DAILY NEWS

Daily News – 15th March 2016

Singapore Economy

Parliament passes changes to Economic Expansion Incentives Act
Changes to the Economic Expansion Incentives Act were passed in Parliament on Monday (Mar 14) to encourage companies to continue introducing high value-added activities in Singapore. Businesses in Singapore are encouraged to acquire new technologies through corporate tax reliefs under the Pioneer Incentive Scheme. Firms can also obtain multiple Pioneer Certificates for different economic activities in Singapore over time.
http://www.channelnewsasia.com/news/singapore/parliament-passes-changes/2601210.html

Weak growth in 2015 to dent government revenue
Weaker economic growth last year will not only dent the government’s budget in financial year 2015, but it will also likely result in a hangover for its coffers in this coming financial year. But even as the slowdown from last year extends its reach to the government’s account books for FY16, observers are noting mitigating factors that can help raise fiscal revenue.
http://www.businesstimes.com.sg/government-economy/singapore-budget-2016/weak-growth-in-2015-to-dent-government-revenue

S’pore becoming more reliant on services sector
Domestic non-oil exports – and hence the manufacturing sector – are expected to remain subdued over the coming year, leaving the economy reliant on the services sector, according to ICAEW’s latest Economic Insight: South East Asia report, which also posits that Singapore’s economic growth is unlikely to hit 3.3 per cent until 2018.
http://www.businesstimes.com.sg/government-economy/spore-becoming-more-reliant-on-services-sector

Singapore Real Estate

Hotel New World rescuers dug with their bare hands
It was nearly midnight on March 15, 1986 when Ms Helen Tan was carried out of the rubble, her body wrapped in a blanket. At about 11.25am that day, the building she was in had collapsed, trapping 50 people and ultimately claiming the lives of 33, in what was to be one of the worst disasters in post-war Singapore.
http://www.straitstimes.com/singapore/hotel-new-world-rescuers-dug-with-their-bare-hands

Orchard Road malls seek new ways to draw the crowds
As Singapore retailers face pressure from the slowing economy, Orchard Road malls are looking for new ways to draw the crowds. Besides renovating the mall and changing the tenant mix, landlords are also throwing in free performances in a bid to attract the crowds. For example, over the weekend, shoppers at ION Orchard witnessed a series of aerial circus acts.
http://www.channelnewsasia.com/news/business/singapore/orchard-road-malls-seek/2601168.html

HDB will be flexible with third HDB loan: Lawrence Wong
The Housing and Development Board (HDB) will be flexible in assisting households with a third HDB housing loan, but this will be on a case-by-case basis and typically for households that need urgent assistance but cannot secure mortgage financing from banks, said National Development Minister Lawrence Wong.
http://www.channelnewsasia.com/news/singapore/hdb-will-be-flexible-with/2601154.html

Companies’ Brief

Ascott Reit acquires second New York hotel
Ascott Reit has bought a hotel in downtown New York City for US$158 million. It said in an announcement on Monday that this would enlarge the US portfolio to a tenth of Ascott Reit’s total asset size. At least S$100 million of the total sum needed for the acquisition will be funded by proceeds from a private placement, which was also launched on Monday. The rest will be funded by debt.
http://www.businesstimes.com.sg/companies-markets/ascott-reit-acquires-second-new-york-hotel

Keppel Land seeks to cancel remaining shares
Keppel Land will kick-start a selective capital reduction exercise aimed at cancelling all of the remaining shares that external shareholders still hold. If approved, the S$47.9 million exercise will eliminate the shares that are currently held by various shareholders, apart from Keppel Corporation.
http://www.businesstimes.com.sg/companies-markets/keppel-land-seeks-to-cancel-remaining-shares