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News Snippets
2006
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The Neptune restaurant closes after 34 years in business
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Web surfing in Singapore largely back to normal
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Damaged undersea cables cause slow Internet access in Singapore
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Singapore launches world's first commercial 100Mbps residential
broadband service
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M1 offers free wireless broadband service at Parco Bugis Junction
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AMK Hub set to open in Ang Mo Kio in early 2007
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..." |
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More..... |
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Labour Market 3rd Quarter 2006 Report |
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"Cumulatively in the first nine months
this year, the economy added 124,500 workers, surpassing the gains
of 113,300 for the whole of 2005. This employment creation is the
highest ever recorded1..." |
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More..... |
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Withdrawal of 1998 off-budget concession on stamp duty deferment
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Revision of hospital subsidy for foreigners |
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"From October 2007, PRs will
continue to be subsidised for hospital services, but at 5
percentage-points less than Singapore citizens. |
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"From October 2008, another 5
percentage-point reduction will be applied. This way, Singapore
citizens will enjoy greater subsidy than PRs, by a total of 10
percentage- points. |
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"As for the other foreigners, there
will be no more healthcare subsidy from October 2007. ..." |
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More..... |
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Genting International and Star Cruises wins Sentosa IR bid
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Tanglin Village attracts businesses with its rustic charm
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Key developments in the Singapore media industry |
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Dr Lee Boon
Yang, Minister for Information, Communications and the Arts |
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"The terrestrial and cable trials have
kicked off, making Singapore the first in Southeast Asia to launch
HDTV public trials. |
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"In tandem with the launch, MDA is leading a
drive to promote the development of local HD content and speed up
nationwide adoption and deployment of HD technology..." |
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More..... |
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Police arrest 12 people in island-wide anti-piracy raids
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Three years of free Wi-Fi for Singapore from 1 Dec 2006
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M1 launches Singapore’s first true island-wide wireless broadband service
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Map-based information service on land ownership available online
Expansion of the hedge fund industry in Singapore |
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Mr Ong Chong
Tee, Deputy Managing Director, Monetary Authority of
Singapore |
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"In Singapore,
we have seen a steady increase in the number of hedge fund
managers - from a handful 5 years ago to over a 100 now. |
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"It is not only
small boutique firms but many large well-known hedge funds
have also set up operations in Singapore, drawn by a
pro-innovation and competitive business environment, high
regulatory standards and trusted legal regime, and the
available talent pool..." |
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More..... |
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New lighting plan for the City Centre
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Accreditation scheme for local dating industry in mid-2007
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More Medisave-Approved claims settled faster by insurers
Banking (Amendment) Bill - First Reading in Parliament |
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"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... |
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"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..." |
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More..... |
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Inaugural Singapore Education Awards 2007
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Singapore ranks 5th in 2006 Corruption Perceptions Index
Challenges for the Asia Bond Market |
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Mr Heng
Swee Keat Managing Director of the Monetary Authority of Singapore |
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"Most Asian markets are still dominated
by local investors, comprising mostly banks, insurance companies
and pension funds. Anecdotal evidence suggests that on average,
non-resident investors hold less than 5% of Asian bonds... |
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"After the financial crisis, most Asian
economies lifted restrictions on foreign participation in their
bond markets... |
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"But I believe we need to go much
further - beyond removing barriers to foreign participation, we
should be actively facilitating foreign participation, and
integrating our markets into the global system..." |
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More..... |
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Survey shows Singaporeans upbeat about the near future |
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“Back home, Singaporeans registered an
increased level of optimism in this latest survey compared to the
previous period and a year ago. The Singapore Consumer Confidence Index
climbed 7 points to reach a high of 110—surpassing the regional average
of 94,” observed Mr Ashok Charan, Managing Director of ACNielsen
Research Singapore..." |
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More..... |
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Stricter smoke test for diesel vehicles from 1 January 2007
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Singapore to set up world's first integrated neuroscience centre
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Employment situation in 3rd Quarter 2006
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3rd Quarter 2006 real estate statistics
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34 people to be charged in court for assisting loansharks
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SCV fined for showing footage of lesbian sex on Zone Reality Channel
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15 sleight-of-hand cases reported since January 2006
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Record 15,000 household products registered with SAFETY mark
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New 20-year SGS bond to further develop Singapore's debt market
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Flat buyers taking an HDB loan need HDB loan eligibility letter
Two Years of Free Wi-Fi for Singapore |
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"Come 2007, Singaporeans will be ushering the
new year with at least 24 months, or two years, of free (basic tier)
wireless connectivity at up to 512 kbps speeds almost everywhere -
thanks to IDA's 'Wireless@SG' programme... |
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"The three operators are extending this
two-year free offering with unlimited usage to all residents and
visitors in Singapore, including tourists and business travellers.
