Singapore Economy
Desmond Lee succeeds Lawrence Wong as chairman of Singapore Labour Foundation
Desmond Lee, Minister for National Development, on Tuesday (Aug 1) succeeded Deputy Prime Minister Lawrence Wong as chairman of the Singapore Labour Foundation (SLF) board, the Ministry of Manpower (MOM) announced.
https://www.businesstimes.com.sg/singapore/desmond-lee-succeeds-lawrence-wong-chairman-singapore-labour-foundation
Industry watchers positive on new anti-money laundering moves for single family offices
The government’s move to strengthen anti-money laundering controls among single family offices (SFOs) is a step in the right direction, industry watchers said. Amid a growing family office scene in Singapore in recent years, industry watchers touted the Monetary Authority of Singapore’s (MAS) move as timely and necessary to ensure further progress in the SFO sector.
https://www.businesstimes.com.sg/companies-markets/banking-finance/industry-watchers-positive-new-anti-money-laundering-moves-single
Companies’ Brief
CapitaLand Ascott Trust to raise $300 mil, proposes to acquire three lodging assets for $530.8 mil
CapitaLand Ascott Trust (CLAS) has proposed to acquire three lodging assets at $530.8 million. The three assets are a 230-unit hotel in London, The Cavendish London; a 136-unit hotel in Dublin, Temple Bar Hotel; and a 185-unit serviced residence in Jakarta, Ascott Kuningan Jakarta.
https://www.theedgesingapore.com/news/equity-raising/capitaland-ascott-trust-raise-300-mil-proposes-acquire-three-lodging-assets-5308
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-acquire-3-overseas-assets-s5308-million-proposes-s300
Frasers Logistics and Commercial Trust reports positive rental reversions for Q3
Frasers Logistics and Commercial Trust’s (FLCT) portfolio rental reversion in Q3 FY2023 ended Jun 30 stood at 21.4 per cent on an average versus average basis. About 67,600 square metres were leased and renewed within the quarter, announced the real estate investment trust (Reit) in a filing on Tuesday (Aug 1).
https://www.businesstimes.com.sg/companies-markets/frasers-logistics-and-commercial-trust-reports-positive-rental-reversions-q3
https://www.straitstimes.com/business/frasers-logistics-and-commercial-trust-reports-positive-rental-reversions-for-q3
https://www.theedgesingapore.com/capital/results/flct-maintains-occupancy-and-wale-3qfy2023-weakening-australian-dollar-threatens
Views, Reviews Forum and Others
Retail tenants call for market data to be more readily available | Video
Retail tenants in Singapore are calling on landlords to make market data like footfall and rental per square foot more available to them, ahead of a potential new Bill to make landlords abide by a set of leasing principles.
https://www.channelnewsasia.com/watch/retail-tenants-call-market-data-be-more-readily-available-video-3669826
Business groups cite ‘complexities’ in letter to Govt after calls to ban lorries ferrying workers
Singapore – More than 20 business groups on Tuesday issued a joint statement urging “careful consideration” by the Government when looking at possible regulatory changes to transporting workers on lorries, citing “real, practical and operational complexities” involved.
https://www.straitstimes.com/singapore/business-groups-call-on-govt-to-take-careful-consideration-after-calls-to-ban-lorries-ferrying-workers
https://www.todayonline.com/singapore/business-groups-warn-complexities-traffic-jams-ban-workers-rear-lorries-2223841
https://www.channelnewsasia.com/singapore/complexities-traffic-jams-lorries-ferrying-workers-3669396
All nightlife outlets in Orchard Towers have ceased operations except for one: Police
Singapore — As of Tuesday (Aug 1), all nightlife outlets in Orchard Towers have stopped their public entertainment operations, save for one which has filed an appeal, the police said. The sole outlet had filed a statutory appeal to the Public Entertainment Appeal Board (PEAB), obtaining an interim two-month extension of its public entertainment licence from the board.
