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Weekly News Select
Apr 9, 2020 / Issue 15
Top News for the Week
• 'Circuit-breaker' to pre-empt escalating infections: PM Lee
• Another S$5.1b to ease pressure on firms, households, and to save jobs
• Bill passed to give temporary relief from contractual obligations
• All showflat galleries closed until May 4
• 77 units of Kopar at Newton condo sold at online launch
Residential
Developers told to suspend all showflat galleries for a month
Show galleries for residential projects will have to shut for a month starting April 7 as stricter
measures kick in to combat the Covid-19 outbreak, throwing a spanner into the works for
developers.
The Business Times understands that Controller of Housing informed developers that they will
have to close all show galleries for a month until May 4 in line with the government's latest
directives.
Link to the story:
https://www.businesstimes.com.sg/real-estate/developers-told-to-suspend-all-showflat-galleries-for-a-month
77 units of Kopar at Newton condo sold at online launch
A unit of Chip Eng Seng Corporation sold 77 units at the launch of its 378-unit Kopar at Newton
condo on the weekend - and it was all done online.
The 99-year leasehold project off Newton Circus was the first to be released amid the heightened
Covid-19 guidelines outlined on March 24 and ahead of the 28-day circuit-breaking moratorium
announced. This will see all showflats close until May 4.
Mr Michael Ng, chief executive of the Chip Eng Seng unit CEL Development, said the project's
average price was $2,350 per sq ft (psf). The cheapest units sold were a couple of one-bedders
priced at $1.098 million each while a penthouse of about 3,305 sq ft went for $7.88 million.
Link to the story:
https://www.straitstimes.com/business/property/77-units-of-kopar-at-newton-condo-sold-at-online-launch
TDSR waived for deferred mortgage payments
Businesses that apply to defer payments for their secured property loans, as well as property
owners doing so for residential mortgages, will not be subject to the total debt servicing ratio
(TDSR), the Monetary Authority of Singapore (MAS) said.
Businesses that have taken up mortgage equity withdrawal loans secured on residential or non-
residential properties are also not subject to property curbs such as TDSR and loan-to-value (LTV)
limits.
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Apr 9, 2020 / Issue 15
For individuals, including sole proprietors, the MAS said that the TDSR will not apply to
deferment of mortgage repayments for residential, commercial, and industrial properties.
For residential properties, borrowers are not subject to TDSR when they apply to defer either their
principal payment or both principal and interest payments on their mortgages. Interest will accrue
only on the deferred principal amount.
Those seeking to refinance mortgages for properties they reside in will also not be subject to TDSR
and LTV limits. This will help borrowers with fixed rate mortgage packages that are out of the
lock-in period, and who want to refinance their loans at a lower interest rate, said the MAS.
MAS also said that the mortgage servicing ratio (MSR), where applicable, is lifted as well. The
MSR refers to the portion of a borrower's gross monthly income that goes towards repaying all
property loans, including the loan being applied for, but applies only to housing loans for the
purchase of an HDB flat or an executive condominium (ECs) bought directly from a developer.
MSR is capped at 30 per cent of a borrower's gross monthly income.
With this latest relief, borrowers are now not subject to both TDSR and MSR when they refinance
their owner-occupied loans for HDB flats and ECs.
This is aimed at helping SME borrowers and individuals hit by a sharp loss of income due to the
novel coronavirus pandemic.
Links to the story:
https://www.businesstimes.com.sg/banking-finance/tdsr-waived-for-deferred-mortgage-payments
https://www.straitstimes.com/business/property/limits-for-deferred-loan-payments-waived-mas
Million-dollar HDB resale flats facing downtrend
Some HDB resale transactions continue to bust the million dollar price tag even as Covid-19 rages
on, with one sold last month for a record S$1.232 million.
In March 2020, there were five HDB resale flats transacted for at least S$1 million, according to a
real estate portal. Together with nine resales sold for at least S$1 million in January and February,
a total of 14 units were transacted in the first three months of this year, double the seven in Q4
2019.
Link to the story:
https://www.businesstimes.com.sg/real-estate/million-dollar-hdb-resale-flats-facing-downtrend
Commercial
Singapore office rents to decline amid Covid-19 pandemic
Market watchers are expecting office rents in Singapore to decline in the coming months, amid the
coronavirus pandemic that is showing no signs of abating.
