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Job cut: Ninja Van Singapore staff face layoffs again; 2nd round within 3 months

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SINGAPORE: Courier and logistics company Ninja Van has laid off five per cent of its staff in Singapore, the firm announced on Monday (July 1).

A spokesperson for Ninja Van is quoted in CNA as saying they “recognize the need to diversify beyond e-commerce to ensure the organization’s long-term growth,” even as the firm acknowledges that e-commerce continues to be competitive in the region.

Ninja Van, a local company founded in 2014, specializes in last-mile logistics and package delivery and operates in Myanmar, Malaysia, the Philippines, Indonesia, Thailand, and Vietnam.

Early in April, celebrating its 10th anniversary, the company launched business-to-business (B2B) and cold-chain delivery services.

Later that month, however, Ninja Van laid off around 10 per cent of its tech team. This move, coming just before Labour Day, was noted with dismay by the National Trades Union Congress.

Read also: NTUC slams Yahoo and NinjaVan for announcing job cuts on Labour Day eve

Regarding its latest round of lay-offs, a spokesman for the company said:

“In line with the group’s direction, we have reviewed the roles within the organization to assess their alignment with our future needs.

Unfortunately, despite our efforts to minimize impact, we were unable to avoid layoffs impacting 5 per cent of our colleagues in Singapore.”

Employees with transferable skills have been transitioned to support Ninja B2B and Ninja Cold, the services the company announced in April.

Workers laid off were given a month of severance pay for every year of employment but were no longer expected to report to work.

Nevertheless, until Dec 31, 2024, their medical insurance and mental health support have been extended. Ninja Van provides additional support, such as resume reviews and interview training.

While Ninja B2B was launched in all six markets where the company operates, Ninja Cold was initially offered only in Singapore and Malaysia.

Still, it will later launch in Indonesia, the Philippines, and Vietnam.

“The implementation of a cold chain logistics system grants us access to the food and pharmaceutical industries, which were previously out of reach as we couldn’t transport temperature-controlled goods,” said Ray Chou, the country head of Ninja Van Singapore, in April.

“Our ability to now support these bedrock industries in Singapore presents a significant growth opportunity not only for Ninja Cold but also allows us to explore potential synergies with other facets of our services.” /TISG

Read also: Ninja Van customer goes online to complain about continued delays in delivery

70% drop in Q2 condo launches caused by smaller project launches and cautious buyer sentiment

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SINGAPORE: The second quarter of 2024 has witnessed a significant 70% drop in new condo launches in Singapore.

This decline is primarily due to developers focusing on smaller projects, responding to a cautious mood among buyers.

According to data from Huttons Data Analytics, only 600-700 new private residential units were introduced between April and June, sharply down from 2,374 units launched during the same period last year.

Singapore Business Review reported that this reduced the number of new units and impacted sales figures, with estimates suggesting developers sold only 700 to 800 units in Q2 2024.

This reflects a 65% decline from the previous year and a 35% drop compared to the first quarter of this year.

Despite these figures, the sales volume remained consistent with the number of units launched, indicating sustained demand for new residential properties, as highlighted by Lee Sze Teck, senior director for data analytics at Huttons.

Stable prices amid cautious buyer behaviour

Despite the drop in new launches, property prices have remained steady, showing a modest increase of 1.1% in Q2. According to early estimates from the Urban Redevelopment Authority (URA), this uptick is lower than the 1.4% rise seen in Q1.

Mr Lee attributes this stability to higher interest rates and cautious buyer behaviour, which have capped price rises.

Leonard Tay, head of research at Knight Frank Singapore, explained that although prices for newly launched private homes have held firm, they reflect decisions made on land costs 12 to 18 months ago and ongoing high construction expenses.

Singaporean buyers, particularly those interested in prime locations, are becoming more selective in their property choices.

Top-selling projects by district

In Q2, Huttons identified Districts 23, 26, and 15 as the top districts for developers’ sales.

District 23 saw strong developer sales with projects like Hillhaven, The Botany at the Dairy Farm, and The Myst leading sales, accounting for over 66% of the 757 units sold.

