Singapore

Temasek to acquire 19.99% stake in Godrej Agrovet

Temasek to acquire 19.99% stake in Godrej AgrovetSingapore's sovereign wealth fund Temasek will buy 19.99 per cent stake in Godrej Industries' agriculture subsidiary Godrej Agrovet for Rs 572 crore.

The sovereign wealth fund will acquire the one-fifth of Godrej Agrovet through a combination of primary and secondary market transactions. The deal will value Godrej Agrovet at Rs 2,860 crore.

Godrej Industries said in a filing that the primary component would be utilized to support future expansion plans of Godrej Agrovet. However, the company didn't share details on the nature of that expansion plan.

LTA, SMRT announce measures to improve service

LTA, SMRT announce measures to improve serviceSMRT and the Land Transport Authority (LTA) have outlined a series of measures to improve train service in the country.

SMRT has worked to improve engineering and maintenance regime as well as its emergency response process to boost reliability. The SMRT said that it has improved customer service team to manage large-scale incidents from 190 to 700 in an effort to beef up emergency response. It will also provide training to its officials in incident management including customer service and crowd control.

Fare hike to improve services, says transport minister

Fare hike to improve services, says transport ministerTransport Minister Lui Tuck Yew has sad that a fare hike is needed to improve service to commuters in the country.

Mr. Lui said that the fare hike is not aimed at increasing profits of Public Transport Operators (PTOs) or to improve salaries of the bus drivers working on the transport network. He said that the government is required to ensure that if any hike in fares is allowed, the operators must be made to invest a part of the increased earnings on improving facilities for the commuters.

Tata group not likely to enter aviation sector, says Ratan Tata

Tata group not likely to enter aviation sector, says Ratan TataRatan Tata, the outgoing Chairman of the Tata group, has said that the conglomerate is not likely to enter the civil aviation sector in the country due to destructive competition among various players.

Tata group was among the first to enter the sector in the country has since stayed away from the sector. Mr. Tata said that there was a proposal to set up a domestic carriers in association with Singapore International Airlines (SIA) in the mid-1990s.

Genting Singapore looking to enter Japan

Genting Singapore looking to enter JapanGenting Singapore, a leading gaming company, is looking to enter the Japanese market where the new government is likely to approve a plan to legalizing casinos in the coming a year or a year and a half.

Gaming operator, which operates casino and entertainment complex Resorts World Sentosa in Singapore, is aiming to expand to newer markets at a time when it is facing stricter regulations and a slowing economy in the island nation. The company had recorded a fall of 20 per cent in its revenues from gaming during the third quarter compared to the same quarter of the previous year.

Singapore arrests two more Chinese workers

Singapore arrests two more Chinese workersThe authorities in Singapore have arrested two more Chinese workers for staging an illegal protest in the country over wages following the arrest of four Chinese nationals for another similar strike recently.

In the latest incidence, the two workers staged a protest atop a construction crane in the city over unpaid wages. The works climbed the 10-storey high cranes to bring to highlight their demand for wages before they could return home. The rescuers were able to get the workers down after four hours of negotiations and the two were soon arrested by the police.

No clarity on compensation to GMR for its forceful eviction from Male airport

No clarity on compensation to GMR for its forceful eviction from Male airportThe Maldives government will take over the GMR Male International Airport (GMIAL) on the midnight of 7-8 December as the Singapore High Court upheld Maldives government's right to take back the airport from GMR, but there is no clarity yet on the amount of compensation that GMR will be given for evicting it mid-contract.

Singapore Minister asks parties to use proper channels for redressed

Singapore Minister asks parties to use proper channels for redressedTan Chuan Jin, the acting Manpower Minister of Singapore has advised companies as well as the employees to use proper channel to deal with the issues of labour grievances following an illegal strike by Chinese workers.

He said that the strike should be a wakeup call for Singaporean companies to start managing their employee relations with care and avoid such incidences. He described the employee-employer relation in the country as harmonious but added that there some problems between the two sides that needs to be addressed.

Court was incorrect in interpreting law in Male airport contract case: Maldivian govt.

Court was incorrect in interpreting law in Male airport contract case: Maldivian govt. The Maldivian government has asserted that it would not honour the Singapore High Court's order that stayed the termination of GMR's airport contract.

Masood Imad, the Maldivian President's media secretary, alleged that the Singapore High Court's order was a wrong interpretation of law, and stressed that a court does not own the right to issue such an injunction against a sovereign state.

Singapore Airlines aiming to sell 49 percent stake in Virgin Atlantic

Singapore Airlines aiming to sell 49 percent stake in Virgin AtlanticSingapore Airlines has indicated that it is holding discussions with interested companies for selling its 49 percent stake in Virgin Atlantic.

