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Tag: Singapore

  • Singapore defers foreign law firms’ licensing decision to 2020

    Singapore defers foreign law firms’ licensing decision to 2020

    The Singapore Ministry of Law has announced it will defer to 2020 its decision on the renewal of the licences of the second batch of Qualifying Foreign Law Practice (QFLP) firms.

    The second batch includes firms such as Gibson Dunn & Crutcher, Jones Day, Linklaters and Sidley Austin. They secured licences in 2013 for a period of five years. The licences were originally due to expire in 2018, but such will be extended to 2020 until the ministry decides on the renewal.

    QFLP licences allow Foreign Law Practices (FLPs) to practise Singapore law, except in domestic areas of litigation and general practice, for example, criminal law, retail conveyancing, family law and administrative law. The QFLPs can practise the permitted areas of Singapore law through Singapore-qualified lawyers with practising certificates or foreign lawyers holding the foreign practitioner certificate.

    According to the ministry, the second batch of firms have contributed to the growth of Singapore’s economy, as they have increased their revenue from offshore work and doubled their headcount of their Singapore offices since obtaining the permits.

    “However, their respective performances have fallen short of the initial commitments they made in 2012, as they have all been impacted by Asian economies’ weaker than expected growth, drop in commodities prices and decrease in mergers and acquisitions which had resulted in weaker demand for legal services in the region in the last two years,” the ministry added.

    It said its decision will allow it to better assess each firm’s performance and contribution to Singapore and their respective proposals for the new licence period.

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  • Inside Singapore’s ‘invite-only’ Johnnie Walker Home

    Inside Singapore’s ‘invite-only’ Johnnie Walker Home

    It‘s a whisky enthusiast‘s dream. Johnnie Walker House is an invitation-only suite located at Asia Pacific headquarters in Singapore. We took a tour of the space, which hosts guests to learn, taste and purchase a variety of high-end offerings.

    The space, which opened last year, is one of 26 private suites in the world and the only one in Southeast Asia. In total, the room boasts more than $700,000 worth of whisky by retail price. One way to gain entrance is by referral.

    We build up our own network of people who might be interested and we invite them to come in,” Sam Fischer, Diageo‘s Asia president told us during a tour of the space. “We build up to people of high net worth and people of influence.”

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  • Changi’s crown Jewel scales new heights

    Changi’s crown Jewel scales new heights

    Work on Jewel Changi Airport is moving ahead at full-speed, with construction workers seen scaling its external facade on Tuesday. The complex is scheduled to open in early 2019, and will have five storeys above ground and five basement levels, with a total gross floor area of about 134,000 sq m.

    All terminals at Changi Airport and departure gates will be connected to the complex and be within walking distance. Jewel Changi Airport will have aviation and travel-related facilities, as well as some 300 retail and food and beverage outlets. It will also house one of Singapore’s largest indoor collections of plants, over about 22,000 sq m.

    The Forest Valley, a five-storey garden, will be one of Jewel’s centrepiece attractions. There will also be a 40m-high Rain Vortex at the central core of the complex, which will have a light-and-sound show every night. The Canopy Park, on the topmost level of Jewel, will have play attractions, gardens, walking trails and dining outlets.

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  • Orchard Road must not lose its bloom

    Orchard Road must not lose its bloom

    Orchard Road has had many incarnations. It got its name from the many nutmeg and fruit orchards that existed in the last century. It has always been an important street, connecting the residential area of Tanglin to the business and commercial areas of Raffles Place and High Street. At one point, the road hosted car showrooms and even a sprawling cemetery. Its current incarnation as Singapore’s premier shopping belt began in the 1960s after the area was zoned for retail. The grand plan to shape Orchard Road’s future in the next 15 to 20 years should look back at these transformations – save the cemetery, of course – even as it looks ahead.

