Trans-Pacific Partnership is a catalyst for Asia-Pacific growth: SBF

By

Angela Tanangelat@sph.com.sg

The deal to create the world's largest free trade area is a catalyst for Asia-Pacific growth and good news for the Singapore business community, the Singapore Business Federation (SBF) said on Tuesday. 

PHOTO: EPA

OCT 6, 20159:42 AM

THE deal to create the world's largest free trade area is a catalyst for Asia-Pacific growth and good news for the Singapore business community, the Singapore Business Federation (SBF) said on Tuesday.

The Trans-Pacific Partnership (TPP), signed in Atlanta by 12 countries including the United States and Japan, representing 40 per cent of the global economy and a third of world trade, provides a broad set of rules to enhance free trade and investment.

The TPP, signed after seven years of negotiations, is envisioned as a high-quality 21st-century trade agreement that will boost regional economic integration and improve market access for Singapore's exports. It will also serve as a pathway towards a Free Trade Area of the Asia-Pacific (FTAAP).

"The TPP will serve as the catalyst for advancement and provide an important framework and opportunities to enable businesses to achieve new growth," said Ho Meng Kit, CEO of SBF.

With global growth still below the pre-financial crisis level, businesses need a comprehensive and ambitious TPP which could open up new opportunities, strengthen trade and investment rules, as well as improve business conditions in the region, SBF said.

More importantly, it could effectively help to address the "behind the border" issues which many businesses face in today's complex environment, it added.

SBF also noted that the agreement has special provisions for small and medium enterprises (SMEs), which aim to help them integrate into the global supply chain and facilitate their business expansion. Addressing these issues will allow SMEs to invest, expand and also create jobs.

It hopes that the non-exclusive TPP, which has provisions to allow other trading nations in Asia to join later, can fulfil its role as an important and effective building block for the Apec's (Asia-Pacific Economic Cooperation) long-term vision of FTAAP.

    
 

Top 10 Richest Countries In The World

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Sep 28, 2015

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Singapore

Again, it seems like the smaller the country the better their economy. Up by 34.4% since 2008, there’s no denying that Singapore’s economy is moving at a rapid rate.

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Their GDP is $85,198, which is mightily impressive for an Asian country that’s practically cut off from the rest of the world. Being the second freest economy in the world has clearly done wonders for Singapore and its booming businesses.

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Ser Luck: Govt to look into foreign worker levy

Cost of levy looms large among worries raised by businesses; policy response could be prioritised

By

Soon Weilunsoonwl@sph.com.sg

"Everyone's magnitude of the problem they face will be different, so we'll need to prioritise," said Minister of State for Manpower Mr Teo. 

PHOTO: LIANHE ZAOBAO

OCT 6, 20155:50 AM

Singapore

CALLS for a review of the foreign worker levy will be "looked into" as Singapore is moving into economic headwinds, said newly-appointed Minister of State for the Manpower Ministry Teo Ser Luck.

Mr Teo will also be talking to industry leaders to see if manpower policy responses can be prioritised by sector.

Referring to requests for the government to look into the foreign worker levy, Mr Teo said: "We'll have to look into it to see what kinds of things we can do."

Mr Teo's comments came after a dialogue session yesterday with key representatives of the Singapore Business Federation (SBF). He has been tasked to look into the recently announced Lean Enterprise Development (LED) scheme and foreign worker issues at the manpower ministry.

At the discussion, a total of 24 representatives from various sectors, including the retail, construction, hospitality and financial sectors, together with those from foreign chambers of commerce, shared their concerns about how manpower policies were affecting their businesses.

The session touched on a range of issues, including the LED Scheme, number of hours worked, tripartism, and also how the notion of the Singaporean Core can fit into manpower policies.

Chief among these worries were how the foreign worker levy has raised the cost of business operations.

SBF chairman Teo Siong Seng said to reporters after the discussion that all representatives present had no major concerns with the foreign worker quotas, but the levy has been eating into the bottom line for many companies.

