SINGAPORE (Feb 18): “I’m a thief of hearts who has many supporters.” — Former Malaysian prime minister Najib Razak in response to Economic Affairs Minister Azmin Ali, who called him a thief.

Household income growth slows

Household income in Singapore rose marginally in 2018 from the year before, with households across the board earning more. The median monthly household income per household member rose from $2,699 in 2017 to $2,792 in 2018. However, real growth in overall average monthly household income slowed from 3.4% in 2017 to 3% in 2018. Real change in median monthly household income slowed from 3.9% in 2017 to 3% in 2018.

The Gini Coefficient — a measure of income inequality — before government transfers and taxes, however, remained constant at 0.458, slightly lower than 2017’s 0.459. The Gini Coefficient after government transfers was 0.404 in 2018, a touch higher than 2017’s 0.402. The Gini Coefficient ranges from 0 to 1, with 1 being the highest inequality. Government transfers include broad-based schemes such as Central Provident Fund top-ups and utilities bills rebates, as well as those targeted at specific demographics, such as the NS Bonus for national servicemen and the Pioneer Generation Package for the elderly.

Authorities deny Brochez’s allegation

Singapore authorities have denied allegations made by Mikhy Farrera Brochez, the American at the centre of the Singapore HIV Registry leak. Brochez has alleged that he was abused while in police custody and was sexually assaulted and contracted HIV in prison, where prison authorities denied him HIV medication. Brochez also alleged that another man had leaked the data from the HIV Registry. “On the contrary, during Brochez’s imprisonment, he committed a litany of institutional offences, including assaulting a fellow inmate,” says Singapore Prisons Service in a statement.

Forty-one data loss cases reported

The Singapore government has reported 41 cases of personal data loss to the police in the last three years. During a parliamentary sitting on Feb 13, Deputy Prime Minister Teo Chee Hean said 30 cases involved missing laptops, with no individuals’ data compromised, while 11 cases affected individuals, who were notified. Teo also disclosed that government agencies lodge police reports if there is suspected foul play or physical assets such as a laptop go missing. The Personal Data Protection Commission is not informed, however, as it is not within its scope to investigate.

Of the 11 cases that affected individuals, they were notified within three weeks of the police report, and the general public was informed of four of the 11 cases. Teo said no data was compromised in the 30 cases involving missing laptops, as government laptops are encrypted and cut from the network when reported lost. Various Singapore public agencies have experienced a slew of data breaches.

SGX RegCo cannot prevent companies from failing

SGX RegCo regulates listed companies, but it cannot prevent companies from failing, said Education Minister Ong Ye Kung in Parliament.

Instead, it promotes transparency and proper disclosure requirements for investors to make informed decisions.

Ong, who was speaking in his capacity as a board member of the overall financial markets regulator, the Monetary Authority of Singapore, also said SGX RegCo was not built from scratch, but had taken over the regulatory functions and resources of the Singapore Exchange. “SGX RegCo, like most reputable regulators, takes a risk-based approach in determining where to focus its efforts and resources. This is the right approach,” said Ong.

He was responding to questions on whether SGX RegCo has enough resources to fulfil its responsibilities. The questions came after a spate of company failures over the last two years, including Hong Kong-based, Singapore-listed commodities trader Noble Group, which had been given a clean bill of health by its auditor, EY Hong Kong. Singapore authorities are investigating Noble’s auditor and key executives for possible breaches.

The US and China make scant progress on trade talks

The US and China have made little progress so far during trade talks in Beijing, leaving much work to be done before President Donald Trump and his counterpart Xi

Jinping look to seal a deal at a yet-to-be scheduled summit, reports Bloomberg News. In closed-door sessions, the two sides have failed to agree on the structural reforms to China’s economy that the US has requested, even as both seek to avoid an increase in tariffs after March 1, according to US and Chinese officials who asked not to be identified because the talks were private.

Branson urges peers to be more ‘inclusive’

Richard Branson has joined the growing chorus of top business leaders questioning wealth inequality in the world. The Virgin Group founder believes the wealthiest deserve heavy taxes if they fail to make capitalism inclusive. “I don’t think we should throw out capitalism. But, for those of us who are fortunate to have made wealth, we have a responsibility to throw that out there and tackle some of the great problems. If we don’t do that, then we deserve to have very heavy taxes levelled on us,” Branson said at the Milken Institute Summit in Abu Dhabi.

This comes as recent conferences such as Davos have resulted in disparate views on how to tackle wealth inequality, with business leaders proposing everything from progressive and estate taxes to calling for the private sector to fix today’s major problems.

https://s3-ap-southeast-1.amazonaws.com/tesuploads/869/SG%20gini.JPG

Briefs

Temasek's GenZero invests in At One Ventures' US$375 mil Fund II backing 'disruptive climate tech'

Total value of assets seized in money laundering case now more than $2.8 billion

VTAC proposes business combination with live streaming platform 17LIVE

Data is the new oil but is it as dirty?

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

Trade Stocks, ETFs, Forex and Futures with Phillip Nova:

Briefs

Related News

Highlights

Temasek's GenZero invests in At One Ventures' US$375 mil Fund II backing 'disruptive climate tech'

Related News

Hong Kong investor and EPF pare stake in Interra Resources, Riverstone respectively

DBS and Sea: Two ends of a barbell?

SGX sticks to multi-asset push as MSCI ditches Singapore to cast its lot with Hong Kong