Weekly News Select Aug 7, 2020 / Issue 32

Top News for the Week • Prices of toniest flats slipping, but they're not exactly a steal yet • Borrowers in jobs at risk face tighter processing for new home loans • HDB resale volume surges in July; prices inch up • PM to deliver televised National Day message on Aug 9 • Foreign worker levy waiver, rebates to be extended • Most building projects to resume by end of next month amid new protocols • Crucial to revive air travel and preserve S'pore's hub status • RTS Link to boost Singapore-Johor investments • Grim business outlook extends to year-end: surveys • S'pore factory activity expands in July after 5 months of contraction • Singapore's visitor arrivals in June sink to 2,200 from 1.6m a year ago • Online retail sales spike points to sustained structural shift

Residential Prices of toniest flats slipping, but they're not exactly a steal yet For those coveting Singapore's swankiest homes, prices of some may have come off but they're still far from bargain basement levels. In the posh home segment, prices of new sale or new launches have fallen while resale seems to be resilient. Going by the URA Property Price Index which includes new and resales, CCR private home prices have risen by 0.4 per cent in 1H 2020 from end-2019 and is now 4.7 per cent below the all-time peak in Q1 2013. For those with smaller budgets, there is little to cheer as prices in the more affordable rest of central region (RCR) and outside central region (OCR) have even risen as remote working becomes more prevalent and the decentralisation of economic city centres gains momentum.

Link to the story: https://www.businesstimes.com.sg/real-estate/prices-of-toniest-flats-slipping-but-theyre-not-exactly-a-steal-yet

Borrowers in jobs at risk face tighter processing for new home loans Home buyers are reportedly facing tighter credit assessment when they apply for mortgages - especially if they work in sectors that have been severely affected by Covid-19. On the other hand, for existing borrowers hoping to re-finance to cheaper home loans, banks are supportive and are easing the debt servicing criteria. Those earning variable income in industries which have been badly hit by the pandemic such as in the food and beverage and hospitality businesses have seen a higher "haircut" applied to their incomes when applying for a home loan. Banks say they are prudent in their credit assessment of home loan applicants while keeping within guidelines.

Link to the story: https://www.businesstimes.com.sg/banking-finance/borrowers-in-jobs-at-risk-face-tighter-processing-for-new- home-loans

HDB resale volume surges in July; prices inch up The number of Housing and Development Board (HDB) flat resale transactions continued to remain high in July with prices creeping up, according to flash data released by a real estate portal. An estimated 2,470 HDB resale flats were sold last month, a 0.7 per cent increase from June when 2,453 units were sold. July's sales estimates are the highest monthly sales in two years since July 2018, when 2,553 units were transacted. The two months of high sales came after exceptionally low numbers of 423 and 364 flats sold in April and May respectively, during the circuit breaker period that lasted from April 7 to June 1. The latest estimates showed HDB resale prices had increased 0.4 per cent in July 2020 compared with June 2020, with the resale price index at 132.9 in July, up from 132.3 in June.

Links to the story: https://www.businesstimes.com.sg/real-estate/hdb-resale-volume-surges-in-july-prices-inch-up https://www.straitstimes.com/singapore/hdb-resale-volume-in-july-highest-in-two-years-prices-also-up

Home owners doing renovations face delays and increase in costs Home renovation costs have increased by 10 to 20 per cent industry-wide in recent weeks, compared with pre-Covid-19 days, according to contractors and ID companies interviewed by The Straits Times. This comes even as more home renovation projects have been given the green light by the Building and Construction Authority to resume works. BCA told The Straits Times that around 60,000 renovation projects have been approved, including 24,000 residential projects that were previously suspended. Companies are now pinning their hopes on the resumption of cross-border travel between Singapore and Malaysia, for which applications will kick off on Aug 10.

Link to the story: https://www.straitstimes.com/singapore/housing/home-owners-doing-renovations-face-delays-and-increase-in-costs

Commercial JustCo to open two co-working centres in Singapore JustCo's new co-working centres at OCBC Centre East and The Centrepoint will be able to house over 2,000 members when they open in August and October respectively. The company said global enterprises L'Oreal, Riot Games and foodpanda will have about 300 employees at these new flexible workspaces. Game developer Riot Games and food delivery firm foodpanda are existing clients.

