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Singapore's central bank lays out plan to support CFE recommendations

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SINGAPORE: The Monetary Authority of Singapore (MAS) on Monday (Feb 13) detailed how it would support the Committee on the Future Economy’s (CFE) recommendations that were unveiled last week. 

The central bank said it will take a series of specific measures to strengthen the financing channels for next-generation Asian growth companies and build technology infrastructure to drive innovation, according to its press release. 

It noted that the CFE report recommended supporting companies with strong growth potential to scale up and internationalise, and that it will be announcing specific initiatives to strengthen funding for such growth companies over the next few days. 

One such initiative is to simplify the authorisation process and regulatory framework for venture capital managers to support start-ups, MAS said. 

“VC and private equity (PE) assets under management in Singapore have grown by an average 30 per cent per year in the past five years. But the industry is still at an early stage and there is scope to expand both the number and variety of VC managers,” the central bank said.

As such, MAS will work on giving more room for VC managers to operate more nimbly in supporting start-ups here and the region. It will also look to deepen the pool of PE managers in order to draw in more capital for late-stage and mature startups.  

AN ENVIRONMENT FOR INNOVATION

As for building the tech infrastructure to drive innovation, the regulator said the committee recommended harnessing the transformative potential of digitalisation for innovation and growth. 

“MAS has been working closely with the industry on technology infrastructure projects to drive innovation, boost market efficiency, enhance customer service, and extend Singapore’s connectivity with the region,” it said.

One example is the implementation of a Central Addressing Scheme for Fast and Secure Transfers (FAST), which will allow users to make fund transfers through the payment infrastructure by using proxies such as mobile numbers and NRIC numbers instead of bank account numbers.

The banking industry will implement this in the third quarter of this year, MAS said, adding that with the growing prevalence of QR-code payments here, it is also looking to develop interoperable standards for such payments. 

“The underlying thrust of MAS’ various initiatives is to provide a conducive environment for innovation – which is critical for the future of financial services. We do this through a judicious regulatory framework and enabling technology infrastructure,” MAS managing director Ravi Menon said.

“And even as we allow more risk-taking, we want to do so without compromising the safety of financial institutions and the stability of the financial system.” 

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Japanese celebrate Valentine's Day with insect sweets

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TOKYO – Tired of the usual box of chocolates? Try a bug cocktail or a caramel creepy crawly for Valentine’s Day.

A Tokyo bar on Sunday offered courageous couples and curious gourmets a special menu of desserts and drinks made with insects ahead of Tuesday’s holiday. “They are crispy like the skin of walnuts and go pretty well with chocolate,” Sayumi Makino, 20, told Reuters Television at the Duranbar in central Tokyo.

The menu ranged from a cranberry and water bug cocktail to caramelized worms with almonds and cashews. The whipped cream on some desserts included the internal fluids of giant Thai water bugs, known for their sweet taste.

While insects can be found in some regional cuisines, bugs are not a common menu item across Japan.

Yuta Shinohara, a university student who organised the bug cocktail night, said he wanted to promote an alternative food culture. “I love insects and I think it’s really fun to eat them,” he said, adding they were a sustainable food source too.

Insects can be a rich source of fat, protein, vitamins, fibre and minerals, according to the U.N. Food and Agriculture Organization (FAO).

The composition of unsaturated omega-3 and six fatty acids in mealworms is comparable to that in fish and higher than in beef and pork, it says.

Globally, at least 2 billion people eat insects and more than 1,900 species have been used for food, according to the FAO, which said entomophagy could play a key role in food security and environmental protection.

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Monday, February 13, 2017 – 18:48
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Starbucks cardholders enjoy a 1-for-1 beverage deal at all outlets from 13 – 17 Feb 2017

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IT’S BACK! Starbucks cardholders enjoy 1-for-1 ANY beverage of any size till 17 Feb

Starbucks cardholders enjoy a 1-for-1 beverage deal at all outlets from 13 – 17 Feb 2017

Starbucks cardholders have been credited with a free one-time use 1-for-1 beverage treat reward for ANY-size beverages redeemable from 13 – 17 Feb 2017

 

Another tree falls, this time at Yuan Ching Rd: 1 victim sent to hospital

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Citizen journalism website Stomp was alerted to a tree that had fallen at the carpark of Blk 134D Yuan Ching Rd on Monday (Feb 13), barely two days after a 270-year-old Tembusu tree fell and killed one woman at the Singapore Botanic Gardens.

