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PartnerSingapore.org.sg launched on 17 Aug 2001 contains various tools and links to help businesses meet the right partner. These include a search engine that goes through five online databases to gather corporate information about companies putting up the postings; the deals market-place where local and foreign businesses post business opportunities, as well as links to lawyers and venture capitalists here. The website is set up by the Singapore Productivity and Standards Board (PSB) to help small and medium-sized companies here.

worldlabel.com.sg is a manufacturer of labels including laser, barcode, custom adhesive labels and more.

     News Snippets

     2008

 

Singapore’s economy is strong

This downturn is just beginning. No one can say how long it will last and how deep the downturn will be. Recovery will come when the property market in America reaches bottom and begins to rise. That may not be for many months or even years.
Fortunately, in Singapore, having learned from the 1997/98 financial crisis, we have not allowed a speculative rise in residential property prices. Few citizens have bought homes that they cannot afford to service their instalments on their mortgages. High price condominiums and office properties have declined in prices...

More.....

 

Employment Situation in Third Quarter 2008

Preliminary estimates show that employment grew by 57,800 in the third quarter this year. This was lower than the gains of 71,400 in the preceding quarter and 58,600 in the third quarter of 2007...
Preliminary estimates show that 2,000 workers were retrenched in the third quarter of 2008, up from 1,798 in the previous quarter and 1,827 in the third quarter of 2007...

More.....

 

Advance GDP estimates for 4th quarter 2007

Growth of the Singapore economy moderated in the fourth quarter of 2007. Advance estimates[1] show that real gross domestic product (GDP) rose by 6.0 per cent on a year-on-year basis in the fourth quarter, following a 9.0 per cent gain in the previous quarter...

More.....

     2007

 

New foreign workforce measures to meet strong market demand

With effect from 1 January 2008, the S Pass quota for all sectors will be increased from 15% to 25%. The new S Pass quota will come entirely from companies' Work Permit quota which will be increased for all sectors. Companies can therefore employ more S Pass holders, in lieu of Work Permit holders, hence improving the quality of their foreign workforce...
To strengthen our global talent attraction and retention efforts, refinements will be made to the PEP scheme. Foreign professionals whose last drawn fixed monthly salary overseas was at least S$7,000 will be eligible for a PEP. The PEP will also be granted to former P1 Employment Pass holders upon application.
These changes will take effect from 1 March 2008. Existing and new P1 pass holders working in Singapore that apply for the PEP ahead of the 2-year requirement will be accorded in-principle approval. They can apply to take up the PEP at the end of 2 years on their current P1 pass...

More.....

 

Singapore Workforce 2007

The continued tightening of the labour market this year has also led to significant gains in income and a reduction in the number and share of low wage workers...
Excluding the extreme age bands, the employment rate for those aged 25 to 64 edged up to a new record of 76.5% from 75.5% a year ago. Supported by efforts to improve employability of older workers, the employment rate of older residents aged 55 to 64 rose by 2.5%-points over the year to 56.2% in June 2007..

More.....

 

Cosmetic products to be regulated from 1 Jan 2008

Effective from 1 January 2008, all new products must comply with the ACD requirements and notify HSA prior to sale.
All existing products that are currently sold in the local market will be given 12 months to notify HSA and to fully comply with the requirements by 1 Jan 2011...

More.....

 

Review of the Singapore media industry

Early last year, MDA worked with industry players to successfully kick-off a series of trials on High Definition TV. Today, HDTV is available to Singapore households over free-to-air, cable and Internet Protocol or IPTV.
We view the delivery of digital TV services to mobile devices as a promising new way to deliver media services to consumers anytime, anywhere. Hence, MDA has proposed a policy framework to enable the early deployment of commercial mobile broadcasting...

More.....

 

Outlook for Singapore economy in 2008

MTI forecasts the Singapore economy to grow by 4.5-6.5 per cent in 2008. This represents a moderation in growth towards the economy's underlying potential rate, following four years of above-trend growth.
The market consensus is that the US economy will slow down in the first half of 2008 as a result of weaker credit and housing markets before resuming healthy growth in the second half. This would support GDP growth in Singapore in the upper half of the 4.5-6.5 per cent forecast range...

