MARKET UPDATES :
- THE manpower crunch will put pressure on companies this year to pay higher wages to retain and attract talent, but productivity must improve in tandem to ensure wage increases are sustainable in the long run, said the National Trades Union Congress (NTUC).In its 2015 outlook for the unionised sector, NTUC highlighted that the labour market here is expected to remain tight as foreign manpower quotas continue to shrink this year. As such, the Labour Movement will continue to push for broad-based real wage increases by advocating greater adoption of the progressive wage model, emphasising productivity improvements in particular.
- Robust car sales boosted Singapore’s retail sales in November, which rose 6.5 per cent year-on-year, according to the Department of Statistics. Excluding the sale of motor vehicles – which jumped a significant 50.2 per cent – retail sales would have decreased 0.4 per cent in November. Total retail sales value in November was estimated at S$3.2 billion, higher than the S$3.0 billion in November2013. The double-digit surge in motor vehicle sales helped to offset poorer performances in areas such as furniture & household equipment (-6.8 per cent), recreational goods (-6 per cent), and petrol service stations (-5.7 per cent).
- DBS Bank has agreed with Postal Savings Bank of China (PSBC) and five other Chinese corporates to set up a consumer finance company – China Post Consumer Finance Company Limited (CPCFC) – which will be registered in Guangzhou city. DBS Bank will be investing 120 million yuan (S$25.83 million), representing 12 per cent of CPCFC’s registered capital. This makes the wholly-owned subsidiary of DBS Group Holdings the second largest shareholder and only foreign shareholder in CPCFC.
- KEPPEL Offshore & Marine’s wholly-owned subsidiary, Keppel Singmarine, has clinched a contract worth S$265 million to build New Orient Marine’s first ice-class multi-purpose vessel.New Orient Marine is the subsidiary of Luxembourg-based Maritime Construction Services SA.Vessels with an ice class have a strengthened hull to enable them to navigate through sea ice. Designed to operate in ambient temperature as low as minus 30 degree Celsius, this vessel will have an ‘Ice Class Arc 5′ notation and capabilities such as ‘Class 3′ dynamic positioning and diving support functions.
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