Singapore young tech prodigy rides mobile apps boom

The Sydney Morning Herald, 28 Feb 2010
As 10-year-old Lim Ding Wei blasts alien space ships on a computer screen in his living room, his father Lim Thye Chean looks over his shoulder proudly.
"This is way beyond me already, because I do not know how to do 3D programming. I can't teach him any more," he said proudly as his son zips around in outer space fully rendered in 3D.
From being the teacher, Thye Chean, 40, a chief technology officer at a local firm, has now become the student of his son, whom local media reports fete as Singapore's youngest programmer of mobile applications. Full Story

Related:
Singapore tech prodigy rides mobile apps boom - Bangkok Post
Singapore tech prodigy rides mobile apps boom - Taipei Times

Singaporean Balaji Varatharaju faces charges in Australia for masquerading as a doctor

Adelaide Now, 28 Feb 2010
A FORMER Adelaide University student has been charged with various offences amid allegations he masqueraded as a doctor at a Northern Territory hospital.
Balaji Varatharaju, 29, treated more than 400 patients while working in medicine, surgery and the emergency department at Alice Springs Hospital over more than six months.
However, it has been alleged he was practising without the appropriate qualifications. Full Story

Related:
'Fake doctor' Balaji Varatharaju treated over 400 patients - Herald Sun

'Doctor' accused of forging uni degree - ABC News
Alleged 'fake' doctor sparks inquiry call - ABC News

China concerned on buildup of ASEAN submarine fleets


Ria Novosti, 27 Feb 2010
China is concerned by the buildup of ASEAN submarine fleets in seas bordering China, a top Navy official said on Saturday.
According to the Zhongguo Xinwen news agency, Rear Adm. Yin Zhuo said members states of the Association of Southeast Asian Nations were seeking to dominate the southern seas and thus posed a threat to China.
"If this continues at the current rate, in several years the ASEAN countries will create powerful naval forces," the admiral said, stressing that "this is naturally becoming a challenge to neighboring countries, including China." Full Story

Singapore asks natives to return home

Seattlepi blog, 26 Feb 2010
The knowledge economy runs on brainpower and in this regard a global competition for talent is underway. One local manifestation of this is an event being held on Saturday in Cupertino. The city state of Singapore is inviting nationals who may be living or working here to return home. Link

Frequency range in border areas along Riau Islands dominated by S'pore

The Jakarta Post, 27 Feb 2010
The head of Indonesian Broadcasting Commission (KPID) of Riau Islands chapter, Parlindungan Sihombing, said most of the frequency spectrum above Riau Islands was dominated by Singaporean TV and radio stations as they had superior technology compared to that used by domestic TV and radio stations.
"That's why more Singaporean TV and radio programs can be received clearly in Batam and other areas in Riau Islands in general," Parlindungan said.
"Singapore often complains to the Indonesian government if we have domineered frequency bands. We are confused about with which frequencies we have interfered." Full Story

OPINION: Population target in doubt - Seah Chiang Nee

Thestar.com.my, 27 Feb 2010
The public housing crisis has revived the question whether Singapore, with only 700sq km of land, can continue to accommodate the current five million residents, let alone increase it by a further one-third.
How is this land-squeezed island coping with housing an enlarged population of five million, including hundreds of thousands of recent foreign arrivals?
The answer gleaned from public comments about the Housing Development Board (HDB), the national icon that builds homes for 80% of the people is: “surprisingly poor”, given its sterling track record. Full Story

Pregnancy unfair dismissals double in Singapore

Thomson Online Benefits, 27 Feb 2010
Statistics in Singapore have showed a major increase in worker complaints during the recession over employee benefits, pay and unfair dismissal, it has been revealed.
Only one month after the Tripartite Alliance for Fair Employment Practices (TAFEP) gave the thumbs-up to the city state, the Ministry of Manpower stated that 149 complaints of unfair dismissal were registered and 56 involved pregnant employees, doubling stats from the year before. Full Story

UK fund manager Schroders applies for Singapore bank licence

Business Times, 27 Feb 2010
SINGAPORE: British fund manager Schroders has applied for a banking license in Singapore as a first step to expand its private banking business to Asia from Europe, Asia Pacific CEO Lester Gray said yesterday. Full Story

Court to seize $1.4B from ex-Thai PM Thaksin on the sales of Shin Corp to Temasek

CNN.com, 26 Feb 2010
Bangkok, Thailand (CNN) -- Thailand's supreme court Friday found the country's former prime minister guilty of abuse of power and seized a big chunk of his fortune.
In a verdict that took hours to deliver, the court said Thaksin Shinawatra changed the law while he was in office to favor Shin Corp, his communications company.
The court said it is seizing more than 46 billion baht (about $1.4 billion dollars U.S.) from him.
The prosecution alleged that Thaksin illegally transferred the shares to his family, who then sold them to the Singapore government's Temasek without paying tax.
The supreme court ruled that Thaksin changed rules regarding foreign ownership of Thai companies to enable Shin Corp to be sold to the Singaporeans. Full Story

