DAILY NEWS

Daily News – 3, 4 & 5 July 2021 (Sat, Sun & Mon)

Singapore Real Estate

Most want more subsidies, stricter criteria for BTO flats in prime areas: Desmond Lee
The majority of Singaporeans who shared their views on public housing in prime locations support the giving of additional subsidies to keep these flats affordable and the imposing of strict criteria for first-time buyers and subsequent resale buyers.
https://www.businesstimes.com.sg/government-economy/most-want-more-subsidies-stricter-criteria-for-bto-flats-in-prime-areas-desmond
https://www.straitstimes.com/singapore/housing/more-steps-urged-to-keep-flats-in-prime-areas-affordable
https://www.straitstimes.com/singapore/how-to-keep-flats-in-prime-areas-affordable

More firms in Singapore set to cut office space in coming months amid Covid-19
Singapore – More office space is expected to be freed up or vacated in Singapore in the coming months as companies here review their workplace needs in light of changes brought about by the Covid-19 pandemic. Over the past year, real estate consultancy firms have seen a significant uptick in the number of companies rethinking – many for the first time – their office work arrangements.
https://www.straitstimes.com/business/property/more-singapore-firms-set-to-cut-office-space-in-coming-months-amid-covid-19

Luxury, freehold residences in the heart of D9
Located in the Newton area, The Atelier is the latest offering by Bukit Sembawang Estates Limited, the developer behind award-winning 8 St Thomas
https://www.straitstimes.com/business/property/luxury-freehold-residences-in-the-heart-of-d9

Singapore Economy

Opening up the S’pore economy: Just how far and fast to do so?
Singapore – With its extensive flight links to 160 cities, cosmopolitan workforce and strategic position in Asia, Singapore has long banked on its connectivity and reputation for openness to attract investments, jobs and tourism dollars that have buttressed its economy.
https://www.straitstimes.com/singapore/opening-up-the-spore-economy-just-how-far-and-fast-to-do-so

Employers, business groups welcome vaccination advisory
Employers and business associations yesterday welcomed a set of guidelines on how to tackle Covid-19 vaccinations at the workplace. The advisory was issued by tripartite partners the Ministry of Manpower, National Trades Union Congress and Singapore National Employers Federation (SNEF).
https://www.straitstimes.com/singapore/jobs/employers-business-groups-welcome-vaccination-advisory

Singapore’s June PMI remains buoyant, but signs of inflation loom
Singapore’s manufacturing sentiment remained buoyant in June, but economists are picking up small signs of rising price pressures in the months ahead. The purchasing managers’ index (PMI) in June rose 0.1 point from the previous month to 50.8, marking the 12th month of expansion, said the Singapore Institute of Purchasing & Materials Management (SIPMM) on Friday.
https://www.businesstimes.com.sg/government-economy/singapores-june-pmi-remains-buoyant-but-signs-of-inflation-loom
https://www.straitstimes.com/business/spore-factory-activity-rises-for-12th-straight-month

Half of Singapore worry over job prospects
[Singapore] More than half of Singapore’s residents are concerned about their job security, employment prospects and children’s future, according to a study by the Institute of Policy Studies (IPS) think-tank. It also found that over seven in 10 here identify as belonging to the working and lower-middle classes.
https://www.businesstimes.com.sg/government-economy/half-of-singapore-worry-over-job-prospects
https://www.straitstimes.com/singapore/more-than-half-of-singapore-residents-worried-about-jobs
https://www.straitstimes.com/singapore/job-security-a-worry-for-many-here

Companies’ Brief

Park Hotel Management wound up over $5.2m debt owed
A firm that had until recently owned Singapore-based Park Hotel Group which has nearly 30 hotels and resorts across Asia has been wound up for failing to pay $5.2 million, including rent, owed in relation to Grand Park Orchard
https://www.straitstimes.com/business/property/park-hotel-management-wound-up-over-52m-debt-owed
https://www.straitstimes.com/business/property/ascendas-hospitality-reit-in-dispute-with-park-hotel-management-over-592m-alleged

PwC Singapore investing S$50m on new hires, ESG centre
Professional services firm PwC Singapore will be spending S$50 million over the next five years to expand its capabilities – these efforts would include hiring for over 300 positions, having an annual set target for the admission of new partners and launching an ESG Centre of Excellence.
https://www.businesstimes.com.sg/leadership-management/pwc-singapore-investing-s50m-on-new-hires-esg-centre

