Daily briefing: GIC still optimistic over China tech; SG to extend $1.1b support amidst Phase 2 restrictions

And Taxis and private drivers to get $10 per day until end-August.

From Reuters

Singapore’s GIC is still optimistic over China’s technology sector despite the regulatory crackdown that has impacted shares of other tech companies.

GIC Chief Executive Lim Chow Kiat said in a Reuters interview that it is still positive about investments in China, in light of its response to the pandemic as well as its “agility” in addressing economic weaknesses.

The wealth fund company’s investment portfolio in China includes Alibaba and Ant Group, Meituan, China Vanke, and JH Health International.

Read more here.

From CNA

The Singapore government will be extending $1.1b worth of support to workers and businesses hit by another round of restrictions.

Singapore returned to Phase 2 (Heightened Alert) amidst rising COVID-19 cases.

In light of this, the Ministry of Finance announced that it will provide wage subsidies under an enhanced Job Support Scheme, rental relief for commercial properties, as well as a new relief fund for market and hawker centre stallholders.

Read more here.

From Mothership

Taxis and private hire drivers will be receiving $10 more per day until August, the Land Transport Authority announced.

The assistance will be in effect until 31 August, after which an additional $5 per vehicle per day will be granted. The government has extended $30m under the COVID-19 Driver Relief Fund (CDRF) for the affected drivers.

This is in addition to $40m already granted under the three-month extension of the CDRF, starting this July.

Read more here.