Singapore to invest $15.5 bil in defence, security & diplomacy efforts

Singapore to invest $15.5 bil in defence, security & diplomacy efforts

Michelle Zhu
18/02/19, 04:00 pm

SINGAPORE (Feb 18): The Singapore government has committed to invest some $15.5 billion – which is equivalent to about 30% of its total expenditure this year – to support the city state’s defence, security and diplomacy efforts.

“This spending is significant, but indispensable. We will invest more, if the need arises, to protect the sovereignty of Singapore and the well-being of Singaporeans,” says Finance Minister Heng Swee Keat.

During his Singapore Budget speech this afternoon, Heng highlights how the Ministry of Home Affairs (MHA) is intending to set up a Home Team Science & Technology Agency by the end of this year with the aim of developing science and technology capabilities to support the Home Team’s operational needs.

These capabilities will strengthen the Home Team’s ability to carry out its mission of safeguarding Singapore, he adds. 

This comes against the backdrop of high levels of terrorism threats faced by Singapore, growing malicious cyber activities, and the possibility of foreign actors continuing to influence Singapore’s domestic affairs and policies.

On a national level, he says the government intends to “plan long-term and take measures” including stockpiling critical supplies; diversifying Singapore’s sources of water supply, and strengthening its food security.

“To stay ahead of these threats, we must continue to innovate and build new capabilities to meet our security needs. Both the public and private sectors have a major role to play… Everyone has a role to keep Singapore safe and secure. Let us continue to stay united in defending our home and way of life," says Heng. 

Right timing: STI’s upclimb supported by momentum and moving averages

SINGAPORE (Apr 20): There has been little change in the trend and chart pattern of the Straits Times Index. The index has been on a very glacial ascent towards 3,420, the target indicated when the index broke out of resistance at 3,190 in mid-Jan. Quarterly momentum eased during the past four trading sessions. The 100- and 200-day moving averages have turned positive. This coupled with positively placed DIs and rising ADX should continue to underpin the STI. The only cautionary signals are the somewhat overbought levels of short term stochastics and 21-day RSI, and stagnant vol....

SMI takes legal action against Hyflux; Maybank moves on Tuaspring

(Apr 20): SM Investments (SMI) has terminated its rescue agreement with Hyflux, it announced on Friday. Hyflux, on its part, had already on April 4 terminated the same agreement with SMI. SMI claims it has thus far abided by the agreement. “To clarify, SMI does not accept the purported termination of the Restructuring Agreement by Hyflux on 4 April 2019. This is because the termination was not in accordance with the terms of the Restructuring Agreement," said SMI. Under the agreement reached last October, SMI, led by Indonesian tycoon Anthoni Salim, was to have invested $530 million in....

CCT reports 3.8% higher 1Q DPU of 2.20 cents on higher property contributions

SINGAPORE (April 19): The manager of CapitaLand Commercial Trust (CCT) has reported a 1Q19 distribution per unit (DPU) of 2.20 cents, rising 3.8% y-o-y from 2.12 cents due to higher contributions from Gallileo and Asia Square Tower 2. Gross revenue and net property income (NPI) for the quarter increased by 3.5% and 3.4% to $99.8 million and $79.8 million, respectively. This comes after booking contributions from Gallileo – an office building in Frankfurt, Germany which the trust acquired a 94.9% stake in during June 2018 – as well as higher occupancy at Asia Square Tower 2, both of w....