CNA938 Rewind - Green from the Ground Up: How Cloversoft Became a Trusted Eco Brand in Singapore
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CNA
31 minutes ago
- CNA
Platform Workers Trilateral Group to submit recommendations on fair competition concerns by end of 2025
SINGAPORE: A trilateral group looking into the issue of foreigners taking on delivery jobs in Singapore illegally is aiming to submit its recommendations by the end of the year, said Senior Minister of State for Manpower Koh Poh Koon on Monday (Jul 14). Announced earlier this month, the Platform Workers Trilateral Group comprises the Ministry of Manpower (MOM), the Ministry of Transport (MOT) and Grab Singapore, who will work with the National Trades Union Congress (NTUC) and its affiliated associations to tackle this and other issues affecting platform workers. Meeting for the first time on Monday, the group agreed on two areas to focus on, said Mr Koh in a Facebook post. First, it will consider how to address platform workers' concerns about fair competition stemming from "outsourcing practices and unauthorised activities" in the sector. These include foreigners illegally using platform accounts or taking on delivery jobs without valid work passes, as well as the provision of illegal hitch services, said Mr Koh. Second, the group "will work with platform operators to establish fair and safe principles for payment and incentives schemes". "We look forward to having further robust discussions on how we can work together to address challenges faced by platform workers and safeguard their well-being," said Mr Koh. In a Facebook post on Monday, Grab said: "Our goal as a trilateral group is to co-create solutions and industry best practices to protect the livelihoods of platform workers and safeguard their well-being, especially against unlicensed workers and services." In announcing the group's formation, NTUC had said that "urgent action" was needed to address the issue of foreigners performing delivery jobs illegally as it creates unfair competition for delivery workers and has a direct impact on their earnings. The group is being overseen by Mr Koh, Senior Minister of State for Transport Sun Xueling, NTUC secretary-general Ng Chee Meng and Grab group managing director of operations Yee Wee Tang. MOM and MOT also said in a joint statement earlier that the group will collectively address the challenges faced by platform workers and safeguard their well-being in a rapidly evolving economy. The ministries added that they were looking to bring other platform operators into the group's discussions subsequently.
CNA
32 minutes ago
- CNA
Economists upgrade outlook as Singapore economy up 4.3% in Q2 2025
Some economists in Singapore have raised their full-year growth forecast for 2025, following better-than-expected second quarter results. According to advance estimates, Q2 GDP expanded 4.3% despite US tariff uncertainty, following a 4.1% rise the previous quarter. The manufacturing sector emerged as the star performer, with a 5.5% expansion driven by demand for electronics and precision engineering. Nadirah Zaidi reports.
CNA
an hour ago
- CNA
India's HCLTech narrows revenue forecast, sees demand stability
BENGALURU :HCLTech, India's third-largest IT services provider, reported mixed quarterly results on Monday, where its revenue beat analyst estimates but profit fell more than expected. The company's net profit for the June quarter fell 9.7 per cent from a year ago to 38.43 billion rupees. Meanwhile, its consolidated quarterly revenue rose 8.16 per cent to 303.49 billion rupees ($3.53 billion), surpassing analysts' average estimate of 302.92 billion rupees, according to data compiled by LSEG. "The demand environment remained stable from an overall perspective, with some variations across specific verticals. It did not deteriorate as feared at the start of the quarter," HCLTech CEO C Vijayakumar said. Uncertainty around tariffs in the U.S., the biggest market for India's $283-billion IT sector, has quashed hopes of a revival in client confidence and spending. The company raised the lower end of its revenue growth forecast for fiscal year 2026 to between 3 per cent and 5 per cent from the prior view of 2 per cent to 5 per cent. However, HCLTech lowered its annual operating margin forecast to a range of 17 per cent to 18 per cent from the previous projection of 18 per cent to 19 per cent. "This revision indicates a cautious outlook on profitability amid ongoing cost and demand pressures," said Ambrish Shah, an analyst at Systematix. Operating margin for the June quarter declined 80 basis points to 16.3 per cent, impacted by lower utilization due to a delay in the ramp-up of a specific program leading to larger bench strength, Vijayakumar said. The company will also undertake a restructuring where it will seek to give up facilities it is not using, primarily in locations outside India, the CEO added. There will also be a "talent rampdown" in some locations outside India, he added, but did not share specifics. The costs the company will incur as part of the restructuring are baked into its updated forecast, he said. HCLTech's order bookings for the June quarter stood at $1.81 billion, compared with $1.96 billion in the year-ago period. Four of its seven industry segments grew, while manufacturing, life sciences as well as healthcare and public service segments declined. Industry leader Tata Consultancy Services missed its quarterly earnings estimates last week, leading to concerns of a prolonged lull in demand.
