ECONOMY | Staff Reporter, Singapore

Daily Briefing: GIC invests in StorageMart; MOM mulls stiffer penalty on employers illegally deploying foreign domestic workers

And find ouw what cheap e-commerce platforms really mean for Singapore.

From DealStreetAsia:

Singapore sovereign wealth fund GIC, Cascade Investment, and other investors have taken stakes in StorageMart, the US-based self-storage company said in a statement.

The transaction values StorageMart, which says it is the largest privately owned self-storage company globally, at $3.67b (US$2.7b), the statement said.

The company, with locations in the US, UK, and Canada, is majority-owned by Stanley Kroenke and the Burnam Family, which founded StorageMart.

StorageMart owns, operates, and develops self-storage properties, it added.

It has around 225 properties across the three countries.

Read more here

From ChannelNewsAsia:

The Ministry of Manpower is reviewing guidelines to see if cases of employers illegally deploying foreign domestic workers that are currently resolved with just a warning should in future be subject to a financial penalty instead, Minister of State for Manpower Gan Siow Huang said.

“This is so that employers will take their responsibility towards their foreign domestic workers seriously,” Gan said.

She was responding to a parliamentary question by Nee Soon GRC Member of Parliament Louis Ng on whether the ministry would consider increasing the maximum fine for employers who illegally deploy a maid.

But cases of illegal deployment have remained relatively stable over the past few years, and the government does not plan to relook at the maximum penalty at the moment, she said.

Such employers face a fine of up to $10,000.

Read more here.

From e27:

It’s no secret that the outbreak of COVID-19 and the start of Singapore’s ‘stay-at-home’ order caused many residents to change the way they operate, by replacing in-person activities with virtual ones.

As a result, many e-commerce websites have seen an increase in customers, as more Singaporeans switch to online shopping.

While brick-and-mortar stores have their benefits, online shopping comes with its own perks of cheaper prices due to lower operational costs and overhead.

However, do all e-commerce sites provide the same great deals to their customers?

To find out, we explored how four of Singapore’s largest e-commerce platforms compare on price across 73 everyday products.

Read more here.

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