SINGAPORE – Singapore’s population has shrunk for the first time since 2003 as travel curbs and job losses brought about by the coronavirus pandemic have pushed foreign workers from the global business hub.
The overall population dropped by about 18,000 people, or 0.3 per cent, to 5.69 million, according to an annual population report.
A sharp drop in foreigners, down 2 per cent to 1.64 million, as well as a marginal fall in permanent residents, outweighed a modest rise in citizens, some of whom returned from overseas as the pandemic spread globally.
“These trends were largely due to Covid-19 related challenges, brought about by weak demand and travel restrictions,” the report said, citing job losses in services, a sector heavily reliant on low-paid foreign labour.
As the economy faces the deepest recession in its history – an economic decline officially estimated between 5 per cent – 7 per cent for the year – the government has been raising barriers for foreign hiring to preserve jobs for locals.
As painful as it must have been to see his parked car damaged, a man couldn’t help but be moved by the honesty of the culprit.
Facebook user Tong Yee recounted that he had found a piece of paper slipped on his car’s windscreen upon returning back to his vehicle on Wednesday (Sept 23) morning.
Instead of a parking ticket, it was a note scribbled by someone who admitted to having knocked into the back of Tong’s car. An inspection revealed that his car’s bumper was indeed dented and soiled.
Fortunately, the culprit had left his contact number to settle the matter. In a series of WhatsApp screengrabs shared in his post, Tong’s exchange with the other party — a man by the name of Shamsul, presumed to be a migrant worker — had been pretty pleasant.
Genuinely apologetic and wanting to make amends with Tong, Shamsul was open to suggestions on how to proceed, admitting readily that it was due to his carelessness that the accident took place.
SINGAPORE: The National Environment Agency (NEA) has issued a call for proposals to study the feasibility of recovering mixed landfill materials, in a bid to prolong the lifespan of Semakau landfill.
If nothing is done, the 350ha landfill is projected to run out of space by 2035, said NEA in a media release on Friday (Sep 25).
“The findings would enable us to better understand how we could extend the lifespan of Semakau landfill and avoid future costs of constructing another offshore landfill,” the agency said.
The feasibility study will look into how mixed landfill materials – incineration bottom ash and incineration fly ash from waste-to-energy plants, as well as non-incinerable waste from industries – can be recovered for other uses.
A dump truck discharging incineration ash from the floating platform at Semakau landfill. (Photo: NEA)
The study aims to understand the “physical and chemical properties” of the materials in the landfill that have “aged over time”.
“The objectives are to assess the technical and economic feasibility of refreshing the landfill space through extracting the landfilled materials and finding suitable applications for the recovered materials, which could potentially be used as sand or aggregate replacement in various applications,” said NEA.
Under Singapore’s first Zero Waste Master Plan, the country plans to reduce waste sent to its only landfill by 30 per cent each day by 2030. About 2,100 tonnes of waste is transported to the Semakau landfill daily.
An aerial view of replanted mangroves at the southern plot of Semakau landfill. (Photo: NEA)
An excavator unloading incineration ash from the barge at the transfer building at Semakau landfill. (Photo: NEA)
“Reducing waste generation is crucial to extending Semakau landfill’s lifespan beyond 2035,” said NEA.
Studies are also underway to turn incineration ash into construction material called NEWSand, which can be used in non-structural construction, such as road base and sub-base materials or aggregates in non-structural concrete.
CEO of NEA Tan Meng Dui said: “We have seen the possibilities of using slag produced from (municipal solid waste), through a high-temperature gasification process, as a form of NEWSand that has been used to make concrete benches, a footpath in Tampines town and the new concrete plaza in front of the Environment Building.
A tugboat and barge berthing at the transfer building of Semakau landfill. (Photo: NEA)
“NEA is spearheading R&D efforts to go even further, so as to truly close the waste loop for the range of end-of-life waste and residues ending up at Semakau landfill.
“This R&D initiative seeks to develop safe and sustainable solutions to turn the trash dumped into a landfill, into treasure that will have new future uses.”
Semakau landfill was formed by joining two smaller islands – Pulau Semakau and Pulau Sakeng – with a 7km perimeter bund enclosing part of the sea in between.
