Gmail glitch: messages wiped for more than 100,000 users

Techgoondu, 28 Feb 2011
Some 100,000 to 150,000 Gmail users had their messages, chat logs and other personal settings wiped clean early today, due to a serious glitch that would likely cast doubt about the reliability of similar cloud-based services.
Google acknowledged the issue at 4:09am local Singapore time and started investigations into one of the most serious outages to hit the Web mail provider so far. More than 7 hours later, the service was said to have been restored for some users, while others can expect a resolution “in the near future”.
But it is not clear yet if Google would be able to restore all lost messages. On the recovery efforts, a Google statement added: “Please note this time frame is an estimate and may change.” Full story

OPINION: Singtel’s Aggressive Sales Tactic Triggers Angry Tweets on Twitter - Willis Wee

Penn Olson, 28 Feb 2011
Singtel is undoubtedly Singapore’s largest telecom company. It is dominating on every front – mobile, cable TV and broadband services. From an investor’s point of view, it is a great company. But its sky-high profit is achieved at the expense of customer experience.
From a consumer’s point of view, Singtel is brutally hungry for sales and sees us as its money pot. It’s okay to do up and cross selling. But it has to be done right. Singtel’s marketing and sales team is apparently oblivious about how consumers are feeling. Full story

Scientists Discover Cause of Rare Skin Cancer That Heals Itself

Insciences.org, 28 Feb 2011
Institute of Medical Biology (IMB) scientists under the Agency of Science, Technology and Research (A*STAR) in Singapore are part of an international team of researchers1 who became the first in the world to discover the gene behind a rare skin cancer which grows rapidly for a few weeks before healing spontaneously, according to research published in Nature Genetics2 today. Full story

OPINION: Banks shouldn't act 'cool' with Gen Y consumers - Jamie Yap

ZDNet Asia, 28 Feb 2011
SINGAPORE--Generation Y users prefer their bank to fulfill its core functions rather than be "friends" on social media platforms such as Facebook, according to a new survey, which highlights mobile phones as digital natives' key access points for banking services.
Gen Y consumers want their financial services provider to be reliable and trustworthy, and "do not want their bank as a Facebook friend or try to be cool", said Graham Brown, cofounder and partner of research firm, Mobile Youth. Full story

Singapore Government Raises Development Charges For Mar 1-Aug 31 Period

Nasdaq
SINGAPORE -(Dow Jones)- The Singapore government Monday said it will raise development charges applicable for properties during the March 1 to August 31 period.
The Ministry of National Development will increase development charges for non-landed residential property by an average of 11%, while development charges for landed property will be increased by an average of 25%. Full story

Singapore, Switzerland Sign Revised DTA

Tax-News.com, 28 Feb 2011
Moses Lee, Singapore’s Commissioner of Inland Revenue, and Jörg Reding, Switzerland’s Ambassador to Singapore, signed a revised double taxation agreement (DTA) between their two countries in Singapore on February 24, 2011.
The revised DTA will replace the current agreement which dates back to 1975, and incorporates changes that, it is hoped, will further encourage and facilitate cross-border trade and investment between Singapore and Switzerland. Full story

Singapore trader pays RM21m to ransom family

The Malaysian Insider, 27 Feb 2011
KUALA LUMPUR, Feb 27 — A Singaporean businessman was forced to pay a RM21 million ransom to release his family after they were kidnapped in Johor Baru, reigniting fears of visiting the neighbouring city among residents of the island state.
The man’s wife, daughter and maid were driving home when they were forced off the road by another vehicle in the capital of Johor recently before the kidnappers took over the vehicle and held hostage.
Reports say that this may be the largest ransom payment in Malaysia in recent years and despite government claims that crime in Malaysia has dropped by 16 per cent, this latest episode will mar public confidence in crime prevention. Full story

Singapore Tourist Arrivals Increase In January

RTTNews, 28 Feb 2011
(RTTNews) - Visitor arrivals to Singapore rose 16.2% year-on-year to 1,055,000 in January, the highest ever recorded for the month, the Singapore Tourism Board said Monday. Full story

