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CNA
25 minutes ago
- CNA
Commentary: The AI job cuts are accelerating
LONDON: Microsoft, by chief executive Satya Nadella's own description, is 'thriving'. Its quarterly profits soared by almost 25 per cent and its market valuation hit US$4 trillion last week. In any normal situation, it would seem incongruent that the company is at the same time slashing its workforce by the thousands. The pursuit of a leaner workforce is not new. In times of economic uncertainty, companies prune excesses - cutting headcount and eliminating inefficiencies. But today it is not just about doing more with fewer people. Companies are preparing for a time where there might be less work for their employees altogether. Even as business leaders claim AI is 'redesigning' jobs rather than cutting them, the headlines tell another story. It is not just Microsoft but Intel and BT that are among a host of major companies announcing thousands of layoffs explicitly linked to AI. Previously when job cuts were announced, there was a sense that these were regrettable choices. Now executives consider them a sign of progress. Companies are pursuing greater profits with fewer people. THE RISE OF ONE-PERSON FIRMS For the tech industry, revenue per employee has become a prized performance metric. Y Combinator start-ups brag about building companies with skeleton teams. A website called the 'Tiny Teams Hall of Fame' lists companies bringing in tens or hundreds of millions of dollars in revenue with just a handful of employees. OpenAI's Sam Altman has gone further, predicting the eventual rise of a one-person US$1 billion company. That may still sound far-fetched - but it is undeniable large language models are already reshaping white-collar work. While new jobs are being created in the AI age and some workers redeployed, a lot of positions will be eliminated. Companies are increasingly saying the tasks of those workers no longer exist. Already it's clear the hiring of coders has dropped off a cliff. And almost daily, my inbox delivers examples of AI's prowess versus humans. Among the latest is how one Big Four firm has slashed turnaround times for research by 75 per cent, reclaiming 3,600 analyst hours by using AI-generated reports. FEWER STARTER JOBS AND FRAGMENTED CAREER PATHS Younger workers should be particularly concerned about this trend. Entire rungs on the career ladder are taking a hit, undermining traditional job pathways. This is not only about AI of course. Offshoring, post-COVID budget discipline, and years of underwhelming growth have made entry-level hiring an easy thing to cut. But AI is adding to pressures. Dirk Hahn, chief executive of recruiter Hays, said to me: 'While there will be exceptions, the rise of AI could constrain the recovery in some junior white-collar roles.' If the footholds are eroding, where does that leave future workers? What shape do organisations take if there are fewer starter jobs and middle management positions? Professional development and leadership pipelines need to be redefined. The consequences are cultural as well as economic. If jobs aren't readily available, will a university degree retain its value? Careers already are increasingly 'squiggly' and not linear. The rise of freelancing and hiring of contractors has already fragmented the nature of work in many cases. AI will only propel this. CAN LEANER FIRMS LAST? But are leaner organisations necessarily better ones? I am not convinced these companies are more resilient even if they perform better financially. Faster decision making and lower overheads are great, but does this mean fewer resources for R&D, legal functions or compliance? What about a company's ability to withstand shocks - from supply chain disruptions to employee turnover and dare I say it, runaway robots? Some companies such as Klarna have reversed tack, realising that firing hundreds of staff and relying on AI resulted in a poorer customer service experience. Now the payments company wants them back. The tech bros touting people-light companies underestimate the complexity of business operations and corporate cultures that are built on very human relationships and interactions. In fact, while AI can indeed handle the tedium, there should be a new premium on the human - from creativity and emotional intelligence to complex judgment. But that can only happen if we invest in those who bring those qualities and teach the next generation of workers - and right now, the door is closing on many of them.