Mid-Cap S-Reits continue to lead sector in H1 2021
The first half of 2021 saw vaccination progress provide some support for the global economy, amid continued Covid-19 infections. Within S-Reits, the 40 actively traded S-Reits & property trusts listed in Singapore generated total returns of 8.9 per cent in H1 2021.
https://www.businesstimes.com.sg/companies-markets/mid-cap-s-reits-continue-to-lead-sector-in-h1-2021

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1409

Views, Reviews, Forum & Others

Ensuring a sustainable society
This week’s topic: What do you see as the most important change cities must make, to be resilient to future shocks? This is Part 2 of the responses;
https://www.businesstimes.com.sg/views-from-the-top/ensuring-a-sustainable-society
Part 1 was published on June 28:
https://www.businesstimes.com.sg/views-from-the-top/girding-up-for-adaptive-living

Singapore is changing faster than you think
How fast is Singapore society changing? According to the recently released Census 2020 report, at breathtaking speed. That is my conclusion from the 10-yearly report of how the country has changed in its demographics, and its social and economic make-up.
https://www.straitstimes.com/opinion/singapore-is-changing-faster-than-you-think

Changes may be made to how overseas remote working will be taxed
The Covid-19 pandemic has made working remotely, virtual meetings and a whole host of related digital arrangements part of the new normal – much to the satisfaction of a significant portion of the workforce. But these new developments have also created challenges for tax authorities around the world, and increased tax risks for companies.
https://www.businesstimes.com.sg/companies-markets/changes-may-be-made-to-how-overseas-remote-working-will-be-taxed

For cash-strapped Asian governments, global tax pact may offer respite from cuts
Plans to impose a minimum corporate tax may ease competition for investment and offer a fillip to coffers as governments scramble to raise revenue amid an escalating pandemic. Vietnam, Malaysia, Thailand and Indonesia have been taking an axe to corporate tax in a bid to attract companies fleeing China to escape United States tariffs.
https://www.straitstimes.com/asia/se-asia/for-cash-strapped-asian-governments-global-tax-pact-may-offer-respite-from-cuts

Hybrid working: Why it isn’t ideal
(Reuters) – Hybrid working is often presented as a flexible compromise that secures the best advantages of office-based and remote work, but the reality is likely to be the worst of both worlds. Commercial real estate owners, with large investments in central city office buildings, as well as their bankers…
https://www.straitstimes.com/business/invest/hybrid-working-why-it-isnt-ideal

Industry, experts remain cautious on travel recovery
Retired personal assistant Ng Lin Khuen is hoping to visit her cousin in Belgium and friends in France if leisure travel resumes by the year end. As Covid-19 inoculation rates rise globally, a vaccine passport, which provides proof of receiving the drug…
https://www.straitstimes.com/singapore/consumer/industry-experts-remain-cautious-on-travel-recovery

Theme funds: tread with care
Thematic funds typically grab our attention because the narrative surrounding such funds is convincing, almost compelling. Think Internet of Things or robotics or disruptive fintech. But new research by Morningstar casts a sceptical eye on thematic funds, which are generally bull market creatures…
https://www.businesstimes.com.sg/wealth-investing/theme-funds-tread-with-care

Singapore and Japan sign MOC on digital economy, AI, cybersecurity
Singapore and Japan on Friday signed a Memorandum of Cooperation (MOC) on the digital economy, artificial intelligence (AI), cybersecurity and information and communications technology. This will see the two countries collaborate even more closely to exchange information on best practices…
https://www.businesstimes.com.sg/global-enterprise/singapore-and-japan-sign-moc-on-digital-economy-ai-cybersecurity

E-signatures on the rise, but wills and mortgages still call for pen on paper
More financial documents can now be signed remotely in Singapore, with social-distancing restrictions brought on by Covid-19 also spurring the adoption of electronic signatures here. But wet-ink signatures aren’t going away just yet, with some legal restrictions still in the way.
https://www.businesstimes.com.sg/banking-finance/e-signatures-on-the-rise-but-wills-and-mortgages-still-call-for-pen-on-paper

MAS proposes to have more investigative powers, enter premises without prior notice or warrant
The Monetary Authority of Singapore (MAS) could soon have powers to enter premises without prior notice or a court warrant when it comes to financial crime investigations where there is a risk of evidence being destroyed.
https://www.businesstimes.com.sg/banking-finance/mas-proposes-to-have-more-investigative-powers-enter-premises-without-prior-notice

Warning: summer could get even hotter still
Extreme temperatures in China coupled with a lack of hydro-power forced blackouts in some of its largest industrial cities last month. A rare and short-lived subtropical storm popped up in the South Atlantic off Argentina and Uruguay.
https://www.businesstimes.com.sg/consumer/warning-summer-could-get-even-hotter-still

