Monday , January 27 2020
Breaking News


Inchcape extends bunker surveying services to Singapore

Inchcape Shipping Services is launching its bunker surveying services to the port of Singapore with an aim to deliver a “bundled” solution for its customers to reap cost savings. Inchcape announced that the Maritime and Port Authority of Singapore (MPA) has approved of its bunker surveying company license to commence operation from February 2020. “As an established and trusted partner ... Read More »

Singapore’s shipping throughput hits record high

Singapore’s shipping throughput hit an all-time high last year despite weak global economic activity and challenges such as the trade war between the United States and China. A total of 37.2 million shipping containers, or 20ft equivalent units (TEUs), were handled here last year, up 1.6 per cent on 2018. Total cargo throughput fell slightly to 626.2 million tonnes, from ... Read More »

Facebook sets up Singapore team for China ad business

The team at Facebook’s Asia-Pacific headquarters is tasked with developing better ad-buying tools for Chinese customers who have to work around Internet restrictions in China known as the “great firewall”, the sources said. One of the people described it as Facebook’s first significant attempt at developing regionally localised ads tools outside of its Silicon Valley headquarters, where China-related engineering work ... Read More »

Singapore economy expands 0.7% in 2019, slowest in a decade

SINGAPORE: The Singapore economy expanded by 0.7 per cent last year, down from 2018’s 3.1 per cent and its slowest in a decade, even as official flash estimates on Thursday (Jan 2) showed growth picking up pace slightly in the fourth quarter. This is Singapore’s slowest full-year growth since 2009, according to Bloomberg data. For the last three months of ... Read More »

Singapore’s Perennial to launch USD250mn mixed development project in Sri Lanka

Integrated real estate and healthcare company headquartered and listed in Singapore, Perennial Real Estate Holdings Limited is to launch a 250 million dollar mixed development project in Sri Lanka shortly. This foreign investment project will see the construction of a 30-storey commercial tower inclusive of 700 new residencies and have facilities for retail and food outlets. This investment will be ... Read More »

Singapore November factory output falls most in four years

SINGAPORE : Singapore’s industrial output unexpectedly fell in November, marking its biggest drop in four years, in an indication that any recovery in the Asian bellwether economy is likely to be patchy. Manufacturing output last month fell 9.3% from a year earlier, data from the Singapore Economic Development Board showed on Thursday, the sharpest decline since December 2015. That compares ... Read More »

Grab confirms application for Singapore banking license to tap SMEs and ‘gig’ workers

SINGAPORE — SoftBank Group-backed unicorn Grab will submit an application for a digital banking license in Singapore, the company has confirmed, as it sees the financial businesses as a driver for future growth. Read More »

Marking 50 years of Turkey-Singapore relations

This year marks the 50th anniversary since the beginning of Turkey and Singapore’s warm and extensive diplomatic relations. Although official ties go back to 1865 when the Ottoman Empire appointed its first Honorary Consul in Singapore, then a British Colony, we have both since become republics, with people-to-people and trade ties having grown steadily ever since. Today, as in the ... Read More »

Robocash integrates European platform to its Singapore holdings

European P2P investors will be able to invest in the business development of the group in Southeast Asia. Fintech holding Robocash Group has just integrated its in-house P2P lending platform in Europe to its Singaporean company Robocash PTE. LTD, according to a press release. The integration will give European P2P investors an opportunity to invest in the business development ... Read More »

Singapore revokes bunker craft licence of Inter

Singapore – The Maritime Port Authority (MPA) of Singapore has revoked the bunker supplier license of Inter-Pacific Petroleum Pte Ltd (“Inter-Pacific”). With effect from 9 December 2019, Inter-Pacific will cease to operate as a bunker supplier in the Port of Singapore. Inter-Pacific had filed for judicial management at the High Court of the Republic of Singapore and a judicial manager ... Read More »

M’sian minister says third JB-Singapore bridge to be decided only after congestion research

JOHOR BARU — The much talked-about third bridge linking Malaysia to Singapore will likely be decided only after comprehensive research is carried out to determine its necessity in alleviating traffic congestion coming into Johor, said Malaysia’s home minister on Sunday (Dec 1). Home Minister Tan Sri Muhyiddin Yassin indicated that the Malaysian government hoped to embark on the “holistic research” ... Read More »

Oil & Gas 4.0: Digital opportunity knocks for Singapore

Of all the mega trends that are impacting the oil and gas industry, the wave of digital innovation sweeping across the landscape is amongst the most intriguing – and offers significant potential for Singapore to play the role of innovator and disruptor at the forefront of what’s been dubbed “Oil & Gas 4.0”. The oil and gas sector is being ... Read More »

Aviva Retains Chinese JV and Singapore Business

Aviva will retain its Chinese joint venture and Singapore unit while continuing to explore options for other businesses in Asia. Following a «thorough review» of its options in Singapore, including a possible sale, Aviva will retain the unit, it said in a statement. The same will be done for its Chinese joint venture due to «high growth prospects» in the ... Read More »

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 »