Singapore Economy
PM Lee to address public housing concerns, CPF savings for older workers in National Day Rally|
Affordable and accessible public housing as well as ensuring adequate CPF savings for older workers are among the topics that Prime Minister Lee Hsien Loong will address when he delivers this year’s National Day Rally on Aug 20.
https://www.businesstimes.com.sg/singapore/pm-lee-address-public-housing-concerns-cpf-savings-older-workers-national-day-rally
https://www.straitstimes.com/singapore/public-housing-schemes-to-be-adjusted-older-workers-to-get-help-with-cpf-retirement-savings-pm-lee
https://www.todayonline.com/singapore/govt-measures-hdb-cpf-ndr-2228626
https://www.channelnewsasia.com/singapore/pm-lee-hsien-loong-national-day-message-hdb-housing-schemes-cpf-olde-workers-3684956
https://www.theedgesingapore.com/news/singapore/government-adjust-hdbs-housing-schemes-ensure-accessible-and-affordable-housing-pm
Singapore firms less pessimistic about H2 prospects: BT-SUSS poll
Singapore firms are feeling less pessimistic about business prospects for the next six months compared to the previous quarter’s outlook, even though orders continued to decline in the second quarter, the latest Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey has found.
https://www.businesstimes.com.sg/singapore/singapore-firms-less-pessimistic-about-h2-prospects-bt-suss-poll
Companies’ Brief
CapitaLand Investment launches India business park development fund with S$525 million target
CapitaLand Investment (CLI) announced on Thursday (Aug 10) that it has launched a new business park development fund to invest in Grade A business parks in prime locations across gateway cities in India.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-launches-india-business-park-development-fund-s525-million
https://www.todayonline.com/world/capitaland-launches-new-india-fund-sees-us520-million-addition-total-fum-2229846
https://www.channelnewsasia.com/business/capitaland-launches-new-india-fund-sees-520-million-addition-total-fum-3689146
https://www.theedgesingapore.com/news/property/capitaland-investment-launches-new-business-park-development-fund-india-target-size
CDL H1 profit falls 94.1% to S$66.5 million on absence of divestment gains
City Developments Limited (CDL) posted a 94.1 per cent drop in net profit to S$66.5 million for its first half ended Jun 30, 2023, from S$1.1 billion in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/cdl-h1-profit-falls-941-s665-million-absence-divestment-gains
https://www.straitstimes.com/business/cdl-h1-profit-falls-941-to-665-million-on-absence-of-divestment-gains
https://www.theedgesingapore.com/capital/results/cdl-reports-1hfy2023-earnings-665-mil-down-941-y-o-y-absence-substantial-divestment
Far East Orchard H1 net profit up 2.1% to S$8.2m
Real estate group Far East Orchard posted earnings of S$8.2 million for the first half ended June, up 2.1 per cent year on year from S$8 million last year, on the back of a tourism recovery. Revenue surged by 42.7 per cent to S$90.9 million in H1, from S$63.7 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-h1-net-profit-21-s82m
Frasers Property sees macroeconomic challenges hitting Thai residential sales
Frasers Property said it is engaging in ongoing active management of its residential product mix and features to capture pockets of demand amid macroeconomic challenges.
https://www.businesstimes.com.sg/companies-markets/frasers-property-sees-macroeconomic-challenges-hitting-thai-residential-sales
https://www.straitstimes.com/business/frasers-property-sees-macroeconomic-challenges-hitting-thai-residential-sales
Holiday Inn owner IHG makes light of tough economy
Holiday Inn owner IHG expects room revenue growth to remain positive across its regions in the second half of 2023 “irrespective of any” macroeconomic pressures, with leisure travel showing no sign of cooling.
https://www.businesstimes.com.sg/companies-markets/holiday-inn-owner-ihg-makes-light-tough-economy
PropNex H1 profit falls 18.4% to S$22.1 million on lower commission income
PropNex posted an 18.4 per cent drop in net profit to S$22.1 million for its first half year ended June, from S$27.0 million in the previous corresponding period. This came as the real estate services group’s revenue fell 22.9 per cent to S$364.3 million from S$472.3 million, mainly due to a decrease in commission income from both its agency services and project marketing services segments, it said on Thursday (Aug 10).
