Singapore

Daily Briefing: Retrenchments in Singapore declined in Q4 2020; GIC picks 47% in Altium

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And Storms to increase to Indonesia, Africa with Collection A financing.

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From HumanResourcesOnline:

Singapore noticed a decline in retrenchments in This autumn 2020, the primary decline to be recorded in 5 quarters. Specifically, there have been 5,640 retrenchments made in This autumn, about 4,000 lower than the 9,120 recorded in Q3.

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In accordance with the Ministry of Manpower’s Labour Market Report Fourth Quarter 2020, launched by the Manpower Analysis and Statistics Division on 16 March, fewer retrenchments had been recorded in most industries, besides in air transport and supporting providers, which was nonetheless affected by international journey restrictions.

Amongst causes cited for the retrenchments, the report famous two that emerged prime: recession/downturn within the trade, which accounted for 49% of all retrenchments; and re-organisation/restructuring, which accounted for 39%.

On common for the yr, these numbers stood at 58.6% and 36.1%, respectively.

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Learn extra right here.

From DealStreetAsia:

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Singapore’s sovereign fund GIC will purchase a 47% curiosity in inflexible plastic packaging and recycled resin firm Altium Packaging from NYSE-listed Loews Company, per an announcement on 12 March.

The sale settlement pegs Altium at an enterprise worth of $2b.

The transaction is predicted to shut inside 30 days from the date of the announcement.

Loews Company mentioned it’s going to obtain about $410m in money, topic to post-closing changes, leading to an approximate pre-tax achieve of $490m.

GIC’s offers and acquisition proposals within the US to date this yr embody software program consultancy firm ThoughtWorks, Duke Power Indiana, and good window agency View Inc.

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Learn extra right here.

From e27:

Singapore-based gaming startup Storms introduced immediately it has raised an undisclosed sum in Collection A spherical of funding from EDB New Ventures, the arm of the Singapore Financial Improvement Board.

Different backers embody Singtel’s founding buyers — AIS (Thailand) and SK Telecom (South Korea).

Storms plans to make use of the cash to strengthen its administration and engineering groups in Singapore, multiply its consumer base and increase into new markets comparable to India, Indonesia, and Africa.

It additionally plans to take a position strongly in analysis and developmentto advance its know-how supporting mini e-sports tournaments.

Launched in 2019, Storms is a joint gaming enterprise between Singtel, SK Telecom, and AIS that operates as a writer for avid gamers and individuals who wish to create video games.

Learn extra right here.
 




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