Asian Stocks Fall as AI Fears and Oil Surge Hit Markets 
China Industrial Output Beats Forecasts as Exports Support Growth 
Gold Prices Steady as Oil Disruptions Boost Fed Rate Hike Bets 
Global Central Banks Brace for More Rate Hikes as Inflation Risks Rise 
UK Economy Grows 0.4% in July, Beating Forecasts 
German 2-Year Yield Hits 2023 High as Rate Hike Bets Rise 
Gold Prices Fall as Hot U.S. Inflation Boosts Fed Rate Hike Bets 
Asian Tech Stocks Slide as AI Concerns and Rising Bond Yields Hit Chipmakers 
Central Banks Could Buy 20,000 Tonnes of Gold: BofA 
Gulf Ministers to Meet Iran in Oman Over Hormuz Shipping Deal 
Asian Bank Stocks Slide as BofA Warning and Rising Yields Hit Sentiment 
US Futures Fall as Fed Meeting, Oil Surge Rattle Markets 
Saudi Oil Exports Face 4% Global Supply Threat as Pipeline Remains Shut 
BOJ Set to Raise Rates to 1.25% as Inflation Risks Build 
Treasury Buyback Fails to Cool Long-Term Yields 
China Home Prices Fall Again as Property Slump Drags on Growth 
Add as a preferred source on Google
Industry groups in Singapore warned that a reduction in foreign workers would have numerous implications on the economy.
They were reacting to a call for a change of policies with migrant workers making up over 90 percent of Singapore's COVID-19 cases.
They added that such a reduction would have a ripple effect on jobs for Singaporeans and housing prices.
The industry groups pointed out that companies would face many challenges in filling labor-intensive roles due to Singapore's aging population and low birth rate.
Singaporeans also prefer being professionals, managers, executives, and technicians (PMET).
The industry groups from manufacturing, marine, and processing said jointly that with Singapore's limited workforce, the industries would not be able to stay competitive without sufficient migrant workers.
They added that should Singapore lose its competitive edge, not only would the demand for labor drop, but there will likewise be fewer PMET jobs for Singaporeans.
