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SINGAPORE: Six Asia-Pacific Economic Cooperation (APEC) economies have signed on to an agreement to make customs documentation and clearance matters for businesses easier.
They are Singapore, Australia, New Zealand, the United States, Canada and South Korea. The move is expected to benefit small and medium enterprises (SMEs) the most.
Revealing this at a news conference on Monday, the Chairperson of the APEC Committee on Trade and Investment, Elizabeth Chelliah, noted there now exists 42 free trade agreements (FTAs) among the 21 APEC economies.
SINGAPORE: The rise in risk appetite and sharp rebound in financial markets since the start of the year may have outpaced economic fundamentals, according to the Monetary Authority of Singapore (MAS) in its annual Financial Stability Review on Monday.
The MAS noted that although Asia has bounced back from the financial crisis faster than expected, the global economic outlook remains uncertain.
This is because the nascent recovery in the world's biggest economies – the United States, Japan and the European Union – has largely been dependent on government stimulus.
SINGAPORE: Singapore Exchange (SGX) has appointed Lawrence Ang as the newest member of the Singapore Exchange appeals Committee and the Catalist Appeals Committee.
His appointment was effective on the first of this month.
The appeals committee is a committee independent of SGX.
SINGAPORE: Lucite International has opened its first Alpha methyl methacrylate or MMA plant on Jurong Island.
The company, which is a subsidiary of Mitsubishi Rayon, said the plant offers a revolutionary way of manufacturing MMA and is now fully operational.
It said the plant will complement its existing facilities in China, the US, Europe, Japan and Taiwan and that the technology will be central to its strategy for global growth.
SINGAPORE: The reinsurance industry in Asia has been resilient throughout the global financial crisis and re-insurers are now poised to reap more gains amid signs of an economic rebound.
Speaking at an industry conference on Monday, the Monetary Authority of Singapore (MAS) said reinsurance companies will have a more balanced portfolio if they included Asia.
Teo Swee Lian, deputy managing director, MAS, said: "Asia's economic growth prospects and rising affluence over the medium and long term will result in increasing demand for insurance, particularly for asset protection and insurance coverage across a wide range of personal and commercial lines. Despite the current environment, economic growth is projected to top 10 per cent annually, with insurance growth happening at an even faster pace."
SINGAPORE: Mainboard-listed Fabchem China said its second quarter net profit surged more than 10 fold to about 10.8 million yuan or around S$2.2 million from a year ago.
Revenue for the three months ended September more than tripled to around S$17.3 million.
Fabchem said the improvement in sales was mainly due to increased marketing efforts and revenue contribution from a newly acquired ammonium nitrate business.
SINGAPORE: Singapore-listed Global Testing Corporation has reported a third quarter net loss of US$2.8 million.
This reverses a US$1.2 million net profit a year ago.
Revenue for the three months ended September fell 23.7 per cent to US$12 million.
SINGAPORE: Mainboard-listed shipping trust, Rickmers Maritime, said its income available for distribution rose 36 per cent on-year to US$19.1 million in the third quarter.
The trust's charter revenue rose 43 per cent to US$38 million in the quarter, mainly due to smooth operations of its fleet as well as revenue contribution from four new vessels.
But its third quarter distribution per unit dropped 73 per cent from a year earlier to 0.6 US cents.
SINGAPORE: Singapore shares closed 1.32 per cent higher Monday with flag carrier Singapore Airlines among the gainers ahead of the release of its second-quarter earnings results, dealers said.
The blue-chip Straits Times Index advanced 35.17 points to 2,693.38. Volume totalled 1.24 billion shares worth S$1.24 billion (US$892 million) and there were 348 rising issues, 147 decliners while 751 were flat.
Singapore Airlines closed 26 cents higher at S$14.24 ahead of the Tuesday release of its earnings for the second quarter to September. SIA posted its first quarterly loss in six years during the April-June period.
SINGAPORE: A survey by accounting firm Ernst & Young has found that the global downturn is forcing hedge fund managers to respond swiftly to investors' demands.
The survey of 100 of the world's largest hedge funds notes that there have been significant changes to the governance, fund administration and investor reporting.
Among the changes, 40 per cent of those surveyed have changed their liquidity terms while 38 per cent changed their investor reporting.
SINGAPORE: Singapore's labour market continued to firm up in the third quarter, with the number of job advertisements rising in the July to September period.
A survey by recruitment consultant Robert Walters found that some 200,500 job ads were placed out in the third quarter – a 13.3 per cent rise compared to the previous quarter.
Retail, sales and business development positions registered the most number of openings, with more than 34,000 job ads placed. Engineering and finance sectors also saw a sizable number of recruitments.
SINGAPORE: The Housing and Development Board (HDB) said on Monday it has put up for tender a residential site at Westwood Avenue.
The site was placed on the reserve list and the sale process was triggered after a developer committed to submitting a minimum bid of S$15 million.
