Monday , July 22 2019
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Singapore exports drop most in 6 years as electronics slump


SINGAPORE: Singapore’s exports fell more than expected in June, marking their biggest decline in six years, as it struggles against tepid global demand and the Sino-US trade war. The grim trade numbers add to a slew of weak economic data and reinforce economists’ expectations that the central bank could ease monetary policy at its October meeting. Non-oil domestic exports (NODX) ... Read More »

Hong Kong millionaires moving cash to Singapore as political crisis lingers


Private bankers are being flooded with inquiries from investors in Hong Kong who are worried about the long-term effects of the political crisis in the Chinese city. While the Hong Kong government has shelved the controversial law that sparked the latest round of unrest — one that would have allowed criminal suspects to be transferred to the mainland for trial ... Read More »

Enterprise Singapore launches inaugural Scale-up SG programme

SBR Enterprise Singapore Scale-up programme

The 2.5-year programme will help fuel the expansion plans of local firms. Enterprise Singapore (ESG) kicked-off its inaugural run of the Scale-up SG programme with 25 local companies from various industries such as lifestyle and consumer, manufacturing and engineering, and urban solutions. Programme participants like 4Fingers, EtonHouse International, AEM Holdings and Durapower, will undergo leadership development and succession planning, as ... Read More »

UEM Edgenta wins hospital support services contracts in Singapore

UEM Edgenta

KUALA LUMPUR: UEM Edgenta said a subsidiary has secured contracts for hospital support services in Singapore. The total value of the contracts is estimated between RM430mil and RM540mil, subject to actual manpower resources deployed, the company said in a filing with Bursa Malaysia today. UEM Edgenta said the duration of the contracts ranges from three years to five years, with ... Read More »

Singapore HC freezes Nirav Modi’ sister’s bank account


The Singapore High Court has ordered freezing of bank deposits worth Rs 44.41 crore kept in that country by PNB fraud accused Nirav Modi’s sister and brother-in-law as part of a money laundering probe in India, the ED said Tuesday. The agency said the bank account is in the name of Pavillion Point Corporation based in the British Virgin Island, ... Read More »

Fintech Singapore Life secures $121.8m from Sumitomo Life Insurance


SINGAPORE – Singapore life – a fintech with an insurance and wealth focus – has secured a US$90 million ($121.8 million) investment from Sumitomo Life Insurance, with the major life insurer in Japan buying about 25 per cent in Singapore Life. The latest fund injection brings Singapore Life’s valuation to US$358 million, its CEO Walter de Oude told The Business ... Read More »

Singapore MPA suspend Inter-Pacific Petroleum bunker craft license


Continuing its strong enforcement of bunkering regulations Maritime & Port Authority of Singapore (MPA) has temporarily suspended the bunker craft license Inter-Pacific Petroleum. In a Port Marine Circular MPA said that following an enforcement check on a bunker tanker operated by Inter-Pacific Petroleum it had temporarily suspended its bunker craft license from 27 June until further notice. “During the period ... Read More »

Singapore aims to be global node for 5G innovation

Port of Freeport Bahamas Container shipyard with heavy lifting Cranes and a ship coming in to dock assisted by tug boats

The government will spend S$40m to develop 5G technology use cases in key sectors such as maritime and manufacturing with an eye on exporting Singapore’s expertise to global markets Singapore has earmarked S$40m (US$29.5m) to develop 5G use cases and technology trials in a bid to position itself as a global node for 5G innovation. These include setting up 5G ... Read More »

ICA officers seize cigarettes hidden in modified cars


SINGAPORE: More than 389 cartons of duty-unpaid cigarettes were seized by Immigration and Checkpoints Authority (ICA) officers last Friday (Jun 21) in two attempted smuggling cases at Woodlands Checkpoint. Two Singaporean men, aged 30 and 44 years old, were handed over to Singapore Customs for further investigation after the cigarettes were found. The cigarettes were hidden in various modified compartments ... Read More »

Duty-unpaid beers discovered at Pasir Panjang Scanning Station


In a Facebook post on Friday, Immigration and Checkpoints Authority (ICA) revealed that 165 cartons and 1,575 bottles of duty-unpaid beers were discovered at Pasir Panjang Scanning Station earlier on Tuesday last week (18 June). ICA noted that beers were declared as “fresh cabbages and potatoes”. ICA said that its officers had detected anomalies in the scanned images of the ... Read More »

