💻 Bytes Of This Week (03 Jun - 09 Jun)

📊 Market bytes

⬇️ Straits Times Index down from 3347.03 on Monday (03rd Jun) to 3330.77 before closing on Friday (07th Jun)
→ This was down from 3336.59 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Jardine Cycle & Carriage SGX:C07

2. LHT Holdings SGX:BEI

3. Yangzijang Shipbldg Hldgs SGX:BS6

4. Haw Par Corp SGX:H02

5. SATS SGX:S58

6. Ascent Bridge SGX:AWG

7. AEM Holdings SGX:AWX

8. IFast Corporation SGX:AIY

🇸🇬 Main bytes

1️⃣ April Retail Sales Plummet by 1.2% in Singapore

Retail sales in Singapore took an unexpected downturn in April, ending three months of growth and recording a 1.2% drop compared to the same period last year.

This disappointing result contrasts sharply with the 2.8% growth in March and falls short of the 1.9% growth anticipated by economists.

The decline in tourist arrivals following the surge during the Taylor Swift concerts in March contributed significantly to the drop in sales, according to Maybank economist Chua Hak Bin.

Notably, retail sales excluding motor vehicles saw a sharper decline of 4.5%, with only three out of fourteen retail categories experiencing year-on-year growth.

Apparel and footwear sales plummeted by 16.2%, department stores by 8.5%, and minimarts and convenience stores by 7.4%.

The most substantial increase was in motor vehicle sales, which soared by 25%, followed by modest gains in food and alcohol (4.7%) and petrol service stations (3%).

Economists suggest several factors behind the lacklustre retail performance.

UOB associate economist Jester Koh highlighted the ongoing challenge in recovering tourist arrivals to pre-pandemic levels, pointing to a growing preference among Chinese tourists for domestic travel and Singapore's higher prices compared to neighbouring ASEAN countries.

Additionally, a strong Singapore dollar and increased operational costs may be pushing locals to shop abroad for better deals.

The total retail sales value for April was estimated at $3.9 billion, with online sales accounting for 11.8% of this figure.

Looking forward, retail sales might remain muted through the second quarter, as suggested by OCBC Bank’s chief economist Selena Ling, but could rebound in the latter half of the year with major events like the F1 race and the year-end holiday season.

2️⃣ NUS and NTU Shine in Global University Rankings

The National University of Singapore (NUS) has secured its position among the world’s elite universities, retaining its 8th place in the latest QS World University Rankings 2025.

Meanwhile, Nanyang Technological University (NTU) made a significant leap, re-entering the top 20 at 15th place, up from 26th in 2024.

This year’s QS rankings evaluated 1,500 universities across 106 countries, with NUS leading as the highest-ranked institution in Asia.

The rankings, dominated by U.S. and U.K. universities, saw the Massachusetts Institute of Technology at the top, followed by Imperial College London and the University of Oxford.

The QS rankings are determined by nine indicators, including academic reputation, employer reputation, and faculty-student ratio.

NUS excelled particularly in academic and employer reputation, and citations per faculty, placing 6th for employment outcomes and 15th for academic reputation globally.

The university also ranked 26th in sustainability, reflecting its commitment to environmentally and socially responsible practices.

Professor Tan Eng Chye, president of NUS, emphasised the collective effort behind this achievement, highlighting the university's progress in sustainability as a key factor.

NTU’s climb in the rankings was attributed to its strong performance in employer reputation and sustainability. NTU president Ho Teck Hua noted the significance of this rise for a young university, pointing to NTU’s sustainable campus initiatives and impactful global research.

These achievements underscore Singapore’s dedication to excellence in higher education, particularly in areas crucial for future global education like employability and sustainability.

3️⃣ Pioneer Generation to Receive Up to $1,100 in MediSave Top-Ups in July

Around 300,000 Singaporeans from the Pioneer Generation, those born in 1949 or earlier, will receive MediSave top-ups of up to $1,100 in July, as announced by the Ministry of Finance (MOF).

These top-ups, totalling more than $150 million, can be used for various MediSave-approved insurance plans and medical expenses, such as hospitalisation and selected outpatient treatments.

This initiative complements the annual MediSave top-ups for Singaporeans aged 65 and above under the GST Voucher scheme.

Notifications about the top-up amounts will be sent via the Singpass app by June 11.

Seniors without the app but with registered mobile numbers will receive an SMS, while others will get letters by the end of June.

The MOF emphasizes that these messages will not request any replies or personal information to avoid scams.

The Pioneer Generation Package, introduced in 2014, aims to honour early Singaporeans for their contributions.

It provides annual MediSave top-ups of $250 to $900, with higher amounts for older recipients.