The sign-up details will be made known from December 2006 by the
operators..." |
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More..... |
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NETS launches debit card payment service for the taxi market
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IBM to build smartcard e-payment infrastructure for MRT
network |
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"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... |
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"The e-Symphony incorporates the Contactless
E-Purse Application Standard (CEPAS) and will therefore allow multiple
suppliers to issue the contactless smart cards, which are currently
issued only by EZ-link. This could bring about competition among the
suppliers and in turn reduce the cost of smart cards to benefit users..." |
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More..... |
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Marina Bay Financial Centre (MBFC) unveiled
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Singapore withdraws circulation approval for Far Eastern Economic Review
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Survey shows manpower issues a growing concern for SMEs
How Singapore can contribute to Asia's infrastructure
financing activities |
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Lee Chuan Teck,
Executive Director, Monetary Authority of Singapore |
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"On the other hand, Asian property developers
who need to raise funds efficiently issue a REIT in Singapore because
there is a ready pool of investors there. In this way, Singapore became
the conduit for funneling global investments to Asian property
developments. |
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"The same can be done for infrastructure.
Singapore is a leading project finance hub in Asia. Leading banks such
as Standard Chartered, Bank of Tokyo-Mitsubishi, Sumitomo Mitsui, Mizuho
and BNP Paribas having sizeable on-shore project finance teams to access
regional opportunities..." |
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More..... |
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UK Securities & Investment Institute opens Singapore office |
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"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. |
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"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..." |
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More..... |
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Incentives to encourage development of infrastructure finance
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Singapore Labour Market Report for 2nd Quarter 2006
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Changi Airport's Terminal 2 completes S$240m makeover
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Singapore tightens security ahead of IMF/World Bank meetings
- Government
continues to invest in technology-enabled work environment
New personalised employment pass not tied to any employer |
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The Ministry of Manpower will introduce a
Personalised Employment Pass (PEP) from 1 January 2007 to help us better
attract and retain global talent... |
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The PEP allows the holder to remain in
Singapore for up to six months in between jobs to evaluate new
employment opportunities. This helps us to retain selected global talent
who would otherwise have to leave Singapore... |
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The PEP will be issued only once with a
validity of 5 years. It will be nonrenewable. A PEP holder will retain
the dependant privileges of his original EP type and the minimum annual
basic salary requirement of S$30,000 will continue to apply throughout
the 5-year duration... |
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More..... |
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Traffic at Singapore Changi Airport in 1st half 2006
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Police arrest Malaysian for smuggling counterfeit S$1 coins
Proposed Changes to Unsecured Credit Rules |
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"To lower the minimum income threshold
for unsecured credit facilities to $20,000 from $30,000. The minimum
income requirement for credit cards remains at $30,000. |
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"To set the maximum aggregate credit
limit of all unsecured personal credit facilities and credit cards
granted by a financial institution at four times monthly income for
individuals with at least $30,000 in annual income. For individuals
with annual income of at least $20,000 and below $30,000, the maximum
aggregate credit limit will be twice their monthly income..." |
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More..... |
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Proposed changes to the Banking Act
True telephone number portability by 4Q 2007 |
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"From the fourth
quarter of 2007, consumers can switch between telecoms
service providers easily and yet have full use of their
existing number, rather than having to update family
members, friends and business contacts about a new one... |
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"Currently,
mobile subscribers can switch telecoms service providers and
keep their numbers. But he gets in essence a call-forwarding
service as a call to his old number is routed to his new
one. His contacts will see only this new number when he
makes out-going calls and sends messages (SMS)..." |
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More..... |
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No outdoor demonstrations and processions during IMF/WB meetings
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Number of recognised foreign medical schools increased to 120
Exit permit rules relaxed for National Servicemen from 1 Aug
2006 |
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"Full-time National Servicemen (NSFs) will
henceforth be exempted from applying for exit permits for short overseas
trips of less than 3 months... |
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"NSmen who have completed their
Operationally-Ready National Service Training Cycle and have been
phased into the MINDEF Reserve (MR) will no longer be required to
notify the MNC of their overseas trips of more than 24 hours and
less than 6 months..." |
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More..... |
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SingTel starts ultra-fast 80 Mbps broadband trials at two condominiums
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North East Line resumes normal operation after partial stoppage on 24
Jul 2006
New Singapore biometric passports from 15 Aug 2006 |
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"To facilitate a smooth transition to the BioPass system, ICA will
have to close some of its passport application services counters
from 9 Aug 2006... |
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"This will allow ICA to install and test the BioPass
systems before its actual launch. As such, only limited
passport application avenues will be available from 10 to 14
August 2006..." |
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More..... |
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Foreign domestic maids get one-day off in new standard
contract |
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"This contract is designed to help
smoothen employer/employee relationships from the onset, by
minimising any ambiguities on the employment terms. |
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"For example, the contract will
include the stipulation of the minimum of one day-off
entitlement for the Foreign Domestic Workers (FDWs).
