💻 Bytes Of This Week (17 Jun - 23 Jun)

📊 Market bytes

⬇️ Straits Times Index down from 3309.50 on Tuesday (18th Jun) to 3306.02 before closing on Friday (21st Jun)
→ This was up from 3297.55 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Jardine Matheson Hldgs SGX:J36

2. Venture Corporation SGX:V03

3. Jardine Cycle & Carriage SGX:C07

4. Powermatic Data Systems SGX:BCY

5. United Overseas Insurance SGX:U13

6. Haw Par Corp SGX:H02

7. Sembcorp Industries SGX:U96

8. UOL Group SGX:U14

🌟 Exclusive bytes 🌟

Celebrating 30 Years of Interior Design Excellence in Singapore

Society of Interior Designers Singapore (SIDS) Marks Three Decades of Advocacy and Innovation

Singapore, 20 June 2024 – This year marks a significant milestone for the Society of Interior Designers Singapore (SIDS) as it celebrates 30 years of championing the interior design profession in Singapore. Since its inception in 1994, SIDS has been at the forefront of promoting and advancing the industry through advocacy, education, and international collaboration.

A Legacy of Professionalism and Integrity

As Singapore’s leading professional body for interior designers, SIDS has continuously worked to elevate the industry’s standards. Over the past three decades, the Society has played a pivotal role in representing and advocating for interior designers locally and internationally. Key achievements include the launch of the Singapore Interior Design Accreditation Scheme (SIDAS) in 2021, aimed at enhancing trade credibility and ensuring high standards across the industry.

Major Initiatives to Celebrate the 30th Anniversary

To commemorate this significant milestone, SIDS has unveiled a series of exciting initiatives:

1. Singapore Interior Design Awards (SIDA) 2024

   • Overview: The 8th edition of SIDA is set to recognize exceptional design projects globally.

   • Submission Deadline: Entries are open until 2 August 2024, with winners announced in November.

   • Jury Panel: Comprising renowned experts such as Ar. Angelene Chan (DP Architects) and Jay Osgerby (Barber Osgerby).

2. Singapore’s 30 Influential Spatial / Interior Designers Award

   • Purpose: To honor 30 trailblazing professionals who have significantly impacted the local and international design landscape.

   • Key Dates: Submission open until 31 December 2024, with winners announced in March 2025.

3. Inaugural SIDA Youth Excellence Award

   • Objective: This new bursary program supports emerging talents from local institutes of higher learning with SGD 3,000 awards.

   • Key Dates: Entries open until 2 August 2024, with winners announced in October.

4. Singapore Interior Design Festival (SIDFest) 2024

   • Details: A two-week festival from 23 September to 4 October, featuring events, workshops, and exhibitions. Highlights include a trade mission trip to Jakarta, in collaboration with Indonesian and Malaysian design associations.

Looking Ahead: A Vision for the Future

Mr. Tung Ching Yew, President of SIDS, shares his vision for the next 30 years: “We aim to advance Singapore’s interior designers to prominence on the international stage through lifelong learning platforms and active policy shaping. Our goal is to build stronger communities through the transformative power of interior design.”

About SIDS

Founded in 1994, the Society of Interior Designers Singapore (SIDS) is dedicated to uplifting and advancing the interior design profession. Through collaborations with industry stakeholders, government agencies, and educational institutions, SIDS strives to shape the future of design. The launch of the Singapore Interior Design Accreditation Scheme (SIDAS) in 2021 marked a significant step towards promoting professionalism and trade credibility.

For more information on SIDS and its initiatives, visit SIDS Website.

🇸🇬 Main bytes

1️⃣ Job Vacancies Rise Despite Increase in Unemployment

Singapore's labour market presents a mixed picture, as job vacancies increased to 81,900 in March 2024 from 79,800 in December 2023, according to the Ministry of Manpower (MOM).

However, the number of unemployed individuals also rose, leading to a decrease in the job vacancy-to-unemployed ratio from 1.74 to 1.56 over the same period.

This ratio has steadily declined since its peak of 2.54 in June 2022.

Growth sectors such as health and social services, information and communications, professional services, and financial and insurance services accounted for nearly one-third of all job vacancies.

Despite the rise in vacancies, the overall unemployment rate increased slightly to 2.1%, with the resident unemployment rate at 3% and 3.1% for Singaporeans.

