DAILY NEWS

Daily News – 12, 13 & 14 February 2022 (Sat, Sun & Mon)

Singapore Economy

More productivity support but fewer Covid-related loans in 2021: ESG
More companies tapped Enterprise Singapore (ESG) support for productivity and capability upgrading in 2021, even as fewer received pandemic-related loans, according to the statutory board’s year-in-review on Friday (Feb 11).
https://www.businesstimes.com.sg/government-economy/more-productivity-support-but-fewer-covid-related-loans-in-2021-esg
https://www.straitstimes.com/business/economy/after-battling-for-survival-in-2020-more-local-firms-drawing-government-help-to-grow

8 highlights to watch out for in Budget 2022
Ahead of Budget Day on Friday (Feb 18), Insight speaks to observers on what to expect, from tax changes to enhanced support measures for families and firms.
https://www.straitstimes.com/singapore/8-highlights-to-watch-out-for-in-budget-2022

Companies’ Brief

Real estate blockchain firm Fraxtor obtains capital markets services licence from MAS
Online real estate investment platform Fraxtor said it has obtained a Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS) to deal in capital market products. The CMS licence will allow Singapore-based Fraxtor to offer real estate security tokens to accredited investors and institutional investors
https://www.businesstimes.com.sg/garage/real-estate-blockchain-firm-fraxtor-obtains-capital-markets-services-licence-from-mas

Hatten Land posts narrower loss in H1 FY22
Malaysian property developer Hatten Land narrowed losses to RM30.7 million (S$9.88 million) for the half year ended Dec 31, 2021, from a net loss of RM42.4 million from a year ago.
https://www.businesstimes.com.sg/companies-markets/hatten-land-posts-narrower-loss-in-h1-fy22
https://www.straitstimes.com/business/companies-markets/hatten-land-posts-narrower-first-half-loss-of-988-million

The Straits Trading Company acquires two freehold office buildings in Melbourne
The Straits Trading Company is acquiring two freehold office buildings in Australia for about A$150 million (S$143.9 million) through its wholly-owned unit, Straits Real Estate (SRE). The transaction involves 1010 La Trobe Street, 192 Harbour Esplanade, and 163 parking bays in Melbourne…
https://www.businesstimes.com.sg/real-estate/the-straits-trading-company-acquires-two-freehold-office-buildings-in-melbourne

First Reit H2 DPU drops 29.2% to S$0.0131 after rights units issuance
First Real Estate Investment Trust’s (First Reit) distribution per unit (DPU) dropped to S$0.0131, down 29.2 per cent year on year from S$0.0185, in the second half ended Dec 31, 2021, its manager announced on Thursday (Feb 10).
https://www.businesstimes.com.sg/companies-markets/first-reit-h2-dpu-drops-292-to-s00131-after-rights-units-issuance

Retail interest picks up in S-Reit ETFs
Singapore continues to lead the Asia ex-Japan region as the largest Reit exchange traded fund (ETF) market following the listing of CSOP iEdge S-Reit Leaders ETF and the UOB APAC Green Reit ETF on the Singapore Exchange last year.
https://www.businesstimes.com.sg/companies-markets/retail-interest-picks-up-in-s-reit-etfs

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1523

Views, Reviews, Forum & Others

Boosting local investments

Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
The immediate impact of SPACs on Singapore’s equity market should not be overstated given the natural hesitation of prospective investors towards a new asset class. A decline in popularity of SPACs in the US due to enhanced regulatory scrutiny, concerns of over-valuation and poor financial returns may exacerbate this caution.
https://www.businesstimes.com.sg/views-from-the-top/boosting-local-investments

SPACs’ impact on Singapore market will depend on their long-term performance
The introduction of special purpose acquisition companies (SPACs) in Singapore is a positive development for the local market but not a magic bullet, industry leaders said. The real test of whether the listing structure will give a fillip to Singapore’s equity markets depends on the quality of targets, and sponsors’ ability to deliver returns to stakeholders in the long-run.
https://www.businesstimes.com.sg/companies-markets/spacs-impact-on-singapore-market-will-depend-on-their-long-term-performance