https://www.businesstimes.com.sg/companies-markets/propnex-h1-profit-falls-184-s221-million-lower-commission-income
https://www.theedgesingapore.com/capital/results/propnex-reports-1hfy2023-earnings-221-mil-down-184-y-o-y-lower-number-transactions
Hongkong Land denies plan to sell Three Exchange Square Tower
Hongkong Land Holdings has no plans to sell Three Exchange Square, a tower in Hong Kong’s Central district, following a media report that it was exploring a sale. “The market rumour is pure speculation. Hongkong Land has no plan to sell any of the buildings in Central,” a company spokesperson said in response to a query by Bloomberg News.
https://www.businesstimes.com.sg/property/hongkong-land-denies-plan-sell-three-exchange-square-tower
https://www.channelnewsasia.com/business/hongkong-land-denies-report-it-plans-sell-tower-central-3687216
https://www.theedgesingapore.com/views/property/hongkong-land-denies-plan-sell-three-exchange-square-tower
Singapore Land H1 profit falls 53.2%; share of associate, joint venture results weaken
Singapore Land Group reported a 53.2 per cent decline in net profit to S$168.4 million for the first half ended June 2023, from S$359.8 million in the corresponding period a year earlier. This is despite a 23.4 per cent increase in revenue to S$325.9 million, from S$264 million a year ago.
https://www.businesstimes.com.sg/companies-markets/singapore-land-h1-profit-falls-532-share-associate-joint-venture-results-weaken
Views, Reviews Forum and Others
Lorry drivers say ferrying workers in their vehicles is not ideal, but they try to drive safely
Singapore: Lorry driver Simbu Govindasamy Silambarasan says ferrying workers in the back of his vehicle is safe most of the time. “Not 100 per cent, but 80 per cent safe,” he said. “Because inside, no safety belt. Sometimes the driver brake, then all men (slide) to the front.”
https://www.channelnewsasia.com/singapore/lorry-drivers-migrant-workers-safety-speed-3684931
New Covid-19 subvariant accounts for 18% of recent community cases: MOH
Singapore – About 18 per cent of all community cases of Covid-19 detected in recent weeks are of the new EG.5 Omicron subvariant, the Ministry of Health (MOH) said on Tuesday. It added that the number of Covid-19 cases in hospital or the intensive care unit has remained stable.
https://www.straitstimes.com/singapore/new-covid-19-subvariant-accounts-for-18-of-recent-community-cases-moh
https://www.channelnewsasia.com/singapore/covid-19-community-cases-singapore-infected-eg5-omicron-subvariant-3685896
Global Economy & Real Estate
WHO classifies EG.5 as Covid-19 ‘variant of interest’
https://www.businesstimes.com.sg/international/who-classifies-eg5-covid-19-variant-interest
https://www.todayonline.com/world/who-classifies-eg5-covid-19-variant-interest-2229911
https://www.channelnewsasia.com/world/who-classifies-eg5-covid-19-variant-interest-3689346
Rising prices for travel do not appear to be curbing wanderlust
https://www.businesstimes.com.sg/international/global/rising-prices-travel-do-not-appear-be-curbing-wanderlust
https://www.channelnewsasia.com/business/rising-prices-travel-yet-curb-wanderlust-3687281
Biden announces curbs on US investments in China
https://www.channelnewsasia.com/world/biden-announces-curbs-us-investments-china-3689126
https://www.businesstimes.com.sg/international/global/biden-orders-ban-us-investments-chinas-sensitive-high-tech-industries
https://www.straitstimes.com/world/united-states/biden-signs-order-to-ban-certain-tech-investments-in-china
https://www.todayonline.com/world/biden-announces-curbs-us-investments-china-2229866
https://www.scmp.com/news/china/article/3230574/biden-plans-new-restrictions-us-investments-china-declare-emergency-sensitive-tech
Inflation is ebbing, but prices are high and Americans feel it
https://www.businesstimes.com.sg/international/inflation-ebbing-prices-are-high-and-americans-feel-it
US trade deficit narrows in June as imports decline
https://www.businesstimes.com.sg/international/us-trade-deficit-narrows-june-imports-decline
US small business confidence rises to 8-month high in July
https://www.businesstimes.com.sg/international/us-small-business-confidence-rises-8-month-high-july
US mortgage rates top 7% as Fitch cut added to Treasury selloff
https://www.businesstimes.com.sg/property/us-mortgage-rates-top-7-fitch-cut-added-treasury-selloff
Canada posts bigger-than-expected June trade deficit of C$3.73 billion
https://www.businesstimes.com.sg/international/canada-posts-bigger-expected-june-trade-deficit-c373-billion
China’s consumer prices swing into decline as deflation risks build