More.....

 

SGNIC launches bidding for fully numeric domain names

While alphanumeric domain names already exist, (eg, www.in2015.sg), fully numeric ones like www.123.sg have not been allowed till now...
SGNIC, the national registry for domain names, will now also allow pure numeric domain names in all the seven .sg categories (ie. .sg, .com.sg, .net.sg, .org.sg, .gov.sg, .edu.sg, .per.sg). The registration for pure numeric domain names will be phased accordingly:
- 05 November – 28 December 20071: All qualifying applicants including businesses and individuals can register. Trademark owners2 will get priority over other applicants. Example: A company with "123" as its trademark will get priority for 123.sg, or in any other .sg domain category...

More.....

 

Employment situation in 3rd Quarter 2007

Employment continued to grow strongly as the economy maintained its rapid expansion. Preliminary estimates show that employment grew by 57,600 in the third quarter of 2007...
Services continued to lead the employment gains, adding 34,500 workers in the third quarter of 2007. Manufacturing posted gains of 11,800. Driven by the growth in building activities, construction increased its workforce by 10,800, continuing the rapid increase of the previous quarter...

More.....

 

Travellers to declare currency or bearer negotiable instruments over S$30,000

From 1 November 2007 onwards, persons who move into or out of Singapore physical currency1 or bearer negotiable instruments2 (CBNI) the total value of which exceeds SGD 30,000 (or its equivalent in a foreign currency) will be required to give a report by filling up a form and submitting it to the authorities.
The form is available at all checkpoints, police establishments, Singapore Visitors Centres and branches of Singapore Post...

More.....

 

Singapore outlook for 2007 and 2008

Nonetheless, financial markets have rebounded recently and underlying economic conditions remain supportive. GDP growth is therefore on track to come in at the upper end of the 7-8% forecast range this year, up from the 4.5-6.5% forecast during the April review...
In the Singapore economy, growth will be led by non-IT manufacturing, construction and business services, which have built up a strong momentum and are more dependent on regional and domestic sources of demand as well as developments in specific product markets.
At this stage, our assessment is that the Singapore economy is likely to expand at a slower rate in 2008 than in the recent past, reflecting weaker global economic growth. Singapore’s GDP growth rate is expected to come in within its potential of 4-6% next year...

More.....

 

Grading exercise for licensed security agencies

About 52% of the agencies which took part this year attained a Grade B and above as compared to the 24% in 2006. This is a marked improvement and a good testimony to the rising standards of the security agencies...
Of the 270 agencies in Singapore , 86 did not participate in the grading exercise. Of these 86, 8 agencies were newly licensed in the period of assessment and therefore could not be graded...

More.....

 

MAS issues revised property fund guidelines

The revised Guidelines are intended to improve safeguards for investors and to provide greater clarity and flexibility for commercial transactions...
MAS will amend the Securities and Futures Act (SFA) to include REIT management as a regulated activity...

More.....

 

Jackson Tai to step down as CEO of DBS

DBS Group Holdings said today that Jackson Tai will step down as Vice-Chairman and Chief Executive Officer (CEO) to be with his family in the United States, and his last day at the bank will be towards the end of this year...
DBS has initiated an extensive global search for the new CEO. In the interim, with the endorsement of the Boards, Koh Boon Hwee, Chairman of DBS Group Holdings and DBS Bank, will with immediate effect take on an active management oversight role. He will oversee the Corporate Office to ensure continued strong leadership and a smooth transition over the next few months...

More.....

 

Registration of optometrists and opticians starts in Sep 2007

In July this year, Parliament passed the Optometrists & Opticians Act. The Act which aims to raise the standard of eye care in Singapore will come into effect on 1 January 2008...
Applications for registration by the Optometrists and Opticians Board have just started. Optometrists and opticians are advised to apply for registration before 15 December 2007, in order to continue practising as optometrists or opticians from January 2008...

More.....

