Singapore is positioning itself for a post-coronavirus world with massive investment in innovation, over and above the immediate support it is giving to help the economy rebound from possibly its worst downturn on record.
The government will set aside more than S$20 billion ($14.3bn/Dh52.6bn) to support research in “high impact areas” such as health and biomedical sciences, climate change and artificial intelligence, Deputy Prime Minister Heng Swee Keat said on Saturday. The investment is part of a five-year research and development plan, which is being finalised.
“All countries, including us, are providing immediate support, to provide a cushion,” said Mr Heng, who is also finance minister. “But we are going further, investing to give everyone a springboard, to bounce back from this even stronger. In Singapore, we never stop thinking of tomorrow.”
Mr Heng’s speech is the final one in a series of ministerial broadcasts as the nation girds for a coming election. On Friday, the city-state entered the second phase of reopening its economy after a lockdown to avert the coronavirus’ spread.
With Singapore’s economy facing its biggest contraction since independence in 1965, and employment sliding in the first quarter by the largest amount on record, Mr Heng said the most urgent task is job creation. Officials have pledged to create 100,000 jobs and training opportunities to help cushion the blow.
“We are doing our best to keep viable businesses afloat, helping them hold on to their workers for as long as possible, so that you can preserve your livelihoods,” Mr Heng said, while also highlighting that it was the first time the government has provided direct cash support to self-employed workers on a large scale.
One of the most export-dependent economies in the world, Singapore has no choice but to increase its export levels coming out of the crisis, said Mr Heng.
“We are finished if we close up,” he said.
Mr Heng stressed the government’s commitment to infrastructure investment, including greener projects and food security initiatives.
A series of industry-led groups assembled by the government will explore new opportunities in areas such as robotics, e-commerce and supply chain digitisation, he said.
The stimulus and investment pledged is a particular shock for Singapore, which is traditionally prudent with its fiscal spending. Mr Heng acknowledged that he “never expected to put up four budgets, one after another, within just 100 days” for a total of almost S$100bn, and more than half financed from past reserves.
“We are very grateful to our past generations, whose blood, sweat and tears left us with these deep financial reserves,” said Mr Heng. “So, let us remember – once we have recovered from this crisis, our generation must build back better.”
It is only the second time that Singapore has drawn down on its national savings. In 2009, it received approval to use S$4.9bn of reserves to help fund the government’s support package during the global financial crisis. The government paid back the amount drawn to the reserves in 2011 after the crisis passed.
Mr Heng noted that Singapore has remained one of the most competitive economies in the world. That distinction was highlighted earlier this week when it retained its No 1 position in a global competitiveness ranking by IMD Business School in Switzerland.
A stronger domestic economy will help Singapore strengthen its reputation with investors globally, Mr Heng said.
“A trusted and reliable Singapore, relevant to the world, will in turn attract investments into Singapore, and give Singaporeans an edge in seeking opportunities at home or abroad,” he said. “This Singapore premium is precious.”
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How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
UAE currency: the story behind the money in your pockets
The five pillars of Islam
UAE currency: the story behind the money in your pockets
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
UAE currency: the story behind the money in your pockets
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Company%20Profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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Mumbai Indians 213/6 (20 ov)
Royal Challengers Bangalore 167/8 (20 ov)
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Zayed Sustainability Prize
