Market Snapshot
The Singapore stock market fell 1.3% this week, tracking losses across regional equity markets. Investor sentiment across Asian markets was likely weighed by the escalating tensions in the Middle East.
In terms of individual stocks, SIA fell 3%; DBS rose 0.8%; UOB rose 1.2%; SingTel fell 0.8%; Sheng Siong fell 2%; Seatrium fell 4.9%; Sats fell 4.7%; NIO sank 12.4%; Genting Singapore rose 1.1%; Keppel fell 2.7%; Sembcorp fell 1.7%.
SG Local News
Singapore PM Lee to Hand Reins to Deputy Wong Next Month
Singapore Prime Minister Lee Hsien Loong, 72, will step down May 15 as part of a long-planned succession, ending a two-decade run and ushering in a new era led by his deputy Lawrence Wong.
Deputy Prime Minister Wong, 51, who’s also finance minister, will become the city-state’s fourth premier the same day. Wong has the unanimous support of the ruling party lawmakers, according to a statement issued by the Prime Minister’s Office on Monday.
Singapore Prime Minister Lee Hsien Loong will stay on as a senior minister after he steps down, the Straits Times reported, citing incoming premier Lawrence Wong.
Singapore Orders All Employers to Consider Workers’ Flexi-Time Requests
Workers in Singapore can now ask for four-day work weeks, more work-from-home days and staggered work timings starting from Dec. 1, underscoring the global trend of governments and companies relaxing office arrangements in order to retain talent.
Employees will also be entitled to ask for other arrangements such as flexible work locations come the end of this year, according to the Ministry of Manpower’s website.
“Access to flexible work arrangements is often the main consideration for caregivers, women workers and senior workers when it comes to deciding to stay or return to the workforce,” said Yeo Wan Ling, co-chair of the Tripartite Workgroup.
While the guideline isn’t enforceable by law, it does require all firms in Singapore to set up a process for employees to submit a formal flexible-working arrangement request. Employers can reject the request on the grounds it would result in a significant worsening of productivity, a significant increase in cost or because it’s not feasible given the nature of the work.
Singapore Home Sales Rise Most in Four Months on Launches
Singapore home sales rose the most in four months, rebounding from a lull after the launch of a range of suburban projects fueled purchases.
Developers sold 718 private residential units in March, the most since November, figures from the Urban Redevelopment Authority showed on Monday. That’s more than the number of new homes sold in the previous three months combined.
The question remains whether the recovery will be sustained in a market that has been cooling in recent months, hurt by high interest rates, an influx of supply and curbs that have curtailed demand from foreign buyers. The prospect of borrowing costs remaining higher for longer is likely to weigh on sales this year, according to real estate consultancy Knight Frank.
Apple Plans to Invest More Than $250 Mln to Expand Singapore Campus
Apple Inc plans to invest more than $250 million to expand its regional campus or operations in Ang Mo Kio, Singapore, according to a company statement dated April 17.
Two buildings acquired in 2022, located across from Apple's existing offices, will undergo a major upgrade, the U.S. technology giant said.
"Singapore is truly a one-of-a-kind place, and we are proud of the connection we've built with this dynamic community of creators, learners, and dreamers," Tim Cook, Apple's CEO, said in a statement.
Singapore Car Startup Seeks Value Over $1.5 Billion Ahead of IPO
Southeast Asia’s used-car marketplace Carro is raising about $100 million as it gears up for a stock-market debut, betting that new funds will cement it as the region’s top player.
The company is speaking with investors for a pre-initial public offering funding round which could raise its valuation to more than $1.5 billion, Chief Executive Officer Aaron Tan said in an interview. The firm, which has about 4,500 staff and counts SoftBank Group Corp. as well as Singapore’s GIC Pte and Temasek Holdings Pte among its investors, just posted its first annual operating profit.
Carro, whose platform allows consumers and dealers to buy and sell vehicles, is trying to win over investors scarred by an implosion in startup valuations over the past two years. The Singapore-based startup is also operating in a highly competitive market, one that’s resistant to change. Tan, who founded his startup in 2015 with two fellow Carnegie Mellon graduates, is betting on innovations to stand out from the pack.
