DAILY NEWS

Daily News – 2 Sep 2020 (Wed)

Singapore Real Estate

S$20m scheme to help Singapore built environment firms go digital
The government is setting aside up to S$20 million to help firms in the built environment sector implement digital solutions to restart work safely amid the pandemic. “Adopting digital solutions can allow our firms to resume work safely, despite the challenges posed by physical distancing measures,” said Minister for National Development, Desmond Lee, while speaking at the virtual launch of International Built Environment Week (IBEW).
https://www.businesstimes.com.sg/real-estate/s20m-scheme-to-help-singapore-built-environment-firms-go-digital
https://www.straitstimes.com/singapore/20m-fund-to-help-construction-firms-adopt-digital-solutions

Singapore Economy

Singapore’s visitor arrivals, hotel bookings pick up in July
Singapore’s international visitor arrivals and hotel occupancy picked up in July from the month before, fuelling hopes that the Covid-19 slump in inbound travel has bottomed out. Still, visitor numbers remain depressed against the year before, while room revenues continued to decline. Roughly 6,840 visitors touched down in July this year – up from about 2,170 in June…
https://www.businesstimes.com.sg/government-economy/singapores-visitor-arrivals-hotel-bookings-pick-up-in-july

WTO reform more urgent than ever, or it risks losing its way
The world’s problems, many of which are rooted in the disruption caused by the ongoing Covid-19 pandemic, require global solutions to solve them. Mohammad Al-Tuwaijri, one of eight candidates in the running to become the World Trade Organization’s (WTO) next director-general, made this point as he stressed the growing importance of multilateralism during a time of crisis.
https://www.businesstimes.com.sg/government-economy/wto-reform-more-urgent-than-ever-or-it-risks-losing-its-way

Silent majority must speak out: Anti-foreign sentiment is detrimental to the economy
Ten years ago, Singapore saw its first outbreak of anti-foreign sentiment, or xenophobia, since independence in the run-up to, during and after General Election 2011. Then, the issue was rapid population growth in the first decade of this century without enough infrastructure to support it.
https://www.businesstimes.com.sg/government-economy/silent-majority-must-speak-out-anti-foreign-sentiment-is-detrimental-to-the

Government to push for more companies to adopt progressive wage model
Singapore is looking to recognise companies that voluntarily adopt the progressive wage model (PWM) in sectors where it is not currently compulsory, such as food services and retail trade, Manpower Minister Josephine Teo said. Companies that voluntarily pay progressive wages and provide job progression pathways to their lower-income workers will be recognised…
https://www.businesstimes.com.sg/government-economy/government-to-push-for-more-companies-to-adopt-progressive-wage-model
https://www.straitstimes.com/politics/new-pwm-mark-to-spur-adoption-of-minimum-wage-plus
https://www.businesstimes.com.sg/government-economy/wrong-time-to-push-for-progressive-wage-model-in-fb-retail-employers

Raising EP minimum pay ‘boosts quality of hires’
Using salary requirements rather than quotas to regulate the number of Employment Pass (EP) holders helps to improve the quality of foreign professionals over time while giving firms flexibility, Manpower Minister Josephine Teo said on Tuesday.
https://www.businesstimes.com.sg/government-economy/raising-ep-minimum-pay-boosts-quality-of-hires
https://www.straitstimes.com/politics/house-takes-up-issue-of-foreigners-competing-for-local-jobs
https://www.straitstimes.com/politics/not-wise-to-have-quotas-for-employment-passes-minister
https://www.straitstimes.com/politics/treatment-of-local-staff-considered-when-firms-apply-for-ep-s-pass

Singapore, Brunei agree to set up travel arrangements
Essential travel between Brunei and Singapore is now possible with both countries agreeing to establish Reciprocal Green Lane (RGL) facilities at both ends. Singapore already has similar arrangements in place with China and Malaysia, and is discussing adding other countries, including Japan, to the list.
https://www.straitstimes.com/singapore/health/spore-brunei-agree-to-set-up-travel-arrangements
https://www.straitstimes.com/singapore/singapore-brunei-set-up-green-lane-for-essential-travel

Companies’ Brief

Mapletree Industrial Trust completes acquisition of 14 data centres in US
The manager of Mapletree Industrial Trust (MIT) on Tuesday said it has completed the acquisition of the remaining 60 per cent interest in 14 data centres in the US from its sponsor. The purchase consideration amounts to US$215.3 million.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-completes-acquisition-of-14-data-centres-in-us

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1210

Views, Reviews, Forum & Others

Smart tech will drive rapid economic recovery post-pandemic
Countries around the world, including Singapore, have reported major contraction in economic growth in recent quarters. Since the start of the novel coronavirus pandemic early this year, economies have been badly hit due to lockdowns imposed to contain the spread of the virus.
https://www.businesstimes.com.sg/opinion/smart-tech-will-drive-rapid-economic-recovery-post-pandemic

Technology is key to rebooting tourism
South-East Asia relies heavily on tourism. In 2019, the travel and tourism industry contributed 12 per cent of the region’s gross domestic product (GDP) and about one in 10 people are employed within and around it, according to the World Travel and Tourism Council (WTTC).
https://www.businesstimes.com.sg/opinion/technology-is-key-to-rebooting-tourism

‘Digital First’ online services must be humanised, user-centric
There is an image circulated widely on WhatsApp asking people who leads the digital transformation of their company: Was it the CEO, CTO or Covid-19? Covid-19 has arguably brought about radical shifts in how we live and work. Before Covid-19…
https://www.businesstimes.com.sg/opinion/digital-first-online-services-must-be-humanised-user-centric

Fed sets the stage for more asset price inflation
If you thought the Covid-19 pandemic would, at some point, be the catalyst to bring down overinflated asset prices, you might need to think again, because there is a good chance that they could get even more overinflated – thanks to the United States Federal Reserve.
https://www.straitstimes.com/opinion/fed-sets-the-stage-for-more-asset-price-inflation-0

MAS steps up engagements with key financial institutions on hiring practices
The Monetary Authority of Singapore (MAS) has been stepping up engagements with the top leadership of key financial institutions on the need to maintain human resource practices that are merit-based and support workplace diversity, said Ong Ye Kung, an MAS board member, on Tuesday.
https://www.businesstimes.com.sg/banking-finance/mas-steps-up-engagements-with-key-financial-institutions-on-hiring-practices
https://www.straitstimes.com/politics/more-singaporeans-taking-on-senior-roles-in-finance-filling-new-jobs-created-ong

Update on COVID-19 (Coronavirus Disease 2019) Situation

Coronavirus: Orchard Central, Bugis Junction among places visited by patients
Orchard Central and Bugis Junction were among the places visited by Covid-19 patients while they were still infectious, said the Ministry of Health (MOH) yesterday. At least one patient visited Da Long Yi Hot Pot restaurant in Orchard Central, while Xiao Long Kan Hotpot restaurant and Starbucks in Bugis Junction were each also visited by at least one patient, it said.
https://www.straitstimes.com/singapore/orchard-central-bugis-junction-among-places-visited-by-patients

Routine Covid-19 testing: Deadline looms for 62k workers
All workers staying in dormitories, as well as those who work in the construction, marine and process sectors and who visit work sites, must be swabbed to test for Covid-19 by Saturday. The reminder came from the Ministry of Manpower, Building and Construction Authority (BCA), Health Promotion Board (HPB) and Economic Development Board yesterday, as 8 per cent of 1,500 employers have yet to log in…
https://www.straitstimes.com/singapore/manpower/routine-testing-deadline-looms-for-62k-workers
*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation