Temasek unit offers to buy Singapore's Olam, values firm at $4.3 billion

Credit: Reuters/Edgar Su

A man walks past a logo of Olam International Limited at its office in Singapore November 29, 2012.

Breedens Investments, the Temasek unit, along with Olam's family share holders, members of its executive committee, and Arandda Investments, another Temasek unit, already hold around 52.5 percent of Olam shares.

'Breedens wishes to increase its shareholding to support Olam's strategy and growth plans for the long term,' it said in a statement.

The offer price is an 11.8 percent premium over Olam's last traded price.

Olam came under attack from short-seller Muddy Waters in late 2012 for its accounting practices, only to be rescued then by Temasek. A few months later, it set out to cut its capital spending and debt levels.

($1 = 1.2661 Singapore Dollars)

(Reporting by Rachel Armstrong; Editing by Edwina Gibbs)

Missing MH370: Singapore among the few countries using Interpol database

SINGAPORE - Visitor passports presented to immigration officers at Singapore checkpoints are screened against Interpol's database of lost or stolen travel documents, said the Immigration and Checkpoints Authority (ICA) on Tuesday.

And if a passport is one of more than 40 million on Interpol's list, the officer is automatically alerted and the traveller pulled aside for further checks.

This procedure has been in place since May 2008, an ICA spokesman told The Straits Times.

He did not elaborate on how the system works, but security experts said that this verification typically takes just a few seconds.

But despite the fact that checks are quick, Singapore remains one of only a few countries that use Interpol's database to ensure border security, experts noted.

Checkpoint security has come under scrutiny since it was revealed that two passengers on Malaysia Airlines Flight MH370, which disappeared on Saturday, had boarded the plane with stolen passports.

ICA uses biometric technology for identity verification when Singapore citizens and other known travellers opt for automated clearance, which is swifter.

The traveller's thumbprint must tally with ICA's data before the gates open for him to pass through. In this case, there is no need for verification against Interpol's database.

For effective border security, immigration authorities must rely on various levels of checks, said Mr John Harrison, senior analyst at security provider CyberPoint International.

Interpol has long urged member countries to make greater use of its database to stop people crossing borders with false papers but it notes few countries do so.

This is probably because there is no requirement to do so, suggested Mr Harrison.

Countries may also be unwilling to invest in computer systems and software that they would probably need to link up to Interpol's database, experts added.

Terrorism expert Rohan Gunaratna from Singapore's S.Rajaratnam School of International Studies said it should be mandatory for governments to report lost and stolen travel documents, as well as for immigration agencies to screen passenger passports against the Interpol database.

Still, there is no one foolproof system, noted one security expert.

'There are passports that are stolen or lost and never reported and that's why the authorities ultimately rely on several layers of checks.

This includes ensuring that ground officers are properly trained and vigilant to look out for suspicious cases,' he said.

karam@sph.com.sg Get a copy of The Straits Times or go to straitstimes.com for more stories.

Hazy conditions persist in Singapore

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Hazy conditions continued to affect Singapore on Thursday, with the 3-hour PSI hitting a high of 87 at 8pm - the highest so far this year.

Hazy skies over Marina Bay (photo by @giokalaw/Twitter)

Hazy skies over Holland Village (photo by Channel NewsAsia viewer)

SINGAPORE: Hazy conditions continued to affect Singapore on Thursday, with the 3-hour PSI hitting a high of 87 at 8pm - the highest so far this year.

But there could be some reprieve on Friday.

The National Environment Agency website forecasts showers over southern and western Singapore in the late afternoon.

NEA said on Tuesday that the haze could be attributed to smoke plumes from the hot spots in southern Johor, blown in by the prevailing northeasterly winds.

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Singapore to regulate virtual currency exchanges

Singapore plans to regulate virtual currency intermediaries, to combat potential risks from money-laundering or terrorism-related financing.

The Monetary Authority of Singapore (MAS) said the intermediaries, such as virtual currency exchanges, would need to verify their customers' identities.

They will also have to report any suspicious transactions.

The move makes Singapore the second country after the US to impose such measures.

The city-state says the regulations for transacting digital currencies will be similar to those currently imposed on money changers and remittance businesses that undertake cash transactions.

