💻 Bytes Of This Week (01 Jul - 07 Jul)

📊 Market bytes

⬆️ Straits Times Index up from 3328.54 on Monday (1st Jul) to 3410.81 before closing on Friday (05th Jul)
→ This was up from 3332.80 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Creative Technology SGX:C76

2. Tianjin Pharm Da Ren Tang Grp SGX:T14

3. Dyna-Mac Holdings SGX:N04

4. BRC Asia SGX:BEC

5. Civmec SGX:P9D

6. Parkwaylife REIT SGX:C2PU

7. Mermaid Maritime Public CO SGX:DU4

8. Thakral Corporation SGX:AWI

🇸🇬 Main bytes

1️⃣ Iswaran's High Court Battle for Witness Statements: What You Need to Know

Former Singapore transport minister S Iswaran is gearing up for a critical legal battle as he faces impending charges of corruption and obstruction of justice.

In a recent development, Iswaran's legal team, led by Senior Counsel Davinder Singh, returned to the High Court seeking full disclosure of witness statements from the prosecution ahead of trial.

Despite initial setbacks, Iswaran's lawyers persisted in their efforts during a criminal revision, arguing for transparency in the upcoming proceedings.

The prosecution, represented by Deputy Attorney-General Tai Wei Shyong, vigorously opposed this move, highlighting ongoing disputes over the sharing of evidence and trial sequencing.

Justice Vincent Hoong has reserved judgment following a full day of arguments, with a decision expected at a later date.

The charges against Iswaran stem from alleged interactions with prominent figures in Singapore's business community, including property tycoon Ong Beng Seng and Lum Chang Holdings' managing director, Lum Kok Seng.

The defence contends that these interactions were misunderstood gestures of friendship rather than corrupt dealings.

If convicted, Iswaran faces penalties ranging from imprisonment to hefty fines under Singapore's legal statutes governing public servant conduct and corruption.

2️⃣ CPF Interest and Retirement Payouts Surge in 2023

In 2023, Central Provident Fund (CPF) members in Singapore saw record-high interest earnings on their CPF balances, surpassing $20 billion.

The CPF Board's annual report revealed that interest payments rose by 6.1%, reaching $21 billion, fuelled by a 4.8% increase in CPF balances to $571 billion.

Retirement payouts also hit a milestone, totalling $3.4 billion, benefiting 513,000 CPF members with an average monthly income of $552.

This marks an increase from previous years, reflecting enhancements like the raised minimum monthly payout from $250 to $350 for seniors on the Retirement Sum Scheme since June 2023.

The CPF Board's initiatives included automating monthly payouts for eligible members and annuitizing CPF savings for those who haven't met their required retirement sums.

This move aims to ensure sustained income for retirees, benefiting approximately 7,000 CPF Life members in 2023.

Additionally, CPF OA savings usage for housing surged to $25.6 billion, up 16.9% from 2022, supporting more members in property ownership.

Rising property values contribute to increased OA withdrawals, potentially boosting retirees' financial security through schemes like the Lease Buyback Scheme and Home Equity Income Loan.

These developments underscore CPF's dual role in meeting retirement and housing needs, showcasing its evolving strategies to enhance financial security for Singaporeans.

3️⃣ More Coffee Shops to Offer Budget Meals and Accept CDC Vouchers

Singapore is set to expand its budget meal initiative with an additional 180 coffee shops joining the scheme by the end of July.

This move, announced by the Ministry of National Development and Housing Board, aims to provide affordable dining options across the island, doubling the current pool to 330 participating coffee shops.

Operated by nine chains including Kimly and Koufu, these coffee shops will offer meals priced at $3.50 or below, alongside drinks under $1.20, catering to local residents looking for economical meal choices.

Senior Minister of State for National Development Sim Ann highlighted the initiative's impact, noting that over 150 rental HDB coffee shops already offer budget options, with plans for all 374 to participate by 2026.

Criticism regarding portion sizes and nutritional balance has prompted adjustments.

Ms. Sim reassured the public of ongoing efforts to ensure quality, with HDB actively monitoring standards and encouraging public feedback mechanisms.

In tandem with the expansion, coffee shops will progressively accept CDC vouchers from July 1, enhancing accessibility for voucher users seeking diverse dining options.

With 67% of Singaporean households already claiming their CDC vouchers, valued at $300 each, this initiative underscores efforts to support local businesses and provide affordable dining choices amidst rising living costs.

🛰️Tech bytes

1️⃣ HTX Pioneers AI Integration Across Singapore’s Home Team

Singapore’s Home Team is embarking on a transformative journey into artificial intelligence (AI), with plans to embed AI capabilities across all operations, from emergency response to crime prevention.

Led by Mr. Chan Tsan, CEO of the Home Team Science and Technology Agency (HTX), the initiative aims to make HTX an "AI first" organization.

This approach encourages officers to leverage AI to enhance efficiency and effectiveness in their work, rather than replacing human roles outright.

A substantial budget of $400 million over three years will drive AI research and development within HTX.

This investment underscores the strategic importance of AI in modernising Singapore’s security and emergency response infrastructure.

AI applications are already integral to various Home Team functions, including facial recognition at immigration checkpoints, AI-powered police cameras (PolCams), and optimising ambulance deployments by the Singapore Civil Defence Force.

Looking ahead, HTX plans to expand its AI workforce significantly, aiming to cultivate 500 AI specialists within the next three to five years.

This workforce expansion reflects HTX’s commitment to staying ahead in AI innovation and implementation.

Mr. Chan emphasised that while AI brings transformative potential, human oversight remains crucial.

Officers will receive training to understand and manage AI systems effectively, ensuring responsible and ethical use.

🚗 Transport bytes

1️⃣ Singapore Considers Mandatory ABS for Motorcycles to Enhance Safety

The Land Transport Authority (LTA) is exploring the requirement for all new motorcycles in Singapore to be equipped with anti-lock braking systems (ABS) starting January 1, 2025.

ABS prevents wheels from locking during braking, significantly improving control and safety. Currently, ABS is standard in cars but not mandatory.

The proposal targets Class 2A (201cc to 400cc) and Class 2 (401cc and above) motorcycles initially.

This move follows concerns raised over motorcycle safety, particularly in light of rising fatalities.

Bukit Batok MP Murali Pillai highlighted the lag in safety regulations compared to cars, urging for more robust safety features in motorcycles.

Motorcycle industry stakeholders are in consultation with LTA regarding this proposal.

While ABS adoption varies across motorcycle classes, with Class 2B (200cc and below) currently having lower ABS adoption rates, stakeholders are discussing the feasibility and implications of this mandate.

Advocates of ABS argue it enhances safety by allowing riders better control during emergency braking situations.

However, some riders believe that while ABS is beneficial, addressing road safety also requires tackling reckless riding behaviours.

As discussions progress, the motorcycle community awaits further details on the implementation and potential impacts on motorcycle pricing and safety standards.

ABS integration aims to align motorcycle safety measures with global standards and enhance overall road safety in Singapore.

💬 Editor’s byte

Thank you for sticking with us! We are looking forward to provide you with more exciting coverage and exclusive bytes!

As always, your continued readership is greatly appreciated. If you have any feedback, whether it pertains to the content or any other aspect of bytedot, please don't hesitate to reach out to us at [email protected]

We're excited to bring you more insightful content in the next newsletter. Until then, stay safe and well-informed!

Cheers, D from bytedot

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