The Singapore Civil Defence Force (SCDF) told the website: “The SCDF received a call for assistance at about 2.30pm at the carpark of Blk 134D Yuan Ching Road.

“One ambulance was dispatched to the scene, and a person was conveyed to Ng Teng Fong General Hospital.”


Visit STOMP for more stories.

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Monday, February 13, 2017 – 17:36
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China says opposes N.Korean missiles tests that violate UN resolutions

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BEIJING – China opposes North Korean missile tests that run contrary to UN resolutions, the Foreign Ministry said on Monday after North Korea said it had successfully test-fired a new type of medium- to long-range ballistic missile the previous day.

Ministry spokesman Geng Shuang made the comment at a daily news briefing in Beijing.

North Korea fired the ballistic missile on a high arc into the sea early on Sunday, the first test of US President Donald Trump’s vow to get tough on isolated North Korea, that tested nuclear devices and ballistic missiles last year at an unprecedented rate.

Read Also:
 North Korea says ballistic missile test a success: media
 Trump says US behind Japan ‘100%’ after North Korea missile launch
– China expels 32 South Korea missionaries amid missile defence tension

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Monday, February 13, 2017 – 17:15
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Newly-wed Lynn Hung hints at pregnancy

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Lynn Hung’s blissfully married to the ‘Ip Man’ of her life, now, could she be pregnant?

The model-actress sparked speculations of a possible pregnancy when she was recently spotted visiting a famed traditional Chinese medicine clinic in Hong Kong with her attentive hubby in tow.

Photos: Weibo

According to Apple Daily Taiwan, a physician was also seen teaching the couple how to brew Chinese herbs.

Although she declined to answer questions at that time, the 36-year-old’s cryptic post on Weibo yesterday hints that she may be expecting.

Perhaps it is not yet time to share the good news, as announcing a pregnancy during the first trimester is usually frowned upon in Chinese tradition.

After getting hitched with Hong Kong businessman Ken Kwok last October, the actress has made no secret of her plans to start a family soon.

In a recent interview, she said: “The most ideal is to have two. I’ll have one first, and if I can cope and take good care of the child, I’ll think of a second one.”

She also asked for some pregnancy tips from Angelababy who gave birth to a son last month, Apple Daily reported.

minlee@sph.com.sg

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Monday, February 13, 2017 – 16:43
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Choose your destiny: Star Wars-themed run comes to Singapore this May

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Star Wars fans (or geeks) – gather your light sabers because the Star Wars Run is set to take place in Singapore this May.

Jointly organised by The Walt Disney Company Southeast Asia and local race organiser Esprimo, Star Wars Run Singapore 2017 will be held on the night of May 6 as part of ‘May the 4th’ celebrations, and to mark the 40th anniversary of the release of Star Wars Episode IV: A New Hope.

Participants can choose to complete either a 4.5km route or a more challenging and competitive 10km route. For the former route, runners can choose to join the Rebellion on their plight for justice on the “Light” side or follow Darth Vader’s footsteps and walk on the “Dark” side.

No matter which side is picked, participants will get to soak in the city’s scenic Marina Bay waterfront during the run. And it’s not a Star Wars-themed run if you go home without any merchandise. A limited edition commemorative medal will be given to all runners, amongst other souvenirs.

Besides the run itself, there is also an activity-filled ‘Star Wars village’ that fans can look forward to. Though the run only begins at night, the village will be open to participants from 4pm onwards on the day of the race.

Early-bird registration begins on Monday (Feb 13) till Mar 12. Ticket prices start at $70 and $75 for the 4.5km and 10km routes respectively.

