DAILY NEWS

Daily News – 11 Sep 2020 (Fri)

Companies’ Brief

Ascott opens new serviced residence in London’s Islington district
CapitaLand’s wholly-owned lodging business unit, The Ascott, has opened a 108-unit serviced residence in London’s Islington district. Citadines Islington London sits on a piece of prime property Ascott acquired in 2016 through its serviced residence global fund with Qatar Investment Authority, Ascott said in a statement on Thursday.
https://www.businesstimes.com.sg/companies-markets/ascott-opens-new-serviced-residence-in-londons-islington-district
https://www.straitstimes.com/business/companies-markets/ascott-opens-new-serviced-residence-in-londons-islington-district

CapitaLand Mall Trust’s portfolio metrics, merger benefits yet to be priced in: DBS
CapitaLand Mall Trust’s (CMT) improving portfolio metrics and merger benefits have not been priced in, thus the real estate investment trust (Reit) is poised to surprise on the upside, DBS Group Research said. In a report on Wednesday evening, DBS reiterated its “buy” call and target price of S$2.40 on the counter.
https://www.businesstimes.com.sg/companies-markets/capitaland-mall-trusts-portfolio-metrics-merger-benefits-yet-to-be-priced-in-dbs

Lendlease to set up product development centre in Singapore
International property group Lendlease on Thursday said it will set up a S$40 million product development centre in Singapore to accelerate the digital transformation of the property and construction sector. Australia-based Lendlease said it will employ 50 software application developers in the first year, and will continue to expand the team in the next few years.
https://www.businesstimes.com.sg/real-estate/lendlease-to-set-up-product-development-centre-in-singapore
https://www.straitstimes.com/singapore/lendlease-eyes-tech-talent-for-40m-product-development-centre

Buyers of Oxley’s project in Cambodia withhold final payment in protest
Some buyers of Oxley Holdings’ The Peak, a mixed-use development in Cambodia, are banding together to withhold completing payment for the retail units that have been handed over to them, because of what they see as patchy transparency on the developer’s part.
https://www.businesstimes.com.sg/companies-markets/buyers-of-oxleys-project-in-cambodia-withhold-final-payment-in-protest

Ascendas Reit to redeem S$300m 4.75% perps on first call date
The manager of Ascendas Reit on Thursday said the real estate investment trust (Reit) will redeem at par all the outstanding securities of its S$300 million, 4.75 per cent perpetual securities. It will do so on Oct 14, the first call date. Payment will be made to the Central Depository (CDP) on the same day, to those who hold the securities as at 5pm on Oct 7 according to the CDP records.
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-to-redeem-s300m-475-perps-on-first-call-date-0

ESR and Sabana respond to questions from Sias over proposed merger
The Securities Investors Association (Singapore), or Sias, said in a statement on Thursday that it had conducted a dialogue with the managers of Sabana Shari’ah Compliant Real Estate Investment Trust (Sabana Reit) and ESR-Reit, to address questions from Sias over their proposed merger.
https://www.businesstimes.com.sg/companies-markets/esr-and-sabana-respond-to-questions-from-sias-over-proposed-merger

Liew Mun Leong steps down from public-service and business roles
Liew Mun Leong has stepped down from his public-service and business roles at the Changi Airport Group (CAG), Surbana Jurong, Temasek Foundation and Temasek International with immediate effect.
https://www.businesstimes.com.sg/companies-markets/liew-mun-leong-steps-down-from-public-service-and-business-roles
https://www.straitstimes.com/singapore/liew-mun-leong-steps-down-from-posts
https://www.straitstimes.com/singapore/liew-says-he-respects-courts-decision-in-acquitting-maid
https://www.straitstimes.com/singapore/tan-gee-paw-named-acting-chairman-of-changi-airport-group

