DAILY NEWS

Daily News – 21 Aug 2020 (Fri)

Singapore Economy

Companies that are agile can still grow during crisis: DPM Heng
Companies that have remained agile and invested in innovation have been able to pivot to new opportunities during the coronavirus pandemic, said Deputy Prime Minister Heng Swee Keat in a Facebook post on Wednesday night. He made these remarks after visiting precision engineering company Forefront Medical Technology.
https://www.businesstimes.com.sg/government-economy/companies-that-are-agile-can-still-grow-during-crisis-dpm-heng
https://www.straitstimes.com/business/economy/firms-that-are-agile-innovative-can-grow-during-crisis-dpm

Good, clean jobs data a win-win for Singapore
As promised by Manpower Minister Josephine Teo, a new-format jobs report was released on Thursday. These weekly updates, which Mrs Teo said “will cover different aspects of the job situation”, are a laudable step towards data transparency during a dark and critical period.
https://www.businesstimes.com.sg/government-economy/good-clean-jobs-data-a-win-win-for-singapore

Singapore, China reaffirm strong bilateral relations
China’s top diplomat and Singapore leaders discussed the wide-ranging cooperation between their countries, including moves to combat the health and economic impact of Covid-19, when they met yesterday.
https://www.straitstimes.com/politics/spore-china-reaffirm-strong-bilateral-relations

Pay cuts help spare 224,800 workers from pink slips: MOM
Some 224,800 workers in Singapore, across 6,300 companies, saw their pay cheques hit by cost-cutting measures in the last five months. The latest numbers – published on Thursday in a weekly update from the Ministry of Manpower (MOM) – appear to be tapering off since the end of a circuit breaker in April and May.
https://www.businesstimes.com.sg/government-economy/pay-cuts-help-spare-224800-workers-from-pink-slips-mom
https://www.straitstimes.com/singapore/manpower/224800-workers-affected-by-cost-cutting-measures

Companies’ Brief

Brazil suspends administrative enforcement procedure against 5 Keppel units
Singapore (The Business Times) – The Office of the Comptroller General of Brazil (CGU) has suspended its administrative enforcement procedure (AEP) against five subsidiaries of Keppel Corp in relation to “alleged irregularities under the Brazilian Anti-Corruption Statute”.
https://www.straitstimes.com/business/companies-markets/brazil-suspends-administrative-enforcement-procedure-against-5-keppel
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1201

Views, Reviews, Forum & Others

No place for workplace xenophobia
The Monetary Authority of Singapore (MAS) has responded to concerns over the workforce composition in banks in a way that touches on wider perceptions about the presence of foreign workers, particularly professionals, managers, executives and technicians, in the Singapore economy. Referring to financial institutions…
https://www.straitstimes.com/opinion/st-editorial/no-place-for-workplace-xenophobia-0

Forming corporate diamonds under pressure
Covid-19 has brought profound changes to our way of life and challenging times for businesses. Yet, amid the turbulence, we have seen many organisations respond to today’s immense challenges with rapid innovation, even seizing opportunities that have been presented by the pandemic.
https://www.businesstimes.com.sg/opinion/forming-corporate-diamonds-under-pressure

The colour of Asia’s green shoots
Intrigued by Chasen Holdings’ recent announcement to the Singapore Exchange that it had won $21 million worth of projects thanks to what it described as “an improvement in the regional economy”, I went to see its management last week to learn more about its story.
https://www.straitstimes.com/opinion/the-colour-of-asias-green-shoots-0

Only sustainable tech startups can drive jobs growth
The net effect that tech startups have on job creation is still hazy amid the pandemic. On Thursday, the Ministry of Manpower (MOM) announced that startups, including those in the tech sector, are generating thousands of job vacancies under the SGUnited Jobs and Skills Package.
https://www.businesstimes.com.sg/garage/only-sustainable-tech-startups-can-drive-jobs-growth-0