New client L'Oreal will be housing its Asia-Pacific team for the travel retail business at OCBC Centre East in the second half of 2020 to accommodate its growing team in Singapore. With the two new centres, JustCo now operates 42 centres across seven countries, including a centre in Melbourne opening in Q3. It currently has over 25,000 members across the Asia-Pacific.

Links to the story: https://www.businesstimes.com.sg/real-estate/justco-to-open-two-co-working-centres-in-singapore https://www.straitstimes.com/business/companies-markets/justco-opening-2-more-workspaces-in-spore

Retail Cloud kitchen to offer jobs to vulnerable groups, help food heritage brands survive Singapore's first social enterprise cloud kitchen will provide jobs for vulnerable groups while helping food heritage brands to survive during the pandemic. Its flagship central kitchen will start operations tomorrow, taking over the Y Cafe space at the YMCA in Orchard Road. Its Project SG Makan initiative brings nine food and beverage (F&B) companies together to sell delivery-only and/or takeaway meals from the cloud kitchen. These F&B partners - including Ming Fa Fishball, Gim's Heritage, and Boufe Boutique Cafe - will hire and train persons from low-income families, single mothers, persons with disabilities and their caregivers and family members. Social service agencies will offer employment support services. The Social Kitchen plans to open 50 kitchens across Singapore.

Link to the story: https://www.straitstimes.com/singapore/cloud-kitchen-to-offer-jobs-to-vulnerable-groups-help-food-heritage- brands-survive

Government PM to deliver televised National Day message on Aug 9 Prime Minister Lee Hsien Loong will be addressing the country in a televised message on National Day. His message at 10am in English will be aired on Channel NewsAsia, Channel 5 and CNA938 before the broadcast of the Padang parade, which is set to begin at 10.15am. Concurrently, the National Day message will be delivered in Mandarin by Deputy Prime Minister Heng Swee Keat on Channel 8, Channel U and Capital 958. Mr Heng is also Coordinating Minister for Economic Policies and Finance Minister. Mr Masagos Zulkifli, Social and Family Development Minister and Minister-in-charge of Muslim Affairs, will deliver the message in Malay on Suria and Warna 974, while Minister for Communications and Information S. Iswaran will deliver the message in Tamil on Vasantham and Oli 968.

Messages in all four languages will be available on the Prime Minister's Office's website and YouTube channel after the broadcasts.

Link to the story: https://www.straitstimes.com/singapore/pm-to-deliver-televised-national-day-message-on-aug-9

Foreign worker levy waiver, rebates to be extended Firms in the construction, marine shipyard and process sectors badly hit by the coronavirus crisis will get more help to defray their labour costs, with the Government waiving more months of the foreign worker levy and giving more levy rebates. The Ministry of Manpower (MOM), announcing the extension of the support schemes, said that $320 million will be set aside to cover the rebates. This increased support is in addition to the $1.36 billion Construction Support Package announced on June 27, and comes as the Government works to clear all foreign worker dormitories of the coronavirus by Aug 7 so that workers can progressively return to work.

Links to the story: https://www.straitstimes.com/politics/foreign-worker-levy-waiver-rebates-to-be-extended https://www.straitstimes.com/singapore/manpower/firms-welcome-help-but-say-they-must-restart-work-soon

Clients can part with labour suppliers who don't split subsidies Clients of some labour supply firms which do not pass on the savings from Budget wage subsidies can look into backing out of contracts, according to the Ministry of Finance (MOF) and Ministry of Manpower (MOM). This applies to third-party staffing agencies, such as employment firms. They are the direct recipients of the relevant Jobs Support Scheme (JSS) payouts, as government co-funding for local workers' pay cheques is credited to the employers who make Central Provident Fund contributions. Still, the manpower advisory does not apply to providers of outsourced services, such as cleaning and waste management, security and landscape or lift maintenance companies. Managing agents (MAs) are also exempted - a decision that has been a thorn in the side for condominium management corporations (MCSTs). Multiple letters to the ST forum have called for property management councils to receive rebates from MAs. Yet the ministries said that service buyers - such as MCSTs - should not ask for lower contract fees, as the enhanced JSS "is temporary in nature".

