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CNA
an hour ago
- CNA
45:54 Min
From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.
CNA
2 hours ago
- CNA
Asian shares, Aussie dollar climb on trade, earnings optimism
TOKYO :Shares in Asia rallied and the Australian dollar hit an eight-month high on Thursday as optimism over earnings and trade supported demand for higher yielding assets. Tokyo's broad Topix gauge of shares hit an all-time high, following new records on Wall Street overnight, after a trade pact between Japan and the U.S. stoked speculation more deals would appear soon to head off sweeping tariffs. Nasdaq and S&P futures rose after results by Google parent Alphabet beat estimates to kick off the "Magnificent Seven" earnings season. The U.S. has also reached deals with the Philippines and Indonesia and an agreement with the European Union is also expected. "Worst case concerns about tariffs in the U.S. are probably dissipating to some degree at the moment, but nonetheless, tariffs are going up and that is a hurdle for consumers," Brian Martin, ANZ's head of G3 economics, said in a podcast. The EU and U.S. are closing in a trade deal that would impose 15 per cent tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Meanwhile, Treasury Secretary Scott Bessent said U.S. and Chinese officials will meet in Stockholm next week. Second-quarter earnings season is underway in the U.S., with 23 per cent of the companies in the S&P 500 having reported. Of those, 85 per cent have beaten Wall Street expectations, according to LSEG data. Results from Magnificent Seven members, whose results have powered indexes to previous peaks, are in the spotlight for guidance on spending and returns surrounding artificial intelligence (AI). Alphabet strongly beat estimates and cited massive demand for its cloud computing services as it hiked its capital spending plans. But electric car maker Tesla posted its worst quarterly sales decline in more than a decade and profit that trailed analyst targets. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent. Japan's Topix surged for a second day, rising 1.4 per cent to surpass its previous all-time high reached last year. The Australian dollar, a common proxy for risk sentiment, fetched $0.66, just off $0.6604 hit earlier, which was the highest since November 2024. The U.S. dollar dropped 0.1 per cent to 146.38 yen. U.S. crude climbed 0.4 per cent to $65.5 a barrel. Spot gold was traded at $3,390.84 per ounce, up 0.1 per cent. In early trades, pan-region Euro Stoxx 50 futures shot up 1.3 per cent at 5,435, while German DAX futures were up 1.3 per cent. U.S. stock futures, the S&P 500 e-minis, were up 0.13 per cent and Nasdaq contracts climbed 0.4 per cent.
Independent Singapore
2 hours ago
- Independent Singapore
Tech tsunami: AI rewrites Singapore's PMET playbook
SINGAPORE – Artificial Intelligence (AI) is quickly changing Singapore's professional landscape. This shift brings new opportunities as well as significant challenges for the workforce, according to recent analyses. 2025 is seeing AI dramatically reshape the professional, managerial, executive, and technical (PMET) sector, which makes up nearly 39% of Singapore's labour market. AI tools like Salesforce's Agentforce are streamlining complex tasks. A 2024 AWS study shows that 95% of workers expect AI skills to improve job efficiency and possibly raise salaries by over 25%. The National AI Strategy 2.0 aims to triple the number of AI practitioners to 15,000, focusing on high-skill sectors such as management, engineering, and healthcare. Workforce development programmes have already trained over 231,000 workers in digital skills. The government is providing more grants to help keep the workforce competitive. Emerging technologies create a mixed story. While AI improves productivity in professional roles, about 38.6% of workers, especially in administrative jobs, may face displacement. Women and younger workers in technical roles are particularly at risk from automation. This raises important concerns about income disparities and workforce equity. See also SoftBank to acquire Ampere Computing for US$6.5B to boost AI push Economic forecasts remain positive. AI is expected to add S$193.8 billion to Singapore's economy by 2030, which is about a quarter of its 2023 GDP. The Infocomm Media Development Authority actively promotes ethical AI frameworks to ensure responsible use of technology. Seventy-six per cent of baby boomers show interest in AI training programmes. But significant challenges persist. Seventy-four per cent of employers struggle to find talent with AI skills, highlighting a persistent skills gap. Small and medium enterprises (SMEs) face a harder time with AI integration, even as government schemes (e.g. Digital Enterprise Blueprint) try to create more inclusive technological pathways. The transformation of the workforce requires workers to be highly adaptable. Professionals need to shift from traditional executors to strategic orchestrators. This shift demands continuous learning and comfort with technology. AI is maturing from a basic tool into a phenomenon that reshapes workflows. It's also prompting a major rethink of work itself. With AI challenging professional norms worldwide, Singapore's approach is being watched by others — business executives and policymakers — grappling with the same challenges. And also attracting the attention of those looking to manage the effects of technological disruption. See also Tin Pei Ling's 2011 Kate Spade handbag photo makes a comeback The emphasis on managing the impact of AI on PMETs through workforce planning and skills development is a cautious strategy. As Singapore navigates the intricate relationship between technology, labour, and economic expansion, it might be finding a workable strategy.
