SG Morning Highlights | Seatrium and GE Vernova Win €2bn Contract to Build HVDC System
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Tuesday; STI up 0.19%
●Hiring Sentiment in Singapore Remains Soft, but Most Sectors Still Looking to Boost Headcount
●Skills Gap Prompts Companies to Boost Workforce Amidst AI Rise
●Stocks to watch: Seatrium, Kimly
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.19 percent to 3328.41 as at 9:04 am.
Advancers / Decliners is 68 to 40, with 47.11 million securities worth S$74.89 million changing hands.
Breaking News
Hiring Sentiment in Singapore Remains Soft, but Most Sectors Still Looking to Boost Headcount
The latest employment outlook survey by recruiter ManpowerGroup Singapore has revealed that hiring sentiment in Singapore has weakened for the third consecutive quarter, although most sectors still expect an increase in overall headcount. Of the 525 employers polled, 44% said they plan to hire during the July-September period, while 24% anticipate a decrease in staffing levels and 32% do not expect any change. This takes the seasonally adjusted net employment outlook for Q3 to +20%, representing a 4% fall from the last quarter and lower than the global average seasonally adjusted net employment outlook of +22% for the third quarter. The net employment outlook is calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire, and a positive outlook represents a higher percentage of employers who plan to hire than those who anticipate reductions.
Skills Gap Prompts Companies to Boost Workforce Amidst AI Rise
As AI and machine learning (ML) tools become more prevalent, a skills gap in adopting these technologies is prompting companies in Singapore to boost their workforce. Five out of 10 companies plan to expand their headcount in Q3 2024, with the Communication Services industry being the most eager to increase headcount in response to AI and ML (72%). Other sectors keen to increase headcount include Energy & Utilities (67%), Transport, Logistics & Automotive (59%), and Industrials & Materials (58%). The eagerness is likely driven by the fact that many companies expect AI and ML to improve their business performance. According to Manpower Group, 36% of firms in Singapore fail to adopt AI because their workers lack the skills to use the tool effectively, while other top challenges include the high cost of investment (42%) and concerns about privacy and regulations (35%).
Stocks to Watch
$Seatrium Ltd(5E2.SG$: Seatrium and GE Vernova have been awarded a contract worth €2bn ($2.16bn) to build a 2 GW High Voltage Direct Current (HVDC) system for TenneT's offshore wind grid in the Netherlands. The HVDC system will support TenneT's goal of grid-connecting at least 40 GW of offshore wind generation capacity produced in the Dutch and German areas of the North Sea. Singapore contractor Seatrium will be responsible for the engineering, procurement, construction, transportation, installation, and commissioning of the HVDC Offshore Converter Platform, while GE Vernova's Grid Solutions will be responsible for the HVDC converter stations. The project is slated to begin in June 2024, with commissioning expected by 2031. The contract is part of the five-year Framework Cooperation Agreement with TenneT announced by the Seatrium-GE Vernova consortium in March last year.
$Kimly(1D0.SG$: Kimly is set to acquire a coffeeshop at Serangoon Central from Lee Quan Enterprises for $13.15 million. The property has a total floor area of 358 sqm and is on a 90-year leasehold starting from October 1994. According to Kimly, the acquisition is in line with its strategy to expand its network of food outlets in Singapore and to establish new food outlets and food stalls as and when suitable strategic locations become available. The company expects to strengthen its presence in the market by opening more food stalls under its food retail division and will continue to explore opportunities to acquire and operate more strategically-located coffeeshops in mature estates with established footfalls. Kimly operates and manages an extensive network of 86 food outlets.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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