Singapore Economy
Financial support for retrenched workers should come on top of any severance pay: Labour MP
Upcoming financial support to help retrenched workers cover daily needs while upskilling for better jobs should be paid on top of severance packages that serve a different purpose, said labour MP Patrick Tay.
https://www.straitstimes.com/singapore/jobs/financial-support-for-retrenched-workers-should-come-on-top-of-any-severance-pay-labour-mp
Tour agencies in Singapore struggle with lack of manpower, vehicles as tourism inches back towards pre-pandemic levels
Tourist arrivals in Singapore from China are climbing back up to pre-pandemic levels, with no signs of slowing down. For the first time since January 2020, the number of visitors from China passed the 200,000 mark last month, according to the latest figures from the Singapore Tourism Board (STB) released earlier this month.
https://www.channelnewsasia.com/singapore/tour-agencies-singapore-struggle-lack-manpower-vehicles-tourism-inches-back-towards-pre-pandemic-levels-china-3714881
Strong showing by hospitality and airline brand names in best customer service survey
Several established brands had a strong showing in Singapore’s Best Customer Service survey 2023/2024 – the first post-pandemic – with hotels and airlines faring well.
https://www.straitstimes.com/singapore/strong-showing-by-hospitality-and-airline-brand-names-in-best-customer-service-survey
https://www.straitstimes.com/singapore/shangri-la-singapore-tops-ranking-of-country-s-best-customer-service-provider
Companies’ Brief
Frasers Property secures refinancing for S$1.08 billion green loan
Frasers Property has secured a S$1.08 billion five-year green term loan club facility to refinance its maturing term loan facility, due in September, for Frasers Tower. The green loan received strong support from a consortium of seven banks, announced the group on Tuesday (Aug 22).
https://www.businesstimes.com.sg/companies-markets/frasers-property-secures-refinancing-s108-billion-green-loan
https://www.straitstimes.com/business/frasers-property-secures-refinancing-for-108-billion-green-loan
https://www.theedgesingapore.com/news/environmental-social-and-governance/frasers-property-entity-secures-refinancing-108-bil-green
HPL accounts for increase in amount due from associates, jointly controlled entities
Hotel Properties Limited (HPL) whose managing director Ong Beng Seng is embroiled in a corruption probe, had given S$24.6 million in advances to two jointly controlled entities in which Ong is deemed to have interest, and the amounts were due.
https://www.businesstimes.com.sg/companies-markets/hpl-accounts-increase-amount-due-associates-jointly-controlled-entities
Keppel Corp should use private fund to buy up undervalued Keppel Reit
Helped by a S$3.3 billion disposal gain from divesting its offshore and marine business, Keppel Corporation posted a record net profit for H1 2023 of over S$3.6 billion. Keppel Corp paid its shareholders an interim cash dividend of S$0.15 per share on Aug 18.
