Singapore

The eighth Singapore-Malaysia leaders’ retreat will now take place from Jan 15 to 16, after it was unexpectedly postponed in December last year.Malaysian Prime Minister Najib Razak had asked for the meeting to be postponed, as it clashed with the Organisation of Islamic Cooperation (OIC) special meeting convened by Turkey’s President Recep Tayyip Erdogan in response to the US decision to recognise Jerusalem as the capital of Israel.PM Najib and PM Lee Hsien Loong will discuss the upcoming high-speed rail (HSR) and the Rapid Transit System (RTS) linking Woodlands and Johor Baru during their meeting.They will also sign an agreement on the RTS at the retreat, The Straits Times reported. … [Read more...] about Malaysia’s PM Najib to meet Singapore’s PM Lee at leaders’ retreat in Singapore on Jan 15

Seventeen men have been arrested and millions of dollars in cash seized as part of an investigation into a suspected oil theft at Shell’s biggest refinery, Singapore police said on Tuesday.The arrests, made during raids on Sunday, come after Royal Dutch Shell Plc reported the theft to Singapore authorities at its Pulau Bukom industrial site in August last year.The company said in a news release that the arrests included “a limited number of Shell employees” and that it anticipated “a short delay in the supply operations at Bukom.” Those arrested, all men, ranged in age from 30 to 63.Police said they also seized S$3.05 million ($2.29 million) in cash and a small, 12,000-deadweight-tonne tanker.They have also frozen the suspects’ bank accounts, the police said.Bukom is the largest wholly owned Shell refinery in the world in terms of crude distillation capacity, according to the company’s website.Shell declined to say how much oil had been … [Read more...] about Singapore arrests 17, seizes millions in suspected Shell oil heist

SINGAPORE: Seventeen men have been arrested and millions of dollars in cash seized as part of an investigation into a suspected oil theft at Shell's biggest refinery, Singapore police said on Tuesday. The arrests, made during raids on Sunday, come after Royal Dutch Shell Plc reported the theft to Singapore authorities at its Pulau Bukom industrial site in August last year.The company said in a news release that the arrests included "a limited number of Shell employees" and that it anticipated "a short delay in the supply operations at Bukom." Those arrested, all men, ranged in age from 30 to 63.Police said they also seized S$3.05 million (about 74 million baht) in cash and a small, 12,000-deadweight-tonne tanker.They have also frozen the suspects' bank accounts, the police said.Bukom is the largest wholly owned Shell refinery in the world in terms of crude distillation capacity, according to the company's website.Shell declined to say how much oil had been stolen. Shipping and oil … [Read more...] about Singapore arrests 17, seizes millions in Shell oil ‘heist’

ZURICH, Jan 8 (Reuters) – Zurich Insurance is selling its Singapore life assurance business, with policies providing $4.5 billion of coverage, to Singapore Life as part of the Swiss group’s overhaul under Chief Executive Mario Greco.Singapore Life said it will become responsible for all the life, critical illness and disability policies of Zurich Life Singapore customers in the Asian country, with the transfer expected to be completed in the first half of 2018.Terms of the deal were not disclosed.The agreement follows Zurich Life Singapore’s closure to new business in December 2015 and does not affect any of Zurich’s other business in Singapore.David Kneale, chief executive of Zurich Life Singapore, said the decision followed Zurich’s strategy.Greco has promised to make the group leaner and more efficient, with a $1.5 billion cost-cutting programme centred on a plan to simplify its structure and improve accountability and performance.Zurich viewed its … [Read more...] about Zurich Insurance sells Singapore life assurance business

Japan has its eyes set on bidding for the rights to construct the Kuala Lumpur-Singapore High Speed Rail (HSR), Japan’s ambassador to Malaysia said in a recent interview with national news agency Bernama.Mr Makio Miyagawa was quoted by Bernama as saying that Japan would offer “best-suited technologies to Malaysians and Singaporeans as well as full-fledged training for the officials, operators and engineers of both countries so that they can start the operations by themselves from day one”.Japan is known for its technological expertise in inventing and running the world-famous Shinkansen bullet train system.“Japan would also like to offer the most comprehensive financial package which would certainly help the two nations to reduce as much of their financial burden as possible in introducing this system,” Mr Miyagawa was quoted as saying.China and South Korea had previously also expressed interest in bidding for the project.The HSR will allow travellers to … [Read more...] about Japan aims to win KL-Singapore High Speed Rail bid with Shinkansen expertise