    Incremental efforts are important, no doubt. For example, a Shibuya-style scramble walk is on trial; it may be replicated if it is successful. Adding to the area’s ambience will be an initiative under which, from next July, smoking in public areas will be allowed only at designated areas within the smoke-free zone. However, if Orchard Road is to bloom again, these moves must become a part of a master plan that takes unpleasant realities into unsentimental account.

    Chief among those realities is that shopping may not continue to be the primary activity with which the road is associated. The proliferation of shopping malls around the country gives shoppers more choice than they once had. Also, online shopping is challenging brick-and-mortar stores around the world. In the United States, for example, several leading department store chains have lost value in recent years, and department stores have shed 500,000 jobs since the beginning of this century. Although shopping will continue to attract tourists to Orchard Road, its stores will have to ride on the global trajectory of marrying traditional and online retailing, for example by having smaller stores with limited inventories complement expanding online operations.

    The larger need is to look beyond shopping itself. One way for Orchard Road is to recreate the times when it was a “happening” place because of famous nightspots and roaring discos. The road must not die at night. During the day as well, parts of the belt could be redeveloped in the form of buildings which house civic facilities that attract crowds. Arts venues for concerts and performances, multi-purpose sports hubs, theme parks within malls, or a children’s centre that makes the area family-friendly are ways to rejuvenate the road.

    These should be considered seriously. The problem now is that Orchard Road’s iconic centrality as a shopping belt in the tourist imagination makes it difficult to refashion the purpose of the place. But it is not a zero-sum game. Local shoppers will have more reason to visit the place if they are attracted by other amenities as well. Orchard Road cannot remain frozen in time.

  • Singapore inflation rises 0.6% in November

    Singapore inflation rises 0.6% in November

    Singapore’s headline consumer price index (CPI) rose a slightly-faster-than-expected 0.6 per cent in November from a year earlier, data showed on Tuesday (Dec 26), as private road transport costs edged higher.

    That is the fastest year-on-year increase since July, when headline CPI also rose 0.6 per cent from a year earlier.

    Core inflation, which excludes accommodation and private road transport costs, remained unchanged from the previous month at 1.5 per cent, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said in a joint press release on Tuesday (Dec 26).

    Private road transport costs rose 4.1 per cent in November from a year earlier, data from the Singapore Department of Statistics showed.

    Accommodation costs fell by 3.9 per cent in November, moderating from the 4.2 per cent drop in the previous month. The smaller decline reflected the dissipation of the dampening effect of the disbursement of Service & Conservancy Charges (S&CC) rebates on the year-ago change in accommodation costs in October, the joint release said.

    Services inflation edged up to 1.6 per cent in November from 1.5 per cent in October. This was on account of a rise in airfares, which was a reversal from the decline registered in the previous month, as well as a larger increase in telecommunications services fees and holiday expenses which more than offset the smaller increase in recreational & cultural services fees.

    Food inflation was unchanged from the previous month at 1.5 per cent, as the pace of increase in prices for non-cooked food and food services was similar in both months.

    The overall cost of retail items registered a smaller 0.5 per cent increase in November compared to the 0.9 per cent increase in October. This largely reflected a fall in the prices of personal care products, as well as a smaller rise in the prices of personal effects, the joint release said.

    FUTURE OUTLOOK

    Looking ahead, the MAS expects core inflation to be around 1.5 per cent in 2017 and average between 1 and 2 per cent in 2018. MAS said in a media release that the CPI is projected to come in at around 0.5 per cent this year and stay in the range of between 0 and 1 per cent next year.

    However, Francis Tan, economist at UOB, said he does not expect major risks of a higher inflationary trend, but noted that all eyes could be on MAS’ next policy meeting in April.

    “The market expectation, and our expectation, is that the MAS, in their next policy meeting in April 2018, will start to normalise. I think that goes to show that among all the central banks in the world, they are more or less looking at or already started the monetary policy normalisation and the MAS is likely to continue to likewise,” said Mr Tan.

