📊 Market bytes

⬇️ Ringgit hits all time low against Singapore Dollar
S$1 = RM3.56

⬇️ Straits Times Index down from 3225.57 on Monday (19th Feb) to 3184.91 before closing on Friday (23rd Feb)
→ This was down from 3221.94 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Forise International SGX:8A1

2. Southern Packaging Group SGX:BQP

3. China Yuanbang Prop HLDGS SGX:BCD

4. GHY Culture&Media HLDG Co SGX:XJB

5. MDR SGX:Y3D

6. Audience Analytics SGX:1AZ

7. Intraco SGX:I06

8. Moneymax Financial Services SGX:5WJ

   

   Top Gainers of the Week, SG Investors

🇸🇬 Main bytes

1️⃣ Fresh Grad Salaries Rise Amid Economic Slowdown; Survey Highlights Job Market Shifts

In the dynamic landscape of Singapore's job market, fresh university graduates witnessed an uptick in salaries in 2023, albeit against a backdrop of economic deceleration.

The latest graduate employment survey revealed a median gross salary increase to $4,313, while employment rates dipped slightly, signaling shifts in job availability.

While sectors like health sciences and information technology boasted high full-time employment rates, overall employment figures saw a decline, reflecting broader economic trends.

Despite this, key sectors remained resilient, with graduates in information and digital technologies commanding the highest pay check.

As Singapore navigates economic challenges, the stability and growth in salaries offer reassurance amidst broader economic uncertainties.

Despite shifts in employment patterns, the demand for skilled graduates remains high, highlighting the resilience of Singapore's labor market.

The survey's insights shed light on the evolving dynamics of Singapore's job market, emphasising the importance of adaptability and passion in navigating career paths amidst economic fluctuations.

2️⃣ Leong Mun Wai Steps Down as PSP’s Sec-Gen Over Recent Pofma Order

Non-Constituency MP Leong Mun Wai recently stepped down as Progress Singapore Party's (PSP) secretary-general after receiving a Pofma correction for a social media post on February 12.

Hazel Poa was elected as his successor on the same day. Despite stepping down, Leong remains a member of the central executive committee (CEC), showcasing accountability.

Poa's appointment as the fourth secretary-general since PSP's establishment highlights the party's adaptability.

The Pofma order stemmed from Leong's post concerning financial aid to a West Coast couple.

He promptly removed the post and issued a correction on February 15, emphasising the importance of accountability in public discourse, especially on social media platforms.

Leong's voluntary resignation reflects his commitment to upholding party standards, garnering strong support from within PSP.

This transition underscores the evolving landscape of Singaporean politics and the necessity of responsible communication in the digital age.

The PSP remains focused on serving the people's interests, with leadership changes signaling a dedication to accountability and transparency.

3️⃣ Taylor Swift Takes Singapore: STB’s Role Revealed in Superstar’s Concert Grant

Taylor Swift's upcoming Singapore concert has garnered immense excitement, with the Singapore Tourism Board (STB) playing a crucial role in bringing the global superstar to our shores.

In a joint statement with the Ministry of Community, Culture and Youth (MCCY), STB emphasized the positive impact Swift's concert is expected to have on tourism sectors, underscoring Singapore's appeal as a hub for international events.

Addressing recent claims by Thailand's prime minister, STB and MCCY highlighted Singapore's attractiveness as a destination for large-scale events, without disclosing specific grant details.

With over 300,000 tickets sold for the six Singapore shows and a significant international fan presence expected, Swift's Singapore stop marks a highlight of her Eras Tour.

As anticipation mounts for Swift's performances from March 2 to 9 at the National Stadium, the event underscores Singapore's global appeal for top-tier entertainment.

The collaboration between government bodies, event organizers, and the private sector in promoting cultural offerings reflects the city-state's vibrant arts scene, drawing fans from across Southeast Asia and beyond.

4️⃣ Navigating Higher Costs, Singapore Firms Adapt to Salary Changes

As Singapore gears up for changes in its local qualifying salary (LQS) scheme, concerns among employers are surfacing regarding potential increases in business expenses.

The upcoming adjustment, set to take effect in July, will see the LQS for full-time workers rise from S$1,400 to S$1,600, with corresponding increases in minimum hourly rates for part-time workers.

While some businesses grapple with adjustments, others, like HRS Security Services, anticipate benefits from government initiatives aimed at supporting lower-wage workers. With enhancements to the Progressive Wage Credit Scheme (PWCS), firms are hopeful for cost-sharing opportunities and investments in training and technology to enhance productivity.

However, concerns linger regarding the implications for flexible work arrangements and the potential rejection of requests due to salary requirements.

Despite varying impacts across sectors, businesses are adapting to the evolving landscape, balancing the need for competitiveness with the imperative of supporting their workforce.

