💻 Bytes Of This Week (1 Apr - 7 Apr)

📊 Market bytes

⬇️ Straits Times Index down from 3226.85 on Monday (1st Apr) to 3218.26 before closing on Friday (5th Apr)
→ This was down from 3224.01 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. MFG Integration Technology SGX:M11

2. Natural Cool Holdings SGX:5IF

3. Lifebrandz SGX:1D3

4. Bacui Technologies Intl SGX:YYB

5. Ocean Sky International SGX:1B6

6. Metis Energy SGX:L02

7. No Signboard Holdings SGX:9I7

8. V2Y Corporation SGX:V2Y

🌟 Exclusive bytes 🌟

Unveiling the Trend of Mundane Dating by Bumble

In the hustle and bustle of modern life, Singaporean singles are finding innovative ways to weave dating into their packed schedules.

According to a recent survey by Bumble, nearly half of locals are embracing a dating phenomenon dubbed as Mundane Dating.

Yes, you read that right—finding romance in the ordinary! 🕵️‍♂️

Grocery shopping reigns supreme as the top Mundane Dating activity, favored by a whopping 72% of respondents.

Who knew picking out produce could be so romantic? 🍎 Following closely behind is the culinary arts, with 61% finding joy in cooking up a storm together. But the surprises don't end there!

Dog-walking proves to be a paw-some bonding activity for 44% of singles, highlighting the importance of shared interests—even furry ones! 🐾 

From coffee dates to spontaneous grocery runs, Mundane Dating offers a refreshing take on modern romance, proving that love truly blossoms in the everyday moments.

So, next time you're stocking up on groceries, keep an eye out—you might just find love in the produce aisle! 🛒💕

And here's a fun fact: 1 in 5 Singaporean singles prefer their potential partners to be dog-lovers. Talk about finding the paw-fect match!

Lucille McCart, Bumble’s APAC Communications Director, sheds light on this burgeoning trend:

"Mundane dating focuses on simplicity and authenticity, emphasising genuine connections over grand gestures.By opting for everyday activities, Gen Z and millennials in Singapore are fostering meaningful conversations and deeper connections in low-pressure settings."

🇸🇬 Main bytes

1️⃣ 380,000 New Resident PMETs and a 21.6% Surge in Real Income Over the Last Decade

Singapore’s employment landscape has seen substantial growth over the past decade, particularly among resident professionals, managers, executives, and technicians (PMETs).

Between 2013 and 2023, the resident PMET workforce expanded by an impressive 380,000—a stark contrast to the 50,000 increase in Employment Pass (EP) and S Pass holders over the same period.

In sectors like finance, Infocomm, and professional services, resident PMETs saw a surge of 190,000, indicating robust growth within key industries.

Minister for Manpower Tan See Leng emphasised that this growth shouldn’t pit residents against foreigners, as resident income rose by 21.6% in real terms, underlining the mutual benefits of a diverse workforce.

Maintaining a delicate balance between local and foreign talent remains crucial for Singapore’s economic vitality.

With a global shortage of skilled workers, the city-state continues to attract foreign talent while ensuring opportunities for locals.

While the majority of employment growth in 2023 came from foreigners, higher-skilled EP and S Pass holders constituted a significant portion, indicating a strategic approach to talent acquisition.

Measures such as salary benchmarks ensure fair competition between locals and foreign talent.

Singapore's strong resident employment rate, standing at 66.2% in 2023, reflects its commitment to full employment.

Despite challenges posed by the pandemic, resident employment has remained resilient, showcasing the government's efforts to safeguard local job opportunities.

2️⃣ UOB Trims Interest Rates on Flagship Account; OCBC, DBS Hold Steady for Now

In a move echoing expectations of declining rates, UOB has announced adjustments to its flagship savings account, the UOB One Account.

Effectively from May 1, customers with balances up to $100,000 will see annualised interest rates reduced from range of 3.85% and 7.8% to a range of 3% and 4.5%, contingent on fulfilling specific criteria.

UOB cited aligning with long-term interest rate forecasts as the rationale behind the revision.

