Industrial Successes for 2022 in SG

Industrial Successes for 2022 in SG

Singapore, a significant financial centre in the Asia Pacific region, has long been regarded as one of the world's most sophisticated economies. Singapore was named the world's second most open economy in 2017 by the Heritage Foundation's Index of Economic Freedom, while the World Bank's Doing Business report named Singapore the world's second most pro-business government. Despite its limited domestic market and scarcity of natural resources, Singapore effectively survived the 1997 and 2008 financial crises. Singapore's economy is now one of the most stable in the world, with no external debt, substantial government income, and a constant positive surplus. Singapore's economy is primarily supported by exports of electronics and machinery, financial services, tourism, and the world's busiest cargo harbor.

The manufacturing sector is by far Singapore's largest industry, accounting for 20 percent to 25 percent of the country's yearly GDP. There are key industry sectors in Singapore's manufacturing, and they include chemicals, electronics, transport engineering and logistics sectors. The manufacturing sector increased by 35% in the third quarter of 2017, with clusters such as electronics and precision engineering benefiting from robust demand. Closely following Singapore's manufacturing industry is its financial services industry, which has had consistent expansion as a result of the country's pro-business climate and political stability. Singapore's financial services marketplace, home to over 200 banks and a regional center of choice for many global financial services organizations, promotes the movement of information, processes, technology, and skills across global, regional, and domestic markets.

Singapore, positioned at the southern end of the Malaysian peninsula and with a land area less than New York, lacks considerable natural resources. Singapore, on the other hand, has grown into a regional oil and gas centre; she's also a renowned leader in sustainable water solutions and projects such as NEWater and the Deep Tunnel Sewerage System. Singapore's primary natural resource, it has been claimed, is its people - and in a booming economy, this could not be more true. As the economy expands, both local and non-local businesses will have access to a larger pool of educated workers and, eventually, a growing consumer market.

Singapore's infrastructure has always been well-developed as a commercial and military seaport throughout the British colonial era. Following the country's independence in 1965, the post-colonial administration worked to enhance and extend the country's transportation, communications, industrial, and housing infrastructure. Singapore has 9,310 kilometers of paved highways, 199.6 kilometers of rail (mass rapid transit and light rail combined), and island-wide bus, taxi, and ride-share operations. The public transportation system is efficient, safe, and on time.

Changi International Airport has direct flights to 380 locations in 90 countries. It handles almost 7,000 weekly flights, moving passengers and goods all over the world. By water, the Singapore port provides shippers with access to nearly 200 shipping lines and 600 ports in 123 countries. At any given moment, the Singapore port may have up to 1,000 ships moored, making it among the world's busiest container ports.

The telecommunications system is no less impressive: Singapore does have one of the highest mobile penetration rates in the world, with 1.5 phones per person, and more than 90 percent of Singaporean households have Internet access. You may utilize a free island-wide Wi-Fi service called Wireless@SG at hotspots including as coffee shops, fast-food restaurants, and Changi Airport. Singapore also has an abundance of industrial and commercial facilities for enterprises. Jurong Town Corporation (JTC) offers around 47.7 million square meters of strategically positioned constructed industrial space available for the construction of factories, warehouses, and business parks. Commercial firms can choose from a variety of world-class high-rise and low-rise offices in the Central Business District and other sections of town.

Since 1995, the Singapore government has had no external debt. In terms of domestic debt, the total outstanding government borrowing as of the third quarter of 2017 was S$496 billion, which included registered stocks and bonds, treasury bills, and advance deposits. The Singapore government has a healthy balance sheet, with assets outweighing obligations, as a result of executing these strategic debts with strong asset protection, vigorous economic development, and sound macroeconomic policies.

As of the third quarter of 2017, the Singapore government's overall revenue was anticipated to be S$69 billion. Singapore, like other governments, derives the majority of its revenue from taxes, including income, property, excise and customs levies, and GST. Other government revenue sources include license and permission fees, leasing of government property, penalties and forfeitures, and capital earnings from the sale of capital goods.

Business of Meta-Digital Technology

Business of Meta-Digital Technology

Color Star Technology Co., Ltd. (Nasdaq: CSCW) ("Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence ("AI") in the entertainment industry, recently officially announced the establishment of its Singapore subsidiary, Color Metaverse Pte. The subsidiary will be fully focused on developing its business of digital commerce and products in the metaverse. This indicates that Color Star will be furthering its development into its core businesses through specialist subsidiaries.