Retrenchments saw a decline for the second consecutive quarter, dropping from 3,460 in Q4 2023 to 3,030 in Q1 2024.

This decrease was driven by fewer layoffs in wholesale trade and electronics manufacturing.

However, retrenchment levels in information and communications remained relatively high.

The re-entry rate for retrenched workers within six months fell slightly to 59.4%, with notable declines in the information and communications, financial and insurance services, and professional services sectors.

Despite this, more than half of those retrenched found new jobs within six months.

Employment growth slowed, with all gains coming from Singaporeans and permanent residents, while the number of employed foreigners fell by 800.

The sectors driving resident employment growth included financial and insurance services, public administration, health and social services, administrative and support services, and education.

Conversely, employment in retail trade and food and beverage services declined.

Economists note that a less tight labour market may help contain business costs and ease inflation.

However, there are concerns that wage growth may not keep pace with inflation, as companies continue to restructure and adapt to technological advancements.

2️⃣ Singapore Reclaims Top Spot in Global Competitiveness

After three years off the pinnacle, Singapore has reclaimed the top position in the 2024 IMD World Competitiveness Ranking, surpassing 66 other economies.

The International Institute for Management Development (IMD) praised Singapore’s robust performance across economic performance, government efficiency, business efficiency, and infrastructure.

Singapore excelled particularly in business efficiency, climbing to the top spot in labor market factors and attitudes and values, while also jumping 21 places to second in management practices.

The nation’s technological infrastructure saw a significant boost, raising its overall infrastructure ranking from ninth to fourth.

Government efficiency also improved, moving up five spots to second place.

However, the report highlighted some challenges.

Despite strong economic performance overall, high living costs remain a concern, with Singapore ranking 62nd out of 67 in price competitiveness.

Employment fell slightly, contributing to a stagnation in economic performance.

Experts underscore the importance of addressing high costs.

Associate Professor Jamus Lim from Essec Business School emphasised that high costs, particularly in areas like rental prices and health expenditures, impact Singapore’s competitiveness and public confidence.

Prof. Lawrence Loh from NUS Business School pointed out that high prices are expected in a land-scarce country but noted that Singapore must not become complacent given the relentless advancement of regional economies.

IMD’s analysis, based on responses from over 6,600 executives and managers and 164 pieces of statistical data, found that smaller economies dominated the top spots, underscoring that size is not a determinant of economic competitiveness.

Switzerland and Denmark, both smaller economies, followed Singapore in the ranking, with Switzerland rising due to better economic performance and business efficiency.

Overall, while Singapore’s return to the top spot is a testament to its strengths, addressing high costs and ensuring wage growth that keeps pace with inflation remain critical for sustaining its competitive edge.

3️⃣ Singapore Dominates Inaugural South-east Asia Fortune 500

Singapore shines in the first South-east Asian edition of the Fortune 500 list, boasting 84 companies, including five in the top 10. Commodities trader Trafigura tops the list with a staggering US$244 billion in sales, while DBS Group, Wilmar International, Olam Group, and Flex also secure top spots.

Trafigura’s success comes despite recent challenges, including a bribery probe in the U.S.

Nevertheless, it stands out with high profitability and the fewest employees among the top-ranked companies.

The list highlights Singapore’s economic prowess, especially in business efficiency and technological infrastructure.

The nation’s firms make up the largest share of the top 10 and top 20 lists in the region, both by revenue and profitability.

Indonesia leads the overall list with 110 companies, followed closely by Thailand with 107 and Malaysia with 89.

Singapore’s strong presence is a testament to its robust business environment and strategic economic positioning.

The top 10 firms reported combined revenues of US$650 billion, over a third of the total revenues of US$1.8 trillion for all listed companies.

The energy sector dominates, followed by banking. DBS stands out among banks, excelling in both revenue and earnings, and is one of only three companies to rank in the top 10 for both categories.

Despite overall revenue and profit declines due to weak energy markets, the list showcases impressive growth stories in various industries, including Indonesian miners and Thai travel companies.

The Fortune South-east Asia 500 reflects the dynamic and rapidly growing economies of the region, highlighting their increasing significance in the global market.