While UOB takes this step, both OCBC Bank and DBS Bank have confirmed no changes to their respective flagship savings accounts, at least for the time being.

Despite UOB's adjustment, the competitive landscape remains dynamic, with OCBC's 360 account offering rates up to 7.65% and DBS Multiplier at 4.1%.

For UOB One Account holders with balances exceeding $100,000, new balance tiers promise higher interest rates, reaching as high as 6% for balances between $125,000 and $150,000.

Notably, these revisions aim to cater to customers with larger balances, a demographic that has seen significant growth in recent years.

Despite potential rate adjustments, UOB emphasises that its One Account holders will still enjoy competitive rates with minimal requirements, while OCBC and DBS continue to monitor market conditions to ensure their offerings align with customer needs.

As customers navigate these changes, considerations extend beyond interest rates alone.

As the market continues to adapt, customers are encouraged to assess their options carefully to maximise their savings potential.

3️⃣ Olympic Gold Medalist Joseph Schooling Bids Farewell to the Pool

Singapore's swimming icon, Joseph Schooling, renowned for his historic Olympic victory in Rio 2016, has announced his retirement from competitive swimming at the age of 28.

With a career spanning eight years since his golden moment, Schooling leaves a profound legacy in Singapore's sporting history.

Reflecting on his decision, Schooling expressed gratitude towards his support network, acknowledging the pivotal roles played by his parents, coaches, and teammates.

Despite facing challenges, including a public admission of consuming cannabis overseas in 2022, Schooling's determination and resilience shone through his illustrious career.

While Schooling's post-Rio years saw him grappling with various factors affecting performance, including complacency and overthinking, his impact transcended the pool.

Serving as a role model, his journey inspired countless aspiring athletes, demonstrating the power of perseverance and self-belief.

Beyond accolades and medals, Schooling's influence extends to the broader community, instilling hope and ambition in young minds.

From his formative years at The Bolles School under coach Sergio Lopez to his collegiate career at the University of Texas mentored by Eddie Reese, Schooling's journey epitomises the pursuit of excellence amidst adversity.

As Schooling embarks on new ventures in golf and venture capital, his departure from competitive swimming marks the end of an era.

Yet, his indelible legacy and the lessons drawn from his remarkable journey will continue to inspire generations of athletes, embodying the essence of resilience, determination, and the pursuit of excellence.

🛰️Tech bytes

1️⃣ Proposed Cybersecurity Law Amendment Raises Standards for Essential Service Providers

Singapore is fortifying its cyber defences with proposed amendments to the Cybersecurity Act, targeting essential service providers.

Under the proposed changes, essential service operators must report cyber incidents faced by suppliers and ensure contractual assurances, enhancing resilience against evolving digital threats.

The Cybersecurity (Amendment) Bill expands oversight to critical information infrastructure (CII), including major event organisers and autonomous universities.

These measures aim to address obscured threats in an increasingly digital landscape, emphasising the responsibility of CII owners for cyber resilience, even amidst technological advancements.

Key sectors such as energy, banking, healthcare, and government will face heightened scrutiny, with the bill extending oversight to linked third-party systems.

Essential service providers will also be mandated to obtain legally binding cybersecurity commitments from third-party vendors, with penalties for non-compliance.

Designated digital infrastructure players and entities of special cybersecurity interest will also be subject to similar obligations, reflecting a "light touch" regulatory approach.

Public consultations since 2022 have informed the bill, addressing concerns about interconnected systems and inspection protocols.

The proposed laws underscore Singapore's proactive stance against cyber threats, emphasising the need for robust cybersecurity measures across all critical sectors.

With penalties for non-compliance, organisations are incentivised to prioritise cybersecurity, safeguarding vital infrastructure and sensitive data from malicious actors.

2️⃣ Singapore Reigns as Top Startup Investment Hub in Southeast Asia

Amidst a funding downturn, Singapore maintains its status as the premier startup investment destination in Southeast Asia. This is according to a recent report by Enterprise Singapore and DealStreetAsia.

Despite challenges, Singaporean startups led the region, securing 63.7% of all equity deals in the Asean-6 nations in 2023, showcasing sustained investor confidence.