As corporate occupiers put the brakes on expansion plans, office leasing demand weakened
significantly quarter-on-quarter (q-o-q).
As the government closes all non-essential workplaces between April 7 and May 4, occupiers are
expected to delay their decision-making in new leases up until the end of Q2.
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Apr 9, 2020 / Issue 15
Link to the story:
https://www.businesstimes.com.sg/real-estate/singapore-office-rents-to-decline-amid-covid-19-pandemic
DBS, OCBC and UOB pledge no job cuts due to Covid-19
Singapore banks, which are major employers here, have pledged no retrenchments as a result of
the novel coronavirus outbreak.
Globally, the three banks easily hire more than 80,000 employees, with most of them based in the
home markets of Singapore.
The Singapore banks join global financial institutions such as Citi, Morgan Stanley, and Visa in
vowing to keep jobs despite the economic downturn caused by the pandemic.
Link to the story:
https://www.businesstimes.com.sg/banking-finance/dbs-ocbc-and-uob-pledge-no-job-cuts-due-to-covid-19
Retail
Bleeding badly, F&B operators appeal to PM Lee for urgent help
An informal grouping of over 500 restaurants has sent an urgent letter to Prime Minister Lee Hsien
Loong ahead of the Solidarity Budget in Parliament.
The letter appeals for immediate targeted measures to stem the bleeding in an industry that has
been among the most badly affected by the ongoing Covid-19 pandemic.
Current government measures are aimed at supporting the overall economy, but are not enough
for restaurants which are labour intensive and run on a very tight cash flow with little to no buffer
for exigencies like the current viral crisis, says the group, which calls itself #savefnbsg.
Among other things, it is asking for immediate rental rebates from landlords; doing away with
base rent in favour of a percentage of gross turnover; increasing the Jobs Support Scheme (JSS) to
cover a bigger percentage of salaries; and support for restaurants which cannot make the immediate
switch to takeaway or food delivery and have to close in order to comply with the latest ruling to
stop people from dining in restaurants.
There are over 18,000 restaurants in Singapore not including hawkers, employing more than
220,00 employees in an industry that contributes 0.8 per cent to gross domestic product.
Links to the story:
https://www.businesstimes.com.sg/life-culture/bleeding-badly-fb-operators-appeal-to-pm-lee-for-urgent-help
https://www.businesstimes.com.sg/consumer/fb-grouping-says-80-of-its-500-members-may-close-in-a-month
Coronavirus: All stores will remain open, so don't rush to stock up, says FairPrice
All FairPrice stores will stay open "come what may", said FairPrice group chief executive Seah
Kian Peng, stressing that there was no need to rush to supermarkets to stock up on food.
"Our stores will remain open today, this weekend, next week, and so no need to worry that we will
not be functioning."
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Apr 9, 2020 / Issue 15
Links to the story:
https://www.straitstimes.com/singapore/fairprice-all-stores-will-remain-open-so-dont-rush-to-stock-up
https://www.straitstimes.com/singapore/supply-lines-intact-supermarkets-and-shops-remain-open-minister
Suntec City to waive rents for mall tenants for April
Suntec City said it is waiving the rents for mall tenants for a month, in line with the government's
call to boost support for businesses and protect jobs during the circuit-breaker period.
The waiver of rent from April 1 to April 30, 2020 will be funded entirely by the landlord. It will
also extend this rental waiver to tenants providing essential services such as supermarkets,
pharmacies, food and beverage outlets and banks.
Suntec City said it will also pass on the full savings of the property tax rebates to all tenants in
May 2020. A portion of the savings had been passed on in March, and the balance will be passed
on in the form of rental rebates for the period from May 1 to May 31, 2020.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/suntec-city-to-waive-rents-for-mall-tenants-for-april-0
CDL retail tenants get full rental rebates in April, 50% in May
City Developments Limited (CDL), one of Singapore's largest commercial landlords, said it is
committing more than S$17 million in property tax and rental rebates to help its office and retail
tenants tide over the novel coronavirus outbreak.
The amount includes the full quantum of the government's enhanced property tax rebates,
announced last month under the Resilience Budget, to be passed on to CDL's tenants. These
enhanced rebates comprise the 100 per cent property tax rebate for qualifying commercial
properties and 30 per cent for businesses in other non-residential properties such as offices and
industrial properties.
CDL said it has disbursed rental rebates "in a targeted manner" to qualifying retail tenants in
March.