"Especially now with the (economic) headwinds that we are facing, maybe the government can consider reducing the levy, or to use some of the levy to help businesses," he said.

President of the Singapore Nightlife Business Association Dennis Foo said during the discussion that there are some businesses who suffered marginal losses because of the foreign worker levy, and "they could have been saved if you allow some leeway or reprieve from the levy."

Speaking to reporters after the session, Mr Teo stressed that he was not committing to any form of policy changes, but the ministry is always reviewing policies based on the feedback from the ground.

However, just as the government is pushing for the workforce to be leaner, Mr Teo noted that the foreign worker levy does add to the overall operating costs of businesses here.

Acknowledging that businesses are hoping that the government can put in some measures to help them defray costs, including the reviewing of the levy, Mr Teo highlighted that challenges will surface when implementing changes.

Mr Teo pointed out that manpower costs would be higher for certain sectors, and thus he would be speaking with representatives from different sectors so as understand the specific issues that they are facing, and how labour factors in as part of their overall costs.

"Everyone's magnitude of the problem they face will be different, so we'll need to prioritise," he said, without mentioning which sectors will have priority.

While these concerns are being looked into, Mr Teo said that there are some issues raised that could be looked into immediately to help companies transition to a leaner and a more localised workforce, including a suggestion raised by Sirpa Ilola, vice-president of EuroCham, to have more Singaporeans helm senior positions of multinational corporations that are based here.

Also present at the discussion yesterday was fellow Minister of State Sam Tan, who will be focusing on the re-employment of older workers, low-wage worker issues and health and safety at workplaces.

    
 

Singapore shares open higher on Tuesday after gains in US, Europe

By

Nisha Ramchandaninishar@sph.com.sg@Nisha_BT

OCT 6, 20159:23 AM

MIRRORING the US and European markets, the Straits Times Index opened higher on Tuesday, gaining 32.50 points or 1.14 per cent to 2883.75.

Elsewhere in Asia, shares in Tokyo surged at Tuesday's opening as investor sentiment was also buoyed by a deal reached by the 12 members of the US-led Trans-Pacific Partnership.

By 9.03am, 124.4 million shares worth S$77.1 million had changed hands on Singapore Exchange, while gainers sharply outnumbered losers 127 to 31.

Top traded stocks by value were Singtel, DBS, Wilmar, Global Logistic Properties and CapitaLand
.

Google in talks to invest in chat company Symphony: source

Google, which has now morphed into holding company Alphabet Inc, is in talks with messaging startup Symphony Communication Services LLC for a round of fundraising, a person familiar with the matter told Reuters.

PHOTO: REUTERS

OCT 6, 20156:39 AM

[SAN FRANCISCO] Google, which has now morphed into holding company Alphabet Inc, is in talks with messaging startup Symphony Communication Services LLC for a round of fundraising, a person familiar with the matter told Reuters.

Symphony's chat service allows financial firms, corporate customers and individuals to put all of their digital communications on one centralized platform.

The talks are ongoing and no terms are finalised yet, the source added.

The Wall Street Journal, citing people familiar with the matter, reported earlier on Monday that Google invested in a new round of funding for Symphony that values the company at about US$650 million. The service is backed by Goldman Sachs Group Inc and other big Wall Street banks.

 

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Goldman led a group of 14 banks including Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co in making a US$66 million investment in Symphony last October, when Symphony was set up.

Symphony spokeswoman Samantha Singh declined to comment.

Many on Wall Street think of Symphony as a rival to Bloomberg LP and Thomson Reuters Corp, which provide messaging and information services for bankers, traders and investors.

Those terminals can cost tens of thousands of dollars per year for each customer.

Symphony is available to businesses with more than 50 users for US$15 per user per month. Smaller businesses and individuals can use the tool for free.

Last month, Symphony said they are working with News Corp's Dow Jones to offer news stories in its service and with McGraw Hill Financial Inc to integrate data and analytics from its S&P Capital IQ product.

REUTERS