💻 Bytes Of This Week (18 Mar - 24 Mar)

📊 Market bytes

⬆️ Straits Times Index up from 3171.59 on Monday (18th Mar) to 3217.97 before closing on Friday (22nd Mar)
→ This was up from 3172.96 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Azeus Systems Holdings SGX:BBW

2. DBS Group Holdings SGX:D05

3. Venture Corporation SGX:V03

4. IFast Corporation SGX:AIY

5. Yangzijiang Shipbldg Hldgs SGX:BS6

6. OUE SGX:LJ3

7. Mandarin Oriental INTL SGX:M04

8. Singapore Tech Engineering SGX:S63

   

   Top Gainers of the Week, SG Investors

🇸🇬 Main bytes

1️⃣ Pritam Singh charged with Misleading Parliament in Raeesah Khan case

Singapore’s Leader of the Opposition and head of the Workers’ Party, faced charges of providing false testimony to the Committee of Privileges regarding the Raeesah Khan case.

The charges stem from Raeesah Khan’s false statements in 2021 regarding a sexual assault case and allegations against the police's handling of it.

Pritam Singh, aged 47, pleaded not guilty to two charges under the Parliament (Privileges, Immunities and Powers) Act.

These charges pertain to wilfully providing false answers during examination before parliament or a committee.

The accusations come more than two years after the Committee of Privileges concluded that Singh and another party member had been untruthful in their sworn testimonies.

If convicted, he could face imprisonment of up to three years and a fine of up to S$7,000 (US$5,200) for each charge.

Moreover, recent laws dictate disqualification from standing for election or loss of parliamentary seats for individuals convicted of certain offences, adding further significance to the case's implications.

The charges against Pritam Singh revolve around his alleged encouragement for Raeesah Khan to maintain her false statements about the sexual assault case.

This revelation came after Raeesah Khan admitted to lying about the case in parliament, attributing her actions to misinformation received during a support group session for sexual assault survivors.

2️⃣ Condo Leasing Declines while HDB Rents Soar to Record Highs

Singapore’s rental market witnessed contrasting trends in February, with condo leasing facing continued decline while Housing Development Board (HDB) rents surged to unprecedented levels.

According to recent data from property portals, condo rental prices dipped by 1% for the 13th consecutive month, attributed to oversupply since 2023. In contrast, HDB rents marked a 1% increase, hitting all-time highs, driven by strong demand amid inflation concerns.

The condo rental market, particularly in prime areas, experienced a notable downturn, with rental volumes dropping by 21% month-on-month.

Factors such as rising retrenchments and increased rental options have contributed to this trend, prompting landlords to be more flexible with rental terms.

On the other hand, HDB rents saw growth across all room types, with mature estate rents increasing by 1.3% and non-mature estate rents by 0.5% in February.

3️⃣ DPM Wong Emphasises Media Role to Tackle the Rise of Online Falsehoods

Deputy Prime Minister Lawrence Wong highlighted the escalating challenge of combating misinformation, emphasising the increasing threat posed by artificial intelligence.

Speaking at Mediacorp’s CNA 25th anniversary, he stressed the importance of rigorous fact-checking and the government's efforts through laws like POFMA and FICA.

He underscored media outlets' vital role, urging them to employ technology and maintain high standards.

DMP Wong acknowledged the evolving media landscape, noting the impact of the internet and social media on traditional news outlets.

Despite increased competition and changing consumption patterns, he commended CNA's digital transformation journey, highlighting its mobile applications and data analytics tools.

Amidst a fragmented media environment, DPM Wong emphasised the significance of storytelling that educates and unites diverse perspectives.

4️⃣ Singapore Universities Embraced the Use of AI in School

Singaporean universities have embraced the use of artificial intelligence (AI) tools in student assignments since 2023, aiming to enhance learning quality while emphasising ethical guidelines.

While students are encouraged to leverage AI for learning, adherence to academic integrity rules remains paramount.

Universities such as the Singapore Institute of Technology (SIT) stress the supplementary role of AI, barring its use as the primary source of information.

The emphasis is on students' independent thinking and comprehensive understanding of course materials. Recognising AI's potential, institutions like SIT integrate these tools to enrich teaching practices.

However, strict guidelines ensure responsible AI use. Students must acknowledge AI-generated content, detailing tools used and their contributions to assignments.

While AI aids in skill development and learning, plagiarism remains prohibited. Institutions employ detection tools like Turnitin to uphold academic integrity.

Education Minister Chan Chun Sing also underscores AI's transformative potential but emphasises responsible management.

🛰️Tech bytes

1️⃣ Singapore Startup Launches Ash-less Hell Notes as an Innovative Tribute

In a bid to address environmental concerns surrounding traditional joss paper burning, Singapore startup Base Genesis introduces Eco Hell Notes, a groundbreaking solution that burns completely without leaving residue.

The Eco Hell Notes, printed on nitrocellulose paper, ensure a clean burn, eliminating the environmental impact caused by ash residue.

Featuring auspicious colours and intricate designs, they maintain the traditional aesthetics of joss paper while incorporating modern sustainability practices.

Collaborating with creative agency MullenLowe Singapore, Base Genesis aims to promote eco-consciousness and reduce excessive joss paper consumption by introducing a single note denomination that symbolises multiple stacks of traditional hell notes.

The initiative reflects a commitment to sustainable practices and cultural preservation, allowing individuals to pay respects to ancestors without compromising environmental integrity. With the launch of Eco Hell Notes, Singapore sets a precedent for innovative solutions that harmonize tradition with modernity.

