DAILY NEWS

Daily News – 8 June 2021 (Tue)

Singapore Real Estate

Renovation guidelines breached in 190 flats in 3 years
The home owners and contractors of about 190 Housing Board flats were found to have carried out unauthorised renovation works infringing on the HDB’s guidelines in the past three years. More than 38,000 flats were inspected by the HDB from 2018 to last year. Of these, less than 0.5 per cent of flats were found to be in breach of the guidelines.
https://www.straitstimes.com/singapore/housing/renovation-guidelines-breached-in-190-flats-in-3-years

Singapore Economy

Singapore’s growth to stabilise in H2, full-year growth may beat official forecast: OCBC
Despite the growth speed bump presented by tightened Covid-19 measures from May to June, the momentum of Singapore’s growth should stabilise in the second half of the year, OCBC head of treasury research and strategy Selena Ling said in the bank’s global outlook report for the second half of 2021.
https://www.businesstimes.com.sg/government-economy/singapores-growth-to-stabilise-in-h2-full-year-growth-may-beat-official-forecast

G-7 corporate tax plan could net Singapore more revenue in short run
Singapore could potentially collect more corporate tax revenues in the short term if a global minimum corporate tax rate of 15 per cent proposed by the Group of Seven (G-7) is implemented, but in the longer run, the city-state needs to find new ways to attract foreign investors.
https://www.businesstimes.com.sg/government-economy/g-7-corporate-tax-plan-could-net-singapore-more-revenue-in-short-run-0
https://www.straitstimes.com/business/economy/global-minimum-corporate-tax-unlikely-to-dim-spores-allure-as-high-tech-hub
https://www.straitstimes.com/business/economy/g-7s-global-minimum-corporate-tax-rate-what-will-it-mean-for-singapore

Vaccinations key as Singapore, China explore ways to reopen borders
Singapore and China are looking at ways to reopen their borders to each other when the Covid-19 situation improves, with vaccinations a key factor, Foreign Minister Vivian Balakrishnan said on Monday (June 7). Speaking to Singapore media after a special meeting of the foreign ministers of Asean and China, Dr Balakrishnan said both sides are making preparations to reopen borders to each other.
https://www.straitstimes.com/asia/east-asia/singapore-china-have-done-well-in-cooperation-looking-to-reopen-vivian

Companies’ Brief

Carousell picks former Razer executive Edwin Chan as CFO
Homegrown classifieds startup Carousell has appointed Edwin Chan, who was a longtime key executive at Razer, to lead its capital strategy as chief financial officer, the startup told The Business Times on Tuesday.
https://www.businesstimes.com.sg/garage/carousell-picks-former-razer-executive-edwin-chan-as-cfo

Keppel to recognise S$318m impairment in H1 due to KrisEnergy exposure
Keppel Corporation on Tuesday said it will recognise a loss of S$318 million in respect of its exposure to KrisEnergy in its H1 2021 financial results, after the latter on June 4 said it has submitted a winding-up petition.
https://www.businesstimes.com.sg/companies-markets/keppel-to-recognise-s318m-impairment-in-h1-due-to-krisenergy-exposure
https://www.straitstimes.com/uncategorized/keppel-to-book-impairment-loss-of-318m-in-first-half-due-to-krisenergy-exposure

Brokers’ take: CGS-CIMB maintains ‘add’ on UOL on ‘solid execution’, raises target price
CGS-CIMB has raised its target price for UOL to S$8, up from S$7.91. It reiterated its “add” call, positive on the group’s “diversified business model with a high proportion of recurring income”. The research house is also positive on the group for its “solid execution”.
https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-maintains-add-on-uol-on-solid-execution-raises-target-price

Four EH-Reit Chapter 11 properties sold for US$117.2m; rest to be sold by end-June
The sale of four Chapter 11 properties of Eagle Hospitality Real Estate Investment Trust (EH-Reit) were completed on June 3, EH-Reit trustee DBS Trustee said in a bourse filing on Monday. The four properties sold are Sheraton Denver Tech Center, Four Points by Sheraton San Jose Airport, Embassy Suites by Hilton Anaheim North and Double Tree by Hilton Salt Lake City, with a total consideration of US$117.2 million.
https://www.businesstimes.com.sg/companies-markets/four-eh-reit-chapter-11-properties-sold-for-us1172m-rest-to-be-sold-by-end-june

Lendlease Global Reit proposes to raise stake in Jem to up to 31.8%
Lendlease Global Commercial Reit has proposed to raise its stake in Jem mall to up to 31.8 per cent for a purchase consideration of between S$204.1 million and S$337.3 million, the manager said on Monday. The Reit’s trustee has entered into sale-and-purchase agreements with various vendors to acquire stakes in two private funds…
https://www.businesstimes.com.sg/companies-markets/lendlease-global-reit-proposes-to-raise-stake-in-jem-to-up-to-318
https://www.straitstimes.com/business/companies-markets/lendlease-global-proposes-to-raise-stake-in-jem