CNA
25 minutes ago
- CNA
Diners welcome colour-coded labels at nasi padang, economy rice stalls but call for clearer prices
SINGAPORE: When part-time driver Yam Sok Chi visited Hjh Maimunah's outlet at Parkway Parade last week, she noticed something new – each dish was labelled with a colour code indicating its price. 'This is a very clear picture,' said the 70-year-old, who dines at the Kopitiam outlet two to three times a week. 'Nothing better than to look at the price and order according to the price that you can afford.' The colour-coded labels were recently introduced at the nasi padang chain's Parkway Parade outlet and will soon be rolled out at all nine of its mini outlets, the Consumers Association of Singapore (CASE) said in a media release in late July. This follows a similar collaboration between CASE and Koufu in March, with colour-coded price labels to be implemented at 77 economy rice stalls by the end of the year. At Koufu, labels categorise dishes such as seafood (S$2.50), meat (S$1.50) and vegetables (S$1), while premium items are individually priced. Hjh Maimunah's dishes are colour-coded with prices that range from S$1.50 to S$4.50. Speciality items, such as tahu telur and ayam bakar, have grey tags, and customers will have to ask staff for prices. CASE president Melvin Yong said the introduction of price labels aims to improve price transparency and help customers make informed choices before they order. Diners have often expressed frustration over unclear pricing at such stalls. Dr Teo Kay Key, a research fellow at the Institute of Policy Studies, said customers rarely calculate total costs while ordering. 'So sometimes if the total price they have to pay is not within expectations, then it can lead to some contention,' she said. With colour codes, stalls can avoid disputes by showing that they are not charging a random price, she added. ROOM FOR IMPROVEMENT When CNA visited Hjh Maimunah's Parkway Parade outlet and the economy rice stall at Koufu at Plantation Plaza last week, most of the 14 diners interviewed supported the initiative. At Plantation Plaza, a 23-year-old fresh graduate who gave her name as Lynsie said she checks the colour codes when she wants to save money. 'Sometimes if I'm just very hungry, I just want to eat what I want to eat regardless of the price, I don't care about the colour so much,' she added. Production operator Mdm Toh, 60, did not notice the labels but said the idea was 'not bad'. 'I'm old, I don't know. I just see what I want, then order,' she said in Mandarin. She spent S$4.70 on her meal. Mr Khor Jun Han, 25, who oversees operations at Hong Le Mixed Veg Rice stall at Plantation Plaza's Koufu, said feedback has been positive. 'Customers say prices are more transparent. Sometimes when they come, they have a budget in mind,' he said in Mandarin. He explained that some premium dishes cannot have a fixed price point because ingredient costs can vary. Still, some felt the system could be clearer. At Parkway Parade, housewife Daria Wati said she only noticed a small A5-sized price chart at the cashier after picking her food. 'Because at first we don't know, then we go to the cashier, then we see it's like (this price),' said the 49-year-old. A diner who gave his name as Mr Ching questioned why the actual prices could not be shown directly on dishes so that customers would not have to refer to a price list. 'If you put the price there, easier what,' said the 55-year-old logistics manager, adding that he had not even noticed the colour-coded tags at Hjh Maimunah. WHY NOT LABEL BY PRICE? Ms Maria Didih, Hjh Maimunah's operations director, told CNA that labelling each of the outlet's 50-plus dishes individually would confuse customers. She added that dishes may have different prices for larger portions or takeaway orders. 'It's a bit hard for us, nasi padang, because there are a lot of prices. The best is actually for us, for our mini outlets, at least we put the per portion price in terms of colour code,' she said. Items tagged with grey "ask the server" tags, such as asam pedas fish roe, are seasonal and typically priced above regular tiers, making fixed pricing difficult, she added. Hjh Maimunah plans to gather feedback from the Parkway Parade outlet before expanding the initiative to its other mini branches. Its restaurants in Joo Chiat and Jalan Pisang, which offer more than 60 dishes, may adopt the system later. Other economy rice and nasi padang businesses CNA spoke to expressed concerns about adopting a similar system. Mr Terry Soh, who works at an economy rice stall in a food court in Katong, said he has too many variations of dishes to categorise them simply as "meat" or "vegetables" as Koufu stalls do. 'Customers may also get confused. So we don't use colour codes, we just communicate the prices verbally,' he said in Mandarin. He also raised concerns about hygiene and practicality in labelling each dish. Mr Mohamad Ariff Mohamad Zin, executive chef of nasi padang chain Rumah Makan Minang, said the colour-coded system is 'a good idea' for hawker-style setups but will not be adopted at his restaurants. His team instead provides menus with price ranges and breakdowns on receipts. He added that restaurant diners value ambience, while hawker customers may want quicker service – something colour coding could support. EFFECTIVENESS OF COLOUR-CODING Associate Professor Lau Kong Cheen, head of the marketing programme at Singapore University of Social Sciences, said that colour codes work only if pricing charts are clearly visiable to customers before they make their selection. 'Mistakes that some stalls commit are that they display this at the cashier counter after the customers have selected their food, not knowing the price that each colour code represents ... that defeats the purpose,' he said. Although labelling every item with a price would be ideal, he noted that it may be impractical and unhygienic. Inked tags are exposed to oil and water, and prices can change frequently. 'Thus far, colour-coded tags tend to be most feasible, safe and cost-effective to implement,' he said. Associate Professor Walter Theseira, a labour economist at the same university, added that the overall layout and number of colour codes also impact the system's effectiveness. 'I still think it would be difficult for an occasional customer to understand the system, particularly since there are quite a few price grades offered,' he said. Ultimately, as pricing displays are not regulated, he said only voluntary efforts from stallholders – such as those by Hjh Maimunah – can improve market practices.
