DAILY NEWS

Daily News – 27 Aug 2020 (Thu)

Singapore Economy

Q3 factory output off to rocky start
Singapore’s third-quarter economic showing is off to a rocky start, as the manufacturing sector turned in a worse-than-expected year-on-year drop in factory output in July. Industrial production fell by 8.4 per cent, widening from 6.5 per cent in June and worse than the median decline estimated in a Bloomberg poll.
https://www.businesstimes.com.sg/government-economy/q3-factory-output-off-to-rocky-start
https://www.straitstimes.com/business/economy/singapore-factory-output-shrinks-84-on-further-biomed-declines

New schemes to boost investment and support local entrepreneurship
The impact of Covid-19 has been uneven across different sectors of the economy, said Trade and Industry Minister Chan Chun Sing on Wednesday, as he outlined plans to help Singapore businesses and workers adapt.
https://www.businesstimes.com.sg/government-economy/new-schemes-to-boost-investment-and-support-local-entrepreneurship
https://www.straitstimes.com/politics/spore-to-keep-investing-in-tech-innovation-to-create-more-jobs
https://www.straitstimes.com/politics/to-grow-singapore-must-reopen-safely-sustainably-chan

Singapore’s financial sector still resilient despite Covid-19: Tharman
The safety and soundness of Singapore’s financial sector must be sustained as this is critical to support the economy through the current downturn as well as the future recovery. Making this point on Wednesday, Senior Minister Tharman Shanmugaratnam said that banks and insurance companies generally entered the crisis with financially strong balance sheets.
https://www.businesstimes.com.sg/government-economy/singapores-financial-sector-still-resilient-despite-covid-19-tharman
https://www.straitstimes.com/business/economy/opportunity-for-asean-in-supply-chain-shifts-due-to-trade-war-virus-tharman

Bosses fear tighter rules for foreign hires may stunt growth, raise costs
Economists believe revised criteria meant to support local wages, rather than slash size of foreign workforce; labour shortage expected to spike when economy recovers
https://www.businesstimes.com.sg/government-economy/bosses-fear-tighter-rules-for-foreign-hires-may-stunt-growth-raise-costs
https://www.straitstimes.com/politics/move-to-raise-salary-criteria-for-s-passes-eps-timely-analysts

Salary criteria for Employment and S Pass holders to be raised: MOM
The government will make further adjustments to Singapore’s foreign workforce policies, including raising the salary criteria for Employment Pass (EP) and S Pass holders. This will “reflect the changed conditions” as there is now more slack in the labour market, due to the impact of Covid-19 and the economic disruption it has caused so far, Manpower Minister Josephine Teo said on Wednesday.
https://www.businesstimes.com.sg/government-economy/salary-criteria-for-employment-and-s-pass-holders-to-be-raised-mom
https://www.straitstimes.com/politics/salary-criteria-for-foreign-professionals-to-be-raised

More than 6,300 jobs and openings for training and attachments in manufacturing
Singapore’s manufacturing sector continues to churn out jobs despite the current crisis, with the bulk of the jobs going to professionals, managers, executives and technicians, a group collectively called the PMETs.
https://www.businesstimes.com.sg/government-economy/more-than-6300-jobs-and-openings-for-training-and-attachments-in-manufacturing
https://www.straitstimes.com/singapore/manpower/6400-jobs-training-roles-available-in-manufacturing

18,000 jobs, training opportunities in infocomm tech sector
About 18,000 jobs and skills training opportunities in the information and communications technology (ICT) sector are currently available to Singaporeans across the digital economy. Such positions include software engineers, system analysts, data scientists and cyber security specialists.
https://www.straitstimes.com/singapore/manpower/18000-jobs-training-opportunities-in-infocomm-tech-sector