Related:
Thai Court Rules Against Thaksin on Assets - Voice of America
Thai court seizes $1.4 bln of Thaksin family assets - Reuters
Thai Court Rules to Seize $1.4 Billion From Thaksin - The Wall Street Journal
Court Rules To Confiscate 46.3 Billion Baht Thaksin Assets - Bernama.com
Court seizes Shinawatra fortune - The Press Association
Court confiscates B46bn of Thaksin's assets - Bangkok Post
Thailand on edge before ruling on £1.5bn seized from former PM - Guardian.co.uk
Thaksin Loses $1.4 Billion in Thai ‘Compromise’ - BusinessWeek
Financial karma for Thailand's Thaksin - Asia Times Online
AIS to fend off fallout from assets verdict - TMCNet.com
Thaksin on the asset seizure case - Asian Correspondent
Round-up of responses on Thaksin assets seizure verdict - Asian Correspondent
Thaksin Shinawatra Says Goodbye to $1.4 billion - Forbes.com

European Commission rejects ACTA 3 Strikes scam

ZDNet UK, 26 Feb 2010
The European Commission has pledged to make sure the Acta global treaty will not force countries to disconnect people for unlawfully downloading copyrighted music, movies and other material.
The assurance from the office of the trade commissioner, Karel De Gucht (pictured), is the strongest statement on Acta (the Anti-Counterfeiting Trade Agreement) to emerge from the new Commission since it took office earlier in February.
"We are not supporting and will not accept that an eventual Acta agreement creates an obligation to disconnect people from the internet because of illegal downloads," John Clancy, De Gucht's spokesman, told ZDNet UK on Thursday.
Countries involved in the Acta negotiations include the US, the EU, Switzerland, Japan, Australia, Canada, Jordan, Mexico, Morocco, New Zealand, South Korea, Singapore and the United Arab Emirates. The treaty is expected to be finalised by the end of 2010. Full Story

Related:
Europe won’t back ACTA 3 Strikes scam - p2pnet news

Ransom paid for Singapore-flagged chemical tanker

Reuters Africa, 26 Feb 2010
MOGADISHU (Reuters) - A ransom was delivered to Somali pirates on Friday for the release of the Singaporean-flagged chemical tanker MV Pramoni hijacked in the Gulf of Aden on January 1, maritime officials said.
Andrew Mwangura of the Kenya-based East African Seafarers' Assistance Programme said the ransom money had been delivered to the ship, but the vessel had not yet been freed. Full Story

Related:
Somali Pirates Release Singaporean Ship for Cash - The New York Times
Somali pirates holding Singaporean ship get ransom - eTaiwan News
Chinese ship escorts released Singapore's tanker - Xinhua
Somali pirates releases Singapore-flagged chemical tanker - People's Daily Online

Hijacked Singapore Tugboat Found In The Philippines

Bernama.com, 26 Feb 2010
SINGAPORE, Feb 26 (Bernama) -- The Singapore-registered tugboat which was hijacked with its chief engineer off Pulau Tioman on Feb 6 was found in Philippine waters on Thursday.
The twist is that the missing tugboat named "ASTA" was found with a new name "ROXY-I" but bearing the same IMO (International Maritime Organisation) registration number as ASTA. Full Story

Related:
Hijacked Singapore tugboat found in Philippines: coastguard - New Straits Times
Hijacked Singapore tugboat found in Philippines: coastguard - ABS-CBN News Online

Singapore 'disappointed' at Myanmar court ruling on Suu Kyi

MSN Philippines News, 26 Feb 2010
Singapore said Friday it was disappointed that Myanmar's Supreme Court had rejected an appeal by democracy leader Aung San Suu Kyi against her extended house arrest.
Singapore said a dialogue between Myanmar authorities, Suu Kyi and other political groups before planned elections this year would offer "the best prospects for national reconciliation and the long-term political stability." Full Story

Former diplomat unlikely to attend hit-and-run inquiry in Singapore

Monsters and Critics, 26 Feb 2010
Singapore - A former Romanian diplomat in Singapore is unlikely to return to the city-state for a coroner's inquiry into the car-accident death of a Singaporean but said he is determined to clear his name and would be writing to the government.
Silviu Ionescu, suspected of being the driver of a Romanian embassy car that was involved in two accidents December 15 that killed Tong Kok Wai and injured two other people, told a newspaper that he would give his official response on the accidents to the Singapore government in a letter.
'I am not guilty,' the Straits Times quoted Ionescu as saying in its Friday edition. He has denied having anything to do with the December accidents. Full Story

India fifth largest tourism market for Singapore

Press Trust of India, 26 Feb 2010
Singapore, Feb 26 (PTI) India is the fifth largest tourism generating market for Singapore with 57,000 visitors from the country travelling in January to the island city-state, marking a 23 per cent year-on-year rise, Singapore Tourism Board data today said.
Indonesia with 174,000 tourist visitors, China 99,000, Australia 90,000 and Malaysia 68,000 are the other four top tourism generating markets for the Asian rest-and-recreation and shopping hub, the Board said. Full Story