District 26 also performed well, with Lentor Hills Residences, Hillock Green, and Lentor Mansion selling more than 75% of the 2,477 units available.

Mr Lee noted that the lack of new launches in District 26 likely created pent-up demand, potentially appealing to many buyers in Lentor.

In District 15, Grand Dunman, Tembusu Grand, and The Continuum attracted buyers with competitive pricing in newly completed developments.

Mr Lee highlighted that similar prices between these new projects and existing developments motivated buyers to choose these new projects. /TISG

Read also: Condo rental prices dip in April after brief March respite, continuing 9 month decline

Featured image by Depositphotos

More CDC voucher acceptance and budget meal offers from additional 180 coffee shops for Singaporeans

SINGAPORE: Singaporeans will have access to 180 more coffee shops accepting CDC vouchers and offering budget meals, more than doubling the current pool to 330 participating coffee shops. 

The Straits Times reported that the 180 coffee shops are operated by nine private chain operators: Badaling, Broadway, De Tian, Chang Cheng, FoodFare Kopitiam, Kimly, Kim San Leng, Koufu, and Select.

60 rental HDB coffee shops, ahead of their lease renewal, will join hands with 120 privately owned coffee shops to offer budget-friendly meals.

This means that nearly one-third of privately owned coffee shops will be part of the initiative by the end of July 2024.

The Ministry of National Development and Housing Board announced that these new participants will also start accepting CDC vouchers from July 1 onwards.

Senior Minister of State for National Development Sim Ann mentioned on July 1 that more than four of every 10 coffee shops within the HDB heartland will offer budget meals or drinks.

About 150 rental HDB coffee shops islandwide offer over 1,000 budget meals and drinks. Budget meals are lunch or dinner options priced at S$3.50 and below, with drinks priced at S$1.20 and below.

Since May 2023, all rental HDB coffee shops renewing their tenancies must offer at least four budget meals and two budget drink options.

Singapore has 776 HDB coffee shops, with 374 rented out by HDB and 402 privately owned.

The Housing Board aims to have all 374 rental HDB coffee shops offering budget meals by 2026 to make dining more affordable and accessible for residents.

On July 1, Ms Sim and Senior Minister of State for Trade and Industry Low Yen Ling put community budget meal decals on four stalls at the Chang Cheng Mee Wah coffee shop at Block 802 Tampines Avenue 4.

These red and blue decals mean the stalls accept CDC vouchers as payment.

Despite the positive impact of the budget meal scheme, it has faced some challenges.

Feedback has emerged regarding meal portions and nutritional balance, with concerns about meals being overly carbohydrate-heavy.

In response, Ms Sim assured the public that ongoing discussions with operators and stallholders address these issues, ensuring adjustments are made swiftly based on feedback.

“When we have feedback concerning the portion of the food available and the nutritional balance, we work with operators and stallholders…

… so far, they have been quite responsive to feedback and quite cooperative, and adjustments have been able to be made relatively quickly,” Ms Sim explained.

HDB conducts regular checks and engages extensively with stallholders to ensure quality and adherence to scheme standards.

Plans are also underway to introduce a mechanism for public feedback to further refine the initiative.

Consumers can check the BudgetMealGoWhere portal, a collaboration between HDB and the Government Technology Agency, to find participating stalls with budget meal options.

Since its launch in May last year, the portal has garnered over 400,000 unique visitors.

In tandem with the expansion of budget meal options, the CDC voucher scheme has seen robust participation.

According to Ms Low more than 883,000 (67%) Singaporean households claimed their vouchers in the latest tranche on June 25.

“We encourage Singaporeans to use their CDC vouchers, which are valid till Dec 31, 2024.

Expanding the number of coffee shops that offer budget meal options, as well as those that accept CDC vouchers, will certainly boost, and widen the choices of affordable food options for Singaporeans,” Ms Low said. /TISG

Read also: More CDC vouchers released with cash payouts coming in September and December 2024

Featured image by Depositphotos

S$188 or S$300 for ang bao? — SG couple fight over amount to give their friend’s wedding at Fullerton Hotel

SINGAPORE: A Singaporean couple who received an invitation to attend their friend’s wedding at the prestigious Fullerton Hotel found themselves in a heated discussion over the amount they should put in the ang bao.

