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Daily Debrief: What Happened Today
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AS Singapore moves towards recovery, businesses should be enabled to reallocate resources to more productive uses, "rather than being stuck in a prolonged, painful, unproductive struggle, when circumstances and business assumptions have clearly changed", said Second Minister for Law Edwin Tong in Parliament.
SHE said not all employers will need to cut wages, as some have seen no reduction in demand, while others have already adjusted wage levels or non-wage costs in line with earlier guidelines issued in March.
NEW proposed measures, including a universal four-month extension of time for construction contracts, aim to provide support so that no single part of the built-environment sector "has to bear a disproportionate share of the burden brought about by the pandemic", said Minister for National Development Desmond Lee in Parliament.
CHINESE venture capital Bits x Bites has achieved the US$30 million first close of its new US$70 million fund to grow agrifood technology in China.
ARA Logos Logistics Trust has raised about S$50 million from its private placement to partially finance its proposed acquisition of five Australian properties and investment in two of the sponsor's funds.
The STI today
THE benchmark Straits Times Index ended the day up 54.09 points or 2.21 per cent at 2,497.22, with all 30 of its component stocks in positive territory.