DAILY NEWS

Daily News – 28 September 2021 (Tue)

Companies’ Brief

Frasers Property to issue second tranche of notes due 2028 at 3%
Frasers Property’s wholly-owned subsidiary Frasers Property AHL has priced S$100 million in fixed-rate notes due 2028 with a coupon of 3 per cent. The notes will form a single series with the S$200 million worth of sustainability notes issued on Sept 23, which are also due 2028 and carry a coupon of 3 per cent.
https://www.businesstimes.com.sg/companies-markets/frasers-property-to-issue-second-tranche-of-notes-due-2028-at-3

Greatearth Construction wound up with at least $70m debt
Singapore – Several hundred creditors are owed at least $70 million by beleaguered building firm Greatearth Construction, which together with Greatearth Corporation, was wound up on Monday afternoon (Sept 27) because they were unable to continue doing business due to their liabilities.
https://www.straitstimes.com/business/property/greatearth-construction-wound-up-with-at-least-70m-debt

Lian Beng says Covid-19 government grants helped boost remuneration for key execs
Building contractor Lian Beng Group has disclosed that government grants received to help defray additional operating costs due to the Covid-19 pandemic had factored into higher remuneration payable to its key executives for the FY2021 ended May.
https://www.businesstimes.com.sg/companies-markets/lian-beng-says-covid-19-government-grants-helped-boost-remuneration-for-key-execs

PropertyGuru to bet on fintech, S-E Asia markets as it gears up for SPAC listing
As PropertyGuru gears up to go public through a merger with a special purpose acquisition company (SPAC), its growth story will rest on leveraging opportunities in South-east Asia and its nascent – but expanding – fintech & data business segment.
https://www.businesstimes.com.sg/companies-markets/propertyguru-to-stake-its-prospects-on-fintech-s-e-asia-markets-as-it-gears-up-for

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1456

Views, Reviews, Forum & Others

Is pivoting to property a good strategy for companies diversifying?
Department stores here have been enduring a torrid time in part due to the onslaught of online shopping. After maintaining a presence in Singapore for over 160 years, Robinsons shut its last physical department store here early this year, before subsequently relaunching as an online store.
https://www.businesstimes.com.sg/opinion/is-pivoting-to-property-a-good-strategy-for-companies-diversifying

Singapore banks say no exposure to China’s troubled developer Evergrande
Singapore – Singapore banks do not have any exposure to troubled Chinese property conglomerate Evergrande. That is the message being put out by the three local banks as the Shenzhen-based property company faces potential bankruptcy, and is weighed down by some US$300 billion (S$405.8 billion) in debt.
https://www.straitstimes.com/business/banking/singapore-banks-say-no-exposure-to-chinas-troubled-developer-evergrande

BlueBay, Blackrock, Ashmore and UBS exposed to Evergrande, says Morningstar
Singapore (Reuters) – BlackRock and Royal Bank of Canada’s BlueBay Asset Management are among asset managers exposed to embattled developer China Evergrande Group, while TCW and HSBC funds have closed positions, researcher Morningstar said.
https://www.straitstimes.com/business/banking/bluebay-blackrock-ashmore-and-ubs-exposed-to-evergrande-says-morningstar

Users in Singapore can no longer buy or trade crypto on Binance.com from Oct 26
From Oct 26, users in Singapore will no longer be able to deposit fiat money, trade or purchase crypto via Binance.com, the global crypto bourse said on Monday. It also advised users in Singapore to cease all related trades, withdraw fiat assets and redeem tokens by noon Singapore time on Oct 26 to avoid “potential trading disputes”.
https://www.businesstimes.com.sg/banking-finance/users-in-singapore-can-no-longer-buy-or-trade-crypto-on-binancecom-from-oct-26
https://www.straitstimes.com/business/companies-markets/binancecom-users-in-singapore-given-one-month-to-withdraw-assets-redeem

PayNow-DuitNow linkage may lower cash use when borders open
Singapore’s largest remittance corridor connects with Malaysia, and this pipe will soon see quicker payments flow through once the two countries’ real-time payment systems link up next year.
https://www.businesstimes.com.sg/banking-finance/paynow-duitnow-linkage-may-lower-cash-use-when-borders-open
https://www.straitstimes.com/business/economy/real-time-mobile-fund-transfers-between-singapore-malaysia-to-commence-late-next

Update on COVID-19 (Coronavirus Disease 2019) Situation

2 vaccinated seniors die from Covid-19 complications; 1,647 new cases in Singapore
Singapore – There were 1,647 new Covid-19 cases in Singapore reported on Monday (Sept 27), taking the total number of cases here to 89,539, the Ministry of Health (MOH) said in its daily update. There were 1,280 cases in the community, and 362 among dormitory residents. The remaining five were imported cases.
https://www.straitstimes.com/singapore/2-vaccinated-singaporeans-die-of-covid-19-1647-new-cases-in-singapore

Office crowds thin out on first day of tightened Covid-19 curbs in S’pore
Singapore – Closure is on the horizon for Good Old Taste, a cafe at The Arcade shopping mall in Raffles Place, as it copes with the latest round of Covid-19 curbs that kick in on Monday (Sept 27).
https://www.straitstimes.com/singapore/health/office-crowds-thin-out-businesses-brace-for-tougher-times-as-tightened-covid-19

Covid-19 curbs necessary to stabilise situation, prevent avoidable deaths: Lawrence Wong
Singapore – Singapore’s healthcare system is under tremendous pressure, and the latest Covid-19 restrictions are needed to stabilise the situation and prevent avoidable deaths, said Finance Minister Lawrence Wong on Monday (Sep 27).
https://www.straitstimes.com/singapore/health/latest-covid-19-curbs-can-prevent-avoidable-deaths-allow-time-to-boost-healthcare

Singaporeans split on latest Covid-19 measures: Survey
Singapore – A total of 52 per cent of people in Singapore feel that the latest restrictions on social gatherings are “just right”, while 25 per cent think they are too strict and the remaining 23 per cent that they are too lax.
https://www.straitstimes.com/singapore/health/singaporeans-split-on-latest-covid-19-measures-survey

S’poreans socialising and dining out less, mental well-being has declined: Covid-19 survey
Singapore – As Covid-19 cases continue to climb, people here are more concerned about catching the virus. Nearly half of the people polled in an online survey of 1,000 respondents have cut back on physical activities, and 73 per cent dine out less often.
https://www.straitstimes.com/singapore/health/sporeans-socialising-and-dining-out-less-mental-well-being-has-declined-covid-19

Unrealistic for Covid-19 curbs to go on indefinitely, say two-thirds of S’poreans in survey
Singapore – Close to two-thirds of Singaporeans surveyed believe it is unrealistic for Covid-19 restrictions to go on indefinitely.
https://www.straitstimes.com/singapore/health/unrealistic-for-covid-19-curbs-to-go-on-indefinitely-say-two-thirds-of-sporeans-in

Singaporeans aged 35-54 hit hardest by Covid-19 pandemic: Prudential
Singaporeans aged between 35 and 54 have been the most impacted by the Covid-19 pandemic, according to a Prudential study released on Monday. This group of young to middle-aged adults is part of the “sandwich generation” – individuals who care for both their parents and children.
https://www.businesstimes.com.sg/government-economy/singaporeans-aged-35-54-hit-hardest-by-covid-19-pandemic-prudential

*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