Singapore Business Federation urges firms to turn to retrenchment only as a last resort

THE Singapore Business Federation (SBF) has urged employers to protect the Singaporean core, retain talent to grow business opportunities, and to use retrenchment only as a last resort to manage manpower costs.

Singapore Business Federation urges companies to consider retrenchment only as a last resort

THE Singapore Business Federation (SBF) has urged employers to protect the Singaporean core and retain talent to grow business opportunities, while leaving retrenchment as a last resort to manage manpower costs.

ASEAN ECONOMY

Singapore's hub status hangs on how Asean pulls together: think tank

CLOSING doors to focus on national priorities during a pandemic is a false answer, a Singapore-based think tank suggested on Thursday, and what Asean needs is instead greater transparency and integration for a strong recovery.

SINGAPORE ECONOMY

July PMI turns positive, but employers' hiring sentiment still weak

SINGAPORE's manufacturing sentiment has inched into positive territory in July for the first time in six months, but economists caution that this may not translate into improved hiring sentiment in the second half of 2020.

RTS Link to boost Singapore-Johor investments

MORE than just easing traffic congestion on the Causeway, a cross-border train service between Singapore and Johor Bahru could increase business links between the two cities and allow Malaysian day workers to commute more quickly to Singapore, observers told The Business Times.

Singapore, Malaysia agree to resume RTS Link project; due to operate by end-2026

SINGAPORE and Malaysia inked an agreement on Thursday to resume a long-awaited cross-border train project that will connect the city-state with Johor Bahru, according to a joint statement from both countries.

VIRUS OUTBREAK

Layoffs double in Q2; total employment dives by quarterly record of 122,000

SINGAPORE'S total employment saw its worst quarterly contraction on record in the second quarter of 2020, according to preliminary data, and economists fear the worst is yet to come.

Singapore's total employment in Q2 sees biggest quarterly contraction on record

SINGAPORE'S total employment saw its largest quarterly contraction on record in the second quarter of 2020, as the country entered a "circuit-breaker" period to curb the spread of Covid-19, according to preliminary data released by the Ministry of Manpower (MOM) on Wednesday.

Asia needs predictable US policy towards region: PM Lee

A STABLE and predictable policy towards Asia and Europe with bipartisan consensus will be of great help to countries that are looking to depend on the United States, Singapore Prime Minister Lee Hsien Loong said on Tuesday night.

Covid-19 vaccine may only be available in end-2021: MOH

A VACCINE for Covid-19 may only be available towards the end of next year, even though trials appear to be promising at this stage, a senior Ministry of Health (MOH) official said on Friday.

JB-Singapore RTS will bring economic benefit, but may not ease weekend congestion

THE widely-anticipated train service linking Singapore and Johor Baru that is expected to be finalised next week will not only ease congestion on the Causeway, the connectivity will also bring economic benefit to both cities, economists told The Business Times.

In the shadow of Covid

IF the first six months of 2020 should offer any wisdom about the human race, it is that we are seldom prepared for scenarios that present high risks but have a low probability of happening.

More than 80% of foreign workers tested, all dorms to be cleared by Aug 7: Lawrence Wong

MORE than 80 per cent of Singapore's foreign workers have been tested for Covid-19, and the government is expecting to complete testing for all dormitories by the first week of August, with the exception of blocks that are being used as quarantine facilities, said a multi-ministry task force on...

VIRUS OUTBREAK

SIA Engineering Q1 profit drops 74.3% to $10.7m

SIA Engineering Company (SIAEC), the maintenance arm of Singapore Airlines, recorded a net profit slide of 74.3 per cent to S$10.7 million between April and June 2020, compared with the same quarter a year ago.

Accordia Golf refutes Hibiki's letter, says offer to AGT was made after extensive negotiations

ACCORDIA Golf, the sponsor of Accordia Golf Trust (AGT) on Friday lashed back at AGT's largest minority unitholder, who alleged that the proposed price to buy over the trust's golf courses is "too low".

Accordia Golf refutes Hibiki’s letter, says offer to AGT made after extensive talks

ACCORDIA Golf, the sponsor of Accordia Golf Trust (AGT) on Friday lashed back at AGT’s largest minority unitholder for alleging that the proposed price to buy over the trust’s golf courses is “too low”.

SIAEC reports S$10.7m net profit for Q1; government support lessens bleed from Covid-19

SIA Engineering Company (SIAEC), the maintenance arm of Singapore Airlines, recorded a net profit slide of 74.3 per cent to S$10.7 million between April and June 2020, compared with the same quarter a year ago.

Sembcorp Industries reports S$131m net loss for H1 2020 due to Covid-19

SEMBCORP Industries has reported a net loss of S$131 million for the first half of 2020, compared to the S$191 million net profit for H1 2019, said the mainboard-listed company. 

Wing Tai's Malaysia subsidiaries sell KL property and land for S$79.4m

TWO of Wing Tai Holdings' subsidiaries in Malaysia have agreed to sell a Kuala Lumpur development and the freehold land it sits on for RM243.8 million (S$79.4 million), said an exchange filing on Thursday evening.

Keppel Pacific Oak US Reit obtains US$115m five-year term loan facility

KEPPEL Pacific Oak US Reit (KORE) has obtained a US$115 million, five-year term loan facility to pay off its borrowings that are due in November 2021, the real estate investment trust's (Reit) manager said in an exchange filing on Thursday.

Hong Leong Asia's CEO resigns; no replacement named yet

HONG Leong Asia's director and chief executive officer Tan Eng Kwee has resigned from the company.

Kingsmen Creatives expecting net loss for H1 2020 due to Covid-19

KINGSMEN Creatives is expecting to report a net loss for the first half of 2020 as a result of the Covid-19 pandemic, compared with the same period last year, when it recorded a net profit, the mainboard-listed company said in an exchange filing on Thursday.

VIRUS OUTBREAK

June 2019: SIA flies 1.9m passengers. June 2020: 13,900

SINGAPORE Airlines (SIA) flew just 13,900 passengers in June 2020, down from nearly 1.9 million the same period a year ago - and the group is now expecting a material operating loss for the first quarter of its financial year.

Troubled Epicentre Holdings to sell SGX listing status for S$3m

EPICENTRE Holdings has agreed to transfer its listing status on the Singapore Exchange's Catalist board for S$3 million to an unnamed entity that will be incorporated in Singapore with the support of South Korea-listed steel product manufacturer Kossen.