    “Of course we are not looking at a very steep increase in the S$NEER slope even at the start. We are only looking at a 0.5 per cent per annum at the start, but with more data coming in, the central bank will definitely tweak its policy appreciation stance.”

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  • Going cashless no small change

    Going cashless no small change

    After years of creeping at a snail’s pace, the e-payment scene has roared to life, setting 2018 up to be the year that cashless payments could finally become ubiquitous. Once Prime Minister Lee Hsien Loong made a call for a unified e-payment system at the National Day Rally in August, there were many developments, culminating in two significant moves in November.

    The first was an announcement from Education Minister (Higher Education and Skills) Ong Ye Kung, who is a board member of the Monetary Authority of Singapore, to expand the use of PayNow, an instant fund-transfer service, to businesses mid-next year.

    Launched on July 10, PayNow lets individuals transfer money by entering the recipient’s mobile phone or identity card number in any bank’s app. As at last month, more than 600,000 Singaporeans have linked either their mobile numbers or identity card numbers to their bank accounts via PayNow.

    By mid-next year when companies are allowed to link their business registration numbers to their bank accounts, PayNow’s use will be more pervasive, going beyond transfers between friends.

    With PayNow, merchants need not worry about complex system installation and related fees. As PayNow rides on Fast (Fast and Secure Transfers) – the country’s instant interbank funds transfer system – merchants also need not worry about cash-flow issues. Comparatively, credit card and ATM card direct debit transactions take up to two days to settle.

    While PayNow may be useful for owners of pop-up stores, its use at hawker centres may be limited. It is unthinkable that anyone would want to enter a business registration number and the amount owed into a bank app just to pay for a plate of chicken rice.

    Enter a national quick response code payment standard, dubbed SGQR. The release of its specification last month marks the second major breakthrough this year. Its aim is to allow merchants to display just one QR code for scanning by any e-wallet for fuss-free transfers.

    Singtel’s Dash is the first to embrace SGQR, with its QR code sticker displayed at a handful of merchants here.

    E-payment stalwart Nets also said it will change its QR code – rolled out to about 30,000 acceptance points in malls and taxis, and 600 hawker stalls – to one that incorporates the SGQR specification.

    • Since Prime Minister Lee Hsien Loong made a call for a unified e-payment system during his National Day Rally in August, there have been many developments – including two significant moves in November:

      1 Expanding the use of PayNow, an instant fund-transfer service, to businesses mid-next year . Launched on July 10, PayNow lets individuals transfer money by entering the recipient’s mobile phone or identity card number in any bank’s app.

      2 Release of a national quick response code payment standard – dubbed SGQR – specification, whose aim is to allow merchants to display just one QR code for scanning by any e-wallet for fuss-free fund transfers.

    Nets’ QR code system now works with the e-wallets of DBS Bank, OCBC Bank and United Overseas Bank. Next year, customers of Citibank, HSBC, Maybank and Standard Chartered Bank will also be able to scan the Nets QR code to make payments.

    Together, these seven major banks cover about 90 per cent of all retail transactions in Singapore.

    The nation’s effort to unify its e-payment systems may take more than a standardised QR code or enlisting businesses in the peer-to-peer PayNow scheme.

    Payment providers may also need to standardise the way they itemise and describe bills, and how fast they settle payments, to help merchants and hawkers with account reconciliation at the end of the business day.

  • Kushikatsu introduces new skewer options

    Kushikatsu introduces new skewer options

    A Japanese chain known for its fried food skewers, Kushikatsu Tanaka, has launched a Singapore outpost at Clarke Quay.

    It sprang from the Lehman Brothers collapse in 2008, when Hiroe Tanaka and her business partner Keiji Nuki decided to end their food business ventures in Tokyo. While packing to return to Osaka, Tanaka stumbled upon her late father’s kushikatsu recipe, and convinced Nuki they should open a kushikatsu outlet.