Wealth tax: not a magic bullet for wealth inequality
The imposition of some form of wealth tax is a hotly anticipated subject in the upcoming Budget, next to the expectation of a GST hike. In the short term, a wealth tax would help to expand the government’s revenue. In the longer term, it may help to address Singapore’s widening wealth disparity.
https://www.businesstimes.com.sg/opinion/wealth-tax-not-a-magic-bullet-for-wealth-inequality

Asia-Pacific real estate investments back to pre-pandemic levels in 2021: JLL
Commercial property investments in Asia-Pacific attracted US$177 billion in direct investments in 2021 with capital deployment volumes returning to pre-pandemic levels last seen in 2019, according to real estate consultancy JLL in a press statement on Friday (Feb 11).
https://www.businesstimes.com.sg/global-enterprise/asia-pacific-real-estate-investments-back-to-pre-pandemic-levels-in-2021-jll

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore reports 9,420 new local Covid-19 cases, 1,272 patients hospitalised
[Singapore] A total of 1,272 people were hospitalised with Covid-19 on Sunday (Feb 13), up from the 1,206 cases the day before. This is the ninth day in a row that hospitalisation numbers have crossed the 1,000 mark.
https://www.businesstimes.com.sg/government-economy/singapore-reports-9420-new-local-covid-19-cases-1272-patients-hospitalised
https://www.straitstimes.com/singapore/health/spore-reports-9420-new-covid-19-cases-1272-patients-hospitalised

Recent surge in Covid-19 cases not unexpected: Ong Ye Kung
Singapore – The recent surge in Covid-19 cases, which set new highs as it topped 13,000 on two days in February, is not unexpected, said Health Minister Ong Ye Kung on Saturday (Feb 12). “Omicron is highly transmissible, so reaching 15,000 to 20,000 infections or more (a day) is within our expectations.
https://www.straitstimes.com/singapore/health/recent-surge-in-covid-19-cases-not-unexpected-ong-ye-kung

8,000 workers received first Covid-19 jabs last month, as S’pore tightens workplace rules
Singapore – Tightened rules that limit access to public spaces and the workplace could see more unvaccinated workers roll up their sleeves for the Covid-19 jab, observers said as checks showed that some 8,000 previously unvaccinated workers had received the shots in the past month.
https://www.straitstimes.com/singapore/jobs/8000-previously-unvaccinated-workers-received-covid-19-jabs-last-month-as-spore-tightens-workplace-rules

MOH conducting study on effectiveness of ART to screen incoming travellers for Covid-19
[Singapore] The authorities are conducting a study to trial the efficiency of antigen rapid testing (ART) self-test kits for on-arrival passengers at Changi Airport, in what could be a move to replace polymerase chain reaction (PCR) testing.
https://www.businesstimes.com.sg/government-economy/moh-conducting-study-on-effectiveness-of-art-to-screen-incoming-travellers-for
https://www.straitstimes.com/singapore/transport/moh-conducting-study-on-effectiveness-of-art-to-screen-incoming-travellers-for-covid-19

First batch of Pfizer’s Paxlovid pill for Covid-19 treatment arrives in S’pore
Singapore – The first batch of Pfizer’s antiviral oral pill, Paxlovid, arrived in Singapore this week, said Health Minister Ong Ye Kung on Saturday (Feb 12). The drug is the first oral anti-viral medicine that has been approved by the Health Sciences Authority (HSA) for the treatment of Covid-19 infections here.
https://www.straitstimes.com/singapore/first-batch-of-pfizers-paxlovid-pill-for-covid-19-treatment-arrives-in-spore

Antibodies more potent after third Covid-19 jab, or after vaccinated person gets infected: Study
Singapore – A combination of infection and mRNA vaccination gives better protection against Covid-19. But after a booster jab, the protective quality of the antibodies is almost equal to full vaccination plus infection.
https://www.straitstimes.com/singapore/health/antibodies-more-potent-after-third-covid-19-jab-or-after-vaccinated-person-gets-infected-study

*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