The world’s first offshore landfill was created entirely out of sea space and was opened in 1999.
Not wanting to be too late to the 5G party, M1 has finally announced its 5G NSA network for the masses in Singapore, just after StarHub’s and Singtel’s 5G launches in late-August to early-September 2020.
As of today (Sept 24, 2020), M1 is enabling access to 5G to all of its users. All an M1 user needs is to add on a 5G booster pack, available regardless of the user’s M1 mobile plans type.
According to M1, the 5G booster packs will allow users to experience a significant increase in network responsiveness, blazing speeds, and shorter lag times, as well as ‘up to three times greater download and upload speeds’.
In their official statement, M1 said that the 5G non-standalone (NSA) network is already up and running in the Central Business District (CBD), Orchard Road, Suntec City, and Marina Bay.
Over the next few months, M1 will roll out the service across other parts of Singapore, including ‘key town centres’ by the end of 2020.
SINGAPORE – From next Monday (Sept 28), more people will be allowed to return to the office in the most significant easing of restrictions at workplaces since the circuit breaker was imposed in April.
This is because Singapore has managed to keep the number of Covid-19 cases in the community relatively low, said Health Minister Gan Kim Yong.
Here are the answers to some questions you may have about the new guidelines.
1. Can my boss require me to return to the office even if my job can be performed from home and I prefer doing so?
Yes. However, your employer should ensure that you are working from home for at least half your working time. This should be calculated over a “reasonable period of time” not exceeding four weeks.
If you are a part-time worker, the requirement will be pro-rated. For example, if you work three days a week, you should be in the office only 1.5 days a week.
Your employer should also make sure that not more than half the people who can work from home are in the office at any one time.
Six Singapore Armed Forces (SAF) servicemen have been fined over the death of a full-time national serviceman who died of heatstroke in 2018.
They were fined between $1,800 and $4,500, and three were also demoted, the Ministry of Defence said yesterday.
Corporal First Class (CFC) Dave Lee Han Xuan, 19, died on April 30, 2018, nearly two weeks after he was warded for heatstroke following an 8km fast march at Bedok Camp on April 18.
The police had referred the six men – two regulars and four operationally ready national servicemen (NSmen) – to Mindef for investigation into potential breaches of military law.
They were charged in military court on Feb 20 this year after the SAF’s Special Investigation Branch completed its investigations. All six pleaded guilty.
Second Sergeant Koh Ren Zhong, a regular who was the safety officer for the fast march, was fined $1,800 over one charge of negligent performance of a lawful duty.
Corporal (NS) Tan Jin Yang, an NSman and the medic for the fast march, was convicted of two charges of negligent acts endangering life and was fined $4,500.
SINGAPORE: In the recent 9/9 online shopping extravaganza, I did something quite uncharacteristic. I actually spent a fair amount of money.
I am not usually an avid online shopper but the bulk of my purchases was stuff for my kids – including children’s face masks.
With three young kids – a four-and-a-half year old daughter and a pair of twins just over the age of three – keeping them safe during COVID-19 has become a priority for my wife and me.
This included inculcating the importance of mask-wearing, in addition to other personal hygiene habits.
In the earlier days of the pandemic, especially during the circuit breaker, doing that was surprisingly easy. There was little to do. Nursery school, enrichment classes, playdates and birthday parties – the range of my kids’ social life – were put on hold.
We were quite grateful for the strict government measures mandating that the kids stayed put at home, minimising their exposure to the coronavirus in public areas.
THE BIG BAD WOLF
Truth be told, we were also glad that the kids didn’t have to venture out of our home, when doing so required putting on a mask.
How are our tiny tots going to tolerate a mask on their faces for such long periods of time, we wondered.
It seemed so restrictive. They are sure to yank it off after a few minutes, we thought to ourselves.
So best to just keep them at home as much as possible, and so we did.
Teachers and students of Pat’s Schoolhouse @ Claymore masking up during home-based learning. (Photo: Pat’s Schoolhouse/Busy Bees Asia)
That wasn’t easy either. Imagine explaining to pre-schoolers why they were home for about six to seven weeks, unable to attend school, meet their friends or visit their grandparents.
