💻 Bytes Of This Week (04 Mar - 10 Mar)

📊 Market bytes

⬆️ Straits Times Index up from 3132.81 on Monday (04th Mar) to 3147.09 before closing on Friday (08th Mar)
→ This was up from 3138.30 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Jardine Cycle & Carriage SGX:C07

2. NIO INC. OV SGX:NIO

3. DFI Retail Group Holdings SGX:D01

4. Venture Corporation SGX:V03

5. Oversea-Chinese Banking Corp SGX:O39

6. Lincotrade&Associates HLDG SGX:BFT

7. Hongkong Land Holdings SGX:H78

8. Great Eastern HLDGS SGX:G07

   

   Top Gainers of the Week, SG Investors

🇸🇬 Main bytes

1️⃣ Taylor Swift's Exclusive Singapore Concert Deal: A Win-Win for All?

Prime Minister Lee Hsien Loong has dismissed criticisms over Singapore's exclusive deal with Taylor Swift, emphasising its success and mutual benefits.

During his visit to Melbourne, PM Lee addressed concerns raised by neighbouring countries, stating that the arrangement with Swift has been fruitful for Singapore.

The exclusive concert deal with Taylor Swift, which made Singapore her sole Southeast Asian stop, sparked discussions among regional leaders.

However, PM Lee defended the decision, highlighting the positive outcomes it brought, including economic revitalisation and increased tourism.

Addressing the notion of undermining regional cooperation, PM Lee emphasised that such deals are common and not inherently unfriendly.

He noted that Swift's performances in both Singapore and Sydney showcased mutually beneficial arrangements.

Contrary to speculation, Minister for Culture, Community and Youth Edwin Tong clarified that the amount paid for the exclusive deal was significantly lower than reported.

The concerts not only boosted the economy but also facilitated social initiatives, with tickets reserved for lower-income families.

The impact of Swift's concerts extends beyond economic gains, fostering social cohesion and benefiting marginalised communities.

As the region enjoys her performances, Singapore emerges as a cultural hub, fostering goodwill and cooperation beyond its borders.

Swift's concerts serve as a testament to the power of cultural exchange in driving economic growth and social development.

Despite initial criticisms, the success of the exclusive deal underscores the potential for collaboration between the entertainment industry and governmental initiatives.

2️⃣ Singapore's Retirement Age Set to Rise: What You Need to Know

Singapore is gearing up for significant changes in its retirement landscape as the retirement and re-employment ages are set to increase gradually.

Starting from 2026, employees can only be asked to retire at 64 years old, with the retirement age expected to reach 65 by 2030.

Additionally, the re-employment age will rise to 69 in 2026 and eventually to 70 by 2030.

Eligibility for re-employment includes satisfactory work performance and medical fitness, benefiting Singapore citizens and permanent residents.

Those joining a company after turning 55 must serve for at least two years to qualify for re-employment.

These changes, announced in 2019 and implemented progressively, aim to accommodate longer life expectancies and address manpower shortages.

The Ministry of Manpower (MOM) advises employers to plan ahead and adjust manpower strategies to retain senior workers effectively.

Alongside the retirement age adjustments, MOM announced increased salary support caps for Workforce Singapore’s Career Conversion Programmes.

This includes higher funding for mature or long-term unemployed workers, aiming to facilitate career transitions and up-skilling initiatives.

Minister for Manpower Tan See Leng emphasised the importance of proactive re-skilling, encouraging employers to utilise programmes to meet evolving talent demands.

As Singapore adapts to demographic shifts and economic challenges, these measures signify a concerted effort to support both older workers and businesses in navigating the evolving employment landscape.

3️⃣ Singapore Sets Higher Bar for Employment Pass Applicants: What You Need to Know

Singapore is raising the minimum qualifying salary for Employment Pass (EP) applicants in 2025, signalling stricter criteria for foreign workers.

Starting next year, new EP applicants must earn a minimum of S$5,600 per month, with a higher threshold of S$6,200 for those in the financial services sector.

This move aims to ensure a level playing field for local professionals and aligns with prevailing wage norms.

EP renewal applicants will face the new salary requirements from January 2026 onwards.

The adjustments are part of Singapore's efforts to maintain competitiveness while addressing local workforce needs.

In addition to EP changes, the government provided updates on the Overseas Networks & Expertise (ONE) Pass, attracting top global talent with nearly 4,200 applications approved since its launch.

The pass targets high-earners and high-achievers, contributing to Singapore's talent pool and economic growth.

Moreover, initiatives supporting Singaporeans seeking overseas work experience were introduced, including the Global Business Leaders Programme and the Overseas Market Immersion Programme.

These initiatives aim to cultivate local talent and empower Singaporean companies to expand internationally.

With these measures, Singapore aims to balance its workforce needs, attract global talent, and equip local professionals with opportunities for growth and development in an increasingly competitive global landscape.

4️⃣ Singapore's Condo Rental Market Shift in the Winds

Singapore's condo rental market is experiencing a significant shift as landlords grapple with an oversupply of newly completed units, leading to prolonged vacancies and downward pressure on rental prices.

In recent years, the rental market saw high demand and good returns, but the influx of completed units, driven partly by pandemic-induced delays and increasing supply, has softened the market.

This has resulted in longer wait times for deals and declining rental prices.

Landlords are facing pressure to quickly rent out their units to service mortgages, especially with rising interest rates.

The surge in completed units has intensified competition among landlords, prompting many to lower their rent or face extended vacancies.

Analysts predict further moderation in rentals as more units are completed in the coming years.

