Singapore Economy
Singapore’s retrenchments more than double, employment growth slows in 2023
Singapore’s retrenchments more than doubled in 2023, while employment growth slowed after 2022’s sharp post-pandemic rebound, advance figures from the Ministry of Manpower (MOM) showed on Wednesday (Jan 31).
https://www.businesstimes.com.sg/singapore/singapores-retrenchments-more-double-employment-growth-slows-2023
https://www.straitstimes.com/business/retrenchments-in-singapore-doubled-in-2023-even-as-unemployment-dipped-slightly
https://www.todayonline.com/singapore/retrenchments-singapore-more-doubled-2023-mom-report-2353356
https://www.channelnewsasia.com/singapore/retrenchments-double-2024-fourth-quarter-mom-labour-market-advance-release-4087516
Job hopping in Singapore at its lowest in 6 years as it’s harder to get new post
Singapore – Jumping ship has gone out of fashion among local workers with job switching at its lowest level in six years. Only 14.7 per cent of workers changed jobs in the past two years, a rate not seen since 2017.
https://www.straitstimes.com/business/job-hopping-lost-bounce-in-2023-drops-back-to-2017-level
Singapore manufacturing, services firms remain hopeful for first half of 2024: Surveys
Singapore – More local manufacturers are optimistic about business conditions in the first half of 2024, while sentiment among services firms moderated though they remained positive, separate surveys showed on Jan 31.
https://www.straitstimes.com/business/companies-markets/singapore-manufacturing-services-firms-remain-hopeful-for-first-half-of-2024-surveys
After 20 years, it could be time for Singapore to relook personal income tax-free threshold
For the last 20 years, Singapore tax residents have not needed to pay tax on the first S$20,000 of chargeable annual income. With wages having risen considerably over that same period, not least due to inflation, perhaps this threshold should be raised too – so that a higher income level is tax-free.
https://www.businesstimes.com.sg/opinion-features/after-20-years-it-could-be-time-singapore-relook-personal-income-tax-free
Companies’ Brief
CLI to divest Beijing office building in $447 million joint venture with AIA
Singapore – CapitaLand Investment (CLI) is divesting a 95 per cent stake in Capital Square Beijing to AIA Life Insurance through a 2.4 billion yuan (S$447 million) joint venture set up with the Hong Kong-based insurance group.
https://www.straitstimes.com/business/cli-to-divest-beijing-office-building-in-447-million-joint-venture-with-aia
Keppel H2 profit rises 2.5% to S$439.9 million
Keppel on Thursday (Feb 1) posted a 2.5 per cent rise in net profit to S$439.9 million for the second half ended Dec 31, 2023, from S$429.1 million in the previous corresponding period. The results translate to earnings per share (EPS) of S$0.246, up from S$0.242 in H2 FY2022.
https://www.businesstimes.com.sg/companies-markets/keppel-h2-profit-rises-25-s4399-million
https://www.theedgesingapore.com/capital/results/keppel-reports-record-earnings-41-billion-fy2023
Keppel Infrastructure Trust second-half DPU jumps 123% on special distributions
Singapore – Keppel Infrastructure Trust (KIT) posted a 123 per cent higher distribution per unit (DPU) at 4.26 cents for the half-year period ended December, compared with 1.91 cents in the year-ago period.
https://www.straitstimes.com/business/keppel-infrastructure-trust-second-half-dpu-jumps-123-on-special-distributions
Keong Hong’s FY2023 loss widens on higher construction costs
Rising costs in the construction sector sent mainboard-listed Keong Hong Holdings deeper into the red for FY2023. The company saw its net loss widen 7.8 per cent to S$49.5 million for the year ended Sep 30, 2023.
https://www.businesstimes.com.sg/companies-markets/keong-hongs-fy2023-loss-widens-higher-construction-costs
Views, Reviews, Forum and Others
China vows to work with Singapore to fight money laundering, illicit money flows
China vowed to step up cooperation with Singapore to crack down on cross-border money laundering crimes, highlighting its concerns about illicit flows in the region. China is paying “high attention” to the situation, the country’s foreign affairs ministry said in response to questions from Bloomberg News about hundreds of remittances from its nationals working in the city-state that were frozen by its police.
https://www.businesstimes.com.sg/international/china-vows-work-singapore-fight-money-laundering-illicit-money-flows
Workplace deaths in Singapore down 22% in 2023
Thirty-six workers lost their lives as a result of accidents at the workplace in 2023 – a 21.7 per cent drop from the 46 workplace deaths recorded in 2022. For comparison, there were 37 such deaths in 2021, 30 in 2020, and 39 in 2019. The previous peak was in 2016, when 66 workers died on the job.