Retooling strategy for a post-pandemic world
Six months into one of the most challenging years in business history, simple clarity has become our most precious resource. Covid-19 is having a profound impact – we know that – but how it will play out remains deeply uncertain. While there’s no shortage of punditry and speculation, we’re still in the very early stages of understanding the pandemic’s full ramifications.
https://www.businesstimes.com.sg/leadership-management/retooling-strategy-for-a-post-pandemic-world

Performance appraisal in a pandemic
With employees working from home on an unprecedented scale and the Covid-19 crisis rendering current business goals moot, companies are being forced to rethink how they assess the performance of their staff. As well, many companies will find their bonus pot shrinking, making it more crucial for them to identify fairly those who are truly deserving of rewards.
https://www.businesstimes.com.sg/weekend/performance-appraisal-in-a-pandemic

With bankers stuck at home, Asia wealth management hits snag
Private bankers in Hong Kong and Singapore had their wings clipped by the pandemic, thwarting their pursuit of millionaires scattered across a region where wealth is growing faster than anywhere else. For most of the year, relationship managers in two of the world’s largest centres for cross-border money management haven’t been able to freely travel to China and around South-east Asia…
https://www.businesstimes.com.sg/wealth-investing/with-bankers-stuck-at-home-asia-wealth-management-hits-snag

Fintech Advance.AI riding wave of buy-now pay-later online shopping
Local fintech Advance.AI has seen rising demand from younger shoppers in taking up instalment plans for online retail spending – a service it is selling to retailers now forced by the pandemic-linked measures to digitalise their sales.
https://www.businesstimes.com.sg/banking-finance/fintech-advanceai-riding-wave-of-buy-now-pay-later-online-shopping

Global outage hits Google as users face e-mail, storage disruption
Google suffered a seven-hour global outage on Thursday that affected many of its services, including e-mail, storage, document and videoconferencing. The disruption hit users at a time when they needed the tools most to stay productive amid the Covid-19 pandemic.
https://www.businesstimes.com.sg/technology/global-outage-hits-google-as-users-face-e-mail-storage-disruption
https://www.straitstimes.com/singapore/google-services-suffer-global-outage

Tan Chuan-Jin to be nominated again for Speaker
Mr Tan Chuan-Jin will be nominated for re-election as Speaker of Parliament when the House meets next Monday. Minister in the Prime Minister’s Office (PMO) Indranee Rajah will be designated Leader of the House, and Senior Minister of State Zaqy Mohamad as Deputy Leader.
https://www.straitstimes.com/singapore/tan-chuan-jin-to-be-nominated-again-for-speaker

Update on COVID-19 (Coronavirus Disease 2019) Situation

Coronavirus: Out of 83k travellers entering S’pore from June 18 to Aug 6, 152 tested positive
Singapore has seen a rise in the number of people with Covid-19 entering the country since it reopened its borders to more long-term pass holders on June 19. The 239 cases who tested positive after coming into the country since then represent almost 30 per cent of all imported cases in the Republic.
https://www.straitstimes.com/singapore/health/out-of-83k-arrivals-from-june-18-to-aug-6-152-had-the-virus

Nearly 6 in 10 satisfied with Govt’s handling of pandemic: Poll
A recent survey on workplace resilience has found that close to six in 10 Singaporeans were satisfied with how the Government managed the Covid-19 situation, though they may feel stressed by the pandemic.
https://www.straitstimes.com/singapore/health/nearly-6-in-10-satisfied-with-govts-handling-of-pandemic-poll

14,500 foreign workers serving quarantine
About 14,500 foreign workers are currently serving out their quarantine after testing of all workers in dormitories was completed on Aug 11. “These workers will be tested when their quarantine ends, and we expect the case counts to remain high in the coming days, before tapering down thereafter,” said the Ministry of Health (MOH) in a statement yesterday.
https://www.straitstimes.com/singapore/14500-foreign-workers-serving-quarantine

*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