Remembering Lee Kuan Yew Please Sign: Please Upon Approval Name and Date
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Apr•May•Jun 2015 BUDGET FOR BUSINESSES? How Budget 2015 will affect firms BUSINESS GRANTS PORTAL Business Quotient Portal, iHub to help SMEs FAIR TENANCY AGREEMENT Understanding rental leasing / LOCAL BUSINESS Business MAGAZINE OF THE YEAR SILVER MARKETING MAGAZINE’S MAGAZINE OF THE / YEAR 2014 People / Opportunities A PUBLICATION OF SINGAPORE BUSINESS FEDERATION Remembering Lee Kuan Yew Upon approval •Cover BizQ Apr-Jun15.indd 2 Please sign: 16/04/2015 10:34 Name and Date: BIZQ_275x205.ai 1 3/23/15 5:23 PM Apr•May•Jun 2015 1 Chairman’s Message Forging Ahead on a Firm Foundation The late Mr Lee Kuan Yew left an SBF’s National Business Survey 2014/15 indelible mark on the development and indicated that high wage costs arising future of Singapore. His passing was an from a tight labour market, growing occasion to reflect on the significant competition, and uncertainty in the contributions he bequeathed to our economic environment are key concerns. nation as its first Prime Minister. His This is understandable, especially since enduring legacy of a resilient and thriving some key sectors, such as manufacturing, Singapore has served us well at home continue to struggle from both internal and internationally. Today, the Singapore challenges and volatile external demand. brand is highly regarded all over the Other key sectors face similar challenges. world and is synonymous with reliability, trust and quality. This has been a boon However, not all is downcast as businesses to both our economy and business. As a at large are still optimistic about prospects tribute to Mr Lee, let us forge ahead to for 2015. They have to manage costs build a better Singapore for all, on the to pursue growth through constant firm foundation he and his team have pursuit of technological improvements, built over the past 50 years. enhancement of business processes, and searches for new opportunities. In this issue of BiZQ, we look at Singapore Budget 2015 and its To help members leverage the measures implications for business. We welcome announced in Budget 2015, SBF the SkillsFuture initiative, and are will be organising a briefing on the committed to helping our members SkillsFuture programme in May to better understand and tap on its provide an update on this initiative. It various help schemes to build will also engage members through various capabilities. We appreciate that platforms to help them build resilience our budget recommendation through innovation, productivity and for extension of the Wage internationalisation. Credit Scheme and deferring any planned increases in On this note, I welcome feedback and foreign worker levies have been continued dialogue in furthering the accepted. We also appreciate the interests of our business community. enhancement of Government assistance programmes to spur internationalisation and industry collaboration, through the Collaborative Industry Projects (CIP) and Partnership S.S. Teo for Capability Transformation Chairman (PACT) schemes. Singapore Business Federation 001 ChairmanMsg.ab.indd 1 16/4/15 10:23 AM 2 Apr•May•Jun 2015 BiZQ is going green! We will be going digital from the July issue onwards Contents Economy Watch Singapore Primes 06 for Growth MAS’ recent announcement to rein in the rise of the Singapore dollar has surprised several market watchers. LKY Tribute Farewell, Mr Lee 10 SBF and the Singapore business community came together to honour the late Mr Lee Kuan Yew and the role he played in building the country. Commentary Fair Tenancy 14 Agreement This framework aims to help tenants and landlords of business premises understand lease agreements. Blue Jean Images/Corbis BiZ Feature Forward-Looking 18 Budget 2015? Business Quotient (BiZQ) is the Seven in 10 Singaporeans support official publication of the Singapore Business Federation, reaching out to over 21,000 of Budget 2015, and programmes like the Singapore’s business elite, chief executives Silver Support Scheme and the SkillsFuture and entrepreneurs. The quarterly, published in collaboration with SPH Magazines, is initiative are good for the economy. your eye on Asian and global business trends, bringing you up to date on industry developments, the economy, country profiles, stories about successful companies and Cover photo: SPH - ABOVE: Singapore businesses need to plan ahead to manage manpower issues the people who lead them. The Straits Times if they want to remain competitive. 