It will continue to do so for its retail tenants, providing rental rebates of 100 per cent in April and
50 per cent in May. After May, further support may be rolled out progressively.
Link to the story:
https://www.businesstimes.com.sg/companies-markets/cdl-retail-tenants-get-full-rental-rebates-in-april-50-in-may
Coronavirus: Brisk sales of laptops, desks as people gear up to work at home
Electronics, furniture and sports equipment retailers saw a flurry of activity over the weekend as
consumers geared up for the coming month of working and studying at home.
Laptops, freezers and home office-related furniture items were among the top sellers.
Others visited stationery and bookstores to purchase accessories and assessment books for their
children.
Many retailers said that though their stores will be closed, their online shopping websites will
continue to be operational.
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Apr 9, 2020 / Issue 15
Link to the story:
https://www.straitstimes.com/singapore/brisk-sales-of-laptops-desks-as-people-gear-up-to-work-at-home
Banks across Singapore will close some branches till May 4
Banks across Singapore have announced plans to close some branches till May 4 in anticipation
of lower footfall amid tighter social distancing measures to curb the community spread of Covid-
19 here.
The three local banks - DBS, OCBC and UOB - will shut 29, 22 and 24 branches respectively
islandwide, with no change in the operating hours at branches that will remain open.
DBS and UOB will also dedicate the first hour of operations at their remaining open branches to
serve vulnerable customers. This group comprises the elderly (aged 60 and above), pregnant
mothers and people with disabilities.
Maybank, HSBC, Citi and Standard Chartered will also shut selected branches from April 9 to
May 4.
Links to the story:
https://www.businesstimes.com.sg/banking-finance/banks-across-singapore-will-close-some-branches-till-may-4
https://www.straitstimes.com/business/banking/dbs-and-uob-closing-some-branches-till-may-4
Government
'Circuit-breaker' to pre-empt escalating infections: PM Lee
With the number of Covid-19 infections in Singapore escalating in recent weeks, it was time for
the country to make a "decisive move" to prevent the situation from worsening, said Prime Minister
Lee Hsien Loong in a "live" address to the nation.
He announced that the government will put in place "significantly stricter measures" for four weeks
- the length of two incubation cycles - to act as a "circuit-breaker".
Among the unprecedented set of measures are the shutting of most workplaces islandwide except
for essential services like supermarkets, hospitals and clinics, and businesses in key economic
sectors.
All schools and institutes of higher learning will move to full home-based learning from April 8,
for four weeks. Pre-school and student care services will also be shut, but would provide limited
services for children of parents who have to continue working.
Mr Lee called on people to stay home as much as possible, and to avoid socialising with people
outside of one's household.
Links to the story:
https://www.businesstimes.com.sg/government-economy/circuit-breaker-to-pre-empt-escalating-infections-pm-lee
https://www.businesstimes.com.sg/government-economy/workplace-closure-rule-catches-businesses-off-guard
https://www.straitstimes.com/singapore/health/singapore-to-shut-workplaces-and-schools-to-curb-spike-in-virus-
cases
https://www.straitstimes.com/business/banking/all-financial-services-including-banking-will-remain-available-mas
https://www.straitstimes.com/singapore/school-lessons-to-go-virtual-mid-year-exams-scrapped
https://www.straitstimes.com/singapore/firms-should-let-staff-work-from-home-while-still-operating-chan
https://www.straitstimes.com/singapore/manpower/govt-to-support-those-hit-by-workplace-closures
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Apr 9, 2020 / Issue 15
https://www.straitstimes.com/singapore/student-care-centres-pre-schools-to-halt-general-services
Coronavirus: Alert level not raised as situation can still be contained
While Singapore has announced more severe restrictions on movements and social interactions, it
is not in "Dorscon red" yet as the Covid-19 situation can still be contained, Health Minister Gan
Kim Yong said.
Singapore is not at that stage yet, and remains "quite a distance from Dorscon red" because it has
not yet given up on containment and quarantine, he added.
Link to the story:
https://www.straitstimes.com/singapore/health/alert-level-not-raised-as-situation-can-still-be-contained
Another S$5.1b to ease pressure on firms, households, and to save jobs
A supplementary S$5.1 billion Solidarity Budget was announced by Deputy Prime Minister and
Finance Minister Heng Swee Keat in Parliament, to support households and businesses through
the four-week circuit breaker period to combat the Covid-19 pandemic.