Related:
Singapore visitor arrivals hit January record - Monsters and Critics
Singapore Visitor Arrivals Up By 16.2% For January 2011 - Gov Monitor

Singapore issues ISP code of practice

ZDNet Asia, 28 Feb 2011
SINGAPORE--The government has issued several mandatory security measures that designated Internet service providers (ISPs) must comply with as part of efforts to safeguard the country's Internet infrastructure.
According to ICT regulator, the Infocomm Development Authority of Singapore (IDA), the Resilient Internet Infrastructure Code of Practice has been issued to designated ISPs in the country--specifically, SingNet and StarHub Online--and will come into effect Apr. 30 this year. Full story

WikiLeaks Fears Over Chinese Nukes

Asia Sentinel, 28 Feb 2011
Top Chinese officials have declared that there can be no limit to the expansion of Beijing's nuclear arsenal amid growing regional fears that it will eventually equal that of the United States with profound consequences for the strategic balance in Asia.
Records of secret US-China defence consultations, leaked to WikiLeaks and provided to Asia Sentinel, have revealed that US diplomats have repeatedly failed to persuade the rising Asian superpower to be more transparent about its nuclear forces and Chinese officials have privately acknowledged a desire for military advantage underpins continuing secrecy. Full story

LNG traders flock to Singapore to tap China, India demand

Reuters, 28 Feb 2011
SINGAPORE, Feb 28 (Reuters) - Singapore is gaining prominence as a trading hub for liquefied natural gas, with at least 12 global players setting up teams in the city-state in the past three years to tap the surge in shipments of the fuel due to rising demand in China and India.
The entrants include some of the key names in the industry, from oil majors Shell and BP to major lenders such as Citibank. Full story

Hutchison ports' unit sets indicative price for huge Singapore IPO

Reuters, 28 Feb 2011
Feb 28 (Reuters) - Hutchison Whampoa's ports unit has set an indicative price of $0.91 to $1.08 per unit in a Singapore listing, aiming to raise $4.2 billion in addition to cornerstone investments, according to its preliminary prospectus. Full story

Related:
Hutchison seeks to raise $5.8bn in Singapore ports IPO - BBC News

OPINION: Indefensible costs of military one-upmanship - Hiroaki Sati

The Japan Times Online, 27 Feb 2011
I was recently surprised to learn that Singapore has 72,500 troops on active duty and plans to double the number of "combat-ready aircraft" to more than 200. It also plans to have 10 more submarines to add to the four it has today. Or so the Wall Street Journal reported ("Asia's New Arms Race," Feb. 12-13).
In fact, Singapore has "one of Asia's most modern armed forces," according to a U.S. military site proudly announcing the country's purchase of 12 more F-15 fighter jets for $1 billion (October 2007). Full story

OPINION: Singapore's ArtScience Museum: Lots of museum, not so much artscience - Elaine Ee-Meyers

CNNGo.com, 27 Feb 2011
Firstly, what is ArtScience? The broad term can be applied to anything and while it offers the museum endless options, it also poses the risk of ambiguity. For some, this particular classification is as thought-provoking as the museum's architecture.
Designed by world-renowned architect Moshe Safdie, the building is shaped like a lotus flower in bloom, and sits on a small, reflecting pool with falling water cascading down its vertical axis. The result, a very modern and very Eastern structure. Full story

Capitamall Trust says buys Singapore property for S$295 mln

Reuters, 27 Feb 2011
Feb 28 (Reuters) - Singapore's CapitaMall Trust Management said on Monday it has entered an agreement to buy a shopping mall in the city-state, Iluma, for S$295 million ($231 million). Full story

FAS president says he understands Indonesia lure

Yahoo Eurosport UK, 27 Feb 2011
Singapore's football federation understands the financial motivation behind national captain Shahril Ishak and defender Baihakki Khaizan's decision to play in the breakaway Indonesian league, despite the possibility both could be banned from international duty.
Zainudin Nordin, president of the Football Association of Singapore, said he understood the players' desire to maximise their earnings in what could be short careers but their decision came with risks. Full story

Related:
Singapore duo warned of ban risk after joining rebel league - The Standard