Related:
Singapore receives record tourist numbers in January - Monsters and Critics
Visitor Arrivals To Singapore Increase In January - Bernama.com

Singapore's manufacturing output rises 39.4 per cent in Jan

Earth Times, 25 Feb 2010
Singapore - Singapore's manufacturing output increased by 39.4 per cent in January from the same month a year earlier, helped particularly by electronics demand, the Economic Development Board said Friday. The electronics segment reported growth of 80.6 per cent, supported by higher demand for computer memory chips. The jump was seen after low demand for electronics a year ago in the midst of the global economic downturn. Full Story

Related:
Singapore January Manufacturing Output Grows 39.4% - RTTNews
Singapore Manufacturing Buoys Economy - The Wall Street Journal
Singapore Industrial Output Climbs Twice as Fast as Estimated - BusinessWeek

Tiger Airways looking at starting a 3rd Airline: CEO Davis

Temasek returns with a dual-tranche S$1 billion deal

FinanceAsia, 26 Feb 2010
Only two weeks after Temasek Holdings (Private) Limited issued a S$1 billion 10-year benchmark deal, the Singapore investment house returned to the local bond market with a dual-tranche Reg-S S$1 billion ($708 million) transaction on Wednesday night.
The sale was under Temasek Financial Limited's global medium-term note programme and consisted of two $500 million securities. The first tranche is set to mature on March 5, 2025, paying a coupon of 3.785%. The second note holds a 4.0475% coupon and will mature on March 5, 2035. Both were re-offered at par hence yielding 3.785% for the 15-year and 4.0475% for the 25-year notes. Full Story

Facebook might set up office in Singapore

The Standard, 25 Feb 2010
Facebook might set up an office in Singapore In the future, according to a report by marketing-interactive.com Thursday.
The report quoted an anonymous source as saying that Facebook is in the initial stage of talking to CEOs and publishers in Asia that might lead to change in its reseller network or having an office in Singapore. Full Story

OPINION: Tiger Airways is reliant on using forward sales to pay current bills - Ben Sandilands

Crikey.com, 26 Feb 2010
Tiger’s aggregate costs per seat/kilometre at the bottom of the operating statistics for the quarter (below) are well below those of its Australian rivals for their various operations, but so are Tiger’s revenue figures, although non-flying revenue figures in the full accounts are strong, at more than 20% of gross fare sales, which is where profitable low cost carrier business models get their cream on top.
The value of ’sales in advance of carriage’ were $67.9 million at balance date, a sharp reminder that Tiger is reliant on using forward sales to pay current bills, and that continued expansion is a prerequisite for generating such a crucial revenue stream .
Currently Tiger is offering seats on selected routes and days for nothing other than the charges it has to pay to use the airports and sky. Full Story

Tiger returns to third quarter profit

eTravelBlackboard.com, 26 Feb 2010
Tiger Airways have bounced back to profit in the third quarter, announcing today a net profit after tax of SGD$14.1 million for the quarter ending 31 December 2009, compared to a SGD$7.7 million loss for the same period a year ago.
The budget carrier said the result, which represented a $22 million turnaround, was driven by a higher load factor.
“The growth in passenger numbers was at a faster pace than the increase in seat capacity (+46%) pushing passenger load factor to 88%, a 5 percentage points improvement over the previous year” it said in a statement. Full Story

Related:
Tiger Airways rebounds with third-quarter profit - Earth Times
Tiger Airways Holdings 3Q Net Profit S$14.1M Vs S$7.7M Loss - The Wall Street Journal
Tiger flies in a profit in Australia - The Sydney Morning Herald
Tiger Airways tells Australian carriers to ‘deal with us as a long term competitor’ - Crikey.com
Tiger Airway's profit awaits breakdown - The Australian
Tiger Airways Flies Into Profit Down Under - Bernama.com

Singapore dollar – the safe haven currency for bonds

FinanceAsia, 26 Feb 2010
Temasek's February sale of S$1 billion worth of bonds may turn out to be the benchmark issue for investment-grade issuers looking to access the Singapore local currency market. This is because it proved to investors and issuers that the market could match size and tenor of bonds sold in G3 currencies, but at a cheaper price. Full Story

Hedge-Fund Managers ‘Keen for Clarity’ on Singapore Regulation

Bloomberg.com, 26 Feb 2010
Feb. 26 (Bloomberg) -- Hedge-fund managers are “keen for clarity” on what Singapore’s regulator will do to increase oversight of the industry, said Han Ming Ho, who heads the funds practice group in the city state at Clifford Chance.
The Monetary Authority of Singapore has yet to indicate what the new rules for hedge funds will be since consulting the industry in September last year. Full Story

Related:
Hedge-Fund Managers ‘Keen for Clarity’ on Singapore Regulation - BusinessWeek

Leaked: Singapore, Korea, Denmark, Germany want to keep ACTA negotiations under secrecy

