TL;DR

Who: Maybank, Digital Industry Singapore and Experimental Drug Development Centre

Weekly Business Brief | 2019 Week 26

Wrapping up the week's business news and announcements.

Weekly Business Brief
Published:   |   Updated:   |   Posted in

Singapore Heading for Recession Next Quarter, Maybank Says

Singapore’s economy will probably experience a “shallow technical recession” in the third quarter as the global trade outlook worsens

Singapore’s economy will probably experience a “shallow technical recession” in the third quarter as the global trade outlook worsens, according to Maybank Kim Eng Research.

The escalating U.S.-China trade conflict is weighing on Singapore’s export-reliant economy, which Maybank expects will grow 1.3% this year, down from a previous projection of 1.6% and lower than the government’s forecast range of 1.5% to 2.5%.

The slump in exports has hit manufacturing, which contracted more than expected in May, data on Wednesday showed. The outlook for electronics, which make up 27% of factory output, is particularly weak since U.S. export controls may hit chipmakers like Broadcom Inc.and Intel Corp., which operate in Singapore, Maybank said.

Read more in this Bloomberg report.

Singapore aims to create 10,000 tech jobs in three years

The plan will be spearheaded by a new government office called Digital Industry Singapore (DISG)…

The plan will be spearheaded by a new government office called Digital Industry Singapore (DISG), which consolidates efforts by various existing public bodies to encourage investment from foreign tech firms, support local business, and work with the industry to shape future policy.

Armed with lucrative grants and incentives, the island nation has in recent years been focusing on tech firms, investors and top talent – a sector that could help combat some of the slowest growth rates the city-state has seen in a decade.

The new government office expects to create up to 10,000 jobs within the technology sector over the next three years including roles in engineering, software development and finance.

DISG also said it will assist companies in areas such as ride-hailing, e-commerce, fintech, cybersecurity and artificial intelligence.

Read more in this Reuters report.

New platforms, grant scheme to boost Singapore’s drug development efforts

“They will also serve to catalyse collaboration across industry, research institutes, academia and the hospitals, as well as nurture a strong pool of scientific talent for Singapore’s biomedical ecosystem.”

These were announced during the opening ceremony for the Experimental Drug Development Centre (EDDC) in Biopolis at one-north, which was officiated by Deputy Prime Minister and Minister for Finance Heng Swee Keat.

“They will also serve to catalyse collaboration across industry, research institutes, academia and the hospitals, as well as nurture a strong pool of scientific talent for Singapore’s biomedical ecosystem,” the agency added.

It will “leverage Singapore’s competitive advantage in melding biomedical sciences. Clinical medicine and engineering, to bring early drug targets to first-in-man clinical trials”, says A*STAR.

Read more in this Channel NewsAsia commentary.


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