In a post shared on r/askSingapore on Sunday (June 30), the woman recounted how, about a month before the wedding, she casually asked her husband how much he intended to give as a gift.

To her surprise, he suggested $300. “That’s too much for an ang bao, if the both of us go, that will be $600… enough for a whole Bali trip,” she wrote. 

“My firm stance and belief is $188. That’s the most I’m willing to pay for a wedding. Honestly, I think I’m quite generous already.”

She argued that if the couple chose to have their wedding at such an extravagant location, they should be prepared to absorb the extra costs.

She questioned why guests should be expected to foot the bill for the hosts’ decision to have a luxurious celebration.

She also mentioned that she and her husband opted out of a traditional wedding because they thought it was expensive. 

But, seeing how people who have weddings “have no shame in inviting people and expect them to pay their share of the wedding,” she now wonders if they should have had one after all.

She then asked the online Reddit community, “What are your thoughts? Do y’all pay market price when you go for weddings or pay how much you can afford?”

“Me and my wife have set up a rule of attending as 1 pax unless it’s really close friends”

In the comments section, most Redditors agreed that the amount of ang bao they give depends mainly on their relationship with the couple.

For close friends or relatives, they tend to give above the typical market rate.

For instance, one Redditor who recently attended her cousin’s wedding at The Fullerton Hotel shared that he gave S$888 as a token. 

When it comes to friends who aren’t as close, many said they give slightly less than what’s typically suggested on wedding websites.

Some admitted to sticking to a fixed amount below S$200, regardless of the recommended range.

However, for acquaintances, workmates, or relatives they’re not that fond of, many said they’d rather skip the wedding altogether. 

One Redditor stated, “I reject all invitations from friends who never even bothered to keep in contact. 

Don’t feel bad, not like you’re going to invite them for your own wedding. That way no one owes anyone and no one feels obliged to reciprocate.”

Moreover, others disclosed that they refrain from bringing a plus one for lavish wedding celebrations unless both partners had a personal relationship with the bride and groom beforehand.

One Redditor commented, “Me and my wife have set up a rule of attending as 1 pax unless it’s really close friends/family members we meet regularly.”

Some also advised the woman not to argue with her husband over the ang bao amount.

They suggested that if they can’t agree on how much to give, it might be better for her to consider skipping the wedding altogether.

One Redditor said: “Unless the wedding is less than a month away, I don’t think there’s any issue in letting the couple know only your husband will be going and to remove you from the guest list because you have last minute commitments.

All weddings will have late guest list changes and they should be prepared for that.”


Featured image: Depositphotos

Read also: Man asks if he should attend his colleague’s wedding in Singapore hotel because the ang bao price is $300

SIA chief gets over 20% pay bump after record annual profit; S$8.11 million salary jump

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SINGAPORE: Last year’s record annual profit for Singapore Airlines meant that its Chief Executive Officer Goh Choon Phong received a salary of S$8.11 million.

Since he earned S$6.73 million the previous year, his pay increased by around 20.5 per cent, thanks to a post-pandemic travel boom.

Mr Goh, who has served on SIA’s board for the past 14 years, has a base salary of S$1.44 million, up from S$1.1 million two years ago.

The bulk of his salary comes from bonuses of S$2.18 million, plus shares and benefits of around S$4.48 million.

The company released its annual report on Monday (July 1).

Singapore Airlines’ annual net profit for the fiscal year 2023-2024 is S$2.68 billion, compared to S$2.16 billion in the previous year.

Revenues for the fiscal year that ended in March went up by 7 per cent to S$19.01 billion, as demand for air travel stayed high throughout the year.

The cargo business has also been strong, and flights have consistently been full. SIA declared a final dividend of S$0.38, up from S$0.28 last year. SIA’s shares closed at S$6.88 on July 1.