Link to the story: https://www.businesstimes.com.sg/government-economy/clients-can-part-with-labour-suppliers-who-dont-split- subsidies

National Wages Council to reconvene this year The National Wages Council (NWC) will reconvene this year as the Covid-19 pandemic takes a toll on the labour market.

Manpower Minister Josephine Teo announced this in a Facebook post after a recent meeting with National Trades Union Congress (NTUC) secretary-general Ng Chee Meng and Singapore National Employers Federation (SNEF) president Robert Yap. Many employers took the cue from the council's recommendations this year to manage excess manpower, such as by implementing a flexible work schedule to time-bank the hours not worked while continuing to pay their workers' salaries in full, or supporting those whose commission or overtime pay were reduced to get a second job to supplement their income, she said. She noted that the majority of employers have been responsible and fair in implementing cost- saving measures and preventing job losses. In many of the cases in which her ministry had to intervene, the employers were prepared to review their initial plans to lighten the burden on employees. "However, significant economic headwinds and uncertainty remain. Many employers will continue to see weak demand, and face pressure to retrench workers. It is therefore timely for NWC to update the tripartite position on wages and other issues of concern to workers and employers," she said.

Links to the story: https://www.businesstimes.com.sg/government-economy/national-wages-council-to-reconvene-this-year https://www.straitstimes.com/singapore/manpower/nwc-to-convene-again-as-pandemic-takes-toll-on-jobs https://www.straitstimes.com/singapore/manpower/observers-call-for-more-aggressive-wage-support https://www.straitstimes.com/singapore/manpower/difficult-days-ahead-but-ntuc-will-support-workers-ng-chee- meng

SORA benchmark gets teeth against financial misconduct The Monetary Authority of Singapore (MAS) will prescribe the Singapore Overnight Rate Average (SORA) as a financial benchmark under the Securities and Futures Act (SFA), as well as enhance its transparency and data availability, as part of a slew of measures to support the adoption of the MAS-administered SORA. These initiatives aim to catalyse greater activity in SORA markets, safeguard the benchmark's integrity and enhance market confidence in SORA, given its growing importance as a key interest rate benchmark in Singapore dollar (SGD) financial markets, said MAS in a statement. They aim to complement the industry-led transition roadmap, set out by the Steering Committee for SOR Transition to SORA (SC-STS) to develop "vibrant and robust" SORA markets. Singapore is in the process of transitioning from the Swap Offer Rate (SOR) to SORA, which is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore.

Links to the story: https://www.businesstimes.com.sg/banking-finance/sora-benchmark-gets-teeth-against-financial-misconduct https://www.straitstimes.com/business/mas-to-give-more-data-on-sora-to-support-its-adoption

Most building projects to resume by end of next month amid new protocols The vast majority of migrant workers residing in dormitories will be able to resume work by mid to late August, with most built projects to restart by the end of next month.

But the construction sector must adapt to a very different environment with new protocols in place, said Minister Lawrence Wong, who co-chairs the multi-ministry taskforce managing the Covid- 19 outbreak. Government agencies are working closely with employers to ensure that safety measures are in place once migrant workers resume work. Testing of workers will happen every 14 days and confirmed cases will be promptly isolated.

Links to the story: https://www.businesstimes.com.sg/government-economy/most-building-projects-to-resume-by-end-of-next-month- amid-new-protocols https://www.straitstimes.com/singapore/health/almost-all-workers-in-dorms-tested-by-today

Singapore cautiously moving towards a new normal amid Covid-19 pandemic With more activities and events resuming, borders gradually reopening and most foreign workers set to resume work this month, Singapore is cautiously moving towards a new normal amid the pandemic. To support these changes, travellers who contract Covid-19 while on permitted essential travel will be able to tap financial support from 7 August, while workers will be tested regularly to minimise the chances of a flare-up. The multi-ministry task force on the coronavirus set out these steps yesterday, even as it stressed the need for caution and vigilance to avoid a new wave of cases. But while certain restrictions are lifted or eased, life will not return to what it was before the worldwide spread of the coronavirus, the task force warned. Working from home should remain the default for employees. And where possible, events should remain fully virtual, or take on a hybrid physical-virtual form. This includes large gatherings and festivities surrounding national and community occasions, said task force co-chair and Health Minister Gan Kim Yong. The Health Ministry said prayers for the lunar seventh month and post-funeral religious rites will be allowed to take place in places of worship and some external venues like Housing Board common areas, if conducted by religious organisations with a good track record of safe management measures, or by workers endorsed by these organisations.

