We’re done with politicians as ambassadors, says Dr M

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Tun Dr Mahathir Mohamad. -Bernamapic
Tun Dr Mahathir Mohamad. -Bernamapic

We’re done with politicians as ambassadors, says Dr M

Breaking News September 21, 2018 12:46

By The Star
Asia News Network
PUTRAJAYA

2,172 Viewed

Politicians will no longer be allowed to be appointed as ambassadors, says Tun Dr Mahathir Mohamad.

The Prime Minister said the government had agreed to a proposal on the matter made by the Foreign Ministry.

“The ministry requested that there should not be any political appointments as ambassadors. We will no longer allow this.

“Of course, there are many members of the government who would like to enjoy life as a diplomat,” said Dr Mahathir at a press conference after chairing the fourth meeting of the Cabinet Committee on Anti-Corruption.

He said politicians currently serving as ambassadors or high commissioners would have their contract terminated immediately.

However, when asked if the decision would affect DAP chairman Tan Kok Wai, who is the government’s special envoy to China, Dr Mahathir said Tan’s role was not the same as that of an ambassador.

“He is based in Malaysia and only goes over to China to do work,” said Dr Mahathir.

Urgent : Vietnamese President Tran Dai Quang dead at 61

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File photo : Tran Dai Quang//AFP
File photo : Tran Dai Quang//AFP

Urgent : Vietnamese President Tran Dai Quang dead at 61

ASEAN+ September 21, 2018 12:34

By Agence France-Presse
Hanoi

2,140 Viewed

Vietnamese President Tran Dai Quang died on Friday at the age of 61 after a serious illness, state media reported.

Hanoi – Vietnam’s President Tran Dai Quang, a former police chief known as a tough politician with little tolerance for dissent, died Friday at age 61 after a serious illness, state media reported.

His death is not likely to dramatically alter politics in a country where the communist state oversees almost every facet of society — although the death of a sitting leader is rare.

Coverage on state media was sombre Friday, with a Vietnam Television anchor dressed in all black as she announced the news of the leader’s death, first reported by the official news agency.

He passed away from a “serious illness despite devoted treatment by professors and doctors”, the official Vietnam News Agency said.

A member of Quang’s staff confirmed his “very sad” death to AFP.

In office as president since April 2016 after more than four decades at the powerful Ministry of Public Security (MPS) — including five years as minister until 2016 — Quang had a reputation as a hardliner and dedicated communist party member.

Though he held one of the country’s top four positions and was officially the head of state, his role as president was seen as largely ceremonial, greeting visiting leaders and hosting diplomatic events in a bid to boost Vietnam’s profile on the world stage.

Quang, also a politburo member, had appeared thin and pale in public in recent months, and was unstable on his feet last week when he hosted a welcoming ceremony for Indonesian President Joko Widodo in Hanoi.

His last public appearance was just two days ago at a meeting with visiting Chinese politicians and foreign dignitaries in Hanoi.

– Checkered legacy –

State media celebrated Quang for his devotion to public service and commitment to the party, which he joined in 1980.

Born October 12, 1956 in northern Ninh Binh province, Quang joined the police academy as a young man and went on to study at the College of Foreign Language in the capital.

His long career in the security ministry — then known as the Interior Ministry — started in 1975 and Quang spent much of his tenure climbing the ranks of the shadowy yet powerful institution, which heads up the country’s secret police and intelligence.

As head of MPS, Quang had a reputation as tough and influential in the inner circles of the communist party, though he often appeared uncomfortable in the public eye and lacked the charisma of some of his peers in the party’s upper echelons.

In an interview with AFP in 2016 ahead of a visit by the former French leader Francois Hollande, Quang read from a prepared statement and was quickly escorted from the room by staff when questions went off-script.

His time in office was dominated by a simmering conflict with Beijing over the South China Sea, a long-running dispute between the communist neighbours that escalated on several occasions.

Vietnam cancelled at least one oil drilling project in the resource-rich region during Quang’s tenure in an apparent bid to quell tensions.