https://www.businesstimes.com.sg/international/chinas-consumer-prices-swing-decline-deflation-risks-build
https://www.straitstimes.com/business/chinas-consumer-prices-fall-for-first-time-in-2-years
https://www.channelnewsasia.com/business/chinas-consumer-prices-fall-july-deflation-risks-build-3687166
China’s trade plunges more than forecast in blow to recovery
https://www.businesstimes.com.sg/international/global/chinas-trade-plunges-more-forecast-blow-recovery
https://www.straitstimes.com/business/china-trade-plunges-more-than-forecast-in-blow-to-recovery
https://www.channelnewsasia.com/business/chinas-trade-slumps-threatening-recovery-prospects-3684686
Investors bet on state-backed developers as Chinese property begins recovery
https://www.businesstimes.com.sg/property/investors-bet-state-backed-developers-chinese-property-begins-recovery
https://www.channelnewsasia.com/business/investors-bet-state-backed-developers-chinese-property-begins-recovery-3685296
Shanghai homebuyers warn of mortgage boycott as property crisis spreads to mainland China’s financial and commercial hub
https://www.scmp.com/business/banking-finance/article/3230348/shanghai-homebuyers-warn-mortgage-boycott-property-crisis-spreads-mainland-chinas-financial-and
Latest China developer debt woes could spur policy aid, but industry downbeat
https://www.channelnewsasia.com/business/analysislatest-china-developer-debt-woes-could-spur-policy-aid-industry-downbeat-3687976
https://www.straitstimes.com/business/china-developer-country-garden-misses-two-dollar-bond-coupon-payments
https://www.channelnewsasia.com/business/china-country-garden-missed-bond-two-dollar-coupons-3684971
https://www.scmp.com/business/china-business/article/3230384/country-gardens-stocks-bonds-tumble-after-chinese-developer-misses-us225-million-coupon-payments
ECB reports further decline in consumer inflation expectations for June
https://www.businesstimes.com.sg/international/ecb-reports-further-decline-consumer-inflation-expectations-june
German inflation eases to 6.5% in July
https://www.businesstimes.com.sg/international/german-inflation-eases-65-july
16 Hong Kong top advisers declare ownership of 110 properties and 450 plots of land; 7 affiliated with city’s golf club
https://www.scmp.com/news/hong-kong/politics/article/3230565/16-hong-kong-top-advisers-declare-ownership-110-properties-and-450-plots-land-7-affiliated-citys
Hong Kong tycoon Li Ka-shing’s discounted apartments draw interest during glut
https://www.businesstimes.com.sg/property/hong-kong-tycoon-li-ka-shings-discounted-apartments-draw-interest-during-glut
https://www.scmp.com/business/article/3230396/li-ka-shings-ck-asset-expects-sell-626-flats-weekend-sale-13000-hong-kong-homebuyers-bite-7-year-low
Malaysia’s industrial production slips 2.2% in June as manufacturing and mining output decline
https://www.businesstimes.com.sg/international/asean/malaysias-industrial-production-slips-22-june-manufacturing-and-mining-output
WeWork’s struggles threaten more pain for New York City’s slumping office market
https://www.businesstimes.com.sg/property/weworks-struggles-threaten-more-pain-new-york-citys-slumping-office-market
https://www.straitstimes.com/business/wework-warns-it-might-go-out-of-business
https://www.channelnewsasia.com/business/wework-warns-it-might-go-out-business-3687071
South Korea household borrowing grows further, countermeasures eyed
https://www.businesstimes.com.sg/international/south-korea-household-borrowing-grows-further-countermeasures-eyed
https://www.channelnewsasia.com/business/south-korea-household-borrowing-grows-further-countermeasures-eyed-3687206
South Korea jobless rate climbs to 6-month high
https://www.businesstimes.com.sg/international/souh-korea-jobless-rate-climbs-6-month-high
https://www.channelnewsasia.com/business/south-korea-unemployment-rate-climbs-six-month-high-3686856
Taiwan’s exports decline slows as surplus rises to record high
https://www.businesstimes.com.sg/international/taiwans-exports-deline-slows-surplus-rises-record-high
Mori unveils Tokyo’s tallest office tower, testing post-Covid demand
https://www.businesstimes.com.sg/property/mori-unveils-tokyos-tallest-office-tower-testing-post-covid-demand
UK property surveyors turn more gloomy as buyer demand declines
https://www.straitstimes.com/business/uk-property-surveyors-turn-more-gloomy-as-buyer-demand-declines
UK homebuilder Bellway to cut jobs as pricey mortgages sap sales
https://www.businesstimes.com.sg/property/uk-homebuilder-bellway-cut-jobs-pricey-mortgages-sap-sales
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