DAILY NEWS

Daily News – 20 May 2021 (Thur)

Singapore Real Estate

Ample liquidity drives pricier landed-home deals, stock trading in Q1
The number of landed homes transacted at S$5 million and above in the first quarter this year again rose in tandem with the surge in trading activity on the Singapore stock exchange’s mainboard. This correlation between big-ticket purchases and turnover in the equity market was driven by increased liquidity and an improvement in overall sentiment at the time…
https://www.businesstimes.com.sg/real-estate/ample-liquidity-drives-pricier-landed-home-deals-stock-trading-in-q1

Singapore Economy

Freedom to travel still a long way off, says Prime Minister Lee Hsien Loong
It will be “a long way off” before Singapore can open up completely again and allow its people to travel freely, said Prime Minister Lee Hsien Loong at a dialogue on Wednesday. Travel bubbles are one option, but these can only work if there is confidence on both sides and Singapore wants to establish these bubbles only with countries that are “safer than us”.
https://www.businesstimes.com.sg/government-economy/freedom-to-travel-still-a-long-way-off-says-prime-minister-lee-hsien-loong

Singapore cannot slacken in Covid-19 efforts, global cooperation is key: PM Lee
Singapore cannot afford to slacken in its effort to keep Covid-19 in check as the virus will rear its head in new and unimaginable ways, said Prime Minister Lee Hsien Loong. While the country has kept its number of Covid-19 deaths low at 31 and is in a stable position, it is “far from out of the woods” with a fresh super-spreading cluster leading to tightened restrictions and gathering rules again, he added.
https://www.businesstimes.com.sg/government-economy/singapore-cannot-slacken-in-covid-19-efforts-global-cooperation-is-key-pm-lee
https://www.straitstimes.com/singapore/politics/spore-cannot-slacken-in-covid-19-efforts-global-cooperation-is-key-pm-lee

Companies’ Brief

CDL reports operational improvements but is wary of Covid-19 impact
City Developments Ltd (CDL) said that there are signs of improvement across its core business segments, but the prolonged Covid-19 pandemic remains a concern as it continues to adversely impact operations. CDL and its joint venture (JV) associates sold 319 units with a total sales value of S$513.6 million in the first quarter of 2021 ended March 31…
https://www.businesstimes.com.sg/companies-markets/cdl-reports-operational-improvements-but-is-wary-of-covid-19-impact
https://www.straitstimes.com/business/companies-markets/cdl-sees-signs-of-improvement-across-core-segments-in-q1

Chip Eng Seng, SingHaiyi and Chuan Investments incorporate JV companies for Maxwell House project
Chip Eng Seng announced on Wednesday after trading hours that its wholly-owned subsidiary, CEL Development, together with joint venture (JV) partners SingHaiyi Investments and Chuan Investments, has incorporated two JV companies Maxwell Residential and Maxwell Commercial.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-singhaiyi-and-chuan-investments-incorporate-jv-companies-for-maxwell

Hongkong Land CFO to step down by end-August 2021
HongkongLand USD: H78 +1.26% Holdings chief financial officer (CFO) Simon Dixon has decided to step down from his role at the end of August 2021 to return to Australia, the group said on Thursday in a bourse filing.
https://www.businesstimes.com.sg/companies-markets/hongkong-land-cfo-to-step-down-by-end-august-2021

Qatar Investment Authority mulls injecting HSBC headquarters into Singapore Reit
[Singapore] Qatar Investment Authority is in talks to inject HSBC Holdings Plc’s London headquarters building into a planned property trust being listed by City Developments, people with knowledge of the matter said.
https://www.businesstimes.com.sg/real-estate/qatar-investment-authority-mulls-injecting-hsbc-headquarters-into-singapore-reit

Views, Reviews, Forum & Others

What lies beneath the unhappiness over Covid resurgence in S’pore?
There is a word from the ancient Greeks that might explain why some, perhaps many, Singaporeans have turned from being very appreciative of the Government’s valiant effort in containing the pandemic last year to feeling let down by its failure to prevent the entry of the B1617 variant from India. It is thumos.
https://www.straitstimes.com/opinion/what-lies-beneath-the-unhappiness-over-covid-resurgence-in-spore