Color Star is a global company with its main focus set on developing high technology. It currently has its own teams of experts operating in Europe, America, the Middle East, and Asia. In order to better facilitate the development and management of its business, it has set up subsidiaries in various countries. Each subsidiary is responsible for a section of Color Star's commercial operations. The establishment of the Singapore subsidiary also heralds the beginning of the AI digital economy era, with the Color World metaverse platform as the starting point. The Singapore subsidiary will focus on combining digital merchants, digital products and the metaverse platform, providing an all-inclusive technology platform for retailers and members worldwide.

Furthermore, the establishment of the Singapore subsidiary also provides a positive boost to the expansive global network of the parent company, Color Star. Singapore has a unique advantage in terms of location, business environment, and technological advancement. Color Star will focus on Singapore in the future, linking together global technology and AI development. It is without a doubt of extraordinary significance for Color Star and the Color World metaverse to work in tandem with the world's cutting-edge technology. The Asian version of Color World will soon be launched, and consequently the number of Southeast Asian users and businesses will increase significantly. Users in Europe, America, the Middle East and Asia will be closely connected through the digital platform, bypassing geographical restrictions, and the advantages are especially obvious in the current unstable economic environment caused by the pandemic.

Lucas Capetian, CEO of Color Star states: "The establishment of the Singapore subsidiary is proof that Color Star has made significant progress since the business transformation, which is also proof that shifting our focus onto the metaverse was the correct decision. On the other hand, we will be bringing changes to the concept of traditional physical stores through our development of digital integration, which will very likely see success, and not only for the cultural entertainment industry. As a technology company, we are also bound to further develop each of our individual commercial ventures, so that our partners and shareholders can see that Color Star is a company capable of infinite possibilities and instant results. They will believe that we will be better and better in the future by witnessing our results and successes."

Color Star Technology Co., Ltd. (Nasdaq: CSCW) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color China Entertainment Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform.

Budget Direct Insurance Challenges Singapore Motorists

Budget Direct Insurance Challenges Singapore Motorists

The award-winning Singapore insurer is challenging motorists to beat their price on motor insurance. Drivers, currently not insured by Budget Direct, are being invited to get a car insurance quote from them and if they can't beat the current renewal offer for the same level of cover, they'll give the motorist $188, even if the motorist doesn't buy from them.

Motorcyclists can join in too and will receive up to $88 if their challenge is successful. The leading online insurer for car, motorcycle and travel says it's a win-win for local motorists who will either benefit by paying less for their insurance or be rewarded with cash.

An independent study by consumer researchers, ValueChampion, found that Budget Direct offers Singapore's cheapest comprehensive car insurance plans, and the cheapest comprehensive motorcycle insurance plans for safe riders.

Drivers with the online insurer can pay up to 55% less than the average car insurance premium offered by other insurers regardless of gender and No Claims Discounts (NCD), according to the consumer report.

Now motorists are being invited to take up the challenge and beat Budget Direct's price. Simon Birch, CEO of Budget Direct Insurance, says he is excited to launch the promotion which he believes will also help to highlight the big savings Singaporean motorists can make with Budget Direct compared to other insurers.

He said: '' Drivers with us can make a saving of up to 55% on car insurance premiums and that's a significant sum. Many insurance companies are offering seemingly attractive promotions such as discounts, vouchers, and cashback on their premiums. But the average premium price offered by other insurance companies is much higher than ours, as shown by the independent study. So even when factoring in such promos, Budget Direct still tends to be a better deal."

The challenge has been launched at the same time as the insurer celebrates receiving the Feefo Platinum Trusted Service Award 2022. This is the third consecutive year that Budget Direct has received the independent award for delivering exceptional customer service year after year. The Platinum Award recognises companies that provide consistently excellent service and go above and beyond to deliver high levels of customer experience.

Nearly 6,000 Budget Direct Insurance customers left their feedback on the independent reviews platform and awarded the insurer an impressive average score. Budget Direct CEO, Simon Birch added: 'We're delighted to receive the independent Platinum Award for outstanding customer service whilst at the same time launching our price challenge to motorists. I'm sure they'll find we're hard to beat on both service and price. The challenge is on!''

Budget Direct Insurance is an award-winning online digital insurance company for car, motorcycle, and travel. It is part of an international group which provides insurance solutions for millions of policyholders worldwide. Their brands include EasyCompare in Thailand, Compare the Market in the UK, Budget Direct in Australia, and Telesure in South Africa.