The Standard, 25 Feb 2010
Countries negotiating the secretive Anti-Counterfeiting Trade Agreement are clashing over a proposed three-strikes regulation, the legal basis for such a treaty and the lack of transparency in the process, according to newly leaked documents.
The European Parliament is demanding answers from the European Commission about ACTA, while public outcry and criticism are driving many European countries to demand clarity about the secret talks, which have been ongoing for more than two years. But these E.U.-member nations are being frustrated by the European Commission.
The bulk of the text deals with the (lack of) information disclosure to the outside world by the ACTA negotiating countries. Continuous criticism about the secrecy is seen as a problem and a discussion on transparency has erupted as a consequence.
The U.K. wants full disclosure with support from, among others, the Netherlands, Poland, Estonia, Finland, Sweden and Austria. Germany and Denmark are opposed to that. It turns out that Singapore and South Korea also demand secrecy. Japan switched position and now favors full disclosure. The U.S. is silent on the matter. Full Story

Related:
ACTA leak: Now we know who is against transparency - USA, Korea, Singapore, Denmark - Biong Biong

Singapore may up deposit guarantee amount 2.5 times

Yahoo!Asia News, 25 Feb 2010
SINGAPORE, Feb 25 - Singapore's central bank on Thursday proposed raising the amount covered under a bank deposit insurance scheme by 2.5 times to S$50,000 from 2011. In a statement, it said the move was designed to meet its objective of providing adequate protection to small depositors. Full Story

Singapore shows the way

Lloyd's List, 25 Feb 2010
SINGAPORE has made no secret of its wish to become a global maritime hub offering a complete range of services and has been taking a close look at what centres elsewhere, including London, have to offer.
Singapore’s latest move, with tax concessions offered in this week’s budget to attract shipbrokers and forward freight agreement traders, undoubtedly poses a threat to London. It also demonstrates a clear focus on the maritime industry by Singapore, in contrast to the UK government’s apparent loss of interest. Full Story

Malaysian private hospitals expect more patients after Singapore’s Medisave move

The Malaysian Insider, 25 Feb 2010
KUALA LUMPUR, Feb 25 — A private hospital in the nation’s capital is planning to capitalise on the Singapore health tourism market by partnering with tour operators and community airline Firefly.
This comes as the Singapore government has authorised Singaporeans to use their Medisave savings to pay for medical treatment in 12 hospitals in Malaysia beginning March.
Gleaneagles CEO Amir Firdaus Abdullah said that the hospital has seen an increase of enquiries from Singapore and has received over 40 calls since the announcement was made earlier this month. Full Story

Related:
Gleneagles KL Hospital Expects More Patients From Singapore - Bernama.com

ST Telemedia's Eircom warns of more cost cutting as revenue fell 9%

The Irish Times, 25 Feb 2010
Eircom said today it will be forced to cut costs in the coming months as the Irish market failed to show improvement
The telecommunications company reported group revenue fell 9 per cent to €933 million in the six months ended December 31st 2009, while adjusted earnings before interest, tax, depreciation and amortisation slipped 3 per cent to €327 million.
Revenue for both fixed lines and mobile business declined over the six months. Full Story

Related:
Eircom reports profit of €327m before adjustments for six months to end of 2009 -- down 3% - Finfacts Ireland
Eircom at 50pc of broadband market, revenues fall 9pc - SiliconRepublic.com

Bangladesh President admitted to S'pore's Mt Elizabeth Hospital

The Daily Star, 26 Feb 2010
President Zillur Rahman was admitted to the Mount Elizabeth Hospital in Singapore for his medical checkup Thursday morning.
The president, who left Dhaka Wednesday night, arrived in Singapore at about 6:00am by a regular Singapore Airlines flight, a message received from Singapore said. Full Story

Temasek’s Sixth Bonds Since October Rise in First Day of Trade

Reuters, 25 Feb 2010
Feb. 25 (Bloomberg) -- Temasek Holdings Pte’s S$1 billion ($708 million) in 15- and 25-year bonds rose in their first day of trading after the state-owned Singapore investment company completed its sixth bond sale since October.
Temasek’s S$500 million in 15-year, 3.785 percent bonds rose to 100.285 cents on the dollar to yield 3.76 percent as of 2:50 p.m. in Singapore, according to Standard Chartered Plc prices. Full Story

Marina Bay Sands unveils recruitment centre at Mountbatten Rd

MSN News, 25 Feb 2010
SINGAPORE: Marina Bay Sands has launched its final burst of hiring before it opens on April 27.
Singapore’s second integrated resort aims to recruit some 5,000 people in various positions over the next 60 days.
The centre also acts as a one—stop hub for applicants to walk in and apply for jobs at the upcoming integrated resort. Full Story

Las Vegas Sands Aims to Refinance $5 Billion Debt

BusinessWeek, 24 Feb 2010
Feb. 24 (Bloomberg) -- Las Vegas Sands Corp. will seek to refinance about $5 billion of U.S. loans this year after opening its Singapore casino resort, Chief Operating Officer Michael Leven said.
The Las Vegas-based company may ask lenders to amend and extend loans late this year, Leven said today in an interview in New York. The company may offer to repay a portion of the debt, pay fees and negotiate a new interest rate in exchange for the modifications, he said. There were about 130 lenders in the company’s original loan group, Leven said. Full Story

