DAILY NEWS

Daily News – 20th June 2018

Singapore Economy

SMEs still upbeat about rest of the year, but trade tensions weigh on sentiment
Singapore’s small and medium-sized enterprises (SMEs) remain upbeat about their prospects for the second half of this year, but caution has crept in as a result of the ongoing US-China trade tensions. The Singapore Business Federation-DP (SBF-DP) Info SME Index dipped marginally from 51.8 to 51.5 in its latest poll, indicating a slight easing of optimism among these smaller businesses. A score of above 50 indicates an expectation of growth, and one below 50, an expected contraction.
https://www.businesstimes.com.sg/government-economy/smes-still-upbeat-about-rest-of-the-year-but-trade-tensions-weigh-on-sentiment
https://www.straitstimes.com/business/companies-markets/smes-upbeat-about-rest-of-year-but-wary-of-trade-tensions

Singapore relinquishes top spot in digital-competitiveness ranking
Singapore has slid from first to second place in a digital competitiveness ranking of 63 economies, losing its pole position to the United States, which moved to the top from third position last year. In the ranking by Swiss business school IMD, Singapore topped the knowledge and technology categories, but came in only 15th for future-readiness.
https://www.businesstimes.com.sg/government-economy/singapore-relinquishes-top-spot-in-digital-competitiveness-ranking
https://www.straitstimes.com/business/economy/us-overtakes-spore-for-top-spot-in-digital-competitiveness

Singapore Real Estate

Wah Loon founder buys Boat Quay shophouse
Wah loon Engineering founder Alan Chong, who recently bought a new freehold bungalow in Jervois Hill for S$41.2 million, has also snapped up one of the tallest conservation shophouses along Boat Quay for S$21.35 million. Spanning six levels, the shophouse has an estimated built-up area of 6,300 sq ft, according to information on the website of Clifton Partners, a real estate investment firm. The property is being sold by an affiliate of the company.
https://www.businesstimes.com.sg/real-estate/wah-loon-founder-buys-boat-quay-shophouse

Companies’ Brief

France hotel chain Accor lets option to buy 10% of Banyan Tree lapse
Resort operator Banyan Tree Holdings said late Tuesday evening French hotel chain operator Accor has not exercised an option to buy up to 10 per cent of Banyan. The option was granted in late April alongside an irredeemable convertible debt of S$24 million subscribed by Accor, and a collaboration agreement to co-develop hotels. The placement shares offered under the option agreement were to be sold at a 15 per cent premium to the volume-weighted average price immediately before the option notice is submitted by Accor.
https://www.businesstimes.com.sg/companies-markets/france-hotel-chain-accor-lets-option-to-buy-10-of-banyan-tree-lapse

Parkway Life Reit’s Japan properties unaffected by Osaka quake
The Japanese properties of Parkway Life Real Estate Investment Trust (Reit) are unaffected by a 5.9 magnitude earthquake that struck Osaka on Monday. Parkway Trust Management, the manager of Parkway Life Reit, said in a Singapore Exchange filing on Tuesday that its Japan asset managers, operators and residents at its Japan healthcare facilities are accounted for with no reported injuries.
https://www.businesstimes.com.sg/companies-markets/parkway-life-reits-japan-properties-unaffected-by-osaka-quake

ABR Holdings’ unit, Resort Venture cease proposed acquisition
A unit of ABR Holdings and Resort Venture have decided not to proceed with a proposed acquisition that was announced last December. On Tuesday, the food and beverage company said that ABR Land (S) and Resort Venture have “mutually and amicably” ceased to continue with the proposed acquisition of a 50 per cent stake in PT Bintan Lagoon Resort.
https://www.businesstimes.com.sg/companies-markets/abr-holdings-unit-resort-venture-cease-proposed-acquisition

Tiong Seng Holdings’ unit awarded S$29m contract
The wholly-owned subsidiary of Tiong Seng Holdings has been awarded a S$28.9 million contract for the proposed erection of a condominium development project. On Tuesday, the construction engineering company said in a Singapore Exchange filing that the contract secured by Tiong Seng Civil Engineering was from TSky Balmoral, a joint venture company of the group.
https://www.businesstimes.com.sg/companies-markets/tiong-seng-holdings-unit-awarded-s29m-contract

VIEWS, REVIEWS, FORUM & Others

US-China trade spat deepens market woe
With a fresh set of global trade tariff threats announced just before the opening bell, Singapore shares had nowhere to go but down on Tuesday, tracking a region wide slide in the markets. The Straits Times Index fell by 22.69 points, or 0.68 per cent, to 3,301.35, after United States President Donald Trump warned of plans for new import taxes on US$200 billion worth of Chinese products.
https://www.businesstimes.com.sg/companies-markets/us-china-trade-spat-deepens-market-woe
https://www.straitstimes.com/business/companies-markets/us-china-trade-spat-deepens-market-woes