VIDEO: Singapore's Sand Wars

Youtube, 26 Feb 2011

Singapore to Carve Own Path for Ascending Fertility Rates

TopNews New Zealand, 26 Feb 2011
In a bid to promote healthy parenting and successful marriages, government is now planning to take some steps for the welfare of its people.
Wong Kan Seng, the Deputy Prime Minister, said during a recent media briefing that, "It would be appropriate to look and see next year, or in the year after next. If this year, we sustain our growth - although not at the same rate - then we see what more can we do”.
The idea of applying Nordic model for the country was considered but many felt that it cannot prove to be beneficial for the country, if employed practically. Full story

Related:
Singapore struggles to raise fertility rate - People's Daily Online

Singapore defends death penalty in first rights report to UN

Monsters and Critics, 26 Feb 2011
Singapore - Singapore in its inaugural report to the United Nations on the status of human rights defended its tough stance on the death penalty as well as other issues like detention without trial that have repeatedly come under fire from human rights groups.
The city-state is set in May to undergo the first stage of a review under the UN's Human Rights Council as part of the UN's effort to review the human rights situation in all its 192 member states. Full story

VIDEO: Hard Truths by Dr James Gomez

Youtube

Nurse faced paying extra fare after trying to save passenger's life on Jetstar flight

The Sydney Morning Herald, 26 Feb 2011
THE head of Jetstar, Bruce Buchanan, has conceded that the budget airline was ''not on our best form'' when it tried to charge a nurse for an extra fare after she had attempted to save the life of a fellow passenger.
Details of the midair incident on the Jetstar flight from Singapore to Adelaide on November 6 emerged yesterday when Mr Buchanan and the chief executive of Qantas, Alan Joyce, appeared at a Senate inquiry in Canberra into aviation safety and pilot training. Full story

Singapore Jan. Industrial Output Growth Accelerates

RTTNews, 25 Feb 2011
(RTTNews) - Singapore industrial production growth accelerated unexpectedly in January, underpinned by machinery and system segment.
Industrial output grew at a pace of 10.5% in January from the same period of previous year, the Economic Development Board said Friday. That was bigger than the 9% increase seen in December and the 6.9% growth forecast. Full story

Singapore property prices could drop 3 to 5 per cent

Property-report.com, 25 Feb 2011
Singapore prices may drop thee to five per cent this year, according to City Development (CDL) billionaire chairman Kwek Leng Beng.
Kwek made the prediction while his company, the second biggest developer in Singapore, announced a record pre-tax profit of over S$1 billion (US$783 million) in 2010.
Kwek said that the drop in prices could offer opportunities for buyers to re-enter the market – especially for properties at the two integrated resorts on Sentosa Island. Full story

Record bid for Bishan land by Capitaland despite earlier cynicism

The Jakarta Globe, 25 Feb 2011
Singapore. A prime slice of Singapore government land near Bishan MRT station sparked a bidding war that involved 19 bids and delivered a top offer that was nearly double the market expectations.
Analysts had expected a price of S$303 million for the residential site, but CapitaLand easily trumped that with an offer of S$550 million, or S$869 per sq ft per plot ratio (psf ppr). The property giant wants to build a high-rise condo of at least 36 storys with 600 units.
There is some irony in CapitaLand's stratospheric bid, given chief executive Liew Mun Leong's remarks in a newspaper report last month: "We are amazed at the prices that come out [in government land tenders]," he said then. "Not that we are jealous... but when we look at the numbers, we know that we can't do it... So in a way, we agree that there is some speculative chasing for land." Full story

Related:
Singapore Bishan Street condo site tender closes at S$550.1 million - Property-report.com

Singapore Releases Electoral Boundaries Review Committee Report

Gov Monitor, 24 Feb 2011
The Electoral Boundaries Review Committee committee has recommended that Singapore be carved out into 27 electoral divisions.
There will be 12 single member constituencies and 15 GRCs.
The Government has accepted the electoral boundary changes recommended by the report.
For the upcoming General Election, we will have 12 SMCs and 15 GRCs making a total of 27 constituencies and 87 MPs.
There are altogether 2,350,257 electors on the current registers of electors (based on prescribed cut-off date as on 1 January 2011).
The number of electors shown is the number based on the current certified register of electors for that constituency. Link

