DAILY NEWS

Daily News – 17 Sep 2020 (Thu)

Singapore Real Estate

Flow of China tech firms to Singapore bodes well for jobs, property sector
Tencent Holdings is the latest in a string of Chinese tech companies that have set up shop in Singapore. But the Internet giant is not likely to be the last, with Charmian Aw, a Reed Smith lawyer who specialises in technology, calling the Republic “a highly attractive infocomm and digital technology hub for the region”.
https://www.businesstimes.com.sg/government-economy/flow-of-china-tech-firms-to-singapore-bodes-well-for-jobs-property-sector

Time to relook Singapore office Reits as China tech giants spur demand: DBS
DBS Group Research on Wednesday reiterated its positive stance on Singapore office real estate investment trusts (Reits), citing a potential upcycle in office demand, spurred by the expansion plans of Chinese tech giants.
https://www.businesstimes.com.sg/companies-markets/time-to-relook-singapore-office-reits-as-china-tech-giants-spur-demand-dbs
https://www.straitstimes.com/business/companies-markets/spore-office-reits-look-promising-amid-chinese-tech-giants-growth-plans

2 work sites get multiple stop-work orders over mosquitoes
Two construction sites have received two stop-work orders each for failing to prevent mosquito breeding this year. In a statement on the local dengue situation issued yesterday, the National Environment Agency (NEA) said enforcement action will be taken against the companies managing the two construction sites.
https://www.straitstimes.com/singapore/2-work-sites-get-multiple-stop-work-orders-over-mosquitoes

Singapore Economy

Singapore exports rise by 7.7% in August as electronics recover from year-ago low base
Singapore exports kept up their growth momentum in August, with both electronics and non-electronics shipments rising on a low base effect. Non-oil domestic exports (NODX) expanded by 7.7 per cent year on year, picking up from 5.9 per cent in July, according to trade data released on Thursday.
https://www.businesstimes.com.sg/government-economy/singapore-exports-rise-by-77-in-august-as-electronics-recover-from-year-ago-low
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-grow-at-faster-77-pace-in-august

Travel agencies see limited benefit from tourism vouchers
The SingapoRediscovers vouchers aimed at propping up the tourism industry have generated some cautious optimism among travel agencies, but they remain uncertain over how much they will be able to benefit from the scheme.
https://www.businesstimes.com.sg/government-economy/travel-agencies-see-limited-benefit-from-tourism-vouchers
https://www.straitstimes.com/singapore/businesses-can-collaborate-to-extend-vouchers-impact-experts
https://www.straitstimes.com/singapore/all-adult-sporeans-to-get-100-vouchers-to-boost-tourism
https://www.straitstimes.com/singapore/curbs-eased-on-visitor-numbers-at-tourist-attractions
https://www.straitstimes.com/singapore/vouchers-can-be-used-at-hotels-attractions-and-for-local-tours

Companies’ Brief

Carousell to surpass $1.2b valuation with Naver investment
A consortium led by South Korean Internet giant Naver has struck an investment deal with classifieds platform Carousell worth US$80 million (S$109 million). Following the deal, the Singapore-headquartered start-up will be valued at over US$900 million (S$1.2 billion), it said on Tuesday.
https://www.straitstimes.com/business/companies-markets/carousell-to-surpass-12b-valuation-with-naver-investment

LCT Holdings co-founder seeks to take it private in S$21m deal
Du Junhong, a co-founder of mainboard-listed LCT Holdings, has offered to take the property investment company private in a move that values it at some S$21 million. Through investment vehicle Superior Partners Limited, Dr Du on Wednesday made a voluntary conditional cash offer to acquire all the ordinary shares in LCT at S$0.60 per share. There are more than 35 million issued shares.
https://www.businesstimes.com.sg/companies-markets/lct-holdings-co-founder-seeks-to-take-it-private-in-s21m-deal-0