https://www.todayonline.com/singapore/all-nightlife-outlets-orchard-towers-have-ceased-operations-except-one-police-2224081
Global Economy & Real Estate
Foreigners buy the fewest US homes since 2009 as strong dollar stings
https://www.businesstimes.com.sg/property/foreigners-buy-fewest-us-homes-2009-strong-dollar-stings
US land is expensive, but homebuilders are making it work, says Citigroup
https://www.businesstimes.com.sg/property/us-land-expensive-homebuilders-are-making-it-work-says-citigroup
US construction spending rises strongly in June
https://www.businesstimes.com.sg/international/us-construction-spending-rises-strongly-june
US manufacturing shows signs of stabilising at lower levels in July, ISM says
https://www.businesstimes.com.sg/international/us-manufacturing-shows-signs-stabilising-lower-levels-july-ism-says
China’s home sales post sharpest drop in a year as slowdown worsens
https://www.businesstimes.com.sg/property/chinas-home-sales-post-sharpest-drop-year-slowdown-worsens
https://www.straitstimes.com/business/china-s-home-sales-drop-most-in-a-year-as-slowdown-worsens
https://www.channelnewsasia.com/business/china-new-home-prices-fall-third-month-july-survey-3668391
China vows lower business financing costs, support for property sector in H2
https://www.channelnewsasia.com/business/china-vows-lower-business-financing-costs-support-property-sector-h2-3669726
China’s July factory activity swings back to contraction: Caixin PMI
https://www.businesstimes.com.sg/international/chinas-july-factory-activity-swings-back-contraction-caixin-pmi
https://www.channelnewsasia.com/business/chinas-july-factory-activity-swings-back-contraction-caixin-pmi-3668231
https://www.scmp.com/economy/economic-indicators/article/3229579/chinas-factory-activity-fell-back-contraction-july-caixin-pmi
China’s manufacturing slumps, dragging down Asia factories
https://www.businesstimes.com.sg/international/global/chinas-manufacturing-slumps-dragging-down-asia-factories
https://www.straitstimes.com/business/asia-s-factories-searching-for-catalyst-with-china-on-sidelines
https://www.theedgesingapore.com/news/global-economy/chinas-manufacturing-slumps-dragging-down-asia-factories
World factory activity mired in slump as China, growth slowdown take toll
https://www.businesstimes.com.sg/international/world-factory-activity-mired-slump-china-growth-slowdown-take-toll
https://www.channelnewsasia.com/business/world-factory-activity-mired-slump-china-growth-slowdown-take-toll-3668491
Eurozone factory activity in July fell at the fastest pace since onset of Covid
https://www.businesstimes.com.sg/international/eurozone-factory-activity-july-fell-fastest-pace-onset-covid
Economists slash Hong Kong growth forecasts after GDP miss
https://www.businesstimes.com.sg/international/economists-slash-hong-kong-growth-forecasts-after-gdp-miss
German unemployment falls unexpectedly in July
https://www.businesstimes.com.sg/international/german-unemployment-falls-unexpectedly-july
Hong Kong office rent collapse triggers wave of upgrades
https://www.businesstimes.com.sg/property/hong-kong-office-rent-collapse-triggers-wave-upgrades
Hong Kong property: mortgage loans for homes under construction fall to lowest in 17 years as rising interest rates stifle transactions
https://www.scmp.com/business/markets/article/3229631/hong-kong-property-mortgage-loans-homes-under-construction-fall-lowest-17-years-rising-interest
Hong Kong June retail sales up 19.6%; outlook favourable
https://www.businesstimes.com.sg/international/hong-kong-june-retail-sales-196-outlook-favourable
https://www.channelnewsasia.com/business/hong-kong-june-retail-sales-196-outlook-seen-favourable-3669111
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3229610/hong-kong-retail-sales-show-196-cent-rise-hk331-billion-june-boosted-tourism-and-consumer-demand
Japan jobless rate falls in positive sign for wages, BOJ goal
https://www.businesstimes.com.sg/international/japan-jobless-rate-falls-positive-sign-wages-boj-goal
Japan’s factory activity falls on soft orders: PMI
https://www.businesstimes.com.sg/international/japans-factory-activity-falls-soft-orders-pmi
https://www.channelnewsasia.com/business/japans-factory-activity-falls-soft-orders-pmi-3668146
Taxation measures in Malaysia must not burden people or businesses: PM Anwar
https://www.channelnewsasia.com/asia/malaysia-anwar-ibrahim-tax-policies-taxpayers-budget-2024-gst-investors-3668991
New Zealand house-price decline slows, adding to signs of trough
https://www.businesstimes.com.sg/property/new-zealand-house-price-decline-slows-adding-signs-trough
New Zealand home-building consents down to 2020 levels
https://www.businesstimes.com.sg/property/new-zealand-home-building-consents-down-2020-levels
New Zealand’s jobless rate rises to 3.6% in second quarter
https://www.businesstimes.com.sg/international/new-zealands-jobless-rate-rises-36-second-quarter
South Korea July consumer inflation slowest in 25 months
https://www.channelnewsasia.com/business/south-korea-july-consumer-inflation-slowest-25-months-3670821
https://www.businesstimes.com.sg/international/south-korea-july-consumer-inflation-slowest-25-months
South Korea factories regain some footing as export orders turn around: PMI
https://www.businesstimes.com.sg/international/south-korea-factories-regain-some-footing-export-orders-turn-around-pmi
UK house prices fall most since 2009 as borrowing costs rise
https://www.businesstimes.com.sg/property/uk-house-prices-fall-most-2009-borrowing-costs-rise
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