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Hello, Singapore, the situation has changed since the last time “Trade Secrets” was stopped in March. After a few months of life returning to normal, the authorities adopted strict social distancing measures, prohibiting dining in restaurants, and limiting social gatherings to two people after the increase in the number of new Covid-19 infections (the local daily spread The number of cases is still very low) the global standard has reached 38 today).
The authorities have also strengthened border controls and restricted the inflow of foreign labor, which is vital to the operation of the island nation. This may hit the marine industry and other sectors, which will help make Singapore a regional hub for world trade. Today’s article focuses on the degree of dependence on migrant workers in this business, the ways in which the authorities are trying to minimize the blow, and how this key source of labor has spread throughout the port city of the pandemic.
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How will the latest wave hit marine life
Last year, Singapore’s migrant workers’ dormitory was at the center of the city’s worst Covid-19 epidemic. There, more than 300,000 people, mainly from India, Bangladesh or China, lived in crowded rooms, and as many as 20 workers lay on bunk beds. With the increase in local cases, the authorities have worried that the dormitory may become a new outbreak site.
For months, after the island nation eased restrictions in December in an attempt to open up its economy, it only recorded a single number or no daily infections spread locally.But the authorities now have Tighten Last week, the state reported 71 locally transmitted cases, so border control and quarantine measures are aggressive.
Some of these restrictions are concentrated in India, which is fighting the new and devastating wave of coronavirus.
Last month, Singapore banned all long-term residents and short-term tourists who traveled to or transited through India in the past 21 days from entering or transiting the island country.Singapore is also one of the ports where ships are prohibited from leaving the port Change crew Recent people from india
Even if this is not enough to prevent Covid clusters from reappearing in the dorms in recent weeks, although these clusters now appear to be included.
Lawrence Wong, co-chair of the Singapore Covid Working Group, said last month: “Most newcomers in India work in construction, shipping and processing industries. They live in dormitories.” “Leak.”
“If this kind of leakage occurs among new immigrants from India working in these sectors, then the new strains may leak into the dormitory, and worse, even the recovered or vaccinated workers may be infected, and then we may see The new cluster appears again in our dormitory,” he said.
Since then, the authorities have discovered a new star cluster at Changi Airport, which may involve the more easily spread B. 1.617.2 coronavirus variant, which was first discovered in India. A separate cluster in Singapore hospitals includes cases with this variant.
So far, migrant workers living in dormitories account for nearly 90% of the country’s total infections. However, strengthening border controls with countries such as India will seriously affect the productivity and profits of the maritime sector. This industry is vital to transshipment and refueling hubs like Singapore, and Singapore’s ports are vital to a small city country with an open economy. The authorities know this too well-during the pandemic last year, the U.S. economy fell into recession and GDP contracted by 5.4% by 2020.
Chua Hak Bin, a senior economist at Maybank, said: “Migrant workers account for three-quarters of the labor force in the marine sector,” he added, adding that the decline in the number of migrant workers will “push up wages. And squeeze the profit margins of many of these workers. Industries that rely on foreign workers.”
Low-paying work permit holders (including family, marine and construction workers) account for the majority of Singapore’s international workforce, while Singapore accounts for one-fifth of the city’s 5.7 million population.
Singapore has been working hard to reduce its dependence on foreign workers.But the labor shortage caused by Covid is so severe that earlier this month the Ministry of Personnel stated that it would Increase foreign labor levy rebate The cost of construction, marine shipyard and processing department ranges from S$90 (US$68) to S$250 (US$188) per month for each work permit holder.
“The stricter border restrictions and stricter security management measures caused by Covid-19 have caused severe manpower shortages and increased manufacturers’ costs. [construction, marine shipyard and process] The Ministry of Industry and Information Technology said, adding that by 2020, the number of work permit holders in these industries has fallen by nearly 60,000, or 16%.
Although the maritime sector, including shipyards and oil rig manufacturing, will be affected by the new restrictions, Irvin Seah, a senior economist at DBS Bank, believes that the impact will not be the same as in 2020. It was so serious because the construction site completely ceased operations. Seah said: “The project may be delayed, but the work is still going on.”
The hope of trade secrets is that this series of latest Covid cases will continue to be controlled-and not restricted by migrant workers’ dormitories.
Trade ties
In the more completely predictable news about problems with British trade policy, Split is emerging In the cabinet Trade agreement with Australia. People are worried that any concessions to Australian farmers will provoke a backlash in the British agricultural industry, and this “fierce” battle is unfolding.
Radio Ireland RTE report This morning, the British government suggested that the concept of force majeure could be used to exempt it from its obligations, that is, the application of force majeure. Northern Ireland Agreement. We don’t know how you can apply legal concepts designed to relieve your obligations to many things that are completely foreseeable but unforeseen. (For those looking for an explanation of what force majeure is and when it should be applied, please check this Twitter thread From David Allen Green.
This City of London, Meanwhile, is losing some Interest rate derivatives business Go to New York and Amsterdam.
Before this week’s large-scale health summit, U.S. has Say It will ship another 20 million doses of Covid vaccine Go to other countries. This is in addition to the 60 million Oxford/AstraZeneca lenses it has already promised. Although AstraZeneca’s shots have not yet been approved in the United States, these additional doses can still be used for people living in the United States.
Nikkei Index Interesting reading ($, subscription required) Former Japanese Prime Minister Shinzo Abe returns to public life to help ensure Semiconductor production in Japan Tensions in the Taiwan Strait threaten the highly concentrated global chip supply chain.
We strongly recommend Latest episodes Bloomberg A lot weird podcast.An interesting conversation with Ryan Petersen, CEO of Flexport, who brilliantly explained the ins and outs of Flexport The deadlock in the arteries of world trade.
Any suggestions for articles included in trade links?send we Your tips.
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