CSA to work with industry players to boost Singapore's cyber security

By

Angela Tanangelat@sph.com.sg

Nisha Ramchandaninishar@sph.com.sg@Nisha_BT

Singapore Telecommunications (Singtel) and the Cyber Security Agency of Singapore on Tuesday signed a memorandum of understanding (MOU) to develop and strengthen Singapore's cyber security capabilities. 

PHOTO: SPH

OCT 6, 201510:19 AM

THE Cyber Security Agency of Singapore (CSA) has formed new partnerships with three local and foreign companies to enhance cyber-security capabilities as it seeks to boost Singapore's cyber security in a rapidly evolving landscape.

CSA on Tuesday signed memoranda of understanding (MOUs) with Singtel, Check Point Software Technologies and FireEye to work together on key areas.

Under their MOU, Singtel and CSA will cooperate to build up local capabilities and deliver advanced cyber-security services.

They will also help develop industry's cyber-security talent capabilities and capacity to meet fast-growing demand, as well as develop indigenous research and development (R&D). The latter includes joint R&D with institutes of higher learning and research institutes.

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With cyber-security vendor Check Point, CSA will leverage Check Point's expertise in developing industry-leading security solutions. Under their MOU, CSA and Check Point will focus on bringing advanced solutions to Singapore while growing local capabilities to provide these solutions.

Meanwhile, CSA will work with cyber-security firm FireEye to improve information sharing on cyber trends and cyber crimes, threats and compromise indicators as well as create solutions to enhance incident response.

CSA also signed a memorandum of intent (MOI) with Crest International and the Association of Information Security Professionals (AISP) to introduce Crest certification for penetration testers in Singapore. The partners will establish a Crest Singapore Chapter next year.

In addition, CSA and the Infocomm Development Authority of Singapore (IDA) have established the Cyber Security Associates and Technologists Programme to train and up-skill infocomm technology professionals for specialised roles in cyber-security operations.

CSA chief executive David Koh said: "We are excited to be taking these strides forward with our partners to enhance Singapore's cyber security capabilities as well as raise the quality of the industry and workforce. These partnerships pave the way for us to work closely together on innovative solutions to strengthen our cyber security core."

    
 

Aberdeen cuts charges for all its Singapore funds ahead of CPF board's revised caps

By

Angela Tanangelat@sph.com.sg

Aberdeen Asset Management Asia Limited said on Tuesday that from October 1, 2015, it is subsidising operating expenses to the tune of S$2-3 million a year on all its local unit trusts ahead of the CPF board's revised expense caps on CPFIS-included funds. 

PHOTO: SPH

OCT 6, 20151:05 PM

ABERDEEN Asset Management Asia Limited said on Tuesday that from Oct 1, 2015, it is subsidising operating expenses to the tune of S$2-3 million a year on all its local unit trusts ahead of the CPF board's revised expense caps on CPFIS-included funds.

The caps will come into force on Jan 1, 2016 and will see the maximum permissible total expense ratio (TER) on higher risk equity funds reduced to 1.75 per cent from 1.95 per cent. The 20 basis points difference is the amount Aberdeen is now absorbing.

"The CPF board has signalled its belief that high manager fees are an obstacle to good fund performance over the long term. It has a valid point,'' said Nicholas Hadow, Director of Business Development at Aberdeen, one of the largest manager of CPFIS-included funds by number in Singapore.

"After it announced its TER cap reductions, we considered the cleanest and fairest response was to trim charges across all our funds. This could cost us S$2-3 million a year but market sentiment is weak and it's important we identify with our investors. With luck this will help us attract new flows once markets do recover."

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The alternatives are to leave fees as they are and let CPF qualification lapse automatically; to try to lower such costs by eliminating feeder fund structures (which are common where the Singapore-domiciled fund feeds into an offshore fund); or to set up separate CPF and cash share classes.

The company considered the separate share class route as the most feasible alternative but rejected this since it would mean cash investors would be at a disadvantage to CPF investors.

The CPFIS-included funds are classified into four risk categories: Higher Risk; Medium-to-High Risk; Low-to-Medium Risk and Lower Risk. It has mandated fee cuts of 20 basis points for each category save for Lower Risk products where the cut is 30 basis points (to 35 basis points).

    
 

Oil prices hold above US$46 ahead of US inventories report

Oil prices held above US$46 a barrel in Asia Tuesday ahead of a report on US commercial crude inventories, a closely watched indicator of demand in the world's top consumer. 