Suntec Reit’s S$150m perps priced at 4.25%
The trustee of Suntec Reit (real estate investment trust) has priced S$150 million of subordinated perpetual securities at 4.25 per cent per annum, for five years from June 15, the Reit manager announced in a Monday night bourse filing.
https://www.businesstimes.com.sg/companies-markets/suntec-reits-s150m-perps-priced-at-425

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1394

Views, Reviews, Forum & Others

Corporate governance ranking improves for Singapore
Corporate Singapore must be well pleased with the latest CG Watch 2020 released by the Asian Corporate Governance Association (ACGA) on May 20 titled Future promise: Aligning governance and ESG in Asia. Singapore is ranked joint second with Hong Kong, both behind Australia.
https://www.businesstimes.com.sg/opinion/corporate-governance-ranking-improves-for-singapore

Economic Affairs: The great global tax reboot
The historic deal by finance ministers of the Group of Seven (G-7) industrialised countries over the weekend lays the ground for a dramatic overhaul of the global corporate tax system which, when it happens, will redistribute tax revenues among countries and force many to reinvent their strategies to attract investments.
https://www.straitstimes.com/opinion/the-great-global-tax-reboot

Covid-19: Making sense of changes in vaccine policies
Last week saw a flurry of announcements on Singapore’s Covid-19 vaccination strategies, beginning with Prime Minister Lee Hsien Loong sharing an accelerated vaccination schedule for the country. This is the result of successful negotiations for faster vaccine deliveries, allowing those above 60 to turn up at any vaccination centres for their inoculation without prior appointments, and prioritising students aged 12 and above for their inoculations from June 1.
https://www.straitstimes.com/opinion/covid-19-making-sense-of-changes-in-vaccine-policies-0

Pandemic heightens Singapore workers’ anxiety about future: survey
Singapore’s workers have a much bleaker view of their future than many others around the world, said a PwC survey out on Monday – a finding which the professional services firm ascribed to the disruption wrought by the global pandemic.
https://www.businesstimes.com.sg/companies-markets/pandemic-heightens-singapore-workers-anxiety-about-future-survey

New programme to green Asia’s electricity sector
An investor group in the region, which includes Singapore’s sovereign wealth fund GIC, has set its sights on greening Asia’s electricity sector, among the world’s most pollutive. Launched yesterday, the Asian utilities engagement programme is coordinated by the Asia Investor Group on Climate Change…
https://www.straitstimes.com/singapore/environment/new-programme-to-green-asias-electricity-sector

Update on COVID-19 (Coronavirus Disease 2019) Situation

Five new community cases, the lowest number of such infections since May 10
Two more Covid-19 patients have been linked to the cluster at the MINDSville @ Napiri Adult Disability Home, bringing the total number of patients in that cluster to 32. Both were asymptomatic and fully vaccinated, said the Ministry of Health (MOH) on Monday.
https://www.businesstimes.com.sg/government-economy/five-new-community-cases-the-lowest-number-of-such-infections-since-may-10
https://www.straitstimes.com/singapore/health/5-new-community-cases-all-of-them-linked

Links found within days for most seemingly unrelated cases
It has so far taken just over four days for contact-tracing efforts to establish links between seemingly unrelated cases and existing clusters, with experts saying it suggests that the work put in to contain the spread of community cases may be working.
https://www.straitstimes.com/singapore/health/links-found-within-days-for-most-seemingly-unrelated-cases

Enterprise Singapore advises firms to test employees regularly for Covid-19
Companies whose employees are not currently being tested regularly for Covid-19 should consider implementing their own regular testing using alternative tests such as antigen rapid tests, Enterprise Singapore (ESG) said on Monday.
https://www.businesstimes.com.sg/government-economy/enterprise-singapore-advises-firms-to-test-employees-regularly-for-covid-19
https://www.straitstimes.com/singapore/firms-should-test-staff-for-covid-19-regularly-says-enterprise-singapore

Infectious diseases expert David Lye calls out misinformation about vaccines
A senior infectious diseases specialist, Associate Professor David Lye, has spoken up against misinformation being spread about Covid-19 vaccines by doctors, among others. In a Facebook post yesterday titled “Why fake science and anti-vaccine groups are dangerous in a pandemic”…
https://www.straitstimes.com/singapore/infectious-diseases-expert-david-lye-calls-out-misinformation-about-vaccines

Expert committee continues to back use of mRNA vaccines in S’pore
The expert committee on Covid-19 vaccination continues to endorse the effectiveness of the mRNA-based Pfizer-BioNTech and Moderna vaccines used in Singapore, it said yesterday. The committee said it is aware of messages that are being disseminated on social media that claim mRNA-based vaccines are ineffective…
https://www.straitstimes.com/singapore/health/expert-committee-continues-to-back-use-of-mrna-vaccines-in-spore

*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