 

Rock Productions and CapitaLand develop Integrated Hub at Vista Xchange

"CapitaLand Retail will also project manage the entire development of the Integrated Hub, which is expected to be completed by 2011.
"The Integrated Hub will stand out in the one-north precinct with its stunning iconic architecture. Designed by Andrew Bromberg of AEDAS Hong Kong, the development will boast over eight levels of Civic and Cultural Zone, and four levels of Retail and Entertainment Zone, forming the base structure..."

More.....

 

NETS and SingTel to launch Singapore's first NFC trials

"By including a stored value wallet with Over-The-Air (OTA) capabilities, which covers wireless downloads and top-ups of stored value to NFC phones, the trial becomes a first in Asia...
"Under the payment solution being planned, SingTel users will need to download a mNETS application, which will allow them to store and top up value on the mNETS payment application in their phones any time. Users will then be able to make payments using NETS FlashPay by flashing their SingTel mobile phones at NETS contactless terminals islandwide..."

More.....

 

Changi Airport to be corporatised

"After careful consideration, the government believes that it is necessary to corporatise Changi Airport and to re-structure CAAS’ existing regulatory and strategic functions under a new regulatory body...
"Corporatisation will enhance Changi Airport’s ability to compete in this changed landscape. In being more nimble the new entity will further strengthen Changi’s position as a premier air hub...
"Corporatisation is a complex process. We will plan carefully and explore all possible options. The entire process is expected to take 18 to 24 months..."

More.....

 

Significant changes to the CPF system

"By 2012, we will require employers to offer re-employment to workers reaching 62, up to age 65, and eventually to 67. This change will precede the raising of the Draw Down Age (DDA). By 2012, employers will be required to offer re-employment up to age 65 but the DDA to 65 will only be effected in 2018 – a significant time lag to help workers and employers adjust...
"1% additional bonus interest will be paid on the first $60,000 in a CPF member's combined accounts, with not more than $20,000 from the OA accounts. This will enhance CPF's existing risk-free framework...
"While our employment rates are among the highest in the world, our residents are also among the longest living. The present DDA of 62 years is hence too early and results in the majority of members prematurely depleting their savings. Thus, we will do the following: a. progressively raise draw down age..
"Even after changes to DDA, there will be those who live longer than 85. We want to ensure that they have a stream of income for life. The Government will therefore be looking at making annuities compulsory for members to protect them against outliving their retirement savings...

More.....

 

 

 

Prime Minister's National Day Message 2007

"Economic growth in the first half of this year was 7.6%, higher than we had expected. For the whole year, MTI has raised its growth forecast to between 7 and 8%.
"The good news is that we have added 111,000 jobs in the first half – the highest number ever. Unemployment is very low, at 2.4%. Workers are enjoying good wage increases and higher bonuses because businesses are doing well...
"One reason our income gap is widening is our ageing population. Singaporeans are living longer than ever. We must help our elderly live comfortably by keeping medical care affordable, making our city barrier-free, and our public transport wheelchair friendly. Those with enough savings will feel secure about their future..."

More.....

 

Advance GDP estimates for second quarter 2007

"Advance estimates1 show that real gross domestic product (GDP) rose by 8.2 per cent on a year-on-year basis in the second quarter, up from 6.4 per cent in the previous quarter...

"Underpinned by strong growth in the biomedical manufacturing and transport engineering clusters, the manufacturing sector is estimated to have grown by 10.2 per cent the second quarter, up from 4.4 per cent in the previous quarter..."

More.....

     - Application period for SME rebate scheme starts

     - Licence needed for 15 chemicals (explosive precursors) in Singapore

     - Company using pirated software raided by police

 

Spam Control Act 2007 will come into effect on 15 June 2007

"Under the Act, marketers - particularly those based in Singapore or who have operations here - who continue to spam the “not interested” group face potential financial penalties. The statutory penalty is $25 for each electronic message, up to a total of $1 million..."

More.....