PropNex Realty to roll out S$7.3m career enhancement package for agents
PropNex Realty, a subsidiary of mainboard-listed real estate agency PropNex Limited, will roll out a S$7.3 million career enhancement package to equip its 8,700 sales agents with skills to perform “in the new norms of the real estate industry”, it said in a bourse filing on Wednesday.
https://www.businesstimes.com.sg/real-estate/propnex-realty-to-roll-out-s73m-career-enhancement-package-for-agents
https://www.straitstimes.com/business/property/73m-career-boost-for-propnex-agents

Views, Reviews, Forum & Others

Firms need data, tech capabilities to emerge stronger from Covid-19 crisis
The Covid-19 crisis has been a catalyst for many businesses to embrace digitalisation, but they must continue on the journey and leverage technology and data to emerge stronger from the crisis, said speakers at the DBS Digital Day event on Wednesday.
https://www.businesstimes.com.sg/government-economy/firms-need-data-tech-capabilities-to-emerge-stronger-from-covid-19-crisis
https://www.straitstimes.com/business/economy/global-connections-digital-readiness-more-crucial-now-iswaran

US can play leading role in global digital integration: Chan Chun Sing
The world is at a crossroads between digital integration and fragmentation, and the choice made will determine the fate of the ensuing global economy, said Minister for Trade and Industry Chan Chun Sing yesterday.
https://www.straitstimes.com/singapore/us-can-play-leading-role-in-global-digital-integration-chan

Diversity and inclusion must stay front and centre
Turning back the clock to New Year’s eve, we knew that 2020 would pose challenges, with analysts expressing concerns about a potential economic downturn fuelled by trade wars, asset bubbles and climate change.
https://www.businesstimes.com.sg/opinion/diversity-and-inclusion-must-stay-front-and-centre

Safe distancing: Flouting of rules will only prolong existing measures
Months after dining out was once again allowed in Phase Two of Singapore’s re-opening following “circuit-breaker” measures, each week still brings news of more businesses, particularly food and beverage (F&B) outlets, being caught flouting Covid-19 safe management measures.
https://www.businesstimes.com.sg/opinion/safe-distancing-flouting-of-rules-will-only-prolong-existing-measures

Why digital transformation efforts fail
Digital transformation encompasses how organisations employ technology to re-imagine and re-invent their processes and offerings, to achieve a competitive advantage across the business.
https://www.businesstimes.com.sg/opinion/why-digital-transformation-efforts-fail

Does Covid-19 mark the death of financial globalisation?
As Covid-19 continues to ravage economies across the world, it has now become a common refrain that economic globalisation is passé. Indeed, even before the onset of the pandemic, there were significant concerns that the world was moving towards an era of trade de-globalisation, fuelled by the US-China trade war.
https://www.businesstimes.com.sg/opinion/does-covid-19-mark-the-death-of-financial-globalisation

Don’t let working from home become digital piecework for the poor
Low rates of pay, opacity and powerlessness built into crowd-work platforms should be policed
https://www.straitstimes.com/opinion/dont-let-working-from-home-become-digital-piecework-for-the-poor-0

The pandemic should be WeWork’s moment
Summer’s end has brought on a new phase for the United States economy. Cinemas are open, college and professional football games are being played with fans in the stands, and New York City is set to partially reopen indoor dining. Perhaps it’s no surprise that companies such as JPMorgan Chase & Co are looking to call office workers back as well, potentially marking an unofficial start to post-pandemic office culture.
https://www.straitstimes.com/opinion/the-pandemic-should-be-weworks-moment-0

Time for an end to misleading sales
It is commendable that the Competition and Consumer Commission of Singapore (CCCS) has come up with a set of guidelines that will take effect on Nov 1 and apply to all physical and online suppliers. These specify pricing practices to protect consumers from businesses that engage in misleading advertising.
https://www.straitstimes.com/opinion/st-editorial/time-for-an-end-to-misleading-sales-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

Covid-19 patients visited two malls in Chinatown
People’s Park Complex and People’s Park Centre were visited by Covid-19 patients while they were infectious, the Ministry of Health (MOH) said yesterday. The malls were added to a list of places visited by community cases during their infectious period. The visits were made on Sunday.
https://www.straitstimes.com/singapore/covid-19-patients-visited-two-malls-in-chinatown
*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