TL;DR

What: Service Industry Transformation Programme, Singapore exports and e-sports

Weekly Business Brief | 2019 Week 38

Wrapping up the week's business news and announcements.

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

New initiative launched to give service industry a boost in evolving labour market

… the programme will equip firms with tools to develop their service delivery model, as well as job redesign techniques needed to catalyse and start their business transformation.

Firms in the service industry will get a leg up to further drive transformation and become manpower-lean with the new Service Industry Transformation Programme (SITP) launched on Wednesday (Sep 11) by Manpower Minister Josephine Teo.

Co-developed by the Singapore Productivity Centre and Workforce Singapore, the programme will equip firms with tools to develop their service delivery model, as well as job redesign techniques needed to catalyse and start their business transformation.

This programme is part of the Lean Enterprise Development Scheme (LEDS), which helps enterprises adopt manpower-lean initiatives and drive business growth.

The SITP will cover two tracks in helping firms optimise their deployment of the current workforce, and improve job quality to attract and retain more talents.

The four-month programme comprises a two-day workshop and nearly seven days of on-site training, plus individual company project guidance.

Companies embarking on transformation projects under the SITP will also receive funding support of up to 90 per cent.

Read more in this Channel NewsAsia report.

Singapore’s exports fall 8.9% in August, marking sixth straight month of decline

One analyst said the continued year-on-year decline in non-oil domestic exports was expected, given an increasingly challenging external trade environment.

The numbers, which exclude oil, reflect a drop in exports to the majority of Singapore’s top markets, except China to which it rose 38.5 per cent.

Hong Kong (-32.0 per cent), United States (-15.0 per cent) and Malaysia (-19.7) were the largest contributors to the decline.

One analyst said the continued year-on-year decline in non-oil domestic exports was expected, given an increasingly challenging external trade environment.

He said it is too early to say that the worst is over, citing developments such as the US-China trade dispute being far from settled, an “increasing confrontational tendency” between the US and Iran, escalating oil prices, a messier Brexit and “anxiety in Hong Kong and Indonesia”.

Read more in this Channel NewsAsia report.

Singapore companies looking to capitalise on region’s fast-growing gaming culture and interest in e-sports

While Southeast Asia makes up just 3.1 per cent of the global gaming market, spending on games has grown 22 per cent year-on-year…

It would not be just gaming developers and publishers who will benefit when gamescom asia makes its Singapore debut in October 2020, said industry experts. Professional gaming, or e-sports, could also take off, they added.

It will be the first time that a “tier one” gaming trade show is being held in Southeast Asia – joining the likes of Tokyo Game Show and The Electronic Entertainment Expo (E3) in Los Angeles.

And Singapore companies are raring to go. While Southeast Asia makes up just 3.1 per cent of the global gaming market, spending on games has grown 22 per cent year-on-year, according to market reports from Newzoo earlier this year.

Future growth will be driven by the region’s relatively young, mobile-savvy population, and as more people gain access to the Internet.

Read more in this Channel NewsAsia report.


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