Saturday , March 24 2018
Breaking News


Mastermind of illegal cigarettes syndicate fined S$30 m


SINGAPORE: The leader of a contraband cigarettes syndicate was sentenced on Thursday (Mar 22) to five years and three months’ jail, and fined S$30 million for smuggling duty-unpaid cigarettes into Singapore. Singapore Customs and the Corrupt Practices Investigation Bureau (CPIB) said in a joint media release that the man, 50-year-old Mok Chee Kin, was also given another five months’ jail term ... Read More »

Singapore moves to cut pollution with carbon tax but risks putting off potential investors


SINGAPORE: Singapore yesterday passed its Carbon Pricing Bill as it aims to cut emission intensity to 36% lower than 2005 levels by the year 2030. Eight MPs raised concerns about the bill, demanding more detailed information on what it would entail, although they all said that they supported the reform and agreed that action was necessary to help counter climate ... Read More »

West Sumatra ornamental fish exports dominate Singapore market


SINGAPORE: West Sumatra`s ornamental freshwater and sea fish have a viable market, especially for exports to Singapore, Yos Meri, head of the provincial Marine and Fisheries Service, stated here on Monday. “West Sumatra has some 20 species of specific marine ornamental fish in addition to freshwater ornamental fish, almost all of which are exported to Singapore,” he remarked. Types of ... Read More »

Bank of Singapore to expand family office business


SINGAPORE: Bank of Singapore Ltd the private banking arm of Oversea-Chinese Banking Corp is looking to expand its family office business as the city-state rolls out the red carpet for wealthy investors. “We are seeing increasing demand for families moving into the next generation to set a proper structure in place to manage family wealth,” chief executive officer Bahren Shaari ... Read More »

Singapore exports see surprise fall of 5.9% in February


SINGAPORE: Singapore’s exports declined unexpectedly last month after four months of strong growth. Most economists attributed the drop largely to the Chinese New Year festivities, which began from mid-February. But they remain confident of overall trade prospects, even as they foresee momentum in the coming months slowing from last year’s breakneck pace. Official figures released yesterday show non-oil domestic exports ... Read More »

Bank of Singapore seeks to expand its family office business


SINGAPORE: Bank of Singapore, the private bank of Oversea-Chinese Banking Corp, is looking to expand its family office business as the city-state rolls out the red carpet for wealthy investors. “We are seeing increasing demand for families moving into the next generation to set a proper structure in place to manage family wealth,” Chief Executive Officer Bahren Shaari said in ... Read More »

Singapore could be the first casualty of a looming trade war


SINGAPORE: Singapore stands to lose as much as $22b in the case of a full-blown trade war which could smash financial markets and hit domestic manufacturing sectors in the city-state, according to analysts. This comes as US President Donald Trump issued hefty tariffs of 25% on steel and 10% aluminium imports which raises the possibility of a trade war should ... Read More »

Singapore investigating 2 local firms accused of supplying luxury goods to North Korea


SINGAPORE: Authorities here have started investigations into the two Singapore-based companies accused of supplying luxury goods to North Korea in violation of United Nations sanctions, said Singapore’s Ministry of Foreign Affairs (MFA) on Wednesday (Mar 14). “Our authorities have commenced investigations into these companies. However, we are unable to provide additional details as investigations are ongoing,” said an MFA spokesperson in response ... Read More »

Singapore will remain world’s top bunkering hub post 2020


SINGAPORE: Singapore will continue to be the world’s largest ship refueling destination going into 2020 and beyond, Maersk regional trading head Peter Beekhuis said Friday at the S&P Global Platts Asian Refining Summit in Singapore. “The efficiency, transparency and the infrastructural advantage will hold Singapore in good stead,” Beekhuis said in response to an apparent concern that the city-state may ... Read More »

Singapore’s golden gate is said raising $100m fund


SINGAPORE: Singapore’s Golden Gate Ventures is raising a $100 million third fund to continue investing in Southeast Asia’s burgeoning market for e-commerce, payments and mobile apps, according to a person familiar with the matter. The new fund is expected to have a first close before the end of this month and the final close by the end of 2018, said ... Read More »