This includes higher wage offsets in April, greater eligibility for self-employed income relief,
waiving foreign worker levies in April, higher rental waivers, and a S$600 cash payout.
The additional support for businesses and workers will cost S$4 billion, and the cash payout
another S$1.1 billion. A second draw on past reserves - amounting to S$4 billion - has been
proposed, and in-principle support obtained from the President.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/another-s51b-to-ease-pressure-on-
firms-households-and-to
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/firms-given-more-aid-to-retain-
workers-amid-shutdown
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/revised-fy2020-deficit-soars-to-
record-s443b
https://www.straitstimes.com/singapore/51b-more-to-support-firms-families-as-workplaces-close-today
https://www.straitstimes.com/singapore/60b-help-to-fight-covid-19
https://www.straitstimes.com/politics/all-firms-to-get-75-wage-subsidy-for-local-employees-this-month
https://www.straitstimes.com/politics/third-support-package-will-require-further-draw-of-4b-from-reserves
https://www.straitstimes.com/politics/employers-urged-to-use-levy-rebate-wisely-and-support-their-workers
https://www.straitstimes.com/politics/help-for-firms-to-build-resilience-position-them-for-recovery
https://www.straitstimes.com/singapore/singapore-sets-aside-60-billion-for-fight-against-virus-dpm-heng
S$600 one-off payout for all adult Singaporeans
All adult Singaporeans will receive a one-off Solidarity Payment of S$600 in cash, said Deputy
Prime Minister Heng Swee Keat on Monday, even as he urged those who do not need the cash to
donate it to charities or directly share it with others.
The solidarity payment comprises the S$300 from the Care and Support cash payout earlier
announced, and an additional S$300 from the latest supplementary budget.
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Singaporeans who have provided their bank account details to the government will receive the
payment by April 14. The rest will receive the payment by cheque, to be issued in stages, starting
from April 30.
Other cash payouts under the Care and Support Package will also be brought forward to June,
instead of August 2020. These include the remaining S$300 or S$600 from the higher tiers of the
Care and Support Cash Payout, the additional S$300 payout for each parent with at least one child
aged 20 and below; and the S$100 PAssion Card top-up for Singaporeans aged 50 and above.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/s600-one-off-payout-for-all-adult-
singaporeans
https://www.straitstimes.com/singapore/all-adult-sporeans-to-get-one-off-payout-of-600
https://www.straitstimes.com/politics/more-cash-in-hand-for-sporeans-and-family-supporting-them
Freelancers eligibility criteria widened to support more
The government widened the eligibility criteria for a new income relief scheme to help freelancers
tide through the financial fallout brought on by the Covid-19 crisis, following appeals that its
original yardsticks were too narrow.
The enhanced Self-Employed Person Income Relief Scheme (SIRS) will now automatically
include self-employed persons who earn a small income from employment work, announced
Deputy Prime Minister Heng Swee Keat as he unveiled the third package of relief measures in two
months.
This "small income" will be capped at a monthly wage of S$2,300, Manpower Minister Josephine
Teo said during Parliament's debate over the supplementary budget.
The criterion looking at the current annual value of one's residence has also been raised to
S$21,000, up from S$13,000, to include those living in condominiums and other private properties.
With these enhancements, some 100,000 self-employed persons - up from 88,000 - will
automatically qualify for the enhanced scheme, and will receive three payments of S$3,000 in
May, July, and October.
Eligible self-employed persons aged 37 and above will receive the payouts automatically, while
those younger have to apply for them. The National Trades Union Congress will administer these
applications, as well as appeals by those who do not meet the criteria.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/freelancers-eligibility-criteria-
widened-to-support-more
https://www.straitstimes.com/politics/more-self-employed-qualify-for-relief-with-easing-of-criteria
Assurance on continued access to credit for businesses
Efforts will be made to ensure that businesses have continued access to credit despite the
uncertainty brought about by the coronavirus outbreak, said Deputy Prime Minister and Finance
Minister Heng Swee Keat.
The Government will increase its risk share of loans taken under several loan financing schemes
announced or enhanced in Budget 2020 in February and Resilience Budget last month to 90 per
cent, up from 80 per cent.
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Apr 9, 2020 / Issue 15
This applies to loans initiated under the Temporary Bridging Loan Programme, the SME Working
Capital Loan programme, and the Enterprise Financing Scheme - Trade Loan scheme from
tomorrow to March 31, 2021.
