Semiconductor firms in S’pore step up talent development amid global demand for chips
SINGAPORE - Semiconductor firms in Singapore are stepping up their talent development amid a rampant global demand for chips that shows no sign of slowing down. Industry players have been focusing on two strategies - upskilling existing workers and attracting new employees. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
US growth ‘downshifted’ amid labour, supply shortages, says Fed
WASHINGTON (AFP) - US economic growth "downshifted slightly" in July and August amid shortages of workers and materials, as well as concerns about the rise of the Delta variant of Covid-19, the Federal Reserve said on Wednesday (Sept 8). The slowdown was largely due to "a pullback in dining out, travel and tourism in most districts, reflecting safety concerns due to the rise of the Delta variant," according to the Fed's "beige book" report. Activity declined in some areas of the country due to labour issues and "pervasive resource shortages" that also were driving up prices, the report said. Sales of autos and homes in the world's largest economy were depressed by low inventory, while retail sales growth slowed, but construction rose modestly, the report said. The analysis, prepared in advance of the Fed's next policy meeting on Sept 21-22, said contacts in most districts "remained optimistic about near-term prospects, though there continued to be widespread concern about ongoing supply disruptions and resource shortages." The rapid reopening of businesses following the pandemic shutdowns has posed a challenge for global shipping and raw materials, including a worldwide semiconduct...
Nasdaq sets new record in otherwise down day for US stocks
NEW YORK (AFP) - A post-holiday pall fell on US stocks on Tuesday (July 6) even as the Nasdaq eked out a new record close amid slightly underwhelming data and the failure of Opec+ talks. The closely-watched monthly survey from the Institute for Supply Management (ISM) showed the services sector is still growing strongly but had slowed more than expected in June amid supply issues, rising prices and difficulties hiring - and keeping - workers in the hot labour market. That report sent Treasury debt prices higher. There was little other economic news, but oil-related shares were "the top loser in afternoon action amid a tumble in crude oil prices on festering supply uncertainty after another breakdown in Opec+ oil production talks on Monday," according to Schwab analysts. The Dow Jones Industrial Average lost 0.6 per cent to end at 34,577.37, while the broad-based S&P 500 dipped 0.2 per cent to 4,343.54 in the first session the Independence Day holiday. But the tech-rich Nasdaq Composite Index gained 0.2 per cent to finish at 14,663.64, topping Friday's record by 24 points. Peter Hanks, market strategist at IG, notes the summer months tend to have lower trading volume, amid vacations...
How 2 S’poreans adapted to new job roles amid Covid-19 pandemic
SINGAPORE - When Ms Joyce Seah left her job at an oil and gas multinational corporation (MNC) last July, she was afraid she would not be able to secure another job amid the weaker hiring market. The company where she worked as a senior buyer restructured during the Covid-19 pandemic and she was assigned a new role which she felt was unsuitable for her. So she resigned. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
NUS holds first-ever online graduation ceremony for 186 students
SINGAPORE - A total of 186 students from the National University of Singapore (NUS) graduated in a virtual ceremony on Saturday morning (June 26). This is the first time NUS has held a graduation ceremony in this manner. Saturday's was the first among 60 online ceremonies that will see more than 23,500 students from the classes of 2020 and 2021 graduating. Those from the class of 2020 had their graduation ceremonies postponed to this year. President Halimah Yacob, who is also NUS chancellor, gave a speech to the graduating students, in which she noted that the Covid-19 pandemic had upended Singaporeans' way of life and altered the face of an already disruptive future. "It is a reminder that sometimes, even the best-laid plans can be overturned by events that are not within our control," she said. Addressing 154 graduates from the NUS Saw Swee Hock School of Public Health and 32 graduates from the Master of Science in Industry 4.0 programme offered by the NUS School of Continuing and Lifelong Education, Madam Halimah encouraged them to hold steadfast to values of respect, integrity, innovation, excellence and resilience during these challenging times. She said: "I encourage you to e...
S’pore semiconductor firms boost capacity amid global chip crunch
SINGAPORE - Local players in the semiconductor industry are ramping up production capacity amid a worsening global chip shortage sparked by high demand from consumer electronics and automobile firms. Singapore Semiconductor Industry Association (SSIA) executive director Ang Wee Seng told The Straits Times that the high demand is forecast to continue into next year with companies dealing with order backlogs that have more than doubled in 12 months. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
Wall Street closes with modest gains
NEW YORK (AFP) - US equities eked out modest gains on Wednesday (May 26) after a lacklustre session that saw positive corporate news dueling with lingering concerns over the global recovery and US inflation. Amazon announced a deal to acquire MGM studios, and major retailers reported an earnings surge fuelled by cash-flush American consumers. The Dow Jones Industrial Average ended essentially flat at 34,323.05. The broad-based S&P 500 edged up 0.2 per cent to close at 4,195.99, while the tech-rich Nasdaq Composite Index advanced 0.6 per cent at 13,738. Investors continue to monitor signs of rising inflation amid fears higher prices could prompt a sudden shift in Federal Reserve policy. But Fed vice-chairman Randal Quarles again tried to tamp down concerns, saying current prices spikes are unlikely to last, and warning it would be "unwise" for the central bank to "take actions that might slow the recovery prematurely." Gregori Volokhine, of Meeschaert Financial Services, said investors are becoming convinced the Fed eventually will take steps to keep inflation under wraps. "The markets are calmer, they are seeing excellent results," he told AFP. And though "they see numbers that cou...