In May, the carrier announced it rewarded its staff with eight months salary bonus due to a net profit increase of 24 per cent year-on-year.

This is the second consecutive year SIA has seen record-breaking annual profit.

The bonus is the highest ever, with a previous profit-sharing bonus equal to 6.65 months’ pay, alongside a maximum of 1.5 months’ salary as an ex gratia bonus connected to the pandemic.

“The Singapore Airlines Group achieved a significant milestone in FY2023/24, posting a second consecutive year of record revenues, operating profits, net profits, and load factors.

This was on the back of the robust demand for air travel, which came as the impact of the Covid-19 pandemic abated and key markets in North Asia fully reopened their borders,” said SIA Chairman Peter Sia in the company’s Annual Report.

However, he noted in the letter to the shareholders that while it has been a banner year for the carrier, SIA “had a poignant reminder of the unpredictable nature of the airline business.”

In May, flight SQ321 made an emergency landing in Bangkok due to a sudden and severe incident of turbulence that left one dead and dozens of others injured.

Mr Seah reiterated SIA’s commitment to supporting the injured crew and passengers and fully cooperating with investigations. /TISG

Read also: SIA to reward staff with 8 months salary bonus as net profit soars 24% YoY

The Midnight Romance in Hagwon: Emotional farewell during final filming with Jung Ryeo Won and Wi Ha Joon

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The cast of “The Midnight Romance In Hagwon” has bid farewell to the drama in a newly released behind-the-scenes video.

Directed by Ahn Pan Seok of “Something in the Rain” fame, tvN’s “The Midnight Romance in Hagwon” is a love story set in Daechi, a neighborhood renowned for its dense concentration of private educational institutions in Korea.

The drama concluded on June 30, achieving its highest ratings during the entire run.

Reminiscing a scene

The video showcases the final day of filming, featuring Jung Ryeo Won, who plays Seo Hye Jin, and Wi Ha Joon, who portrays Lee Jun Ho.

They turn on a self-camera and reminisce in a classroom where their characters’ romance first blossomed. They remember from their first shot two months ago, hiding in this very classroom.

When Jung Ryeo Won asks Wi Ha Joon about his feelings on the last day of filming, he expresses sadness at how quickly it ended. Jung Ryeo Won agrees, saying it ended too soon.

After the final shoot, the actors received flower bouquets, and tears started to flow on set.

In separate interviews, Jung Ryeo Won reflects, “I’ve always felt mixed emotions at the end of filming, but this project flew by, leaving a bittersweet feeling.”

She adds, “Knowing this time won’t return, I’ll likely have strong lingering emotions.”

Feeling sad and sorrowful

Wi Ha Joon shares a similar sentiment: “Despite extensive filming and dialogue over 16 episodes, it ended swiftly. I was just getting into the groove, but now that it’s over, I feel quite sad and sorrowful.”

Wi Ha Joon is a rising South Korean actor gaining international recognition. He is known for his breakout role as Hwang Jun-ho in the global hit “Squid Game” (2021).

Jung Ryeo Won is a successful South Korean actress with a background in music. She started her career in the girl group Chakra before transitioning to acting after the group’s disbandment.

Singapore stocks rose on Tuesday—STI increased by 0.2%

SINGAPORE: Singapore stocks rose on Tuesday, July 2, influenced by overnight gains in the US and European markets.

The Straits Times Index (STI) increased by 6.37 points or 0.2%, reaching 3,344.94 by 9:01 am, The Business Times reports.

In the broader market, 72 stocks rose, and 36 fell, with 44.1 million securities worth S$62 million traded.

Thai Beverage was the most actively traded stock, falling by S$0.005 or 1.1% to S$0.44, with 13.8 million shares exchanged.

In contrast, Yoma Strategic saw a rise of S$0.003 or 2.3% to S$0.136, while Genting Singapore increased by S$0.005 or 0.6% to S$0.85.

Local banks had mixed performances at the opening. United Overseas Bank (UOB) dropped by S$0.08 or 0.3% to S$31.22.