He was the administration’s most public face at a series of high-profile events, most notably at an APEC meeting in Danang in November last year where he hosted a bevy of world leaders — including US President Donald Trump and China’s Xi Jinping.

As president, he oversaw a crackdown on dissidents that rights groups have decried as a chokehold on free expression. Some 100 political prisoners were behind bars as of April with more than 40 jailed this year alone, according to Amnesty International.

It is a bruised reputation that is likely to resonate among critics outside Vietnam, even as his legacy will be celebrated — albeit tightly controlled — at home.

“He was basically at the top of the apparatus of repression that silences voices for human rights defenders, government critics, bloggers and members of civil society,” Andrea Giorgetta of the International Federation for Human Rights told AFP after his death Friday.

He is survived by his wife and two sons.

There was no immediate announcement about when his funeral will take place, though the government is certain to host a state service for him.

Rohingya crisis: UK foreign minister sits down with Aung San Suu Kyi

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British foreign minister Jeremy Hunt ( L ) meets Myanmar state counsellor Aung San Suu Kyi in capital Naypyidaw on September 20, 2018./AFP
British foreign minister Jeremy Hunt ( L ) meets Myanmar state counsellor Aung San Suu Kyi in capital Naypyidaw on September 20, 2018./AFP

Rohingya crisis: UK foreign minister sits down with Aung San Suu Kyi

Breaking News September 21, 2018 06:51

By Agence France-Presse
Naypyidaw

British foreign minister Jeremy Hunt met on Thursday with embattled Myanmar leader Aung San Suu Kyi in the first high-profile state visit to the country since the UN slammed her leadership over the Rohingya crisis.

UN investigators this week released a scathing and meticulous report detailing why several Myanmar generals should be prosecuted for genocide against the Rohingya Muslim minority who were driven out of Rakhine state beginning in August 2017.

The report called for Army chief Min Aung Hlaing and five other top military leaders to be investigated for genocide, war crimes and crimes against humanity for their role in the crackdown.

Under their leadership the Myanmar military face allegations of extrajudicial killings, sexual violence and that wholesale razing of Rohingya villages in Rakhine — the epicentre of the crisis from which more than 700,000 Rohingya fled.

Hunt, who arrived in Yangon on Wednesday, had said he wanted to see “first-hand” the humanitarian crisis faced by the Rohingya.

On Thursday, the foreign minister was taken on an army-chaperoned tour of Rakhine via helicopter.

He arrived in Myanmar’s capital Naypyidaw in the afternoon to have a one-on-one chat with Suu Kyi. They sat together for 15 minutes to speak privately, before their respective delegations joined them.

Hunt said the day before that he planned to bring up the Rohingya humanitarian crisis to the civilian leader, a former pro-democracy icon who has seen a sharp fall from grace internationally due to her failure to address the crisis unfolding in Rakhine.

Suu Kyi is in a power-sharing agreement with the army, which controls a quarter of parliament’s seats and three ministries.

While UN investigators did not call for her to face prosecution for the atrocities committed against the Rohingya, they condemned her government for “acts and omissions” that “contributed to the commission of atrocity crimes”.

Hunt will head to New York next week for the UN General Assembly.

Myanmar and its handling of the crisis is on the agenda for a foreign ministers meeting at the UN on Monday.

Suu Kyi will not be in attendance.

Ban on plastic straws in KL, Putrajaya and Labuan from Jan 1, 2019

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Ban on plastic straws in KL, Putrajaya and Labuan from Jan 1, 2019

Breaking News September 21, 2018 06:45

By The Star
Asia News Network
PUTRAJAYA

Plastic straws will be banned in all the Federal Territories of Kuala Lumpur, Putrajaya and Labuan from Jan 1 next year.

Ministry secretary-general Datuk Seri Adnan Mohd Ikhsan said businesses which are still found to be using plastic straws in 2019 risk having their business licences terminated.

“Business owners may also be fined, lose their deposits, have their trading items confiscated or even be imprisoned.

“The ban on plastic straws is in addition to the ban on plastics bags and polystyrene food packaging, which started in September last year (2017).

“The requirements are clearly stated in their business licences, so there is no excuse for the business owners to claim ignorance.

