📊 Market bytes

⬇️ Ringgit hits all time low against Singapore Dollar !!
S$1 = RM3.53

⬇️ Straits Times Index down from 3160.88 on Monday (22nd Jan) to 3159.53 before closing on Friday (26th Jan)
→ This was up from 3152.29 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Jardine Matheson Hldgs SGX:J36

2. United Overseas Bank SGX:U11

3. DBS Group Holdings SGX:D05

4. Megachem SGX:5DS

5. Oversea-Chinese Banking Corp SGX:O39

6. Food Empire Holdings SGX:F03

7. Powermatic Data Systems SGX:BCY

8. Multi-Chem SGX:AWZ

   

   Top Gainers of the Week, SG Investors

🇸🇬 Main bytes

1️⃣ Singapore Records 4.8% Inflation in 2023; Core Prices Surge in December

Singapore's 2023 inflation averaged 4.8%, a decline from 6.1% in 2022. Unexpectedly, core consumer prices (excluding transport and accommodation) rose to 4.2% in 2023, with December core inflation reaching 3.3%, surpassing forecasts.

The goods and services tax (GST) increase to 8% influenced 2023 inflation, aligning closely with forecasts. Further adjustments, including a GST hike to 9% in early 2024, and increased transportation and utility prices, will impact core inflation.

MAS and MTI project a gradual moderation in core inflation through 2024, with the forecast remaining at 2.5% to 3.5%.

Despite global inflation easing in 2023, potential risks include geopolitical conflicts impacting energy and shipping costs, adverse weather affecting food prices, and persistent domestic labor market tightness. The possibility of an unexpected global economic downturn remains.

Overall, while December's core inflation exceeded expectations, MAS is expected to maintain its current policy stance amid persistent inflation, potentially delaying anticipated monetary policy easing in 2024. Evolving global shipping costs and potential disruptions may impact future inflation dynamics.

2️⃣ U-Turn: Singapore Reverses Decision on SimplyGo, Keeps Older Ticketing System

In response to public backlash, Singapore's Land Transport Authority (LTA) backtracks on plans to phase out the older ticketing system, allowing commuters to continue using EZ-Link and NETS FlashPay cards.

An additional S$40 million will be allocated for this extension. Commuters who switched to SimplyGo between January 9 and 22 can revert to the older system for free. Transport Minister Chee Hong Tat acknowledged the concerns about fare visibility with SimplyGo, prompting the decision.

MPs had filed parliamentary questions on SimplyGo, addressing overcharged trips and the app's reliability. Despite the extension, LTA will explore ways to enhance account-based ticketing cards like SimplyGo. Transport Minister Chee apologised for conversion delays and emphasised the benefits of account-based cards, noting their popularity among commuters.

The older ticketing system's phase-out, initially set for June 1, is now deferred as LTA works to improve the user experience.

3️⃣ Singaporean Teen, Self-Identified White Supremacist, Placed Under ISA Restriction Order

In a rare move, a 16-year-old Singaporean, self-radicalised as a white supremacist, receives an Internal Security Act (ISA) restriction order in November 2023. Despite being ethnically Chinese, he aspired to engage in overseas attacks for the white supremacist cause, though he had no plans for attacks in Singapore.

This marks the second instance of a Singaporean dealt with under the ISA for far-right radicalisation. Under the order, the teen faces restrictions on residence, travel, internet and social media use, and public statements. He became radicalised in 2022 through online far-right extremist content, particularly influenced by white supremacist Paul Nicholas Miller.

The teen expressed intense hatred toward targeted communities and considered participating in attacks in Western countries. However, he lacked resources and did not progress beyond online weapon searches.

The restriction order includes rehabilitation to counter extremist ideologies and address emotional regulation issues. The youth will undergo counselling and mentoring, involving collaboration with his family and school.

The case highlights the adaptability of far-right ideologies to the Singaporean context. The Internal Security Department urges vigilance and provides signs of radicalisation, emphasising community awareness.

