DAILY NEWS

Daily News 23rd November 2018

Singapore Economy

MTI: Growth to let up in 2019; Q3 GDP underwhelms
Singapore’s economic growth next year is likely to ease from the pace recorded this year, weighed down by moderating global demand for electronics and the impact of the ongoing trade war. In its first official forecast for next year, the Ministry of Trade and Industry (MTI) on Thursday projected that the economy will grow by between 1.5 and 3.5 per cent in 2019.
https://www.businesstimes.com.sg/government-economy/mti-growth-to-let-up-in-2019-q3-gdp-underwhelms
https://www.straitstimes.com/business/economy/singapore-economy-to-grow-by-15-to-35-next-year-mti

Singapore exports not very exposed to trade war: MTI analysts
The world’s biggest economies are at loggerheads but Singapore’s exposure to the US-China trade war is small, an official analysis has found. Other watchers also believe that growth from exports to five key South-east Asian markets could shelter the Republic from the conflict.
https://www.businesstimes.com.sg/government-economy/singapore-exports-not-very-exposed-to-trade-war-mti-analysts

NODX tipped to expand 5.5-6% in 2018
Total merchandise trade as well as non-oil domestic exports performed better than expected in the third quarter, leading the government to raise sharply its full-year growth forecasts. Total trade rose for an eighth straight quarter at 14.7 per cent over a year ago in the July-September quarter, extending the second-quarter’s 10.2 per cent jump – thanks to higher oil and non-oil trade, according to the government’s trade promotion agency Enterprise Singapore.
https://www.businesstimes.com.sg/government-economy/nodx-tipped-to-expand-55-6-in-2018

Failed job applications a result of skills mismatch
More than mismatches in aspects such as salary expectations, education or experience, skills mismatches are the most likely to result in an unsuccessful job application, according to a study by Ministry of Trade and Industry economists.
https://www.businesstimes.com.sg/government-economy/failed-job-applications-a-result-of-skills-mismatch

Salary for Singapore workers to rise 2.6% in 2019: ECA International
Pay in Singapore will rise by an average 4 per cent in 2019 but higher inflation will trim the real increase to 2.6 per cent, predicts ECA International. “Singapore employees can expect to see a real salary increase of 2.6 per cent in 2019, down from the 2.9 per cent increase that they received this year,” says ECA’s regional director for Asia, Lee Quane. “This is primarily due to the expected increase in inflation, from 1 per cent in 2018 to 1.4 per cent next year.”
https://www.businesstimes.com.sg/government-economy/salary-for-singapore-workers-to-rise-26-in-2019-eca-international
https://www.businesstimes.com.sg/government-economy/real-pay-in-singapore-expected-to-rise-26-in-2019-eca-international-poll
https://www.straitstimes.com/business/economy/singapore-workers-to-get-26-real-pay-increase-next-year-down-from-29-in-2018-survey
https://www.straitstimes.com/singapore/manpower/job-pay-prospects-next-year-mixed-across-sectors-say-observers
https://www.straitstimes.com/singapore/manpower/job-prospects-for-workers-next-year-mixed-across-sectors-observers

Asia must redouble efforts to integrate economies: Chan Chun Sing
Countries in Asia “cannot be looking for the spoils of war” and should redouble efforts to integrate their economies, leveraging one another’s comparative advantage, Trade and Industry Minister Chan Chun Sing said on Thursday (Nov 22).
https://www.straitstimes.com/singapore/asia-must-redouble-efforts-to-integrate-economies-chan-chun-sing

More talent and effort to grow deep tech in Singapore: Heng Swee Keat
More talent and effort is needed to grow the deep tech industry in Singapore, said Finance Minister Heng Swee Keat on Thursday (Nov 22). Mr Heng was speaking at a ceremony marking the second anniversary of SGInnovate, a company that aims to grow entrepreneurs in the sector.
https://www.straitstimes.com/business/more-talent-and-effort-to-grow-deep-tech-in-singapore-heng-swee-keat