OPINION: Singapore Budget 2011 aka the Year of the Carrot - rmbrown

CNNGo.com, 25 Feb 2011
This year, the finance minister, Tharman Shanmugaratnam, announced as part of the budget report, a "Growth Dividend" payout of between S$600 to S$800 (US$469 to US$625) to Singapore citizens.
That was the angpow, or red packet, that we were waiting to hear about. This is an election year when, traditionally, the ruling party dishes out these carrots to sweeten the ground before we go to the polls. Full story

Singapore Issues Warning For Traditional Medicines

Gov Monitor, 24 Feb 2011
HSA Warns Against Taking Three Health Products Found to Contain Undeclared Potent Western Medicines. The Health Sciences Authority (HSA) alerts members of the public not to take three health products sold under the disguise of traditional medicines, labelled with the following names:
* “Majun Dua Istimewa”,
* “Raja Maajun-Jerat Dan Seret Angin” and
* “Horkut Chooi Foong Hor Lok Tan [虎骨追风活络丹]
Full story

Fortis buys Singapore cancer speciality hospital

Business Standard, 24 Feb 2011
Fortis Global Healthcare, has acquired an under-construction specialised cancer hospital in Singapore. The cost of the acquisition is estimated at SGD $33 million.
Fortis Healthcare group which has 50 hospital network in India, aims to complete the construction of the hospital by the second quarter of 2012 and the property was earlier held by First Real Estate Investment Trust, a Singapore listed healthcare real estate company, a company release said. Full story

Related:
Fortis Global Healthcare makes foray in Singapore with speciality oncology and surgical hospital - Pharmabiz.com
Fortis buys hospital in Singapore for S$33 mn - Sify Finance

MRT System: Boon for Singaporeans

TopNews New Zealand, 24 Feb 2011
The Mass Transit Transport System (MRT) has made the life of Singaporeans easier. With the strategic up gradation of network in railway system, millions of people are adopting to this new form of commutation.
If recent statistics released by the Singapore Department is to be believed, there has been a rise of 7% in the number of people, who are travelling on trains, from the last 10 years. Full story

Smoking on the Rise in Singapore

TopNews United States, 24 Feb 2011
Recent figures have painted a worrying picture regarding the habit of smoking among Singaporeans. Apparently, smoking rates in the country have witnessed a significant increase to reach 14.3% from 12.6% over the past six years. The increase in average rates is worrying. However, the biggest cause of concern is the increase in the smoking rate for youngster. Full story

Tiger to buy 32.5% stake in Philippines' low-cost carrier Seair

Flightglobal, 24 Feb 2011
Singapore's Tiger Airways plans to buy a 32.5% stake in Philippine low-cost carrier Seair, following a marketing partnership between the two airlines late last year.
The carrier is purchasing the share from Seair's co-founders Iren Dornier and Nick Gitsis, who will hold a combined 7.5% stake in Seair after the sale.
A majority 60% stake of the airline will still be held by local investors, says a Seair official. Full story

Related:
Singapore's Tiger Air buys 32.5 pct stake in Philippines' SEAIR - Reuters

GIC's GLP enters JV to develop Suzhou logistics park

Reuters, 24 Feb 2011
Feb 24 (Reuters) - Singapore's Global Logistic Properties (GLP) , which owns warehouses and other logistic assets, said on Thursday it has entered into a joint venture to develop a logistics park in Suzhou, China worth a total of $200 million.
The park will be jointly developed with Suzhou New District Bonded Logistic Center Development, who owns 10 percent of the joint venture, while GLP owns the remaining 90 percent. Full story

US to remain prime destination for Singapore state investor GIC

Monsters and Critics, 24 Feb 2011
Singapore - The Government of Singapore Investment Corp (GIC), one of the world's largest sovereign wealth funds, said the United States would remain one of its prime destinations despite the rapid growth of China and other emerging economies.
'America has enduring strengths which will revitalize the US economy and throw up many opportunities for profitable investments,' GIC deputy chairman Tony Tan said. Full story

