DAILY NEWS

Daily News – 12 Jun 2020 (Fri)

Singapore Real Estate

More rental help for sub-tenants on State properties, non-SMEs
The Singapore Land Authority (SLA) said on Thursday that it has notified master tenants on State properties of their part in passing on rental relief to their sub-tenants, in line with the Covid-19 (Temporary Measures) (Amendment) Bill passed in Parliament last week.
https://www.businesstimes.com.sg/real-estate/more-rental-help-for-sub-tenants-on-state-properties-non-smes
https://www.straitstimes.com/business/eligible-sla-run-state-property-sub-tenants-to-get-rent-relief

Dusit Thani to open first Singapore resort in Oct
Dusit Thani, the Thai hospitality giant, is opening its first resort in Singapore – the new Dusit Thani Laguna Singapore in October. The luxury urban resort, co-located with Laguna National Golf & Country Club near East Coast Park, will also be the first in Asia to give guests direct access to a pair of championship-calibre golf courses.
https://www.businesstimes.com.sg/real-estate/dusit-thani-to-open-first-singapore-resort-in-oct

Singapore Economy

Bright spots for Singapore despite less globalised world post-pandemic
With the Covid-19 pandemic leading to a less globalised world, Singapore cannot expect the growth rates of the past. But globalisation will not end, and Singapore retains its international advantages, said economists.
https://www.businesstimes.com.sg/government-economy/bright-spots-for-singapore-despite-less-globalised-world-post-pandemic

Rising debt likely to be biggest issue post-Covid-19: MAS chief
Rising debt worldwide will likely be the biggest problem in the aftermath of the Covid-19 pandemic, said Mr Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). While fiscal and monetary measures across the world have, for now, lowered the risk of credit defaults and funding shortfalls, the debt build-up is going to have multiple effects, including the risk of corporate distress once banks start calling loans in…
https://www.straitstimes.com/business/economy/rising-debt-likely-to-be-biggest-issue-post-covid-19-mas-chief

US dollar shortage in March threatened to spark off another financial crisis
The severe stresses in the global financial markets in just about two weeks in March were enough for the Monetary Authority of Singapore (MAS) to dust off contingency plans for another financial crisis. It gives a sense of the “great anxiety and stress” that reflected a tightness in dollar funding not seen even in the global financial crisis…
https://www.businesstimes.com.sg/government-economy/us-dollar-shortage-in-march-threatened-to-spark-off-another-financial-crisis

Views, Reviews, Forum & Others

The 3 keys to a more resilient Singapore
This is the transcript of a national broadcast by Senior Minister and Coordinating Minister for National Security Teo Chee Hean on how Singapore can build up its resilience as it confronts a new, more uncertain post-Covid-19 world. The broadcast is the third in a series of six by ministers. The next broadcast is on Sunday by Minister for Trade and Industry Chan Chun Sing.
https://www.straitstimes.com/opinion/the-3-keys-to-a-more-resilient-singapore

Keeping spirits up while holding firm and riding out the outbreak
In one speech after another, Singapore’s ministers have been emphasising that the country will not simply return to a pre-Covid-19 way of life, economically or socially. The degree to which their audience has truly absorbed this, however, is less clear.
https://www.businesstimes.com.sg/opinion/keeping-spirits-up-while-holding-firm-and-riding-out-the-outbreak

Opportunities for real estate players despite pandemic
Covid-19 has brought about an unprecedented crisis for the world, one that has far reaching and deep impact in every aspect of modern-day life as we know it. Needless to say, the economic fallout from the pandemic is beyond tremendous, and much has been said about how it is likely that this economic crisis from Covid-19 will be greater than that of the global financial crisis in 2008.
https://www.businesstimes.com.sg/opinion/opportunities-for-real-estate-players-despite-pandemic

Multilateralism still key to limit de-globalisation costs
With the Covid-19 catastrophe having laid bare the vulnerabilities inherent in a hyper-connected, just-in-time global economy, a retreat from globalisation increasingly seems inevitable. To some extent, this may be desirable. But achieving positive outcomes will depend on deep, inclusive and effective multilateralism.
https://www.businesstimes.com.sg/opinion/multilateralism-still-key-to-limit-de-globalisation-costs

Investors must mind the real economy
On Monday, the benchmark S&P 500 retraced all its losses since its March 23 lows, while the technology-heavy Nasdaq did not only that, but also continued to power to new all-time highs. This, despite the fact that Covid-19 is still raging in most parts of the world, including the United States.
https://www.straitstimes.com/opinion/st-editorial/investors-must-mind-the-real-economy

SIA reinstates some flights, allows transit through Singapore from Australia, New Zealand
Singapore Airlines (SIA) and its regional wing SilkAir are reinstating flights to a number of cities, and ramping up frequencies for several of its existing services in June and July, the national carrier said on Thursday.
https://www.businesstimes.com.sg/companies-markets/sia-reinstates-some-flights-allows-transit-through-singapore-from-australia-new-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

Coronavirus: Four of the five new community cases are asymptomatic
Four of the five community cases reported yesterday do not have Covid-19 symptoms and were detected through proactive screening, said the Ministry of Health (MOH). All four, who hold work passes or work permits, are either in essential services or are contacts of previous cases.
https://www.straitstimes.com/singapore/four-of-the-five-new-community-cases-are-asymptomatic

Singapore’s role on global stage hinges on it being united, strong at home: SM Teo
Singapore will play its part in shaping the frameworks of the world post-Covid-19, supported by resilience at home, said Senior Minister Teo Chee Hean on Thursday in the third of a series of ministerial national broadcasts.
https://www.businesstimes.com.sg/government-economy/singapores-role-on-global-stage-hinges-on-it-being-united-strong-at-home-sm-teo
https://www.straitstimes.com/politics/covid-19-shows-importance-of-building-up-reserves-and-resilience-teo

4G leaders have risen to challenge of tackling pandemic, says SM Teo
Singapore’s fourth-generation leadership has risen to the challenge of tackling the coronavirus pandemic, Senior Minister Teo Chee Hean said yesterday. In overseeing the response to Covid-19, they have tapped the experience and knowledge of their older Cabinet colleagues and widely consulted people within and outside the Government, he added.
https://www.straitstimes.com/politics/4g-leaders-have-risen-to-challenge-of-tackling-pandemic-says-sm-teo

Singapore cannot assume open markets still the natural order of things
Generations of Singaporeans, who have grown up believing globalisation and open markets are part of the natural order of things, can no longer assume it in the wake of the coronavirus pandemic, Senior Minister Teo Chee Hean said yesterday when he spoke on the nation’s future challenges.
https://www.straitstimes.com/politics/spore-cannot-assume-open-markets-still-the-natural-order-of-things

Singapore managed to adapt and act rapidly to tackle each virus wave
Despite Singapore’s experience with the Sars outbreak, the Covid-19 pandemic has been a major challenge for it as the virus is far more infectious, Senior Minister and Coordinating Minister for National Security Teo Chee Hean said yesterday. On March 25, the authorities recorded no cases of Covid-19 in migrant worker dormitories.
https://www.straitstimes.com/politics/spore-managed-to-adapt-and-act-rapidly-to-tackle-each-virus-wave

Coronavirus: Singapore looks well placed to further ease restrictions, say experts
Although Covid-19 cases in the community have crept up since the country exited its circuit breaker last week, this is not cause for alarm, because the numbers reflect aggressive testing and “hidden reservoirs” of infection, rather than an increase in cases due to the easing of measures.
https://www.straitstimes.com/singapore/singapore-looks-well-placed-to-further-ease-restrictions-say-experts
*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