For more information, visit www.starwarsrun.sg.

ssandrea@sph.com.sg

 

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Monday, February 13, 2017 – 16:40
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Sharetea offers 1-for-1 on Valentine’s Special flavours – Cocoa Lover & Strawberry Sweetheart on 14 Feb 2017

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TOMORROW: 1-for-1 selected flavours at Sharetea (14 Feb)

Sharetea offers 1-for-1 on Valentine’s Special flavours – Cocoa Lover & Strawberry Sweetheart on 14 Feb 2017

This Valentine’s Day (14/2), get one of Sharetea’s special drinks and enjoy another for free! Choose from Cocoa Lover or Strawberry Sweetheart flavours

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Seoul to put up devices to reduce bad smells from waste pipes

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The Seoul Metropolitan Government said Sunday that it would install malodor reduction devices in 10 more places in the capital to prevent bad smells wafting from waste pipes.

The city government said it was part of Seoul’s efforts to reduce the number of civil complaints about bad smells by 30 per cent by 2018.

In June last year, the city government vowed to inject 170 million won (S$210,000) to install malodor reduction devices.

Malodor reduction devices, similar to air purification systems, work by injecting oxygen to prevent gas stored inside septic tanks from being released through manholes or inlets on streets.

It costs approximately 2 million won to install such a device in a five-story building.

By the end of last year, the city government completed installing the devices in areas frequented by visitors and tourists including Gwanghwamun and Myeong-dong.

Malodor is a major bugbear in metropolitan cities and considered a major form of pollution, along with light and noise.

“We aim to continuously work on reducing bad smells in Seoul and create a pleasant living environment for all citizens,” said Kwon Ki-wook from Seoul City Hall’s Water Circulation Safety Bureau.

The city will also create a so-called odour pollution city map to allow citizens to view the status of malodor complaints and installation of malodor reduction devices in the capital, Kwon added.

In 2003, the government enacted the Malodor Prevention Act and defined malodor as “any odour that causes displeasure and disgust to people by stimulating their olfactory sense with hydrogen sulfide, mercaptane, amines, or other pungent substances.”

Facilities that emit malodor can be legally required to pay for the cost of operating public malodor treatment facilities.

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Monday, February 13, 2017 – 16:19
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Beijing's Bird's Nest stadium opens roof corridor

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National Stadium, also known as the Bird’s Nest, officially opened its roof corridor on Saturday for sightseeing and fitness events.

The stadium, which was built for the 2008 Beijing Summer Olympics, opened the roof corridor during an orienteering competition involving by 40 outdoor sports enthusiasts.

Orienteering involves individuals or teams racing to navigate a course and visiting set checkpoints in sequence.

Participants started the race cross-country skiing on man-made snow outside the stadium, before competing in a curling contest on artificial rinks inside and running down the roof corridor to complete the 3.8-kilometer course.

The stainless steel corridor was extended to 1,000 meters from an original 200-meter section built for maintenance purposes and now runs across the roof with a sightseeing platform at the west end.

The highest point of the corridor stands 69 meters above the ground.

Steel fences and glass screens have been installed along the corridor for safety, with the stadium’s steel beams deemed strong enough for the roof corridor’s commercial operation by the China Architecture Design and Research Group, according to the stadium’s management company.

“The roof corridor will add to the stadium’s lure as a tourist venue and a popular host of fitness events to benefit the public during its post-Olympic operation. We would love to see more events organised here featuring the use of the roof corridor,” said Wu Xiaonan, general manager of the stadium.

On top of the stadium, visitors can enjoy a stunning view of the National Aquatics Center, better known as the Water Cube; the Linglong Tower, used for broadcasting during the 2008 Olympics; the dragon-shaped lake in the Olympic Green; and the famous high-rise buildings in north Beijing’s downtown area.

While a sightseeing ticket for all locations inside the stadium costs 50 yuan (S$10.40), 80 yuan gives visitors additional access to the roof corridor.

Since October 2008, the stadium has attracted more than 28 million visitors and hosted about 680 events, including sports competitions, exhibitions and entertainment shows.

“We have worked hard on ensuring that the venue is utilized through sustainable use to guarantee its Olympic legacy,” said Shi Lei, the stadium’s planning manger.

sunxiaochen@chinadaily.com.cn

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Monday, February 13, 2017 – 16:02
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