The tourism industry has taken a significant hit due to the global travel restrictions and economic impact of the COVID-19 pandemic. In fact, the Singapore government temporarily suspended the operations of Terminal 4 to adapt to the decline of flights. The national carrier Singapore Airlines (SIA) was heavily affected by the pandemic too. It is currently operating at 7% of its scheduled capacity. The drastic drop of the travel demands led to a net loss of S$1.12 billion in SIA’s
The coronavirus pandemic has taken a significant toll on many businesses and individuals all over the world. It is as if we are living an alternate universe where our global economy gradually collapses and we are left to make sacrifices in order to survive. The pandemic has negatively affected many lives and has caused business closures from different industries. These are the hard realities that we face now. As time goes by, we see glimpses of hope at the end
In 2012, French hypermarket chain Carrefour has exited our shores. It pulled out due to not “being competitive enough”. You see, they believed that they could not achieve a leadership position in the medium and long term perspective in the country. Why is this so? Perhaps, they were not able to study our customer culture very well. It is surprising to see the local downfall of a hypermarket chain who runs as the second largest mega-retailer right after Walmart in
Is it possible to live in a world where you can carpool with a stranger during an emergency? How about dining at someone’s home or hiring an experienced chef with a swipe of a finger? With a “sharing economy”, all these are possible! According to Investopedia, a sharing economy is…“an economic model in which individuals are able to borrow or rent assets owned by someone else. The sharing economy model is most likely to be used when the price of
As the nation bids its final farewell to Mr. Lee Kuan Yew, the founding father of Singapore, here is a humble homage for his wisdom on money and life matters. 1. “People want economic development first and foremost. The leaders may talk something else. You take a poll of any people. What is it they want? The right to write an editorial, as you like? They want homes, medicine, jobs, schools.” ~The Man and His Ideas, 1997 2. “If Singapore
