Singapore Economy
Singapore and South Africa sign agreements to collaborate on ICT, skills development
Singapore: Singapore and South Africa on Tuesday (May 16) signed Memorandums of Understanding (MOU) to collaborate on areas like information and communications technology (ICT), and skills development.
https://www.channelnewsasia.com/singapore/singapore-and-south-africa-sign-agreements-collaborate-ict-skills-development-3492576
https://www.businesstimes.com.sg/singapore/singapore-and-south-africa-sign-two-agreements-deepen-ties
Singapore key exports contract 9.8% in April in seventh straight month of decline
Singapore’s non-oil domestic exports (NODX) shrank for the seventh straight month on the year in April, down 9.8 per cent, deepening from the previous month’s 8.3 per cent contraction, Enterprise Singapore’s figures showed on Wednesday (May 17).
https://www.businesstimes.com.sg/singapore/singapore-key-exports-contract-98-april-seventh-straight-month-decline
https://www.straitstimes.com/business/singapore-key-exports-extend-slump-with-98-fall-in-april
https://www.channelnewsasia.com/business/singapore-april-key-exports-nodx-falls-98-electronics-3493851
Companies’ Brief
CapitaLand Ascendas Reit’s private placement closes at S$2.727 apiece; upsizes placement to raise S$500 million
CapitaLand Ascendas Reit (Clar) has closed its private placement at S$2.727 apiece with 183,352,000 new units issued, said the real estate investment trust’s (Reit) manager on Wednesday (May 17).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reits-private-placement-closes-s2727-apiece-upsizes-placement
https://www.theedgesingapore.com/news/reits/capitaland-ascendas-reit-makes-bold-move-450-million-placement-acquisition
Citigroup appoints head of international personal bank in Singapore
Citigroup has appointed Sharad Mohan as its head of international personal bank in Singapore, the banking group said on Tuesday (May 16). Mohan, who was most recently head of retail banking for Citi India, will be responsible for the strategic direction and performance of Citi’s offshore wealth management business serving affluent and high-net-worth individuals primarily domiciled across the region, Citi said.
https://www.businesstimes.com.sg/companies-markets/banking-finance/citigroup-appoints-head-international-personal-bank-singapore
Global Economy & Real Estate
UN forecasts world economic growth of 2.3% in 2023, 2.5% in 2024
https://www.channelnewsasia.com/business/un-forecasts-world-economic-growth-23-2023-25-2024-3492931
US homebuilder sentiment rises to 10-month high in May
https://www.businesstimes.com.sg/property/us-homebuilder-sentiment-rises-10-month-high-may
US business inventories fall in March
https://www.businesstimes.com.sg/international/us-business-inventories-fall-march
US retail sales increase moderately; core sales strong
https://www.businesstimes.com.sg/international/us-retail-sales-increase-moderately-core-sales-strong
Inflation in Canada quickens to 4.4% with housing costs rising
https://www.businesstimes.com.sg/international/inflation-canada-quickens-44-housing-costs-rising
UK’s Landsec swings to annual loss as property valuation drops
https://www.businesstimes.com.sg/property/uks-landsec-swings-annual-loss-property-valuation-drops
UK jobless rate rises as people return to labour market
https://www.businesstimes.com.sg/international/uk-jobless-rate-rises-people-return-labour-market
Luxury London home sellers offer discounts galore as deals slump
https://www.businesstimes.com.sg/property/luxury-london-home-sellers-offer-discounts-galore-deals-slump
https://www.straitstimes.com/business/luxury-london-home-sellers-offer-discounts-galore-as-deals-slump
New Zealand budget to show rising debt, wider deficits as economy slows
https://www.businesstimes.com.sg/international/new-zealand-budget-show-rising-debt-wider-deficits-economy-slows
China new home prices rise at slower pace in April
https://www.channelnewsasia.com/business/china-new-home-prices-rise-slower-pace-april-3494001
https://www.businesstimes.com.sg/property/chinas-home-price-growth-slows-housing-rebound-fizzles
China’s property investment, sales drop sharply in April on subdued demand
https://www.businesstimes.com.sg/property/chinas-property-investment-sales-drop-sharply-april-subdued-demand
China’s developers keep their investment powder dry even as home sales improved in the first 4 months of 2023
https://www.scmp.com/business/china-business/article/3220754/chinas-developers-keep-their-investment-powder-dry-even-home-sales-improved-first-four-months-2023
Moody’s changes tune on Chinese property, raises sector’s creditworthiness for first time in about 2 years
https://www.scmp.com/business/china-business/article/3220629/moodys-changes-tune-chinese-property-raises-sectors-creditworthiness-first-time-about-two-years
Hong Kong’s ageing population time bomb to leave a shortage of 60,000 residences for the elderly by 2032: JLL
https://www.scmp.com/business/article/3220783/hong-kongs-ageing-population-time-bomb-leave-shortage-60000-residences-elderly-2032-jll
China’s factory output, consumption highlight frail post-Covid economic recovery
https://www.businesstimes.com.sg/international/chinas-factory-output-consumption-highlight-frail-post-covid-economic-recovery
https://www.straitstimes.com/business/china-april-industrial-output-rises-56-retail-sales-jump-184-below-expectations
China’s record-high youth jobless rate is set to get even worse
https://www.businesstimes.com.sg/international/chinas-record-high-youth-jobless-rate-set-get-even-worse
Japan’s economy expands more than expected on post-Covid spending
https://www.businesstimes.com.sg/international/global/japans-economy-expands-more-expected-post-covid-spending
https://www.straitstimes.com/business/japan-economy-grows-more-than-expected-in-q1-after-technical-recession
Malaysia eyes late surge in tourist arrivals to meet 2023 target
https://www.businesstimes.com.sg/international/asean/malaysia-eyes-late-surge-tourist-arrivals-meet-2023-target
Malaysia eager to reel in Asia’s wealthy with tweaks to visa scheme
https://www.businesstimes.com.sg/international/asean/malaysia-eager-reel-asias-wealthy-tweaks-visa-scheme
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