and North Africa (MENA) region markets through Bahrain. The fast-track setup process is a free service offered to Singaporean companies through a dedicated concierge. ... Read More »

Singapore business confidence hits near 2-year low in Q4

SINGAPORE – Local business confidence dropped to a near two-year low for the final quarter of 2019, according to Singapore Commercial Credit Bureau (SCCB)’s latest Business Optimism Index study, with manufacturing and wholesale trade braced for a downturn. Business sentiment dipped from +6.91 percentage points in Q3 to +4.82 percentage points in Q4. Year-on-year, it nearly halved from +9.19 percentage ... Read More »

Trade, infrastructure on the agenda on Day 2 of India-Singapore business summit

Finance, infrastructure development and macro-economics were on the agenda for the second day of the ‘India-Singapore: The Next Phase’ Business Summit in the Lion City on Tuesday. The High Commission of India, in partnership with agencies of the Governments of India and Singapore, chambers of commerce, professional associations and innovation labs, organised a two-day Business and Innovation Summit at Marina ... Read More »

Charles Schwab to close Singapore office

SINGAPORE: Discount brokerage company Charles Schwab Corp said on Thursday (Sep 5) it will close its Singapore office by the end of this year, about two years after opening it in late 2017. “Charles Schwab Singapore will cease to provide services and will close its office in Singapore. We will no longer open new accounts for prospective clients,” it said ... Read More »

4 arrested, more than 1,300 cartons of duty-unpaid cigarettes seized by Singapore Customs

SINGAPORE: Four men were arrested and 1,390 cartons of duty-unpaid cigarettes were seized during an operation in an industrial building in Tuas, Singapore Customs said in a statement released on Monday (Sep 2). During the operation at Tuas Bay Close last Tuesday, officers noticed a Malaysia-registered tipper truck, which was suspected to be used to transport duty-unpaid cigarettes, parked in ... Read More »

Drop in Major Incidents in the Port of Singapore

The number of major incidents[1] in the Port of Singapore has dropped over the last 10 years, with fewer than 0.12 major incidents per 100,000 vessel movements in 2018, down from 0.8 in 2009. Speaking at the fourth International Safety@Sea Conference held today, Dr Lam Pin Min, Senior Minister of State for Transport and Health, said, “I thank the maritime ... Read More »

Hong Kong turmoil may re-route some IPOs to Singapore

AS COMPANIES rethink fundraising plans in Hong Kong amid anti-government protests, some are said to be exploring Singapore as an alternative listing destination. Wayne Lee, chief executive officer of issue manager and accredited Catalist sponsor W Capital Markets, said: “As a result of the severe political unrest in Hong Kong, capital flight to safety is expected. Several Singapore companies that ... Read More »

Fitbit will supply ‘free’ trackers to Singapore’s public health program

Fitbit is working with Singapore’s government to supply residents with free fitness trackers. The company says Singaporeans will be able to pre-register next month to receive a Fitbit Inspire band for free if they commit to paying $10 a month for a year of the company’s premium coaching service. The program will fully roll out in late October. The monthly ... Read More »

The impact of growing US-China tensions on Singapore

SINGAPORE: We are all worried about the growing tensions between the United States and China. Their disputes have placed other countries in a dilemma. No country wants to take sides, and Singapore is no exception. This is why I want to discuss US-China tensions, and their impact on us. Since its reform and opening up, China has developed rapidly to ... Read More »

Singapore shares down 1.5% on Thursday afternoon, after near 2% dive at open

SINGAPORE – Singapore shares skidded on Thursday along with markets in Asia after an inversion of the US yield curve during Wednesday’s (Aug 14) session on Wall Street stoked recession fears, already heightened by dismal economic data from China, Germany and the eurozone. Singapore’s Straits Times Index (STI) was trading at 3,100.36, down 47.24 points or 1.5 per cent, as ... Read More »

Singapore slings a trade war antidote

Singapore became the first of 46 countries to sign a new United Nations (UN) treaty on commercial mediation on August 7, when officials from 70 nations convened in the city-state to officiate an agreement designed to facilitate global trade and resolve cross-border disputes. The Singapore Convention on Mediation, the first treaty concluded under UN auspices to be named after the ... Read More »

HSBC to cut 4,000 jobs, says Singapore ‘remains key’ to growth

SINGAPORE: British bank HSBC will axe thousands of jobs globally in an overhaul of its operations, but said its Singapore business “remains key” to its growth. The bank will axe 2 per cent of its workforce, or roughly 4,000 jobs, as part of a new restructuring exercise aimed at weathering global turmoil, it said on Monday (Aug 5). HSBC had ... Read More »

Singapore, Malaysia among exporters most at risk from US-China trade war: Fitch Solutions

SINGAPORE – Asian export-reliant economies such as Singapore, Taiwan, South Korea, Vietnam and Malaysia will be the hardest hit by waning demand for Chinese-made products and supply chain disruptions amid escalating US-China trade tensions, Fitch Solutions Macro Research said on Tuesday (Aug 6). This is because many of these exporters are deeply integrated with China’s supply chains, supplying electronics, parts ... Read More »