DAILY NEWS

Daily News – 21 Feb 2020 (Fri)

Singapore Real Estate

Changi Airport tenants get 50% rental rebate for six months
Retail, food & beverage (F&B) and service tenants at Changi Airport will be granted a 50 per cent rebate on monthly basic rent for six months as they grapple with weaker travel and consumer demand following the Covid-19 outbreak.
https://www.businesstimes.com.sg/real-estate/changi-airport-tenants-get-50-rental-rebate-for-six-months
https://www.straitstimes.com/singapore/50-rental-rebate-for-changi-airport-shops-free-parking-for-passenger-planes

Singapore Economy

Income inequality falls to lowest in nearly two decades
Individuals in the top 10 per cent household income group had an average 0.4 per cent rise in real terms in their monthly income from work last year, against a 3.5 to 5.6 per cent jump for those in the other household income groups. This reduced the income gap in Singapore to its narrowest in two decades.
https://www.businesstimes.com.sg/government-economy/income-inequality-falls-to-lowest-in-nearly-two-decades
https://www.straitstimes.com/singapore/income-inequality-narrows-as-top-tiers-earnings-freeze
https://www.straitstimes.com/singapore/household-income-of-top-10-rose-by-just-04-last-year
https://www.straitstimes.com/singapore/less-inequality-but-issue-not-licked-yet

Sing dollar breaches 1.40 against USD as recession concerns grow
The Singapore dollar plunged to 1.40 against the US unit on Thursday, reflecting growing recession fears as new reported cases of Covid-19 – while slowing down inside China – seem to be picking up pace in the rest of the world.
https://www.businesstimes.com.sg/banking-finance/sing-dollar-breaches-140-against-usd-as-recession-concerns-grow
https://www.straitstimes.com/business/economy/singdollar-declines-to-near-3-year-low-on-coronavirus-fears

Companies’ Brief

OUE profit jumps to S$255m on divestment, development gains
Property group OUE made a net profit of S$255.2 million in 2019, up from the S$10 million it made in 2018 on a jump in development income and divestment gains. Revenue in the 12 months ended Dec 31, 2019 rose 44.8 per cent to S$930.8 million, led by a S$283.7 million…
https://www.businesstimes.com.sg/companies-markets/oue-profit-jumps-to-s255m-on-divestment-development-gains

Roxy-Pacific Holdings Q4 net profit soars 332% to S$20.2m
Property and hospitality group Roxy-Pacific Holdings on Thursday posted a fourth-quarter net profit of S$20.2 million, up 332 per cent from S$4.7 million in the same period a year earlier. Revenue in the three months ended Dec 31, 2019 was S$261 million, up 747 per cent from S$30.8 million.
https://www.businesstimes.com.sg/companies-markets/roxy-pacific-holdings-q4-net-profit-soars-332-to-s202m

125.4m new units in Prime US Reit to begin trading on Feb 21
About 125.4 million new units in Prime US Reit will start trading on the Singapore bourse at 9am on Friday. They bring the total number of Prime US Reit units in issue to 1.05 billion. The new units were issued at US$0.957 apiece, under the real estate investment trust’s private placement to…
https://www.businesstimes.com.sg/companies-markets/1254m-new-units-in-prime-us-reit-to-begin-trading-on-feb-21

Views, Reviews, Forum & Others

Not a Budget to be sniffed at; economy is in good hands
Deputy Prime Minister and Finance Minister Heng Swee Keat unveiled an extraordinary Budget on Tuesday to tackle the Covid-19 outbreak with S$6.4 billion in measures, address economic uncertainties and press on with economic transformation.
https://www.businesstimes.com.sg/opinion/singapore-budget-2020/not-a-budget-to-be-sniffed-at-economy-is-in-good-hands

Budget 2020 pushes the boundaries for internationalisation
If at first you do not succeed, try again. And again. And again. So it seems to be with the government’s efforts to get Singapore companies to become more successful in overseas markets.
https://www.businesstimes.com.sg/opinion/budget-2020-pushes-the-boundaries-for-internationalisation

Businesses need a diverse pool of skilled talent for growth
In recent weeks, Singapore’s labour policy has come under scrutiny, particularly the impact of foreign workers on wages and employment. In Parliament earlier this month, Minister for Trade and Industry Chan Chun Sing addressed the need to manage the number and quality of foreign workers to strike a balance between economic needs and social acceptance.
https://www.straitstimes.com/opinion/businesses-need-a-diverse-pool-of-skilled-talent-for-growth

Singapore Budget 2020

Budget moves ‘prioritise viable firms for a reason’
Some measures in the S$4 billion Covid-19 support package have been said to help firms that are doing well, while offering little comfort to struggling ones. Yet – setting aside the fact that there are also moves which benefit all firms…
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/budget-moves-prioritise-viable-firms-for-a-reason

Property tax rebates a key part of $4b support package
Property tax rebates are an integral part of the $4 billion Stabilisation and Support Package, say analysts. The package is aimed at helping businesses and workers in sectors hit by the coronavirus outbreak ride out the downturn this year.
https://www.straitstimes.com/business/property-tax-rebates-a-key-part-of-4b-support-package-analysts

UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION

Calm, decisive handling of outbreak
International commendation of Singapore’s efforts to fight the coronavirus should increase the confidence of those here in the efficacy of the standard operating procedures that are a part of the country’s systemic response to public health scares.
https://www.straitstimes.com/opinion/st-editorial/calm-decisive-handling-of-outbreak

*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