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Grants to help firms boost hiring, retention
This programme is called Spur-Jobs, which is an add-on to the existing Skills Programme for Upgrading and Resilience (Spur) that subsidises the training of local workers, including PRs. It will cost about $50 million. The other measure will cost $50 million too and is under Spur as well. It is for the absentee payroll scheme that allows employers to claim from the Government a large part of a worker's salary when he goes for training. It will let employers claim a bigger amount from May 15. A company can also claim a grant of up to $3,000 to offset the cost of hiring and training each worker. This includes the cost of print advertisements, online ads, recruitment services and pre-employment medical checks. A company can also claim up to $2,000 to pay for the re-design of a job or system for each worker hired. Claims are capped at 80 per cent of these costs. MOM said six government agencies will co-fund 2,500 apprenticeships under the Professional Skills Programme Traineeships, or PSPT. It aims to build manpower capabilities in sectors likely to grow when the economy recovers, such as manufacturing and infocomm services.
- The Straits Times, A1
(Also see, The Business Times, P1, “$100m job boost for professionals, execs, technicians”) |
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Combined Q1 profits down 40%
The combined first-quarter profits of companies listed on the Singapore Exchange was down 39.5 per cent year-on-year to $1.15 billion, a reflection of weaker demand amid a slowing global economy. 81 listed firms had released their financial results for Q1 ended March. Of that, 68 reported profits, but only 26 posted an improvement to their bottomline. Real estate and shipping trusts were among those that reported spectacular earnings growth. On the Reits front, first-quarter earnings at CapitaRetail China Trust jumped 51.3 per cent to $13.3 million. Similarly, K-Reit Asia posted a 37.3 per cent gain in earnings to $15.7 million and CapitaCommercial Trust racked up 26.6 per cent growth in net profit to $45.4 million. Property developers and commodity firms were those affected by the decline in consumer demand. Profits at CapitaLand, Keppel Land and Fragrance fell at double-digit pace, dragged down by lower sales in projects.
- The Business Times, P7
(Also see, The Straits Times, B16, “First-quarter profits not looking up”) |
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New road to ease jams at Pasir Ris mall
A 180m long, one-way road leading to it opened yesterday, connecting White Sands to Pasir Ris Central. The new road is an extension of Pasir Ris Central Street 3. The road, part of an overall plan to make the area more vibrant, was declared open by Deputy Prime Minister Teo Chee Hean, who is the MP for Pasir Ris-Punggol GRC. Also unveiled yesterday were changes to come by 2011: A covered walkway from the bus shelter to the taxi stand in Pasir Ris Central, a sheltered bicycle park, half-height screen doors for the Pasir Ris MRT station and a sports complex. The neighbourhood will also have Singapore's first two-tiered bicycle stand for 30 bicycles.
- The Straits Times, B5 |
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$177b Asian emergency fund set up
Thirteen East Asian and South-east Asian countries agreed yesterday to set up a US$120 billion (S$177 billion) emergency fund for use in an economic downturn, the first independent move by Asia to shield itself from financial crisis. Japan also announced a separate plan to supply up to 6 trillion yen (S$90 billion) to support its neighbours in an economic downturn. China and Japan each committed to provide 32 per cent of the regional fund, known as the Chiang Mai Initiative. China's share includes US$4.2 billion from Hong Kong. South Korea is committed to 16 per cent, and Asean, the remaining 20 per cent. Among Asean, the biggest contributors are Indonesia, Singapore, Thailand and Malaysia, which agreed to provide US$4.77 billion each. The countries will also set up a US$500 million guarantee for local currency corporate bonds issued within the region.
- The Straits Times, B14
(Also see, The Straits Times, P18, “Asean crisis fund ready by year end”) |
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Demand boost seen as crucial for Jakarta
Boosting domestic demand will be key for Indonesia's quick economic recovery as inflation is not seen as a 'number one danger' this year and the next. Bank Indonesia will review its policy rate tomorrow and the central bank has said there was room to cut interest rates if inflation eased in April. The central bank forecast growth in South-east Asia's biggest economy to slow to 3-4 per cent this year from 6.1 per cent last year.
- The Business Times, P16 |
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Dubai hotelier may delay Shanghai hotel again
Dubai hotelier Jumeirah Group may not open the first of six hotels planned in China until May 2010 as the project faces another delay amid the global economic crisis. The group, owned by the ruler of Dubai, missed its original target to open the 338-room Jumeirah Han Tang Xintiandi Hotel in Shanghai, China's financial hub, in late 2008 and in January pushed it back to later this year. Its revenue per available room - a benchmark measure for the industry - had fallen 20 per cent in its Dubai hotels for the first three months of the year.
- The Business Times, P17 |
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A final ECB rate cut expected this week
The European Central Bank (ECB) will unveil record low interest rates and other ways to pull eurozone members from their worst recession in six decades at a landmark meeting in Frankfurt, Germany. In addition to lowering the bank's benchmark lending rate by a quarter point to an all-time low of one per cent and pledging to keep it there for a while, analysts think the ECB will extend the length of its unlimited loans to banks from six months to one year. The ECB is expected to eventually buy bonds or securitised assets from banks, keeping them at the centre of its policy framework even though it may be criticised for taking too many risks.
- The Business Times, P14 |