🛰️Tech bytes

1️⃣ Robot Deliveries and Unmanned 7-Eleven: Futuristic Shopping Experience Unveiled in Singapore

In South Beach's office tower, a fleet of seven robots from start-up QuikBot Technologies is delivering ready-to-eat meals and snacks from a nearby 7-Eleven store to office workers. The autonomous bots navigate lifts, walkways, and office gantries to make deliveries placed through the QuikBot app.

This initiative is part of Hive 2.0, a retail innovation hub at Esplanade Xchange, featuring ten retail concepts by start-ups focusing on automation, robotics, and digital retail services.

One notable concept is the 7-Eleven Shop & Go, the chain's first unmanned and cashier-free store in Singapore. Customers pre-authorise credit cards, select items, and exit, with AI technology and smart cameras tracking and detecting shopping behaviour.

Other featured concepts include Mr.R Robotics, an adaptive robotics retail store, and Le Tach Vending, a vending machine operator offering herbal teas, bak kwa, and fresh fruit.

Minister of State for Trade and Industry Low Yen Ling highlighted the use of AI tools in these businesses to address issues like the manpower crunch, lower operational costs, boost sales, and tackle manpower and logistics challenges faced by retailers. Hive 2.0 was launched on January 22, offering 297 sq m of high-tech retail experiences, and it builds on the success of the first iteration, The Hive, which accelerated the digital transformation of retailers on Stellar Lifestyle’s network.

Tony Heng, President of Stellar Lifestyle, mentioned potential expansion plans, with concepts from Hive 2.0 potentially scaling across the train network. QuikBot Technologies plans to roll out its robot delivery system in other commercial establishments, starting from Suntec City in February, and later in office buildings like Marina One and Centennial Tower. The company aims to serve 400 buildings, servicing about 1.2 million professionals, in the next four years, with plans to expand to cities like Dubai, Tokyo, and Seoul.

2️⃣ Vizzio Founder Jon Lee Resigns as CEO Amid Credential Fabrication Scandal

Singapore-based AI firm Vizzio Technologies undergoes leadership changes as founder Jon Lee steps down as CEO, following revelations about fabricating his Ph.D. credentials from the University of Cambridge.

Chief Marketing Officer David Lee assumes the interim CEO role. The move aligns with Jon Lee's intention, revealed earlier, to find a successor and work on Vizzio from a more discreet position.

Investor and prominent AI figure Kai-Fu Lee had already resigned from Vizzio's board prior to the exposé. Vizzio's board initially expressed support for Jon Lee but has now appointed David Lee as interim CEO. Recent reports suggest Vizzio inflated customer numbers on its website, with discrepancies in claimed clients.

The company faces challenges to rebuild trust and uphold governance for a strong future.

💬 Editor’s byte

Welcome to Week 2 of our weekly newsletter, and thank you once again for subscribing! I hope you've been finding the newsletter enjoyable.

Taking into account some valuable feedback received from our readers, I'd like to highlight a couple of noteworthy changes carried forward from last week's edition:

1. "Local byte." is now "Main byte." To enhance clarity and avoid potential confusion, we have modified the section heading from "Local byte." to "Main byte." Since we are a local newsletter, this adjustment eliminates any ambiguity associated with the term "local."

2. Improvements to "Market byte." The positive feedback received on the "Market byte." segment has been encouraging. In response, I'm actively working on expanding this section to provide you with more comprehensive market insights. This week, I've introduced the exchange rate for SGD and Ringgit, given the recent record rate. Moving forward, I plan to incorporate additional currencies to further enrich this segment.

3. Introduction of "Editor’s byte." A new addition to our newsletter is the "Editor’s byte." segment. I envision this section as a dedicated space for communication, fostering a better understanding between us.

As always, I appreciate your continued readership. If you have any feedback, whether it pertains to the content or any other aspect of byte., 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 byte.