Links to the story: https://www.straitstimes.com/singapore/health/spore-cautiously-moving-towards-a-new-normal https://www.straitstimes.com/singapore/health/seventh-month-prayers-and-post-funeral-rites-allowed https://www.straitstimes.com/singapore/shorter-shn-for-malaysian-work-pass-holders-based-on-risk-assessments https://www.straitstimes.com/singapore/health/locals-allowed-to-travel-can-tap-subsidies-for-treatment-if-infected https://www.straitstimes.com/singapore/default-must-still-be-work-from-home-minister

12 religious sites can hold services for up to 100 worshippers Twelve religious organisations spanning mosques, Hindu temples, churches, Buddhist temples and gurdwaras will be allowed to hold gatherings of up to 100 people from 7 August, as the Government eased some Covid-19 rules. This will apply only to congregational and worship services, and is double the number of people these organisations are currently allowed to host at any one time.

The new move will result in new safe distancing measures, such as the use of two separate zones of up to 50 people each, at some of these places where seated or more structured services are held, said the Ministry of Culture, Community and Youth (MCCY). Zones will have to be separated by a physical partition or barrier, and must have separate entrances and exits, or staggered entry and exit timings. The 12 sites were identified by the ministry as part of a pilot test in consultation with religious leaders. They are: Masjid Assyafaah, Masjid Mujahidin, Masjid Al-Istighfar and Masjid Al-Iman for Friday prayers; Sri Mariamman Temple on Fridays only and Sri Srinivasa Perumal Temple on Saturdays only; St Andrew's Cathedral, Jurong Christian Church, Amazing Grace Presbyterian Church, Sengkang Methodist Church, Kong Meng San Phor Kark See Monastery and Central Sikh Temple on Saturdays and Sundays only.

Link to the story: https://www.straitstimes.com/singapore/12-religious-sites-can-hold-services-for-up-to-100-worshippers

Travellers to Singapore must wear monitoring device if serving SHN at home All incoming travellers serving their stay-home notice (SHN) outside of dedicated facilities must soon wear an electronic monitoring device, Singapore authorities announced. From Aug 10, 11.59pm, these travellers - including returning residents, long-term pass holders, work pass holders and their dependents - will need to don the device throughout the 14-day SHN. Those aged 12 and below will be exempted from this requirement. Long-term pass holders include student's pass holders, while work pass holders comprise existing holders who are out of Singapore as well as in-principle approval holders who have yet to enter the Republic. The additional measure is meant to "enhance compliance with the SHN regime and thereby reduce the risk of transmission of Covid-19 by incoming travellers to the local community", said the Immigration and Checkpoints Authority (ICA), Ministry of Manpower (MOM) and Ministry of Education (MOE) in a joint press statement.

Links to the story: https://www.businesstimes.com.sg/government-economy/travellers-to-singapore-must-wear-monitoring-device-if- serving-shn-at-home-0 https://www.straitstimes.com/singapore/travellers-entering-spore-to-wear-shn-monitoring-device

Crucial to revive air travel and preserve S'pore's hub status: Ong Ye Kung The top and immediate priority of the Ministry of Transport (MOT) is to revive air travel and maintain Singapore's hub status, said its new minister, Mr Ong Ye Kung. This requires a multi-ministry effort, as it involves negotiating reciprocal green lane arrangements with countries that have reduced their Covid-19 transmission rates, he told reporters at a ceremony to mark the resumption of work on the Johor Baru-Singapore rail link. In such agreements, safeguards like pre-departure swab tests are used in lieu of lengthy quarantines.

Such a move will help breathe life into an air travel market "decimated" by the coronavirus, he added.

Link to the story: https://www.straitstimes.com/singapore/crucial-to-revive-air-travel-and-preserve-spores-hub-status-ong

TEL Stage 2 works moving at slower pace due to pandemic impact: LTA Works for Stage 2 of the Thomson-East Coast Line (TEL) are progressing at a slower pace due to constraints on worker availability amid the impact of Covid-19, said the Land Transport Authority (LTA). The agency is still assessing the impact of the coronavirus pandemic on the timeline of the opening of Stage 2 of the TEL as well as other projects to expand the MRT network. The stations are Springleaf, Lentor, Mayflower, Bright Hill, Upper Thomson and Caldecott.