Singapore Donates Medical Supplies to ASEAN

Singapore Donates Medical Supplies to ASEAN

Singapore's Prime Minister Hsien Loong in late 2021 revealed that announced that the country would contribute a whopping S$7.9 million in medical supplies to a regional emergency stockpile. ASEAN Secretary-General Sutherland stressed the importance of regional cooperation to "emerge stronger and more resilient" after the COVID-19 pandemic in his remarks at the video-conferenced summit. It declares that it fully supports ASEAN's efforts to prepare for future public health emergencies. He also stated that "we will contribute S$7.9 million in medical supplies to the ASEAN Regional Medical Supply Reserve." Mr. Lee emphasized the importance of ratifying the RCEP, Regional Comprehensive Economic Partnership Agreement in these "difficult times". The RCEP will help the region's post-pandemic economic recovery by boosting regional trade and investment confidence. Mr. Lee stated that ASEAN countries must gradually open their economies and restore travel safety to control COVID-19. According to him, living with COVID-19 is a significant aspect of the disease. Singapore has established vaccinated travel lanes (VTLs) for fully vaccinated visitors to avoid quarantine. Mr. Lee said, "We applaud the ASEAN Travel Corridor Arrangement Framework's adoption and the development of interoperable digital solutions." We also support the creation of digital health certificates as proof of testing and vaccination and mutual recognition of such certificates, which will make travel much more accessible.

As the COVID-19 pandemic continues two years after it began, Mr. Lee stressed that ASEAN countries must work together to improve vaccine access. Breaking the viral transmission chain is critical, but preventing severe illnesses and deaths is even more critical. Singapore is committed to vaccine multilateralism in her role as Chairperson of the COVAX Facility, ensuring all countries have equitable access to COVID-19 vaccines. Through the COVAX Facility, Singapore has donated its vaccine allocation to other countries, and Mr. Lee praised ASEAN for purchasing the region's vaccines using the COVID-19 ASEAN Response Fund. Mr. Lee says that ensuring the timely and equitable distribution of vaccines across the region is a top priority for Singapore. We're also planning three new vaccine manufacturing facilities to expand our vaccine manufacturing capabilities. COVID-19, according to Mr. Lee, has been tamed. This is one difficulty that comes with having COVID-19.

Assemblies and the other ASEAN Member States will receive Singapore's allotment. Singapore is ready to work with ASEAN members to ensure timely and equitable vaccine distribution. "We're building three new vaccine production facilities and expanding our cold chain logistics services, for example." Mr. Lee also stated that ASEAN countries must look ahead and strengthen cooperation in new growth areas like digitalization and ICT. "COVID-19 has boosted digital transformation in business and society." To build a more sustainable future, existing mechanisms like the ASEAN Smart Cities Network should be used to share experiences and best practices. More reliance on technology necessitates more robust cyber-security measures, he said. "Securing critical information infrastructure and implementing capacity-building programs, such as the ASEAN-Singapore Cyber-security Centre of Excellence." During the 39th ASEAN Summit, Mr. Lee addressed US-China relations. He said ASEAN had a "tumultuous" year and will face complex challenges from geopolitical tensions and significant power competition. "We must be able to meet these challenges. ASEAN must remain a hub of cooperation and trust, even with major powers. It must remain the hub of an open and inclusive regional architecture."

For many years, he said the US-China relationship would be a "decisive factor" in regional and global peace and stability. Like most other countries in the region, Singapore seeks good relations with both the US and China, Mr. Lee said. "We don't want the region to become a hotbed of rivalries and conflicts. On the other hand, we hope the US and China will keep substantive engagement with countries in the region on their own merits, rather than as competitors." La contribution de la Chine au COVID-19 ASEAN Response Fund was also mentioned by Mr. Lee at the ASEAN-China summit later that day. Mr. Lee believes ASEAN and the US should work together on digital infrastructure, cyber-security, and climate change. A digital economy worth US$200 billion by 2025, Mr. Lee stated at the 9th ASEAN-US summit, presenting opportunities for both American and ASEAN businesses to collaborate and ride this wave. "Likewise, we can work together to create green, sustainable economies. Climate change threatens humanity's survival" Lee clarified. The April Leaders' Climate Summit was a great idea, and I look forward to discussing it at COP26 next week.