Seniors aged 85 and above with serious pre-existing conditions will receive additional top-ups of $50 to $200 per year from 2021 to 2025 to help with MediShield Life premiums.

Additionally, those who join CareShield Life in 2024 will receive participation incentives of $3,000, spread over ten years, to offset annual premiums.

For more details, visit the Pioneer Generation Package website or contact their hotline.

🛰️Tech bytes

1️⃣ Singapore and US Launch AI Talent Bridge for Women in Tech

Singapore and the United States have announced the AI Talent Bridge programme, focusing on AI and tech opportunities for women.

This initiative builds on the 2022 US-Singapore Women in Tech Partnership Programme, aiming to deepen collaboration in emerging technologies and support women, youth, and future leaders in tech.

The announcement came during an AI roundtable led by Singapore’s Minister for Communications and Information, Josephine Teo, and US Secretary of Commerce, Gina Raimondo.

The event saw participation from tech giants like Google, Grab, and Microsoft.

Both nations underscored the potential of AI to enhance economic and social welfare and support sustainable growth.

Minister Teo highlighted significant investments in Singapore’s digital infrastructure, including submarine cables and data centers, expected to catalyse S$20 billion in further investments.

She emphasised the importance of AI in driving competitive and environmentally sustainable economic growth, supported by robust US investments in Singapore’s digital economy, amounting to over S$50 billion.

The programme aims to raise AI capabilities among Singapore’s workforce, targeting over 130,000 workers, and aligns with Singapore’s National AI Strategy 2.0, which seeks to triple the number of AI practitioners to 15,000 in the next three to five years.

Both countries are also focusing on developing frameworks to ensure the safe and trustworthy use of AI technologies.

Secretary Raimondo stressed that trust, built through safety and standards, is crucial for AI adoption.

Singapore recently introduced a governance framework for generative AI, and both nations are committed to advancing AI safety and competitiveness.

This partnership marks a significant step towards leveraging AI for mutual economic and technological advancement.

2️⃣ Google Boosts Investment in Singapore with New Data Centre

Google has ramped up its investment in Singapore, now totalling US$5 billion (S$6.7 billion), with the completion of its fourth data centre. This marks a significant increase from the US$850 million invested in 2022 for its third data centre.

The new facility, located in Jurong West, is part of Google’s ongoing expansion to support its popular digital services like Google Search and Google Maps.

With more than 500 employees working in its Singapore data centres, Google is emphasising the importance of sustainable practices.

Senior Minister of State for Communications and Information, Janil Puthucheary, highlighted the need for more data centres to meet the rising demands of AI and autonomous systems while adhering to energy and carbon constraints.

He pointed to the Green Data Centre Roadmap, which aims to make these facilities more sustainable by improving energy efficiency and utilising green energy options.

Google's data centres in Singapore are designed with sustainability in mind.

They use innovative cooling methods, such as recycled water, which reduces carbon emissions by 10% compared to traditional air cooling.

Additionally, the centres operate at an average temperature of 27°C to optimise energy use while maintaining a comfortable environment for workers.

Google also employs optical circuit switches for networking, cutting energy consumption by up to 40% compared to traditional methods.

Ken Siah, Google's Asia-Pacific head of public affairs, emphasised that these innovations ensure that data centres can grow sustainably to meet the increasing demands of AI, even in Singapore’s hot climate.

This commitment to sustainability underscores Google's broader strategy to support the region's technological needs while minimising environmental impact.

🚗 Transport bytes

1️⃣ COE Premium Dip Brings Hope for Lower Car Prices in Singapore

Great news for those in the market for a new car – Certificate of Entitlement (COE) premiums have fallen across all categories in the latest tender exercise, signalling a potential drop in car prices.

On June 5, premiums for smaller, less powerful cars and electric vehicles (Category A) decreased by 4.9% to $88,200, while premiums for larger, more powerful cars and electric vehicles (Category B) dropped by 4.8% to $100,607.

The Open category COE, often used for larger vehicles, saw a 3.2% decline to $101,600. Even commercial vehicle COE premiums and motorcycle premiums experienced a slight dip.

This decline is not due to a lack of demand.

In fact, the number of bids for Category A slightly increased, indicating strong market interest.

According to Nicholas Wong, Chief Executive of Honda agent Kah Motor, these bids are likely for cars sold earlier at lower prices, restricting dealers from submitting higher bids.

The dip in premiums is expected to translate into lower car prices. Automotive consultant Vincent Ng anticipates a rush of customers to showrooms, with dealerships likely reducing car prices by $2,000 to $4,000.

Honda vehicles, in particular, are expected to drop by $5,000 to $6,000, making this a prime opportunity for prospective buyers.

💬 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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