📊 Market bytes

⬇️ Ringgit hits all time low against Singapore Dollar again !!
S$1 = RM3.54

⬇️ Straits Times Index down from 3142.76 on Monday (05th Feb) to 3138.30 before closing on Friday (09th Feb)

→ STI peaked by 1% on Wednesday (07th Feb) due to DBS (SGX: D05) announcements of full-year earnings for FY2023
→ This was down from 3179.77 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Union Steel Holdings SGX:BLA

2. Starhub SGX:CC3

3. Parkwaylife REIT SGX:C2PU

4. DBS Group Holdings SGX:D05

5. Capitaland Ascendas REIT SGX:A17U

6. Federal Int(2000) SGX:BDU

7. IFast Corporation SGX:AIY

8. Genting Singapore SGX:G13

   

   Top Gainers of the Week, SG Investors

🇸🇬 Main bytes

1️⃣ Residential Property Tax Revenue Surges: $600m Growth Forecast for 2024

Singapore anticipates a substantial surge in residential property tax revenue, projecting a $600 million increase for 2024, surpassing earlier estimates of $380 million.

Second Minister for Finance Chee Hong Tat attributes this uptick largely to non-owner-occupied homes. In FY2022, property tax collections hit $5.1 billion, a 9.1% rise from the previous year.

This revenue boost stems from elevated Annual Values (AVs), influenced by escalating rents in both public and private housing sectors. AVs are pivotal in property tax calculations, determined annually based on hypothetical rental income.

Budget 2022 introduced augmented tax rates for non-owner-occupied and high-value owner-occupied residences, effective January 1. Amid concerns, especially regarding retirees and families facing significant tax hikes, the government will explore measures to assist.

It plans a one-off rebate of up to 100% for owner-occupied HDB flats and 15% for private homeowners, capped at $1,000, to mitigate the impact, albeit recognizing that this might vary based on property size and AV.

2️⃣ Singapore Tightens Laws Against Weapons of Mass Destruction Financing

Singapore reinforces its legal framework to combat the financing of weapons of mass destruction (WMD) proliferation.

The new legislation, passed on February 6, extends regulations to jewelry dealers, pawnbrokers, moneylenders, and legal practitioners, requiring them to align their internal controls with international standards.

This move aims to prevent the financing of nuclear, chemical, and biological weapons proliferation, alongside money laundering and terrorism financing.

Amendments to existing laws mandate risk assessment and the development of internal policies to counter proliferation financing. The legislation brings Singapore in line with the Financial Action Task Force (FATF) requirements, addressing the evolving landscape of financial crimes.

Notably, the definition of "precious product" under the Precious Stones and Precious Metals Act is broadened to encompass items valued above $20,000, irrespective of metal content, to mitigate risks associated with high-value products.

While supporting the amendments, concerns are raised about the capacity of businesses to comply effectively.

The Ministry of Law assures enforcement through inspections and investigations to ensure meaningful compliance, underscoring Singapore's commitment to combat financial crimes and maintain its status as a trusted global financial center.

3️⃣ Singapore's Median Household Income Tops $10,000 for Second Year Based on 2023 Insights

Singapore's median household income from work reached $10,869 monthly in 2023, marking the second consecutive year above $10,000.

This 7.6% increase from 2022 reflects a positive economic trend, although individual income growth slowed. Median monthly income per household member rose by 6.5% in nominal terms to $3,500, with a 1.7% increase in real terms.

However, lower-income households experienced slower growth compared to higher-income brackets. Despite income disparities, government transfers rose, especially benefiting those in one- and two-room public housing flats.

Consequently, income inequality, measured by the Gini coefficient, narrowed for the third consecutive year, reaching 0.433 before government interventions and 0.371 after.

These figures underscore ongoing efforts to address economic disparities and enhance household financial well-being.

4️⃣ Singapore Universities Respond to Tourist Influx - NTU Imposes Fee, NUS Plans Visitor Center

Singapore's top universities, NTU and NUS, grapple with disruptions caused by a surge in tourist visits to their campuses.

NTU recently introduced a fee for tour groups to regulate traffic, citing the need to maintain a conducive learning environment. Students have voiced concerns over crowded canteens, noisy study spaces, and disruptions during classes.

In response, NUS announced plans to establish a visitor center and introduce guided walks led by student guides to manage visitor traffic effectively.

While acknowledging the universities' global reputation as a draw for tourists, both institutions aim to balance visitor interest with preserving a conducive environment for learning.

NTU's measures include pre-registration for tour groups and restrictions on accessing academic areas, while NUS emphasises community consultation and safety measures.

Despite the cultural appeal of university visits, efforts are underway to ensure that educational institutions remain focused on their primary mission of academic excellence.

🛰️Tech bytes

1️⃣ Google: Singapore Poised to Become Global AI Hub

Google Cloud executive Caroline Yap believes Singapore has significant potential as a global AI hub, citing its innovative environment and robust public-private partnerships.

Singapore's early adoption of AI strategies, including the recently launched National AI Strategy 2.0, demonstrates its commitment to AI development.