Related:
Singapore wealth fund GIC says US will remain prime destination - Reuters
US to stay prime focus for Singapore investor GIC - The Economic Times
Singapore's GIC Calls US the 'Single Most Important Source of Global Prosperity' - aiCIO
Singapore wealth fund says - Thenews.com.pk

Pressure mounts on ST Telemedia's Eircom as debt advisers called in

The Irish Times, 24 Feb 2011
HOLDERS OF Eircom’s senior debt have appointed restructuring experts Houlihan Lokey as advisers as they prepare to negotiate with the troubled telecommunications company about billions of euro of outstanding debt.
The mounting pressure on Eircom to find a solution to its debt crisis comes as crunch talks on the future of the former State company take place in Dublin this week.
It is believed four representatives of Singapore-based STT are holding intensive meetings with various Eircom stakeholder groups including Eircom management and board, the employee Esot, and union representatives. Full story

GIC formed JV with Jefferies Group and LoanCore Captial to originate US commercial real estate debt

SunHerald.com, 23 Feb 2011
NEW YORK & SINGAPORE -- Jefferies Group, Inc. (NYSE: JEF) and the Government of Singapore Investment Corporation (GIC) announced today that, through affiliates, they and LoanCore LLC, led by Mark Finerman, have formed Jefferies LoanCore LLC, a new joint venture commercial real estate finance company with $600 million in initial equity commitments that will be leveraged appropriately.
“We welcome the opportunity to establish a long-term partnership with Jefferies Group in commercial real estate finance,” said Dr. Seek Ngee Huat, President of GIC Real Estate. “We have worked successfully with Mark Finerman for several years and look forward to expanding our relationship with this further commitment." Full story

Related:
Jefferies Joins Singapore Sovereign Fund to Finance Real Estate - Bloomberg
Jefferies, GIC in partnership with LoanCore form new real estate finance company - Banking Business Review

OPINION: Singapore needs to sort out its rules on gay movie scenes - Elaine Ee-Meyers

CNNGo.com, 24 Feb 2011
Given our society’s inability to accept mainstream same-sex unions, maybe the people who stand by this belief should make up their minds.
If same-sex couples here (and in many other places) can’t do what most of the ‘normal’ human race desires –- get married, raise children, leave their legacy for future generations -– then they should, at least, be allowed to play. Full story

Singapore set to jump in Asia-Pacific casino market ranking

Xinhua, 23 Feb 2011
SINGAPORE, Feb. 23 (Xinhua) -- The recently announced results of the two Singapore casino resorts showed that they have been generating huge revenues in their first year of operation and attracting many visitors to Singapore. They were estimated to have contributed 1.7 percent of Singapore's nominal gross domestic product.
Analysts has said they expected Singapore to overtake South Korea and Australia this year to become the second largest casino market in Asia Pacific after China's Macao Special Administrative Region. Full story

S'pore GIC's Managing Director volunteered his service to Ridgefield's Parking Authority

TheRidgefieldPress.com, 23 Feb 2011
A managing director with the Government of Singapore Investment Corp. in New York City is lending his talent and free time to Ridgefield’s Parking Authority.
Ridgefielder Eugene Boehringer volunteered to fill an open position on the committee responsible for overseeing the town’s village and train station parking. After a brief interview last Wednesday, the Board of Selectmen agreed to appoint Mr. Boehringer. Full story

VIDEO: Opposition party's "Shadow Budget' 2011

Youtube

Malaysia Jan CPI higher at 2.4 pct

Fxmarketalerts.com, 23 Feb 2011
Inflation arrived at consensus +2.4% y/y vs 2.2% prev; +0.6% m/m vs +0.4% prev. The higher print was attributed mainly to Food and restaurants, reflecting the pre-CNY demand. Inflation clocked in the highest rate since May '09, and while still tame, is seen to be picking up pace along with other regional countries such as Singapore which recorded its highest in 2 years earlier. Some speculated that BNM may consider raising rates from its current 2.75% to meet rising commodity prices. Link