Link to the story: https://www.straitstimes.com/singapore/transport/tel-stage-2-works-moving-at-slower-pace-due-to-pandemic- impact-lta

RTS Link to boost Singapore-Johor investments More than just easing traffic congestion on the Causeway, a cross-border train service between Singapore and Johor Bahru could increase business links between the two cities and allow Malaysian day workers to commute more quickly to Singapore, observers told The Business Times. Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Muhyiddin Yassin met at the Causeway on Thursday to mark the resumption of the long-awaited Johor Bahru-Singapore Rapid Transit System (RTS) Link project. Officials from both countries remained on their respective sides of the Causeway during the ceremony, which was streamed live on Mr Lee's Facebook page. The RTS Link will be served by a standalone LRT system, instead of the MRT, following fresh negotiations, according to a joint statement from Singapore and Malaysia. Its capacity remains at the previously-agreed 10,000 passengers per hour per direction. It will also feature co-location of customs, immigration and quarantine facilities, so that passengers only have to clear customs once at their point of departure, the statement said.

Links to the story: https://www.businesstimes.com.sg/government-economy/rts-link-to-boost-singapore-johor-investments https://www.straitstimes.com/singapore/rts-link-gets-green-light-slated-to-become-operational-in-end-2026 https://www.straitstimes.com/singapore/pm-lee-hopes-to-finalise-details-of-high-speed-rail-link-to-kl-by-year-end https://www.straitstimes.com/singapore/lrt-system-for-rts-link-might-cost-less-even-with-new-depot-experts https://www.straitstimes.com/asia/se-asia/rts-fares-will-be-affordable-for-daily-commuters-says-kl-minister https://www.straitstimes.com/singapore/developments-in-rts-link-project

Singapore, Australia sign digital economy pact Singapore and Australia have signed an agreement which will open up economic opportunities for both countries. The digital economy agreement will facilitate digitalisation of trade processes and make it easier and more cost-effective for Singapore companies to engage in cross-border business activities with Australia, said Trade and Industry Minister Chan Chun Sing. Mr Chan signed the agreement with Australia's Minister for Trade, Tourism and Investment Simon Birmingham in a virtual ceremony. It is the second digital economy pact that Singapore has signed, following the Digital Economy Partnership Agreement with Chile and New Zealand in June. Singapore has also launched negotiations on a digital partnership agreement with South Korea.

Link to the story: https://www.straitstimes.com/business/spore-australia-sign-digital-economy-pact

Economy Manpower issues pose biggest roadblocks for construction firms seeking to resume business amid Covid-19 pandemic While many in the construction sector are eager to resume business, they say manpower issues remain one of the biggest roadblocks - with firms reporting that it is difficult meeting the stringent requirements needed to get workers cleared to return to work. With some 300,000 workers in the sector, the task of getting them back to work, keeping them and the community at large safe, and keeping outbreaks at bay is a mammoth one. The Singapore Contractors Association Limited (Scal) told The Straits Times: "The problems arise with the clearance system and processes, while many (workers) are still stuck in dormitories for various other reasons." The authorities told ST that they are working with the sector to ensure work resumes smoothly and safely, and will review some rules where necessary.

Link to the story: https://www.straitstimes.com/singapore/manpower-issues-pose-biggest-roadblocks-for-construction-firms

Grim business outlook extends to year-end: surveys Singapore businesses face bumpy and uneven prospects in the next half-year, according to official quarterly surveys out. That was even as sentiment picked up slightly from three months ago, when non-essential businesses were shuttered during a two-month "circuit breaker" or semi-lockdown. Among manufacturers, a net weighted balance of 7 per cent expect business conditions to worsen in the second half of the year from the April-to-June period - still an improvement from 56 per cent in the last survey. Meanwhile, net weighted balance for the services sector clawed back ground from a record low of -58 per cent in the quarter prior, but remained very negative at -31 per cent.