Landlords seeking rental increases beyond market rates may face challenges in attracting tenants, leading to prolonged vacancies.

🛰️Tech bytes

1️⃣ Temasek Holdings Explores Investment in OpenAI, Reports Financial Times

Singapore's Temasek Holdings is reportedly in talks to invest in OpenAI, a prominent AI company backed by Microsoft, according to the Financial Times.

Senior executives from Temasek have engaged with OpenAI's CEO, Sam Altman, indicating potential interest in the AI venture.

Initially, Temasek's interest was in Altman's venture capital fund, Hydrazine Capital, but talks have extended to include OpenAI.

This potential investment marks a significant move for Temasek, aligning with the trend of AI startups attracting substantial funding.

OpenAI's ChatGPT technology has garnered widespread attention, prompting significant investments in AI infrastructure.

Reports suggest OpenAI's valuation soared to over US$80 billion in a recent tender offer, underscoring its position as a leading player in the AI landscape.

Notably, Microsoft stands as its largest investor, with other notable backers including Khosla Ventures, Thrive Capital, Andreessen Horowitz, and Sequoia Capital.

Temasek's foray into AI investment aligns with its active role in the tech sector, boasting a diverse portfolio valued at S$382 billion (US$284.21 billion) as of March 31.

Notable companies within Temasek's portfolio include Roblox, Tencent, and Alibaba.

As discussions between Temasek and OpenAI continue, the potential investment underscores the growing significance of AI technologies, shaping the future landscape of innovation and investment.

2️⃣ Singtel Introduces Innovative Anti-Scam Feature to Safeguard Users

Singtel unveils SingVerify, a suite of business solutions aimed at fortifying the authentication process for digital identities, effectively combating scams prevalent in today's digital landscape.

SingVerify's first solution, Number Verify, operates seamlessly in the background, matching customers' phone numbers with their registered account details on service providers' platforms, eliminating the need for cumbersome six-digit codes typically required for authentication.

By shifting authentication to the service provider's backend, SingVerify significantly reduces opportunities for scammers to exploit the two-factor authentication (2FA) or multi-factor authentication (MFA) process, enhancing security for users across various digital platforms.

Singtel also announces a collaboration with M1, leveraging telco APIs to enable network-based authentication for their mobile subscribers.

This partnership aims to create interoperable APIs based on GSMA standards, fostering a unified approach to combat scams on a national scale.

With phishing scams comprising a significant portion of cybercrime cases in Singapore, Singtel's initiative comes at a crucial time.

In 2023 alone, scam and cybercrime cases surged by nearly 50%, emphasising the urgent need for robust security measures to safeguard users' digital identities and financial assets.

As Singtel continues to innovate with SingVerify and collaborate with industry partners like M1, users can expect enhanced security protocols and a proactive approach to combatting scams, ultimately bolstering trust and confidence in digital transactions.

🚗 Transport bytes

1️⃣ Singapore Invests S$1 Billion in Safer Streets and Connectivity

Singapore commits around S$1 billion (US$744.6 million) to enhance pedestrian safety and connectivity.

Senior Minister of State for Transport, Amy Khor, unveils plans to expand the Friendly Streets initiative and improve commuter infrastructure over the next decade.

The initiative aims to transform all HDB towns by 2030, extending to private estates with key amenities nearby.

Commuter infrastructure enhancements include senior-friendly features at bus stops, more covered linkway, and retrofitting pedestrian bridges with lifts for barrier-free access.

Additionally, the LTA initiates road repurposing projects at Zion Road and Sims Place, prioritising space for cyclists and pedestrians.

These projects, set for completion by 2026, will feature widened footpaths, new cycling paths, and sheltered connectivity, enhancing safety and convenience.

Singapore also adopts recommendations by the Active Mobility Advisory Panel regarding PMA regulations.

From around 2025, only users certified with relevant medical needs can use mobility scooters.

Speed limits for motorised PMAs will be reduced, and size restrictions imposed to ensure safe usage on public transport and pathways.

This comprehensive approach underscores Singapore's commitment to fostering a safer and more accessible urban environment, catering to residents' diverse mobility needs while promoting sustainable transportation.

2️⃣ Singapore's COE Prices Climb Except for Larger Cars

Certificate of entitlement (COE) prices in Singapore saw a widespread increase on March 6, except for bigger vehicles, which experienced a slight drop of $990.

The category for smaller cars witnessed the most significant surge, with prices rising by 8.1% to reach $83,000, while bigger, more powerful cars saw a 1% decline to $96,010.

The premium for Open category COEs, mainly utilised for larger cars, rose by 1.1% to $95,010, reflecting market demand forecasts.

Motorcycle COE prices surged by 5.5% to $9,400, and commercial vehicle COE prices increased by 3.6% to $75,599.

Industry experts suggest that while there's a slight increase in demand, the trade isn't anticipating a significant surge in COE prices in the immediate future.

Promotions by premium brands like BMW and Mercedes-Benz may have contributed to the rise in demand, particularly for smaller car categories.

Dealers foresee a stable COE premium for bigger cars until the end of the current quota period in April.

The narrowing gap in premiums between smaller and larger car categories is attributed to the increasing demand for electric vehicles (EVs) that qualify for smaller car COEs, fuelled by tax incentives and rebates.

With the recent spike in COE prices for smaller cars, dealers anticipate an immediate price hike ranging from $3,000 to $6,000 for vehicles in this category.

Despite fluctuations, industry players remain vigilant, closely monitoring market trends to navigate Singapore's dynamic automotive landscape.

💬 Editor’s byte

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Cheers, D from bytedot

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