• Straits Times Index down from 3204.75 on Monday (15th Jan) to 3152.29 before closing on Friday (19th Jan)

  

  Straits Times Index Weekly Overview, SGX

• Top Performing Stocks of the week includes

  1. Jardine Cycle &Carriage SGX:C07

  2. Jardine Matheson Hlds SGX:J36

  3. DBS Group Holdings SGX:D05

  4. Oversea-Chinese Banking Corp SGX:O39

  5. Singapore Airlines SGX:C6L

  6. Singapore Tech Engineering SGX:S63

  7. UOL Group SGX:U14

  8. Singapore Exchange SGX:S68

  

  Top Gainers of the Week, SG Investors

Iswaran charged with multiple offences; resigns as Minister of Transport and returning salary and allowances

Former Transport Minister S Iswaran, charged with 27 offences, including corruption and obtaining valuables as a public servant, has pleaded not guilty. The charges involve interactions with property tycoon Ong Beng Seng, including receiving over S$166,000 worth of flights, hotel stays, and event tickets for advancing business interests. A separate charge relates to obstructing justice through a repayment to Singapore GP. The 27 charges include two of corruption, one of obstructing justice, and 24 of obtaining valuables as a public servant. A pre-trial conference is set for Mar 1 after Iswaran's lead lawyer raised concerns about the number of charges.

Dressed in a blue shirt and dark jacket, Iswaran entered the courtroom, where the Chief Prosecutor listed the charges, and Iswaran pleaded not guilty. The prosecutor requested a pre-trial conference, and Iswaran's lead lawyer raised a matter about the number of charges, noting a change from the initial 36 to 27 charges. The prosecution confirmed not proceeding with the other nine charges after reviewing the evidence. The judge fixed the case for a pre-trial conference on Mar 1. Iswaran, maintaining his innocence, resigned from political offices, believing it was the right decision.

Singapore’s new ecosystems to drive collaboration among businesses

Singapore is creating ecosystems to foster collaboration between local businesses and multinational corporations (MNCs), aiming to attract overseas investments and enhance the competitiveness of key industries. The Jurong Innovation District (JID) is a central component of this strategy, serving as an advanced manufacturing hub. Currently hosting around 100 players in the advanced manufacturing value chain, JID is set to expand with the completion of Bulim Square.

The objective is to bring together companies for technology development, innovation, testing, and manufacturing within the same estate. The JID ecosystem facilitates collaboration and access to shared platforms. The initiative is expected to generate 95,000 new jobs in advanced manufacturing, innovation, and research. Businesses like VFlowTech benefit from proximity to institutions like Nanyang Technological University, accessing talent and resources for growth.

The ecosystem enables companies like Makino to accelerate projects, enter new markets, and save time and resources through collaboration and shared facilities. As JID develops, there is anticipation of increased engagement and idea-sharing to drive the growth of advanced manufacturing in Singapore.

 Singapore’s new governance framework for generative AI

Singapore has proposed a new Model AI Governance Framework for Generative AI, building upon a 2019 framework covering traditional AI. The initiative, MGF-GenAI, developed by the AI Verify Foundation and Infocomm Media Development Authority (IMDA), aims to contribute to the global AI conversation.

The framework, expected to be finalised in mid-2024, addresses nine key dimensions of AI governance and aligns with the National AI Strategy 2.0. Singapore actively engages in global AI discussions and collaborates with the United States to explore alignment between their frameworks, possibly setting the foundation for international standards.Challenges in governing generative AI involve the evolving nature of its usage, and Singapore anticipates potential industry growth in AI tools testing and validation.

The framework emphasises building a trusted environment for AI innovation while addressing moral and ethical concerns. Feedback on the framework is welcomed until March 15 at [email protected].

Several Singapore-based firms showcased innovative tech at CES 2024

Singapore Presence at CES 2024

The Singapore Pavilion at CES 2024 showcases approximately 50 companies specialising in various sectors such as smart home tools, wearables, digital health, and wellness tech. This presence is part of a continued participation by Enterprise Singapore in CES since 2018, leading to successful outcomes for Singaporean companies. Notable instances include myFirst, an electronics company that inked deals with European distributors in 2023, and Monokei, a keyboard-maker that found success in securing new business leads following CES 2023.

• Gyrogear's Tremor-Reducing Glove:

  • Developed by health tech start-up Gyrogear.

  • Equipped with a gyroscope to counter wrist movements.

  • Helps reduce trembling in conditions like Parkinson’s disease.

  • Beneficial for tasks such as writing for individuals with hand tremors.

• Silent Cicada's Cooling Watch:

  • Developed by Silent Cicada, a local start-up.

  • A watch that cools the wrist's surface and blood flowing through it.

  • An alternative to cooling fans and bulky cooling suits.

  • Provides a chilly sensation without disrupting the body’s heat regulation system.

  • In talks for trials with outdoor workers and potential academic research collaboration.

• Tack's Advanced GPS Tracker:

  • Developed by location intelligence developer Tack.

  • A GPS tracker that pinpoints location on a map and provides elevation data.

  • Addresses the challenge of locating items in high-rise buildings.

  • Requires a SIM card and can track across more than 120 countries.