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Daily Debrief: What Happened Today
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THE Monetary Authority of Singapore (MAS) has returned the Singapore dollar to a neutral stance - easing again the pace at which the currency can strengthen - after a slight reduction in the rate of appreciation in October 2019.
IF wages must be cut, the National Wages Council (NWC) is recommending that the Monthly Variable Component (MVC) be adjusted downwards, the extent of which hinges on the company's situation and any key performance indicators or guidelines agreed with unions.
Faced with a long, harsh "Covid-19 induced winter", Singapore Airlines (SIA) will press ahead with efforts to contain costs after announcing a massive cash call last week, and will allow employees to take up temporary placements outside the SIA Group following major cuts to flight operations.
LAND transport company ComfortDelGro Corporation is spending S$80 million to extend its daily rental relief for cabbies until Sept 30 amid worsening economic conditions and enhanced Covid-19 measures.
ASTI Holdings chief executive officer (CEO) and executive chairman Michael Loh Soon Gnee has withdrawn his resignation after the company requested for him to lead it amid "challenging times" caused by the coronavirus pandemic.
The STI today
Singapore’s Straits Times Index (STI) fell on Monday after relief from last week’s global fiscal support measures faded with uncertainty over the length of the pandemic remaining an overhang on sentiment.