2023-12-20
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Singapore: Non-oil domestic exports up 1 per cent year-on-year in November 2023

On December 18, 2023, Non-oil domestic exports (Nodx) in November rose 1 per cent from a low base a year ago, snapping 13 straight months of decline, data from Enterprise Singapore (EnterpriseSG) showed on Dec 18 (Monday). The turnaround came after a revised 3.5 per cent fall in October. The November reading was slightly short of Bloomberg’s consensus forecast for 1.5 per cent growth. Economists said that while the upturn in November’s Nodx numbers was encouraging, any further recovery will be tentative and gradual as elevated interest rates continue to weigh on major global economies and China remains in the […]
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2023-12-26
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Singapore’s first MicroAlgae plant to be operational by 2024 to produce alternative protein foods

On December 21, 2023, Foodtech start-up Life3 Biotech aims to open an eco-friendly production facility in Paya Lebar by the second quarter of 2024. The 25,000 sq ft plant will utilise the company’s proprietary technology to produce up to six tonnes of vegetables and 1,400 tonnes of edible plant protein a year. The technology underpins what the firm calls the Hydroponics Integrating MicroAlgae and Solar Energy System (Himass), a process that incorporates artificial intelligence, solar panels and water upcycling technologies to produce its food items within a self-sustaining ecosystem. Life3 Biotech employs 10 people, but this will grow to about […]
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2023-12-28
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Singapore factory output rises 1% in November 2023

On December 26, 2023, Total manufacturing production rose 1 per cent year on year, slowing sharply from October’s revised 7.6 per cent growth and missing the 2.2 per cent increase expected by analysts in a Bloomberg poll. While most sectors decelerated from the previous month, chemicals was a bright spot. It improved to finish the month up 2.7 per cent year on year. This was aided by two of its segments – speciality and other chemicals. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, […]
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2024-01-01
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Singapore port hits a new record high of 3 billion gross tons in vessel arrivals in 2023

On December 26, 2023, Singapore’s port has reached an all-time high in arriving ship traffic, recording 3 billion annual gross tons in vessel arrivals so far in 2023. Annual vessel arrival tonnage – or the internal volume of all ships that arrive in a year, including their engine room and non-cargo spaces – is a common maritime industry measure of vessel traffic calling at a port. Singapore’s port reached 1 billion gross tons in 2004 and 2 billion gross tons in 2011. Between January and November, Singapore’s port handled 35.6 million TEUs of containers, according to the MPA website. It […]
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2024-01-03
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The Institute of Chartered Accountants (ISCA) is responsible for the Singapore Chartered Accountant Qualification (SCAQ)

SINGAPORE – To grow Singapore’s pool of chartered accountants quicker, the industry body for accountancy in Singapore has set aside $15 million over three years to support those studying for professional qualification in the field. The Institute of Singapore Chartered Accountants (Isca) plans to do so through several changes to the Singapore Chartered Accountant Qualification (SCAQ) programme, the only qualification pathway here for chartered accountants. Among the changes to help more aspirants join the programme and learn better are tie-ups with local universities to sponsor tuition for SCAQ candidates, a new dedicated study and learning space at 60 Cecil Street dubbed SCAQ […]
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2024-01-08
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Singapore retail sales rise 2.5 percent year-on-year in November 2023

On January 5, 2024, Retail sales rose 2.5 per cent in November 2023, compared to a 0.1 per cent decline in October, with the highest growth rates seen for food and alcohol, and motor vehicles, as well as watches and jewellery. On a month-on-month seasonally adjusted basis, retail sales grew 0.5 per cent, against the previous month’s 0.9 per cent fall, according to figures released by the Singapore Department of Statistics (SingStat). Excluding motor vehicles, seasonally adjusted retail sales remained at a similar level as October 2023. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies […]
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2024-01-10
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Singapore : 19,600 BTO flats to go on sale in 2024 over three exercises instead of four

On January 8, 2024, Some 19,600 Build-To-Order (BTO) flats will be launched in 2024, including 2,800 flats with shorter waits of below three years. These will be launched across three sales exercises in February, June and October, down from four launches a year, National Development Minister Desmond Lee said in an interview with The Straits Times and Chinese daily Lianhe Zaobao on Dec 28. The new classification of flats into Prime, Plus or Standard categories will take effect from the October launch, which will also be the largest in 2024, he added. FOZL Group provides one-stop corporate services to local and overseas companies, […]
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2024-01-16
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Singapore establishes International Centre for Aviation Innovation to support R&D in key industry sectors

On January 10, 2024, Amid rising demand for air travel in the Asia-Pacific region, an aviation innovation centre has been set up in Singapore to address airspace and manpower constraints through the use of technology. The centre was incorporated in August 2023 by CAAS as a company limited by guarantee. It will focus on the Asia-Pacific region, as air travel demand here is expected to grow robustly over the next few decades, the authority said. The centre will undertake research and development projects in four key areas: next-generation air navigation services, automated and smart airports, unmanned aviation systems and sustainable […]
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2024-01-22
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Singapore has proposed a new governance framework for generative artificial intelligence

On January 16, 2024, Singapore has proposed a new governance framework for generative artificial intelligence, and is seeking international feedback on it. The new Model AI Governance Framework for Generative AI builds on an existing framework from 2019 that covers only traditional AI, and comes at a time when the generative AI scene is still developing. The framework, developed by the AI Verify Foundation and Infocomm Media Development Authority (IMDA), is part of Singapore’s contribution to the global conversation in this space, Minister for Communications and Information Josephine Teo said on Jan 16 (Tuesday). AI Verify is a toolkit meant […]
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