Singapore Real Estate

Keller Group to exit heavy foundations business in Singapore, Malaysia
Ground engineering contractor Keller Group Plc said on Thursday it would exit its heavy foundations activities in Singapore and Malaysia and scale back in Brazil and South Africa, leading to 700 job cuts. Keller Group expects to take an exceptional restructuring charge of about £57 million (S$100.1 million) in its full-year results.
https://www.businesstimes.com.sg/real-estate/keller-group-to-exit-heavy-foundations-business-in-singapore-malaysia
https://www.straitstimes.com/business/companies-markets/keller-group-to-exit-heavy-foundations-business-in-singapore-malaysia-0
https://www.straitstimes.com/business/companies-markets/keller-group-to-exit-heavy-foundations-business-in-singapore-malaysia

Companies’ Brief

More SGX-listed firms embark on sustainability reporting
More Singapore Exchange (SGX)-listed companies have embarked on sustainability reporting, but there is significant room for improvement in reporting, a study says. The latest Sustainability Reporting in Singapore study by the National University of Singapore (NUS) Business School’s Centre for Governance, Institutions and Organisations (CGIO) and Asean CSR Network (ACN) shows that 327 out of a total of 678 – or 48.3 per cent – mainboard- and Catalist-listed companies communicated their sustainability practices. This translates to an average level of disclosure of 55.3 percentage points as at May 31 this year.
https://www.businesstimes.com.sg/companies-markets/more-sgx-listed-firms-embark-on-sustainability-reporting
https://www.businesstimes.com.sg/companies-markets/more-sgx-listed-firms-communicating-sustainability-information-but-disclosure-on
https://www.straitstimes.com/business/companies-markets/more-listed-firms-reporting-on-sustainability-but-board-commitment

CapBridge-backed 1exchange gets go-ahead to operate private securities exchange
Global private capital platform CapBridge has received the nod for its associated entity, CapBridge Platform, to operate a securities exchange known as 1exchange (1X), which will make it among the first regulated private securities exchanges in Singapore.
https://www.businesstimes.com.sg/companies-markets/capbridge-backed-1exchange-gets-go-ahead-to-operate-private-securities-exchange
https://www.businesstimes.com.sg/banking-finance/capbridges-1exchange-gets-mas-nod-to-operate-as-one-of-singapores-first-private
https://www.straitstimes.com/business/companies-markets/capbridges-1exchange-gets-mas-nod-to-operate-as-one-of-singapores-first

Ikea to cut 7,500 jobs by 2020 in push for e-commerce
Swedish furniture giant Ikea said on Wednesday it plans to cut 7,500 jobs worldwide by 2020, mainly office jobs, as it reorganises to focus its business on e-commerce and smaller shops in city centres. The job cuts affect almost 5 per cent of staff at Ingka Holding, Ikea’s parent group. Ikea is its biggest brand with 367 stores in 30 countries and 160,000 employees.
https://www.straitstimes.com/business/ikea-to-cut-7500-jobs-by-2020-in-push-for-e-commerce

Views, Reviews, Forum & Others

Leadership model of continuity to apply in upcoming transition: Chan Chun Sing
The leadership model in Singapore is “one of continuity”, and this can be expected in the country’s upcoming transition at the highest ranks, said Trade and Industry Minister Chan Chun Sing on Thursday (Nov 22).
https://www.straitstimes.com/politics/singapolitics/leadership-model-of-continuity-to-apply-in-upcoming-transition-chan-chun-sing

Fixed legal fees off the table for now
Proposed changes to have civil litigation costs fixed to a scale have been dramatically withdrawn – for now – following a townhall held last evening. At the session meant for lawyers to give further feedback on the cost proposals, they were instead told the news by Law Minister K Shanmugam – and greeted the decision with rounds of applause.
https://www.businesstimes.com.sg/government-economy/fixed-legal-fees-off-the-table-for-now-0
https://www.businesstimes.com.sg/government-economy/fixed-legal-fees-off-the-table-for-now

Machines to soup up counting at Singapore’s next polls
Voters at the next election in Singapore will be able to register electronically at polling stations, and votes will be tallied using counting machines. These initiatives will help to improve the election processes and give voters a smoother experience at polling stations, the Elections Department (ELD) said on Thursday.
https://www.businesstimes.com.sg/government-economy/machines-to-soup-up-counting-at-singapores-next-polls
https://www.straitstimes.com/politics/singapolitics/counting-machines-to-be-used-in-next-election
https://www.channelnewsasia.com/news/singapore/faster-results-at-next-general-election-with-counting-machines-10957068