We told them about the big bad wolf that was COVID-19 and why everyone had to stay home when the predator was on the loose.
Still, I’m sure they were puzzled why Mummy and Papa had swapped our work formals for home wear and why we were constantly working even though we were home.
But how we underestimated their ability to comprehend, process and be adaptable.
FROZEN MASKS IN VOGUE
In June, they went back to school after a two-month gap. This was a day of reckoning for us parents – there was no running away from our kids having to put on their face masks and shields for the entire duration in school.
Even after painstakingly explaining to them the need to do so, which, after several prompts, they claimed to understand, we were anxious that wouldn’t be enough.
We weren’t alone. In the days leading up to school re-opening, anxious parents flooded chat groups with questions, clarifications and concerns – on how much the school would enforce mask-wearing in classes and what happened if our kids couldn’t comply.
A student has his temperature checked at Yio Chu Kang Secondary School, as schools reopen amid the coronavirus disease (COVID-19) outbreak in Singapore June 2, 2020. REUTERS/Edgar Su
Our kids were fragile, cotton-wool wrapped, inflexible children who can’t identify and protect themselves against risks – so what exactly was the school going to do about that?
The reality, to our amazement, turned out to be quite different.
As we dropped our kids off to school on day one, their well-meaning and committed teachers smiled and gave us their best assurances.
To our astonishment, at the end of the first day, the teachers reported the kids were very compliant with little or no fuss in wearing their masks and keeping safe distances.
Naturally, there were questions, even the occasional whimpers, but none of them yanked off their masks, threw tantrums or reacted in any of the ways us parents had feared.
It must be the Frozen and Cars character masks that we had bought for them we thought. They were quite excited to sport their favourite cartoon characters.
Maybe it’s the power of these Anna and Paw Patrol masks?
WHAT WE CAN LEARN FROM KIDS
But reality can’t be more different. Our kids adapted to a new, uncomfortable need of wearing masks like fish to water.
In fact, come to think of it, they were more accepting and adjusting to this aspect of our “new normal” life than my wife and I were.
It took me many weeks to get used to donning a mask without grumbling about it or feeling uncomfortable. I know several adults who find wearing a face mask an unbearable chore even to this day.
As our children learnt more about COVID-19 from school – beyond it merely being the big bad wolf – they are also becoming champions of personal hygiene and safe distancing within the family unit.
The author’s kids with their cartoon-themed masks.
In fact, it’s our kids today who volunteer to be responsible in ensuring whoever leaves home is masked up.
This is surprising but shouldn’t be. A 2013 study by a group of psychologists from the University of California, Berkeley and the University of Edinburgh found adults saw events and formed causal relationships differently from four- and five-year old children. Children were less influenced by prior assumptions and paid more attention to current evidence.
And interestingly, science also tells us how adaptable and resilient kids are depends on one important variable: The relationships they are exposed to. Harvard’s Center on the Developing Child says that “the single most common factor for children who develop resilience is at least one stable and committed relationship with a supportive parent, caregiver, or other adult.”
But just before we all throw our arms up to claim credit for our kids’ awesomeness, the Center also adds that the “the brain and other biological systems are most adaptable early in life.”
GIVING CREDIT WHERE IT’S DUE
What this research tells me is that my kids will probably be more adaptable than I am because they are able to shed prior assumptions, beliefs and norms than me. Simply put, at their age, they are able to unlearn and relearn better and faster than I can.
And that is a good thing that they have put into practice habits on dealing with the coronavirus at such a young age since many leading scientists have stated that pandemics will become more frequent.
Whether it’s a public health crisis, an economic downturn or a personal setback, they will hopefully be better equipped to tackle these fresh challenges from this experience.
FILE PHOTO: A kindergarten student at a childcare centre on Jun 2, 2020, the day after Singapore exited its COVID-19 “circuit breaker” period.
This is why when the Government announced on Wednesday (Sep 23) that kids under six need not wear masks anymore if they had a face shield, I read this news with mixed feelings.
On one hand, it is a huge relief my young ones no longer have to be subjected to this discomfort and that Singapore is gradually opening up the envelop to come to terms with a new normal in tandem with what the body of science is telling us.
On the other hand, it signals the end of a period that has been generally beneficial to their adaptability and resilience.