PHOTO: AFP

OCT 6, 201511:19 AM

[SINGAPORE] Oil prices held above US$46 a barrel in Asia Tuesday ahead of a report on US commercial crude inventories, a closely watched indicator of demand in the world's top consumer.

A decline in US drilling activity has supported prices recently, fuelling hopes a fall in production would help ease the global crude supply glut.

US benchmark West Texas Intermediate for November delivery see-sawed in between negative and positive territory and was up two cents at US$46.28 in late-morning trade. Brent crude for November advanced 13 cents to US$49.38 a barrel.

The US Department of Energy will release its weekly stockpiles report Wednesday, giving a better idea about demand in the world's biggest economy.

The report will probably show that inventories rose by two million barrels in the week to October 2, a Bloomberg News survey showed, indicating slowing demand.

Reports that producer Russia was willing to discuss the global supply glut situation that has been weighing on the market also supported prices.

Daniel Ang, an investment analyst with Phillip Futures in Singapore, said the return of Iranian oil after it complies with an agreement on curbing its nuclear programme, is likely to be part of any talks.

"Oil prices dropping to this level and staying here for a prolonged period of time is definitely hurting major oil producers, Russia included," Ang said in a market commentary.

Ang expects Iranian oil "to cause a one million barrel per day surplus of supply when Iran reaches maximum capacity and this would likely be the key topic of any meeting".

Crippling economic sanctions imposed by the west on Iran have restricted the country's oil exports, but its compliance to the terms of a landmark agreement reached in July could see the sanctions lifted.

Tehran has denied western allegations it was building a nuclear bomb, saying its nuclear programme was for peaceful purposes.

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UK watchdogs publish rules on whistleblowing, bank staff references

Britain's financial watchdog published on Tuesday a package of rules to standardise the sector's approach to whistleblowing as part of efforts to stamp out misconduct which has tarnished the industry. 

PHOTO: REUTERS

OCT 6, 20156:32 PM

[LONDON] Britain's financial watchdog published on Tuesday a package of rules to standardise the sector's approach to whistleblowing as part of efforts to stamp out misconduct which has tarnished the industry.

"These rules aim to encourage a culture in which individuals raise concerns and challenge poor practice and behaviour," the Financial Conduct Authority said in a statement.

"They complement our recent initiatives to reform senior management arrangements and remuneration in the financial services industry." The FCA, in conjunction with the Bank of England's Prudential Regulation Authority, also published a consultation paper on a common approach to how banks obtain references on people they want to hire.

REUTERS

Noble Group appoints new head of internal audit: report

By

Jamie Lee leejamie@sph.com.sg@JamieLeeBT

Noble Group has reportedly appointed a new head of internal audit, an online article by Channel NewsAsia said on Tuesday evening. 

PHOTO: REUTERS

OCT 6, 201510:31 PM

NOBLE Group has reportedly appointed a new head of internal audit, an online article by Channel NewsAsia said on Tuesday evening.

Citing an e-mail as seen by the news outlet, CNA said that Frank Russo, who was previously head of audit at GE Capital's energy, aviation and insurance businesses, has taken up the post. He started on Monday.

Mr Russo will be based in Stamford, Connecticut in the US, CNA said.

Prior to GE, he spent over eight years at Deloitte and Touche as a senior adviser for governance, regulatory and risk strategy.

Noble Group did not respond to a query from The Business Times by press time.

Q4 business optimism falls to second-lowest in nearly 3 years: study

By

Jamie Lee leejamie@sph.com.sg@JamieLeeBT

OCT 6, 201510:19 PM

BUSINESSES are significantly less hopeful in the fourth quarter of this year than a quarter ago - with sentiment reaching its second-lowest level in nearly three years - a Business Optimism Index (BOI) study on Tuesday showed.

The index dived to 0.14 percentage point in Q4, from 14.60 percentage points in Q3. From a year ago, this was also down from 10.79 percentage points, according to the index created by Dun & Bradstreet-Singapore Commercial Credit Bureau (SCCB).

Both expectations in volume of sales and net profits have plunged significantly into the contractionary zone for the first time since Q1 of this year.

In 2013, the BOI hit a historic low of -0.82 percentage point in Q1.

"Prevailing global economic uncertainty continues to weigh on expectations of the Asean business community," SCCB said in a press statement.