Specific regulation

MAS did not elaborate on when the regulations would be implemented.

Singapore, in common with many other countries, does not have specific regulations for virtual currencies, as they are not considered legal tender.

MAS said its regulation of virtual currency intermediaries - which include virtual currency exchanges and vending machines - was tailored specifically to the money-laundering and terrorism financing risks they posed.

It added that its regulation did not extend to the safety and soundness of those virtual currency intermediaries.

The regulator's deputy managing director, Ong Tong Chee, said: 'Consumers and businesses should take note of the broader risks that dealing in virtual currencies entails and should exercise the necessary caution.'

Earlier this week, New York's financial regulator called on companies to submit proposals to set up 'regulated' exchanges for digital currencies such as Bitcoin.

The initiative came not long after a top Bitcoin exchange in Tokyo, Mt Gox, filed for bankruptcy protection last month.

Bitcoins have been gaining in popularity recently, but they are not governed by any financial regulator.

Missing MH370: Vessels 'no bigger than speck in sea of blue'

'How difficult could it be to spot something in the sea?' I thought to myself as I sat on the red nylon webbed seat in a Republic of Singapore Air Force (RSAF) C-130, buckling up as the plane prepared to take off from Paya Lebar Air Base.

I was there at the break of dawn on Sunday with 18 crew members from the RSAF 122 Squadron, who were setting out for a 10-hour mission to locate missing Malaysia Airlines Flight MH370, which went missing in the South China Sea on Saturday while flying from Kuala Lumpur to Beijing.

As we approached the search area about 140 nautical miles north-east of Kota Baru, Kelantan, the crew sprang into action, removing the seat webbing blocking the small windows and taking up positions to get a clear view.

The two emergency doors at the back of the C-130 were lifted, allowing crew members who were hooked up with safety harnesses to stand perched right at the edge for a clearer view right under the aircraft. The vastness of the seas was overwhelming. My 10-hour journey with the RSAF showed me just how difficult an open sea search-and-rescue operation is.

We saw some vessels in the seas, but at about 500ft up in the air, we were circling too high to be able to tell whether they were search- and-rescue boats, or just traditional Vietnamese fishing boats. They often appeared no bigger than a speck in the sea of blue.

Smoke markers were thrown into the seas, at some points, to mark out suspected debris. The plane would then swing back to investigate the marked areas. But each time, it yielded no results.

About five hours into the flight, we spotted large patches of oil, brown stains marbling through the pristine blue waters, and pieces of debris, one of which resembled an orange life jacket. But the Malaysian authorities would clarify later that the debris was not from MH370.

About eight hours after we took off, the plane turned back for Singapore. I was in time to meet my family for dinner, but my heart was heavy knowing the loved ones of the 239 people on board MH370 would not be seeing them for dinner that night.

deslim@sph.com.sg Read Desmond Lim's full account in The Big Story on straitstimes.com The Straits Times' correspondents and photographers are out covering all aspects of the dramatic disappearance of Malaysia Airlines flight MH370. Follow their round-the-clock reports in print as well as online at straitstimes.com In Kuala Lumpur: Carolyn Hong, Lester Kong, Yong Yen Nie, Joyce Lim, Neo Xiaobin In Beijing: Kor Kian Beng, Esther Teo, Rachel Chang In Bangkok: Nirmal Ghosh In Phu Quoc Island, Vietnam: Tan Hui Yee In Singapore: Jermyn Chow, Derrick Ho, Ong Hwee Hwee, Ong Sor Fern, Grace Sung, Tan Chye Luan, Lin Zhaowei, Lyn Chan Get a copy of The Straits Times or go to straitstimes.com for more stories.

PayPal: Singapore firms see higher online exports

Summary: Local merchants transacting on PayPal saw their online exports climb 38 percent in 2013, says the e-payment vendor, which overseas business now accounts for over half its total revenue. Mobile contributes 15 percent of its overall payment volume.

Singapore businesses are clocking higher volumes in cross-border online transactions, growing 38 percent last year, with China, Hong Kong, and France emerging as its fastest-growing markets.

