💻 Bytes Of This Week (24 Jun - 30 Jun)

📊 Market bytes

⬆️ Straits Times Index up from 3303.79 on Monday (24th Jun) to 3332.80 before closing on Friday (28th Jun)
→ This was up from 3306.02 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Azeus Systems Holdings SGX:BBW

2. United Overseas Bank SGX:U11

3. Tianjin Pharm Da Ren Tang Grp SGX:T14

4. United Overseas Insurance SGX:U13

5. Powermatic Data Systems SGX:BCY

6. Fortress Minerals SGX:OAJ

7. Capitaland Integrated Comm Tr SGX:C38U

8. Olam Group SGX:VC2

🇸🇬 Main bytes

1️⃣ Gas and Electricity Prices to Increase: What You Need to Know

Starting July 1, gas and electricity tariffs in Singapore will see a rise for the next three months.

From July 1 to September 30, SP Group, the grid operator, announced a 0.3% increase in electricity tariffs compared to the previous quarter.

For households, this means the tariff will be 29.88 cents per kilowatt-hour (kWh) before goods and services tax (GST), up from 29.79 cents.

Despite the increase, this new tariff is still one cent lower than in the first quarter of 2024.

The average monthly electricity bill for families living in four-room Housing Board flats will increase by 35 cents before GST, rising from $118.03 to $118.38.

SP Group attributes the hike to an increase in energy costs, specifically a 0.09 cent per kWh rise on average.

These costs are paid to power generation companies and are adjusted quarterly to reflect changes in fuel and power generation expenses.

In addition, City Energy, the producer and retailer of piped gas, announced that town gas tariffs will also increase by 0.30 cents per kWh over the same period due to higher costs.

This adjustment will bring the tariff to 23.42 cents per kWh before GST, up from 23.12 cents.

Including GST, the revised tariff amounts to 25.53 cents.

The Energy Market Authority has approved these revised gas tariffs.

2️⃣ Singapore Core Inflation Steady at 3.1% in May

Core inflation in Singapore remained unchanged at 3.1% for the third consecutive month in May, as revealed by official data on June 24.

Despite the static figure, analysts remain optimistic that inflation will ease in the coming months.

May's services inflation rose to 3.6%, driven by increased holiday expenses and smaller declines in airfare prices.

However, this was balanced by lower inflation rates for electricity, gas, retail, and other goods.

Food inflation held steady at 2.8%.

Overall inflation, which includes private transport and accommodation, increased to 3.1% in May from 2.7% in April, primarily due to higher vehicle and petrol prices.

Private transport costs surged by 2.8% year-on-year in May, reflecting rising prices for cars, motorcycles, and petrol.

Both core and headline inflation rates were slightly higher than expected.

A Reuters poll had projected core inflation at 3% and headline inflation at 3.05%.

On a month-on-month basis, core inflation inched up by 0.1%, while headline inflation rose by 0.7%.

DBS economist Chua Han Teng expects core inflation to cool throughout 2024 as global commodity prices stabilise and the Singapore dollar remains strong.

Similarly, OCBC Bank's chief economist, Selena Ling, forecasts core and headline inflation to dip below 3% in the coming months, averaging around 2.8% and 3% for the year.

The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) anticipate core inflation to gradually moderate and become more noticeable in the fourth quarter.

They project both core and overall inflation for 2024 to be between 2.5% and 3.5%.

While global central banks are monitoring inflation closely, the MAS is expected to maintain its current monetary policy stance for the foreseeable future, given the persistence of core inflation.

3️⃣ Temasek Launches $150M Fund for STEM Scholarships and Skills Training

State investor Temasek has announced the creation of a $150 million fund dedicated to skills training and talent development in Singapore.

Named T-Spring, this initiative aims to foster a workforce capable of meeting the evolving demands of the marketplace.

Each year, $6 million from the fund will be distributed over the next 25 years.

The primary focus will be on providing scholarships for students from low-income families to pursue undergraduate and postgraduate studies, especially in science, technology, engineering, and mathematics (STEM) fields.

Additionally, the fund will support the re-skilling of workers at risk of job displacement due to technological advancements, as well as programs to enhance the employability of seniors and individuals with disabilities.

Temasek plans to start awarding these scholarships in the 2025/2026 academic year.

To further drive innovation, a fellowship program will be launched to attract global experts in areas such as artificial intelligence and sustainable solutions to assist Singapore's small and medium-sized enterprises.

In conjunction with this announcement, more than 500 Temasek employees participated in community service activities, such as refreshing the homes of seniors and creating murals in HDB rental blocks.

This aligns with Temasek's tradition of setting aside a portion of its returns for community contributions, continuing its legacy of supporting and uplifting communities.

Temasek CEO Dilhan Pillay emphasised the importance of providing equal educational opportunities to students from less-advantaged backgrounds, particularly in the digital age.

