💻 Bytes Of This Week (13 May - 19 May)

📊 Market bytes

⬆️ Straits Times Index up from 3294.54 on Monday (13th May) to 3313.48 before closing on Friday (17th May)
→ This was up from 3280.10 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Jardine Cycle & Carriage SGX:C07

2. DBS Group Holdings SGX:D05

3. United Overseas Bank SGX:U11

4. Oversea-Chinese Banking Corp SGX:O39

5. Engro Corporation SGX:S44

6. XMH Holdings SGX:BQF

7. Singapore Airlines SGX:C6L

8. Singapore Exchange SGX:S68

🌟 Exclusive bytes 🌟

Introducing Singapore's First Sustainable Kids Market!

We are thrilled to share with you an exclusive news release about a groundbreaking event that promises to inspire, engage, and make a difference: Singapore's First Sustainable Kids Market!

Empowering Young Change-makers

Organised jointly by Marina Square and Peace of Art, this innovative event aims to foster sustainability and social responsibility through the creativity and energy of young change makers.

Event Details

Mark your calendars for May 25th to May 26th, 2024, as Marina Square's atrium transforms into a hub of sustainable activities from 10 am to 8 pm.

What to Expect

With nearly 100 participating brands, the Sustainable Kids Market offers a plethora of engaging activities, including sustainable goods sales, educational workshops, captivating art exhibits, auctions, and live performances.

Key Participants

Get ready to explore offerings from beloved family brands like Doob, OATBEDIENT, Cloversoft, Geniebook, and more. Plus, look out for exciting partnerships with educational institutions and government agencies.

Making an Impact

One of the event's highlights is the KIDSforKIDS initiative, featuring sustainable goods booths managed by children. All proceeds will directly benefit children in Singapore's public rental flats through Young Hearts of the Singapore Red Cross.

You're Invited!

Join us for the grand opening ceremony on May 25th, 2024, at Marina Square Foyer, L2, 6 Raffles Boulevard, from 11:30 am to 1:00 pm. 

We are honoured to have esteemed guests, including Minister of State MCCY & MTI, Mr. Alvin Tan, and other dignitaries.

RSVP Today!

Feel free to bring your family or a plus one along for this memorable occasion.

For more information and high-resolution images, visit https://bit.ly/MSQSustainableKidsMarket

Let's come together to build a sustainable future for our children!

🇸🇬 Main bytes

1️⃣ Lawrence Wong Sworn in as Singapore's Fourth Prime Minister

In a historic moment for Singapore, Lawrence Wong has officially taken office as the country's fourth Prime Minister, succeeding Lee Hsien Loong after 20 years of leadership stability.

PM Wong, 51, stands as the first Prime Minister born after Singapore's independence in 1965, symbolising a generational shift in leadership.

In his inaugural address, he emphasised a departure from previous styles, promising a fresh approach to governance while acknowledging the foundational contributions of his predecessors.

The new Prime Minister expressed gratitude to Lee Hsien Loong, who will continue to serve in the Cabinet as Senior Minister, ensuring continuity and stability during this transition.

PM Wong also outlined priorities, including the recruitment of younger talents and adapting to global uncertainties.

Looking forward, PM Wong emphasised the need for unity in navigating challenges, both domestic and international.

He called upon Singaporeans to join him in building a society where everyone's contributions are valued and where opportunities are accessible to all.

PM Wong's vision for Singapore, outlined in his Forward Singapore initiative, aims to foster a fairer, more inclusive society while sustaining economic progress.

He stressed the importance of collective effort in achieving these ambitious goals, urging citizens to play an active role in shaping the nation's future.

2️⃣ A Hub of Innovation Takes Shape at Punggol Digital District

Exciting developments are underway as Punggol Digital District (PDD) emerges as a vibrant center for innovation, with two-thirds of its space already pre-committed.

PDD, spearheaded by JTC Corporation, is attracting a diverse array of tenants, particularly from sectors such as cyber security, artificial intelligence, fintech, and smart living.

Notable occupants include UOB, investing $500 million in a 12-storey building, and dConstruct Technologies, a growing start-up leasing an entire floor.

The district's appeal lies in its forward-thinking environment, offering seamless work-life integration and ample collaboration opportunities.

UOB plans to transform its tower block into a technology and innovation center, fostering the ideation and development of cutting-edge solutions.

Scheduled for completion between 2024 and 2025, PDD boasts impressive features, including a 1.6km walkway connecting its buildings and underground roads to prioritise pedestrian and cyclist accessibility.

Parking facilities will be optimised, with provisions for electric vehicles and ample bicycle spaces.

The retail landscape within PDD is set to thrive, with a 290,600 sq ft podium housing shops, F&B outlets, and the Market Village, enhancing the waterfront experience.

Community facilities, including childcare centers and a hawker center, will enrich the district's social fabric.

3️⃣ Singapore Institute of Architects Unveils Blueprint Framework

In a bid to address challenges plaguing the architectural profession, the Singapore Institute of Architects has introduced a groundbreaking framework named Blueprint, underscoring the value architects bring to projects.

Blueprint, unveiled during the institute's annual dinner, delineates architects' responsibilities in three key areas: compliance and liabilities, design expertise, and administration.

It aims to foster a clearer understanding between architects and clients, curbing the practice of firms quoting excessively low fees.

The framework's launch comes amidst concerns over brain drain and poor wages affecting the profession.

A recent survey highlighted a rise in median starting salaries for architectural graduates, but also revealed alarming statistics, with many citing low wages, long hours, and high stress as reasons for leaving the profession prematurely.

