Companies’ Brief
Aims Apac Reit expects ‘minimal financial impact’ from Yishun industrial asset fire
Aims Apac Real Estate Investment Trust (AA Reit) manager on Tuesday (Oct 10) reported a fire incident at one of the Reit’s properties at 61 Yishun Industrial Park A. There were no casualties reported, the manager said. It noted that the fire broke out at around 5.15 pm and was brought under control by the Singapore Civil Defence Force by about 6.30 pm
https://www.businesstimes.com.sg/companies-markets/aims-apac-reit-expects-minimal-financial-impact-yishun-industrial-asset-fire
https://www.theedgesingapore.com/news/reits/fire-aims-apac-reits-property
Centurion Corp’s reduced dormitory bed capacity likely with MoM announcement
Centurion Corp is likely to be impacted by the Ministry of Manpower in Singapore announcement of a Dormitory Transition Scheme (DTS) for existing dormitories approved or operational before Sept 18 2021 to transition to improved Interim Dormitory Standards (IDS).
https://www.theedgesingapore.com/news/property/centurion-corps-reduced-dormitory-bed-capacity-likely-mom-announcement
Hiap Seng announces rights issue to raise $3.3 million
As part of a debt restructuring process, Hiap Seng Engineering 510 0.00% has announced a non-undewritten, renounceable rights issue of 607.5 million rights shares at a ratio of 2 new shares for 1 existing share at a price of $0.00543 to raise $3.3 milion
https://www.theedgesingapore.com/news/construction/hiap-seng-announces-rights-issue-raise-33-million
Views, Reviews Forum and Others
MOM to raise standards for around 1,000 migrant worker dormitories by 2030
The Ministry of Manpower (MOM) is transitioning about 1,000 existing purpose-built dormitories and factory-converted dormitories to improved interim standards under the Dormitory Transition Scheme (DTS) by 2030.
https://www.businesstimes.com.sg/singapore/mom-raise-standards-around-1000-migrant-worker-dormitories-2030
https://www.straitstimes.com/singapore/1000-dorms-must-meet-12-resident-cap-per-room-other-interim-improved-standards-by-2030-mom
https://www.todayonline.com/singapore/12-person-room-limit-en-suite-toilets-foreign-worker-dorms-singapore-given-until-2030-improve-standards-2279001
https://www.channelnewsasia.com/singapore/foreign-worker-dormitory-dorms-improve-standards-2030-3836631
Concerns over cost and reduced capacity, but operators see need to raise dormitory standards
Singapore – It will cost Ms Jolene Teo about $80,000 to renovate the dormitory in her company’s Tagore Lane factory, which currently houses 28 of her workers in a single large room.
https://www.straitstimes.com/singapore/concerns-over-cost-and-reduced-capacity-but-operators-see-need-to-raise-dormitory-standards
Money laundering case: President’s Challenge received over S$350k in donations, ComChest got S$30k
The Community Chest (ComChest) received S$30,000 and the President’s Challenge got more than S$350,000 from individuals whose names are similar to those of people charged in the S$2.8 billion money laundering case.
https://www.businesstimes.com.sg/singapore/money-laundering-case-presidents-challenge-received-over-s350k-donations-comchest-got
https://www.straitstimes.com/singapore/courts-crime/money-laundering-case-president-s-challenge-received-over-350k-in-donations-comchest-got-30k
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-community-chest-presidents-challenge-charities-donations-3838286
Closing the luxe-goods loophole in money laundering
The biggest money laundering probe in Singapore’s history has revealed the significant role of luxury goods as a loophole for the racketeering. The latest revelations highlight that such goods, ranging from high-end vehicles to watches and handbags, constituted a significant portion of the S$2.8 billion worth of assets seized thus far.
https://www.businesstimes.com.sg/opinion-features/closing-luxe-goods-loophole-money-laundering
Global Economy & Real Estate
US Fed official lauds ‘very good’ progress on inflation
https://www.channelnewsasia.com/business/us-fed-official-lauds-very-good-progress-inflation-3838711
Higher rates may be needed to curb inflation: Fed governor
https://www.businesstimes.com.sg/international/higher-rates-may-be-needed-curb-inflation-fed-governor
Uncertainty, growth risks put US Fed on cautious footing last month, minutes show
https://www.straitstimes.com/business/economy/uncertainty-growth-risks-put-us-fed-on-cautious-footing-last-month-minutes-show
Yellen sticks to view that US economy headed for soft landing
https://www.businesstimes.com.sg/international/yellen-sticks-view-us-economy-headed-soft-landing
Housing groups, mortgage lenders urge Powell to halt Fed hikes
https://www.businesstimes.com.sg/property/housing-groups-mortgage-lenders-urge-powell-halt-fed-hikes
Canadian police probe Ontario housing development scandal
https://www.businesstimes.com.sg/property/canadian-police-probe-ontario-housing-development-scandal
How economists have underestimated Chinese consumption
https://www.businesstimes.com.sg/opinion-features/how-economists-have-underestimated-chinese-consumption
Most Japanese firms expect China’s economic slowdown to persist into 2025: poll
https://www.businesstimes.com.sg/international/global/most-japanese-firms-expect-chinas-economic-slowdown-persist-2025-poll
China consumers are ‘not out of the woods yet’: Bank of America
https://www.businesstimes.com.sg/international/china-consumers-are-not-out-woods-yet-bank-america
China property creditors face worsening restructuring terms as sector recovery hopes sour
https://www.channelnewsasia.com/business/china-property-creditors-face-worsening-restructuring-terms-sector-recovery-hopes-sour-3837886
German economy to shrink in 2023, govt says
https://www.straitstimes.com/business/economy/german-economy-to-shrink-in-2023-govt-says
German unions seek 10.5% pay rise for public-sector workers
https://www.businesstimes.com.sg/international/german-unions-seek-105-pay-rise-public-sector-workers
Hong Kong’s cash-strapped West Kowloon Cultural District boosted by city’s post-pandemic return to normality as operating deficit falls to HK$718 million
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3237493/hong-kongs-cash-strapped-west-kowloon-cultural-district-boosted-citys-post-pandemic-return-normality
Hong Kong negative equity mortgages expected to hit highest since 2005
https://www.businesstimes.com.sg/property/hong-kong-negative-equity-mortgages-expected-hit-highest-2005
Hong Kong real estate developers respond strongly to Kai Tak land tender despite property market pressures
https://www.scmp.com/business/article/3234155/hong-kong-real-estate-developers-respond-strongly-kai-tak-land-tender-despite-property-market
UK may need to hike rates to 5.5% and hold: IMF
https://www.businesstimes.com.sg/international/uk-may-need-hike-rates-55-and-hold-imf
Consumer inflation expectations up slightly, says ECB
https://www.businesstimes.com.sg/international/consumer-inflation-expectations-slightly-says-ecb
UK housing market challenging but rate pause offers hope: RICS
https://www.businesstimes.com.sg/property/uk-housing-market-challenging-rate-pause-offers-hope-rics
US mortgage rate climbs to fresh multi-decade high of 7.67%
https://www.businesstimes.com.sg/property/us-mortgage-rate-climbs-fresh-multi-decade-high-767
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