Chairman Lim Boon Heng echoed this sentiment, highlighting Temasek’s commitment to sustainable returns and community care.

Further details on the scholarships, fellowship program, and up-skilling initiatives will be released in the coming months.

4️⃣ NUS Introduces Wednesday Afternoons Off and New Sports Hostel for Holistic Education

Starting this August, National University of Singapore (NUS) students will enjoy Wednesday afternoons off as part of the new NUSOne initiative, aimed at providing a more holistic student experience.

This move allows students to participate in out-of-classroom activities and encourages personal growth from the first year.

NUSOne also includes the construction of a sports-themed hostel, Valour House, set to open in August 2025.

Located at the Kent Ridge campus, Valour House will accommodate 600 residents, half of whom will be athletes or individuals excelling in sports.

This initiative aims to build an active and inclusive community through shared athletic experiences, with students organising sports events for the wider NUS community.

Additionally, the NUSOne initiative introduces the Transition to Higher Education programme to help freshmen adjust to university life.

Starting August 2024, this programme will offer six non-unit-bearing courses covering topics such as emotional well-being, academic integrity, and learning strategies.

Freshmen will also receive a toolkit with essential information on course applications and extracurricular activities.

NUS Provost Professor Aaron Thean emphasised that NUSOne focuses on enhancing student life and extracurricular activities, offering a comprehensive education beyond academics.

This initiative aligns with research showing that first-year experiences significantly influence students' attitudes and performance in later years.

NUS continues to innovate its educational approach, integrating more interdisciplinary opportunities and support for arts education.

Ranked eighth globally and first in Asia by the QS World University Rankings 2025, NUS remains committed to fostering a well-rounded educational environment for its students.

🛰️Tech bytes

1️⃣ Apple Vision Pro Launch: Tech Enthusiasts Flock for $5,299 Headsets

Tech enthusiasts, tourists, and content creators lined up early on June 28 as Apple’s highly anticipated Vision Pro headsets hit Singapore shelves, marking their first availability outside the US.

With a starting price of $5,299, the Vision Pro offers a blend of virtual reality and augmented reality experiences, positioning itself as a premium device in the mixed reality market.

The Vision Pro has garnered positive reviews, praised for its immersive 3D virtual environments and seamless integration of digital elements with the real world.

Competing with devices like Meta Quest 3 and Microsoft HoloLens, the Vision Pro stands out for its advanced features and high-quality user experience, though its high price tag has raised some eyebrows.

On launch day, the Apple store on Orchard Road saw a modest line of eager customers.

Among them was 23-year-old photographer Ervin L., who pre-ordered the headset after a trial run convinced him of its superior comfort and functionality compared to other devices.

He plans to use it for work, leveraging its ability to create an ultra-wide virtual workspace.

Similarly, 26-year-old tech enthusiast Surya Gunasekaran intends to use the Vision Pro for entertainment, stating that its advanced features justify the cost.

However, some customers like 25-year-old tech professional Matt Lim expressed concerns about the steep price, suggesting he might consider it if it were significantly cheaper.

The launch also featured demonstrations, where Apple employees guided customers through the headset's capabilities, such as app navigation and immersive content viewing.

Notably, the Vision Pro can pair with other Apple devices, enhancing its utility for users deeply integrated into the Apple ecosystem.

Analysts predict that while the Vision Pro will attract affluent buyers and professional creatives, its high price may limit its appeal to casual users and gamers.

Nevertheless, Apple aims to build momentum for the Vision Pro by targeting key international markets, leveraging Singapore’s strategic position and tech-savvy consumer base.

🚗 Transport bytes

1️⃣ No U-turn on VEP: Malaysia to Enforce Entry Permits for Foreign Vehicles

Malaysia will enforce its Vehicle Entry Permit (VEP) requirement starting October 1, as confirmed by Transport Minister Anthony Loke.

This regulation mandates all foreign-registered vehicles entering Malaysia by land from Singapore to have a VEP.

Non-compliance could result in fines up to RM2,000 (US$425) or six months' jail time.

The VEP system aims to improve the tracking of foreign vehicles with outstanding fines and violations in Malaysia.

Once implemented, foreign motorists must settle any fines before leaving the country, aligning with how Malaysian drivers adhere to Singapore’s laws.

However, many drivers have encountered difficulties in registering for the VEP.

Issues range from problems registering secondhand cars to challenges in renewing existing permits. Minister Loke has acknowledged these issues and assured that the Land Division and Road Transport Department will investigate and simplify the registration process.

He also plans to personally oversee improvements and will visit Johor for further inspection.

Despite the hurdles, around 70,000 Singapore-registered vehicles have successfully activated their VEP tags, while over 200,000 vehicles are registered but have yet to complete the installation and activation process.

The ministry plans to announce improvements to address these challenges soon.

As the October deadline approaches, motorists are urged to comply with the new VEP requirements to avoid penalties and ensure smooth cross-border travel.

💬 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

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