    Nine years later the business, which became a listed company last year, is valued at US$82 million (S$110.6 million). It has 167 outlets across Japan, with four more opening this month. It also has a branch in Hawaii.

    Tanaka and Nuki were both in Singapore for the opening of Kushikatsu Tanaka, a franchise outlet managed by Suntory Food & Beverage International, a subsidiary of the Suntory Group, which runs eateries such as Japanese restaurant Sun with Moon at Wheelock Place and the Pepper Lunch chain.

    Secret sauce

    A speciality street food from Osaka, kushikatsu features skewered items battered in fine panko crumbs and fried in a blend of oil and beef fat. Diners dip the skewers into a “secret recipe” sauce. There is even a dessert version.

    Other dishes on the menu include chiritori hotpan (beef or pork). To finish the broth, diners can cook curry cheese risotto on the pan. Other hands-on dishes include DIY (do-it-yourself) onigiri and DIY potato salad.

    While kushikatsu goes well with Jim Beam highballs, the alcohol menu also includes sake, shochu and wine. Diners can also play a variation of the Japanese drinking game Chinchirorin by throwing two dice into a bowl. If they roll doubles, they score a free highball; an even number earns a half-priced highball, while an odd number means they pay double the price (but for a double-sized highball).

    Meanwhile, other skewered foods have arrived in Singapore including Ginza Rokukakutei at Odeon Towers and Panko in Haji Lane.

  • Louis Vuitton Singapore makes splash in airport

    Louis Vuitton Singapore makes splash in airport

    Louis Vuitton Singapore has opened a spectacular duplex store taking centre stage in the new Crystal Garden in the Terminal 3 departure transit hall at Changi Airport.

    The first-ever airport store of its type in south Asia, the store has a theme of travel and features a full-size model of a 1930s French plane suspended from the ceiling, plus “flying machines” carrying the French luxury brand’s signature trunks and suitcases.

    A giant digital display surrounds the entrance, and the store has a translucent facade of glass and copper-diamond mesh. Inside, tiered garden beds feature a flowers and spheres containing glass sculptures.

    For the opening, an exhibition space on the second floor features antique objects from the Louis Vuitton archives displayed alongside more contemporary pieces.

    On the ground floor there is a range of travel-related offerings including men’s and women’s leather goods, ready-to-wear, accessories, shoes, watches and fragrances.

    Covering 530sqm, it is the first airport store in Asia Pacific to be directly managed by Louis Vuitton, which has had a 37-year presence in Singapore.

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  • Singtel to develop IoT smart meter infrastructure

    Singtel to develop IoT smart meter infrastructure

    Singtel has entered an agreement with global smart metering vendor EDMI Limited to develop a smart electric metering infrastructure for Singapore.

    The partners have been testing the use of smart electric meters over Singtel’s nationwide LTE Cat-M1 cellular IoT network to enable the wireless transmission of real-time meter readings to the power grid.

    The companies plan to offer their IoT-powered smart metering solutions for residential, commercial and industrial areas as part of the Energy Market Authority’s plan to roll out smart meters in the city in the second half of 2018.

    Singtel is already providing M2M connectivity for EDMI’s digital electric meters in Singapore.

    “Giving electricity suppliers real-time data on electricity consumption allows them to optimize the distribution of electricity to certain areas and times of the day especially when demand is peaking,” commented Andrew Lim, business group managing director at Singtel’s Group Enterprise.

    “The pairing of smart meters with our IoT network will give consumers more accurate meter readings and ultimately bring cost savings.”

    Singtel launched its Cat-M1 IoT network in September and has been conducting trials with over 20 potential partners at its joint IoT innovation lab with Ericsson, which was established earlier in the year.

  • McDonald’s Singapore launches locally-inspired ‘nasi lemak’ burger

    McDonald’s Singapore launches locally-inspired ‘nasi lemak’ burger

    For Singaporeans and Malaysians, nasi lemak (rice cooked with pandan leaves and served with sambal) is a breakfast staple. Realizing the Singaporeans’ non-stop craving for the fragrant rice, McDonald’s Singapore introduced nasi lemakburger on Thursday.