US stocks near flat amid stimulus hopes, inflation fears
NEW YORK (AFP) - Wall Street stocks finished little changed on Friday (Feb 19), concluding a choppy week in which optimism over coronavirus vaccines and stimulus competed with inflation fears. Appearing at a pharmaceutical plant in Michigan, US President Joe Biden again called for Congress to boldly boost the coronavirus-ravaged US economic and enact his US$1.9 trillion (S$2.5 trillion) rescue package. In another propitious development for markets and the country, Pfizer and BioNTech said research showed their Covid-19 vaccine could be stored at standard freezer temperatures, potentially lowering the costs and logistical challenges of widespread inoculation against the deadly virus. But a jump in yields on 10-year US Treasury notes amid inflation worries "appears to be keeping gains in check," said a market note from Charles Schwab. The Dow Jones Industrial Average ended unchanged at 31,494.32. The broad-based S&P 500 slipped 0.2 per cent to 3,906.71, while the tech-rich Nasdaq Composite Index added 0.1 per cent at 13,874.46. The Dow finished the week modestly higher, while both the S&P 500 and Nasdaq declined. Among individual companies, Deere & Co. jumped almost 10 per cent after...
US Q1 budget deficit surges to record US$573 billion amid pandemic
WASHINGTON (AFP) - As spending remained high amid the coronavirus pandemic, the US budget deficit surged by 61 per cent in the first three months of the 2021 fiscal year, the Treasury Department said on Wednesday (Jan 13). Spending compared to the prior year grew by US$213 billion (S$282.6 billion) from October to December, driving the budget gap to US$573 billion and setting quarterly records, a senior Treasury official told reporters. The deficit for the 2020 fiscal year exploded, jumping more than 200 per cent to an all-time high of US$3.1 trillion, which was more than double the prior record. The first quarter pace will keep the deficit well below that level in the future, but President-elect Joe Biden has pledged to push for trillions of dollars in new measures to help struggling families and boost the economy. US government expenditures increased last year due to the mammoth programs Congress approved to help workers and businesses hit by the Covid-19 shutdowns. However, spending tapered later in the year as some programs lapsed while lawmakers worked to pass a new relief package, and the Treasury official said the impact of a US$900 billion measure approved December 27 will ...
Morning Briefing: Top stories from The Straits Times on Dec 13
Good morning! Here are our top stories to kick-start your Sunday, Dec 13. Hawker heritage: Passing on a legacy As Singapore awaits the Unesco decision on inscribing hawker culture on the intangible heritage list, three hawkers share why they are passing on their love of the trade to others through an apprenticeship scheme. READ MORE HERE Lonely elderly deaths that go undetected uncommon in S'pore For 39 men and nine women, none of their loved ones may have known - or cared - about their deaths this year. READ MORE HERE Unwinding in Ubin: Marooned in S'pore amid Covid-19, locals flock to island for kampung vibes and nature trails With international travel restricted, the island has drawn Singaporeans in droves especially with the school holidays now in full swing. READ MORE HERE Lunch With Sumiko: Daren Tang, Singapore's IP Man in Geneva, on his to-do list Lawyer Daren Tang made history when he became the first Singaporean to head a United Nations agency. READ MORE HERE Couple, son die in suspected electrocution incident: What to do when trying to help victims It is dangerous to touch someone who has been electrocuted, say experts. READ MORE HERE Former drug abuser in S'pore shares ...
US stocks extend post-election rally, Dow up 2%
NEW YORK (AFP) - Wall Street stocks rose for a fourth straight session on Thursday (Nov 5) on continued positive momentum after the US election despite no closure yet to the presidential contest. The Dow Jones Industrial Average rose 2 per cent to 28,390.18, up around 540 points. The broad-based S&P 500 also gained 2 per cent to 3,510.45, while the tech-rich Nasdaq Composite Index jumped 2.6 per cent to 11,890.93. Analysts have said the rally reflects enthusiasm at the apparent outcome of the election, which may leave Washington politically divided and pose a barrier to sweeping policy changes that could upset investors, such as tax increases. Briefing.com pointed to the continued gains as evidence of a "fear of missing out" in the wake of a seemingly sky-bound market. The gains also come after major US indices last week suffered their worst week since March. There were no major developments in the US presidential contest, with five states still undeclared amid the counting of mail-in and absentee votes. Following a two-day meeting, the Federal Reserve restated its pledge to use all its tools to help the US economy recover from the coronavirus pandemic, but did not announce any new...