Notably, Singapore's deep-tech startup ecosystem experienced significant growth, marked by a 31.4% increase in deals compared to the previous year.

This resurgence underscores the resilience and robust foundation of Singapore's tech and innovation landscape, positioning it as a prime hub for deep-tech innovation.

Investors are increasingly prioritising strong fundamentals amidst the funding climate, reaffirming Singapore's appeal as a go-to destination for startup funding and development.

The integration of artificial intelligence (AI) and machine learning in deep-tech startups signals a shift in research and development strategies, with Singapore poised to emerge as a test bed for disruptive technologies.

While early-stage funding saw a surge in investor interest, startups faced challenges amidst the funding crunch, experiencing declines in deal volume and value.

However, Singapore continues to attract global and regional investors drawn to its innovative solutions, strong business fundamentals, and growth potential.

Despite the hurdles, Singapore boasts several tech unicorns valued at over US$500 million, including ShopBack, Thunes, and SCI Ecommerce.

These success stories underscore Singapore's position as a thriving hub for tech innovation and entrepreneurship, driving the region's startup ecosystem forward.

🚗 Transport bytes

1️⃣ Drive Safe, Earn Rewards: Singapore's New Road Safety Initiative

In a landmark move towards promoting road safety, the Traffic Police (TP) and Singapore Road Safety Council (SRSC) launched the "Reward the Sensible Motorists" campaign on April 1, 2024.

This initiative aims to celebrate and incentivise responsible driving and riding behaviours on Singapore's roads.

Formerly known as "Reward the Riders," the campaign now encompasses both motorcyclists and drivers, recognising the pivotal role each group plays in ensuring road safety.

Spanning six months from April to September 2024, the campaign encourages safe practices among motorists.

Motorists demonstrating exemplary behaviour, such as signalling before lane changes and yielding to pedestrians, stand a chance to be rewarded.

TP officers will identify these individuals and present them with special collectible goodie bags, with exceptional contributors receiving accolades during the Singapore Ride Safe event in October 2024.

Minister of State Muhammad Faishal Ibrahim lauded the campaign as a pivotal initiative in TP's efforts to promote road safety.

He emphasised the importance of cultivating a "safety first" culture among businesses managing large vehicle fleets, urging all motorists to prioritise safety on the roads.

Senior Assistant Commissioner Daniel Tan reiterated the shared responsibility for road safety, emphasising the lasting impact of traffic accidents on families.

He urged motorists to uphold good driving and riding habits, advocating for patience and graciousness on the roads.

Singapore Road Safety Council Chairman Bernard Tay hailed the campaign as an effective platform to promote responsible road usage.

He expressed hope that recognised motorists would inspire others to follow suit, furthering the cause of road safety.

2️⃣ Car Buyers Brace for Impact After Recent COE Price Surge

In the recent COE tender on April 3, prices surged across all categories except commercial vehicles, presenting a challenge for car buyers in Singapore.

For smaller cars (Category A), premiums soared to $89,000, marking a 4.1% increase from the previous exercise.

Larger cars (Category B) witnessed a 5.5% climb to $101,334, while Open category COEs (Category E) rose by 5.4% to $101,002. Conversely, motorcycle COEs (Category D) experienced a 3.2% uptick to $10,000.

The only category to see a decline was commercial vehicles (Category C), dropping 3.7% to $67,501.

Industry experts suggest that this surge, especially in larger car categories, could deter buyers, despite being below the record high of $150,001 set in October 2023.

Dealers attribute this rise partly to orders from the Singapore Motorshow in January, with unsuccessful bidders returning for subsequent tenders, intensifying COE demand.

Brands like BMW, Toyota, and BYD are among those scrambling for COEs to fulfil pending orders.

While Open category COEs remain in demand, with higher transferable premiums, industry insiders predict more aggressive promotions from dealers holding these COEs at lower prices.

However, the looming question remains about the upcoming COE quota for May, with expectations of increased availability based on vehicle de-registrations.

💬 Editor’s byte

Welcome to April! Thank you for sticking through till the end of this newsletter!

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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