Through initiatives like the "AI Trailblazers" program, which provided organisations with access to Google Cloud's AI tools, Singapore has seen notable progress in AI adoption across government and industry sectors.

This collaborative approach not only fosters innovation but also benefits Singaporeans by driving economic growth and technological advancement.

While Singapore faces challenges like talent competition, it continues to enhance its AI ecosystem with initiatives focusing on ethics, governance, and inclusion.

The country's efforts to promote responsible AI use, exemplified by the AI Verify framework, underscore its commitment to leveraging AI for societal benefit.

As interest in AI surges globally, Singapore's proactive approach positions it as a key player in the evolving AI landscape, offering significant opportunities for international collaboration and growth.

2️⃣ NUS Develops Affordable 'AiSee' Headset for Visually Impaired

A groundbreaking development from National University of Singapore (NUS) researchers introduces "AiSee," an innovative headset priced at under $500, designed to empower the visually impaired with enhanced perception. Led by Associate Professor Suranga Nanayakkara, the project reimagines human-technology interfaces to seamlessly integrate with users' abilities and expectations.

Inspired by observing a blind friend's cumbersome process of accessing text, Prof Nanayakkara envisioned an all-in-one device for quicker and more efficient interaction with the world.

AiSee, worn on the head, features a built-in camera and AI-powered image processing, allowing users to identify objects through verbal prompts. By transmitting sound through the skull, the headset enables auditory feedback while maintaining awareness of surroundings.

Initially developed in 2018, AiSee has evolved into a hands-free headphone design, supported by large language models (LLMs) for natural interaction. Funding from various sources, including a $150,000 grant from B.P. de Silva Holdings, has facilitated further enhancements and upcoming user testing with SG Enable.

The next phase aims to refine the device based on user feedback, improving features like weight, size adjustability, and response time. Plans for commercialisation envision making AiSee accessible at a fraction of the cost of existing assistive tools, catering to both visually impaired and blind individuals.

NUS student Mark Myres, involved in testing AiSee since 2023, highlights its potential to streamline daily tasks and serve a broader user base. With aspirations for a hands-free, multifunctional device, AiSee represents a significant advancement in assistive technology, offering independence and accessibility to the visually impaired community.

3️⃣ Google Implements Block on Unverified Apps for Singapore Android Users in Anti-Scam Drive

Google is introducing a security feature in Singapore to block Android users from installing apps from unverified sources, aiming to combat malware scams. Developed with the Cyber Security Agency of Singapore (CSA), this initiative will automatically prevent the installation of potentially risky apps demanding suspicious permissions, such as access to SMSes and phone notifications.

The move builds on Google's existing malware protection system, Google Play Protect, and aims to enhance user safety amid rising concerns about malware-related scams targeting Android devices. Singapore will be the first to pilot this feature, offering users explanations when attempts to download suspicious apps are blocked.

Previous efforts included real-time app scans, identifying over 515,000 potentially harmful apps and warning users almost 3.1 million times. Eugene Liderman, Google's director of Android security strategy, emphasised the new feature's importance in providing "vital protection" to mobile users.

Malware-related scams, which often involve directing victims to download APK files, have prompted the need for stronger defences. Google's latest security feature focuses on identifying suspicious permissions commonly exploited by cybercriminals.

CSA's deputy chief executive, Chua Kuan Seah, highlighted the importance of collaboration and innovation in combating online scams. Google plans to monitor the pilot's results closely and collaborate further with industry partners to strengthen anti-scam measures.

In addition to introducing new cybersecurity features, Google will continue supporting CSA by assisting with malware detection and analysis, sharing insights, and providing education resources for users and developers.

🚗 Transport bytes

1️⃣ COE Prices Dip Across Categories Except for Commercial Vehicles

In the recent Certificate of Entitlement (COE) bidding exercise, prices declined across most categories except for commercial vehicles. The commercial vehicles category saw premiums increase by S$4,000, reaching S$72,001.

Conversely, Category A, for cars up to 1,600cc or electric vehicles, experienced a drop to S$79,000 from S$81,589. Category B, for larger cars, also decreased to S$102,338 after a significant rise in the previous round.

Motorcycle premiums in Category D slightly fell to S$9,290, while Category E, applicable to all vehicle types except motorcycles, closed at S$100,101, down from S$109,004.

A total of 4,482 bids were received for the available quota of 2,482 COEs. The Land Transport Authority (LTA) announced an increase in COE supply for the February to April 2024 quarter, with 14,707 COEs available for bidding during this period.

💬 Editor’s byte

Thank you for sticking with us! It's hard to believe it's already been a month since we launched our first official weekly newsletter.

This week's edition is particularly packed with highlights, and I hope it has been insightful.

In addition, I've introduced a new segment —Transport bytes,
which aims to cover traffic and road-related news. While this week's content focuses solely on the latest COE trends, I assure you that future editions will delve deeper into various traffic-related topics, so stay tuned!

If you received our last newsletter (my CNY greetings), you may have noticed my efforts to expand bytedot’s readership, including reaching out to readers like yourself. Hence, bytedot now has several social media pages that I'll be updating over the next few weeks.

Be sure to give them a follow if you'd like to stay updated before our newsletter drops!

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 byte.

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