Parliament Approves S$131.4B Budget, Provides "Clear Action Plan" to Take Singapore Into the Future
Parliament approved the S$131.4 billion (US$98.3 billion) Budget for this year on Thursday (Mar 7), after nine days of debate.
This is the first time in three years that Members of Parliament from the ruling People’s Action Party and opposition parties have explicitly expressed their support for a Budget, noted Speaker of Parliament Seah Kian Peng in his closing speech.
“And this support came from no less than the leaders of both opposition parties. We all want to build a Singapore for all, and we want to build it for all Singaporeans,” he said.
In a “messier, more dangerous and more unpredictable” world, Budget 2024 “provides a clear action plan to take Singapore forward into the future with optimism and hope”, said Leader of the House Indranee Rajah in her closing speech.
50,000 Public Officers to Be Appointed, Trained for Election Duties; Some Have Been Notified
About 50,000 public officers are expected to be appointed and trained to manage nomination, polling and counting activities ahead of the next General Election.
The Elections Department (ELD) said this on Wednesday (Mar 6), in response to CNA's queries on whether public servants have been called up to begin training as election officials.
Singapore's next General Election must be called by November 2025.
Su Wenqiang Set to Be First Accused in S$3b Money Laundering Case to Plead Guilty on Apr 2
A man who is among the 10 people charged in relation to a billion-dollar money laundering case in Singapore is set to plead guilty.
He is the first in the group to make such an indication, with several others stating through their lawyers in previous court mentions that they would likely be claiming trial.
A date for Su Wenqiang to plead guilty was set for Apr 2, after a pre-trial conference was held in chambers on Thursday (Mar 7).
Su, 33, is listed as Cambodian in charge sheets but his passport states that he is from Fujian, China.
Singtel Cuts Stake in Bharti Airtel Through $710 Million Sale
Singapore Telecommunications Ltd. trimmed its stake in Indian phone carrier Bharti Airtel Ltd. by selling about S$950 million ($710 million) in stock, gaining funds to invest in areas such as data centers.
The sale, to US investment firm GQG Partners, decreases Singtel’s stake to 29% from 29.8%, it said in a statement Thursday. Singtel will book a gain of about S$700 million, and its remaining holding in Bharti Airtel is valued at an estimated S$33 billion, it said.
Southeast Asia’s biggest telecom operator has been streamlining its portfolio as it focuses on 5G operations and seeks new growth engines such as data centers. It’s been a backer of Bharti Airtel for more than 20 years and previously sold a S$2.54 billion stake in the carrier in 2022.
Bruce Lee Film Studio Weighing Sale of Singapore Cinemas, Sources Say
Orange Sky Golden Harvest Entertainment Holdings Ltd. is considering selling its movie theaters in Singapore and Taiwan and seeking a valuation of at least $400 million for the assets, according to people familiar with the matter.
The Hong Kong-listed company is working with advisers on the potential divestment and has reached out to potential investors, the people said. The filmmaker may also consider selling its cinemas in Hong Kong, depending on investor response, the people said.
Other cinema operators and investment firms have shown initial interest, said the people, who asked not to be identified as the information is private. Considerations are preliminary and Orange Sky Golden Harvest may still decide against a deal, the people said. A representative for the firm didn’t immediately respond to requests for comment.