💻 Bytes Of This Week (11 Mar - 17 Mar)

📊 Market bytes

⬆️ Straits Times Index up from 3145.82 on Monday (11th Mar) to 3172.96 before closing on Friday (15th Mar)
→ This was up from 3138.30 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Jardine Matheson HLDGS SGX:J36

2. Powermatic Data Systems SGX:BCY

3. Creative Technology SGX:C76

4. DBS Group Holdings SGX:D05

5. SIA Engineering Co SGX:S59

6. Hotel Royal SGX:H12

7. Engro Corporation SGX:S44

8. Suntec Real Estate Inv Trust SGX:T82U

   

   Top Gainers of the Week, SG Investors

🌟 Exclusive bytes 🌟

CIMB Bank Singapore Introduces Innovative PhyGital Experience for Consumers

CIMB Bank Singapore introduces the CIMB Pop-Up, a groundbreaking two-phase event blending physical and virtual elements.

Located at Orchard Road, the pop-up offers an engaging experience for visitors.

Phase 1 (March 16 - March 31)

From March 16 to 31, 2024, the "House of CIMB x ShopBack" features promotions from leading brands like Pelago by Singapore Airlines and Samsung.

An AR scavenger hunt with over S$100,000 in giveaways is also part of the experience.

Partnering with ShopBack, CIMB provides exclusive rewards for new Credit Card applicants, making the pop-up a must-visit destination for shoppers.

Phase 2 (April 6 - April 21)

From April 6 to 21, 2024, CIMB presents the Wellness Hub, focusing on physical, mental, and financial wellbeing.

Visitors can deepen their financial knowledge and experience meditation with VR technology.

The CIMB Pop-Up represents a significant step towards integrated consumerism, offering a unique blend of online and offline experiences.

With its innovative approach, CIMB continues to redefine the retail landscape, providing consumers with holistic solutions for their financial and wellness needs.

_{To find out more about this event, visit ‘House of CIMB x ShopBack’ outside Mandarin Gallery, at Orchard Road.}

🇸🇬 Main bytes

1️⃣ Singapore's 2023 Employment Growth Surges: Insights and Trends

Singapore’s employment landscape witnessed a notable surge in 2023, with a significant rise of 88,400 in total employment.

The growth, detailed in the Ministry of Manpower's (MOM) report, primarily stemmed from increased employment among foreigners, particularly in construction and manufacturing, while residents found opportunities in financial and professional services.

Despite the growth, MOM noted a doubling of retrenchments from the previous year, with 14,590 recorded.

In a Straits Times report, DBS Bank economist Chua Han Teng highlighted a slower pace of growth in employment compared to previous quarters, indicating a post-pandemic economic shift.

Another expert, Associate Professor Walter Theseira attributed the changes to a global restructuring post-Covid, especially in the tech sector, leading to a transition in hiring practices.

While job vacancies saw a slight uptick after consecutive declines, MOM highlighted sectors like finance, professional services, and health witnessing notable increases.

However, there was a decline in re-entry rates for retrenched workers, particularly for mature workers aged 40 and above, prompting initiatives like the SkillsFuture Level-Up Programme to enhance workforce resilience.

Terence Ho from the Lee Kuan Yew School of Public Policy emphasised the importance of skills upgrading measures in Budget 2024 to facilitate career transitions, contributing to a more resilient labor market.

MOM indicated potential continued restructuring efforts by firms amidst global economic uncertainties, but expects strengthened labor demand aligned with improved economic growth forecasts for 2024.

Despite cautious optimism, Prof Ho noted a return to more normal labor market conditions following the pandemic-induced fluctuations, emphasising the need for ongoing vigilance and adaptability.

In summary, Singapore's employment landscape in 2023 showcased growth tempered by challenges, underlining the importance of proactive measures to support workforce adaptability and resilience in evolving economic scenarios.

2️⃣ Bridging the Gap — Insights on Singapore's Gender Pay Equity

In Singapore's evolving workforce landscape, strides have been made in boosting employment opportunities for women, yet the gender pay gap persists.

According to Ministry of Manpower (MOM) data, while women earned 14.3% less than men in 2023, this gap has narrowed from 16.3% in 2018, reflecting gradual progress.

Key factors contributing to the gender pay gap include differences in occupation, industries, and weekly working hours.

However, MOM notes a positive trend as the occupational profile of women improved more than men's from 2018 to 2023.

Nevertheless, the adjusted gender pay gap remains at 6%, indicating persistent disparities even when factors like occupation and education are accounted for.

Various factors contribute to the gender pay gap, including career breaks due to caregiving responsibilities.

Additionally, historical practices such as compensating men higher salaries to offset national service contribute to the gap.

Despite strides, perceptions of a gender pay gap persist among women in Singapore, with concerns about negative consequences hinders discussions about salary raises.