Related:
Sands bets on Singapore, debt refinance - The Malaysian Insider

Las Vegas Sands betting on Singapore

Reuters, 25 Feb 2010
Las Vegas Sands Corp (LVS.N), which will open its $5.5 billion Singapore casino resort in late April, remains uncertain about the resort's financial performance, the company's chief operating officer said on Wednesday.
Sands will need to generate at least $400 million in earnings before interest, taxes, depreciation and amortization (EBITDA) from the fully ramped-up Singapore resort in order to meet debt covenants, he said.
"We're accumulating cash ... the only risk is if Singapore doesn't do well," he said. "We have to do $400 million in EBITDA to clear covenants. If we don't do that, we've made a bad investment in Singapore." Full Story

Related:
April 27 -- D-Day for war of the Singapore casinos - CNNGo.com

Tiger Airways continues giving free seats in Australia

Crikey.com, 25 Feb 2010
Singapore Airlines controlled Tiger Airways is giving away seats for nothing except the compulsory taxes and charges across most of its network on every Tuesday and Wednesday between April 7 and May 31 from today.
This is incredibly generous. Having lost more than $70 million on its Australian operations since November 23, 2007, and locked itself into agreements to purchase hundreds of millions of dollars worth of A320s, Tiger has come up with a pricing formula for which it receives nothing, with the airport owners, air traffic control and security screeners continuing to receive their per seat charges. Full Story

Singapore watchdog probes Hindu temple management

Monsters and Critics, 25 Feb 2010
Investigations into the affairs of the Sri Siva Krishna temple were initiated in July following a complaint by the Hindu Endowments Board to the Ministry of Community Development, Youth and Sports.
'Mid-last year, we realized the temple had some governance issues and there were some administrative flaws such as no proper book-keeping,' the board's chief executive S Nallathamby was quoted as saying. Full Story

Chinese tourists spend lots of money abroad

China Daily, 25 Feb 2010
The Chinese Lunar New Year is not only a gala for domestic retail sales, but a feast for overseas retailers, too.
Some 1,200 Chinese tourists celebrated the lunar New Year in New York between Feb 14 and 20, spending an estimated $6 million in the United States, said Zheng Wenqing, a public relations manager for New York Tourism Board's China office.
Japanese retailers also reaped gains from Chinese tourists during the week. A local home appliance retailer, Bic Camera, reported that its store in Akihabara, Tokyo, saw its sales increase by 20 to 30 percent thanks to Chinese tourists, Japan-based Chinese language newspaper Jnocnews reported. Full Story

EU Data Watchdog Slams ACTA Secrecy

Tax-News.com, 24 Feb 2010
The European Data Protection Supervisor (EDPS) has expressed concern that the negotiations towards an Anti-Counterfeiting Trade Agreement (ACTA), which have potentially serious implications for individual privacy, are being held under an apparent cloak of secrecy. "The EDPS regrets that he was not consulted by the European Commission on the content of an agreement which raises significant issues as regards individuals' fundamental rights, and in particular their right to privacy and data protection," the statement said.
The ACTA initiative aims to establish international standards for enforcing intellectual property rights in order to fight more efficiently the growing problem of counterfeiting and piracy. In particular, the ACTA is intended to establish, among the signatories, agreed standards for the enforcement of intellectual property rights that address challenges of internet piracy in particular by increasing international cooperation, strengthening the framework of practices that contribute to effective enforcement of intellectual property rights, and strengthening relevant enforcement measures. The ACTA is intended to be consistent with the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) and participants in these negotiations include Australia, Canada, the European Union (represented by the European Commission), the EU Presidency (Spain), EU member states, Japan, Mexico, Morocco, New Zealand, Singapore, South Korea, Switzerland, and the United States Full Story

Legal in Singapore -- the party drug that's banned everywhere else

CNNGo.com, 24 Feb 2010
It's easily available online, gets you high and most importantly, it's legal. Singapore clubbers are exploiting a loophole in import restrictions to get hold of mephedrone, a party drug that's so widely abused overseas as a party drug that it has been banned in several countries including Germany, Sweden and Norway.
It's brought into Singapore by classifying it as 'plant food,' although it has no known use as a fertilizer for plants. Full Story

Singapore Takes Public Housing to New Heights

The Jakarta Globe, 24 Feb 2010
Singapore. On a clear day, you can see Indonesia’s Riau islands from the top of The Pinnacle@Duxton, a cluster of 50-storey buildings with spectacular views of Singapore’s waterfront and financial district.
But the seven towers of The Pinnacle do not host corporate headquarters, a five-star hotel or luxury apartments.
It is a public housing project, the tallest and most ambitious ever undertaken by a city-state that prides itself on almost universal home ownership after four decades of rapid progress. Full Story