According to e-payments vendor PayPal, local merchants running on its platform saw a 26 percent increase in 2013 over the previous year in online exports to the U.S. market, which was the biggest market for Singapore businesses. Australia, which was Singapore's second-biggest online export market, pushed volumes up by 48 percent last year, while the U.K. ranked third-biggest drove online exports by 38 percent.

Singapore merchants saw the biggest growth in online exports from China, at 148 percent year-on-year, and placing the Asian economic giant as the fourth-largest largest market for local businesses. Hong Kong clocked the second fastest-growing rate at 85 percent, followed by France at 63 percent, and Israel at 57 percent with Thailand rounding off the top five at 54 percent.

PayPal has more than 500,000 active users in Singapore, which make up the e-payment vendor's over 10 million accounts in the Asia-Pacific region, including China, India, and Australia, revealed company executives at a media briefing Wednesday in Singapore.

With traditional exports dipping, merchants in the city-state should consider turning to online business to plug the shortfall, said Lawrence Chan, PayPay's Asia-Pacific vice president of merchant services and general manager for Southeast Asia/India business.

Non-oil domestic exports from Singapore fell 0.6 percent last year, compared to the growing volumes for online exports, Chan noted, adding that cross-border transactions currently account for 25 percent of PayPal's overall business. This is expected to grow, opening a lucrative global e-commerce landscape for Singapore businesses.

According to the company's 2013 stats, the top five fastest-growing export product categories for local merchants were group-buys, pet supplies, healthcare, consulting, and fashion. The top five export categories were travel, software, fashion, website services, and games.

One such merchant is luxury goods and fashion business, Reebonz. The Singapore-based company has almost 3 million members, most of whom are from the Asian region including Malaysia, Hong Kong, and Thailand, but the majority are from its homebase, which account for 2 million members. Some 80 percent of Reebonz's sales come from online transactions, 50 percent of which are cross-border, said Sharanjit Kaur, the company's global marketing manager, who was also at the briefing today.

Highlighting the importance of Asia as an e-commerce market, Chan said some 50 percent of e-commerce buyers by 2015 will hail from the region. The bulk of this, presumably, will come from China, he added.

He also pointed to mobile as a major market driver. PayPal last year processed payments worth US$180 billion worldwide, up 24 percent over 2012, and 15 percent of this volume was driven by mobile payments totaling some US$27 billion. There are over 143 million active PayPal users in 193 markets globally.

When asked, Chan declined to break down the proportion of mobile payments by region or individual markets, reiterating instead the company's focus on driving transactions via mobile. It does so by improving the user interface for mobile payments, as well as encouraging its merchants to 'mobilize' their online stores. He added that PayPal can help merchants do so for free and within 7 minutes through its MobiPay feature it introduced last year.

Chan also confirmed that Samsung Galaxy S5 users in 26 countries, including Singapore, will be the first to be able to login to their PayPal accounts via the phone's fingerprint scanner, and pay for their purchases without the need for passwords.

He said PayPal is currently 'talking to Apple' to provide a similar service on the iPhone.

With a revenue of US$6.6 billion last year, PayPal contributed 41 percent of total revenues for parent company eBay.

Air India to deploy Dreamliner on Singapore

SINGAPORE: Air India today said it will ply the Dreamliner on the Singapore-Delhi-Singapore route, from March 20, more than doubling the passenger capacity through aircraft upgrade.

The Dreamliner's introduction on the daily Singapore route is on popular demand, said Nirbhik Narang, Air India's country manager in Singapore.

Air India is upgrading the service with the double-aisle Dreamliner and increasing passenger capacity by two-and-a-half times from the over 100 passenger on single-aisle Airbus 319 currently, Narang told PTI.

The Dreamliner will carry 18 business class passengers and 238 economy class passengers besides much increased cargo and baggage carrying capacity, he said.

Rated as the world's most advanced commercial aircraft, the wide-bodied Boeing 787 Dreamliner's special features include large dimmable windows, smoother rides, expansive and quieter cabins, and lie-flat beds.

Air India, one of the first airlines in the world to procure these aircrafts, is already flying to various destinations like London, Frankfurt, Paris, Hong Kong, Sydney and Melbourne.