Conversely, DBS Bank increased by S$0.15 or 0.4% to S$36.27, and Oversea-Chinese Banking Corporation (OCBC) rose by S$0.01 or 0.1% to S$14.51.

Wall Street indices ended Monday on a positive note, ignoring a rise in US Treasury yields, which analysts linked to changing election expectations.

The Nasdaq reached a new record, rising by 0.8% to 17,879.3, driven by tech stocks.

The Dow Jones Industrial Average went up by 0.1% to 39,169.52, while the broad-based S&P 500 climbed by 0.3% to 5,475.09.

In Europe, stocks closed higher on Monday, led by French shares after the far-right National Rally party made significant gains in the first round of parliamentary elections.

This helped the Stoxx 600 index end a four-session losing streak, closing 0.3% higher at 513.04. /TISG

Read also: Singapore shares edge lower on Monday—STI down by 0.1%

Featured image by Depositphotos

Best man for the job? Who could possibly replace Joe Biden among the Democratic Party candidates

Joe Biden

The recent presidential debate didn’t go down well with many a Democrat as well as Joe Biden supporters in general, the feeling is that all is not well in the Democratic camp.

After his somewhat disastrous performance at the debate, rumour has it that there is a possibility that he will step down as the presidential candidate although there is no precedent for this. Biden will only become the party’s official candidate when he is endorsed at the 2024 Democratic National Convention in Chicago which takes place between August 19 and 22.

Although there is no formal mechanism to replace him, he can choose to step aside and allow the delegates in the primaries to vote to nominate a candidate at the Chicago convention.

According to a Date for Progress flash poll, only 51% of Democrats think Biden should remain the party’s candidate.

Although there is no clear contender, here are some possibilities as to who could replace him:

Gavin Newsom

The popular governor from the state of California, won a lot of accolades for his debate with Florida governor Ron DeSantis last year.

However Newsom signed a budget on Saturday to close an estimated $46.8 billion deficit through $16 billion in spending cuts, raising taxes on some businesses.

Thank to careful stewardship of the budget over the past few years, we’re able to meet this moment while protecting our progress on housing, homelessness, education, health care nad other priorities that matter deeply to Californians,” said the governor.

These deficits however may not be a good thing for Newsom as he builds his national profile as a contender for the country’s top post.

JB Pritzker

Another front runner for the presidential candidate is JB Pritzker. The governor of Illinois is also one of the wealthiest politicans among the contenders. His wealth comes from running the Hyatt Hotels Corporation which has been part of the family business.

Gaining popularity for his strong stand on gun control and being a pro choice advocate, he is well known for his heated debates with Ron DeSantis and Texas governor Greg Abbott.

Gretchen Whitmer

The Michigan governor is also on the shortlist as a possible presidential candidate. Her mandate has always been stricter gun control, changing abortion laws and backing universal preschool.

During the pandemic, Whitmer drew some flak for her strict restrictions and social distancing policies which were thought to be overly rigid by many Americans. She later became the center of a kidnapping plot by militia which was foiled.

In a CBS report Whitmer told reporters that the difference between Donald Trump and Joe Biden could not be clearer. While Biden’s focus was on lowering families costs and building an economy that works for the working people as well as restoring reproductive freedom for women, Trump is a convicted felon whose focus is only on himself.

Kamala Harris

Although Harris seems like the obvious pick seeing as she is vice president to the current administration, Harris has poor polling approval and there are suggestions that she will not do well if she were to stand against Donald Trump. But that does not rule her out as a possible choice for Democrats. Additionally if Biden resigns right now, Harris is automatically president.

The post Best man for the job? Who could possibly replace Joe Biden among the Democratic Party candidates appeared first on The Independent News.

Biden family raps president’s advisers for poor debate performance

Joe Biden

US President Joe Biden’s family members privately criticised his top campaign advisers for his poor performance at the CNN debate with Republican challenger Donald Trump on Thursday (June 27). The family, meeting at Camp David during the weekend, wanted the advisers to be fired or demoted.

However, Biden is not expected to fire or demote anyone immediately.