 

MAS and SGX to oversee corporate governance for listed companies

Oversight of corporate governance of listed companies will be transferred from the Council of Corporate Disclosure and Governance (CCDG)[1] to the Monetary Authority of Singapore (MAS) and the Singapore Exchange Ltd (SGX) with effect from 1 September 2007...
The Code of Corporate Governance will continue to be implemented through the SGX Listing Rules via the “comply or explain” approach[2], as is currently the practice...

More.....

     -  Govt accepts NWC recommendations for 2007/2008

 

 

 

Inaugural Singapore Business Events Awards

"The inaugural Awards ceremony will be held some time in early August 2007 and thereafter, it will be held annually...

"The Awards will recognise industry players that are innovative in organising business events and whose expertise and service levels meet global standards..."

More.....

 

Experience lifestyle yachting with an Azurea membership

Kingfisher Marine announces the launch of Azurea, an new membership scheme that provides easy and affordable access to the exclusive world of lifestyle yachting...

Azurea is specifically designed for the busy professional who wants to simply climb on board with his family or friends and go boating!
The scheme removes all of the uncertainties associated with chartering and relieves members of all the responsibilities and expense normally associated with ownership.

More.....

 

Spam Control Bill 2007 passed

"Part I of the Bill defines spam. A message is “spam” when it is an unsolicited commercial electronic message sent more than 100 times, with the same or similar subject-matter, during a 24-hour period, or more than 1,000 times during a 30-day period, or more than 10,000 times during a one-year period...

"An opt-out approach is adopted under the Bill as it balances the need of companies and marketers to send unsolicited messages for business reasons...

"In order to balance between consumer interests and industry needs the Bill will require that each message contains a valid unsubscribe facility, an ‘<ADV>’ label to mark it out as an advertisement, accurate header information or subject titles and functional contact details of the sender...

"The unsubscribe process has been structured to be consumer-friendly so that even individuals who receive small volumes of spam have a means of recourse, without resorting to legal action. The Bill makes it mandatory for senders to allow recipients to unsubscribe via the same medium through which the spam was received. This ensures that unsubscribing from spam can be done easily and conveniently by replying to an email or SMS..."

More.....

     - 1,100 theft cases involving metals in 2006

 

Alcoholic beverages consumption in foreign workers' dormitories

"In a pilot test, Police has allowed beer to be sold in four dormitories1, and where the beer is then consumed at designated social areas inside the dormitories...
"Police is now conducting a review to assess if the sale and consumption of beer can be extended to other dormitories..."

More.....

 

 

Budget Statement 2007

"I will give lower-income Singaporeans larger GST Credits.
"Those who live in one- to three-room flats[4] and have annual assessable incomes of $24,000 or less will qualify for the largest quantum of $1,000, to be paid out in instalments of $250 per year over four years...
"Next, if you live in a larger home with an AV of more than $10,000, but you earn less than $100,000 a year, you will get $400 in GST Credits.
"The top income group comprising those earning over $100,000 a year will get $100. It is a small gesture, but recognises that the GST increase affects everyone.
"NSmen and NSFs, including those aged below 21, will also get an additional $100 of GST Credits, to recognise their contributions to national security...

"The first instalment will be paid out on 1 July this year, at the same time as the GST increase..."

More.....

     -  Health Products Bill passed

     - Police raid second company using pirated software

     - Singapore's first underground rock cavern for hydrocarbon storage

 

Employment situation in 4th quarter 2006

"Preliminary estimates show that total employment grew by 48,800 in the fourth quarter of 2006, considerably higher than the gains of 35,300 in the same period a year ago, and up from 43,000 in the third quarter of 2006...
"Total retrenchment for the whole of 2006 was 12,200. Although this is higher than 10,294 in 2005, it is only about half the number retrenched in 2001 (25,838). Manufacturing formed the bulk of retrenchments (8,800), followed by services (3,000) and construction (400) in 2006..."

More.....

     - Singapore launches Infocomm Enterprise Programme

     - Singapore Airlines to review creative agency

 

Advance GDP estimates for 4th quarter 2006

3Q06

4Q06*

2006

Overall GDP

7.0

5.9

7.7

Goods Producing Industries

Manufacturing

9.5

7.3

11.4

Construction

2.6

2.4

1.1

Services Producing Industries

6.6

6.0

6.9

* Advance Estimates

More.....

