DAILY NEWS

Daily News – 4, 5 & 6 Jul 2020 (Sat, Sun & Mon)

Singapore Economy

May retail sales hit all-time low; industry hoping for rebound
Singapore retailers crashed to an all-time low in May, as revenue was more than halved on the year before. Receipts posted a ghastly plunge of 52.1 per cent – the worst since records began in 1986, the Department of Statistics (SingStat) said on Friday.
https://www.businesstimes.com.sg/government-economy/may-retail-sales-hit-all-time-low-industry-hoping-for-rebound
https://www.straitstimes.com/business/economy/retail-sales-down-521-in-may-in-record-slump

Factories reopened in June, but weak global demand continues to hurt
Singapore factories were set to ramp up activity in June as a two-month “circuit breaker” ended, an early sentiment gauge has suggested. But with end-demand still capped by the novel coronavirus pandemic that has ravaged the globe, the manufacturing sector could still face negative territory in the coming months.
https://www.businesstimes.com.sg/government-economy/factories-reopened-in-june-but-weak-global-demand-continues-to-hurt-0
https://www.straitstimes.com/business/economy/singapores-june-factory-activity-improves-but-still-in-contraction

Singapore May visitor arrivals plummet to just 880
Singapore had just 880 visitor arrivals in May 2020, as the country remained closed to short-term visitors to stem the risk of importing Covid-19 during the second month of its “circuit breaker” period. Although visitor arrivals slowed to a trickle compared with the 1.49 million arrivals in May 2019…
https://www.businesstimes.com.sg/government-economy/singapore-may-visitor-arrivals-plummet-to-just-880

More than 12,000 people placed in new jobs under SGUnited Jobs initiative: Josephine Teo
More than 12,000 people have been placed in new jobs since March under the SGUnited Jobs initiative, Manpower Minister Josephine Teo said on Friday. The initiative was introduced in March as part of the supplementary Resilience Budget to help job seekers cope with the worsening labour market prospects amid the Covid-19 pandemic.
https://www.businesstimes.com.sg/government-economy/more-than-12000-people-placed-in-new-jobs-under-sgunited-jobs-initiative
https://www.straitstimes.com/singapore/manpower/over-12000-people-get-new-jobs-under-sgunited-initiative

Companies’ Brief

CapitaLand expects H1 net profit to be ‘materially and adversely’ impacted
CapitaLand on Monday said it expects the group’s total profit after tax and minority interests (PATMI) for the six months ended June 30, 2020 to be “materially and adversely” impacted, based on preliminary estimates.
https://www.businesstimes.com.sg/companies-markets/capitaland-expects-h1-net-profit-to-be-materially-and-adversely-impacted
https://www.straitstimes.com/business/companies-markets/capitaland-issues-profit-warning-for-half-year-results

Hatten Land says units seeking debt restructuring owe RM605m
Two Hatten Land subsidiaries owe a combined RM605 million (S$196.9 million) to scheme creditors, although the bulk of these debts will be erased as they are owed to group entities. In a filing late Thursday night, the Catalist-listed property developer said total debt under MDSA Resources’ proposed scheme of arrangement is about RM322 million.
https://www.businesstimes.com.sg/companies-markets/hatten-land-says-units-seeking-debt-restructuring-owe-rm605m

KGI maintains ‘outperform’ call after CAD interviews EC World Reit manager’s CIO
KGI Securities on Friday maintained its “outperform” call on EC World Real Estate Investment Trust (EC World Reit), despite news that the chief investment officer (CIO) of its manager had been called up for an interview by the Commercial Affairs Department (CAD).
https://www.businesstimes.com.sg/companies-markets/kgi-maintains-outperform-call-after-cad-interviews-ec-world-reit-managers-cio

Views, Reviews, Forum & Others

No room for complacency
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
It is obvious the coronavirus remains a very real and potent threat continuing its spread and lurking unseen in our midst, without any boundaries. We have to remain very vigilant and avoid complacency in this battle. New infections can flare up anywhere and anytime, spreading quickly if we let our guard down, risking public health with devastating economic consequences.
https://www.businesstimes.com.sg/views-from-the-top/no-room-for-complacency

Retail investors awakened by Covid-19 slump
Their absence is lamented. Yet, their presence elicits bewilderment, worry and even ridicule from market commentators. They are referred to as retail investors, or mom-and-pop investors. But the context in which these terms are used often leaves no doubt as to the underlying pejorative meaning.
https://www.businesstimes.com.sg/companies-markets/retail-investors-awakened-by-covid-19-slump