Links to the story: https://www.businesstimes.com.sg/government-economy/grim-business-outlook-extends-to-year-end-surveys https://www.straitstimes.com/business/economy/manufacturing-services-firms-in-spore-expect-bleak-second-half

Businesses hail Singapore-Malaysia 'green lane', but worry about costs Singapore companies have welcomed news of the official "green lane" arrangements confirmed on Saturday for business travel between Singapore and Malaysia. Companies told The Business Times that the requirements and processes for the Reciprocal Green Lane (RGL) and Periodic Commuting Arrangement (PCA) schemes seem valid and feasible, although a few were concerned about the costs adding up for employers, who will have to pay for their employees' Covid-19 swab tests, accommodation and dedicated transport to isolation facilities upon entry. However, some were concerned about the lack of provision for ex-employees whose work permits had been cancelled when they returned home before the borders closed, due to uncertainty over when cross-border travel would be allowed to resume.

Links to the story: https://www.businesstimes.com.sg/government-economy/businesses-hail-singapore-malaysia-green-lane-but-worry- about-costs https://www.straitstimes.com/singapore/health/strict-rules-for-spore-malaysia-border-travel

S'pore factory activity expands in July after 5 months of contraction Manufacturing activity in Singapore made a surprise jump into expansion territory last month after five straight months of contraction amid the coronavirus-induced slump. The Purchasing Managers' Index (PMI) rose 2.2 points last month to 50.2 - higher than the 48.6 median estimate in a Bloomberg survey of economists. A PMI reading of over 50 indicates expansion, while one below 50 shows contraction. The electronics sector PMI also increased last month, but the 1.6-point rise to 49.2 kept it within contraction territory for a sixth month in a row, according to data released. The July PMI increase was attributed to an improvement in new orders, a first-time expansion in new exports and factory output, as well as a faster rate of expansion in the inventory index. Slower contractions were recorded for the indexes of finished goods, imports and input prices, while the order backlog index expanded for the first time after five months of contraction.

Links to the story: https://www.straitstimes.com/business/economy/spore-factory-activity-expands-in-july-after-5-months-of- contraction https://www.businesstimes.com.sg/government-economy/july-pmi-turns-positive-but-employers-hiring-sentiment- still-weak

StanChart Singapore gets boost in presence with FTA backing A recent free trade agreement between the European Union and Singapore has paved the way for Standard Chartered Bank Singapore to raise its presence in the Republic - and possibly in time, on the digital front in the same way the Singapore banks can. StanChart Singapore has been freshly labelled as the country's first Significantly Rooted Foreign Bank (SRFB) here, with the MAS considering to offer an additional full bank licence via an enhanced SRFB framework, the regulator said. This would allow an SRFB to set up a digital-only bank as a separate unit and with a smaller paid- up capital, just as the three Singapore banks can. The bank said it is a "key employer" in the financial industry and is committed to develop and grow "future-ready talent" in Singapore. Since 2018, it has upped its headcount from 8,000 to 10,000 to bolster the bank's digital capabilities. More than 1,200 roles are in future growth areas such as digital banking, international banking, cloud technology, artificial intelligence, and application programming interfaces or APIs.

Links to the story: https://www.businesstimes.com.sg/banking-finance/stanchart-singapore-gets-boost-in-presence-with-fta-backing https://www.straitstimes.com/business/banking/mas-to-boost-scheme-for-foreign-banks-with-deep-roots-here

Online retail sales spike points to sustained structural shift Retail takings jumped in June on a partial reopening from the two-month "circuit breaker", but the sector is far from out of the woods. Receipts have not returned to where they were before the deadly novel coronavirus pandemic shook up everyday lifestyles and put the crimp on non-essential businesses. In fact, till takings fell by 27.8 per cent year on year in June - making for the fourth straight month of double-digit decline - despite improving from the record plunge of 52 per cent in May. The share of online sales stayed elevated - in what watchers hailed as a harbinger of sustained structural shifts in shopping behaviour, amid the Covid-19 outbreak. On a seasonally adjusted, month-on-month basis, retail sales grew by 51.1 per cent in June.

Links to the story: https://www.businesstimes.com.sg/government-economy/online-retail-sales-spike-points-to-sustained-structural- shift https://www.straitstimes.com/business/economy/spore-retail-sales-slump-eases-in-june

More aerospace firms jettison jobs; further pain if pandemic drags on Engine maker Pratt & Whitney (P&W) and plane-maker Boeing are the latest among the aerospace firms which have cut jobs in Singapore, with some analysts saying that the aerospace sector may need to brace for more pain if the pandemic drags on. P&W carried out a retrenchment exercise at most of its sites across Singapore which affected nearly 20 per cent of its headcount, while plane-maker Boeing recently let go of some employees. A few positions in Singapore were impacted, said Boeing, without revealing numbers. Other companies in the aerospace and aviation ecosystem which have recently shed jobs here include European plane-maker Airbus, engine-maker Rolls Royce and budget airline Jetstar Asia.