Links to the story:
https://www.straitstimes.com/politics/assurance-on-continued-access-to-credit-for-businesses
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/smes-wait-for-banks-next-move-
with-rise-in-governments-risk
https://www.straitstimes.com/politics/over-660-firms-have-taken-working-capital-loans
Bigger rent waivers for industrial, office and agricultural tenants
The rent waiver for industrial, office and agricultural tenants of government agencies will be
increased to one month, from the 0.5 month announced in the Resilience package last month.
A new Bill will also be passed today to let businesses and individuals defer certain contractual
obligations - such as paying rent, repaying loans, or completing work - for a period, because of the
impact from Covid-19.
In addition, new legislation will be introduced in Parliament this week to ensure that landlords
pass on property tax rebates in full to their tenants. Property owners who fail to do so
unconditionally "without reasonable excuse" will be guilty of an offence.
Links to the story:
https://www.straitstimes.com/politics/bigger-rent-waivers-for-industrial-office-and-agricultural-tenants
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/relief-for-businesses-is-limited-by-
design
'Circuit breaker' may be extended if coronavirus not controlled
"Circuit breaker" measures that take effect from this week may be extended beyond May 4 if the
spread of the coronavirus is not controlled over the next month, said Trade and Industry Minister
Chan Chun Sing.
He stressed that the success of Covid-19 containment measures depends heavily on Singaporeans.
"If we all remain united, if we all take the measures seriously, and if we are successful in
controlling the spread in the next one month, then we will be able to progressively resume
normalcy and to reduce the impact of the measures," said Mr Chan.
Link to the story:
https://www.straitstimes.com/politics/circuit-breaker-may-be-extended-if-virus-not-controlled
Look beyond own interests at broader concerns, landlords told
The government is not being "anti-landlord", said Minister for Law and for Home Affairs K
Shanmugam in Parliament.
His comments came in the debate during the second reading of the Covid-19 (Temporary
Measures) Bill, which was eventually passed.
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The Bill proposes to allow a tenant whose business is affected by the coronavirus outbreak to defer
rental payments for up to six months. It also offers the tenant protection from legal action or lease
termination as a result of unpaid rent.
Calling it a "substantial intervention" by the government, given that the total value of rental in
industrial and commercial sectors came to S$21 billion in 2018, Mr Shanmugam said the move
aims to give tenants breathing room to make adjustments for their survival in the medium term.
It should be taken together with other measures that the government and financial industry have
unveiled to provide cash flow relief for businesses, he added.
However, he stressed that tenants who seek relief must show that their inability to pay rent during
the prescribed period is to a material extent caused by a Covid-19 event. Those who are able to
pay rent do not qualify.
Links to the story:
https://www.businesstimes.com.sg/government-economy/look-beyond-own-interests-at-broader-concerns-landlords-
told
https://www.straitstimes.com/politics/landlords-not-worse-off-with-tax-rebate-law-says-heng
https://www.straitstimes.com/politics/landlords-must-pass-on-rebates-to-tenants-in-timely-manner
https://www.straitstimes.com/politics/shanmugam-addresses-concerns-on-rent-deferment
Bill passed to give temporary relief from contractual obligations
Even as a new Bill seeks to provide temporary relief from some legal obligations in light of the
coronavirus outbreak, the principle of the sanctity of contracts is still important, said Minister for
Law and for Home Affairs K. Shanmugam.
As previously reported, it applies to certain categories of contracts, for obligations to be performed
on or after Feb 1, 2020, and contracts entered into before March 25, 2020. It provides relief for six
months, with the possibility of being extended for a further six months.
To claim relief, a contracting party must give notice to the other party, who is then prohibited from
certain actions including commencing or continuing legal action, eviction due to non-payment of
rent, or repossession of goods used for business.
For events that cannot proceed due to Covid-19, the Bill states that deposits are not automatically
forfeited, but it does not mandate that they be refunded immediately.
Apart from leases and licences for non-residential property and event- or tourism-related contracts,
the Bill also covers construction-related contracts, hire-purchase or conditional sales agreements,
and certain types of loan facilities granted to small and medium-sized enterprises, defined as those
in which the turnover of the group to which they belong does not exceed S$100 million in the
latest financial year.
