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SINGAPORE PRESS: News Headlines On Wednesday, February 28

By Singapore Newsroom
Nikkei Markets
SINGAPORE (Feb 28) -- Here's a roundup of local news:

*Singapore PM Says Will Reshuffle Cabinet to Support His Successor

Singapore Prime Minister Lee Hsien Loong said on Tuesday he will reshuffle his cabinet once parliament enters a mid-term break in coming months to give more responsibility to the next generation of leaders who will support his eventual successor. Lee, the eldest son of Singapore's founding father Lee Kuan Yew and the city-state's third prime minister since independence in 1965, said in October he would be ready to step down in a couple of years. He said a new election could be called any time before early 2021, when parliament's current term ends, and that his successor was likely to emerge from the current cabinet. "I will reshuffle the Cabinet after Parliament prorogues, to give the younger members more exposure and responsibility. This way, my successor will be supported by a stronger and more experienced team, committed to leading Singapore to a better and brighter future," Lee said in a Facebook post. - Reuters

*Singapore proposes measure to bar communications from terror attack sites

Singapore on Tuesday proposed a new law to deal with terror attacks by preventing people in the area from taking photos or videos of the incident and communicating about police operations. Ranked as one of the safest countries in the world, Singapore has been stepping up efforts to deter terrorism in recent years. The proposals, which the city-state's Straits Times newspaper said would apply to journalists and carry punishments such as fines or prison, were part of a Public Order and Safety (Special Powers) Bill 2018 introduced in parliament. The measure would allow police to issue a "communications stop order", following approval from the home affairs minister, the Ministry of Home Affairs said in a statement. - Reuters

*SGX set to snag its first fintech listing through Ayondo's IPO

After a failed reverse takeover last year, European social-trading broker Ayondo Ltd is poised to be the first fintech company to list on the Catalist platform on the Singapore Exchange. - The Business Times

*Court denies bail for John Soh; cites flight risk and danger of witness tampering

Justice Hoo Sheau Peng has dismissed the latest bail bid by alleged penny stock crash saga mastermind John Soh Chee Wen, citing grounds of flight risk and danger of witness tampering. Soh currently faces 188 charges, with infringements spanning across the Criminal, Companies, and Futures and Securities Acts. He is alleged to be the mastermind behind the steep rise - and sudden fall - of shares in Blumont Group, LionGold Corp and Asiasons Capital (now called Attilan Group) in 2013. - The Edge Markets

*This Father-Son Team Is Rewriting the Rules of Commodities Training

Even in Asia, where business is often a family affair, Singapore-based tech startup SourceSage is unusual. Co-founder Jianmin Sim, 29, has all the hallmarks of the young entrepreneur -- a former machine-learning researcher with a Masters in engineering from Oxford University. His partner, though, is his father, 63-year-old John Sim, who has three decades of experience buying and selling commodities. Together, they are trying to shake up one of the world's more opaque trading businesses, starting with the $19 billion oleochemicals industry, which turns liquids derived from oil palms into ingredients for detergents, soaps and personal-care products. The startup, launched in 2015, provides market information and connects buyers and sellers of raw materials. The son plots strategy as chief executive officer. The father develops the firm's brokerage and trading businesses. It's already turning a profit, according to Jian, and counts Cargill Inc. and Wilmar International Ltd. among 10,000 clients in 102 countries. - Bloomberg News
- By Singapore Newsroom; sgeditorial@nikkeinewsrise.com; +65 6331 6250
- Edited by Glen Nicol Perkinson
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2018 Nikkei NewsRise Asia Pte. Ltd.

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