Links to the story: https://www.businesstimes.com.sg/transport/more-aerospace-firms-jettison-jobs-further-pain-if-pandemic-drags-on https://www.straitstimes.com/singapore/us-aerospace-giant-lays-off-20-of-staff-at-its-spore-facilities

SocGen shuts S'pore trade commodity unit after Hin Leong hit Societe Generale is closing its Singapore trade commodity finance unit after the collapse of Hin Leong Trading prompted the bank to halt fresh funding to such firms in the region. The bank is dismissing all front office staff dealing with transactions, but keeping some administrative workers, said people with knowledge of the matter, who asked not to be identified. Large Asian commodities trading clients with operations in Singapore will now be handled by Hong Kong, the people said. SocGen is cutting ties with Singapore-based small and medium commodities trading firms.

Link to the story: https://www.straitstimes.com/business/banking/socgen-shuts-spore-trade-commodity-unit-after-hin-leong-hit

Fashion rental startup Style Theory cuts staff Fashion rental startup Style Theory has laid off at least 28 of its employees in Indonesia and Singapore, representing about 10 per cent of its workforce, sources told BT. About 11 employees in Singapore were affected in the first wave this April, while less than five employees were axed in the second wave in June, BT understands. Founders had also told staff that they would be taking a 50 per cent pay cut, while all employees in the startup "had to agree" to take a pay cut of at least 5 per cent till further notice. Some employees were also put on long-term unpaid leave. Affected employees include executives in content, operations, merchandise and customer experience roles. When queried by BT, the Singapore-headquartered startup declined to comment.

Links to the story: https://www.businesstimes.com.sg/garage/fashion-rental-startup-style-theory-cuts-staff

Chinese tech firm actively recruiting AI talent in Singapore While other firms have had to resort to mass layoffs amid the Covid-19 pandemic, Chinese tech company Black Sesame Technologies plans to more than double its headcount in Singapore within 11/2 years. The artificial intelligence (AI) and automotive chip developer is actively recruiting AI talent and hopes to increase the number of employees from 20 now to 50 by the end of next year, said the firm's Singapore general manager Xu Jin. Speaking to The Straits Times in a video call, Mr Xu added that the focus will be on hiring Singaporeans and permanent residents for its research and development (R&D) centre here - the company's only one outside of the United States.

Link to the story: https://www.straitstimes.com/tech/chinese-tech-firm-actively-recruiting-ai-talent-in-singapore

Hospitality One less hitch for wedding venues and those getting hitched Grand wedding dinners are still a no-no, under safe-management rules for Singapore's gradual reopening amid the deadly Covid-19 pandemic. But with receptions set to resume on a limited basis from 4 Aug, with as many as 50 attendees allowed - albeit in fixed groups of five, hotels and other venues that had earlier opened their calendars for pre-bookings are now ready to meet pent-up demand from wedding couples. The resumption of such events is expected to offer a slight uplift for a sector reeling from a fall in domestic consumption. Still, with masked waiters, individual portions and limited guest lists, the "new normal" will be a far cry from the galas of the past.

Links to the story: https://www.businesstimes.com.sg/companies-markets/one-less-hitch-for-wedding-venues-and-those-getting-hitched https://www.straitstimes.com/singapore/limits-on-people-at-weddings-wakes-to-be-eased-from-tuesday

Singapore's visitor arrivals in June sink to 2,200 from 1.6m a year ago Singapore’s visitor arrivals in June plummeted to 2,200 from 1.6 million a year ago, the Singapore Tourism Board (STB) has said. Visitors numbered 880 in May and 750 in April, compared to 1.5 million in May 2019, and 1.6 million in April 2019. The low arrival figures over the three months means that the Republic's H1 total of 2.7 million visitor arrivals was little changed from its Q1 total. Visitor arrivals for H1 2019 numbered 9.3 million, more than three times higher. For June 2020, the number of overnight visitors declined to 1,800 from 1.2 million a year ago. However, the average length of visitors' stays soared to 55.2 days, up from 3.6 days a year ago.