This would have been their first major test and show of responsibility – one that they passed with flying colours.
As for whether they will continue to wear face masks or switch to face shields, the change in regulation notwithstanding, I will leave that up to the young ones to decide. They have earned their stripes after all to make that decision. They have shown that they are capable of identifying and responding adequately to risks.
Credit must be given where it is due, with or without cartoon-themed masks.
Malminderjit Singh is editor at CNA Digital News, Commentary section.
Tourism has been one of the sectors worst hit by the COVID-19 pandemic. With closed borders and restrictions, many tourist attractions have seen a steep downturn in business. To keep afloat, many are turning to technology. Money Mind reports.
A water feature is seen in an empty Merlion Park, as tourism braces for a steep decline following the outbreak of coronavirus disease (COVID-19) along Marina Bay in Singapore, March 26, 2020. REUTERS/Edgar Su
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SINGAPORE: Since late March, Singapore’s borders have been shut to most short-term visitors.
This has had a significant impact on tourism numbers – in June, Singapore received just 2,170 visitors, a far cry from the 1.55 million tourist arrivals seen last year.
That is a 99.9 per cent drop.
This harsh reality is very much on the minds of those charged with promoting Singapore as a tourism destination.
With a limited number of potential customers who live in Singapore, companies here have had to quickly adapt and innovate to spin off new revenue models, said industry players.
“As much as we try to drive local consumers to the market, the reality is, there are only 5.5 million people in Singapore. We had 19.1 million visitors last year. It’s a very big gap,” said Mr Quek Choon Yang, chief technology officer at Singapore Tourism Board (STB).
“We are cognisant that it’s not going to be (possible) to cover the entirety of the revenue lost from international visitors. But what tourism businesses can do is then to think about new business models, new experiences and services,” he added.
STB has been working with technology company Adobe to help businesses and attractions with this digital transformation.
This includes providing them with assistance to create virtual experiences and activities, and using data analytics to create bespoke experiences.
The STB calls it the One Singapore Experience, which is aimed at providing a seamless and personalised experience for those who visit Singapore.
“The smart thing is to take this data, when people are engaging with that content, and use it to understand what works, what doesn’t work, and how you can improve delivering that content to the same people in a different way or learn from the groups that form around particular content and amplifying that so that you can get a better return from it,” said Mr Simon Dale, managing director for Adobe in Southeast Asia.
“It’s a combination of getting the content right, but also delivering and engaging with that content in the right way,” he added.
One organisation that took this message to heart is Wildlife Reserves Singapore, which manages Jurong Bird Park, Night Safari, River Safari and Singapore Zoo.
During the “circuit breaker”, they launched a customised virtual experience called Hello From The Wild Side.
The virtual outing includes exclusive behind-the-scenes look at an animal of their choice, and the opportunity to chat with the animal’s keeper.
According to Wildlife Reserves Singapore’s deputy CEO Cheng Wen Haur, the response from the public has been so positive that the zoo will continue with the virtual programme, even though it was allowed to reopen in July.
Another virtual activity organised by WRS was inspired by home-based learning.
Since schools have had to cancel their zoo visits, the zoo brought the animals to the students – online.
Dr Cheng said WRS is now looking to expand this school programme to other countries such as India or China, discovering a previously untapped market.
This, experts said, is one of the benefits of virtual tourism – being able to reach out to groups that would not otherwise have had the opportunity to visit a particular country.
Mr Kenny Liew, an analyst at Fitch Solutions, said that virtual tourism could be especially appealing to older travellers and those with mobility issues.
“The other group that we see is students. (Operators could provide) personalised itineraries for schools at a fraction of the cost that the schools would actually have to spend to physically bring the entire group of students there.
Another company that innovated during the circuit breaker was Zouk
With nightspots closed under circuit breaker measures, Zouk started live streaming their DJs’ sets – something it calls cloud clubbing.
Zouk Group CEO Andrew Li said this then evolved into a full lifestyle portfolio that included interviews with DJs, fitness and yoga sessions as well as cocktail-making classes.
For now, stakeholders say it is too soon to tell if virtual visitors can make up for the downturn in tourism revenue.