“Local authorities will not hesitate to take action according to its by-laws,” he said.

Adnan said he hoped all business owners would cooperate and strictly adhere to requirements for the greater good of the environment.

Singapore govt to be given sweeping powers to deal with spread fake news

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he Select Committee on Deliberate Online Falsehoods has made 22 recommendations as part of a swathe of countermeasures against fake news.PHOTO: LIANHE ZAOBAO
he Select Committee on Deliberate Online Falsehoods has made 22 recommendations as part of a swathe of countermeasures against fake news.PHOTO: LIANHE ZAOBAO

Singapore govt to be given sweeping powers to deal with spread fake news

Breaking News September 21, 2018 06:40

By The Straits Times
Asia News Network
SINGAPORE

A parliamentary Select Committee has called for new laws that will grant the Singapore Government powers to swiftly disrupt the spread of online falsehoods, as part of a broad suite of measures to counter the scourge of fake news.

The Select Committee on Deliberate Online Falsehoods made 22 recommendations in all, including enacting legislation, urging technology companies to take proactive steps to tackle fake content on their platforms and creating a national framework to guide public education on falsehoods.

It submitted a 176-page report to Parliament on Wednesday (Sept 19), about five months after it held public hearings over eight days in March to listen to oral representations from 65 individuals and organisations.

The 10-member committee, chaired by Deputy Speaker of Parliament Charles Chong, was appointed in January to examine the phenomenon of deliberate online falsehoods and study what measures Singapore should take to prevent and combat the problem.

Speaking at a press conference on Thursday (Sept 20), committee member and Senior Minister of State for Transport and Communications and Information Janil Puthucheary said deliberate online falsehoods are “a live and serious threat for Singapore that threatens our national security”.

“There is no one silver bullet to combat this complex problem, and a multi-pronged approach is necessary,” the committee said in its report, which included its observations on the hearings.

It proposed a suite of short- and long-term measures, grouped in five broad areas, that would involve a range of parties, including technology companies, media organisations, community leaders and volunteers, as well as the Government.

Its recommendations are aimed at disrupting online falsehoods, nurturing an informed public, reinforcing social cohesion and trust, promoting fact checking and dealing with threats to national security and sovereignty.

In a joint statement on Thursday, the Law Ministry and Ministry of Communications and Information said the Government will study the report closely and work with stakeholders to roll out the non-legislative and legislative measures recommended by the committee over the next few months.

The Government acknowledged the “serious challenges and real risks” posed by deliberate online falsehoods, which include harming national security and inciting public unrest and violence. It also noted that the committee has made clear Singapore is not immune from this grave threat.

On disrupting online falsehoods, the committee said the Government should have the powers to limit or block the spread of fake news, and discredit the sources of such falsehoods.

Legislation will be needed to effectively disrupt the spread and influence of fake news, it stressed.

In recommending new laws – a move that observers had expected following the hearings – the committee did not go into the specifics of what form the new laws would take. Rather, it set out the principles that any new legislation should follow.

For instance, the measures will need to be effective in a matter of hours, to achieve the aim of stopping the falsehoods going viral. These measures could include take-down powers, blocking access, and tagging corrections and notifications.

The committee also urged the Government to consider laws that could cut off digital advertising revenue to those who spread online falsehoods, and impose criminal sanctions in serious cases, for instance, when falsehoods cause public disorder or election interference.

In a nod to concerns about legislative over-reach and stifling free speech, the committee noted the new laws should be calibrated, taking into account the context and circumstances of each case.

“It is also important that they be accompanied by checks and balances,” the committee said, adding that adequate safeguards need to be put in place to ensure due process and the proper exercise of power.

It acknowledged that legislation has its limitations and needs to be accompanied by other measures.

To bring about a more informed public, the committee recommended creating a framework to guide efforts to improve media literacy among Singaporeans, as well as expanding the curriculum in schools to include the topic of disinformation.

It suggested that media organisations and industry partners consider establishing a fact-checking coalition to swiftly debunk fake news, and gave several ideas on ways to ensure accurate journalism.