However, if the day-off is not taken, the employer will have to
compensate the FDW in cash..." |
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More..... |
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Singapore's GDP growth for 2006 likely to be 5% to 7% |
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Mr Heng Swee
Keat, Managing Director, Monetary Authority of Singapore |
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"The Singapore economy grew by a robust 6.4%
last year... |
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"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%..." |
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More..... |
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Foreign Worker Levy and S-Pass quota to go up
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PMI for electronics shows contraction for June 2006
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SMRT taxi fares to go up from 17 July 2006
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Singapore and MIT to start SMART research center here in 2007
Singapore sees growth in debt capital market |
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Mr Ong Chong
Tee, Deputy Managing Director, Monetary Authority of
Singapore |
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"...First, real estate investment trusts or
REITs. These have seen explosive growth, particularly in Singapore and
Hong Kong over the last 3 years... |
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"In Singapore, the market capitalization
weighted-average returns since IPO have been exceptional at over 30%.
The market has also moved beyond traditional REITs to other products
like shipping trusts and hotels... |
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"Singapore is also a fertile ground for
CMBS development due to its stable economic environment (sovereign
credit rating AAA/Stable/A-1+) and robust legal and land title
system which have enabled structured finance issuers to raise
highly rated debt...." |
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More..... |
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Police arrest 77 foreigners illegally working as masseuses
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Comfort, CityCab and Yellow-top taxi fares to go up
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Report
on Wages in Singapore 2005
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Smoking ban in eating places starts today (1 Jul 2006) |
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Food outlets such as hawker centres,
coffeeshops, cafes and fast food restaurants will be smoke-free from 1st
July. To protect patrons from second-hand smoke, smokers are reminded to
light up only at designated smoking corners. |
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Under this new regulation, smoking is banned
within the indoor refreshment areas (IRA) of all foodshops (Eg.
Coffeeshops, Cafes, Restaurants). They can designate up to 20% of the
floor area in their outdoor refreshment areas (ORA) as a smoking corner
upon NEA’s approval.... |
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More..... |
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Singapore as A Leading Wealth Management Hub |
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Mr Ong Chong
Tee, Deputy Managing Director, MAS |
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"Rising wealth in Asia, and the focus
on Asian growth prospects have seen total assets under management
in Singapore's fund management industry grow from about S$280
billion in 2000 to much more than S$600 billion now. |
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"Growth in private banking assets under
management has also been strong, with anecdotal feedback suggesting
Singapore private banking AUM averaging 20% per annum over the past
few years to about US$200 billion currently... |
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"Our reputation for high standards of
regulation and supervision and a robust legal and judicial
framework, is trusted by financial intermediaries and clients alike
to conduct wealth management activities..." |
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More..... |
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Changes To Conditions For Massage Establishments |
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Under the new
requirements, establishments administering foot-reflexology,
physiotherapy, traditional massage or curative massage must
ensure that the massage services are conducted in full view
of the public and satisfy the following new requirements
before they are exempted from the provisions of the Act... |
| To safeguard public health
and safety, masseuses, therapists and reflexologists who are
working or will be working in licensed massage
establishments may be required to undergo and pass a medical
health screening before they can be allowed to work for any
licensed establishment for massage... |
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More..... |
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MAS sets up payment systems for liberalised stored-value card market
-MAS
conducts first mystery shopping survey on financial advisory practices
Employment grew strongly by 45,000 in first quarter 2006 |
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All the major sectors registered increases
in employment. The bulk of the employment gains continued to come from
the services sector (28,000)... |
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Some 10,100 residents or 18% of the
unemployed residents have been looking for work for at least
25 weeks in Mar 06, about half the 20,200 or 30% a year ago... |
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More..... |
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Chief Justice expresses shock about lawyer's alleged
misappropriation of clients' moneys
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Tripartite Alliance for Fair Employment Practices formed
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High Definition Television trials start in June 2006
Landmark design of Changi Airport's Terminal 3 unveiled |
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Terminal 3 will also employ
state-of-the-art technologies to create a seamless environment for
passengers transferring between the three terminals at Changi
Airport. |
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These include a new People Mover System
with a total of seven train stations located at various
points within the three terminals, and a high-speed baggage
system to facilitate quick transfers of bags between
terminals... |
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More..... |
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Use of MyKad & cancellation of Malaysian restricted passports
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Las Vegas Sands awarded Integrated Resort Project at Marina Bay
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Singapore's insurance and re-insurance industry - next phase
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Government accepts NWC's wage recommendations for 2006/2007
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MAS launches SGS electronic bond trading platform
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Singapore delivers games to Asia's $14billion video game market
