LATE last year, Finance Minister Heng Swee Keat observed that Singapore needs to shift from a value-adding economy to a value-creating economy. His message was clear – while a value-adding focus has served the country well for many years, now is the time to tilt that focus. The finance minister expanded on this message through Budget 2016 by challenging local businesses to innovate, scale up and internationalise. Paying tribute to Singapore's founding father, Mr Heng challenged all Singaporeans to do as Lee Kuan Yew did: to dream, plan and build for the next 1,000 years.

In a move seen as boosting cross-border yuan flows between Singapore and Chongqing, the People's Bank of China Chongqing Operations Office (PBOC Chongqing) on Friday announced it will allow eligible corporates and individuals in the Chinese city to conduct cross-border yuan transactions with financial institutions and corporates in Singapore.

BUDGET 2016 is a first on several counts: It is the first Budget announced in the term of the new government; it is the first post-SG50 Budget; and most notably, it is the inaugural Budget speech by Finance Minister Heng Swee Keat.

PRIME Minister Lee Hsien Loong is on a week-long working visit to the United States, his second trip there this year after he spent a week in California last month, where he visited San Francisco and attended the historic US-Asean Summit in Sunnylands.