Links to the story:
https://www.businesstimes.com.sg/government-economy/bill-passed-to-give-temporary-relief-from-contractual-
obligations
https://www.straitstimes.com/politics/proposed-law-does-not-alter-sanctity-of-contracts-minister
https://www.straitstimes.com/politics/event-deposits-protected-but-need-not-be-refunded-at-once
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Apr 9, 2020 / Issue 15
Increased income support for lower-wage workers
More workers will get help from the Short-Term Relief Fund during the coronavirus pandemic, as
coverage is extended to half the resident workforce, up from 20 per cent previously. Minister of
State for Manpower Zaqy Mohamad announced the increased support in Parliament.
The fund currently provides financial help to lower-wage workers whose employers are unable to
pay them wages due to financial difficulties or business failure.
Mr Zaqy said that since April 1, the Ministry of Manpower (MOM) has increased this support
from up to one month's salary, currently capped at $1,000, to up to two months' salary, capped at
$4,600, depending on the worker's income.
This enhancement will last till year end, when it will be reviewed.
Link to the story:
https://www.straitstimes.com/politics/increased-income-support-for-lower-wage-workers
Ban on social gatherings of any size in homes or public areas
Social gatherings of any size, in homes or public spaces, are not allowed under a new law on the
coronavirus pandemic that was rushed through Parliament.
The ban includes having private parties or gatherings with families or friends not living together,
at home or in public spaces like parks and Housing Board void decks, said Health Minister Gan
Kim Yong.
The Covid-19 (Temporary Measures) Act gives the Health Minister the power to prohibit events
and gatherings, or impose conditions on how they are conducted.
The restrictions will last for four weeks till May 4.
Link to the story:
https://www.straitstimes.com/politics/ban-on-social-gatherings-of-any-size-in-homes-or-public-areas
MAS rolls out S$125m package for financial institutions and fintechs
The Monetary Authority of Singapore (MAS) on Wednesday rolled out a S$125 million support
package for financial institutions and fintech firms, the bulk of which will go to training employees
amid the current economic slump.
Funded by the Financial Sector Development Fund, about S$90 million will be channelled towards
workforce training and manpower costs, and the remaining S$35 million, towards strengthening
digitalisation and operational efforts, said the regulator in a statement.
To encourage firms to make use of the current downtime in business activity to train their
employees, MAS will launch the Training Allowance Grant (TAG) to provide allowances for
courses accredited by the Institute of Banking and Finance (IBF).
The allowance stands at S$10 per training hour for self-sponsored individuals, and S$15 per
training hour for employees sponsored by financial institutions and fintech firms.
MAS and IBF will also increase course fee subsidies for Singapore citizens and permanent
residents outside of the financial services and fintech sectors to 90 per cent (up from the current
range of 50-70 per cent); it will also extend these subsidies to employees of fintech firms who are
not sponsored.
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Link to the story:
https://www.businesstimes.com.sg/government-economy/mas-rolls-out-s125m-package-for-financial-institutions-
and-fintechs
Local farms can draw on S$30m grant to lift eggs, vegetables and fish output
A S$30-million grant has been launched to help local farms ramp up their production of eggs, leafy
vegetables and fish over the next six to 24 months.
The 30x30 Express grant will help accelerate local food production in the shortest time possible,
said the Singapore Food Agency (SFA) and the Ministry for the Environment and Water Resources
in a joint statement.
Links to the story:
https://www.businesstimes.com.sg/government-economy/local-farms-can-draw-on-s30m-grant-to-lift-eggs-
vegetables-and-fish-output
https://www.straitstimes.com/singapore/30m-for-local-farms-to-grow-more-grow-faster
Coronavirus: More to serve stay-home notice at dedicated facilities
More returning Singaporeans will have to serve their 14-day stay-home notice (SHN) at dedicated
facilities instead of in their homes, as part of new measures to reduce the risk of Covid-19
community transmission.
From 11.59pm 5 April, the rule will extend to Singaporeans, permanent residents and long-term
pass holders returning from Asean countries, India, France and Switzerland, the Ministry of Health
(MOH) said.
Link to the story:
https://www.straitstimes.com/singapore/health/more-to-serve-stay-home-notice-at-dedicated-facilities
Economy
Layoffs may loom as Singapore factory outlook falls to 2009 levels
Singapore’s factory activity has fallen to levels last seen during the Great Recession, according to
early industry figures out.