Meanwhile, technology companies need to be more transparent and accountable, the committee said.

It recommended several steps they can take, including closing accounts that are designed to amplify online falsehoods, and banning the placement of ads on sites that spread fake news.

They should also disclose when content is sponsored, and by whom, as well as undertake regular voluntary reporting and independent audits, the committee said.

It added that the Government should consider both legislation and other forms of regulation to get tech companies to comply.

“Legislation would be needed particularly for measures to be taken in response to an online falsehood, since Facebook, Google and Twitter have a policy of generally not acting against content on the basis that it is false,” it said.

The committee, which received 170 written representations, devoted the first half of its report to outlining the serious harm of deliberate online falsehoods, which can and have wreaked havoc.

Such falsehoods are a “unique phenomenon of an unprecedented scale”, and can damage the social fabric of a nation and violate national sovereignty, it added.

Deliberate online falsehoods are a real and serious problem for the world, and Singapore, it concluded.

Mr Chong said the report was unanimously agreed upon by all 10 members of the committee.

Besides Mr Chong and Dr Janil, the other eight members are: Home Affairs and Law Minister K. Shanmugam, Minister for Social and Family Development Desmond Lee, Senior Minister of State for Law and Health Edwin Tong, Senior Parliamentary Secretary for Home Affairs and National Development Sun Xueling, Mr Seah Kian Peng, Ms Rahayu Mazam, Mr Pritam Singh from the Workers’ Party, and Nominated MP Chia Yong Yong.

Australia supermarket bans needles amid strawberry crisis

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  • Empty shelves, normally stocked with strawberry punnets, are seen at a Coles Supermarket in Brisbane, Queensland, Australia, September 14.//EPA-EFE
  • Australian Opposition Leader Bill Shorten (L) and Labor MP Susan Templeman (R) eat strawberry pancakes, amid ongoing cases of fruit contamination.//AFP
  • Braetop Berries strawberry farmer Aidan Young holds a strawberry as he poses amid strawberries he will destroy following a nationwide needle scare, on his farm in the Glass House Mountains in Queensland on September 20.//AFP

Australia supermarket bans needles amid strawberry crisis

Breaking News September 21, 2018 01:00

By AFP

Sydney – Sewing needles were taken off the shelves at a major Australian supermarket chain Thursday amid a national panic over sharp objects being found inside strawberries and other fruit.

Police nationwide have received reports of more than 100 alleged incidents of pins and needles being found in fruit since the scare began in Queensland state earlier this month.

Most are thought to be pranks or jokes on social media, but at least two minors have been questioned by police for carrying out hoaxes.

Woolworths, one of the country’s big two supermarkets, announced that it had “taken the precautionary step” of temporarily withdrawing needles from sale, as police struggled to find the original culprit amid a spate of copycat episodes.

“The safety of our customers is our top priority,” the retailer said, without discussing further the reasons behind its decision.

The fruit scare has been given a national and international profile by new Prime Minister Scott Morrison, who has addressed it publicly several times in the last few days.

His government has successfully raised the maximum prison sentence for fruit tampering from 10 to 15 years, with parliament passing the legislation on Thursday.

Australian politicians of all stripes have been quick to appear in front of a camera eating, cutting up and picking strawberries to show their support for farmers.

Opposition leader Bill Shorten appeared in parliament to ask Australians to buy “a punnet for yourself and a punnet for the nation”.

The prime minister also shared a recipe for strawberry pavlova used by his wife, which he declared “the best pav I’ve ever had.”

‘I am not a thief’, says Najib

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Former PM Najib Razak
Former PM Najib Razak

‘I am not a thief’, says Najib

ASEAN+ September 21, 2018 01:00

By The Star
Asia News Network

KUALA LUMPUR: Embattled former prime minister Najib Razak, who was slapped with 25 fresh corruption and money-laundering charges on Thursday (Sept 20) has once again said that he is not a thief.

“As we all know, the RM2.6 billion issue was used relentlessly to criticise and tarnish my name all this while.

“All the charges today will give me a chance to clear my name – that I am not a thief.

