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The Ministry of Transport of the Republic of Singapore and the Transportation Security Administration (TSA) of the Department of Homeland Security of the United States of America (USA) today signed an agreement on aviation security cooperation in Washington D.C. The Memorandum of Cooperation (MoC) on Aviation Security was signed by BG (NS) Choi Shing Kwok, Permanent Secretary for the Ministry of Transport, Singapore and Ms Gale Rossides, Deputy Administrator for the TSA. Singapore is the first country in the Asia Pacific to conclude a Memorandum of Cooperation (MoC) with the TSA to work on the development and enhancement of civil aviation security.

Singapore’s Ministry of Information, Communications and the Arts, today signed a Memorandum of Understanding (MOU) with the Ministry of Economics and Business Affairs, Kingdom of Denmark. This agreement was signed by Dr Lee Boon Yang, Minister for Information, Communications, and the Arts, and Mr Bendt Bendtsen, Minister for Economic and Business Affairs, Denmark. This MOU will see the establishment of a Singapore-Denmark Co-operation Programme on Design to Improve Life.

The Monetary Authority of Singapore (MAS) has updated the Internet Banking and Technology Risk Management (IBTRM) Guidelines following consultation with the industry.

The Law Society of Singapore has launched a new Committee, the Public and International Law Committee, on 29 May 2008.

In a signal to strengthening bilateral ties, Peru and Singapore today signed the Peru-Singapore Free Trade Agreement (PeSFTA).

The International Court of Justice (ICJ) finds that Singapore has sovereignty over Pedra Branca/Pulau Batu Puteh; that Malaysia has sovereignty over Middle Rocks; and that sovereignty over South Ledge belongs to the State in the territorial waters of which it is located.

The National Wages Council (NWC) has completed its deliberations on wage and wage-related guidelines for 2008/2009. In its deliberations, the Council took into account the following factors: (a) 2007 Economic performance, labour market conditions, productivity, wages and inflation; (b) Singapore’s cost competitiveness; (c) Uncertain economic outlook for 2008; and (d) High inflation in 2008.

The Government has accepted the National Wages Council (NWC)’s guidelines for 2008/2009.

The Accounting Standards Council (ASC) will be conducting a public consultation exercise from 13 May 2008 to 30 June 2008 on a proposed framework for differential reporting for Small and Medium Sized Entities (SMEs).

Section 31 of the Banking Act restricts a bank’s equity investment in any single company to 2% of its capital funds, and is intended to limit concentration risks in the banks’ equity portfolio investments. MAS Notice 625 further applies this restriction on a consolidated basis to a bank group. MAS is proposing to exempt from Section 31 of the Banking Act, shares acquired by a bank or a bank group during the course of price stabilization activities carried out in the role of a lead manager of equity issues, provided certain prudential safeguards are met.

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