Singapore Economy
Indranee refutes ‘poorly sourced’ FT article claiming ‘unusual’ Singapore government briefings for international banks
https://www.channelnewsasia.com/singapore/indranee-financial-times-article-government-briefings-not-unusual-4319081
Iras to claw back S$60 million from buyers who used ‘99-to-1’ loophole to avoid ABSD
https://www.businesstimes.com.sg/singapore/iras-claw-back-s-60-million-buyers-who-used-99-1-loophole-avoid-absd?ref=top-stories
https://www.businesstimes.com.sg/singapore/iras-claw-back-s-60-million-buyers-who-used-99-1-loophole-avoid-absd
Singapore is world’s 4th wealthiest city, overtaking London: Report
Singapore – Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners. According to the investment migration consultant’s 2024 World’s Wealthiest Cities Report, 3,400 high-net-worth individuals (HNWIs) moved to Singapore in 2023 alone.
https://www.straitstimes.com/business/singapore-is-world-s-4th-wealthiest-city-overtaking-london-report
Business News
Far East Orchard net profit up 46.8% to S$6.9 million in Q1
Far East Orchard recorded S$6.9 million in net profit for the first three months ended March, up 46.8 per cent from S$4.7 million in the year-ago period. The improvement in operating profit came mainly from the group’s purpose-built student accommodation (PBSA) business, the real estate group said on Tuesday (May 7).
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-net-profit-46-8-s-6-9-million-q1
Keppel Infrastructure Trust plans to raise up to $500m to buy stake in Australia’s Ventura: Sources
Singapore’s Keppel Infrastructure Trust (KIT) is considering raising up to $500 million through a placement and preferential offering, according to people with knowledge of the matter.
https://www.straitstimes.com/business/companies-markets/keppel-infrastructure-trust-plans-to-raise-up-to-500m-to-buy-stake-in-australia-s-ventura-sources
Global Economy & Real Estate
Gold prices tick higher on US rate cut bets
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-prices-tick-higher-us-rate-cut-bets
Oil settles lower on signs of easing supply tightness
https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-settles-lower-signs-easing-supply-tightness
European oil giants consider shifting their listings to the US
https://www.businesstimes.com.sg/international/global/european-oil-giants-consider-shifting-their-listings-us
Australia’s central bank sees no need to hike rates but wary of price risks
https://www.businesstimes.com.sg/companies-markets/banking-finance/australias-central-bank-sees-no-need-hike-rates-wary-price-risks
Australian budget to target housing woes with more construction workers
https://www.straitstimes.com/asia/australian-budget-to-target-housing-woes-with-more-construction-workers
China-West divide threatens ‘reversal’ for global economy, IMF official warns
https://www.scmp.com/economy/china-economy/article/3261767/china-west-divide-threatens-reversal-global-economy-imf-official-warns?module=top_story&pgtype=section
China’s central bank adds more gold to its reserves in April
https://www.businesstimes.com.sg/international/chinas-central-bank-adds-more-gold-its-reserves-april
China property: Shenzhen, Wuhan are the latest cities to ease housing market restrictions to stir demand
https://www.scmp.com/business/china-business/article/3261672/china-property-shenzhen-wuhan-are-latest-cities-ease-housing-market-restrictions-stir-demand?module=top_story&pgtype=section
China’s steel industry risks ‘falling off a cliff’ as overcapacity concerns point to end of an era
https://www.scmp.com/economy/global-economy/article/3261344/chinas-steel-industry-risks-falling-cliff-overcapacity-concerns-point-end-era?module=top_story&pgtype=section
KKR buys 14 hotels in Japan, converts them to midscale Sheraton properties
https://www.businesstimes.com.sg/property/kkr-buys-14-hotels-japan-converts-them-midscale-sheraton-properties
Taiwan inflation drops below key threshold, easing rate concerns
https://www.businesstimes.com.sg/international/taiwan-inflation-drops-below-key-threshold-easing-rate-concerns
UK construction growth hits 14-month high in April, PMI survey shows
https://www.businesstimes.com.sg/property/uk-construction-growth-hits-14-month-high-april-pmi-survey-shows
UK house prices stagnate in April as higher mortgage costs bite
https://www.businesstimes.com.sg/property/uk-house-prices-stagnate-april-higher-mortgage-costs-bite
When buying a home is treated as a national security threat
https://www.businesstimes.com.sg/property/when-buying-home-treated-national-security-threat
PetroVietnam announces new oil discoveries with initial reserves of 100.5 million barrels
https://www.businesstimes.com.sg/international/asean/petrovietnam-announces-new-oil-discoveries-initial-reserves-100-5-million-barrels
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