In response, the institute has been collaborating with various stakeholders to chart a better course forward.

Second Minister for National Development and Finance, Indranee Rajah, commended the institute's proactive efforts, emphasising the need for continuous investment in professional development and creating progressive workplaces to attract and retain architectural talent.

4️⃣ Singapore Exports Show Signs of Recovery: Electronics Sector Brightens

Singapore's export sector demonstrates signs of recovery in April, with a 9.3% drop in non-oil domestic exports (Nodx), marking a slower decline compared to previous months.

The electronics segment notably returned to growth, offering optimism amidst ongoing challenges.

Despite the overall improvement, the semiconductor sector, comprising half of electronics exports, continued to contract, indicating persisting challenges.

Additionally, pharmaceutical exports witnessed a significant decline, contributing to the overall Nodx decrease.

While April's export performance fell slightly below expectations, economists anticipate a gradual improvement in the second half of the year.

Factors such as stabilisation in China's growth and an upturn in the global electronics cycle are expected to bolster Singapore's key export sectors.

Although the recovery is expected to be gradual and fragile, economists remain cautiously optimistic.

Potential disruptions in global supply chains, US-China tensions, and shifts in US interest rates pose uncertainties to monitor.

Amidst these challenges, the International Monetary Fund (IMF) projects a recovery in Singapore's economy, with GDP growth expected to reach 2.1% in 2024.

While external risks persist, stronger global growth could positively impact Singapore's economic outlook.

🛰️Tech bytes

1️⃣ Checkmate: Singapore's New Weapon Against Online Scams and Misinformation

In the battle against online scams and misinformation, Singapore unveils a powerful ally: Checkmate.

This innovative service, hosted by the Centre for Advanced Technologies in Online Safety (Catos), offers a WhatsApp bot where suspicious text messages, images, and videos can be verified, providing users with peace of mind and protection against digital threats.

Catos, under the Ministry of Communications and Information, aims to combat online harms such as hate speech and deepfakes.

With a total funding of $50 million over five years, including a recent $30 million top-up, Catos expands its scope to develop tools to detect harmful content and create a sandbox for testing solutions in real-world scenarios.

One of Catos' flagship projects, Checkmate, utilises a blend of natural language processing, machine learning, and human verification to assess the authenticity of information.

As Checkmate evolves, automation through artificial intelligence promises to enhance its capabilities, streamlining the verification process and bolstering its effectiveness.

Beyond Checkmate, Catos spearheads initiatives like emotion detection in online content and collaboration with industry leaders like Adobe to implement content provenance technologies, ensuring the origin and authenticity of digital content.

At the inaugural Online Trust and Safety Forum, attended by over 250 experts and thought leaders, Communications and Information Minister Josephine Teo emphasised Catos' pivotal role in fortifying Singapore's online trust and safety ecosystem.

As Singapore continues its commitment to a safer digital space, initiatives like Checkmate and Catos underscore the nation's proactive stance against online threats, offering users reliable resources to navigate the complexities of the digital landscape.

2️⃣ Singapore Breaks Ground as First Retailer to Offer Lab-Grown Meat

Singapore's Huber’s Butchery makes history by becoming the world’s inaugural retailer to introduce lab-grown meat to the market.

Partnering exclusively with Good Meat, a subsidiary of US-based foodtech firm Eat Just, Huber's Butchery pioneers the sale of meat derived from cultivated animal cells, a groundbreaking leap in the food industry.

Despite being predominantly composed of plant protein, with only 3% animal cells, the lab-grown chicken, named Good Meat 3, has garnered positive feedback on taste, texture, and appearance during consumer trials.

However, its price tag of S$7.20 (US$5.34) for a 120-gram portion places it at a premium compared to traditional meat products, potentially challenging consumer adoption in Singapore's market.

Nonetheless, this milestone marks a significant advancement for the cultured meat sector, which has faced financial struggles in recent years.

The global industry saw a notable decline in capital raised in 2023, prompting companies like Eat Just to intensify efforts in enhancing cost efficiency and profitability.

Despite encountering legal and financial hurdles, Eat Just remains committed to expanding its presence in Singapore.

After a brief operational suspension, the company resumed production in partnership with Huber’s Butchery, aiming to offer a diverse range of chicken-alternative products, signaling a pivotal moment in the evolution of sustainable and ethical food production.

🚗 Transport bytes

1️⃣ Singapore Witnesses Surge in Car Deregistrations: Implications for COE Supply

In the first quarter of 2024, Singapore saw a significant spike in car de-registrations, marking a 72.9% increase compared to the same period in 2023.

This surge, totalling 9,604 cars scrapped, represents the highest figure since the second quarter of 2021.

Higher de-registrations translate to an increase in available certificates of entitlement (COEs) for upcoming bidding cycles, impacting the local automotive landscape.

The rise in de-registrations correlates with more vehicles having their COEs revalidated beyond their 10-year mark, with 776 cars revalidated in the initial two months of 2024, reflecting a 66.5% surge from the previous year.

Despite this, data on revalidation typically lags behind scrape figures by a month, contributing to a clearer understanding of COE supply dynamics.

While the trend of COE revalidation surged in early 2024, influenced partly by declining COE premiums, automotive industry experts anticipate a potential increase in revalidation for March.

However, the impact on COE supply remains uncertain, with dealers navigating market fluctuations amid the ongoing COVID-19 pandemic and fluctuating consumer demand.

💬 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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