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Singapore

Man jailed three weeks for giving false information to Singapore Customs

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A Singaporean man, Ramesh Krishnasamy, 48, was sentenced by the State Courts on 17 May 2019 to three weeks’ imprisonment for giving false information to Singapore Customs. In a press release on Thursday (23 May), the authority stated that the sole proprietor of an import business, Green Royal, pleaded guilty to one charge of furnishing false information to Singapore Customs. ... Read More »

Singapore growth downgraded as trade war threatens economy, business

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BUSINESSES are in for stormy times this year as dark clouds loom over Singapore’s economic prospects, with the Ministry of Trade and Industry (MTI) downgrading its full-year growth forecast to 1.5 to 2.5 per cent after the results of just one quarter, from an earlier 1.5 to 3.5 per cent. This confirmed what many companies predicted earlier, with many hit ... Read More »

Singapore’s economy slows to decade low as trade war bites

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Singapore’s annual economic growth slipped to the lowest in nearly a decade in the first quarter as manufacturing contracted in the wake of a protracted US-China trade war, prompting a downgrade to the Southeast Asian country’s full-year growth forecast. Gross domestic product (GDP) expanded 1.2 percent year-on-year in the three months ending March 31, final official data showed on Tuesday, ... Read More »

Singapore Not Yet Worried About Economic Impact Of Trade War

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Singapore said it is not too concerned about how global trade tensions will affect its economy but it is prepared to take action should the ongoing China-US trade war impact local markets. Singaporean Minister-in-charge of Trade Relations S. Iswaran said on Sunday that the city-state is currently focused on building and expanding the local economy through innovative projects. While it ... Read More »

Singapore’s Tuas Mega Port a bold investment that will face significant challenges

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SINGAPORE: Singapore has successfully built itself into a maritime power house through exploiting its strategic location within old trade routes since independence. Innovation and sound strategic planning by the city-state’s founding leaders helped entrench this position and made the maritime sector an important economic participant in world trade by connecting the country with major trade markets. Today, the maritime industry ... Read More »

Singapore’s Port Authority Opens New Cybersecurity Center

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The Maritime and Port Authority of Singapore (MPA) has opened a new cybersecurity operations center, which will be housed and operated by private contractor ST Engineering. The objective of the new center is to strengthen Singapore’s cybersecurity readiness through early detection, monitoring, analysis and response. According to the MPA, the center will conduct 24/7 monitoring and correlate data activity across ... Read More »

Singapore a marathon, not a sprint, for Gojek

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IT has been just five months since Gojek started operations in Singapore. We are excited to have launched our ride-hailing service here – just a year ago, even before we unveiled plans to foray into Singapore, it was clear that users were vexed by the lack of ride-hailing options and keenly awaiting a credible alternative in ride-hailing. I’m proud to ... Read More »

Singapore must prepare to deal with US-China trade war fallout

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SINGAPORE: Singapore must be prepared to deal with fallout from the US-China trade dispute, said Trade and Industry Minister Chan Chun Sing on Tuesday (May 14), amid worsening tensions between Washington and Beijing. Mr Chan said the trade war, which he labelled as “serious”, reflects deeper tensions between the US and China and domestic challenges within their economies. “Many in ... Read More »

Singapore-Malaysia maritime boundary delimitation committee holds first meeting

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SINGAPORE: A committee set up to discuss boundary delimitation in the waters between Singapore and Malaysia has held “constructive discussions” in its first meeting, said Singapore’s Ministry of Foreign Affairs (MFA) on Wednesday (May 15). The committee, which was established following a meeting between the foreign ministers of both countries in March, met in Singapore on Monday. It is chaired ... Read More »

Singapore box volumes up 2.4% in April, bunker sales plunge 12.3%

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The port of Singapore recorded an increase in its container throughput in April over the year-ago period, while bunker sales went in the opposite direction and plunged by 12.3% year-on-year, according to preliminary estimates from the Maritime and Port Authority of Singapore (MPA). In April, the port registered box volumes of 2.99m teu, an increase of 2.4% compared to 2.92m ... Read More »

9,080 cartons of duty-unpaid cigarettes seized and three Chinese nationals arrested