Acra, SAC and ASC to merge under single entity in H2 2022
The Ministry of Finance (MOF) on Thursday announced it will merge its accountancy-related units in the Accounting and Corporate Regulatory Authority (Acra), the Singapore Accountancy Commission (SAC), and the Accounting Standards Council (ASC) secretariat into a single-function entity from H2 of 2022.
https://www.businesstimes.com.sg/government-economy/acra-sac-and-asc-to-merge-under-single-entity-in-h2-2022

PM Lee Hsien Loong to deliver National Day Rally speech on Aug 22
Singapore – Prime Minister Lee Hsien Loong will deliver the National Day Rally (NDR) speech on Aug 22 at Mediacorp, the Prime Minister’s Office said in a statement on Friday (July 2). Further details – such as whether an audience will be present – will be released later.
https://www.straitstimes.com/singapore/pm-lee-hsien-loong-to-deliver-national-day-rally-speech-on-aug-22

Update on COVID-19 (Coronavirus Disease 2019) Situation

Companies can require Covid-19 vaccination only in high-risk settings: tripartite partners
Employers should not make it mandatory for staff to be vaccinated against Covid-19, said a tripartite advisory issued on Friday. This is in line with the national vaccination policy. But employers can choose to require Covid-19 vaccination as a company policy for staff in certain high-risk settings.
https://www.businesstimes.com.sg/government-economy/companies-can-require-covid-19-vaccination-only-in-high-risk-settings-tripartite
https://www.straitstimes.com/singapore/jobs/employers-advised-not-to-make-covid-19-jab-a-must

One new local case – lowest figure in over a month
Singapore saw just one locally transmitted Covid-19 case yesterday. This marks the lowest number of daily community cases reported in more than a month. The patient is currently unlinked to any other case, said the Ministry of Health (MOH) in an update.
https://www.straitstimes.com/singapore/health/one-new-local-case-lowest-figure-in-over-a-month

4 new community cases linked to Henderson Crescent, CGH clusters
Four new locally transmitted Covid-19 cases reported yesterday have been linked to the 105 Henderson Crescent and the Changi General Hospital (CGH) clusters. The Ministry of Health (MOH) said in its daily Covid-19 update that two new cases were linked to 105 Henderson Crescent, which brings the cluster’s tally to 20 cases.
https://www.straitstimes.com/singapore/health/4-new-community-cases-linked-to-henderson-crescent-cgh-clusters

From pandemic to endemic disease
Singapore has started its journey towards living with Covid-19, with most restrictions expected to be lifted before the year ends. What is behind this decision? What will the new normal look like? Is the timing right? Here is a look at Singapore’s strategy to deal with the pandemic and how it could unfold.
https://www.straitstimes.com/singapore/health/from-pandemic-to-endemic-disease

People allergic to other vaccines to be offered Sinovac jab as part of study
A few thousand people here who have had allergic reactions to the Covid-19 vaccines used in Singapore’s national inoculation programme will be offered Sinovac jabs by the Government as part of a study to understand the immunity offered by different vaccines.
https://www.straitstimes.com/singapore/people-allergic-to-other-vaccines-to-be-offered-sinovac-jab-as-part-of-study

Real-world evidence shows what’s next in the Covid-19 fight
One of the first lessons I was taught at public health school was that “statistics are the numbers that clever people use to tell the story they want to tell”. We were then drilled to scrutinise case definitions, denominators and confidence intervals, before arriving at our own conclusions.
https://www.straitstimes.com/singapore/health/real-world-evidence-shows-whats-next-in-the-covid-19-fight

World in dangerous period, warns WHO, as Delta Covid-19 variant evolves
Geneva – The World Health Organisation (WHO) has warned that the world is in “a very dangerous period” of the coronavirus pandemic with the more transmissible Delta variant detected in at least 98 countries. WHO director-general Tedros Adhanom Ghebreyesus said on Friday (July 2) the variant, which was first reported in India, is dangerous as it continues to evolve and mutate.
https://www.straitstimes.com/world/europe/world-in-dangerous-period-warns-who-as-delta-covid-19-variant-evolves

Residents appeal for new leaflets to redeem oximeters
Some residents have taken to social media to appeal for replacement leaflets from Temasek Foundation to redeem the free oximeter it is distributing, after discarding the one they had received in the mail. They said they had thrown theirs out by mistake…
https://www.straitstimes.com/singapore/residents-appeal-for-new-leaflets-to-redeem-oximeters

*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