As Singapore's business community navigates these changes, the emphasis remains on finding sustainable solutions that promote both economic growth and worker well-being.

The evolving regulatory landscape underscores the importance of proactive measures and collaborative efforts in ensuring a resilient and thriving business environment.

🛰️Tech bytes

1️⃣ Singapore's Space Start-Ups Aim for Stellar Success Globally

Singapore's space sector gears up for global prominence, buoyed by technological strides and a supportive ecosystem.

With over 2,000 professionals in 60 companies, the nation aims to nurture deep tech innovation through collaborations with local and international partners.

Enterprise Singapore works to lower entry barriers for space tech start-ups, facilitating access to testing and launch facilities.

Equatorial Space Systems and Aliena exemplify local ambition, securing funding for rocket development and pioneering satellite operations solutions despite challenges like limited testing space and global competition.

Amidst hurdles, optimism prevails, fueled by government support and growing private investment. Singapore's space industry promises exponential growth, presenting exciting opportunities for innovation and global impact.

2️⃣ OpenAI's New AI-Video Tool Sparks Concern Among Media Creators

OpenAI, renowned for creations like ChatGPT and DALL-E, unveils "Sora," an AI tool enabling users to generate videos from text commands.

Promising realistic scenes, it garners mixed reactions from industry players.

Studios and video game developers weigh in, with opinions split. Some anticipate creative freedom, while others fear job displacement. Thomas Bellenger of Cutback Productions highlights internal debates over AI's impact, emphasizing adaptability in the face of technological leaps.

Meanwhile, concerns about truth and manipulation arise. Basile Simon and Julien Pain warn of potential misuse during elections and the erosion of truth. Despite safety measures, such as watermarks, doubts persist over future AI advancements' implications.

Advertising agencies anticipate significant shifts. Fred & Farid foresees AI driving 80% of brand content, altering production dynamics. Stephanie Laporte from OTTA predicts industry evolution, with luxury brands prioritizing authenticity amid AI's rise.

As OpenAI's Sora awaits public release, industry players brace for transformative changes. Adapting to AI's impact while safeguarding authenticity emerges as a critical challenge in the evolving media landscape.

🚗 Transport bytes

1️⃣ COE Prices Dip Again, Open Category Hits Sub-S$100,000 Mark

Certificate of Entitlement (COE) premiums experience a decline in the latest bidding exercise, marking a significant milestone as the Open Category premium dips below S$100,000 for the first time since May 2022.

In particular, premiums for Category A cars and Category B cars witness decreases, alongside motorcycle premiums. Conversely, COEs for commercial vehicles observe a slight increase.

With a total of 4,277 bids received against a quota of 2,491 COEs available, market dynamics continue to shift amidst changing supply and demand dynamics.

The Land Transport Authority (LTA) signals a modest 2% increase in COE quota for the February to April quarter, with 14,707 COEs allocated for this period.

This contrasts sharply with the previous quarter's substantial 27% surge in COE supply, reflecting adjustments in the market landscape.

As COE prices fluctuate, stakeholders navigate evolving conditions in Singapore's automotive sector, anticipating further developments in the coming months.

2️⃣ New Regulations for Novel Mobility Devices Effective March 1

Starting from March 1, Singapore will implement new regulations governing the use of active mobility devices on roads, aimed at enhancing safety for all path users.

Under the updated rules, all active mobility devices permitted on roads, including bicycles, cargo bicycles, tricycles, and recumbents, must adhere to specified size limits.

These limits, set at a maximum of 130cm in width and 260cm in length, aim to mitigate obstructions and ensure smoother traffic flow.

Additionally, non-motorised mobility devices will be required to have at least one functioning handbrake, with recumbent bicycle riders mandated to display a bright-colored flag for visibility. Notably, motorized novel devices remain prohibited on public paths and roads until internationally recognized certification standards are established.

The new regulations, recommended by the Active Mobility Advisory Panel in February 2023 and accepted by the government in March 2023, address concerns regarding the proliferation of excessively wide or long mobility devices that pose obstacles to other road users.

By enforcing consistent rules across various types of mobility devices, Singapore aims to maintain path and road safety while accommodating the growing popularity of these novel modes of transport.

💬 Editor’s byte

It's been just over a month since I sent out my inaugural newsletter. It's been quite a journey, and I've gained valuable insights along the way.

For those who may not be aware, this newsletter began as a passion project for writing. If you find value in these newsletters, I would be truly grateful if you could share them with your friends or family. Let's bring more people into the bytedot community!

As always, I appreciate your continued readership. If you have any feedback, whether it pertains to the content or any other aspect of bytedot, please feel free to reach out to us at [email protected]

Looking forward to bringing 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