Raft of programmes launched to help ICT SMEs
Businesses in the infocomm media sector are getting a leg-up from the Infocomm Media Development Authority (IMDA) in the form of initiatives designed to help them capture opportunities in the fast-growing services industry.
https://www.businesstimes.com.sg/government-economy/raft-of-programmes-launched-to-help-ict-smes
https://www.businesstimes.com.sg/government-economy/singapore-infocomm-media-sector-gets-a-leg-up-on-riding-emerging-technological
https://www.straitstimes.com/singapore/new-initiative-aims-to-help-smes-embrace-emerging-technology
https://www.straitstimes.com/business/economy/imda-rolls-out-new-measures-to-help-infocomm-media-sector-ride-on-emerging-tech
https://www.straitstimes.com/singapore/new-initiative-aims-to-help-smes-embrace-emerging-technology
https://www.channelnewsasia.com/news/business/new-initiatives-launched-to-help-companies-adopt-emerging-10959828

IMDA puts up seed funding to boost blockchain adoption
IN A bid to grow the blockchain ecosystem in Singapore, the Infocomm Media Development Authority (IMDA) is putting up seed funding for industry players to develop platforms that connect blockchain special interest groups, solution providers and other related services providers.
https://www.businesstimes.com.sg/government-economy/imda-puts-up-seed-funding-to-boost-blockchain-adoption https://www.businesstimes.com.sg/government-economy/imda-puts-up-seed-funding-to-boost-blockchain-adoption-by-enterprises https://www.straitstimes.com/business/economy/imda-puts-up-seed-funding-to-boost-blockchain-adoption-by-enterprises

Temasek will explore AI, blockchain deals
Temasek Holdings Pte, Singapore’s state investment firm, is setting up new groups to explore opportunities in artificial intelligence (AI) and blockchain technologies. Temasek is creating so-called “experimental pods” to focus on these two areas, which it sees as long-term trends impacting multiple industries and geographies, according to an internal memo obtained by Bloomberg. Chia Song Hwee, the chief operating officer of key management arm Temasek International Pte, will oversee the new groups.
https://www.businesstimes.com.sg/technology/temasek-will-explore-ai-blockchain-deals
https://www.businesstimes.com.sg/government-economy/temasek-setting-up-new-groups-to-explore-ai-and-blockchain-deals
https://www.straitstimes.com/business/economy/temasek-sets-up-new-groups-to-explore-ai-blockchain-tech

Lime rolls out shared e-scooters at Science Park
Shared e-scooter company Lime has begun rolling out its personal mobility devices (PMDs) in Singapore, through a partnership with property developer Ascendas-Singbridge. Lime’s e-scooters are deployed at Singapore Science Park 1 and 2, the American company said in a statement yesterday.
https://www.straitstimes.com/singapore/transport/lime-rolls-out-shared-e-scooters-at-science-park
https://www.straitstimes.com/singapore/transport/american-company-starts-shared-e-scooter-scheme-at-singapore-science-park-1-and

Century-old hospital wards added to expanded Balestier heritage trail
A row of eight single-storey hospital buildings with blue roofs stand on a hill at Moulmein Road. Although they would not look out of place in a war movie, few people in Singapore even know about their existence. The National Heritage Board (NHB) is aiming to change that by including the pavilion wards as a stop on its expanded heritage trail of Balestier, which was launched on Thursday (Nov 22).
https://www.straitstimes.com/singapore/century-old-hospital-wards-added-to-expanded-balestier-heritage-trail

Vietnam has big plans for its bond market
Vietnam has drawn up a roadmap for its bond market, with an ambitious goal to increase the size of the sector to 45 per cent of gross domestic product – and further to 65 per cent in 2030. Its “Roadmap for Developing the Bond Market, 2017-2020 and Vision Toward 2030” sees the country revamping the market, improving procedures and enacting liberal financial sector laws.
https://www.businesstimes.com.sg/opinion/vietnam-has-big-plans-for-its-bond-market

Soft skills are not as soft as you think
We hear a lot about the looming technology skills gap in the Asia-Pacific, but a trend you may not have heard about is the rise of tech jobs requiring soft skills. LinkedIn recently released an Emerging Jobs report in several markets in the Asia-Pacific, all listing data scientists as one of the top five emerging jobs. While most of these jobs are tech-focused, a finding from the report points to the requirement for an unexpected mix of technical skills and soft skills like management and communication.
https://www.businesstimes.com.sg/opinion/soft-skills-are-not-as-soft-as-you-think