https://www.businesstimes.com.sg/opinion-features/keppel-corp-should-use-private-fund-buy-undervalued-keppel-reit
Global Economy & Real Estate
US existing home sales drop, but prices up from a year earlier
https://www.businesstimes.com.sg/property/us-existing-home-sales-drop-prices-year-earlier
US govt awards US$1.4 billion for development of new COVID-19 therapies, vaccines
https://www.channelnewsasia.com/world/us-govt-awards-us14-billion-development-new-covid-19-therapies-vaccines-3717131
Trudeau’s housing minister open to cap on foreign student visas
https://www.businesstimes.com.sg/property/trudeaus-housing-minister-open-cap-foreign-student-visas
Zara billionaire Ortega buys Chicago apartment tower for US$232 million
https://www.businesstimes.com.sg/property/zara-billionaire-ortega-buys-chicago-apartment-tower-us232-million
China’s gloomy economic outlook has taken the fizz out of consumer spending, PwC says
https://www.scmp.com/business/china-business/article/3231935/chinas-gloomy-economic-outlook-has-taken-fizz-out-consumer-spending-pwc-says
Chinese property firms owed billions by cities: report
https://www.businesstimes.com.sg/property/chinese-property-firms-owed-billions-cities-report
Dubai’s property boom is starting to lure Chinese buyers back
https://www.businesstimes.com.sg/property/dubais-property-boom-starting-lure-chinese-buyers-back
Hongkongers moving into transitional housing to get one-off special allowance of up to HK$11,550, with highest amount for those in New Territories
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3231878/hongkongers-moving-transitional-housing-get-one-special-allowance-hk11550-highest-amount-those-new
Hong Kong developers line up home sales at heavy discounts to clear unsold stock, fearful of further price cuts in a watchful market
https://www.scmp.com/business/article/3231938/hong-kong-developers-line-home-sales-heavy-discounts-clear-unsold-stock-fearful-further-price-cuts
Hong Kong investor starts property fire sale after wife arrested
https://www.businesstimes.com.sg/property/hong-kong-investor-starts-property-fire-sale-after-wife-arrested
https://www.straitstimes.com/business/hong-kong-investor-starts-property-fire-sale-after-wife-arrested
https://www.scmp.com/business/article/3231883/hong-kong-property-fire-sale-eric-chu-selling-hotel-luxury-flats-after-wife-truong-my-lan-arrested
Hong Kong rents to rise by most in 11 years as returning students, new professionals battle for housing: Midland Realty
https://www.scmp.com/business/article/3231941/hong-kong-rents-rise-most-11-years-returning-students-new-professionals-battle-housing-midland
Hong Kong curbs Japanese food imports on Fukushima discharge
https://www.businesstimes.com.sg/international/hong-kong-curbs-japanese-food-imports-fukushima-discharge
https://www.channelnewsasia.com/asia/hong-kong-curb-japan-fukushima-wastewater-food-imports-3715591
Global investors pour billions into Japan hotels on tourism jump
https://www.straitstimes.com/business/global-investors-pour-billions-into-japan-hotels-on-tourism-jump
Japan’s factory activity shrinks at slower pace in Aug – PMI
https://www.channelnewsasia.com/business/japans-factory-activity-shrinks-slower-pace-aug-pmi-3717561
Japan’s 10-year yield hits over nine-year high, crosses BOJ intervention level
https://www.businesstimes.com.sg/companies-markets/japans-10-year-yield-hits-over-nine-year-high-crosses-boj-intervention-level
Japan to release water from stricken Fukushima nuclear plant from Thursday
https://www.businesstimes.com.sg/international/japan-release-water-stricken-fukushima-nuclear-plant-thursday
https://www.channelnewsasia.com/asia/japan-release-fukushima-water-treated-aug-24-3714981
‘Deserted ghost town’: Johor Country Garden condo residents concerned over unfinished projects amid China developer’s debt crisis
https://www.channelnewsasia.com/asia/johor-country-garden-forest-city-property-crisis-debt-china-3715791
More than a third of office desks globally sit empty all week long
https://www.straitstimes.com/business/more-than-one-third-of-office-desks-globally-sit-empty-all-week-long
South Korean manufacturers’ business sentiment weakens to 5-month low for September
https://www.channelnewsasia.com/business/south-korean-manufacturers-business-sentiment-weakens-5-month-low-september-3717326
South Korean policymakers vow to control rising household debt
https://www.businesstimes.com.sg/international/south-korean-policymakers-vow-control-rising-household-debt
https://www.channelnewsasia.com/business/s-korean-policymakers-vow-control-rising-household-debt-3715541
Bank of Korea to hold rate as risks to economy grow
https://www.businesstimes.com.sg/international/bank-korea-hold-rate-risks-economy-grow
https://www.channelnewsasia.com/business/bank-korea-seen-hold-rest-year-cut-rates-early-2024-reuters-poll-3714841
UK sees surge in interest from non-EU job hunters
https://www.businesstimes.com.sg/international/uk-sees-surge-interest-non-eu-job-hunters
UK factory output drops at fastest rate in almost 3 years
https://www.businesstimes.com.sg/international/uk-factory-output-drops-fastest-rate-almost-3-years
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