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Top 7 Dyson Products To Buy During 11.11 In 2020
Children in Singapore asked to use new COVID-19 tracing technology
A total of 112,500 residents are unemployed, 97,700 of which are Singaporean citizens.
Singapore’s overall unemployment rate rose to its highest since 2004 in Q3 2020 as all three sectors—manufacturing, construction, and services—witnessed lower employment during the quarter, reports UOB Global Economics & Markets Research.
The overall jobless rate rose further to 3.6% during the past quarter, provisional data from the Ministry of Manpower (MOM) revealed. Singaporeans and permanent residents’ unemployment rose in tandem to 4.7% and 4.9%, respectively. This translates to 112,500 residents unemployed, 97,700 of which are Singaporeans.
Employment cuts were largely concentrated in the manufacturing and construction sector, shrinking by 14,800 and 17,100 workers, respectively.
Meanwhile, employment in the services sector fell by 300 in Q3, down from the record fall of 90,500 in Q2, noted UOB economist Barnabas Gan.
Across the services clusters, employment growth reportedly picked up in the community, social & personal services (such as healthcare, public administration), and food & beverage services.
Furthermore, despite the softening labour market, Gan noted that the rise in retrenchment and overall unemployment rate has decelerated from previous readings. Total retrenchments in Q3 rose by 970 persons (to a total of 9,100 persons) from Q2, down from an increase of 4,910 persons in Q2 from Q1.
Looking ahead, Singapore’s labour market could improve in Q4 given the uptick in business sentiments and economic conditions, Gan said.
“The proportion of companies which indicated an intention to reduce salary or headcount has been on the downtrend since May 2020, whilst more companies have indicated plans to hire compared to the preceding months. As such, we continue to expect the unemployment rate to end at 3.5% in Q4,” Gan added.
It acknowledges the airline’s capability to handle temp-controlled shipments. Singapore Airlines (SIA) has obtained Envirotainer’s Qualified Programme (QEP) accreditation, the first airline to do so in Southeast Asia, a statement read. QEP recognises SIA’s capability to manage Envirotainer’s temperature-controlled container shipments in accordance with industry standards.
The group’s $339m hit on profits year-on-year, but results registered an improvement from Q2. United Overseas Bank (UOB) Group reported a $668m net profit after tax for Q3, 40% YoY lower compared to the same period in 2019 and 5% QoQ lower than in Q2, the bank’s latest SGX filing revealed.
Several industries remain positive despite the latest foreboding survey results. One out of four businesses foresee slower business conditions until March 2021 despite the easing in several circuit breaker measures in Singapore – as it prepares to enter Phase 3 of its recovery. Several industries in the service sector still believe that the negative impact left by the pandemic will continue until at least March 2021, according to the latest…
(Bloomberg) — Supply Lines is a daily newsletter that tracks Covid-19’s impact on trade. Sign up here, and subscribe to our Covid-19 podcast for the latest news and analysis on the pandemic. Six Southeast Asian nations including Vietnam, Thailand, Singapore and Malaysia have started a single cross-border transit regime for smoother movement of goods by land within the region. The system aims to bolster supply chain connectivity across the…
NEW YORK (AP) — Two mall operators filed for bankruptcy protection Monday, hurt by the coronavirus pandemic that has forced their tenants to permanently close stores or not pay rent. Both companies, CBL and Pennsylvania Real Estate Investment Trust, said their malls will remain open as they go through the bankruptcy process. Even before the virus, malls have struggled to attract shoppers who are increasingly shopping online or elsewhere. But the…
Analysts bet more fiscal spending under Biden, which they hope will spur growth. The Straits Times Index closed up 2.2%, its biggest rise in five months, as investors reposition their portfolio in anticipation for a Biden win at the US presidential elections, reports Bloomberg. It also climbed the most amongst all major indexes in Asia Pacific. All 30 stocks were in the green, with industrials, property and banking shares amongst the top gainers…