The Biden family urged the president to continue his campaign. First Lady Jill Biden and his son, Hunter Biden, were the loudest voices urging the president to carry on.

Top Democrats reject calls to replace him

Top Democrats also rejected calls to replace him after the debate, which was watched by 52 million and ignited calls for him to quit the race.

A CBS/YouGov national survey conducted after the debate found that 72% of the voters and nearly half his own party do not believe Biden has the mental or cognitive health to serve as president.

Forty-nine per cent of the voters also do not believe that former president Trump has the mental or cognitive ability to be commander-in-chief again.

The Biden family complained that the president was not coached to be more aggressive, that he got bogged down in defending his record rather than outlining his vision for a second term, and that he was overworked and not well-rested.

Biden acknowledged he had not performed well at the debate. The next day, at a campaign rally in Raleigh, North Carolina, he said, “I don’t debate as well as I used to,”

The family blamed, among others, Anita Dunn, the senior adviser close to the president; her husband, Bob Bauer, the president’s attorney who played Trump in rehearsals at Camp David; and Ron Klain, the former chief of staff who played a key role in preparations for the debate.

However, Biden campaign spokesperson Kevin Munoz said: “The aides who prepped the President have been with him for years, often decades, seeing him through victories and challenges. He maintains strong confidence in them.”

Biden allies and staffers have said the president was ill and over-prepared and that the CNN moderators failed to fact-check Trump.

Top Democrats on Sunday (June 30) ruled out the possibility of replacing President Joe Biden as the Democratic nominee.

Senator Raphael Warnock of Georgia, one of several Democrats seen as a possible replacement for Biden, said the president should stay in the race.

Senator Chris Coons of Delaware, a leading Biden surrogate, also wanted Biden to carry on.

“I think he’s the only Democrat who can beat Donald Trump,” Coons said.

Source: Politico, Reuters, USA Today

The post Biden family raps president’s advisers for poor debate performance appeared first on The Independent News.

Home prices rise for 4th consecutive quarter despite slower sales

SINGAPORE: The price of homes in Singapore went up for the fourth consecutive quarter despite sales slowing down.

Preliminary figures released by the Urban Redevelopment Authority on Monday (July 1) show, however, that while the overall private residential property price index rose by 1.4 per cent in the first quarter of the year, its increase had moderated slightly, at only 1.1 per cent for the second quarter of 2024.

Perhaps more significantly, the quarterly average price increase of 1.3 per cent in the first half of 2024 is lower than the quarterly average price increase of 1.7 per cent in 2023 and 2.1 per cent in 2022.

The URA said that the Government will release a total supply of 11,110 private residential units throughout the year through the Government Land Sales Programme to continue to cater to housing demand and maintain market stability.

This is the highest number of private residential units since 2013.

On June 25, the Ministry of National Development said in a statement that the Government Land Sales Programme for the second half of 2024 will yield about 8,140 private residential units, 113,650 sqm gross floor area of commercial space, and 530 hotel rooms.

The MND said in its announcement that the housing market has shown signs of stabilization, and that price momentum has eased, but added that the government is set to keep on catering to housing demand and maintain market stability.

“The Government will continue to release a steady supply of private residential units over the next few years, with supply calibrated to account for prevailing economic and property market conditions,” said the ministry.

It added that the supply is from a good mix of sites across different geographical regions, offering various housing options to meet different needs and preferences.

Read also: Housing supply for 2nd half of 2024 to see big increase as market stabilizes

Bloomberg noted that continued price gains over the past four quarters reflect local spending power “despite a broader slowdown in sales in a market that boomed through the pandemic.”

Over the past few years, Singapore’s red-hot property market has caused the government to impose several curbs, including additional stamp duties of 60 per cent for non-Singaporean residential property buyers.

Before April 27, 2023, they only needed to pay 30 per cent ABSD.

Singapore is the third most expensive city globally in which to own property, according to a report from Swiss private banking corporation Julius Baer released last week. /TISG

Featured image: Depositphotos

Read also: HDB resale prices rose 2.1% in Q2 amid strong demand and supply constraints