Keppel Group to build yacht club in Guangdong

China Knowledge, 24 Feb 2010
Feb. 24, 2010 (China Knowledge) - Keppel Corp Ltd, which is one of Singapore's largest multinational groups, intends to build a large yacht club near Modao Island in Shenwan Town, Zhongshan, Guangdong Province.
At the end of last year, Keppel Land, a property arm of the Keppel Group, spent RMB 884 million to acquire a parcel in Shenyang, capital of Liaoning Province. On the 30.3-hectare site, the real estate subsidiary will build stores and around 6,000 residential units. Full Story

Sand dredging near Kusu Island will continue until Aug 2010

Dredging Today, 24 Feb 2010
In front of the living reefs of Kusu Island, dredging that first started in Apr 09 (the Notice was then entitled ‘Sand Mining’) will continue until Aug 10. The working area is about four times the size of Kusu Island itself.
Dredging stirs up sediments which make the water murky and affects the amount of sunlight that reaches the corals.
Similar dredging took place in the same area in Apr-Aug 09 and Aug-Dec 09, and seemingly related dredging and vibracore sampling took place in Jun 09. Full Story

OPINION: Singapore government dodges Malay education issue again - Ben Bland

Asian Correspondent, 24 Feb 2010
In Parliament yesterday, one such incident occurred, when Zaqy Mohamed, vice-chairman of the ruling People's Action Party's youth wing and an ethnic Malay MP, asked the education minister what was being done about the persistent educational under-performance of Malay students compared to Singaporeans of other ethnic backgrounds.
In response to Zaqy's question, the education minister Ng Eng Hen said only that the performance by Malay students had been "stable" over the last decade, with some improvements in Malay and English.
While Zaqy wanted to know "what more can be done to help Malay students progress at the same rate, if not better, compared to their peers from the other race groups", Ng offered only vague platitudes, as he side-stepped the issue. Full Story


Related:
Singapore's Ethnic Education Problems - Asia Sentinel

SecondMarket Raises US$15 Million from Temasek & Li Ka Shing Foundation

MarketWatch, 24 Feb 2010
NEW YORK, Feb 23, 2010 (BUSINESS WIRE) -- SecondMarket, the largest secondary market for illiquid assets, announced today that it has raised US$15 million in Series B financing from the Li Ka Shing Foundation ("LKSF"), a charitable foundation founded by world-renowned entrepreneur Li Ka-shing, and Dunearn Investments (Mauritius) Pte. Ltd., a wholly-owned subsidiary of Singapore-based investment company Temasek Holdings (Pte) Ltd. ("Temasek"). Full Story

Related:
SecondMarket raises $15M in 2nd round - San Jose Business Journal
Market for hard-to-sell assets gets a big boost - CNNMoney.com
SecondMarket raises $15M for Asian expansion - San Francisco Business Times
Site That Lets You Trade Startup Stock Takes Big Investment - Forbes.com

Singapore Withdraws Red Carpet for Foreigners With Eye on Vote

Bloomberg.com, 24 Feb 2010
Feb. 24 (Bloomberg) -- After luring investor Jim Rogers, actor Jet Li, Filipino maids and Bangladeshi construction workers with one of Asia’s most open immigration policies, Singapore is becoming a little less welcoming to foreigners.
Singapore almost doubled the rate it grants citizenship and permanent residence in the past five years to counter a falling birth rate, and let firms bring in thousands to work at hotels, shipyards and restaurants. The move saw foreigners make up one in every three people. Full Story

Related:
Singapore Withdraws Red Carpet for Overseas Workers on Political Concern - Industry-News
Singapore Withdraws Red Carpet for Foreigners With Eye on Vote - BusinessWeek
Singapore withdraws red carpet for foreigners - Business Mirror

Sands plans to open Singapore casino-resort April 27 after months of delays

CNBC, 24 Feb 2010
SINGAPORE - Las Vegas Sands said it plans to open its US$5.5 billion Singapore casino and resort on April 27 after months of delays.
The company said in a statement Wednesday the Marina Bay Sands expects to open its casino along with 963 hotel rooms and parts of a shopping mall and convention center. Full Story

Related:
Las Vegas Sands to open Singapore casino on Apr 27 - Reuters
Singapore's second casino resort to open in late April - Earth Times
Marina Bay Sands in Singapore to open in April - Xinhua
Las Vegas Sands: Marina Bay Sands Resort To Open On April 27 - The Wall Street Journal
Marina Bay Sands in Singapore to Open Its Doors on April 27, 2010 - MarketWatch
Sands to open part of Singapore resort in April - Las Vegas REview Journal
Las Vegas Sands project to open first phase in April - Las Vegas Sun
Las Vegas Sands to open Singapore casino on April 27 - The Edge Malaysia
Sands' Singapore Resort to Start Operations on April 27 - TopNews United States

MediaCorp and Microsoft enter partnership to launch ‘xinmsn’ online portal in Singapore