https://www.straitstimes.com/singapore/workplace-deaths-in-2023-fall-by-22
https://www.channelnewsasia.com/singapore/workplace-fatality-rate-drop-2023-mom-zaqy-mohamad-4088636
Global Economy & Real Estate
Fed keeps rates steady while Powell says March cut unlikely
https://www.businesstimes.com.sg/international/fed-keeps-rates-steady-while-powell-says-march-cut-unlikely
https://www.straitstimes.com/business/economy/us-fed-holds-key-rate-steady-for-fourth-straight-meeting
https://www.channelnewsasia.com/world/us-fed-holds-key-rate-steady-says-march-cut-unlikely-4087311
https://www.theedgesingapore.com/news/us-economy/fed-keeps-rates-steady-while-powell-says-march-cut-unlikely
Red Sea container shipping down 30% over attacks: IMF
https://www.businesstimes.com.sg/international/global/red-sea-container-shipping-down-30-over-attacks-imf
Red Sea crisis unlikely to end soon: Hapag-Lloyd CEO
https://www.businesstimes.com.sg/companies-markets/transport-logistics/red-sea-crisis-unlikely-end-soon-hapag-lloyd-ceo
US private sector job gains slow more than expected in January
https://www.businesstimes.com.sg/international/us-private-sector-job-gains-slow-more-expected-january
US labour-cost gauge cools in sign of easing inflation pressures
https://www.businesstimes.com.sg/international/us-labour-cost-gauge-cools-sign-easing-inflation-pressures
Billionaire Sternlicht sees US$1 trillion loss in US office values
https://www.businesstimes.com.sg/property/billionaire-sternlicht-sees-us1-trillion-loss-us-office-values
Australia home prices gain for 12th month, while Melbourne falls
https://www.businesstimes.com.sg/property/australia-home-prices-gain-12th-month-while-melbourne-falls
Australia’s housing prices extend modest gains in January
https://www.businesstimes.com.sg/property/australias-housing-prices-extend-modest-gains-january
China’s economy suffers ‘soft start’ to 2024 despite manufacturing activity rebound
https://www.scmp.com/economy/economic-indicators/article/3250366/chinas-manufacturing-activity-rebounds-slightly-january-remains-contraction
China’s factory activity shrinks again, weak demand hobbles economy
https://www.businesstimes.com.sg/international/global/chinas-factory-activity-shrinks-again-weak-demand-hobbles-economy
https://www.straitstimes.com/business/china-factory-activity-shrinks-again-with-economy-hurt-by-weak-demand
Major Chinese cities ease home-purchase limits to boost sales
https://www.businesstimes.com.sg/property/major-chinese-cities-ease-home-purchase-limits-boost-sales
https://www.channelnewsasia.com/business/chinese-major-cities-ease-home-purchase-limits-boost-sales-4087711
https://www.scmp.com/business/article/3250411/china-property-suzhou-shanghai-and-guangzhou-ease-home-buying-restrictions-policy-support-gathers
China home sales slump persists after Evergrande liquidation
https://www.businesstimes.com.sg/property/china-home-sales-slump-persists-after-evergrande-liquidation
China’s Country Garden looks to sell £450 million London development
https://www.businesstimes.com.sg/property/chinas-country-garden-looks-sell-ps450-million-london-development
https://www.channelnewsasia.com/business/chinas-country-garden-looks-sell-us570-million-london-development-4088711
What does Evergrande’s liquidation mean for other property developers in China?
https://www.channelnewsasia.com/asia/what-does-evergrandes-liquidation-mean-other-property-developers-china-4085221
China unveils new property support measures amid concerns about Evergrande fallout
https://www.channelnewsasia.com/business/china-unveils-new-property-support-measures-amid-concerns-about-evergrande-fallout-4087766
China issues first development loan under ‘project whitelist’ mechanism
https://www.businesstimes.com.sg/property/china-issues-first-development-loan-under-project-whitelist-mechanism
German unemployment edges down in January
https://www.businesstimes.com.sg/international/german-unemployment-edges-down-january
Hong Kong holds base rate steady after Fed’s unanimous vote to ‘keep options open’ dashes optimism for an earlier cut
https://www.scmp.com/business/banking-finance/article/3250498/hong-kong-holds-base-rate-steady-after-us-feds-unanimous-vote-keep-options-open-dashed-optimism
Hong Kong’s economy growth disappoints in 2023 on slow recovery
https://www.businesstimes.com.sg/international/hong-kongs-economy-growth-disappoints-2023-slow-recovery
https://www.straitstimes.com/business/economy/hong-kong-q4-gdp-expands-43-slower-than-forecast
https://www.channelnewsasia.com/business/hong-kong-q4-gdp-expands-43-y-y-slower-forecast-4088341
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3250434/hong-kong-economy-grows-less-expected-32-2023-rebounding-after-previous-years-contraction
High-end home prices set for slump from Hong Kong to New York
https://www.businesstimes.com.sg/property/high-end-home-prices-set-slump-hong-kong-new-york
Hong Kong ‘underwater mortgage’ levels surge to two-decade high
https://www.businesstimes.com.sg/property/hong-kong-underwater-mortgage-levels-surge-two-decade-high
Kai Tak a hit with Hong Kong buyers at Housing Authority sale of about 9,000 subsidised flats
https://www.scmp.com/news/hong-kong/society/article/3250423/kai-tak-hit-hong-kong-buyers-housing-authority-sale-about-9000-subsidised-flats
Japan Jan factory activity shrinks modestly on softer demand – PMI
https://www.channelnewsasia.com/business/japan-jan-factory-activity-shrinks-modestly-softer-demand-pmi-4090601
Saudi Arabia’s economy shrinks again after oil cuts
https://www.businesstimes.com.sg/international/saudi-arabias-economy-shrinks-again-after-oil-cuts
South Korea Jan exports rise for fourth month, chip sales surge
https://www.channelnewsasia.com/business/south-korea-jan-exports-rise-fourth-month-chip-sales-surge-4090591
Taiwan Q4 preliminary GDP beats forecast, bodes well for 2024
https://www.businesstimes.com.sg/international/taiwan-q4-preliminary-gdp-beats-forecast-bodes-well-2024
https://www.channelnewsasia.com/business/taiwan-q4-preliminary-gdp-beats-forecast-bodes-well-2024-4088201
UK house prices beat expectations in January
https://www.businesstimes.com.sg/property/uk-house-prices-beat-expectations-january
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