Report: Lack of data skills hinders productivity of 94% of employers
Most companies here believe their staff’s ability to read, understand and communicate data is more important now than it was before the start of the coronavirus pandemic. However, a lack of data literacy is hindering the productivity of 94 per cent of employers, according to a recently released NTUC LearningHub data skills report.
https://www.straitstimes.com/business/companies-markets/report-lack-of-data-skills-hinders-productivity-of-94-of-employers

Companies need to share more wealth with workers
For two generations, workers’ wages have stagnated. During this period, powerful institutional investors have tied executive pay to stock performance and created a corporate-governance system solely focused on delivering for stockholders.
https://www.straitstimes.com/business/invest/companies-need-to-share-more-wealth-with-workers

Big bucks in virus-proofing office
Truework, an income verification start-up, recently introduced software to help employers keep track of their workers’ health status. Gensler, an architecture and design firm, has a workplace floor-planning app that generates social-distancing layouts for desks and other office furniture.
https://www.straitstimes.com/business/invest/big-bucks-in-virus-proofing-office

Big Oil confronts possibility of terminal decline
Although crude prices have rebounded from Covid-19 crisis lows, oil executives and experts are starting to ask if the industry has crossed the Rubicon of peak demand. The plunge in the price of crude oil during the first wave of novel coronavirus lockdowns – futures prices briefly turned negative…
https://www.businesstimes.com.sg/energy-commodities/big-oil-confronts-possibility-of-terminal-decline

How to make critical decisions amid Covid-19 pressures
The Covid-19 crisis has affected people’s quality of life and livelihoods, and it will continue to do so. There are many new demands to adapt to, both ongoing ones and those in the post-pandemic realities.
https://www.straitstimes.com/opinion/how-to-make-critical-decisions-amid-covid-19-pressures

Riding the future of the tech economy
We are living in the age of the tech economy, in which the confluence of technology and economic forces is reshaping entire industries and disrupting life as we know it. Disruptive innovation is hardly new. In the 18th century, for instance, the advent of the steam engine allowed production to be mechanised for the first time.
https://www.straitstimes.com/business/companies-markets/riding-the-future-of-the-tech-economy

At least one more year of living with Covid-19
Instead of things getting better, as might be expected with greater understanding of the coronavirus, the Covid-19 pandemic has gone from bad to worse. In May, 2.8 million people around the world were infected with the virus. Last month, the number was 4.4 million people. Another 600,000 people became infected in the first four days of this month.
https://www.straitstimes.com/singapore/at-least-one-more-year-of-living-with-covid-19

Why it’s a good idea to be tested for Covid-19 if you’re asked to
The numbers are small, not unexpected, but nevertheless still worrying. The key lies in the concept of exponential growth. And exponential growth has been what is happening with Covid-19 around the world – it took seven days for global numbers to go from eight million to nine million, but only five days to increase from 10 million to 11 million.
https://www.straitstimes.com/singapore/health/why-its-a-good-idea-to-be-tested-for-covid-19-if-youre-asked-to

Coronavirus: Hotels can open for staycations again
When circuit breaker measures kicked in on April 7, civil servant Nur Atiqa, 29, and her husband had their bookings in two local hotels on Sentosa cancelled. “In fact, we had booked those hotels as a replacement for our cancelled honeymoon plans due to the Covid-19 situation,” she said.
https://www.straitstimes.com/singapore/hotels-can-open-for-staycations-again

Update on COVID-19 (Coronavirus Disease 2019) Situation

Coronavirus: S’porean girl, 2, among 18 cases in community
Infections in the community have increased, with a two-year-old Singaporean girl among the 18 new community cases of Covid-19 announced yesterday by the Ministry of Health (MOH). The 17 other community cases were four Singaporeans, one permanent resident (PR), two work pass holders and 10 work permit holders.
https://www.straitstimes.com/singapore/health/sporean-girl-2-among-18-cases-in-community

Over 6,600 fines issued for flouting Covid-19 rules
Over 6,600 fines have been issued to people who broke rules meant to keep people here safe from Covid-19, said the Ministry of the Environment and Water Resources (MEWR) on Friday. Since the start of the outbreak, the authorities have taken various steps to tackle the virus.
https://www.straitstimes.com/singapore/health/over-6600-fines-issued-for-flouting-covid-19-rules

Visitors at attractions again – with safety measures in place
Attractions such as Universal Studios Singapore (USS) and the Singapore Zoo buzzed with visitors once again yesterday, with a slew of safety measures in place. Both attractions, as well as 11 others, were given the green light last week to reopen from July 1.
https://www.straitstimes.com/singapore/visitors-at-attractions-again-with-safety-measures-in-place
*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation