📊 Market bytes

⬆️ Straits Times Index up from 3269.59 on Monday (29th Apr) to 3292.93 before closing on Friday (3rd May)
→ This was up from 3280.10 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. Shangri-La Asia SGX:S07

4. United Overseas Bank SGX:U11

5. World Precision Machinery SGX:B49

6. DBS Group Holdings SGX:D05

7. Jardine Cycle & Carriage SGX:C07

8. Mandarin Oriental INTL SGX:M04

🇸🇬 Main bytes

1️⃣ Singapore's Labour Market Update: Q1 2024 Insights

Singapore's Ministry of Manpower (MOM) revealed the latest insights into the labor market for the first quarter of 2024.

While the employment growth rate cooled compared to previous periods, it remained positive, indicating continued economic resilience. Notably, retrenchments saw a decline for the second consecutive quarter, affirming stability in employment.

The slower growth trend aligns with the global economic landscape, characterised by ongoing uncertainties.

Despite this, total employment rose, primarily driven by an increase in resident employment. Notably, the non-resident employment sector witnessed a contraction, influenced by evolving labor demands.

Key sectors contributing to employment growth include financial services, health, social services, and public administration. However, seasonal declines were observed in retail trade and hospitality post-festive season.

Retrenchments decreased to 3,000, with business reorganisation cited as the primary reason.

While unemployment rates saw a slight increase in March, they remain within pre-pandemic ranges, indicating overall stability.

Looking ahead, MOM anticipates strengthened labor demand aligned with economic improvement forecasts.

However, wage growth may decelerate as the proportion of firms intending to raise wages declined. To sustain economic growth, MOM emphasises the importance of business transformation and attracting skilled foreign workers.

In response to the evolving landscape, MOM urges both employers and workers to leverage available programs for upskilling and adaptation.

With the comprehensive labor market report slated for release in mid-June, further insights will provide a detailed assessment of Q1 2024's labor market dynamics

2️⃣ Corruption Reports in Singapore Down by 8%: CPIB Ensures Firm Control

Singapore's Corrupt Practices Investigation Bureau (CPIB) reported a notable 8% decrease in corruption-related reports in 2023, signalling a positive trend in combating corruption.

With 215 reports received, CPIB affirmed that Singapore's situation remains firmly under control.

Of the reported cases, 81 were pursued for investigation, primarily focusing on the private sector, which constituted 86% of the cases.

Notably, CPIB highlighted instances where public sector employees rejected bribes offered by private individuals, showcasing integrity within the public service.

With a commendable investigation rate of 84%, CPIB ensured thorough scrutiny of individuals under probe, leading to the prosecution of 111 offenders in court.

The conviction rate remained impressive at 99%, reflecting the bureau's robust investigative quality and collaborative efforts with the Attorney-General's Chambers.

Several high-profile cases, including those involving a director-general at the Ministry of Foreign Affairs and a former Transport Minister, underscore CPIB's unwavering commitment to maintaining Singapore's corruption-free status.

Transparency International's ranking of Singapore as the fifth least corrupt country further validates these efforts.

As CPIB continues its mission to uphold integrity across all sectors, it emphasises the importance of collaborative efforts from the community.

3️⃣ Singapore Mulls Measures to Curb Screen Time for Kids: DPM Wong

Deputy Prime Minister Lawrence Wong highlighted Singapore's growing concern over excessive screen time and social media usage among children during a recent gala dinner.

Emphasising the need to safeguard mental health, he discussed potential measures to address this issue.

Research suggests that prolonged screen exposure during infancy can hinder cognitive and socio-emotional development, increasing the risk of mental health issues like depression.

For older children, social media presents additional challenges, including cyberbullying and exposure to harmful content.

Acknowledging the government's collaboration with tech platforms to implement age restrictions on apps, DPM Wong questioned the adequacy of existing measures and proposed further deliberation on stricter age requirements and parental controls.

Beyond regulatory efforts, DPM Wong also stressed the importance of parental involvement in setting boundaries and promoting healthy screen habits.

He advocated for initiatives to educate parents and strengthen support networks to mitigate the impact of excessive screen time on children's well-being.

The gala dinner, marking the 55th anniversary of Samaritans of Singapore (SOS), also highlighted the organisation's vital role in suicide prevention.

With a pledge to raise funds for suicide prevention efforts, SOS continues to provide crucial support to those in need, exemplified by heartwarming stories of resilience and healing shared by beneficiaries like Ms. Mak Wei Tin.

4️⃣ Prime Minister Lee's May Day Speech: Reflecting on Singapore's Progress

Prime Minister Lee Hsien Loong bid farewell to the nation in a poignant address at the May Day Rally, expressing confidence in Singapore's future and the leadership team set to succeed him.

Reflecting on his tenure and Singapore's journey, PM Lee emphasised the importance of unity and long-term planning in shaping the nation's success.

In his valedictory speech, PM Lee highlighted Singapore's resilience and achievements, attributing them to strong leadership, collective efforts, and strategic investments.

From building a diverse economy to enhancing social safety nets, Singapore has made significant strides in improving the lives of its citizens across all sectors.

PM Lee underscored the enduring values of inclusivity and meritocracy that define Singaporean society.

Emphasising the importance of social cohesion, he acknowledged the challenges posed by diversity and the need for ongoing efforts to foster harmony and understanding among different segments of the population.

Looking ahead, PM Lee outlined key priorities for Singapore's future, including continued economic diversification, infrastructure development, and environmental sustainability.

He urged Singaporeans to uphold the nation's exceptionalism by preserving political stability, trust, and a commitment to excellence.

As PM Lee steps down and passes the baton to Deputy Prime Minister Lawrence Wong, he expressed optimism for Singapore's continued progress under new leadership.

He also called on all Singaporeans to rally behind the government and contribute to the nation's success, ensuring a brighter future for generations to come.

In concluding his address, PM Lee emphasised the importance of stewardship, urging each generation to safeguard Singapore's interests and propel the nation forward.

🛰️Tech bytes

1️⃣ Embracing AI and Technology: Singapore's Path to Economic Resilience

At the St Gallen Symposium, Manpower Minister Tan See Leng stressed the vital role of AI and technology in driving economic growth. Singapore's $1 billion investment over five years into a national AI strategy underscores its commitment to developing the industry and upskilling its workforce.

Dr. Tan highlighted Singapore's efforts to equip its workforce with AI skills through collaborations with companies and offering AI-related courses in institutes of higher learning. These initiatives are part of broader efforts to address manpower constraints and attract foreign talent.

The discussion emphasised the importance of companies investing in employee training alongside technological development. Peter Voser, chairman of ABB, stressed that automation and robotics offer opportunities for skill diversification rather than replacing human labor.

With technological disruptions accelerating, the need for continuous innovation and skill development is urgent. Mr. Voser emphasised the role of leadership in navigating these changes and seizing growth opportunities.

Dr. Tan underscored the significance of ongoing innovation in shaping a better future for subsequent generations. He emphasised that continual innovation creates a conducive environment for progress and development.

As Singapore and other nations adapt to the rapid evolution of technology, proactive investment in education, skills training, and leadership is crucial. Embracing AI and technology positions nations for economic resilience and sustainable growth in the digital era.

🚗 Transport bytes

1️⃣ Flexibility in ERP 2.0 Placement: LTA Addresses Motorist Concerns

The Land Transport Authority (LTA) reassures drivers about the placement options for the Electronic Road Pricing (ERP) 2.0 processing unit, emphasising flexibility in installation locations.

Amid public confusion and frustrations, LTA clarifies that car owners can choose the unit's position within their vehicles, pending safety and technical feasibility considerations.

Drivers expressed discontent online regarding the unit's default placement under the glove compartment, citing inconvenience and accessibility issues.

LTA's recommendation for installation at the driver's or front passenger's footwell aims to address these concerns, albeit acknowledging limitations in certain car models.

These efforts aim to accommodate motorists' preferences while ensuring effective implementation of the ERP 2.0 system. Beyond placement options, the authority encourages vehicle dealers to consult buyers on touchscreen display installation, providing flexibility to fold down or opt-out of the display.

With installations ongoing since last year, LTA prioritises user feedback to enhance functionality and convenience. Notably, safety notifications regarding school zones and road conditions have garnered positive responses, with plans to expand features like speed camera alerts without additional workshop visits.

💬 Editor’s byte

Welcome to the month of May, and thank you for sticking with us!

This week, we have something special in store for you. As you may have noticed, we have a sponsor!

Introducing The Rundown AI, your go-to source for everything AI, condensed into just 5 minutes! If this piques your interest, simply head back up to the top of the banner and click on the link to learn more. Every click helps sustain and keep this newsletter free for all.

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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