SG Morning Highlights | Singapore to strengthen food distribution facilities, infrastructure for future crises

Advancers / Decliners is 139 to 68, with 179.63 million securities worth S$157.80 million changing hands.

Singapore's endeavours to learn from its pandemic experience will not end with the debate on the Covid-19 White Paper, and is instead "an ongoing multi-year effort", Deputy Prime Minister Lawrence Wong said in Parliament on Tuesday (Mar 21).

"We will continue to consider additional inputs, put our plans into action and adjust them along the way," he said, closing off the debate on the White Paper that reviews the handling of the crisis.

He welcomed academics to do their own assessments, adding that having a different conclusion from the government is "perfectly okay".

The cost of borrowing overnight in Hong Kong jumped the most in at least 17 years, with analysts pointing to reasons including stress in the global financial system and quarter-end cash hoarding.

The overnight Hong Kong interbank offered rate, known as Hibor, surged 253 basis points to 4.14 per cent on Tuesday (Mar 21). That's biggest gain since data compiled by Bloomberg that began in 2006. The one-month gauge increased by 51 basis points, the most since 2008.

The city's stocks tumbled on Monday, led by banking giant HSBC Holdings, as investors weighed a collapse in the value of additional tier 1 bonds issued by lenders following the terms of the Credit Suisse Group's rescue. HSBC shares closed 6.2 per cent lower, the biggest drop in nearly six months, with its newly issued AT1 bond dropping by more than 5 cents.

In the wake of Covid-19, Singapore will strengthen hospital capacity with transitional facilities; improve public health research capabilities; and set up a Communicable Diseases Agency, as part of broader Health Ministry (MOH) restructuring.

Laws will be amended for a wider range of public health scenarios, with four tiers to replace the existing Disease Outbreak Response System Condition (Dorscon) colour-coding.

Health Minister Ong Ye Kung made these announcements on the second day of debate on a White Paper reviewing the handling of Covid-19, in a speech where he also set out Singapore's vaccine strategy.

Singapore is strengthening the resilience of key food distribution facilities against future emergencies and pandemics, Senior Minister of State for Manpower and Defence Zaqy Mohamad said in Parliament on Tuesday (Mar 21).

The Singapore Food Agency is upgrading key food supply facilities, such as Jurong Fishery Port and Pasir Panjang Wholesale Centre, to improve security, surveillance and access control systems.

"This would allow for better contact tracing in the event of a future disease outbreak and support the enforcement of control measures," said Zaqy, during the second day of debate on a White Paper on the government's handling of Covid-19.

The company, which operates under the ERA brand, announced in a bourse filing on Tuesday (Mar 21) that it has signed an agreement with franchisee ERA Laos, granting it exclusive rights to operate ERA member broker offices in the country.

The agreement is for an initial period of 25 years starting from Tuesday, and may be renewed for another 25 years, if conditions set out in the agreement are fulfilled.

The food and beverage group said in a bourse filing on Tuesday (Mar 21) that the joint venture, Camo Cafe & Bar, was incorporated with an initial issued and paid-up capital of S$1,000. All shares will be subscribed for by Tung Lok Millennium (TLM), a wholly-owned subsidiary of TLR.

The share subscription will be funded through the group's internal resources, it said. TLM and Safra, a recreational club for national servicemen in Singapore, will have equal control of the joint venture (JV).

Asian Eco Technology — formerly a joint venture (JV) between MeTech International's subsidiary Asian Green Tech and X Diamond Capital (XDC) — is taking legal action against their former director Deng Yiming in the High Court once again.

In a bourse filing on Tuesday (Mar 21), Metech International said it has reason to believe that XDC sold five of those machines, known as microwave plasma chemical vapour deposition machines, to Asian Eco Technology at a price higher than their fair market value on Oct 19, 2021.