Latest news with #SingaporeGovernment
CNA
23-05-2025
- Politics
- CNA
PM Wong and new Cabinet sworn in
Prime Minister Lawrence Wong and his Cabinet team have been sworn in as the country's 15th term of government. They include 15 full ministers and three acting ministers. Speaking at the ceremony, Singapore President Tharman Shanmugaratnam urged Singaporeans to work with the new team to address issues of today and tomorrow. Mr Wong also pledged that his team will serve Singaporeans and work to improve their lives. More than 600 guests witnessed the event at the Istana.
CNA
21-05-2025
- Politics
- CNA
Singapore unveils new Cabinet line-up
Singapore has unveiled its new Cabinet line-up for its 15th term of Government. It is made up of both steady and experienced hands, as well as new and younger ministers. There will be nine new political office holders, including seven who are newly elected MPs. Four office holders are promoted. They will be sworn in on May 23. Jeraldine Yap and Aslam Shah report.
Yahoo
08-05-2025
- Politics
- Yahoo
Man at dinner with Fujian gang member Su Haijin wrongly identified as Wilmar chairman
Wilmar has issued a statement saying that a man in widely circulated photos of a dinner with convicted Fujian gang member Su Haijin has been wrongly identified as its chairman and CEO. SINGAPORE - One of the men photographed at a dinner attended by several Cabinet ministers and convicted Fujian gang member Su Haijin has been wrongly identified as the chief executive of commodities giant Wilmar. The photos, which are being widely circulated, carry a caption in Mandarin identifying one of the men as Mr Kuok Khoon Hong, who is Wilmar's chairman and chief executive. In a statement on May 7, Wilmar said the man in the photos is not Mr Kuok. ADVERTISEMENT Advertisement Others in the photos are Cabinet ministers Ong Ye Kung and Chee Hong Tat, both of whom said they did not know Su and have not had any contact with him – before or since the dinner. The ministers' spokesmen, in a joint statement on May 6, said: 'As ministers, they meet a diverse range of people at various events and gatherings. They attended the dinners at the invitation of a friend, and Su happened to be there.' The Government upholds a high standard of integrity, which ministers are determined to maintain, even if, in the course of their work, they may inadvertently come into contact with people who are later found to be unsavoury, the statement added. 'Maintaining this standard is non-negotiable', it said. ADVERTISEMENT Advertisement Su, a Cypriot national, faced 14 charges and was sentenced to 14 months in jail on April 4, 2024. He was deported to Cambodia on May 28 of the same year. He was one of 10 people found guilty of being involved in a $3 billion money laundering case, which was one of Singapore's largest. Also seen in the photos is Singapore tycoon Sam Goi, dubbed the 'popiah king'. One group photo shows Mr Goi with Su, Mr Ong and former manpower minister Lim Swee Say. Labour chief Ng Chee Meng also said he was at the dinner. He added that he had no further interactions with Su after police investigations and criminal charges were brought against him. ADVERTISEMENT Advertisement Mr Goi said the dinner with Su and Mr Ng took place 'around 2020', Bloomberg News reported. He also said he had organised and paid for the meals that Su and the ministers had. The dinner took place before Singapore implemented strict Covid-19 pandemic restrictions in 2020. 'It's all for friends and I paid for them all,' Mr Goi said, adding that he has not kept in touch with Su. Mr Ng said it is part of his work to engage with different companies and private sector leaders. 'These engagements help me better understand the concerns and challenges in different industries,' he said, adding that people would often approach him for photographs at these meetings. 'This dinner was one such engagement,' Mr Ng said. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Straits Times
07-05-2025
- Business
- Straits Times
S'pore will soon start deploying funds for clean energy infrastructure in Asia: MAS
S'pore will soon start deploying funds for clean energy infrastructure in Asia: MAS SINGAPORE - The Republic will in the coming months be ready to deploy part of the US$500 million (S$646 million) it had set aside as initial funding for green projects in the region, with the set up of a new office to advance a scheme first announced in 2023. This update to Fast-P — or Financing Asia's Transition Partnership — was announced by Monetary Authority of Singapore (MAS) managing director Chia Der Jiun on May 7 at the Ecosperity Week sustainability conference. 