Daily Briefing: Standard Chartered to axe senior bankers in Singapore; PM Lee says Singapore should keep on its toes amidst escalating trade tensions

And retirement community Kampung Admiralty bags World Building of the Year award.

From Bloomberg:

Standard Chartered is looking to cut jobs in its key markets including Singapore and Dubai which will include senior roles to cut back on expenses.

The eliminations also include leadership at the firm’s priority banking operations, which offer personalised wealth-management services, one of the people said. The staff reduction is coming as Standard Chartered Chief Executive Officer Bill Winters is looking for ways to reignite growth. The bank is weighing a plan to simplify its structure, reduce funding expenses and free up liquidity, people familiar with the matter said earlier this week.

A representative for Standard Chartered said the company has made “substantial progress in executing the transformation plan laid out in 2015” and will disclose its strategy for improving returns at its full-year results in February.

Read more here.

From Channel News Asia:

Singapore must be prepared to react accordingly as trade disputes between US and China rise and geopolitical relations in the West continue to strain according to prime minister Lee Hsien Loong.

Speaking to the media at the end of his five-day visit to Argentina, Mr Lee said he hopes the high-profile meeting between Chinese President Xi Jinping and US President Donald Trump will result in a “constructive outcome.”

He added: “But to think that there could be a period of tensions, frictions and difficulties between the two countries, which can be quite extensive and far-reaching, and may take a long time to overcome, I think that is entirely possible if the differences are not well-handled by both sides.”

This means Singapore needs to get used to a “more uncomfortable world”, with greater uncertainty and less stability.

Read more here.

From Channel News Asia:

Retirement community Kampung Admiralty clinched the World Building of Year award at the World Architecture Festival in Amsterdam, beating out 535 others shortlisted from 57 countries.

The mixed development by WOHA architects has co-located amenities such as a supermarket, medical centre, community garden, childcare centre and a hawker centre.

In September, the project won two Housing and Development Board (HDB) awards in design and construction.

The development, next to Admiralty MRT station, houses about 100 flats for seniors.

It was lauded by Prime Minister Lee Hsien Loong in his National Day message, and is aimed at encouraging active living among seniors, as well as inter-generational bonding.

Read more here.