2️⃣ ShopBack Implements Job Cuts for Business Sustainability

ShopBack, the online cash-back platform, recently announced the termination of 195 jobs, constituting 24% of its workforce, as part of its efforts to streamline operations and enhance self-sustainability.

CEO Henry Chan acknowledged the decision, attributing it to the company's pursuit of numerous directions and rapid team expansion, leading to the need for a more focused approach.

The layoffs were swiftly communicated to the affected employees, with a commitment to ensuring a smooth transition.

Founded in 2014, ShopBack operates in 11 markets and serves 40 million users globally.

Despite its widespread presence, sustaining growth posed challenges. This prompted a strategic shift towards identifying key problem areas and establishing a leaner organisational structure.

The affected employees will receive a comprehensive package, including notice pay, severance pay, and bonuses, along with support for repatriation costs and extended healthcare coverage. While acknowledging the difficulty of the decision, Mr. Chan emphasised the company's commitment to supporting affected employees during this transition.

Various organisations, including the Creative Media and Publishing Union and Workforce Singapore, have offered support services to affected employees, reflecting a broader community effort to assist those impacted by the layoffs.

3️⃣ Stay Informed in a Flash with CNA's FAST Experience

Channel NewsAsia (CNA) introduces the FAST experience, designed to cater to time-pressed readers seeking quick news updates conveniently accessible through the app and website.

This feature offers succinct story summaries, reminiscent of popular social media formats like TikTok and Instagram Reels.

Accessible via a dedicated button on the CNA homepage and app, FAST presents swipe-able cards with essential story highlights. Each summary is meticulously crafted by CNA's team of reporters and editors, augmented by generative AI technology to ensure accuracy and relevance.

As part of CNA's ongoing commitment to innovation, FAST joins other recent initiatives such as AI-generated audio articles, providing readers with diverse options for consuming news content tailored to their preferences.

Niam Chiang Meng, Chairman of Mediacorp, emphasised the significance of embracing AI integration as CNA celebrates its 25th anniversary, citing its potential to enhance operational efficiency and expand the newsroom's capabilities.

In addition to FAST, the app also features the "Catch Up" function, enabling users to access a curated list of notifications covering breaking news and featured stories from the past 30 days, ensuring they stay abreast of current events.

Continuously evolving based on user feedback, FAST promises to incorporate more content types and enhancements in the future, reflecting CNA's dedication to providing an unparalleled news experience for its readership.

🚗 Transport bytes

1️⃣ SG Bike Bids Farewell, User Accounts to Migrate to Anywheel

After nearly seven years in the bicycle-sharing market, SG Bike announces its exit, with user accounts set to transition to rival operator Anywheel by the end of April.

In a strategic move, SG Bike users will have their existing wallet balances converted to ride-only credits on the Anywheel platform, facilitating a seamless transition for customers.

This decision positions Anywheel as the largest player in the local bicycle-sharing scene, solidifying its dominance following SG Bike's withdrawal from the market.

While SG Bike ceases new sign-ups and credit top-ups, users need not take any action as their wallet balances will automatically reflect in the Anywheel app by May 3.

However, those wishing to opt out of the conversion may do so via an online application process.

The arrangement between SG Bike and Anywheel underscores a commitment to minimal disruption and ensures continuity of bike-sharing services for users in Singapore, reflecting a mutual interest in the welfare of the bike-sharing community.

2️⃣ Closing the Gap: Singapore's Initiative to Enhance MRT Safety

Land Transport Authority (LTA) is implementing platform gap fillers on 64 older Circle Line trains, with 24 already fitted and the remaining 40 expected to be equipped by 2025.

The initiative aims to narrow the gap between the train floor and platform edge, enhancing safety during boarding and alighting.

While the newest trains on the North-South and East-West lines come with pre-installed gap fillers, LTA is evaluating the feasibility of retrofitting them on older trains, considering factors like train lifespan and technical compatibility.

Platform gap incidents, though relatively rare, have occurred, prompting efforts to address safety concerns. Fillers have already been added to above-ground stations on certain lines, reducing the gap from 110mm to 75mm.

For commuters with disabilities, large platform gaps pose challenges, affecting their independence and safety.

The initiative not only enhances safety for vulnerable commuters, but it also benefits parents with young children and individuals using mobility aids.

By addressing platform gaps, Singapore's MRT system aims to provide a safer and more inclusive commuting experience for all passengers.

3️⃣ COE Prices Trend Upward in Latest Bidding

In the recent Certificate of Entitlement (COE) bidding exercise, prices saw an overall increase, with premiums closing mostly higher across different vehicle categories.

Category A, covering cars with engine capacities up to 1,600cc, witnessed a rise to S$85,489, reflecting a climb from the previous bid. Similarly, premiums for Category B, which includes larger and more powerful cars, edged up to S$96,011.

However, there was a slight decline in COE prices for commercial vehicles, dropping to S$70,112 from the previous bidding exercise. Motorcycle premiums also saw an uptick, closing at S$9,689.

Open category COEs, which are versatile but primarily used for larger vehicles, increased to S$95,856.

Despite the increase in COE prices, the number of bids received exceeded the available quota, indicating continued demand in the market.

The total quota for COEs in the February to April quarter saw a 2 percent increase, totalling 14,707 for the three-month period.

💬 Editor’s byte

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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