But with borders still mostly restricted in many parts of the world, joining the digital club means not just new audiences, but also an expansion of brand offerings and identities.
SINGAPORE: Investors got a scare recently when tech stocks on Wall Street tumbled sharply.
Over a period of about three weeks starting from Sep 2, the benchmark NASDAQ Composite index fell by about 11 per cent, leading many to wonder if the party is over for tech stocks and if they are poised for more downside.
The big tech titans led the recent declines. Apple fell 18 per cent while Microsoft and Alphabet slipped 12 per cent and 16 per cent respectively.
Recent tech darlings like Salesforce.com fell 13 per cent while Tesla dropped about 33 per cent initially before staging a 29 per cent rebound to regain much lost ground.
REMINDER NOT TO BE COMPLACENT
The tech sell-off is a good reminder to investors not be complacent.
The S&P 500 index had surged to new highs before the recent correction but these gains were driven by a narrow base of stocks, namely the mega-cap tech giants – Facebook, Apple, Amazon, Alphabet and Microsoft – which account for almost 25 per cent of the index based on market capitalisation.
Other growth stocks have joined the party, including Salesforce.com, Tesla Inc and other predominantly tech companies leveraged to secular growth trends, not influenced by short-term cyclical or seasonal factors, like cloud computing, 5G and the like.
TECH SELL-OFF NOT TOTALLY UNEXPECTED
The tech sell-off was not totally unexpected, especially on the heels of a massive rally in August. Despite economic, political and earnings uncertainties, the S&P 500 index soared further, driven by strong investor sentiment.
FILE PHOTO: A 3D printed Apple logo is seen in front of a displayed stock graph in this illustration taken February 26, 2016. REUTERS/Dado Ruvic/Illustration/File Photo
Factors such as Apple and Tesla’s stock splits had also supercharged the recent tech-driven rally.
Some market consolidation is indeed warranted – healthy even – a reminder as well that the market can also move in another direction. What goes up can as easily come down.
TECH SHOULD BE A CORE LONG-TERM HOLDING
Despite the recent correction in tech stocks, we are not negative on the sector. In fact, we think that it should remain a core-long term holding for those with a good appetite for risk.
From a longer-term perspective, the upside for tech stocks is not over. In fact, it is more likely that the bull is simply taking a much-needed breather.
The longer-term picture remains conducive for risk assets, including tech stocks, on the account of a normalising business environment, a moderate economic recovery and ultra-loose monetary policy.
As such, bouts of volatility can offer investment opportunities to buy incrementally at more favourable price levels.
Nevertheless, given the sharp rally in tech stocks, the recent sell-off may be a signal that investors and traders are getting nervous about the sector at least in the short-term.
Tech firms tracked another record on the Nasdaq, boosted by people staying at home or working from home during the coronavirus pandemic AFP/Olivier DOULIERY
Consequently, we could see some funds switching out of tech stocks and into cyclicals and value stocks which have underperformed.
This is not to suggest that investors will or should abandon tech stocks. On the contrary, the sector will remain a strategic component of investors’ portfolios as there are several factors that may drive this optimism in the sector.
First, it is given that technology is poised to drive major and transformational changes in the way individuals and businesses operate in the coming years and decades.
Even when COVID-19 comes to pass, information and communications technology may bring about significant and permanent changes in the way individuals and businesses function.
It has already been a big enabler in keeping people connected during COVID-19 and allowing them to purchase goods and services online despite lockdowns.
Companies which offer the requisite technology or embrace technology to facilitate connectivity and deliver goods and services online to consumers and businesses, stand to benefit.
COVID-19 has clearly given ecommerce a big boost and there may be no turning back as more activities go online.
Companies that offer cybersecurity services also stand to benefit as online activity could pick up sharply after COVID-19.
Second, technology is clearly a multi-year theme and unlike the dotcom bubble that burst in 2000, the tech rally this time around has a much stronger fundamental basis – since tech companies now are backed by real underlying technologies and businesses with good and real growth potential – for those with a strong risk appetite and a long-term investment horizon.
Amazon spent years investing heavily in warehouses, distribution and delivery, often to the chagrin of Wall Street investors eager for quick profits AFP/Philippe LOPEZ
Third the potential for mergers and acquisitions is another factor that could drive tech stocks in the years ahead.