Straits Times
an hour ago
- Straits Times
US ETF becomes substantial shareholder of SGX-listed small-cap; has stakes in 30 S'pore stocks
Sign up now: Get ST's newsletters delivered to your inbox AVDV ETF increased its stake in oil company Rex International to 5.3 per cent – or slightly over 69 million shares – on July 17 at $0.178 apiece. SINGAPORE - A US-based exchange-traded fund (ETF) has recently become a substantial shareholder of a Singapore-listed small-cap company. Avantis International Small Cap Value ETF (AVDV) increased its stake in oil company Rex International to 5.3 per cent – or slightly over 69 million shares – on July 17 at 17.8 cents apiece, according to a statement by the Singapore Exchange (SGX) on July 29. This transaction crossed the threshold of 5 per cent that qualifies it as a substantial shareholder under Singapore law. The fund is owned by American Century Investments, based in Kansas City, and focuses on a broad range of small-cap stocks listed in non-US developed markets, targeting those with low valuations and strong profitability. Industrials, materials, financials and energy sector stocks make up the bulk of its portfolio. Japan is the fund's largest market, while most of its other investments are in Europe and Australia. The ETF's year-to-date return as at July 31 is 25.26 per cent, and it closed at US$80.31 on Aug 1. Top stories Swipe. Select. Stay informed. Singapore Singapore launches review of economic strategy to stay ahead of global shifts Singapore A look at the five committees reviewing Singapore's economic strategy World Trump says he will 'substantially' raise tariffs on India over Russian oil purchases Singapore Strong S'pore-Australia ties underpinned by bonds that are continually renewed: President Tharman Singapore All recruits at BMTC will be trained to fly drones and counter them: Chan Chun Sing Sport Singaporean swimmer Gan Ching Hwee at 'crossroads' after World Aquatics C'ships display Singapore Ong Beng Seng to be sentenced on Aug 15, prosecution does not object to fine due to his poor health Singapore Pritam Singh had hoped WP would 'tip one or two more constituencies' at GE2025 It was established in 2019 and has been investing in SGX-listed stocks since then. American Century's investment in Rex International makes up 0.09 per cent of AVDV's assets under management, which are valued at close to US$11 billion (S$14.1 billion). This is also the first time an ETF has become a substantial shareholder of an SGX-listed small-cap company, said Mr Geoff Howie, market strategist at SGX. Small-cap stocks are valued at under $1 billion, while large-cap stocks are over $5 billion and mid-cap stocks are valued in between. 'Outside of large-cap stocks, we had not seen an ETF provider emerge as a substantial shareholder,' said Mr Howie. He added that no ETF has made similar investments to become a substantial shareholder in small-cap companies listed on other regional exchanges. Therefore, American Century's investment could spell a new positive trend for small-cap companies in Singapore, he noted. He said: 'Small-cap stocks could emerge as a new sector for investments, especially with more companies looking to capitalise on Singapore's reputation as a good place for doing business. 'There is a lot of potential for liquidity to come into the small and mid-cap sectors.' This would also bode well for the Monetary Authority of Singapore's Equity Market Development Programme (EQDP), aimed at boosting SGX-listed stocks and revitalising Singapore's stock market. Mr Vasu Menon, managing director of investment strategy at OCBC Bank, said American Century's investment in SGX-listed small-cap stocks is testament to the confidence that global institutional investors have in the EQDP. 'It is also a recognition that undiscovered gems can be found among small and mid-cap stocks here which have underperformed against large-cap stocks.' He added that AVDV's move would help to raise the profile of small-cap stocks and generate interest from other US and global institutional funds, which should augur well for such companies listed here. Mr Matthias Chan, head of equities research at SAC Capital, said: 'If more foreign-based ETFs are drawn to Singapore equities, it will more than likely target the small to mid-cap space, and for good reason. 'Although the FTSE ST Small Cap Index may have recovered over the past year in line with the market, it is still down 11 per cent over the past three years and 7 per cent over the past five years, suggesting further meaningful upside.' AVDV is currently invested in 30 stocks listed on SGX, which delivered a 42 per cent total return on average, according to SGX. Twenty-two of these stocks delivered a higher average daily turnover of $52.9 million to date in 2025 , compared with $29.3 million for the whole of 2024. The portfolio comprises a mix of Singapore and foreign companies, many of which are in the energy and industrials sectors. Mr Howie said that AVDV's investment in foreign companies listed on SGX is testament to Singapore's advantage as a financial centre in the region with a strong currency. 'If these companies were listed in emerging Asian markets instead, they would not be part of this ETF.' Chinese investment holding firm Yangzijiang Financial Holding – the financial arm of a Chinese shipbuilding company – which has a market cap of $3.27 billion, is the ETF's largest exposure to SGX stocks. It holds 89.6 million shares, or a 2.6 per cent interest, in the company, comprising 0.61 per cent of its stock weight. This investment is also the fund's ninth largest in its entire portfolio. Other SGX-listed stocks in the ETF's portfolio include Indonesian palm oil producer First Resources, with a 1 per cent stake or 15.5 million shares; Indonesian shipping company Samudera Shipping Line, with a 2.5 per cent stake or 13.5 million shares; and Hong Kong port operator Hutchison Port Holdings Trust, with a 0.6 per cent stake or 52 million shares. The portfolio also includes a number of Singapore companies, including construction company Wee Hur Holdings, with a 2.3 per cent stake or 21.4 million shares; industrial systems company CSE Global, with a 0.8 per cent stake or 5.7 million shares; and Keppel Infrastructure Trust, with a 0.1 per cent stake or 6.9 million shares. Other Singapore companies include The Hour Glass, Raffles Medical Group and Food Empire Holdings.
