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Rising rent distresses expats in Singapore: German companies and employees feel the pinch as private housing rents surge at fastest pace in 15 years

German companies and their employees in Singapore are feeling the impact of rising housing rents, according to a survey by the Singaporean-German Chamber of Industry and Commerce (SGC). The study found that almost half of German employers surveyed in Singapore (44%) reported lower work performance and psychological distress among staff due to the unpredictable housing situation. Half of the firms polled anticipate rents rising by 30% to 50% in 2023, while 16% see even higher increases of more than 50%. The survey also revealed that 43% of German firms would consider relocating certain business functions out of Singapore due to increasing costs and difficulty in recruiting talent.

Monetary Authority of Singapore monitoring Credit Suisse situation closely

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is closely monitoring the troubled Credit Suisse Group, in communication with Swiss authorities. Singaporean banks assure minimal exposure to Credit Suisse as MAS emphasizes the resilience and stability of Singapore’s banking system.

Credit Suisse says it will borrow up to US$53.7 bn from central bank

Credit Suisse announced Thursday that it will borrow up to US$53.7 billion from the Swiss central bank to reinforce the group after its shares plunged.

US tells ByteDance to sell TikTok or be banned: report

The US government has told China-based ByteDance to sell its shares in the blockbuster TikTok app or face a national ban, the Wall Street Journal reported on Wednesday.

Evergreen announces record profits and mid-year employee bonuses of 11 months amid challenging market conditions

Taiwanese shipping giant Evergreen Marine Corp. announces record profits in 2022, planning to reward employees with mid-year bonuses totaling NT$1.918 billion (US$62.8 million). Despite challenging market conditions, the company remains cautiously optimistic about future prospects, with recovery depending on the resolution of the Russia-Ukraine war.

Staying connected to customers in digital banking: The power of empathy

Michelle Huff, CMO at UserTesting shares how empathy is crucial for customer retention in digital banking. She points out that financial institutions should prioritize personalization, transparency, senior customer needs, understanding customer pain points, and balancing self-service with human interaction to provide better customer experiences.

The collapse of Silicon Valley Bank rocks banking sector: Three takeaways

DeVere Group CEO Nigel Green warns Silicon Valley Bank’s collapse could have led to a wider financial crisis. US regulators have granted depositors access to their funds and set up a new facility to provide emergency funds, while the Federal Reserve has eased borrowing from the central bank. Green highlights the need for regulation, reversing deregulation to prevent further collapses, and predicts that the Fed will put its rate hike program on hold due to the current banking sector’s stress.

Temasek Holdings has no direct exposure to collapse of Silicon Valley Bank

Temasek Holdings, the Singaporean sovereign wealth fund, has confirmed that it does not have any direct exposure to Silicon Valley Bank (SVB)

Markets rattled as bank shares hammered

Global markets suffer losses after US jobs data raises the possibility of aggressive interest rate hikes, and the collapse of Silicon Valley Bank adds to the uncertainty in the banking sector. Shares in HSBC, Standard Chartered, Barclays, and Lloyds all fell, as did Deutsche Bank and Societe Generale. Despite the news, JPMorgan Chase and Bank of America had mixed performances, and the dollar fell against its main rivals despite the expected US interest rate hikes.

SPH Media confirms hiring of former Accenture staff for senior leadership positions

SPH Media has confirmed that several members of its senior leadership team have a history of employment with Accenture, a global IT services and consulting company. Despite this, the media company has emphasized that all staff appointments are thoroughly evaluated to ensure their effective contribution.