    The unique dish, which consists of semolina buns, coconut-flavored chicken thigh patty, egg, caramelized onions, sliced cucumbers and sambal, was launched in conjunction with Singapore Food Festival 2017 and the upcoming Singapore National Day.

    In addition to the nasi lemak burger, the fast food chain also launched locally-inspired beverages and desserts, namely the Chendol McFlurry (ice cream with worm-like green rice flour jelly), chendol ice cream cones, the Bandung McFizz (condensed milk beverage flavored with rose cordial syrup), Pandan Coco Frappe (pandan flavor drink served with coconut and grass jelly), coconut pie and kueh salat (a pandan sponge cake with a glutinous rice layer).

    Sure enough, Singaporeans have flooded McDonald’s outlets to devour the high-carbs meal and sweet treats.

    On Twitter, they posted mixed reviews about the fusion burger. Though not all were fond of the East-meets-West dishes, some gave positive feedback, saying the burger was beyond their expectation, tasting exactly like nasi lemak.

    Seeing the positive response, maybe it is time for McDonald’s Indonesia to consider some locally-inspired menus for Independence Day — sate ayam (chicken skewers) or lontong sayur (rice cakes with vegetables) burgers, perhaps?

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  • NBA Teams for Online Stores in APAC

    NBA Teams for Online Stores in APAC

    In partnership with the US National Basketball Association (NBA), sports merchandise e-commerce company Fanatics has launched official NBA online stores across Asia Pacific.

    Fanatics already runs the flagship NBA Store in New York City, the league’s global e-commerce site and its official online store for Europe.

    It has now opened official online stores in Cambodia, Japan, Laos, Malaysia, Singapore, Thailand and Vietnam, as well as Australia and New Zealand. These offer a range of men’s, women’s and youth products from all 30 NBA teams, including oncourt apparel from official outfitter Nike and products from a range of NBA merchandise partners including Mitchell & Ness and New Era.

    There are also exclusive products, including personalised team jerseys.

    As well as paying in local currency, online shoppers will benefit from quicker deliveries and cheaper shipping thanks to Fanatics’ centralised distribution point in Asia.

    “The NBA is becoming an increasingly global league, and we’ve seen a significant uptick in fandom across several regions throughout Asia,” says Fanatics International president Steve Davis.

    With the launch of the new online stores, the league now has 20 international e-commerce sites.

  • Don Quijote eyes more Asia stores

    Don Quijote eyes more Asia stores

    After opening its first outlet in Singapore (called Don Don Donki) this month, Japanese discount retailer Don Quijote plans to expand with even more outlets in Asia.

    Founding chairman Takao Yasuda sas the group is looking to open stores in Hong Kong, Malaysia, Taiwan and Thailand.

    When moving to Singapore to retire two years ago, Yasuda was surprised at the price of food ingredients and other products imported from Japan. “I realised my new mission was to lower the prices to affordable levels.”

    He says the Singapore store has been so popular it has had to limit customer numbers at weekends. “We’ll increase to around 10 stores in Singapore in two to three years so customers can enjoy shopping at leisure.”

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  • Muji Singapore to suspend e-commerce site

    Muji Singapore to suspend e-commerce site

    Lifestyle retailer Muji Singapore will close its e-commerce site a minute before midnight on Christmas Day for redevelopment.

    “We sincerely apologise for any inconvenience caused,” the company says in a newsletter to its customers. “This move is for us to set sights on developing a better and more comprehensive shopping experience in the near future.”

    Its new web portal will be re-launched “in the coming months”.

    Meantime, Muji Singapore will have a final clearance sale with discounts of up to 50 per cent, plus a further 15 per cent off with a discount code when checking out.

