TL;DR

Who: Enterprise Singapore, LTA, Chan Chun Sing

Weekly Business Brief | 2019 Week 28

Wrapping up the week's business news and announcements.

SBO Singapore Weekly Business Brief
Published:   |   Updated:   |   Posted in

Programme launched to help promising Singapore firms scale up quickly

… 25 companies will go through three key phases aimed at helping them strategise and execute their acceleration plans.

A new programme aimed at grooming high-growth businesses here was launched by Enterprise Singapore on Wednesday (Jul 10), with 25 companies, including household names Jumbo Group and Koufu, making the cut for the pioneer batch.

First announced during Budget 2019, the Scale-up SG programme aims to help companies with attributes such as proven track records, the ability to create economic spin-offs for Singapore and strong growth ambitions, develop into future “global champions”, said the trade promotion agency which is running the new initiative.

Over the next two-and-a-half years, the 25 companies will go through three key phases aimed at helping them strategise and execute their acceleration plans. These include activities such as executive business programmes with leading institutes of higher learning, peer networking and industry sharing sessions.

These are small- and medium-sized companies with revenues ranging from tens of millions to hundreds of millions or more. For Singapore to do well in its next lap of economic development, this group of businesses will need to be strengthened, said Mr Chan.

Read more in this Channel NewsAsia report.

New Bill looks to regulate private-hire car operators with licences and fare policy

The New Bill will… provide sufficient regulatory oversight to protect the safety and interests of commuters and drivers.

Put up for first reading, the Point-to-Point (P2P) Passenger Transport Industry Bill proposes to issue two operating licences – one for street-hail services and another for ride-hail services.

The new Bill will set out a new regulatory framework for the P2P sector and enable LTA to structure regulations around services, and provide sufficient regulatory oversight to protect the safety and interests of commuters and drivers.

It also aims to facilitate an open market that supports the development of innovative P2P services and streamline regulations where appropriate, added the MOT spokesperso

Read more in this Channel NewsAsia report.

New jobs can be created through technology, but workers need help retraining for these positions: Chan Chun Sing

“We are not here to protect jobs, we are here to protect the workers.”

Many new jobs are available in industries that have been disrupted by technology, and the challenge is training workers so they can transit from their current jobs into these new jobs, Minister for Trade and Industry Chan Chun Sing said on Tuesday (Jul 9).

The minister’s comments come amid an increase in retrenchments and a drop in job vacancies in the first quarter of 2019, owing mainly to restructuring and reorganisation.

He pointed to the retail sector, which has been hit by the growth of online shopping.

“What goes down in the brick and mortar stores in sales, goes up on the Internet in sales. And when the Internet sales go up, we need new people to run the logistics, the accounting behind the scenes, the computer software,” he said.

While politicians in other countries say that they will protect jobs, Singapore’s mantra is “quite different”, he said.

“We are not here to protect jobs, we are here to protect the workers,” he said adding that this will make sure that they do not try to stay in their old jobs in industries that are not thriving.

Read more in this Channel NewsAsia report.


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