Media.Asia, 24 Feb 2010
SINGAPORE – MediaCorp and Microsoft have entered into a partnership to launch an online portal, xinmsn, that combines both companies’ services and media platforms for an integrated online offering in Singapore.
To be launched in the second quarter this year, xinmsn will feature bilingual entertainment and lifestyle content from Microsoft’s MSN Singapore and MediaCorp's media platforms. The site will combine features from MediaCorp's xin.sg platform and Microsoft's local MSN site. Full Story

Lui Tuck Yew: Singapore Mainstream Media A Trusted News Source

Bernama.com, 23 Feb 2010
SINGAPORE, Feb 23 (Bernama) -- The readership of Singapore's newspapers remained strong despite the multitude of news sources on the internet.
Acting Minister for Information, Communications and the Arts Lui Tuck Yew said there were many reasons why this was so, and one key reason was that the mainstream media in Singapore had continued to remain a trusted news source.
"The mainstream media is accurate, timely and balanced in their reporting," he said in a written reply to questions raised in the ongoing Parliament sitting. Full Story

Related:
Singaporean mainstream media ‘a trusted news source’ - Thestar.com.my

Resort World Casino To Implement Social Safeguards

Bernama.com, 23 Feb 2010
SINGAPORE, Feb 23 (Bernama) -- Resorts World at Sentosa (RWS) has agreed to implement several social safeguards to mitigate the adverse effects of problem gambling at its newly-opened casino.
RWS would provide an on-site counselling service so that patrons who might need information and referral for gambling problems could find help on hand. Full Story

Related:
Rise in self—exclusion applications since RWS opened: NCPG - MSN News

GIC and 3i to sell Nordic healthcare company Ambea to Triton

Reuters, 23 Feb 2010
3i will sell its 75 percent stake in Ambea, owner of the Finland's Mehilainen and Sweden's Carema, it said in a statement on Tuesday. The deal will earn the firm 3.5 times its original equity investment.
Singaporean sovereign wealth fund GIC will also sell its 15.9 percent stake in the business, Ambea said in a separate statement. Full Story

Related:
Triton buys Nordic healthcare company Ambea from 3i and GIC - AltAssets
3i Passes On Ambea To Triton - Financier Worldwide

Singapore’s Consumer Prices Rose Marginally in Jan as Govt Changed Housing Price Computation

The Wall Street Journal, 23 Feb 2010
The consumer price index—a noncore measure of costs for goods and services—rose 0.2% in January from a year earlier, the Singapore Department of Statistics said Tuesday.
Pushing the index higher was a 7.1% rise in transport costs—following jumps in the prices of cars and petrol—and a 0.1% rise in food costs, which account for 22% of the index.
However, these rises were mitigated by a 2.4% drop in housing costs, a fall that in part reflects a change in the way such prices are measured—the department now uses monthly rental costs instead of annual property valuations. Full Story

Related:
Singapore’s Consumer Prices Rose on Transportation, Healthcare - Bloomberg.com
Singapore Jan. Consumer Prices Rise Less Than Expected - ForexTV.com
Economic Buzz: Singapore's CPI Rose By 0.7% In January - Bloomberg UTV
Singapore’s Consumer Prices Rose on Transportation, Healthcare - BusinessWeek
Consumer prices rose on transportation, healthcare - The Edge Singapore
Singapore January Consumer Prices Rise - Nasdaq
Singapore January Consumer Prices Rise - RTTNews

Singapore's Tiger Airways to expand in India

AFP
SINGAPORE — Singapore budget carrier Tiger Airways said Tuesday it was looking at flying to three more destinations in India in addition to Chennai and Bangalore.
Tiger president and chief executive Tony Davis said the airline wants to fly to Trivandrum and Kochi in Kerala state and Trichy in Tamil Nadu. Full Story

RSAF gives large maintenance contracts to GLC

Defence Professionals, 22 Feb 2010
Singapore-based ST Engineering announced that its aerospace arm, ST Aerospace, secured two maintenance contracts by the Republic of Singapore Air Force (RSAF). The maintenance services for a variety of aircraft of the RSAF's fleet has been agreed for a period of six years and will yield a total revenue of SGD363 million (€189.32 million, $ 257.54 million). Full Story

Temasek, Li Ka-shing Foundation Invest in SecondMarket

The Wall Street Journal, 23 Feb 2010
HONG KONG – Singapore state-owned investment firm Temasek Holdings PLC and a charitable foundation established by Hong Kong tycoon Li Ka-shing have invested US$15 million in SecondMarket Inc., a marketplace specializing in illiquid assets, that will be used to fund the company's Asian expansion plans. Full Story

Syndicate selling fake Singapore degree certs

Thestar.com.my, 23 Feb 2010
A SYNDICATE run by Chinese nationals is selling fake degree certificates from three Singapore universities at between RM720 and RM9,600 via the Internet, reported China Press.
It added that the certificates are printed in Johor Baru.
China students of the National University of Singapore, Nanyang Polytechnic and Singapore Manage-ment University who fared badly in their examinations are said to have bought the certificates. Full Story