Cash-rich giant tech companies are constantly on the prowl for existing players looking for synergies and growth, especially those with proprietary technology and a strong business proposition.
Google, Amazon, Apple, Facebook and Microsoft have all made a large number of deals so far this year, in what has labelled by some as the fastest pace of acquisitions and strategic investments since 2015.
VALUATION SEEMS HIGH BUT IS NOT EXCESSIVE
On a forward price-to-earnings (PE) basis, the NASDAQ composite index is trading more than three standard deviations above its seven-year historical average.
Typically, when PE valuations are more than one or two standard deviations above the five or seven-year historical average, this is deemed as expensive.
In this respect, NASDAQ’s PE valuations based on next year’s arguably normalised earnings forecast – assuming COVID-19 comes to pass and earnings recover fully from the pandemic-led drawdown – look rather extended after the sizeable price gains in recent months.
But when it comes to valuations, it is important to draw a distinction between the short term and the long term.
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid
Valuations may not seem cheap in the short term, but the tech sector offers significant growth potential in the long term and tech stocks have the potential to be multi-baggers – which are stocks that deliver returns of more than 100 per cent – as we have seen in the past.
For such high growth stocks, valuations tend to be higher to reflect the long term and exceptional growth potential.
One could therefore argue a more accurate way to assess the valuation of high growth stocks like tech stocks would be to look at the PEG ratio, determined by dividing the price-to-earnings (PE) ratio by the earnings per share growth rate (G).
In theory a PEG ratio below one would be favourable while a ratio above one would be unfavourable.
Based on data from Bloomberg, the NASDAQ Composite index’s PE ratio based on estimated earnings in the current year is about 37 times. This may seem high, but the estimated earnings growth of the index is also high at 67 per cent for the current year. This translates to a favourable PEG ratio of less than one.
However, going forward such high PE ratios can only be justified if earnings growth remains high.
Clearly this may not be the case in each year, but over a say five- to ten-year period, the average earnings growth can be high.
Looking ahead, there will be hits and misses in the sector as far as earnings are concerned and that means investors must be ready for sharp volatility, given its diversity.
BE CAREFUL NOT TO OVER-INVEST IN THE TECH SECTOR
For those with the risk appetite, there are good reasons not to give up on tech stocks, but at the same time, do not throw all your eggs into one basket either.
The tech sector has been the darling of stock markets so far this year, but do not ignore non-tech stocks that have underperformed either.
History tells us that it is unwise to over-invest in one sector or theme and it is important to have a diversified portfolio to hedge against the uncertainties ahead. So, investors ought to consider a mix of tech and non-tech stocks and even bonds, as well as gold in their portfolios.
The exact mix is something an investor can work out with a financial advisor and it will depend among other things on one’s risk appetite, time horizon and financial objectives.
People walk past an electronic stock quotation board outside a brokerage in Tokyo, Japan. (Photo: Reuters/Toru Hanai)
At the same time, keep some dry powder even though interest rates are very low right now and it may make little sense to hold too much cash. Nevertheless, have some cash on standby to capitalise on the market volatility in the run-up to the US elections in November.
Even after the US elections, volatility in the tech sector can be high as the US slugs it out with China in the tech space for dominance.
Get ready for a choppy ride. Just don’t give up on tech stocks yet – it’s still early days.
Vasu Menon is Executive Director of Investment Strategy at OCBC Bank.
“No one is born hating another person because of the colour of his skin, or his background, or his religion. People must learn to hate, and if they can learn to hate, they can be taught to love, for love comes more naturally to the human heart than its opposite,” the late Nelson Mandela, political leader and philanthropist, was once quoted saying.
This holds true for at least a young girl in Singapore, who is a classic example of how humans are not prejudiced by nature.
In a Facebook post on Sept 22, Yang Kaiheng shared that he was “surprised” to see his cousin playing a board game with three migrant workers on the front porch of his aunt’s house when he visited recently.
PHOTO: Facebook/Yang Kaiheng
Apparently, it had been pouring at the time and they were waiting for the rain to stop.
PHOTO: Facebook/Yang Kaiheng
