Commentary

On 31 December, ten Asean member-states gave birth to a common market, the Asean Economic Community (AEC), a boost to Southeast Asia's combined economic clout as the world's seventh largest economy. AEC has an estimated economic value of US$2.5 trillion annually, powered by a fast-growing market of more than 600 million people.

Last November I wrote that Foreign Account Tax Compliance Act (FATCA) was just the beginning. For those who are unfamiliar, FATCA was enacted by the United States Congress back in 2010 to encourage tax compliance by US persons using non-US financial accounts. The stated purpose of the law was "to clamp down on tax evasion and improve taxpayer compliance by giving the IRS new administrative tools to detect, deter, and discourage offshore tax abuses."

Two new statutory boards, SkillsFuture Singapore (SSG) will be established and overseen by the Ministry of Education while Workforce Singapore (currently WDA) will be overseen by the Ministry of Manpower. The overarching objective is to help Singaporeans continually possess relevant skills to find the jobs they want.

Imagine a bored Michaelangelo creating the heart-wrenching Pieta, one of the greatest sculptures in the world. Or a disengaged Leonardo Da Vinci painting the enigmatic Mona Lisa. How about a Brunelleschi who only cared about getting a pay cheque at the end of the month erecting the eternal duomo in Florence? Would all these feats, all examples of mastery and innovation, have been possible if their creators were disengaged and unhappy with their work?

The Malaysian property market has traditionally been a hotspot for Singaporean property investors. Its proximity to Singapore made it attractive for a multitude of reasons, from family connections, to short travel times, to owning a property as a holiday or retirement home.

I have just finished reading the excellent biography on Elon Musk by Ashlee Vance,Tesla, SpaceX, and the quest for a Fantastic Future, which as an entrepreneur in Singapore is absolutely inspiring. The book I read before that was the Steve Jobs biography by Walter Isaacson. I can't find as critically acclaimed book as the aforementioned on Bill Gates to complete my reading of the dynamic trio though.

Many Singaporeans, including myself, had been waiting fervently for 2016. Because this is the year SkillsFuture credits would kick in.

The sluggish global commodities market is giving Singapore a competitive edge as it enables multinational companies with a foothold in the city-state to scout for acquisition targets. This will fuel recruitment activity and will be one of the top recruitment trends for 2016.

In a recent article on Singapore Business Review, it was reported that the employment outlook hit a six-year low for Quarter 1 2016. The employment outlook has fallen for the fourth straight quarter and prospects in some industries look bleak.

It's early morning on a Thursday when the secretary of the CEO of a well respected Singapore-based company gets a phone call from her boss. He's at the airport, on his way to speak at a high-profile conference in Hong Kong. The CEO tells his secretary something urgent has come up -- an important invoice needs to be paid without delay, there might even be legal implications if this isn't done ASAP. He was meaning to get to it last night, but he was at his daughter's school play. She was a unicorn, and was the star of the show. The CEO provides instructions and the account name and number. He expects this to be taken care of by close of business.

Before you know it, SG50 is almost ending and we are inching closer to 2016.

The recent financial rout in the commodity and currency market has resulted in volatility in the financial market. No longer are businesses whether large or small immune to the spillover effects of external influences on domestic businesses operation.

It's unsurprising that Singaporeans are exceptionally good at shopping. With more high-end malls per capita than anywhere else in Asia, shopping is now a well-entrenched national past-time. But it's not just physical stores that enable this shopping addiction. The omnipresence of mobile technology and super-fast 4G mean that Singaporeans can also shop online wherever they are, at any time of day.

Warren Buffett famously said, "Only when the tide goes out do you discover who's been swimming naked."

Indian Prime Minister Narendra Modi wrapped up his two-day state visit to Singapore on November 24th. This year marks the 50th anniversary of diplomatic relations between the two countries, and they have agreed to elevate their ties to a strategic partnership. It is being built upon a framework of agreements that include the 1994 Double Taxation Avoidance Agreement (DTA) and its various protocols, Defense Cooperation Agreements, and the Comprehensive Economic Cooperation Agreement (CECA).1

"There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." This is a popular quote by Bruce Lee encouraging continuous improvement of one's self. There is a lot to learn from this quote for businesses in Singapore – first identify your strengths, embrace them, and then figure out how you can improve them.