Quoteworthy: "This is a development that we should be deeply concerned about." - Managing director of the Monetary Authority of Singapore Ravi Menon warning about the growing share of national income from property and financial assets versus a lower share of income from work.
Singapore eases Covid-19 restrictions from July 12
Singapore has announced updated Phase Three (Heightened Alert) measures by easing restrictions, following a stabilisation in the number of Covid-19 infections within the community.
Come July 12, people will be allowed to gather socially in groups of up to five persons, up from the current two-person cap. There has also been a containment in the spread of the coronavirus in the local clusters, the Covid-19 multi-ministry taskforce said on July 7.
With people being unmasked and in close proximity with one another, dining-in is still seen as a higher-risk activity. As such, recorded music and videos and TV screenings at F&B establishments will continue to be prohibited. This is to “reduce the expulsion of droplets” from people talking louder over the entertainment, said the Health Ministry in a press release.
Working from home will remain as the default so as to reduce the overall interaction within workplaces and on public transport, the task force said. However, social gatherings will be allowed at workplaces, with a cap of no more than five persons.
Employers are also reminded to implement flexible working hours and to stagger the start times of employees required to go back to the office. The republic may see a further easing of these restrictions once the vaccination coverage increases.
As of July 7, 5.9 million people in Singapore have been vaccinated, of which over 3.7 million have taken their first dose. These individuals account for slightly more than 65% or close to two-thirds of Singapore’s population, Health Minister Ong Ye Kung said at a virtual press conference on July 7.
Some 2.1 million or 39% of the population have taken two doses of the Covid-19 vaccine. Around 76,000 vaccines are being administered on average each day. With the nation’s daily vaccination capacity at 80,000, Ong encouraged more people “to come forward and get vaccinated”. — Amala Balakrishner
AirAsia plans US listing of digital business this year
AirAsia Group is exploring the possibility of listing either its AirAsia Digital or AirAsia SuperApp in the US as early as this year, as Southeast Asia’s second-biggest budget carrier plans to expand its digital operations, the airline’s chief executive officer said.
“We’ve received a lot of interest from SPACs,” AirAsia CEO Tony Fernandes said in an interview, referring to special purpose acquisition companies. “We have hired accountants, so we are taking it quite seriously to change our accounts to follow US methods," he added.
The plan comes as the Malaysia-based budget airline doubles down on its digital strategy as the pandemic continues to wreak havoc on air travel.
AirAsia announced on July 7 that it is buying Gojek’s businesses in Thailand for US$50 million ($67.6 million) through the issuance of shares in AirAsia SuperApp.
The airline is also expected to announce a transaction soon at BigPay, where a capital raising will give the unit “a very nice valuation,” Fernandes said, without providing more details.
The FinTech company has also applied for a digital banking license in Malaysia. AirAsia also sees big opportunities in its logistics arm Teleport, with plans to add a freighter plane in September, Fernandes said. It will receive a leased 737 plane, the first Boeing aircraft on its fleet, as the airline bets on growing demand from online purchases.
“Logistics is ready and ripe for disruption,” Fernandes said. “We can be a freight forwarder, we can be a DHL. Teleport is a diamond in the rough.”
Teaming up with Gojek will enable AirAsia to provide a vast range of online services from travel and shopping to cross-border deliveries, which will create opportunities for growth.
AirAsia has been expanding its digital operations in the last few years and Fernandes said in March the company’s Super App business would have revenue of US$250 million this year and digital services will make up about 50% of the company’s sales in five years time. — Bloomberg
Covid-19 deaths reach four million as India eclipses US and UK
The global death toll from Covid-19 has reached four million, as a growing disparity in vaccine access leaves poorer nations exposed to outbreaks of more infectious strains.
Even as rapid vaccine rollouts allow life to start to return to normal in countries like the UK and US, it has taken just 82 days for the latest million deaths, compared to 92 days for the previous million, according to data from Johns Hopkins University.
The real toll could be far higher than reported because of inconsistent calculations around the world. The developing world is shouldering a rising death toll. India accounted for 26% of the increase from three million to four million deaths, and Brazil about 18%.
By comparison, the US, where more than 332 million shots have been administered, accounted for about 4% of the rise. The UK accounted for just 1,000 of the extra deaths, the data showed.
The US and UK had accounted for a far higher share of new deaths worldwide prior to April, reflecting how fast vaccination has brought about stunning turnarounds in their pandemic performances over the past three months.
“Vaccine equity is the greatest immediate moral test of our times,” United Nations Secretary-General Antonio Guterres said in a statement marking the gloomy milestone. “It is also a practical necessity. Until everyone is vaccinated, everyone is under threat.”
“The tragic loss of four million people to this pandemic must drive our urgent efforts to bring it to an end for everyone, everywhere,” he added. — Bloomberg
EY: Employees want flexible work arrangements post-pandemic
The vaccine roll-out may bring the world closer to pre-pandemic times, but it seems the workplace has changed forever. Nine in 10 employees in Southeast Asia want flexibility in where and when they work, while six out of 10 would consider leaving their job if they are not offered such options.
According to the EY 2021 Work Reimagined Employee Survey, only 15% of employees surveyed from Southeast Asia would prefer to work from the office full-time. The majority would prefer to work anywhere (32%), work remotely full-time (29%), or in a hybrid work arrangement (23%).
Conducted in March by professional services firm EY, the global survey heard from more than 16,000 employees across 16 countries and 23 industries, including 1,037 respondents across Singapore, Malaysia, Indonesia and the Philippines.
Millennials — or those born between 1981 and 1996 — represented more than half of all respondents, and the survey targeted those who worked at companies with at least 500 employees.
On average, employees would want to work between two and three days remotely, with 35% of employees saying they want a shorter working week altogether. The majority (69%) believe their productivity can be accurately measured irrespective of location.
Yet, there is a strong perception (86%) that this arrangement would impact their access to career opportunities. Despite the apparent willingness to move jobs for more flexible working arrangements, most employee respondents (78%) say they are satisfied with their jobs. Almost all (91%) say they plan to stay in their current roles for the following 12 months.
“The Covid-19 pandemic has caused a major shift in where we work, when we work and how we work. Employers that promote hybrid work arrangements and provide the flexibility for employees to work anywhere and anytime, are ahead of the curve,” says Tan Lay Keng, EY’s Asean people advisory services leader.
“These employers are likely to have better employee attraction, retention and satisfaction in the long run, which could positively impact the business,” Tan adds.
