Daily Briefing: Jetstar Asia to cut 26% of jobs; Shiok Meat raises $4.17m in bridge funding

And residents to get a pair of reusable masks starting 29 June.

From Channel News Asia:

Singapore-based budget airline Jetstar Asia will cut up to 180 jobs or about 26% of its workforce as part of its COVID-19 recovery plan, according to a statement. It will also extend the furlough of the majority of its staff until December.

Jetstar Asia chief executive officer Bara Pasupathi said that the pandemic had delivered a big shock to the aviation industry and the airline had to make “incredibly difficult decisions.”

The airline said the job cuts will come from across all parts of the business. It will also remove five Airbus A320 aircraft from its fleet, reducing it to 13 aircraft.

This comes as parent company Qantas Group announced it would axe at least 20% of its entire workforce and ground 100 planes for at least a year as part of its cost-cutting exercise. Further, half of the group’s 29,000 employees will remain on leave for months.

Jetstar services were suspended on 23 March, after the pandemic forced countries to restrict borders and international travel.

Read more here. 

From DealStreetAsia:

Singapore-based alternative proteins startup Shiok Meat has raised $4.17m (US$3m) in a bridge financing round led by UK’s Agronomics and Impact Venture, US’ VegInvest, as well as UAE’s Mindshift Capital Fund, according to an announcement.

The latest round takes the startup’s total funding to $10.57m (US$7.6m) to date.

According to Shiok Meats, the fresh proceeds will be used to set up its first manufacturing plant in Singapore, where it will spend the next two to three years developing and commercialising stem-cell-cultivated crustacean meat.

The company adds that it is currently focusing on creating more prototypes for its lab-grown shrimp and has plans to sell its first cell-based shrimp product in Singapore by 2021.

It is also eyeing market expansion into Hong Kong, India, and Australia and is on track to close its series A round by the end of 2020.

Read more here. 

From Channel News Asia:

Singapore residents will be able to collect a free pair of reusable antimicrobial masks starting 29 July, said Temasek Foundation in a press release

Masks will be available for collection at any of the 1,200 vending machines located islandwide at community clubs, residents' committee centres, and bus interchanges. Residents may collect the masks from 29 June at 10 am to 12 July at 11:59pm.

This is part of the StayMasked initiative by the philanthropic arm of state investor Temasek Holdings.

Residents will need to scan the barcodes of their NRIC, birth certificate, FIN or any government-issued identification with barcode for collection at the vending machines. Each ID barcode has a free quota of one mask kit with a pair of masks.

Read more here.