CNA938 Rewind - Who could replace Jerome Powell as Fed chairman?
Plans to develop Bishan into a new business hub could see the introduction of around 200,000 sqm of new office space to the area. This will match the scale of that in Paya Lebar Central. Are we going to see more towns adopt the live-work-play model? Daniel Martin and Justine Moss discuss with Provost's Chair Professor at the Department of Real Estate, NUS Business School, Sing Tien Foo.
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Independent Singapore
an hour ago
- Independent Singapore
Acting transport minister says taxi, PHV drivers' roles ‘may change' as Singapore's AV trial starts by Q4 2025
SINGAPORE: The roles of taxi and private-hire vehicle (PHV) drivers may change as Singapore moves to include autonomous vehicles (AVs) in its public transport network. According to Channel News Asia (CNA), Acting Transport Minister Jeffrey Siow said on Friday (Jun 27) that as people get used to travelling in AVs, the role of drivers, including taxi and PHV drivers, may change, adding that they could take on new jobs created by the industry. This comes after he announced the upcoming AV trial in Punggol, scheduled to begin in the fourth quarter of 2025. He said, 'Others – we have to see how to help them reskill, to retrain, and to take up other jobs in the economy that will be generated because of economic change.' He noted that in the early stages, there will be a mix of jobs for drivers in the industry and new jobs emerging, adding that the government, together with the National Trades Union Congress (NTUC), will support drivers in making the most of these opportunities. See also Salt tax? MOH takes steps to reduce Singaporeans' salt intake Mr Siow also said he has already discussed with union leaders how to communicate the coming changes to drivers and help them with the transition. He added that after visiting AV companies, he saw young people working in roles such as programmers, designers, fleet managers, and operations centre staff — jobs made possible by these emerging technologies. 'Those will really be something we should look forward to in the next five to 10 years,' he said. Despite these assurances, some Singaporeans online expressed concerns about job losses and safety. One commenter asked, 'What's going to happen to the human bus drivers?' Another said, 'The main problem of jobs is not solved, and now [they're] taking away Singaporeans who depend on PH as livelihood.' One person added, 'If you create unmanned buses and taxis, many people [are] going to be jobless in our small little red dot. Why not use unmanned vehicles to transport the disabled, special kids, and bedridden patients to clinics, hospitals, and daycare centres?' Meanwhile, others pointed out safety concerns. One commenter said, 'So many reported accidents abroad. Why are we so eager to rush into this AV car? We haven't even settled the cyclist issue on the road… and now this?' The AV trial will begin in Punggol, where the AVs will be tested on selected 'fixed routes'. Mr Siow said the estate was chosen due to its 'quite mature' travel patterns and public transport data showing where people want to go. Senior Minister of State for Transport Sun Xueling, who is also an MP for Punggol GRC, said the ministry had considered feedback from residents. For example, people in Punggol West have asked for easier access to the wet market and polyclinic in Punggol East. Meanwhile, others living in the east want better links to the MRT station and bus interchange. Mr Siow said the ministry is still working with potential operators and AV companies to finalise the vehicle types, frequency of services, and potential demand. See also 22-year-old found dead at NTU's The Hive campus In the first phase of the trial, AVs, which will be painted in 'bright colour,' will run at 'manageable' speeds without passengers. In the second stage, passengers will be on board along with a safety officer. In the final stage, the safety officer will be removed. Mr Siow said fares have yet to be decided, as discussions with operators are still needed. He added that prices will likely fall between current public transport and taxi or PHV fares. /TISG Read also: SG-JB KTM train to cease operations 6 months after new '6 minutes' RTS link starts running in 2027
Independent Singapore
an hour ago
- Independent Singapore
Hong Kong's China Medical System Holdings plans SGX secondary listing
SINGAPORE: Hong Kong-listed China Medical System Holdings (CMS) plans a secondary listing on the Mainboard of the Singapore Exchange (SGX), with shares set to trade in July 2025. This is part of its regional expansion strategy to tap investors in the city-state and expand in Southeast Asia's fast-growing healthcare market. The secondary listing is expected to raise its profile and tap a pool of sophisticated healthcare and life sciences investors. The firm has already secured a letter of eligibility from the Singapore bourse. China Medical System is part of the Hang Seng Large-Mid Cap (Investable) Index. Since 2023, it's also been part of the Hang Seng Innovative Drug Index. This is due to its evolving focus on cutting-edge therapies. The last two years have been challenging for the company due to the impact of Beijing's stand on volume-based procurement (VBP) policy. Designed to reduce the cost of drugs and medical devices, the VBP scheme has driven steep price competition, affecting firms with more traditional product lines. This led CMS to transition to an innovation-led business model that focuses on high-value, clinically