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Who: Gahmen and Rajah and Tann LLP

Weekly Business Brief | 2019 Week 13

Wrapping up the week's business news and announcements.

SBO Singapore Weekly Business Brief
Published:   |   Updated:   |   Posted in

More R&D funding for digital tech, food security and cell therapy manufacturing

In line with the newly announced target of producing 30 per cent of the nation’s nutritional needs by 2030, some S$144 million will also be allocated from the RIE2020 plan for R&D work in sustainable urban food production, future food, as well as food safety science and innovation.

The additional investments announced on Wednesday will build on the progress made under the Research, Innovation and Enterprise 2020 (RIE2020) plan – the S$19 billion, five-year roadmap launched in early-2016.

To ensure that Singapore keeps pace with the digital revolution, the Government will invest an additional S$500 million under the RIE2020 plan to strengthen digital technologies and automation expertise here.

Of that amount, S$200 million will go to boosting the nation’s supercomputing capability and network speed and quality, as announced by Finance Minister Heng Swee Keat earlier this month.

The National Robotics Programme is set to receive about S$41 million to deploy more robotics technology, while the remaining funds will help to expand existing programmes like AI Singapore and foster new capabilities in digital trust, the social science of digital technologies, and computational law.

By ploughing in S$80 million, Singapore hopes to address existing hurdles in the making of cell therapies. These include developing a commercially scalable platform and improved technology to assess the quality of cells manufactured.

In line with the newly announced target of producing 30 per cent of the nation’s nutritional needs by 2030, some S$144 million will also be allocated from the RIE2020 plan for R&D work in sustainable urban food production, future food, as well as food safety science and innovation.

Read more on this Channel NewsAsia report.

Rajah & Tann Singapore LLP spots tightening credit market in Southeast Asia

Singapore’s credit market bore the brunt of regional distress with at least 15 corporate defaults since 2014… 

The law firm, which has handled local units of Lehman Brothers Holdings Inc. and MF Global Inc. in their bankruptcy cases, said a slowing Chinese economy and more risk aversion among alternative capital providers will make it more challenging for some companies to meet maturing obligations. While credit markets have rallied this year amid more dovish steps by central banks, some weaker borrowers may still struggle to roll over debt.

Singapore’s credit market bore the brunt of regional distress with at least 15 corporate defaults since 2014 as shipping and oilfield services groups stumbled, Noble Group Ltd. headed for liquidation and as Hyflux Ltd. fights for survival. In Indonesia, PT Bumi Resources pursued a debt reorganization after coal prices tanked, while builders, a broadcaster and seafood producer have also pushed out repayments on debt.

Read more on this Bloomberg report.


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