Singapore Moves to Curtail Immigration

The Wall Street Journal, 23 Feb 2010
Singapore announced new steps to curb immigration as it tries to defuse one of its most contentious emerging political issues.
The rich Southeast Asian city-state has for years admitted large numbers of foreign workers to boost its population and to stay competitive with China and other countries with deeper pools of cheap labor. But Singaporean citizens are increasingly dissatisfied with the policy, which they say causes overcrowding and depresses local wages. Economists believe an over-reliance on foreign workers also is keeping productivity levels down, jeopardizing Singapore's future growth. Full Story

George Yeo: we won’t tolerate diplomatic immunity abuse

Nine 0'Clock, 22 Feb 2010
Foreign Affairs Minister George Yeo says there are due processes of law in Singapore and Romania to deal with the hit-and-run accident linked to Romanian diplomat Silviu Ionescu.
He told Parliament on Monday that Singaporeans should not speculate on the accident on December 15 last year. The accident claimed the life of 30-year-old Tong Kok Wai. Full Story

Singapore Led Flagship Apprehends Pirates

Digital Video & Imagery Distribution System, 22 Feb 2010
MANAMA, Bahrain - Coalition warships from Combined Task Force 151 have apprehended suspected pirates in the Gulf of Aden. The Tanzanian-flagged MV Barakaale 1 came under attack whilst transiting through the region and the timely response by the Master in alerting vessels in the region by bridge-to-bridge radio communication enabled ships from CTF 151 to come to its aid.
Commander, CTF 151, Rear Adm. Bernard Miranda, Republic of Singapore navy, applauded the effort by all parties in coordinating the response to the incident. Full Story

GIC's investment in BAA takes a hit as the airport operator announces £822m losses for 2009

Financial Times, 22 Feb 2010
BAA, the largest operator of airports in the UK, said on Monday its pre-tax losses had widened last year due in part to a loss of £277.3m from the sale of Gatwick.
The loss on the sale helped push pre-tax losses at BAA, which is owned by a consortium led by Spanish group Ferrovial, from £324.2m to £821.9m.
Net debt fell 9 per cent to £8.6bn after a £500m equity injection in November from its main shareholders, including Ferrovial, GIC Special Investments (the private equity arm of the Government of Singapore Investment Corporation) and the state pension fund of Quebec. Full Story

OPINION: Singapore's Lee Kuan Yew and Malaysia's Mahathir Mohamad were smart autocrats - Peter Hartcher

The Sydney Morning Herald, 23 Feb 2010
The Lee-Mahathir model keeps the outward facade of a functioning democracy, with elections, a parliament and supposedly independent courts. Behind it, the systems are gutted to guarantee the ruling party remains ruling.
In Singapore, Lee's People's Action Party has been in power for 50 continuous years, the government simply sues opposition politicians for defamation. A tame court hands down ruinous damages, opponents end up in bankruptcy, jail or exile. Full Story

Govt to introduce progressive property tax for owner—occupied residences

MSN News, 22 Feb 2010
SINGAPORE: A progressive property tax system will be introduced next January that will see owners of homes of lower annual values pay less in taxes.
This will replace the current scheme of property tax rebates introduced in 1994.
The government said this will likely help most homeowners save S$240 a year. Full Story

Singapore 2010/11 budget at a glance

The Malaysian Insider, 22 Feb 2010
SINGAPORE, Feb 22 — Singapore announced today a smaller budget deficit for the fiscal year starting April 1, 2010.
The government will, however, increase spending to raise the productivity of the local workforce.
The government expects a basic budget deficit of S$7.2 billion (RM17.39 billion), or 2.6 percent of GDP, for the fiscal year beginning April 2010, down from an estimated S$8.5 billion, or 3.3 per cent of GDP, this fiscal year. Full Story

Related:
Singapore 2010/11 budget at a glance - Guardian.co.uk
HIGHLIGHTS-Singapore 2010/11 budget at a glance - ForexYard

Singapore Forecasts Lower Budget Deficit

RTTNews, 22 Feb 2010
Monday, Singapore's Finance Minister Tharman Shanmugaratnam said in his budget statement that economic growth is expected to be around 4.5% to 6.5% in 2010. The government now estimate a lower overall budget deficit of S$2.9 billion or 1.1% of GDP for fiscal year 2009 ending March 31 this year, compared with the S$8.7 billion deficit a year ago. Full Story


Related:
Singapore sets smaller 2010/11 budget deficit - The Malaysian Insider
Singapore winds down economic stimulus in budget - ForexYard

Singapore to slow down hiring of foreign workers

AFP
SINGAPORE — Singapore said Monday it will raise levies to curb the hiring of foreign workers, amid growing unease among locals over the influx of guest workers and immigrants in recent years.
The phased-in increase from July 1 is aimed at reducing dependence on foreign workers, who already comprise almost a third of the city-state's total workforce, Finance Minister Tharman Shanmugaratnam said.
"We should moderate the growth of the foreign workforce and avoid a continuous increase in its proportion of the total workforce," he said in presenting the 2010 fiscal year budget in parliament. Full Story