65 caught for offences including illegal gambling, drugs and vice-related activities


SINGAPORE: Sixty-five people were caught in several estates during an eight-day multi-agency operation earlier this month, the Singapore Police Force (SPF) said on Friday (Jun 21). The suspects, aged between 17 and 64, were arrested for various offences, including illegal gambling, drugs and vice-related activities, the police said in a news release. The joint operation – which included the Criminal ... Read More »

Tale of two cities: Hong Kong turmoil may boost Singapore’s financial hub status


SINGAPORE : Hong Kong’s reputation as a stable financial hub has been shaken by a controversial extradition Bill that prompted massive protests, and its loss might just be Singapore’s gain, experts say. The Chinese territory and the South-east Asian city-state have long vied for the title of Asia’s top financial destination, attracting international business from around the world. But a ... Read More »

Singapore welcomes Malaysia’s proposal for sheltered walkways across the Causeway


SINGAPORE : Singapore welcomed Malaysia’s plans to build sheltered walkways across the Causeway, although it has yet to receive any official proposal or communication on the plans. In response to TODAY’s queries on Malaysia’s plans for sheltered walkways linking Johor to Woodlands, a spokesperson from the Ministry of Transport (MOT) said on Wednesday (June 19) that there is already a ... Read More »

Driver who allegedly tried to smuggle cigarettes finds out it’s useless to ‘con-seal’ crime from ICA officers


A 41-year-old Malaysian driver was caught with 3,000 cartons of duty-unpaid cigarettes in his lorry at Woodlands Checkpoint on Saturday (June 15). Officers from the Immigration & Checkpoints Authority (ICA) had detected the cigarettes in the lorry after noticing anomalies in the scanned images of the consignment, which was declared as “sealant and multi-purpose acetic silicone”. The case was referred ... Read More »

3,000 cartons of contraband cigarettes discovered in lorry at Woodlands Checkpoint


SINGAPORE – Thousands of cartons of contraband cigarettes were discovered in a lorry at Woodlands Checkpoint by the Immigration and Checkpoints Authority (ICA) on Saturday (June 15). ICA officers detected 3,000 cartons of duty-unpaid cigarettes in a Malaysia-registered lorry that was heading towards Singapore, the authority said in a Facebook post on Monday. The officers became suspicious when they noticed ... Read More »

Hyflux receives letter of intent for potential investment from unnamed China-based suitor


SINGAPORE: Another potential suitor has knocked on the doors of embattled water treatment firm Hyflux with a non-binding letter of intent for a possible investment. The China-based investor, whose name was not revealed in the exchange filing on Saturday (Jun 15), was described as a subsidiary of a state-owned enterprise in the industrial field which works on a global scale ... Read More »

Two Malaysians caught under-declaring value of items at Woodlands Checkpoint


SINGAPORE : Two Malaysian men were caught trying to evade the goods and services tax (GST) on items they brought into Singapore at Woodlands Checkpoint, Singapore Customs said in a Facebook post on Friday (June 14). Both men were nabbed by Singapore Customs officers on Monday. One of them, a 30-year-old, under-declared the value of 45 pieces of machine components ... Read More »

Singapore’s 2019 growth forecast cut to 2.1%, trade remains top risk: MAS survey


SINGAPORE: Economists lowered again their forecasts for Singapore’s expected growth in 2019 after the year’s first quarter saw its slowest growth in nearly a decade, the latest economic survey from the Monetary Authority of Singapore (MAS) said on Wednesday (Jun 12). The survey predicts this year’s gross domestic product to be 2.1 per cent, down from the previous forecast of ... Read More »

Singapore seen as one of the easiest countries to do business in Asia


Based on a report by TMF Group, a provider of international administrative services, Singapore is ranked the sixth easiest place to do business in Asia. The Global Business Complexity Index, which compares key administrative and compliance demands across 76 jurisdictions worldwide, found only Thailand, South Korea, Japan, Hong Kong and Taiwan provided a more straightforward environment for firms looking to ... Read More »

23 kg of gold bars seized, Customs officer held


Directorate of Revenue Intelligence (DRI) on Saturday seized over 23 kg of foreign-marked gold bars, valued at ₹7.8 crore, from a smuggling syndicate and arrested five persons including an Customs officer posted at the Chennai international airport. According to a press release, the officers intercepted four passengers who arrived from Singapore and Malaysia, with 12.95 kg of gold bars, and ... Read More »