As the deadly Covid-19 pandemic continues to ravage the globe, jobs could be next on the
chopping block, economic watchers also warned.
The Purchasing Managers' Index (PMI), a sentiment gauge for the manufacturing sector, dropped
to 45.4 in March - down by 3.3 points from the month before - to touch its lowest reading since
February 2009.
Meanwhile, the electronics industry's PMI plumbed a similar depth with a reading of 44.1, lower
by 3.5 points, on the back of steeply lower output, new exports and new orders.
Links to the story:
https://www.businesstimes.com.sg/government-economy/layoffs-may-loom-as-singapore-factory-outlook-falls-to-
2009-levels
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www.huttonsgroup.comWeekly News Select
Apr 9, 2020 / Issue 15
https://www.straitstimes.com/business/economy/manufacturing-in-spore-falls-to-lowest-level-since-feb-2009
Singapore retail sales shrink 8.6% in Feb with outbreak
Singapore’s retail sales continued sliding in February due to the decline in tourist arrivals and
lower domestic consumption arising from the deepening coronavirus pandemic.
Takings at the till shrank by 8.6 per cent year on year in February, extending January's 5.3 per cent
decline, according to the Department of Statistics.
Excluding motor vehicles, retail sales fell 10.2 per cent year on year in February, compared to the
0.6 per cent growth in January. Overall retail sales fell 5.3 per cent year on year in January.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-shrink-86-in-feb-with-outbreak
https://www.straitstimes.com/business/economy/feb-retail-sales-slump-86-year-on-year-amid-outbreak
Coronavirus pandemic deals fatal blow to struggling businesses
The first corporate casualties of Covid-19 have emerged.
In just the first three months of this year, 239 companies went into liquidation, Accounting and
Corporate Regulatory Authority (Acra) data showed. This is compared with 287 for the whole of
last year - already a record high since 2005.
Another 19,000 businesses and companies ceased operations between January and last month, data
from BizInsights.net, an authorised information service provider of Acra, showed.
Experts said those that shuttered in recent months would already have been in trouble before the
coronavirus struck, but the pandemic dealt the fatal blow.
Link to the story:
https://www.straitstimes.com/business/economy/pandemic-deals-fatal-blow-to-struggling-businesses
Task force to tap business leaders, prepare for recovery
The new task force set up to chart Singapore's course beyond the coronavirus outbreak will
comprise business leaders with rich experience in key areas such as digitalisation and connectivity,
as well as broad perspectives on the global economy, the Future Economy Council said.
It will be chaired by Minister for Social and Family Development Desmond Lee and PSA
International group chief executive Tan Chong Meng, Deputy Prime Minister Heng Swee Keat
announced. In his speech rounding up debate on the supplementary budget, Mr Heng Swee Keat
said the Emerging Stronger task force is key to building up economic resilience here.
The task force's members will have to identify trends and help the country make the most of longer-
term economic opportunities.
They will report to the Future Economy Council and work with its six clusters and intermediaries
like trade associations and chambers.
Link to the story:
https://www.straitstimes.com/politics/task-force-to-tap-business-leaders-prepare-for-recovery
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3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
www.huttonsgroup.comWeekly News Select
Apr 9, 2020 / Issue 15
Employers urged to avoid axing workers
Employers are strongly urged not to resort to retrenchment or prolonged no-pay leave to manage
business costs during the circuit breaker month, said the Ministry of Manpower (MOM) in an
advisory this week on salary and leave arrangements.
They should tap the enhanced Jobs Support Scheme payout for this month to pay local workers
their salaries. "This will ensure that government subsidies go directly to the local employees and
that they are assured of a baseline wage, including the corresponding CPF contributions," said the
ministry.
Link to the story:
https://www.straitstimes.com/singapore/manpower/employers-urged-to-avoid-axing-workers
Hospitality
T2 operations, Airport Development Levy suspended
Singapore’s Changi Airport will suspend operations at Terminal 2 (T2) for 18 months amid the
deepening coronavirus crisis that has reduced the global travel industry to a standstill, Transport
Minister Khaw Boon Wan said.
The suspension begins on May 1, with airlines there to be relocated to the airport's remaining
terminals. Singapore Airlines (SIA) will consolidate its operations in Terminal 3.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/t2-operations-airport-
development-levy-suspended
https://www.straitstimes.com/politics/changi-airport-t2-to-suspend-operations
Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com
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