Singapore firms face cash flow woes due to pandemic: Survey
Finance professionals expect a slow return to normal from the impact of the coronavirus-induced recession, according to a survey by the Association of Chartered Certified Accountants (ACCA) Singapore. This comes as 66 per cent of the respondents, from an expert panel of 115 finance professionals, said their firms’ customers have completely stopped or reduced their purchases, and 37 per cent said they are having cash flow problems.
https://www.straitstimes.com/business/economy/singapore-firms-face-cash-flow-woes-due-to-pandemic-survey

Singapore, Thailand to expedite green lane talks
Singapore and Thailand will work to expedite ongoing discussions on a reciprocal green-lane agreement for essential business travel between both countries, with necessary public health safeguards.
https://www.businesstimes.com.sg/government-economy/singapore-thailand-to-expedite-green-lane-talks
https://www.straitstimes.com/singapore/spore-thailand-to-speed-up-talks-on-green-lane-for-travel

Companies’ Brief

Straits Trading buys freehold business park in the UK for £76.7m
The Straits Trading Company is acquiring a freehold business park in the United Kingdom for a total cash consideration of £76.7 million (S$137.9 million), it announced in a Singapore Exchange filing after market close on Wednesday.
https://www.businesstimes.com.sg/companies-markets/straits-trading-buys-freehold-business-park-in-the-uk-for-%C2%A3767m

Views, Reviews, Forum & Others

Should MAS, SGX RegCo weigh in on Sabana-ESR merger?
The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) could be on the verge of getting drawn into the controversial proposed merger of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit, whose managers are both controlled by Hong Kong-listed ESR Cayman.
https://www.businesstimes.com.sg/companies-markets/should-mas-sgx-regco-weigh-in-on-sabana-esr-merger

Are we all Keynesians now?
Among the pieties repeated at every online Covid-19 conference, one is universally acknowledged: the pandemic has ushered in an era of larger, more robust state intervention in the economy. But what does this mean for the future? In what areas of economic life should and can the state do more?
https://www.businesstimes.com.sg/opinion/are-we-all-keynesians-now

Cross-border data protection needs less formal, bottom-up approach
The Covid-19 crisis has accelerated the take-up of technology across many sectors, with more people working from home, ordering goods and products online, and streaming entertainment using cloud-based solutions. The future 5G mobile network, which promises a host of supercharged AI solutions…
https://www.businesstimes.com.sg/opinion/cross-border-data-protection-needs-less-formal-bottom-up-approach

Reliable data is needed to strengthen the foundation for ESG and impact investing
Over the last decade, investors have increasingly turned their focus to environmental, social and governance (ESG) considerations to tap new opportunities and manage risks. Morningstar recently reported that assets under management in funds that abide by ESG principles surpassed US$1 trillion for the first time on record.
https://www.businesstimes.com.sg/opinion/reliable-data-is-needed-to-strengthen-the-foundation-for-esg-and-impact-investing

Playing tourists at home
Singapore travellers spent $36.5 billion overseas last year. Can some of that be channelled into domestic spending, now that travel is restricted?
https://www.straitstimes.com/opinion/playing-tourists-at-home-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

10 imported cases, 3 in community among 60 new infections
A 76-year-old man is among 10 imported Covid-19 patients announced by the Ministry of Health (MOH) yesterday. The permanent resident returned to Singapore from India on Aug 14 and was confirmed to be positive on Tuesday.
https://www.straitstimes.com/singapore/health/10-imported-cases-3-in-community-among-60-new-infections

Travellers from S. Korea must serve 14-day SHN at dedicated facilities
The Ministry of Health (MOH) yesterday announced updated border measures for travellers arriving from the Republic of Korea. Those entering Singapore from Saturday, who in the last 14 days have travelled to South Korea, including for transit, will be required to serve a 14-day stay-home notice (SHN) at dedicated facilities instead of their own place of residence.
https://www.straitstimes.com/singapore/travellers-from-s-korea-must-serve-14-day-shn-at-dedicated-facilities

askST: Repair work at home? Here’s how to stay safe amid Covid-19
Households can take extra precautions when they allow workers into homes
https://www.straitstimes.com/singapore/repair-work-at-home-heres-how-to-stay-safe
*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