Commentary

2016 was a tough year for Singapore’s economy. According to the Singapore Business Federation’s National Business Survey (NBS) 2016/2017, only 1 in 10 businesses expected the economic climate to improve over the next 12 months, whilst almost 50% of those surveyed felt that it could get worse. The overall SBF-DP SME Index reading for 1Q17 to 2Q17 also recorded its lowest reading of 49.8 in seven years, reflecting the business uncertainty felt among local businesses.

On 20 January 2017 Mr Donald J. Trump sworn in as the 45th President of the United States of America, and as part of his “100-day action plan to Make America Great Again” on 23 January 2017 signed the executive order to withdraw the USA from the TPP, the Trans Pacific Partnership free trade agreement between 12 Asia-Pacific countries including four within the ASEAN marketplace (Singapore, Malaysia, Vietnam, and Brunei). It reconfirmed Trump’s position well expressed during his presidential campaign and remarked his intent to withdraw from the TPP “from day one,” calling it “a potential disaster for our country” and continued by adding that instead he would negotiate “fair bilateral trade deals that bring jobs and industry back”.

If history is any guide, under US President Donald Trump, Singapore’s stock market won’t post returns worth writing home about… until 2019. But: given the unpredictability of Trump so far, history may not be prologue at all.

In the face of a fast growing economy, we are presented with an interesting conundrum in the role which education has.

More than most developed nations, Singapore has reached a point where one of the biggest growth drivers will be through increased productivity. With an ageing population and limited space, it cannot count on large-scale manufacturing to employ thousands of people, or embark on major infrastructure works to provide an economic boost.

It is obvious that social media has changed the entire dynamics of crisis communications – from the way professionals work, engage with our communities, and communicate ideas. It has significantly re-defined our relationships with people and forever changed the way businesses run. And this change is not evolutionary but revolutionary.

As we embark on a New Year perhaps looking for a better job opportunity, or a more fulfilling dream career, here are some recruitment trend shifts you need to be aware of. Artificial Intelligence (AI) penetration has impacted almost all industries, and recruitment space is the least spared of it all.

We all know the importance of staying ahead of the curve in business and not going in the footsteps of companies such as Nokia, Kodak, Borders, etc. In this rapidly changing technology world, it is all the more crucial to keep ourselves updated of the latest trends in our bid to move things forward.

It was December 2010, and Tagit Pte Ltd (Tagit), the Singapore-based mobile solutions company, was celebrating the end of a bumper year. The company had grown an impressive 170% since it secured its first contract in 2006, posting revenues of S$5.8m in 2010, a 450% increase over the previous year.

Entrepreneurs are a unique breed of individuals. They are original thinkers with extraordinary toughness. Successful entrepreneurs are often lauded for the achievements, and behind that success is a lot of hard work – keeping on the right track can be difficult but the true challenge lies in staying relevant. This challenge requires innovation and also sometimes re-invention, aided by technology to stay relevant in this increasingly digital world.

Against the current background of Brexit and the US elections, low yields have somewhat become a problem for savers and retirees of this generation. And with the passage of time it has only become increasingly difficult to find financial instruments which offer at least a decent payout – for a reasonable amount of risk. However investors remain optimistic and continue their search for higher returns.

Electronic payments account for 69%1 of consumer transactions in Singapore – just slightly higher than the global average of 65%. The country’s e-commerce market, valued at US$1.39b in 2015, is predicted to exceed S$7b in 2025 with 60% of consumers saying they bought products online at least once a month2 – some even showing a growing preference to shop online and pick up their purchases in-store.

According to academics and scholars – such as Clayton Christensen, the father of disruptive innovation theory – disruptive technologies or innovations have several attributes.

2016 had been a year of surprises; conventional wisdom had been turned on its head. The year started with the crash of the Chinese stock market which the authorities had assured wouldn’t happen for a third time.

The Monetary Authority of Singapore's regulatory changes in 2016 and planned reforms throughout 2017 has seen many financial institutions launch a recruitment drive for regulatory reporting professionals and risk control experts.

As the clock runs down on 2016 and with people in a reflective mood, it is perhaps the perfect time to take stock of how the Singapore Government’s PIC-R&D tax incentive has performed as the PIC scheme itself draws to a close after the end of 2017.