Singapore Economy
MAS joins global initiative to improve MSME financing
The Monetary Authority of Singapore (MAS) and the United Nations Development Programme (UNDP) have launched an open global initiative known as Universal Trusted Credentials (UTC) to improve micro, small and medium-sized enterprises’ (MSMEs) access to financing.
https://www.businesstimes.com.sg/singapore/smes/mas-joins-global-initiative-improve-msme-financing
https://www.straitstimes.com/business/mas-global-partners-pledge-to-raise-financial-inclusion-for-underserved-people-businesses
https://www.theedgesingapore.com/news/fintech/new-initiative-called-universal-trusted-credentials-help-msme-better-access-finance
Singles’ Day sales up in Singapore ahead of GST hike
Singapore shoppers seeking to beat a Goods and Services Tax (GST) hike next year may have boosted the Singles’ Day sales figures of e-commerce platforms, although consumer spending across categories was uneven.
https://www.businesstimes.com.sg/singapore/economy-policy/singles-day-sales-singapore-ahead-gst-hike
Companies’ Brief
Teo family, Dymon Asia consortium launches bid to take Amara private at S$0.60 a share
Amara Holdings on Tuesday (Nov 14) received a voluntary cash offer at S$0.60 per share from a consortium linked to Albert Teo, the hotel group’s chief executive, other members of his family and private equity investor Dymon Asia.
https://www.businesstimes.com.sg/companies-markets/teo-family-dymon-asia-consortium-launches-bid-take-amara-private-s060-share
https://www.theedgesingapore.com/news/offer/amara-ceo-albert-teo-and-family-offer-60-cents-share-unconditional-cash-offer
City Developments buys Manchester private rented sector project for £75.6 million
City Developments Limited (CDL) has acquired a 261-unit freehold project in Manchester for £75.6 million (S$125.7 million). On Tuesday (Nov 14), the property developer said it will forward-fund the private rented sector (PRS) project, which will commence construction this month.
https://www.businesstimes.com.sg/companies-markets/city-developments-buys-manchester-private-rented-sector-project-ps756-million
https://www.straitstimes.com/business/cdl-acquires-manchester-rental-apartment-project-for-1257-million
https://www.theedgesingapore.com/news/property/cdl-aims-additional-recurring-income-manchester-acquisition-1257-million
CDL Hospitality Trusts takes long-term view of Singapore
CDL Hospitality Trusts (CDLHT) is a stapled group comprising CDL Hospitality Real Estate Investment Trust, the first hotel real estate investment trust in Singapore, and CDL Hospitality Business Trust, a business trust.
https://www.theedgesingapore.com/capital/sgx-research-series-10-10/cdl-hospitality-trusts-takes-long-term-view-singapore
LHN warns FY2023 net profit could decline 23.8% amid fair value loss on investment properties
Real estate services provider LHN Group warned that it expects to record a 23.8 per cent year-on-year decline in net profit, to no less than S$40 million, for the year ended Sep 30, 2023, from S$52.5 million a year earlier.
https://www.businesstimes.com.sg/companies-markets/lhn-warns-fy2023-net-profit-could-decline-238-amid-fair-value-loss-investment
Global Economy & Real Estate
World’s best performing office market has occupancy of over 98%
https://www.businesstimes.com.sg/property/worlds-best-performing-office-market-has-occupancy-over-98
US consumer inflation cools to 3.2% in October
https://www.businesstimes.com.sg/international/us-consumer-inflation-cools-32-october
https://www.straitstimes.com/business/economy/us-consumer-inflation-moderates-to-32-in-october-as-economy-cools
https://www.theedgesingapore.com/news/us-economy/us-inflation-broadly-slows-erasing-bets-more-fed-rate-hikes
https://www.channelnewsasia.com/business/cooling-us-inflation-raises-hopes-end-rate-hikes-3920031
Australian consumer sentiment slumps following RBA’s rate hike
https://www.businesstimes.com.sg/international/australian-consumer-sentiment-slumps-following-rbas-rate-hike
Commercial property investment in Asia-Pacific fell to lowest level in 13 years in third quarter as high interest rates hit demand, says JLL report
https://www.scmp.com/business/article/3241501/commercial-property-investment-asia-pacific-fell-lowest-level-13-years-third-quarter-high-interest
China mulls 1 trillion yuan of new funding to boost housing market
https://www.businesstimes.com.sg/property/china-mulls-1-trillion-yuan-new-funding-boost-housing-market
https://www.straitstimes.com/business/china-mulls-188-billion-of-new-funds-to-aid-housing-market
https://www.channelnewsasia.com/business/china-eyeing-137-billion-new-funding-boost-housing-market-bloomberg-news-3919351
China orders local governments to cut exposure to public-private projects as debt risks rise: sources
https://www.businesstimes.com.sg/international/china-orders-local-governments-cut-exposure-public-private-projects-debt-risks-rise
https://www.channelnewsasia.com/business/exclusive-china-orders-local-governments-cut-exposure-public-private-projects-debt-risks-rise-sources-say-3919166
Hong Kong’s property market needs time to adjust to new measures introduced in policy address, John Lee says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3241455/hong-kongs-property-market-needs-time-adjust-new-cooling-measures-introduced-policy-address-john-lee
Hong Kong launches academy for wealth legacy as finance secretary hails city’s ‘thriving’ family office sector
https://www.scmp.com/business/article/3241537/hong-kong-launches-academy-wealth-legacy-finance-secretary-hails-citys-thriving-family-office-sector
Japan’s economy likely shrank in summer as recovery sputters
https://www.businesstimes.com.sg/international/japans-economy-likely-shrank-summer-recovery-sputters
https://www.straitstimes.com/business/japans-economy-shrank-in-third-quarter-as-demand-waned
https://www.channelnewsasia.com/business/japans-economy-contracts-demand-wanes-3920961
London boroughs buy £300 million of property to move homeless
https://www.businesstimes.com.sg/property/london-boroughs-buy-ps300-million-property-move-homeless
South Korea’s memory-chip exports return to growth for first time in 16 months
https://www.straitstimes.com/business/south-korea-s-memory-chip-exports-return-to-growth
South Korea unemployment rate inches down to 2.5% in Oct
https://www.channelnewsasia.com/business/south-korea-unemployment-rate-inches-down-25-oct-3920881
UK wage growth cools slightly but stays near record
https://www.businesstimes.com.sg/international/uk-wage-growth-cools-slightly-stays-near-record
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