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Archive for the ‘EDB’ Category

Ang moh who bot S$73.8m flat

In Economy, EDB, Property on 16/07/2019 at 6:32 am

“In order to fix [something], you need a passionate anger about something that doesn’t work well,” James Dyson once said. He’s the man who bot a S$73.8m flat (Why S$73.8m flat is a steal). He is British and he manufactures and sells consumer products (hairdryers, vacuum cleaners and air filters) that are modern looking, well-engineered products. They are also very expensive, even if they are manufactured in the region and China, and not the UK.

Dyson, his private company, already has facilities here (and employs more people than in China — see Ang moh manufacturer employs more people here than in China and planning to employ a lot more) is to build the first of its electric cars in Singapore, choosing the country over the UK and China.

Dyson is planning to break into the automotive industry with a series of electric vehicles, using its existing knowledge in batteries and electric motors to give it the edge over established manufacturers.

What ST & CNA not saying abt Dyson’s move of HQ to S’pore

“The appeal of Singapore is zero tax”: How EDB got Dyson to come here

Electric cars will be made here?

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“The appeal of Singapore is zero tax”

In Economy, EDB on 24/01/2019 at 6:50 am

The above is the headline of a side article from the FT on Dyson’s move to shift its HQ here, though the main reason for the move seems to be to

liberate the business from UK disclosure rules for privately-owned companies, which Sir James has previously criticised as giving too much away to foreign competitors.

Main FT article

The text of “The appeal of Singapore is zero tax” reads

One of Singapore’s strongest appeals for foreign companies is the potential to lower their tax rate to zero per cent.

The headline rate of corporate tax is 17 per cent, a level that the UK will match from 2020, down from 19 per cent at present.

However, a combination of incentive schemes, which include an international headquarters award, can bring the country’s rate down to nothing.

“It is very very rare, but it has happened in the past,” said Chris Woo, tax leader at PwC Singapore.

Another corporate tax expert said it was “not impossible” for Dyson to snatch the 0 per cent corporate tax rate given it produces high-end goods that would transfer technology to Singapore; it will probably increase capital expenditure and high-skilled headcount; and it would boost R&D activity in the country — all of which is of interest to Singapore.

Dyson on Tuesday said it would expand its Singapore Technology Centre and that “an increasing proportion” of Dyson’s executive team will be based in the south-east Asian nation given a growing majority of the company’s customers and manufacturing operations are based in Asia.

In addition, the Singapore Economic Development Board offers companies tax exemptions or concessionary tax rates of 5 or 10 per cent for up to five years, with the possibility of extension.

To qualify, companies must boost employment, generate investment that spills over to the local economy and commit to developing technology, knowhow and skills in the city state, according to the EDB.

“The EDB must have pulled out all the stops to convince Dyson to relocate its headquarters,” said Eugene Tan, law professor at Singapore Management University.

Kiren Kumar, assistant managing director at the EDB, said: “Singapore and Dyson have enjoyed a strong partnership for more than ten years.

“Dyson has grown from a small team developing motors to 1,100 employees undertaking a variety of functions including supply chain management, advanced manufacturing and R&D”.

Stefania Palma

Related posts: What ST & CNA not saying abt Dyson’s move of HQ to S’pore and Ang moh manufacturer employs more people here than in China and planning to employ a lot more.

 

Ang moh manufacturer employs more people here than in China and planning to employ a lot more

In Economy, EDB on 29/10/2018 at 1:49 pm

Dyson which already has facilities here (and employs more people than in China — see below) is to build the first of its electric cars in Singapore, choosing the country over the UK and China.

Privately owned by one  Mr Dyson, Dyson is planning to break into the automotive industry with a series of electric vehicles, using its existing knowledge in batteries and electric motors to give it the edge over established manufacturers. It manufactures and sells hairdryers, vacuum cleaners and air filters.

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Something that alt media doesn’t tell S’poreans

The PAP govt is attracting advanced manufacturing here and Dyson shows this.

Advanced manufacturing is a priority for Singapore, which deems it a way to raise productivity at a time when the city-state has struggled to maintain high levels of efficiency.

FT

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The FT reports

Singapore’s incentives include tax breaks for five years, which can be extended, and R&D grants that can cover up to 30 per cent of the cost of projects that involve product, application or process development, according to the Singapore Economic Development Board. They also offer expensive land at discounted rates, says a person with experience of Singapore’s economic planning. “They definitely would have given [Dyson] a favourable tax break,” they add.

Dyson refuses to reveal the scale of its investment, though the EDB’s Kiren Kumar says the company would double its 1,000-strong workforce in the country through the investment.

For Dyson, which says its Singapore investment was premised on market access rather than incentives, no amount of government support can remove the need to pour its own resources into the venture.

Problem S’pore, PAP face

In Economy, EDB, Political economy, Political governance on 16/08/2015 at 4:56 am

Creativity and innovation drive global business today. Capital is just one resource, important, but no longer the major differentiator.”

– Peter Georgescu, the chairman emeritus of Young & Rubicam.

For all their academic brilliance Ah Loong and team have not advanced beyond tinkering with the framework that Dr Goh Keng Swee, Hon Swee Sen and Albert Winsemius devised. Evolution is fine to a point. But surely the world has undergone revolutionary change. When they were constructing their model of serving MNCs as a path to grow the economy, serving MNCs was “neo-colonialism”. Today even Red China serves as as the MNCs’ factory.

And many of our PMEs have not gone beyond thinking like clerks, hence they are easily replicable by cheaper FTs?

 

 

 

EDBI replacing Temasek? Is CWT a gd bet?

In EDB, Logistics, Temasek on 05/02/2010 at 5:16 am

(Update on 1 December: See link to November 2010 post at end of article)

Remember last yr when Temasek revised its charter and took out something about “growing our own companies” (my words, not theirs)?

The local MSM, bloggers and various chatter-boxes moaned and wondered who would replace Temasek in its nurturing role?

Well last week, we may have gotten an answer: though based on the silence of the  chatterliterati, they did not know, or care, that their question might have been answered.

EDB Investments (EDBI) took around 2.7% of CWT’s enlarged capital, paying S$12.6 million.

According to a CWT statement, the investment arm of the  Economic Development Board subscribed to 16 million new shares in the company at $0.788 per share. The issue price represented a discount of nearly 10%  to the counter’s weight-average price of $0.875 the previous  Friday.

Net proceeds from the sale would be used to finance CWT’s long-term expansion.

For those not familiar, CWT offers integrated logistics services to commodities and chemical companies, in addition to providing international freight forwarding. It claims to have the largest container yard capacity in Singapore with four container depots.

Now all these activities are activities that the EDB wants to promote here. So you can the fit.

The transport and storage industries account for 9% of Singapore’s GDP (gross domestic product) and employed about 182,000 people in 2008: quite a contribution neh?

And, as BT said “the competitiveness of Singapore’s trading and export-orientated manufacturing industries depends on a strong logistics industry that can offer high value, integrated supply chain services to connect Singapore with the global markets.”

Other good reasons to invest in CWT Read the rest of this entry »