Singapore Exchange shakes up clearing rules

Reuters, 23 Feb 2011
Feb 23 (Reuters) - Singapore Exchange said it will change the funding structure for securities firms using its clearing service so the amount of money they pay is more closely aligned with their risk exposure.
Firms using the exchange's clearing services have to pay money into a central fund, which will be used to cover losses in the event that one of them defaults on a trade. Full story

Stress of unemployed spouse can affect job performance of other spouse

Sify News, 23 Feb 2011
The stress of an unemployed spouse can affect the productivity and home life of the employed partner, according to a new study.
University of Colorado Boulder associate professor Maw-Der Foo, who studies employee workplace issues and interpersonal relationships, and lead author Professor Zhaoli Song of the National University of Singapore examined married couples in Shenyang, China, where one partner was employed and the other was not. The daily stress felt by each spouse was assessed. Full story

Related:
Stress of unemployed spouse can affect job performance of other spouse - TopNews India

Singapore to send rescue team to New Zealand

Monsters and Critics, 23 Feb 2011
Singapore - Singapore on Wednesday said it would send a 55-man team to New Zealand to help in rescue efforts after the devastating earthquake in Christchurch.
Soldiers from Singapore's armed forces who were on a bilateral exercise near Christchurch were already assisting in the relief efforts, while the rescue team would be despatched Wednesday. Full story


Related:
Singapore sends condolences, rescuers to quake-hit New Zealand - People's Daily Online

Singapore Jan inflation accelerates to 5.5 pct

RTTNews, 23 Feb 2011
(RTTNews) - Singapore's annual inflation rose to 5.5% in January, owing to higher costs of transport, housing and food, the Department of Statistics said on Wednesday. Economists were expecting the annual rate to slow to 4.4% from 4.6% in December. From December, consumer prices rose 1.6% in January.
Excluding accommodation costs, the consumer price index was 5.3% higher in January 2011 compared with a year ago. Full story

Related:
Singapore's January CPI inflation hits 5.5 pct, at 2-yr high - Xinhua
Singapore Inflation Rises Unexpectedly To 2-year High - RTTNews
Singapore Jan CPI up 5.5 pct yr/yr, two-year high - Reuters
Singapore Releases January 2011 Consumer Price Index - Gov Monitor

Singapore GIC Joins the Resort Fray

MarketWatch, 22 Feb 2011
Vying for a role in the restructuring of well-known luxury resorts in bankruptcy court, an affiliate of the Government of Singapore Investment Corp. is setting the stage for a potential battle with a group including hedge-fund firm Paulson & Co. and Winthrop Realty Trust.
In court papers filed Monday, the Government of Singapore Investment Corp., or GIC, spelled out a $1.48 billion offer it has made to acquire the properties, which include the Claremont Resort and Spa in Berkeley, Calif., and Hawaii's Grand Wailea Resort Hotel & Spa in Maui. Full story

Singaporean coach backs away from sexist spat

Yahoo Eurosport UK, 23 Feb 2011
The Singaporean soccer coach at the centre of a sexism row says he is shocked at comments attributed to him by local media and denies making sexist remarks about a female assistant referee.
"I did not single her out. I don't want to be the next Andy Gray," Woodlands Wellington coach R. Balasubramaniam said, referring to the former Scotland striker sacked from his role as pundit for Britain's Sky Sports last month after making sexist remarks about a female match official. Full story

Related:
'I'm not the next Andy Gray', says Singaporean manager accused of making sexist remarks about female official - Telegraph.co.uk

Many big earners in Singapore pay less tax than Hong Kong counterparts

The China Post, 23 Feb 2011
SINGAPORE--While the top tax rate of 20 percent has not changed, many of the really big earners in Singapore are still better off than their counterparts in Hong Kong. The key level for those in the salary stratosphere is SG$491,587 or US$386,043, of chargeable income a year. KPMG's head of international executive services, Ooi Boon Jin, calculated that those whose chargeable income exceeds that amount will pay more tax than their Hong Kong counterparts this year. Full story

