CNA938 Rewind - Stock take today: US-China trade talks, Apple's WWDC, small cap rally
On the daily markets analysis on Open For Business, Andrea Heng and Hairianto Diman speak with Vishnu Varathan, Head of Macro Research, Asia ex-Japan, Mizuho Bank.
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Business Times
3 hours ago
- Business Times
‘Ridiculous and frustrating': Jetstar Asia staff blindsided by abrupt layoff notice
[SINGAPORE] Jetstar Asia employees were only informed of their retrenchment at 7 am on Wednesday (Jun 11) – the same morning the public announcement went out. 'It was unexpected – all my managers were also in shock, and they didn't see it coming,' said a cabin crew member, who declined to be named. 'Dropping the bomb suddenly – it's kind of ridiculous and frustrating for us. I was awake from 7 am till now, still trying to process what happened. It's a bit unfair.' The Qantas Group-owned budget carrier sent a press release at 7.22 am to announce it would cease operations on Jul 31, laying off over 500 employees in Singapore. Just before that, some employees were alerted via text to join a townhall, on a crew activation system typically used to mobilise reserve staff. This was followed by e-mails about the retrenchment, and a virtual townhall on Microsoft Teams at 8.15 am. Jetstar Asia's management also instructed staff not to speak to the media, The Business Times understands. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Affected employees will receive four weeks' salary for each year of service, along with a performance-based bonus for financial year 2025 and a 'thank-you payment', understood to be around S$1,200. Still, the sudden layoff is expected to disproportionately affect employees such as cabin crew, whose basic salaries are supplemented largely through flight allowances, the employee explained. In the employee's case, the base pay amounts to about S$1,000 a month. The employee said that Jetstar Asia's decision to cancel upcoming flights ahead of its Jul 31 closure will further reduce their earnings in the weeks ahead. 'I checked the iChangi app (and) there's a lot of our flights that have been cancelled or re-timed, and I see (that) mine have been mostly cancelled,' the employee added. 'To me, it kind of sucks, because if today has already been cancelled, tomorrow also will be the same thing – until Jul 31, I don't know whether I'm going to do more flights, or fewer flights.' Higher costs Jetstar Asia, which began operations in 2004, cited rising supplier costs, airport fees and aviation charges, along with intensifying regional competition, as reasons for its closure. Customers impacted by the shutdown will be offered alternative flights or full refunds. The impending closure affects 16 intra-Asia routes – including flights from Singapore to Kuala Lumpur, Jakarta, Bangkok and Manila – but will not affect Jetstar's operations in Australia, New Zealand or Japan. Changi Airport Group said Jetstar Asia flew about 180 flights a week and carried 2.3 million passengers in 2024, or roughly 3 per cent of total traffic. Its fleet of 13 Airbus aircraft will be redeployed within the Qantas Group to support growth in Australia and New Zealand. Union support The Singapore Manual & Mercantile Workers' Union (SMMWU) said it was notified of the job cuts and has negotiated with Jetstar Asia to 'ensure that affected members and workers are treated with care and receive fair compensation'. 'The company has committed to providing a comprehensive retrenchment package in line with the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment,' it added in a statement. SMMWU is working with the National Trades Union Congress (NTUC) to help affected workers find their footing, said NTUC secretary-general Ng Chee Meng. From next week, NTUC and the Employment & Employability Institute, e2i, will be on-site at Changi Airport Terminal 1 – where Jetstar Asia's office is located – to provide affected workers with direct support, the labour chief said in a Wednesday Facebook post. This will include career coaching, skills upgrading and employability assistance. 'NTUC is also working with our partners to support these workers,' added Ng. 'We are exploring opportunities (with) Singapore Airlines Group, a unionised company, to match affected Jetstar Asia employees, including crew and corporate staff, to suitable roles where possible.'
CNA
5 hours ago
- CNA
TotalEnergies' Saft to build Fukushima battery storage site
PARIS -French oil major TotalEnergies' subsidiary Saft has been selected to build a 1 gigawatt-hour battery energy storage system in Japan's Fukushima, the company said on Thursday. Part of a larger project by Asian renewable developer Gurin Energy, the system will be able to provide over 240 megawatts of power for four hours. Construction is expected to begin next year, Total said in a statement. Battery storage systems are designed to stabilize electricity grids that receive volatile power swings from intermittent sources such as solar and wind farms. Japan plans to install 10 gigawatts worth of energy storage capacity as it seeks to increase the share of renewables in its electricity mix to nearly 40 per cent by the end of the decade, up from around 27 per cent currently. "Asia is a critical region for the sustained, long-term growth of Saft's Energy Storage System (ESS) business," Vincent Le Quintrec, Saft's ESS sales and marketing director said in a statement.
CNA
6 hours ago
- CNA
Some Singapore attractions see less local visitors this June school holidays
SINGAPORE: Some attractions in the nation are seeing a dip in local visitors this June school holidays compared with the same period last year. Snow City Singapore, for instance, has experienced a 20 per cent on-year drop in visitors in the first 10 days of the month. Its general manager Norazani Shaiddin said the strong Singapore dollar could have enticed more holidaymakers to travel abroad this year. 'Maybe it is due to new pockets of attractions that have surfaced in the neighbouring (cities) like Johor Bahru. Perhaps people can go as far as up to Korea due to very affordable airfares for them to travel,' he told CNA. Locals currently make up 55 per cent of customers visiting the snow centre, up from about 35 per cent three years ago, said Mr Norazani. He added that the facility is working on new experiences to attract patrons. Snow City previously refreshed its offerings by launching a three-storey high revamped luge area last October. It also added a gallery in February this year featuring ice sculptures. Additionally, it has introduced combined ticket packages that offer joint admission with the Science Centre Singapore, located next door. The snow centre is among local attractions exploring new initiatives and unique experiences to entice customers as they seek to improve footfall. DEALS AND EXPERIENCES Over in Boat Quay, Kulnari Mystery Golf is similarly looking at more varieties in its offerings after it experienced a 30 per cent decrease in total visitors on-year for the June holiday period. Locals make up approximately 80 per cent of its customer base. The miniature golf course said it is seeking to improve business by providing a space for corporate team-building events and tapping into growing demand for Instagram-worthy experiences. It also has a bar on its premises for cocktail workshops or for patrons to dine after playing its signature 1920s-themed murder mystery miniature golf game. At the Museum of Ice Cream in Dempsey, ticket deals, annual memberships and events are offered to encourage return visits. The attraction reopened two months ago following a revamp. New features include a refresh of some of its 14 different interactive rooms for visitors to explore and five buffet stations offering unlimited servings of 19 different flavours of ice cream. It also conducts ice cream making classes and offers venue rental packages for parties, corporate events and team-building workshops. The museum is currently offering promotional ticket prices for Singapore residents and updated pricing for its annual membership programme that is open to all visitors. A new ticket category was also introduced as part of the revamp, with VIP passes allowing visitors express entry to the attraction, as well as a gift bag and access to activities conducted by the museum. While local visitor numbers have remained steady, the firm's head of revenue and growth Prakash T. said the museum tries to encourage patrons to visit again. 'I would say most people have been here … at least once, but to get them coming back again, that's when we do (a) refresh,' said Mr Prakash.