Singapore Airlines was using the partnership to offer trans-Atlantic routes amid stiff competition from British Airways in the UK. Singapore Air Chief Executive Officer Goh Choon Phong had also turned Virgin Atlantic's focus more towards Asia. The airline had ordered smaller aircrafts in its attempt to compete better with Asia's low cost airlines.

Maldives govt. decides to take control of Male airport from Saturday

Maldives govt. decides to take control of Male airport from SaturdayDespite an order from a Singapore court suspend the abolition of infrastructure giant GMR's $511 million Male airport project, the Maldives government has declared its decision to take control of an airport.

Mohamed Nazim, defence minister and acting transport minister, said in a press conference that the government would take over of the airport from Saturday.

Singapore authorities arrests four Chinese for illegal strike

Singapore authorities arrests four Chinese for illegal strikeThe authorities in Singapore have arrested four Chinese nationals for being a part of an illegal strike that was held to display dissatisfaction over wages and living conditions of SMRT bus drivers.

Singapore termed as world’s most emotionless nation

Singapore termed as world’s most emotionless nationAccording to an elaborate study involving several nations, People in the tiny nation of Singapore are found be the most emotionless people in the world.

US-based Gallup said in a new report that, "Singaporeans are the least likely in the world to report experiencing emotions of any kind on a daily basis." The company released the report following a three-year study that was conducted in more than 150 countries.

Singapore's economy to grow 1.5 per cent this year

Singapore's economy to grow 1.5 per cent this yearAccording to the estimates by the Ministry of Trade and Industry, the Singapore's economy is expected to grow by around 1.5 per cent this year.

The ministry also warned that the growth rate could slip below the forecasted level if the economy's foreign oriented sector continues to see weakness in the final quarter of the year. It said that the electronics manufacturing sector will continue to see a slowdown due to lower external demand. It expects the domestic construction sector to record modest growth.

Sembcorp Marine reports 48.1 per cent fall in net profit

Sembcorp Marine reports 48.1 per cent fall in net profitSingapore's Sembcorp Marine, which is the world's second-largest oil rig builder, has reported a disappointing fall of 48.1 per cent in net profit to S$115.5 million during the third quarter of the year.

The revenues of the firm fell 31.5 per cent to S$892.4 million during the quarter compared to the same quarter of the previous year, according to the firm. The fall was mainly due to the timing of revenue recognition of its rig building projects. The outlook for the firm remains positive for the coming months.

Manufacturing to remain a strong part of Singapore's economy, PM

Manufacturing to remain a strong part of Singapore's economy, PMLee Hsien Loong, Prime Minister of Singapore has said that manufacturing sector is expected to remain an important part of the Singapore's economy.

He said that the manufacturing sector create good jobs for the people in the country, integrates well with services and innovation and also helps the country's economic growth. Mr Lee also said that the country will continue to invest in the biomedical sciences sector in the coming future.

Singapore employment grew slower than earlier quarter

Singapore employment grew slower than earlier quarterAccording to the latest figures released by the government, the employment level in Singapore has remained low during the third quarter of the year.

The level of employment grew by 24,900 in the third quarter of 2012 compared to a growth of 31,900 in the same quarter of the previous year and 31,700 in the second quarter of 2012, according to the "Employment Situation, Third Quarter 2012" report released by the Ministry of Manpower.

Singapore Air to halt direct flights to Newark, Los Angeles

Singapore Air to halt direct flights to Newark, Los AngelesSingapore Air has announced that it will stop operating direct flights from Singapore to Newark and Los Angeles in the US, which are the world's longest haul flights

Aviation passengers are increasing looking for cheap flights with budget carriers and thus the company has also decided to cut down on the in-flight amenities. There is also need for cheaper long flights as customers look for saving travelling costs.

More private education institutions now meet standards in Singapore

More private education institutions now meet standards in SingaporeAccording to a new report, more private education institutions (PEI) in Singapore now meet baseline standards since its launch in 2009.

The Council for Private Education's (CPE) has released its latest annual report in which it said that the standard of education has increased during the years. The report found that about half of all registered PEIs in the country have now attained four- or six-year registration periods compared to 32 per cent recorded in the previous report.

Religare Health Trust aiming to raise $417.9 million through Singapore IPO

Religare Health Trust aiming to raise $417.9 million through Singapore IPOReligare Health Trust of the Indian hospital chain operator Fortis Healthcare, is aiming to raise about $417.9 million through an Initial Public Offering at the Singapore Stock Exchange.

Religare will offer 567.46 million shares and it has set an IPO price of S$0.90 per share, according to the final prospectus filed by the company with the Monetary Authority of Singapore. The company will offer 555.46 million shares to institutional investors in Singapore and abroad and the remaining 12 million to the general public.

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