Singapore Looks to Store Oil in Caverns Under the Sea

The New York Times, 22 Feb 2011
SINGAPORE — Beneath the seabed west of Singapore, hundreds of laborers are working around the clock to carve out a network of tunnels and caverns that will eventually provide an enormous, secure storage space for oil.
So far, they have built 2.1 kilometers, or 1.3 miles, of tunnels at a depth of about 120 meters, or 400 feet, below the Banyan Basin off Jurong Island, a mostly artificial land-reclamation zone that is home to much of the petrochemical industry of Singapore. They are starting on the first of five caverns planned for the first phase of the project, which is scheduled for completion in 2014. Full story

Australia risks losing its best banking techies to Singapore

eFinancialCareers.com.au, 23 Feb 2011
Banks in Australia continue to need senior IT professionals, but the lure of better compensation, lower tax and plentiful jobs means Singapore is becoming an attractive option for Aussie techies.
“Banks in Australia realise that they don’t operate in isolation from what’s happening in the broader APAC region. They know they face increased competition for the top finance technology talent from locations such as Singapore,” says Peter Noblet, regional director APAC, Hays. Full story

Singapore injects cash to boost challenge

Reuters India, 23 Feb 2011
(Reuters) - Singapore has put its money where its mouth is with a massive injection of cash to help the city-state become a regional powerhouse at major sports events.
The Singapore Sports Council (SSC) will channel more than S$60 million ($46,847,550)to its sports associations and partners in 2011 -- an almost 25 percent increase on last year. Full story

Singapore Raises Foreign Worker Levy Rates

Gov Monitor, 22 Feb 2011
The Ministry of Manpower announced that foreign worker levy rates will be gradually raised starting from July 2010 to July 2012 as part of the Government’s strategy to achieve productivity-led growth.
The Ministry aims to spur businesses to invest in productivity improvements, upgrade their operations, and reduce their reliance on low-cost, low-skilled foreign workers. Full story

Hearing on case against prominent surgeon starts

FrenchTribune.com, 22 Feb 2011
Hearing on case against prominent surgeon, Susan Lim's challenge has begun in the court. It is against the Singapore Medical Council (SMC)'s move where disciplinary actions were taken against the surgeon for overcharging a Brunei patient.
But whatever may appear to come up, people who are aware of the incident, say that the heart of case is a medical bill that was close to $20 million. Full story

Related:
S'pore Govt Takes Cudgels For Bruneians In $20m Medical Bill Controversy - BruDirect.com
Surgeon faces charges of overcharging patient - TopNews Arab Emirates
Brunei Official Sought Discount For Patient: Singapore Court Told - BruDirect.com
Singapore’s Senior Surgeon Involves in Legal Battle against Medical Council - TopNews New Zealand

Genting Singapore Posts S$150.3 Million Fourth-Quarter Loss

Bloomberg, 22 Feb 2011
Genting Singapore Plc, the world’s third-biggest casino company by market value, posted a fourth- quarter loss as high rollers got lucky and financing costs increased.
It attributed its fourth-quarter loss to narrower margins for its VIP business as high-stakes gamblers won more than in the previous three-month period. Full year revenue was also reduced by the cost of paying down interest on its S$207.9 million loan to finance its integrated resort in Singapore. Full story

Related:
Luck not with Genting S’pore as it suffers Q4 loss - Malaysia Star
Genting’s Singapore casino Q4 profits lags Marina Bay Sands - The Malaysian Insider
Malaysia's Genting sets record year on gaming gamble - Reuters
Genting Singapore beats profit forecasts - Breaking Travel News

Singapore Exchange’s ASX Bid ‘Unusually High,’ Says TSE Head

Bloomberg, 22 Feb 2011
Singapore Exchange Ltd. is paying an “unusually high” price for its proposed takeover of ASX Ltd., said Atsushi Saito, president of the Tokyo Stock Exchange, a shareholder of the Singapore bourse.
Singapore Exchange offered to buy ASX in a cash and share deal valued at A$8.4 billion, ($8.42 billion), representing a 42 percent premium to the Australian bourse operator’s share price at the time the bid was announced on Oct. 25. That compares with the 8.1 percent premium for the trans-Atlantic mergers announced this month between Deutsche Boerse AG and NYSE Euronext as well as London Stock Exchange Group Plc and Toronto Stock Exchange owner TMX Group Inc. Full story