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More than 9,080 cartons of duty-unpaid cigarettes were seized and three Chinese nationals, aged between 31 and 36, were arrested in the largest haul of duty-unpaid cigarettes in 2019 from two related operations conducted in Ang Mo Kio Industrial Park 2 and Defu Lane 10 on 7 May 2019. Singapore Customs stated in its press release on Friday (10 May) ... Read More »

Singapore strips ship fuel seller Southernpec’s operating licence

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The Maritime and Port Authority (MPA) of Singapore has stripped marine fuel services provider Southernpec (Singapore) Pte Ltd of its licence to operate bunker barges that refuel ships in the port effective on May 8, the regulator said. The MPA has revoked Southernpec’s craft operator licence after investigations revealed it had engaged in bunkering malpractice, using a magnet to interfere ... Read More »

Singapore-based port operator acquiring Halifax container terminal

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Macquarie Group Ltd. says it has reached a deal to sell the largest container terminal in Eastern Canada. The Australian investment bank says it has finalized an agreement to hand over the Halterm terminal at the Port of Halifax to PSA International Pte Ltd. The Singapore-based port operator will also acquire Penn Terminals in Philadelphia from the Australian firm. Both ... Read More »

Investors still love Singapore’s struggling malls

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Singaporeans aren’t spending like they used to, at least not in shopping malls. There are too many already and more are being built. But investors still have good reasons to back mall owners. The city-state has 6.1 million square metres of retail space, of which 8.7 per cent is vacant. Yet companies are forecast to add a further 364,000 sq ... Read More »

Singapore shares sink 3% amid Asia rout after Trump escalates on China tariffs

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SINGAPORE – Investors ran for the exits on Monday (May 6) as the threat of a full-blown trade war unexpectedly reared its head overnight. The Straits Times Index (STI) skidded 3 per cent or 101.67 points to close at 3,290.62, after US President Donald Trump tweeted that he plans to to ratchet up tariffs on Chinese imports on Friday, upending ... Read More »

Three men arrested for importation and possession of counterfeit mobile phones and components for the purpose of trade

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Three men, aged between 26 and 44, have been arrested for their suspected involvement in the importation and possession of counterfeit mobile phones and components for the purpose of trade. Singapore Customs (SC) stated in a press release on Thursday (2 May) that it intercepted a consignment from China consisting of more than 500 pieces of mobile phone components believed ... Read More »

Singapore, China ink deals on trade, BRI

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BEIJING • Singapore and China signed five agreements yesterday, strengthening further their collaboration on trade, law enforcement and projects under the Belt and Road Initiative (BRI). Singapore’s Ministry of Trade and Industry (MTI) sealed two new partnerships. In one, Minister for Trade and Industry Chan Chun Sing and Shanghai Mayor Ying Yong agreed to set up a ministerial-level Singapore-Shanghai Comprehensive ... Read More »

Iran’s Trade Volume With Singapore Up 7.8%

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Iran traded 2.48 million tons of non-oil commodities worth $948.72 million with Singapore during the last Iranian year (ended March 20, 2019), registering a 7.84% growth in tonnage and 4.5% decrease in value compared with the year before, latest data released by the Islamic Republic of Iran Customs Administration show. Iran’s exports to Singapore stood at 48,558 tons worth $37.61 ... Read More »

Ministry of Design completes futuristic sports store in Singapore Airport

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Architecture and interiors firm Ministry of Design has completed an immersive ultra-performance Durasport store within Singapore’s recently completed Jewel Changi Airport. Designed to resemble a futuristic research and development lab environment, the store is tailored to sports enthusiasts who want to try out sportswear and equipment in simulated environments before buying them. Singapore studio Ministry of Design was invited to ... Read More »

Advances in Singapore’s Zika and dengue fight

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Singapore scientists have succeeded in mapping out the structures of the dengue and Zika virus strains – a crucial milestone in the development of treatments for the potentially deadly diseases. Researchers from A*Star’s (Agency for Science, Technology and Research) Genome Institute of Singapore (GIS), together with scientists from Duke-NUS Medical School and A*Star’s Bioinformatics Institute mapped the long genetic materials ... Read More »