Efforts to address the gender pay gap include advocating for diversity and inclusion, implementing flexible work arrangements, and encouraging women to pursue careers in STEM fields.

HR professionals play a crucial role in ensuring equitable compensation practices based on merit, skills, and performance.

Moreover, transparency in pay structures and initiatives fostering diversity and inclusion are vital steps toward achieving gender parity in the workplace.

As Singapore continues its journey towards gender equality, fostering a supportive work culture, promoting work-life balance, and providing job security are essential for enhancing job satisfaction among female employees and closing the gender pay gap.

3️⃣ A Gesture of Solidarity; Singapore Extends Aid Mission for Gaza

In a demonstration of solidarity and humanitarian commitment, Singapore prepares to dispatch its third tranche of aid for Gaza via Jordan.

Minister for Foreign Affairs Vivian Balakrishnan's visit to Amman signifies Singapore's dedication to providing timely assistance to those in need.

The Republic of Singapore Air Force (RSAF) will deploy an A330 Multi-Role Tanker Transport (MRTT) and a C-130 transport aircraft for the mission, ensuring the smooth delivery of aid.

The RSAF's continued engagement highlights Singapore's proactive role in regional humanitarian efforts.

Dr. Balakrishnan's visit not only strengthens ties with partners in the Middle East but also underscores Singapore's unwavering commitment to addressing humanitarian crises.

Accompanied by Senior Minister of State for Defence Zaqy Mohamad, the delegation seeks to engage with regional stakeholders and explore avenues for peace and stability.

Prime Minister Lee Hsien Loong's correspondence with Jordan's King Abdullah II reflects Singapore's appreciation for facilitating aid delivery.

Moreover, Mr. Lee emphasises the importance of a negotiated two-state solution for lasting peace in the region, aligning Singapore's stance with international resolutions.

Deputy Prime Minister Lawrence Wong echoes these sentiments, emphasising the urgent need for a ceasefire and a permanent resolution to hostilities.

Singapore remains steadfast in its support for Gaza's civilians, advocating for collective action to alleviate suffering and foster hope for a better future.

🛰️Tech bytes

1️⃣ AI Singapore, Google partner to improve large language models in SEA

In a groundbreaking collaboration, AI Singapore (AISG) and Google Research are teaming up to enhance datasets for large language models (LLMs) in Southeast Asian languages.

Project SEALD aims to enrich these models, starting with Indonesian, Thai, Tamil, Filipino, and Burmese, to make them more effective and inclusive across the region.

The initiative holds significant promise, particularly in addressing communication barriers within underrepresented migrant worker communities in Singapore.

By training LLMs with culturally relevant data, Project SEALD seeks to facilitate stronger engagement between the government, employers, and migrant populations, fostering inclusivity and accessibility.

Yolyn Ang, Google's Vice President of Asia-Pacific business development, emphasises the transformative potential of this collaboration, envisioning new opportunities and enhanced accessibility for individuals and businesses throughout Southeast Asia.

Project SEALD not only contributes to AISG's model Sea-Lion but also underscores a commitment to open collaboration.

AISG and Google intend to share datasets and insights openly, promoting knowledge exchange and fostering innovation in language technology.

This partnership mirrors Google's similar initiative in India, Project Vaani, focusing on diverse speech data across the country's districts.

Both efforts underscore a shared commitment to leveraging technology for societal benefit and advancing inclusive AI solutions.

🚗 Transport bytes

1️⃣ Faster Immigration Clearance with QR Codes at Singapore Checkpoints

Get ready for a smoother travel experience at Singapore's Woodlands and Tuas checkpoints starting March 19 as travellers in cars can use QR codes for immigration clearance, eliminating the need for physical passports.

Using the MyICA mobile app, travellers can generate QR codes for individual or group clearance for up to 10 people.

Singapore residents can have their passport details automatically filled using Singpass or by scanning the machine-readable zone at the bottom of their passport biodata page.

At the checkpoints, travellers scan the QR codes, and ICA officers conduct face-to-face checks.

This initiative aims to reduce waiting times by over 30%, with estimated time savings of 20 seconds for cars with four travellers and one minute for those with 10.

While passports are still required for immigration clearance in Malaysia, this QR code initiative marks the first step towards the Automated Passenger Clearance System (APCS), which will further streamline processes with biometric verification in the future.

As the March holidays witness a surge in travellers, ICA advises checking traffic conditions and expects heavy traffic at checkpoints.

Additional measures, such as deploying more officers for crowd control and increasing bus frequencies, have been implemented to manage queues efficiently.

ICA emphasises the importance of cooperation from travellers to ensure smooth operations and promises to continue innovating and automating processes for faster and seamless immigration clearance.

💬 Editor’s byte

Hi there! Thank you for reading all the way to the end. If this newsletter has provided you with value in any way, your ongoing support is greatly appreciated.

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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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