Singapore business, finance and trade news, every Monday.
Haze Threatens O-Level Schedule
The 24-hour PSI in western Singapore got as high as 230, the highest reading (again!) this year. Air quality has been unhealthy every day since Oct. 5, the longest run in more than a decade. Sustainability and Environment Minister Grace Fu expects (hopes for?) relief in late October or early November, but she said that the PSI could top 300 if the weather turns against Singapore. If that were to happen, the Education Ministry is expected to reschedule O-level papers that are due through Nov. 10. Employers are being told that they have to protect their outdoor workers.
Read more: CNA (outdoor workers), Straits Times (Oct 19 forecast), Business Times (N95 masks, shelters), Business Times (mask vending machines), Business Times (school contingencies)
Seven Sumatra Landholders Get Haze Notices
NEA has investigated and found the haze is coming from fires on land held by seven companies in Sumatra. It plans to tell them to send firefighters, stop burning and submit prevention plans. Three of the companies supply wood to Asia Pulp & Paper and got similar notices in 2015. Fu has not said where the companies are registered. A conviction under Singapore's haze law result in fines of up to S$100,000 ($77,000) a day.
Read more: CNA (diplomatic risks), Business Times (named companies), Business Times (fine cap), Business Times (legal options)
MAS Pauses Despite Stronger Growth
MAS left its policy band unchanged after tightening twice this year, surprising 17 of 20 economists in a Bloomberg poll. Third-quarter growth was 5.4 percent in early estimates, a touch above the 5.1 percent consensus. UOB and DBS are now forecasting 5.7 percent growth for FY 2026, ahead of the government's declared 4.5 to 5.5 percent range. Currency calls are split: HSBC expects investors to borrow in Singapore dollars again, Maybank is staying bullish on the currency.
Read more: Business Times (inflation forecast), Business Times (GDP forecasts), Business Times (S$NEER reaction), Business Times (tightening pause)
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Strike Sinks Singapore-Registered Ship
Unidentified projectiles hit the Singapore-registered GFS Pride in the Strait of Hormuz, starting a fire that sent the container ship to the bottom. All of the 21 crew were able to escape unhurt. A second Singapore-registered vessel, GFS Giselle, was then hit the next day but found a safe anchorage and its 22 crew are reported as safe. Neither ship had any Singaporeans aboard.
Read more: Business Times
Wong Looks for Energy Security in Gulf
Lawrence Wong is paying a visit to Qatar and the UAE on his first Middle East trip as PM, during a time that the regional war continues to stem LNG flows that Singapore is reliant on. Qatar supplies about a quarter of Singapore's LNG; imported gas generates about 95 percent of Singaporean electricity.
Read more: CNA
Non-Oil Exports Up 68.4 Percent
Singapore's non-oil domestic exports were up 68.4 percent from a year earlier through the month of September, more than twice the 32.2 percent economists foresaw. Volatile shipments of ship structures, gold and specialized machinery drove the fastest growth since 1980. RHB has raised its full-year forecast to 25 percent from 15.5 percent.
Read more: Business Times
AirTrunk Puts $1.5 Billion Reit IPO on Hold
Blackstone-backed AirTrunk has decided to postpone a Singapore Reit IPO that was expected to raise about $1.5 billion and that would have valued the trust at roughly $15 billion. A sell-off in tech and AI stocks have spoiled the expected September/ October launch. AirTrunk hasn’t shared a new target date, but word is that they are still keen to list by early 2027.
Read more: Business Times
MPA Automates Bunkering Data, Opens LNG Storage
Singapore will automate its flow of fuel measurements to the Maritime and Port Authority, traders and financiers, getting rid of manual entry and the intermediary handling of yore. MPA is to call for grants in November for a second round of trials and invite applications to run floating LNG storage units. LNG bunker sales were a record 570,000 metric tons last year and were up almost a full quarter in the first eight months of this year.
Read more: Reuters (PetroChina license), Business Times (ammonia bunkering trial)
Network Fault Hinders Public Healthcare
A network fault disrupted appointment booking, visitor registration and billing at Singapore's three public healthcare clusters for about 9½ hours this week. Emergency care, surgery and scans were able to go on under backup contingencies, but some hospitals saw longer waits that normal for service. National healthtech agency Synapxe was able to bring service back online by 4:37 p.m. and said there wasn’t any sign of a cyberattack, so we suppose it was just old fashioned incompetence.
Read more: Business Times
Julius Baer Trust Arm Loses $50 Million Case
Julius Baer Trust Company (Singapore) lost a High Court case brought by the folks behind the Moss Trust, which holds more than $50 million in assets. The accusers said that the firm, as trustee, breached its trust and fiduciary duties. The court also struck down an unusual clause that gave the trust's protectors the final say in disputes, saying that the clause improperly displaced the court's authority.
Read more: Business Times
Anthropic Opens Singapore Office
Anthropic (readers may be more familiar with it’s flagship AI product, Claude) has opened its fifth Asia-Pacific office in Singapore and signed an agreement with the Digital Development and Information Ministry. They say they are in the city to work on AI safety, security, model testing and figuring out how to turn research into adoption.
Read more: Anthropic
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