Singapore firms better placed to tap opportunities


SINGAPORE: The sweeping trade deal signed yesterday in Chile has unlocked considerable potential for Singapore firms, the Ministry of Trade and Industry (MTI) said yesterday. Minister for Trade and Industry (Trade) Lim Hng Kiang, who was in Santiago for the signing, noted: “Singapore companies will be better placed to tap growth opportunities and increased market access in the Asia-Pacific. “With ... Read More »

Singapore inks new TPP trade pact with 10 other countries


SINGAPORE: Moving along without the United States, the remaining 11 countries of the Trans-Pacific Partnership (TPP) on Thursday (Mar 8) signed a new version of the multilateral trade pact, resuscitating a landmark deal that would slash tariffs and foster trade in a market with a combined output of US$10 trillion (S$13 trillion). The inking of the Comprehensive and Progressive Agreement ... Read More »

Singapore sixth APEC economy to commit to responsible data sharing

SINGAPORE: Singapore has joined Japan, the Republic of Korea, Canada, the United States and Mexico as the sixth APEC economy to participate in the Cross-Border Privacy Rules System this week. It is also the second APEC economy alongside the United States to participate in the Privacy Recognition for Processors System. According to Singapore’s Ministry of Communications and Information (MCI), the ... Read More »

Singapore’s ABC approach to grow its digital economy and enhance digital readiness


SINGAPORE: Singapore Minister for Communications and Information Dr Yaacob Ibrahim responded to Members of the Parliament (MP) and outlined how the Government will to create opportunities and improve lives for Singaporeans in a digital age. Minister Yaacob started his speech saying that “digitalisation has created many exciting opportunities and improved Singaporeans’ lives”. He outlined the plans of the Ministry for Communications and ... Read More »

Singapore government increases stamp duty on high end residential properties


SINGAPORE:  Singaporean government has increased the top marginal Buyer’s Stamp Duty (BSD) rate for residential properties to 4% to ensure that Singapore’s “tax system remains progressive”. The tax will be applicable on the portion of residential property value which is in excess of S$1 million (US$ 0.76 million). The rise in BSD came into force on February 20. Since 1996, ... Read More »

Singapore’s manufacturing sector expands for 18th month in Feb despite slower growth


SINGAPORE: Growth in Singapore’s manufacturing sector moderated in February following an eight-year-high reading the previous month, largely due to a pullback in new orders and output, particularly in the electronics segment. The Purchasing Managers’ Index (PMI) – an early indicator of manufacturing activity – came in at 52.7 points in February, a dip of 0.4 point from January, according to data released ... Read More »

Singapore carbon tax to land softly on gas


SINGAPORE: Singapore’s new carbon tax aims to reduce emissions from the country’s heaviest polluters, which include its predominantly gas-fired power generation fleet. However, gas demand is unlikely to be significantly affected because generators will be able to pass on the additional cost to end-users, analysts have told Interfax Natural Gas Daily. Singapore’s Finance Minister Heng Swee Keat said during his budget ... Read More »

Singapore hikes foreign workers tax


SINGAPORE: Singapore is to hike its levy on companies hiring foreign workers from April 1, 2019. The levy for the first foreign working employed will rise to SGD300 from SGD265 and a higher levy will be payable for each subsequent worker, of SGD450, up from SGD265. Singapore’s foreign worker levy, paid by employers in lieu of payment of Central Provident ... Read More »

Govt to observe Singapore’s proposed digital business tax


SINGAPORE: The government will keep tabs on the proposed tax enforcement on imported digital services that is expected to be implemented by Singapore in 2020, said Second Finance Minister Datuk Seri Johari Abdul Ghani. He said while Malaysia is making progress in efforts to introduce the Goods and Services Tax (GST) on imported digital services, the implementation will not be ... Read More »

Balanced growth in Singapore as economy gathers pace


SINGAPORE: Ended the year positively with 14,115 new businesses formed in Q4 2017, according to data presented in Hawksford Singapore’s latest research report, Singapore New Business Trends Report Q4 2017. “As one of the easiest places in the world to do business, Singapore remained a compelling business hub in 2017. Companies of all sizes continue to choose Singapore as their ... Read More »