“I hope my journey in court will uphold the truth and put to rest this RM2.6bil issue once and for all,” he said to reporters right before leaving the Kuala Lumpur High Court on Sept 20.

“I don’t want to make any statements that can be deemed as sub judice. But for me and my team of lawyers, God willing, we have facts that are on our side.

“We hope that the (eventual) verdict will show that the rule of law does indeed exist in this country.”

Najib also downplayed the latest charges against him, saying that once the public comprehends the facts and figures behind the case, they will realise that it is not such an “explosive” accusation.

“Once we understand the facts and we do some calculations, we will come to the conclusion that I returned a large sum of money right after the 13th General Election.

“I want to thank the Malaysian Anti-Corruption Commission (MACC) and the police for treating me well.

“I have no problems going through the legal process as long as I’m given justice and a chance to clear my name,” he said.

Najib was granted bail of RM3.5mil with two sureties in his latest court case after he was slapped with 25 graft and money-laundering charges involving RM2.3bil.

Najib’s lawyer Tan Sri Muhammad Shafee Abdullah requested for bail to be paid in staggered payments, with RM1mil to be paid on Friday (Sept 21) and another RM500,000 next week.

“Our bank downstairs (in court) takes half a day to count RM500,000, unlike our Indian money changers,” he said on Thursday (Sept 20).

Sessions Court judge Azura Alwi allowed the bail payments be made over a period, as long as it was settled by Sept 28.

Earlier, Najib, 64, pleaded not guilty to four graft charges. He also claimed trial to 21 charges under the Anti-Money Laundering Act and Anti-Terrorism Financing Act 2001 (Amlafta).

According to the charge sheet, the offences occurred at the AmIslamic Bank Berhad branch on Jalan Raja Chulan here while in his position as a civil servant when he was prime minister, finance minister and the adviser emeritus of 1MDB.

Previously Najib was charged with receiving RM42mil bribe as an inducement to come to a decision on behalf of the Malaysian government to provide a sovereign guarantee for a loan of RM4bil from the KWAP to SRC International Sdn Bhd.

He also faces three other charges of criminal breach of trust in his capacity as then prime minister, finance minister and adviser emeritus of SRC International, in which he was entrusted with RM4bil.

He is alleged to have misappropriated funds through various banks here on three occasions between Dec 24, 2014 and March 2, 2015, amounting to RM27mil, RM10mil and RM5mil.

He was later hit with another three counts of money-laundering amounting to RM42mil under Section 4(1)(b) of Amlafta.

The High Court released Najib on bail of RM1mil with two sureties, and the additional condition that Najib surrender both his normal and diplomatic passports.

AEC Feed

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AEC Feed

ASEAN+ September 21, 2018 01:00

By Asia News Network

World’s first unified QR code ‘positive’ for Singapore banks

Credit ratings agency Moody’s said yesterday that Singapore’s launch of the world’s first unified payment QR code, or the Singapore Quick Response Code (SGQR), will accelerate mobile payments in the country.

The move is also credit positive for Singapore’s three largest banks – DBS, OCBC, and UOB – as a single QR code used to process mobile e-payments will encourage more consumers and merchants to adopt mobile e-payments.

“The mobile-payment schemes of the three Singapore banks have the widest market reach among the 27 mobile-payment scheme operators in Singapore. The banks will benefit from wider public acceptance and usage as the SGQR code rolls out,” said Moody’s.

The new code will consolidate multiple payment QR code platforms now used by 27 mobile-payment scheme operators in Singapore into a single common QR code label and will be rolled out over the next six months. – The Straits Times

Chinese in focus in Cambodia’s new tourism safety measures

The Ministry of Tourism in Cambodia has announced new measures to insure the safety of foreign visitors in the Kingdom, particularly the increasing number of Chinese tourists.

The ministry’s directive comes as tourist numbers are booming. Government data showed that international tourist arrivals to Cambodia reached 3.45 million in the first seven months of 2018, up 11.1 per cent over the same period last year.

Chinese visitors accounted for more than one million of those arrivals, according to the ministry.

