TL;DR

Who: NEA, Amazon, Gojek

Weekly Business Brief | 2019 Week 35

Wrapping up the week's business news and announcements.

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

Stalls at new hawker centres to pay lower rents under NEA’s staggered rent scheme

They will pay 80 per cent of stall rentals in the first year of the hawker centre’s operations, and 90 per cent in the second year. Full rental rates kick in from the third year.

Stallholders at new hawker centres will pay lower rentals in the first two years, under a staggered rent scheme announced by the National Environment Agency (NEA) on Monday (Aug 26).

They will pay 80 per cent of stall rentals in the first year of the hawker centre’s operations, and 90 per cent in the second year. Full rental rates kick in from the third year.

The scheme will apply to the 13 new social enterprise hawker centres (SEHCs) that will be completed by 2027, starting with the one at Bukit Canberra in Sembawang which is scheduled to open in the second half of 2020.

Two years is generally the time it takes for new hawker centres to raise customer awareness and build a regular clientele, said NEA, referencing regular reviews conducted.

Read more in this Channel NewsAsia report.

Singapore braces for challenges in the job market

But an aging population is not the only challenge Singapore faces. Like the rest of the world, technological disruption is set to shift the employment landscape.

Singapore’s workforce is grappling with the twin challenges of an aging population and job losses due to technology.

According to a report on the burden of disease in Singapore between 1990 and 2017, the Southeast Asian nation surpassed Japan in 2017 to become the country with the longest life expectancy at birth — at nearly 85 years old.

Longer life expectancy, coupled with a low fertility rate, has increased the proportion of older people in the country. As a result, the city state’s workforce is rapidly shrinking, creating pressure on the economy.

But an aging population is not the only challenge Singapore faces. Like the rest of the world, technological disruption is set to shift the employment landscape.

A study conducted by technology firm Cisco and research agency Oxford Economics — which looked at the implications of technology on workers in Southeast Asia — found that Singapore’s labor market faces the largest risk of job loss over the next decade.

Singapore is trying to tackle the problem by equipping its workforce with new skills.

Four years ago, the city state launched SkillsFuture — a program designed to give subsidies to citizens for learning skills or developing their careers. The initiative is aimed at trying to retrain older workers to “adapt to the economy,” Education Minister Ong Ye Kung said.

Read more in this CNBC report.

Amazon in talks for stake in Indonesia’s ride-hailing startup Gojek: Source

Both Amazon and Gojek did not respond to a Reuters request for comment.

Amazon.com is in early talks with Gojek to buy a stake in the Indonesian ride-hailing startup, a source familiar with the matter told Reuters on Wednesday (Aug 28).

Details of the stake were not known and the source did not want to be identified as the talks are private.

Both Amazon and Gojek did not respond to a Reuters request for comment.

The Wall Street Journal first reported about the discussions between Amazon and Gojek.

Read more in this Channel NewsAsia report.


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