 

Singapore economy expected to grow by 4-6% in 2007

"In the last five years, our real per-capita GDP grew on average by 4.3% per annum, but real average wages (after adjusting for inflation) grew at only half this rate – 2.1%.

"Higher-end wages have risen by more than this. But at the lower-end wages have increased by much less, and some have even stagnated.
"This is why we are implementing Workfare as a fourth pillar of our social safety net, together with the CPF, the 3Ms (Medisave, MediShield and Medifund) and HDB home ownership..."

More.....

     2006

     - Web surfing in Singapore largely back to normal

     - Damaged undersea cables cause slow Internet access in Singapore

     - Singapore launches world's first commercial 100Mbps residential broadband service

 

Conditions of Employment 2006

"The 5-day workweek is the norm, with higher share of employees now on this arrangement than two years ago. Close to two in five (40%) full-time employees in the private sector worked 5 days a week in 2006, up from 34% two years ago.
"Lagging significantly behind, were the 5½-day (15%), 6-day workweek (16%), and shift work (17%) each accounting for less than one in five employees in 2006..."

More.....

     - Three years of free Wi-Fi for Singapore from 1 Dec 2006

     - M1 launches Singapore’s first true island-wide wireless broadband service

     - Map-based information service on land ownership available online

 

Banking (Amendment) Bill - First Reading in Parliament

"The Bill introduces a requirement for foreign full and wholesale bank branches to maintain a minimum level of eligible assets in Singapore in proportion to their liabilities...

"Such a requirement would help to improve the recovery of assets from a failed foreign bank branch in Singapore to meet the claims of Singapore depositors..."

More.....

     - Stricter smoke test for diesel vehicles from 1 January 2007

     - Record 15,000 household products registered with SAFETY mark

 

 

IBM to build smartcard e-payment infrastructure for MRT network

"The Land Transport Authority (LTA) has awarded to IBM the contract to build the core backend technology infrastructure for LTA’s next-generation smart card e-payment system – Symphony for e-payment (e-Symphony)...

"The high-performance and high-speed backend infrastructure is expected to double the present capacity and will be capable of handling about 10 million financial transactions per day..."

More.....

     - Marina Bay Financial Centre (MBFC) unveiled

 

     - Survey shows manpower issues a growing concern for SMEs

 

Chua Sock Koong to succeed Lee Hsien Yang as SingTel Group CEO

"Having examined a number of outstanding internal and external candidates for the role, the Board is pleased to announce that Ms Chua Sock Koong has been selected as Group CEO.

"This appointment is expected to take effect on 1 April 2007..."

More.....

UK Securities & Investment Institute opens Singapore office

"The SII anticipates offering its front and back office qualifications in Singapore, otherwise known as the Certificate and IAQ suite. It has appointed Mona Poomy as its VP based in Singapore.

"SII examinations are approved by the Monetary Authority of Singapore (MAS) and there are a large number of international banks with offices in Singapore who are keen that their workforce are trained to the same standard of competence as those in the UK..."

More.....

     - Incentives to encourage development of infrastructure finance

 

 

Singapore's GDP growth for 2006 likely to be 5% to 7%

Mr Heng Swee Keat, Managing Director, Monetary Authority of Singapore

"The Singapore economy grew by a robust 6.4% last year...

"Barring any unexpected shocks in the external environment including an escalation in geopolitical risks in the second half of this year, GDP growth for the year as a whole is likely to be in the range of 5 to 7%..."

More.....

 

Singapore salaries increasing, candidates receiving multiple job offers

"Continued hiring increases means good news for Singapore's workforce, while increased optimism continues to fuel increasing economic growth...

"This optimism is reflected in planned salary increases and 7% of employers expecting to pay 15% or more, the highest figure for any market surveyed in Asia..."

More.....

     - Foreign Worker Levy and S Pass quota to go up

 

     - PMI for electronics shows contraction for June 2006

     - MAS sets up payment systems for liberalised stored-value card market

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