The new safety measures require concerned parties to monitor a range of factors, including weather conditions and tourists’ modes of transport.

The directive called for increased use of safety cameras, emergency call numbers and public safety signs.

It also advised travel agents against taking tourists to places considered to be high risk, especially Chinese visitors. |– Phnom Penh Post

Budget panel revises rupiah exchange rate assumption

The budget committee of Indonesia’s House of Representatives has revised the rupiah exchange rate assumption in the 2019 state budget bill to 14,500 rupiah per US dollar from 14,400 rupiah per US dollar as previously proposed by the government in a draft bill.

Lawmakers and government representatives agreed on the revised figure after reviewing ongoing economic developments.

The Finance Ministry’s fiscal policy head, Suahasil Nazara, said the government saw potential for rupiah appreciation in 2019, although the currency would still face external pressures next year.

“In our opinion, there is a chance for [rupiah] appreciation, but we also see that, with the current global conditions, depreciation may still continue into next year,” Suahasil said.

With the slight revision, lawmakers took into account rupiah depreciation driven by the United States Federal Reserve’s tightening of policies and a possible increase in the current account deficit. – The Jakarta Post

Singapore’s 4Fingers buys 50% stake in Aust’s Mad Mex

Singapore fried chicken chain 4Fingers announced it has acquired a 50 per cent stake in Mad Mex Fresh Mexican Grill (Mad Mex), an Australian brand of Mexican eateries, for an undisclosed sum.

The move marks 4Fingers’ first step towards its “aggregation of high-quality complementary portfolio of food and beverage concepts with global scalability”, according to its statement.

As part of the partnership, 4Fingers will initially establish Mad Mex’s presence in Southeast Asia and expects to open a number of outlets in Singapore and Malaysia in the next 12 months. 4Fingers has already shortlisted a number of potential locations in both countries for Mad Mex’s rollout, but did not give specific details.

This brand acquisition strategy will enable the group to continue to “aggressively scale up its management bandwidth and further capitalise on supply chain, menu innovation, shared services and other scale economies”, said a statement by 4Fingers.

Mad Mex is said to be a leading quick service restaurant (QSR) brand in Australia, according to the Roy Morgan Customer Satisfaction Survey March 2018. – The Straits Times

Malaysia to widen money inflow

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Malaysia to widen money inflow

ASEAN+ September 21, 2018 01:00

By THE STAR
ASIA NEWS NETWORK
PETALING JAYA

THE MALAYSIA government, which had previously identified at least 10 billion ringgit worth of spending cuts, plans to further strengthen its cashflow by monetising some of its non-strategic assets and gradually issuing new sovereign debts.

In a statement, Finance Minister Lim Guan Eng said these measures are expected to address the country’s short-term financing needs, without adversely impacting economic growth.

Economists have lauded the government’s decision to trim its balance sheet by engaging in the sale of shares and land, and leasing of idle government assets and buildings.

Alliance Bank Malaysia Bhd chief economist Manokaran Mottain told StarBiz that the monetisation of the government’s non-critical and non-strategic assets would create a new stream of money inflow and help to deal with any shortfall in revenue.

“It makes sense for the government to do away with such assets that are non-productive and left idle. If the government continues to retain such assets, not only are there any significant returns gained, but the government will also have to bear the cost of maintaining the assets.

“The sale of shares is also another good option. Such divestments will reduce the government’s control in the stock market and offer more options for retail investors, thus improving liquidity,” he said.

Echoing a similar stance, MIDF Research chief economist Kamaruddin Mohd Nor said the government must identify proper non-strategic assets before monetising them.

“Asset monetisation should not be done just for the sake of it. Only those assets that do not provide good returns should be disposed. Relevant experts must look into the mechanics before deciding which asset to sell,” he said.

On the government’s plan to issue new bonds to support its financial needs, Kamaruddin described it as a “normal operation”.

He was asked whether the fresh debt issuances would put pressure on the country’s debt leverage, considering Malaysia’s liabilities that have soared past the RM1 trillion mark.