driven products. According to company reports, it's in gradual recovery from the effects of VBP. It predicts renewed growth momentum, with a pipeline of approximately 40 innovative projects as of the end of 2024. With a regional population close to 700 million, Southeast Asia's growing demand for medicine is fuelled by a mix of factors. This includes a growing regional middle class, the spread of lifestyle diseases, and ageing demographics in countries like Singapore and Thailand. CMS will tap this market through two entities. The first is Singapore-based Rxilient Health, a regional unit focused on global licensing and commercialisation of pharmaceuticals. The second is CMS's associated firm, PharmaGend Global, which has acquired a Singapore-based contract development and manufacturing organisation (CDMO). This facility spans over 60,000 square metres and can produce up to 1 billion tablets and capsules annually. Rxilient Health has operations in Malaysia, Vietnam, Indonesia, the Philippines, and Thailand. This will enable market localisation, while commercial production in Singapore, which began at the end of 2024, will enable supply to regional customers. The Singapore facility has received a Good Manufacturing Practice certification from the US Food and Drug Administration (FDA) and passed inspections by Singapore's Health Sciences Authority (HSA). FY2024 saw China Medical System face significant financial challenges. Its earnings dropped by 32.5% compared to the previous year, falling to RMB 1.62 billion (~US$288 million or S$367 million). This also saw a decline in gross profit (11.2%) as well as net profit (32.3%). The company is banking on its investments in innovation and overseas market expansion to drive future recovery and growth. The timing of the secondary listing comes amid strong momentum on the Singapore bourse. SGX shares rose 7.2% last week, hitting a five-year high of S$14.72 on Jun 27. The Straits Times Index (STI) closed the week at 3,966.20, up 0.7%. Investors appear to be leaning on Singapore's stability as global concerns over inflation, oil prices, and tariffs continue. Trading activity has picked up noticeably, especially in the small and mid-cap segments.
Independent Singapore
an hour ago
- Independent Singapore
Singaporean asks if fresh tech grads are ‘cooked' in terms of salary expectations
SINGAPORE: A local Reddit user expressed concern over the salary expectations of fresh tech graduates this year, saying that they seem to be somewhat low. In a post on r/askSingapore over the weekend, u/Grand-Net3191 asked if tech fresh grads are 'cooked,' adding that they've been searching for tech market salary posts but haven't seen any in a while. 'Since the 2025 batch has recently graduated, I was wondering about the job market across the grad cohort. I heard that the tech market has been oversaturated and that companies are not hiring junior roles,' the post author wrote. They added that the people who've graduated from a computer science course have been getting offers with salaries in the S$4000 to S$4,500 range 'even for cybersec roles @ Big 4 accounting,' which they called 'considerably below median for CS.' In December 2024, the global job search platform Indeed reported that the average base salary of a computer scientist in Singapore is S $8,786. Meanwhile, the personal finance blog Dollars & Sense reported on Jun 25 that the median starting salary of a computer science graduate from Nanyang Technological University is S$5,500. Those who graduate from the Singapore University of Technology and Design (SUTD) may expect to earn S$4,900 a month, while the median starting salary for those from the Singapore University of Social Sciences (SUSS) is between S$4,900 and S$5,000. A number of commenters on u/Grand-Net3191's post wrote that the year that a person graduates can affect their salary. 'Sometimes it just comes down to being born at the right year, graduating at the right time,' was the top comment. 'Those who graduated during 2008 lagged behind their peers who graduated a year before or after them by a significant margin,' chimed in another. 'Yup. People who graduated about five years ago are the sweetest spot around. They started with a high pay, had a good number of jobs available, and could gather enough experience to beat out these huge waves of people now,' wrote one. Another argued that 2022 was the best year since that was when TikTok took off. 'As much as I would like to say it comes down to one's ability and merit, I'm afraid this is very true, the graduating year absolutely plays a part,' a Reddit user weighed in. As to whether tech grads are 'cooked,' this is what commenters had to say: 'I work in a local bank here. All of our dev and testing have already been offshored to PH/IND liao… Standard Chartered also recently moved 80 SG jobs to IND. Cooked!' 'VERY cooked. I work in a Fin MNC, and our junior roles are cut to the bone. My peers in other firms see the same issue. Every new opening we have for junior roles is flooded with apps from both freshers and experienced professionals. There are openings, but more towards experienced professionals (staff eng and up). Doesn't help that GENAI and India/China/Vietnam offshoring is removing the need to hire so many junior engineers in SG now,' another wrote. One gave this bit of advice: 'Pure tech is cooked. Find a role that lies between technology and business. That way, you get exposed to aspects of both ends of the spectrum.' /TISG Read also: NUS Computer Science grad yet to land job despite sending hundreds of applications