In the current climate, will the recovery last?
Since last spring, it has been clear to me that a quick and sizeable recovery would follow from the pandemic-induced recession, owing to Western governments’ massive fiscal and monetary policy responses, and the high probability that effective vaccines would be forthcoming.
https://www.businesstimes.com.sg/opinion/in-the-current-climate-will-the-recovery-last

What investors and banks in Asia do next matters most
Asia-Pacific’s (Apac) markets – previously seen as somewhat tepid by regional investors – have in the recent years prior to the pandemic, been reshaped by an influx of new economy companies to the region’s markets. While Covid-19 dampened this activity for a period…
https://www.businesstimes.com.sg/opinion/what-investors-and-banks-in-asia-do-next-matters-most

These invisible whales could sink the economy
Archegos Capital Management’s collapse left major banks out of pocket. If policymakers leave private funds under-regulated, others may be on the same path to threaten the wider banking system.
https://www.businesstimes.com.sg/opinion/these-invisible-whales-could-sink-the-economy

Progressive Wage Model v minimum wage: Why not both?
The two policies need not be mutually exclusive. Rather, they complement each other as they serve different purposes.
https://www.straitstimes.com/opinion/progressive-wage-model-v-minimum-wage-why-not-both

New industry guidelines, framework to ramp up green finance in Singapore
A financial industry taskforce, convened by the Monetary Authority of Singapore (MAS), has launched a guide for climate-related disclosures and a framework for green trade finance. These initiatives seek to accelerate green finance in Singapore through improving disclosures and fostering green solutions, said MAS in a statement on Wednesday.
https://www.businesstimes.com.sg/banking-finance/new-industry-guidelines-framework-to-ramp-up-green-finance-in-singapore
https://www.straitstimes.com/business/guide-for-climate-disclosures-framework-for-green-trade-finance-launched

Update on COVID-19 (Coronavirus Disease 2019) Situation

34 new Covid community cases in Singapore, including four unlinked
A safe distancing ambassador (SDA) working at Westgate, a basic care assistant at Alexandra Hospital and two pre-school teachers were among the 34 new Covid-19 cases reported on Wednesday. Three prison inmates and five school children also tested positive.
https://www.businesstimes.com.sg/government-economy/34-new-covid-community-cases-in-singapore-including-four-unlinked

What is a mask with ‘higher filtration capability’ and how to select one?
With more transmissible Covid-19 strains in the community and evidence showing that the virus can be transmitted through aerosols, people should be selecting masks with higher filtration capabilities. The Straits Times looks at what this means and the types of masks that can offer sufficient protection.
https://www.straitstimes.com/singapore/what-is-a-mask-with-higher-filtration-capability-and-how-to-select-one

Vaccinations helped S’pore avoid second circuit breaker, says expert
Vaccinations are a more sustainable way of protecting the population, though the current slew of Covid-19 curbs – while fairly aggressive – are necessary, experts said. It is gratifying that the nation stopped short of a circuit breaker…
https://www.straitstimes.com/singapore/vaccinations-helped-spore-avoid-second-circuit-breaker-says-expert

Long queues as visitors to 3 malls rush for swab tests
They had possibly been exposed to Covid-19 cases at Jem, Westgate, White Sands malls. When Mr Eric Tan joined the queue to get swabbed at a makeshift Covid-19 testing site in Our Tampines Hub, he did not think he would have to stand in line for more than two hours.
https://www.straitstimes.com/singapore/long-queues-as-visitors-to-3-malls-rush-for-swab-tests

Singapore wants to move beyond ‘new Covid-19 strain’ controversy, says envoy in Delhi
[New Delhi] Singapore wants to close the “unfortunate chapter” triggered by an Indian politician’s false comments about a “new strain” of Covid-19 being found in the island state, Singapore’s High Commissioner to India, Mr Simon Wong, said on Wednesday (May 19).
https://www.businesstimes.com.sg/government-economy/singapore-wants-to-move-beyond-new-covid-19-strain-controversy-says-envoy-in
https://www.straitstimes.com/singapore/politics/mfa-disappointed-at-delhi-chief-ministers-remarks-on-virus-strain
https://www.straitstimes.com/asia/south-asia/delhi-official-blasted-in-india-for-singapore-variant-remarks

*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