“The issuance of sovereign bonds is an ongoing process for any country. In the case of Malaysia, the abolition of the goods and services tax (GST), coupled with fuel subsidy, have put pressure on the country’s financial standing.

“The government clearly needs additional financial support despite the expenditure cuts. As long as the country’s annual debt services charges are maintained prudently with a proper borrowing strategy, the issuance of new debt will in fact be sustainable,” he said.

Finance Minister Lim assured that the additional debt issuance would be gradual as well as transparent to the market via announcements through the auction calendar as per current practice.

“This will ensure that investors would be able to absorb the additional issuances without major adjustments in yields that could increase the borrowing cost of the government,” he said.

Elaborating on the government’s choice of financing options, Lim pointed out that the priority is towards finding the lowest financing cost.

“Second, the timing and size of fund-raising will be guided by the ability of the financial markets to absorb it in an orderly manner and avoid unintended consequences.

“Third, any form of strategy adopted will be focused on maintaining the overall confidence in fiscal sustainability and economic resiliency,” he said.

In his statement, Lim also announced the establishment of the Public Finance Committee (PFC), which will focus on strengthening public finances and driving the medium-term fiscal strategy.

Chaired by Lim himself, the PFC will also comprise Economic Affairs Minister Datuk Seri Mohamed Azmin Ali and Bank Negara governor Datuk Nor Shamsiah Mohd Yunus.

The top-level committee aims to balance the federal government’s fiscal responsibility, while at the same time ensuring continuous spending and investment for Malaysia’s future economic growth.

“This committee will also devise strategies and plans in managing fiscal challenges, given the abolition of the GST, all of which would be incorporated in a medium-term framework on fiscal consolidation,” said Lim.

On the delayed GST refunds, Lim said the government would honour the refunds gradually from 2019. Payments for small businesses will be prioritised, as they are likely to be most affected by the delay in the refund.

In response to the formation of the PFC, Manokaran said it should also include several representatives from the private sector to incorporate the views of all relevant stakeholders.

Ascott Reit wins site for lyf co-living property in maiden project

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Ascott Reit wins site for lyf co-living property in maiden project

ASEAN+ September 21, 2018 01:00

By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

IN ITS first development project, Ascott Residence Trust (Ascott Reit) has acquired a prime greenfield site at Singapore’s research and innovation business hub one-north for $62.4 million, the company announced yesterday.

It plans to develop the 60-year leasehold site at Nepal Hill into a co-living property managed by the Reit’s (real estate investment trust) sponsor, The Ascott Limited, under its co-living brand lyf.

The property, which will be named lyf one-north Singapore and offer 324 units over a gross floor area of more than 73,447 square feet, is slated to achieve its Temporary Occupation Permit by 2020 and open in 2021.

The site was put up for sale by JTC Corporation in a two-envelope concept and price tender, and received four bids. Tenderers were evaluated based on their proposed concept and tender price, with the concept proposal including the design concept, the community building programming, and the general building requirements.

The one-north estate where it is located has attracted more than $7 billion worth of investments in industries such as biomedical, info-communications and media. It is also a talent development hub with several world-renowned business schools and corporate universities in the area.

Ascott Reit’s bid of $62.4 million for the site was the highest of the four and nearly $13 million more than the second-highest bid of $49.5 million by Ascendas Nepal Hill Property. Its proposal features creative use of communal spaces and comprehensive programmes to promote social bonding, wellness, personal development and business networking.

“Compared to acquiring completed properties, this investment not only allows us to have an early entry at a lower cost, enjoy development profits, but we can also expect higher yield in the long term,” said Bob Tan, chairman of Ascott Residence Trust Management Limited.

lyf one-north Singapore will be located next to one-north MRT station and a 30-minute ride to the Central Business District.

Guests will enjoy a fully digital customer experience and communal amenities such as a lap pool, social kitchen, fitness area and barbeque garden.

“The strong government support and private sector investment in one-north give us further confidence to invest in the site. This is an important move to build Ascott Reit’s pipeline of quality yield-accretive assets in Singapore, a mature hospitality market with stable performance, especially since it is becoming harder to find immediately accretive assets in the country.”