Singapore government blocks Income-Allianz deal as it is 'not in public interest'

The Singapore government has stepped in to stop the proposed deal between NTUC Income and German insurer Allianz. It's also introducing new measures to safeguard future deals that involve insurers with a social mission, like Income. Culture, Community and Youth Minister Edwin Tong, whose ministry oversees cooperatives, said the proposed transaction in its current form is not in the public's interest. He added that the government is not opposed to new arrangements Income may wish to pursue. In parliament, MPs from both sides of the house also raised questions on the impact to policyholders. Aslam Shah reports.