'I am also glad to share that a Fast-P office, with a dedicated management team, will soon be set up to facilitate the deployment of up to US$500 million of concessional capital from the Singapore Government into Fast-P, alongside capital from other partners,' he said. The new office by the MAS will help to fund marginally bankable clean energy infrastructure in Asia, that can be deemed too risky or unprofitable for investors. The goal of Fast-P, an initiative launched by MAS in 2023, is to use an initial injection of funds by the Singapore Government to increase funding from other sources. The US$500 million will come in the form of concessional funding, such as grants and loans provided at more favourable terms and below market rates. This funding will match, dollar for dollar, concessional capital from other partners, including other governments, multilateral development banks and philanthropic institutions. The aim is to raise a total of US$5 billion with the help of other commercial and philanthropic partners. The funds will go to three pillars – accelerating the energy transition away from fossil fuels to clean energy, ramping up green investments, and decarbonising emissions-intensive sectors like cement and steel production. It is the second pillar on green investments that will be the first to receive some capital in the coming months from the initial US$500 million. Mr Chia did not specify the types of clean energy infrastructure projects that will receive the funding. But this pillar focuses on renewable energy plants and storage, electric vehicles, transport, and water and waste management projects, said a 2024 MAS media release. Mr Chia noted that Asia's demand for electricity is projected to rise at an annual rate of 4 per cent until 2035. The International Energy Agency expects renewable energy to supply more than half of Asia's increased electricity demand. 'Global corporate investment may also turn more cautious amid heightened trade and economic uncertainty,' he added, underscoring the need for financing methods like Fast-P. Mr Chia noted that the insurance industry plays a key role in finding solutions to reduce the risk of renewables and decarbonisation projects for commercial investors. At Ecosperity's Financing Asia's Transition Conference on May 7, Malaysia's Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad shared Mr Chia's views. 'While our ambitions are high, we need the financial infrastructure to match,' said Mr Nik Nazmi in a recorded speech. Mr Chia also outlined the other ways that Singapore's financial sector is pressing ahead with climate efforts, even as climate action elsewhere falters . For instance, steps have been taken to shore up banks' resilience to climate and nature risks, such as damage to assets and infrastructure from extreme weather, and disruptions to supply chains. Revenue may come under threat, or companies may have to incur additional costs from new regulations or increased consumer scrutiny. As such, financial institutions here have integrated such risks into their internal credit risk models, asset valuation and due diligence processes, Mr Chia said. 'Doing so will enable them to better anticipate and manage financial loss, minimise stranded assets, and uncover new financing and investment opportunities,' he added. Other than factoring in climate risks in financial assessments, financial institutions here are also increasingly aware of the impacts of nature loss on operations. The Singapore Sustainable Finance Association had highlighted in a report that the degradation of nature represents a risk to companies' activities and to financial portfolios. Nature gets stressed from economic activities that cause pollution and deplete natural resources. The association's white paper listed practical steps for financial institutions to incorporate nature into their business activity. The paper – titled Financing our Natural Capital – highlighted that plans to reverse negative impacts and restore nature can unlock US$4.3 trillion and 232 million jobs in Asia. 'Ultimately, financial institutions can respond on two fronts: by managing exposure to growing climate and nature-related risks, and by innovating to finance and de-risk adaptation, resilience, and nature-positive solutions,' said Mr Chia. And in a further boost to climate finance, a global accelerator that aims to bridge the investment and capacity gap in developing countries was launched at Ecosperity on May 7. Spearheaded by the Global Capacity Building Coalition – a grouping of climate finance organisations – the initiative is open to applicants who can showcase their efforts to develop climate finance to ramp up efforts in the energy transition. The coalition said in a statement that to increase climate finance to sustainable development in emerging economies, it is important to first strengthen the capacity of local financial institutions. This is something that the accelerator hopes to do, by highlighting and supporting capacity building initiatives. Recipients will, among other things, be provided with access to and advice from experts and marketing and communication support. Join ST's WhatsApp Channel and get the latest news and must-reads.