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Inaugural Changi Airline Awards
The Challenge Posed by HIV/ AIDS to Singapore Businesses |
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In Singapore, the number of HIV-positive
people has climbed steadily from the first case detected here in 1985 to
2,641 by December 2005. Three out of four (74.77%) who are infected are
actively employed... |
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In 2005, out of the 255 new cases reported,
a great majority (87%) comprised the age group of 20 - 59 years old,
with those aged 20 - 49 years accounting for as much as 70% of all new
cases... |
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More..... |
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300,000 Singaporeans awarded $137M of Workfare Bonus
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Polling Day 6 May 2006 is a public holiday
Retrenchment & re-employment 2005 |
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Amid favourable
economic conditions, the incidence of retrenchment dropped
to a twelve-year low in 2005... |
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The incidence of retrenchment for
professionals, managers, executives & technicians (PMETs) dropped to an
eight-year low of 8.0 per 1,000 and a thirteen-year low of 4.8 per 1,000
for clerical, sales & service workers... |
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In 2005, on average 61% of local2
retrenched workers found re-employment within 6 months of their
retrenchment, slightly higher than 59% in 2004. The improvement was more
pronounced for the better educated workers... |
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More..... |
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Gradual and modest appreciation of Singapore dollar expected
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Advance GDP Estimates for First Quarter 2006
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2-day Flu Pandemic Exercise to take place in July 2006
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Expat survey shows Singapore best place in the world for Asians to live
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Singapore takes second place in WEF's Global IT Report
Deposit Insurance Scheme launched in Singapore |
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"From 1 April, the deposit insurance scheme
will compensate individuals and charities for the first $20,000 of their
Singapore dollar deposits in standard savings, current and fixed deposit
accounts, net of liabilities, in the event that their bank or finance
company fails...." |
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More..... |
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Khoo Teck Puat Estate agrees to sell Stanchart shares to Temasek
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Singapore Public Holidays in 2007 gazetted
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Singapore Labour Market 2005
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SPH to launch Singapore's first free Chinese newspaper in June 2006
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Singapore to Have Next Generation Broadband Networks
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Workplace Safety and Health Act replaces Factories Act
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Budget 2006 Speech
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Performance of Singapore economy in 2005
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Singapore Crime Situation 2005 |
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Robbery
and theft cases involving handphones taken remain a key area of
concern for the Police. The number of such cases increased
significantly by 1,414 cases, from 3,411 to 4,825 cases in 2005. |
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Handphone crimes increased most notably for theft in dwelling
(excluding shop theft) from 832 to 1,119 cases (+287 cases), and for
other thefts (from 1,096 to 1,837 cases in 2005). |
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Robbery (from 344 to 488 cases), snatch thefts (from 162 to
283 cases) and cheating and related offences (from 275 to
343 cases) also saw notable increases. |
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The increase in handphone crime may be due to the rise in
mobile phone penetration rate in Singapore indicating a
larger pool of potential victims...
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More..... |
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Casino Control Bill 2006 |
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To discourage
locals from developing into problem gamblers, Section 116 of
the Bill shall require the casino operators to collect an
entry levy from Singapore Citizens and Permanent Residents
for every consecutive 24 hours in the casinos or $2,000 for
an annual membership. |
| This levy
will also underscore the message that gambling is an expense
and not a means to get rich... |
| Section 108
of the Bill shall prohibit casino and junket operators from
extending credit to Singapore Citizens and Permanent
Residents, unless they maintain a credit balance of at least
$100,000 with the casino operator at the start of their
gaming which would qualify them as premium players.
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| Automated
Teller Machines or ATMs shall be prohibited within the
casinos under Section 109 of the Bill so that patrons will
not have easy access to their savings accounts to gamble
continuously. |
| Minors are
also another potentially vulnerable group who may fall prey
to the glamour of the casino, without realising the possible
dangers of gambling. Sections 130 to 137 of the Bill will
prohibit persons below the age of 21 years from entering the
casinos... |
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More..... |
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Robber who fired gun faces death penalty if convicted
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Singapore Employment Situation in 4th Quarter 2005
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Importance of corporate governance for insurance companies
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MAS liberalises multi-function stored-value card market
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Singapore Public Holidays 2007 - Tentative List
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Singapore and US begin testing of e-Passports
Proposed Workfare Bonus Scheme to help low-wage workers |
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"The scheme primarily targets those within
the lowest 20% of income earners who earn $1,200 per month or less... |
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"The Committee recommends that those in
the lowest 10% should be given more help. If surpluses allow, we
recommend for this group earning $900 or less a month, a Workfare
bonus capped at the equivalent of one month’s salary. |
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"Correspondingly, those earning more than
$900 to $1200 (lowest 20% of income earners) per month could receive
a bonus capped at half a month’s salary..." |
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More..... |
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$45-million Budget Terminal for low-cost carriers completed
2005
2001 -
2004 This
section commenced on 22 Aug 2001
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