Singapore digest news (06.12-10.12)

Photo by A. Smirnova

SUTD students to design and build eco-friendly library in Bukit Panjang void deck

A group of engineering and architecture students will design and build a library made from cardboard and felt in the void deck of a block of flats in Bukit Panjang.
The pilot project, a collaboration between the North West Community Development Council (CDC) and Singapore University of Technology and Design (SUTD), aims to encourage residents to recycle used books and give underprivileged families more reading options.
The green library, set to be ready by the third quarter of next year, was announced at a virtual event on Monday (Dec 6) to launch SUTD's sustainability plan (SSP), which will leverage technology and design thinking to build more sustainable community living spaces.


Singapore, China reaffirm commitment to financial supervisory cooperation

The Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) reaffirmed their close ties and commitment to strengthening supervisory cooperation at their annual MAS-CBIRC Supervisory Roundtable. 
The roundtable, held virtually in its 11th year, was chaired by MAS’ Deputy Managing Director Ho Hern Shin and CBIRC’s Vice Chairman Zhou Liang. 
MAS and CBIRC discussed regulatory and supervisory developments in the banking and insurance sectors in both markets.


Sembcorp Marine subsidiary to scheme world’s first zero-emission fuel tanker

One of Sembcorp Marine's wholly-owned subsidiaries, LMG Marin, secured a contract to design the world’s first zero-emission fuel tanker called the MS Green Ammonia.
The vessel will be fuelled by green ammonia and will serve as a dedicated innovation unit of the Grieg Maritime Group. Transportation and distribution of green ammonia fuel from a facility in Berlevåg, Norway, to Svalbard, would be one of its main functions. 


Singapore welcomes WTO deal on services domestic regulation

Minister for Trade and Industry Gan Kim Yong welcomed the World Trade Organisations (WTO) conclusion of the joint statement initiative on services domestic regulations which he said will “improve the operating environment for Singapore businesses as they foray into overseas markets.”
In a statement, Gan said the WTO deal will also provide “greater clarity and certainty by streamlining regulations and making requirements transparent.”
It is expected that this will help to reduce cost and the administrative burden for companies, especially small and medium enterprises.


GDP growth to moderate to 3.8% in 2022 

Singapore’s growth domestic product (GDP) growth will moderate in 2022 to 3.8%, slower than 2021’s strong record of 7.1%.
Maybank, in its report, said the slower growth of GDP in 2022 will be due to the easing of momentum in the manufacturing sector next year.
The easing of manufacturing momentum is primarily because semiconductor production is already operating near full capacity. Semiconductor production accounts for 36% of total manufacturing.
Meanwhile, chip output growth has also decelerated to 3.9% in October, from 8.1% in the third quarter in 2021 and 20% in the second quarter of the same year.

Maybank said growth for 2022 will likely be driven by a broader services and construction recovery instead.

However, construction will still remain below pre-pandemic levels.