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  • Discover LACOSTE’s latest store design in Singapore

    Discover LACOSTE’s latest store design in Singapore

    Since the very first polo was created in 1933, LACOSTE relies on its authentic sportive roots to spring optimism and elegance on the world thanks to a unique and original lifestyle for women, men and children.

    With a vision to be the leading player in the premium casual wear market, the Crocodile brand is today present in 120 countries through a selective distribution network. Two LACOSTE items are sold every second in the world.

    In 2017, LACOSTE has been expanding in Asia Paicific and it has just opened its new store located in Paragon, which is in the heart of Singapore’s prime retail district. This boutique is already the brand’s fifth store in Singapore.

    The store occupies 1,464 square feet of retail space and offers the brand’s full range of products including apparel, leather goods, fragrances, footwear, eyewear and watches amidst Lacoste’s latest store design featuring clean architectural lines.

    It features the quintessential polo bar which showcases Lacoste’s iconic polo shirts in all their color range.

    Unique to this boutique in Paragon, an embroidery service that allows customers to personalize their Lacoste polos with their initials and country flag.

    In a market driven by millennials, who are seeking for ways of building their own individuality, personalization becomes an opportunity to engage younger customers and revamp iconic items.

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  • Changi airport T3 new experience unveiled

    Changi airport T3 new experience unveiled

    Passengers at Changi Airport Terminal 3’s Transit Hall will be welcomed by the refurbished Central Piazza, featuring the airport’s latest feature garden made up of elegant glass dandelion sculptures – the Crystal Garden.

    The Crystal Garden is brought to life by tiered garden beds incorporating a curated selection of flowering plants and 12 spheres of artisan dandelion glass sculptures in varying sizes.

    Inspired by the flora and fauna of the other gardens in Changi Airport, the glass sculptures glow with luminance, creating the illusion that they are floating on pools of water or swaying in a breeze – these offer passengers a captivating and unforgettable experience amidst a garden of lights.

    Prominently nestled in the heart of the Central Piazza behind the Crystal Garden is the brand new Louis Vuitton store which opened its doors today. As the luxury brand’s first duplex airport store in the world, it is a travel destination itself with its unique architectural elements.

    Joining the ranks of The Shilla Duty Free’s Cosmetics & Perfumes duplex and the DFS Wines & Spirits duplex at the Central Piazza, Louis Vuitton’s arrival at Changi Airport completes the trio of duplexes at T3’s Central Transit Hall, lifting passengers’ retail experience another notch up. A linkway at the mezzanine level above the Crystal Garden connects all the duplex stores and offers passengers the luxury of browsing seamlessly across the three retail spaces.

    Ms Lim Peck Hoon, Executive Vice President of Commercial at Changi Airport Group said, “The Crystal Garden is designed to engage the senses of travellers while capturing the carefree spirit of travel, as it greets travellers when they first step into T3’s Transit Hall. Besides the enriched offering of luxury goods, cosmopolitan travellers can look forward to an engaging retail experience in the revolutionary two-store Louis Vuitton boutique.

    Without a doubt, Louis Vuitton’s definitive French charm and distinct travel heritage plays up Changi’s image as a world-class shopping destination. We are delighted to welcome Louis Vuitton to Changi Airport.”

    Specially conceptualised for the Central Piazza, the Crystal Garden is the seventh feature garden at Changi Airport. It comprises 1,735 Bohemian glass components hand blown with different finishes, giving the sculpture richness and texture.

    Embracing the philosophy that nature soothes, the Crystal Garden gently integrates nature into the Central Piazza, presenting travellers with an interesting juxtaposition of poetic calm amidst a burst of colour and activity.

    The seeds of the dandelions floating across the Crystal Garden represent passengers on their onward journeys, spreading out to different corners of the world, as seeds would travel.

    Behind the Louis Vuitton duplex store, the Central Piazza also offers a new open lounge with plush seating and soft lighting, a dedicated working area and individual charging points, all carefully designed to enhance the T3 experience for all travellers.

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