Daily Briefing: Singapore, Indonesia begins talks on reciprocal green lane; Government invests $82.95m in Phoenix Mills' QIP

And MSF to strengthen social safety nets amidst pandemic.

From ChannelNewsAsia:

Singapore and Indonesia are set to begin discussions on a "reciprocal green lane" to allow essential travel to gradually resume, said Singapore's Ministry of Foreign Affairs (MFA).

Foreign Affairs Minister Dr Vivian Balakrishnan and his Indonesian counterpart Retno Marsudi agreed that both countries should work closely together to strengthen public health cooperation, enhance economic growth and investments, deepen financial cooperation and facilitate safe travel, said MFA in a statement.

"Given the strong business links between Singapore and Indonesia, the two foreign ministers tasked the officials to begin discussions on a 'reciprocal green lane' to allow for essential travel to gradually resume in a manner that would safeguard public health and safety in both countries," the ministry said.

Lee and Marsudi reaffirmed "the excellent relations" between Singapore and Indonesia, and discussed how the two countries can continue to work together to overcome common challenges brought about by the pandemic, said MFA.

They also encouraged further bilateral discussions between the officials, the MFA statement added.

Read more here. 

From DealStreetAsia:

The government of Singapore has invested $82.95m (₹450 crore) in the recently qualified institutional placement (QIP) offering of mall developer Phoenix Mills Ltd, the company said in a filing.

The government of Singapore was the biggest investor in the share sale, contributing almost 41% of the total amount.

Other major investors in the share share include domestic institutional investors such as ICICI Prudential Mutual Fund, SBI Mutual Fund ,and Aditya Birla Sun Life Mutual Fund, according to the stock exchange filing.

Shares were issued to these investors at $11.12 (₹603) apiece. With the investment, Phoenix Mills has raised $202.76m (₹1,100 crore) through its QIP.

Phoenix Mills intends to use the proceeds of the QIP to fund growth opportunities including investing in existing and proposed business ventures, proposed acquisitions, debt service obligations, capital expenditure and working capital requirements.

Read more here. 

From ChannelNewsAsia:

The Ministry of Social and Family Development (MSF) will review and strengthen social safety nets to ensure that “no Singaporean is left behind” amidst the COVID-19 pandemic and its subsequent economic impact, said Minister for Social and Family Development Masagos Zulkifli.

The social needs of Singaporeans have become more complex and this is augmented by the deep and far-reaching impact of COVID-19, said Masagos, as he laid out plans on how his ministry will support key government priorities announced by President Halimah Yacob during the opening of Parliament.

MSF will continue to review and strengthen social safety nets, said Masagos, noting that ComCare, the Temporary Relief Fund, COVID-19 Support Grant, and The Courage Fund provided financial as well as social support to vulnerable Singaporeans during the circuit breaker and the phased reopening of Singapore’s economy.

MSF will also enhance the delivery of social services, which has become especially important, said Masagos, as the pandemic has exacerbated the challenges faced by vulnerable segments of our society who have less resources to buffer against the impact.

The ministry will expand its networks and programmes, and deepen its collaboration with social service agencies, community partners and volunteers to “proactively reach out to vulnerable Singaporeans”, said Masagos.

Read more here.