002,004 Contents.ab.indd 2 16/4/15 11:40 AM TAU0074_BIZ_WP 2015-03-31T11:53:56+11:00 Fast Facts EVENT IUCN WORLD PARKS CONGRESS DELEGATES 6,000+ FROM 170 COUNTRIES LOCATION SYDNEY, AUSTRALIA DATE NOVEMBER 2014 World parks delivers global promise in SydneY The 6th International Union for Conservation of Nature (IUCN) World Parks Congress took place in Sydney in November 2014 with a promise from the more than 6,000 delegates to protect planet Earth's most precious natural areas. THE PROMISE OF SYDNEY all contributed to the higher than expected "In less than 15 years the park has become delegate numbers. a much-loved setting for Sydneysiders, The once-in-a-decade IUCN World Parks hosting 6,000 events and welcoming almost Congress, held at Sydney Olympic Park in "We found a geographical and a thematic 14 million visitors each year," Alan Marsh said. November 2014 saw a doubling of delegate purpose. Sydney is an attractive destination, numbers from the previous congress in so people saw this as their chance to combine "Today the park is 640 hectares, twice the Durban in 2003, with more than 3,500 a visit with our congress," he said. size of Sydney's central business district. international visitors attending. Ambassador of the congress and former It is home to 400 native plants, 200 native The meeting, hosted by Parks Australia head of Parks Australia, Peter Cochrane animal species and a range of alternative and the New South Wales National Parks was instrumental in securing the meeting energy generation, waste and water and Wildlife Service, focused on sharing for Sydney. He adds further that Australia's recycling, and sustainability solutions." global role in environmental conservation knowledge and setting the agenda for was a strong factor in securing the event, At IUCN's request the event used green conserving the world's natural environment. with many countries looking to Australia power, sustainable service wear, and This could not have been achieved without for ideas and action. where possible locally sourced produce. support from the New South Wales and Australian Governments, and professional "The conservation work we do with Following in the footsteps of his late conference organiser, ICMS Australasia. Indigenous Australians throughout protected great-grandfather Nelson Mandela who Indigenous areas has inspired many other opened the previous congress, Luvuyo On the fi nal day, delegates from more than countries to take on similar initiatives," he Mandela welcomed the event to Sydney. 170 countries listened intently as The Promise said. of Sydney was announced - setting out an He promised to continue the former South ambitious agenda to safeguard the planet's TAKING A CONGRESS OUTDOORS African president's work to engage the youth natural assets, ranging from halting of today in the "conservation conversation" rainforest loss in the Asia-Pacifi c to tripling For an event that has as its core theme, parks, of tomorrow. After this inspirational address, ocean protection off the coast of Africa. people and planet, Sydney Olympic Park was delegates moved outside for drinks and considered the perfect destination for the canapés in the pleasant Sydney spring THE APPEAL OF SYDNEY World Parks Congress. Located 8km west of evening. the central business district, it incorporates Prior to business sessions each day, delegates According to Congress Director Trevor parklands, bicycle tracks, extensive sporting were invited to take guided ecology walks, Sandwith, Sydney's global appeal was and recreational facilities, hotels, apartments, among the key factors that saw a doubling and offi ce buildings. as well as wetland and bird watching tours of delegates from the Durban meeting. throughout the precinct. Sydney Olympic Park Authority CEO, Alan He said the attractiveness of Sydney Marsh, said IUCN's decision to hold the Delegates staying at Sydney Olympic Park combined with a progressive program, meeting in the precinct was a powerful walked to the venues while ferries and special Australia's geographic location and the validation of the effort that has gone into train services were organised for those environmental challenges being faced by transforming this part of Sydney's landscape staying in the city, further helping to reduce many nations in the Asia Pacifi c region, into one of its most popular parklands. the carbon footprint of the congress. VISIT AUSTRALIA.COM/BUSINESSEVENTS/ASSOCIATIONS FOR EVERYTHING YOU NEED TO PLAN YOUR AUSTRALIAN EVENT. Apr•May•Jun 2015 4 Publisher Biz Voice Singapore Business Federation Business Grants Portal 10 Hoe Chiang Road, #22-01 Keppel Towers, 24 to Help SMEs Singapore 089315, Tel: +65 6827-6828, Existing business grants and Fax: +65 6827-6807, E-mail: [email protected], trade association hub to focus on Website: www.sbf.org.sg capability development. chairman Teo Siong Seng chief executive officer Ho Meng Kit Innovations chief operating officer Helping SMEs Tap into Victor Tay assistant executive director 28 Integrated Solutions (member relations) Singapore Government provides Cheryl Kong more support for SMEs via Innovation and Productivity Initiatives. corporate communications senior director Jinny Claire Sim manager Inside SBF Liew Lixia senior executive Leaders in Rachelle Lee 30 Sustainability Practices A record number of companies Publishing Agent participated in the recent SPH Magazines Pte Ltd Singapore Sustainability Awards. group editor-in-chief Caroline Ngui group editor International Markets Joanna Lee-Miller Closer Collaboration editorial & creative senior editor 36 with Indonesia Dora Tay Strategic cooperation between SBF contributing editor and KADIN reflect investment Casuarina Peck opportunities in the country.