Link to the story: https://www.businesstimes.com.sg/government-economy/singapores-visitor-arrivals-in-june-sink-to-2200-from-

16m-a-year-ago

Joint fintech-innovation festival in Dec to feature digital and physical events A global festival for professionals in the fintech and deeptech industries will return to Singapore in December this year, in a format that will allow participants to attend events, both digital and physical, whenever they want and wherever they are. The hybrid affair, to meet Covid-19 social distancing rules, will be a special feature of the second Singapore FinTech Festival (SFF) x the Singapore Week of Innovation and TeCHnology (SWITCH), which will be held from Dec 7-11. Another new feature of the five-day festival involves highlighting the strength and resilience shown by some firms and trailblazing pioneers, Monetary Authority of Singapore (MAS) managing director Ravi Menon said. MAS is organising it with Enterprise Singapore and the National Research Foundation.

Links to the story: https://www.straitstimes.com/singapore/joint-fintech-innovation-festival-in-dec-to-feature-digital-and-physical- events https://www.businesstimes.com.sg/banking-finance/singapore-fintech-festival-back-in-december-with-round-the- clock-events

From virtual tours to online stores, Singapore tourism companies boost digital offerings amid Covid-19 Companies that catered mostly to tourists before Covid-19 are beefing up digital offerings and redeploying resources amid prolonged travel restrictions due to the pandemic. For instance, travel firm Nam Ho Group is planning to launch virtual tours of travel destinations as well as an online store selling popular overseas snacks and produce. Tintin Singapore, which sells comic-related memorabilia, is closing its Chinatown store at the end of this month after negotiations with its landlord fell through. It has been spending more on digital advertising to attract local sales at its e-store and physical shop. Chinatown Heritage Centre launched its e-shop on June 29 after its team attended a United Overseas Bank workshop advising small and medium-sized enterprises on how to go online.

Link to the story: https://www.straitstimes.com/business/economy/tourism-companies-boost-digital-offerings

Singapore looks to widen range of visitors as tourism wanes Singapore is seeking to open the door to a wider range of business and leisure visitors to boost its hard-hit tourism sector, with the return of mass travel still a long way off amid the pandemic, according to the head of the country's tourism agency. The industry expects more job losses in the coming months once existing government support for rent, taxes and salaries starts tapering off, Singapore Tourism Board chief executive officer Keith Tan said in an interview with Bloomberg Television. He added that the tourism board is discussing with the Government to expand green lane arrangements, now in place with Malaysia and China, to a broader range of visitors.

Link to the story: https://www.straitstimes.com/business/singapore-looks-to-widen-range-of-visitors-as-tourism-wanes

Industrial New co-working space caters to industrial needs in Singapore Most co-working outfits in Singapore have attracted companies and freelancers alike with sleek designs and central locations, but a new player is catering to more industrial requirements, such as storage and logistics amenities. Workfriendly - a co-working space set up by Hong Kong-based self-storage firm Storefriendly - has opened a facility in Paya Lebar.

Workfriendly officially launched last month, after a few months of delay due to the coronavirus pandemic. The space includes hot desks, private units catering to both industrial and more formal office requirements, as well as an event area. It started welcoming customers in September last year to test-bed the concept.

Link to the story: https://www.straitstimes.com/business/new-co-working-space-caters-to-industrial-needs

Wilmar buys former Coke bottling plant in Tuas for S$29.5m Wilmar International is buying the iconic former Coca-Cola bottling plant in Tuas for S$29.5 million. The property, on a sprawling site of about 489,000 sq ft at 457 Jalan Ahmad Ibrahim, is being sold by Coca-Cola Singapore Beverages. The property is in a food zone. According to the grapevine, Wilmar is likely to refurbish the existing complex and add new structures on the site. The property is on a site leased by JTC Corporation on 60-year leasehold tenure starting from July 1986, leaving a balance term of about 26 years.

Links to the story: https://www.businesstimes.com.sg/companies-markets/wilmar-buys-former-coke-bottling-plant-in-tuas-for-s295m

Contact: Lee Sze Teck Head, Research (65) 6500 6510 [email protected]

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