The land parcel has a site area of 14,098.8 square metres and is proposed for landed housing development.
SINGAPORE: Mainboard-listed property and industrial services firm Tuan Sing said on Monday that it has sold Katong Mall for S$247.55 million.
Its wholly-owned subsidiary, Golden Cape Investments, sold the property to an unrelated third party, Perennial Katong Retail Trust.
Golden Cape secured 100 per cent ownership of Katong Mall through a successful bidding of S$219 million in an en bloc sale in June last year.
SINGAPORE: Singapore-listed manufacturer of chemical-based products Changtian Plastic & Chemical said on Monday that its net profit in the third quarter fell by 27.5 per cent on-year.
Profit for the period ended in September stood at 38.2 million yuan or about S$7.8 million.
The firm said challenging market conditions led to a decrease in customers' orders and lower selling prices for its adhesive tapes and release papers.
SINGAPORE: StarHub has announced that it will bring the iPhone to its customers in Singapore later this year after reaching an agreement with Apple.
The telecommunications company said on Monday it looks forward to offering the iPhone and a range of tailored service plans to its customers.
It added that more information on pricing and availability dates will be released in due course.
SINGAPORE: Singapore aims to keep its manufacturing industry an "integral" part of the economy as it seeks new strategies to help it grow faster than other advanced countries.
Trade and Industry Minister Lim Hng Kiang told Bloomberg that the government is "very reluctant" to let the industry's contribution to gross domestic product (GDP) drop "sharply". This is due to its multiplier effects on other parts of the economy, including logistics and business services.
Manufacturing accounts for about a quarter of Singapore's GDP.
SINGAPORE: Nokia has initiated a charger exchange programme in Singapore after it identified a potential product quality issue with certain chargers manufactured by one of its third-party suppliers.
The plastic covers of the affected chargers could come loose and separate, exposing the charger's internal components, potentially posing an electrical shock hazard.
Nokia says it is not aware of any incidents or injuries related to these chargers.
SINGPAORE: Security and traffic measures have been stepped up at and around the vicinity of the APEC meetings.
Those the Channel NewsAsia newsteam spoke to on Monday - the first working day since the start of meetings, said the measures have not caused any inconvenience so far.
"There is a smooth flow of traffic as of now, it is quite organised here," a passerby said.
SINGAPORE: The Singapore National Olympic Council has appointed Low Teo Ping as the Chef de Mission of the Singapore contingent to the 16th Asian Games in Guangzhou next year.
Mr Low is the President of the Singapore Sailing Federation and the Singapore Rugby Union.
He was also the Chef de Mission of the Singapore contingent to the 24th Sea Games in Korat in 2007.
SINGAPORE: As chair of this year's Asia-Pacific Economic Cooperation (APEC) summit, Singapore hopes to lay the foundation for member economies to emerge stronger as the world climbs out of the global recession.
Speaking to MediaCorp ahead of the APEC Ministers' Meeting on Wednesday, Trade and Industry Minister Lim Hng Kiang said that as a group, APEC needs to deal with immediate post-crisis management issues as well as longer term challenges.
Mr Lim said the immediate issues to tackle include how economies can successfully exit from the various stimulus packages in place and ensure growth is balanced. This means ensuring that there will be no more major dislocation to savings, investments and current account surpluses, which crippled the global economy.
SINGAPORE: Indonesia's West Java province is still recovering from a powerful earthquake that stuck two months ago.
The 7.3 magnitude quake killed about 70 people, and schools were among the many buildings damaged.
While waiting for reconstruction, Singapore aid organisation Mercy Relief has set up four tents as temporary classrooms.
SINGAPORE: Foreign media covering the 20th Asia-Pacific Economic Cooperation (APEC) Summit in Singapore have given the event's organising committee a "thumbs up".
Many were impressed by the meticulous preparation put into planning the event and they have described their experience so far as "organised" and "efficient" – traits that they have come to associate with events held in Singapore.
Visiting journalists were also pleasantly surprised by the warm reception they received from the moment they arrived in Singapore.
SINGAPORE: The Ministry of Health (MOH) will be conducting an islandwide National Health Survey from March to June next year.
This is to measure the health status of Singaporeans in relation to major health problems such as diabetes, high blood pressure and obesity.
Prior to that, the ministry will be conducting a household-listing exercise this month and in December to select participants for the survey.
SINGAPORE: Singapore Minister Mentor Lee Kuan Yew on Sunday said the country's economy may grow by three per cent next year, and added that this year's fourth quarter looks healthy after Singapore's economy bounced back in the second and third quarters.
Speaking at an annual tree planting ceremony at his constituency of Tanjong Pagar, Mr Lee said Singapore has emerged out of the recession with minimum damage.
He said the first quarter was the country's worst period with a sudden drop in exports, and at that point of time, Singapore had expected growth to shrink by up to nine per cent.
