SG Morning Highlights | Cordlife to Raise $8.2 Million from Private Placement

Advancers / Decliners is 80 to 53, with 105.95 million securities worth S$103.77 million changing hands.

Singapore and Australia have launched a $27.29 million initiative, the Australia-Singapore Initiative on Low Emissions Technologies (ASLET), aimed at accelerating the decarbonisation of the two countries' maritime sectors. The programme, implemented by Australia's national science agency, CSIRO, and the Maritime and Port Authority of Singapore (MPA), aims to develop and promote the uptake of zero or near-zero greenhouse gas emission technologies for use in maritime shipping and port operations. The initiative will also explore possible cooperation between the two countries in green shipping and port infrastructure initiatives. Both nations will equally provide the investment for the project, which is expected to attract industry co-funding.

The Monetary Authority of Singapore (MAS) has allocated $35 million to upskill Singapore's financial services sector in sustainable finance. The initiatives to support upskilling include the expansion of sustainable finance courses and the introduction of an Institute of Banking and Finance (IBF) Skills Badge. In partnership with IBF and with support from Workforce Singapore (WSG), MAS has also unveiled the Sustainable Finance Jobs Transformation Map (JTM), which outlines the impact of sustainability trends on financial jobs in Singapore and identifies the skills required to meet the growing demand for sustainable financing in the region. Over 50,000 professionals will see new sustainable finance-related tasks added to their roles, particularly in risk, compliance, legal, product solutioning, and sales. A total of 20 job roles have been identified as high-priority for upskilling, including relationship managers in corporate banking and portfolio managers.

Cushman & Wakefield has predicted that overall property demand in Singapore will improve in 2024, although higher supply in markets such as residential and office may limit rental prospects. The pipeline supply for the office market is 4.7 million square feet, while the residential market will see the addition of 12,520 units. In the office market, rents for CBD Grade A offices are expected to continue rising, although deals remain challenging to transact due to negative cash on cash returns. Meanwhile, in the residential space, C&W sees long-term capital gains as the price gap between suburban and luxury condos has been shrinking in recent years.