🛰️Tech bytes

1️⃣ OCBC Unveils AI-Powered Stock Picker: AI Oscar

OCBC Securities has introduced AI Oscar, a groundbreaking AI tool designed to predict stock price movements and offer personalised stock recommendations.

Using advanced deep-learning algorithms, AI Oscar analyses an investor's risk appetite, past trading activity, and demographic information to curate a weekly list of 15 tailored stocks from the Singapore, Hong Kong, and US markets.

AI Oscar's extensive training involves data from over 4,000 stocks across major exchanges, incorporating stock fundamentals, macroeconomic conditions, and technical indicators.

This comprehensive data set is updated daily to ensure accurate and timely recommendations.

The tool's goal is to enhance the trading experience for investors, particularly those under 35, a demographic that saw a 50% increase in trading activity during AI Oscar's pilot phase from October 2023 to April 2024.

Notably, young investors also opened more than half of all new trading accounts in 2023.

Wilson He, managing director of OCBC Securities, highlighted the importance of quickly distilling relevant information into actionable trading data in today's fast-paced market.

AI Oscar addresses this need by enabling investors to filter stocks that align with their preferences and immediately act on the insights provided.

With AI Oscar, OCBC aims to triple its base of active young investors over the next three years, leveraging the tool's personalised approach to meet the evolving needs of modern traders.

2️⃣ Singapore's Innovative R&D to Tackle Rising Sea Levels

Singapore is pioneering new ways to combat rising sea levels, moving away from traditional concrete barriers.

A standout initiative is Nanyang Technological University Professor Chu Jian’s project to transform coastlines into natural seawalls using eco-friendly materials like plant fibres, sand, and soybeans.

These nature-based beams will shield beaches from strong waves, allowing sand and soil to accumulate and naturally elevate shorelines.

This project is part of the second series of research efforts funded by the Coastal Protection and Flood Resilience Institute (CFI) Singapore, under the national water agency PUB’s $125 million programme.

Minister for Sustainability and the Environment Grace Fu announced these new projects at the inaugural Coastal and Flood Resilience Leaders Summit on June 20.

Professor Chu’s approach is particularly suited for fragile ecosystems such as mangroves and seagrass beds.

Unlike hard concrete barriers, these natural beams support coastal habitat growth, promoting trees and mangroves whose roots further protect and stabilise the shoreline.

Miniature wave simulations in Chu’s lab suggest that one layer of these beams can raise the shoreline by up to one meter over time.

In another innovative project, NUS Associate Professor Qian Xudong is developing floating breakwaters that double as green energy producers.

These breakwaters, deployed in deeper waters, will mitigate extreme wave impact while generating solar, wave, and tidal power to support offshore aquaculture farms.

These research projects underscore Singapore’s commitment to leveraging nature-based solutions and advanced engineering to address climate challenges.

With sea levels projected to rise by up to 1.15m by 2100, these initiatives are crucial for the city-state’s long-term coastal resilience.

🚗 Transport bytes

1️⃣ COE Prices for Cars Rebound; Open Category and Commercial Vehicle Premiums Dip

In the latest COE tender exercise on June 20, car certificate of entitlement (COE) prices showed a mixed trend with premiums for cars rebounding after a previous dip.

The COE price for smaller, less powerful cars and electric vehicles (EVs) in Category A rose by 3% to $90,889, up from $88,200 in the June 5 tender.

Category B, for larger, more powerful cars and EVs, saw a 1.7% increase to $102,334 from $100,607.

Motorcycle COE prices in Category D also increased slightly by $13, ending at $9,002.

However, the Open category COE (Category E), used mainly for larger cars, dropped by 1.6% to $100,000 from $101,600.

A total of 3,661 bids were received with 2,551 COEs available.

The recent rise in car premiums is attributed to a rebound in sales after the previous round’s price drop.

Industry insiders note a pent-up demand with customers waiting for favourable pricing.

Despite fewer bids, Category A’s premium increase reflects a market crowded with EVs adjusted to qualify for this cheaper segment, raising concerns about long-term stability.

The dip in Open category COEs indicates a possible saturation, with businesses already having stocked up on certificates.

The current trend towards stability around the $100,000 mark for Open category COEs is seen positively by dealers, providing a much-needed steadiness in the market.

💬 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

💻bytedot’s Socials
Instagram
Facebook
Telegram