SINGAPORE: The Singapore Medical Council has suspended a haematologist for three months for failing to exercise due care on his patient.
A disciplinary inquiry against Dr Toh Keng Kiat was held after the patient's wife complained in August 2005.
Dr Toh, who was a consultant haematologist at K K Toh Clinic, had administered chemotherapy on the patient who was suffering from lymphoma between February and April of that year, without testing him for Hepatitis B as was the usual practice.
SINGAPORE: Some were in financial hardship, and an increasing number were Singaporeans working overseas or who simply saw their flats as investments.
They made up the growing number of households that are sub-letting their entire flats – a figure that jumped 21 per cent in the course of the last financial year.
Between April last year and March this year, the Housing and Development Board (HDB) approved 22,754 such applications, or 4,019 units more than in the previous year.
SINGAPORE: Applications for the Lee Kuan Yew Scholarship will be open from 9 November 2009 to 9 December 2009.
Launched in 1991, the Lee Kuan Yew Scholarship is the postgraduate equivalent of the President's Scholarship.
The Scholarship was set up by the Tanjong Pagar Citizens' Consultative Committee to commemorate the contributions made by Minister Mentor Lee Kuan Yew to Singapore.
SINGAPORE: An ambulance crew responding to a call was assaulted by a man they tried to help.
The Singapore Civil Defence Force (SCDF) said it received an ambulance call on a case at Block 685C Jurong West Central 1 at about 2.30am on Sunday.
Upon arrival at the flat, the SCDF said the man was aggressive and verbally abusive towards the paramedics.
SINGAPORE: Singapore Health Minister Khaw Boon Wan on Sunday praised the National Kidney Foundation (NKF) on its Kidney Live Donor Support Programme.
The organisation has created a S$10 million fund to help donors offset post-transplant medical costs.
Mr Khaw said the programme encourages Singaporeans and permanent residents to step forward as donors by offering some financial assistance.
SINGAPORE: Chefs in Singapore are busy preparing food for 10,000 guests and ground staff at APEC 2009, who are expected to consume some 63 tonnes of food throughout the summit.
International delegates can look forward to feasting on dishes created from local and imported ingredients.
The cuisine will have a Singapore touch, but chefs will give full consideration to the dietary requirements of their guests, which include cutting down on chilli to make sure local dishes are not too spicy.
SINGAPORE: The S.League season may be over, but local soccer fans turned their attention to the RHB Singapore Cup final on Sunday evening as Geylang United defeated Bangkok Glass 1-0 at the Jalan Besar Stadium.
The Bangkok Glass were hoping to make history by becoming the first foreign team to win Singapore's premier knock-out football tournament.
However, their opponents Geylang made that task difficult as both teams fought to a 0-0 draw in the first half.
SINGAPORE: Some retailers and food outlets close to the APEC summit venue are reporting slow business.
Roads near the Suntec area were unusually clear for a Sunday afternoon, despite road and lane closures not starting until Tuesday.
Some shops and restaurants have reported a dip in sales of up to 60 per cent compared to normal weekends.
SINGAPORE: With more public education and discussions about death, demand for palliative care in Singapore will grow, Prime Minister Lee Hsien Loong said to 560 guests at the 40th Anniversary of the Assisi Hospice on Sunday evening.
He added that hospice and home palliative care providers are serving over 5,000 patients annually and in the future, such care can be expanded to more patients.
"This means palliative care is not just for cancer - which people understand it and accept better - but also for... diseases like end-stage organ failure or advanced dementia," said Mr Lee.
SINGAPORE: Health Minister Khaw Boon Wan said Sunday he expects some foreigners to come to Singapore for the H1N1 vaccine.
However, Mr Khaw said there is a sufficient supply of vaccines for Singaporeans who need it.
So far, Singapore has received 250,000 doses of the H1N1 vaccine, and a further 750,000 doses are expected to be delivered by the end of the year.
SINGAPORE: Jurong West now has an integrated learning, social and recreational hub.
The Frontier Community Place officially opened on Sunday, with Minister for Trade and Industry and Member of Parliament (MP) for West Coast GRC, Lim Hng Kiang, as the guest of honour.
The hub houses the Frontier Community Club, Jurong West Public Library and Jurong Medical Centre.
SINGAPORE: Over 10,000 people on Sunday took part in a family day event jointly organised by MediaCorp's Vasantham channel and the People's Association's Indian Activity Group, Narpani.
Prime Minister Lee Hsien Loong was the guest of honour at the event, which was held at the Jurong Bird Park.
Mr Lee said that he was encouraged to see so many families getting together as such functions help build strong ties.
SINGAPORE: El Dorado won the Singapore Gold Cup title at the Turf Club on Sunday.
The Japanese-bred horse also won the title last year.
The jockeying for positions started just before the mid-way point of the 2,200-metre race which had a $1.35 million prize money at stake.
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