Views, Reviews, Forum & Others

Focusing on long-term returns
In its latest annual report, called the Temasek Review, Temasek reported a one-year total shareholder return of minus 2.3 per cent for the year ended March 31, 2020. While this seems a disappointing performance, it needs to be viewed in perspective. First, it reflects in part the exceptionally sharp correction in financial markets in March, as the impact of the Covid-19 pandemic began to be priced in, and stock prices declined by 25 to 30 per cent in most G-20 countries. Markets have since bounced back and Temasek’s one-year return would almost certainly be in positive territory if measured now.
https://www.straitstimes.com/opinion/st-editorial/focusing-on-long-term-returns-0

Succession plans at financial firms part of new accountability guidelines from MAS
Fresh guidelines from the Singapore regulator on the financial industry state that most financial institutions should have a succession plan that is “regularly reviewed and updated”.
https://www.businesstimes.com.sg/banking-finance/succession-plans-at-financial-firms-part-of-new-accountability-guidelines-from-mas

2 out of 3 online shoppers in Singapore encounter unfair practices such as false claims on discounts: Study
False claims relating to discounts or benefits, limited time deals and scarcity of goods or services were the top complaints. The survey of 650 people, conducted online between November and December last year by economic consultancy Frontier Economics, formed part of a market study on the e-commerce landscape in Singapore. Misleading advertising practices like those highlighted in the survey have been addressed in the price transparency guidelines that will take effect from Nov 1, the CCCS noted in a 97-page report on the market study.
https://www.straitstimes.com/singapore/2-out-of-3-online-shoppers-encounter-unfair-practices-study

Updates to competition guidelines proposed
No major competition issues were identified in the local e-commerce sector despite worries over industry players expanding into multiple market segments, a study by the Competition and Consumer Commission of Singapore (CCCS) found.
https://www.straitstimes.com/singapore/updates-to-competition-guidelines-proposed

Mentoring: fastest growing business in the world
Well, I would say that, wouldn’t I? We’re in the mentoring business ourselves. But it’s true. It is growing so fast now that it is difficult to keep up the supply of mentors. Added to which, the needs of mentoring are changing for a world disrupted by galloping technology, tsunami digitisation and a need to adjust attitudes and behaviours to deal with new social, medical and moral demands.
https://www.businesstimes.com.sg/leadership-management/mentoring-fastest-growing-business-in-the-world

Three in 10 surveyed not satisfied with GE2020 voting experience
A poll commissioned by the Elections Department (ELD) and done by the Government feedback unit Reach found that seven in 10 respondents were satisfied with their experience at polling stations. The fact that the other three in 10 had a less than satisfactory voting experience is “not acceptable”, the ELD said yesterday.
https://www.straitstimes.com/politics/three-in-10-surveyed-not-satisfied-with-ge-voting-experience
https://www.straitstimes.com/singapore/polling-stations-to-get-more-resources-in-future-elections
https://www.straitstimes.com/politics/allocated-time-bands-failed-to-spread-out-voter-turnout

Update on COVID-19 (Coronavirus Disease 2019) Situation

2 new Covid-19 clusters in Jurong, Seletar North dormitories
There were 63 new coronavirus cases confirmed as of noon yesterday, taking Singapore’s total to 57,229. The Ministry of Health (MOH) also announced two new Covid-19 clusters in dormitories yesterday. A total of 26 newly confirmed cases were linked to nine previous cases to form a new cluster at Avery Lodge Dormitory in the Jurong area.
https://www.straitstimes.com/singapore/2-new-covid-19-clusters-in-jurong-seletar-north-dormitories

Scientists here develop smart mask to monitor vital signs
Local scientists have developed an integrated monitoring system that can be easily attached to any face mask in order to monitor the wearer for health indicators associated with Covid-19. Sensors pick up skin temperature, blood oxygen saturation, blood pressure and heart rate – all of which are parameters associated with coronaviruses.
https://www.straitstimes.com/singapore/health/scientists-here-develop-smart-mask-to-monitor-vital-signs
*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