DAILY NEWS

Daily News – 23rd February 2018

Singapore Economy

Lack of data on Singapore’s reserves limits discussion on its use
It is difficult to say whether Singapore should tap more of the earnings from its significant reserves – simply because the size of those reserves is not publicly disclosed, panellists at a post-Budget forum said. To give Singaporeans a clearer idea of the sums involved, one panellist suggested setting aside a portion of the reserves as a base for generating contributions to the Budget, and publicly disclosing this amount while keeping the size of the other portion secret.
http://www.businesstimes.com.sg/government-economy/singapore-budget-2018/lack-of-data-on-singapores-reserves-limits-discussion-on
http://www.straitstimes.com/business/economy/hard-to-say-if-spore-should-tap-more-of-reserves-earnings-panel

SBF targets over 100 Singapore companies for first China International Import Expo
The Singapore Business Federation (SBF) aims to gather more than 100 Singapore companies from different sectors to take part in the inaugural China International Import Expo (CIIE) later this year, the federation announced at a media conference on Thursday.
http://www.businesstimes.com.sg/government-economy/sbf-targets-over-100-singapore-companies-for-first-china-international-import
http://www.straitstimes.com/business/companies-markets/sbf-targets-over-100-spore-firms-for-china-import-expo

Singapore public service among world’s least corrupt
Singapore’s zero tolerance for corruption has not been tarnished by the Brazilian bribery scandal that rocked Singapore government-linked firm Keppel Offshore & Marine (KOM), but political observers warned against complacency.
http://www.businesstimes.com.sg/government-economy/singapore-public-service-among-worlds-least-corrupt
http://www.straitstimes.com/business/companies-markets/singapores-public-service-among-worlds-least-corrupt

Lower initial carbon tax aimed at helping companies transit: Masagos
The lower initial carbon tax of S$5 a tonne is to allow companies to adjust their processes and also become familiar with the compliance work required, said Minister for the Environment and Water Resources Masagos Zulkifli.
http://www.businesstimes.com.sg/government-economy/lower-initial-carbon-tax-aimed-at-helping-companies-transit-masagos

Singapore Real Estate

Gerald Crescent bungalow on offer at over S$35m
A house that was at the centre of a high-profile dispute – between a former tour guide from China and a Singaporean widow who owns it – has been put up for sale with an expected price of above S$35 million or S$1,100 per square foot on land area. Madam Chung Khin Chun’s bungalow in Gerald Crescent sits on a plot that is about half the size of a football field.
http://www.businesstimes.com.sg/real-estate/gerald-crescent-bungalow-on-offer-at-over-s35m
http://www.straitstimes.com/business/property/yang-yin-saga-widows-bungalow-on-sale-price-expected-to-top-35m

Li Ka-shing unit is buyer of City Towers
Japura Development, linked to Hong Kong tycoon Li Ka-shing’s Cheung Kong empire, is the party that clinched City Towers in Bukit Timah Road through a collective sale this month, The Business Times understands. The award of the freehold collective sale site was announced by its marketing agent Colliers International late on Feb 7, hours after the tender for the en bloc sale had closed, but the buyer’s identity was not disclosed.
http://www.businesstimes.com.sg/real-estate/li-ka-shing-unit-is-buyer-of-city-towers

Companies’ Brief

Far East Orchard’s full-year profit slumps 66.8%
Dragged by a decline in revenue, other income and share of profit from joint ventures, Far East Orchard reported a 66.8 per cent slump in net profit for the full year ended Dec 31, 2017 to S$21.61 million. Revenue was down 18.2 per cent to S$151.17 million, due mainly to the end of certain onerous hospitality lease agreements in Australia and New Zealand in late 2016.
http://www.businesstimes.com.sg/real-estate/far-east-orchards-full-year-profit-slumps-668

Ascendas-Singbridge appoints new chief executive for India operations
Vinamra Srivastava, urban development and business space solutions provider Ascendas-Singbridge Group’s head of corporate strategy & development, will take over Sanjay Dutt as the company’s chief executive of India operations and private funds, with effect from April 1 this year.
http://www.businesstimes.com.sg/companies-markets/ascendas-singbridge-appoints-new-chief-executive-for-india-operations
http://www.straitstimes.com/business/companies-markets/ascendas-singbridge-appoints-new-chief-for-india-ops

UE books revaluation gains but dividend falls
Revaluation gains lifted United Engineers’ (UE) full-year net profit from continuing operations to S$89.6 million, up 227 per cent from 2016. This was due mainly to a net revaluation gain of S$44.4 million from its investment properties in Singapore, as well as a S$16.8 million reduction in the provision for rental support for UE BizHub East which was no longer required.
http://www.businesstimes.com.sg/companies-markets/ue-books-revaluation-gains-but-dividend-falls
http://www.straitstimes.com/business/companies-markets/profit-soars-as-ue-books-revaluation-gains

OUE’s full-year profits slump 31.5% on lower revenue, surge in certain expenses
OUE Limited’s full-year net profit last year fell 31.5 per cent to S$98.9 million amid a slump in revenue and a surge in administrative and other operating expenses. Revenue for the period ended Dec 31, 2017 slipped 14.7 per cent to S$754.1 million.
http://www.businesstimes.com.sg/companies-markets/oues-full-year-profits-slump-315-on-lower-revenue-surge-in-certain-expenses

Amara Holdings FY17 profit down 36%
Dragged by a decline in share of results from a jointly controlled entity, Amara Holdings reported a 36 per cent drop in net profit for the full year ended Dec 31, 2017 to S$23.89 million. Its revenue for fiscal 2017 rose 10 per cent to S$89.8 million, on the back of higher revenue in Hotel Investment and Management segment and Property Investment and Development segment.
http://www.businesstimes.com.sg/companies-markets/amara-holdings-fy17-profit-down-36

Views, Reviews & Forum

A Budget for the future
Budget 2018 has carefully laid out the plans to prepare Singapore for the next decade. This multifaceted Budget addresses the long-term challenges of the country and lays the foundation for a sustainable future for Singapore.
http://www.businesstimes.com.sg/opinion/a-budget-for-the-future

Singapore Budget addresses healthcare needs but costs remain a challenge
The challenge of funding Singapore’s escalating healthcare needs is among the key planks of the Budget this year, and it has come none too soon.
http://www.businesstimes.com.sg/opinion/singapore-budget-addresses-healthcare-needs-but-costs-remain-a-challenge

The economy as a means to an end, not an end in itself
As a sociologist, I have been thinking a lot about the urgent problem of income and wealth inequality in Singapore. I have seen others – social workers, teachers, academics, activists, artists, parents – similarly concerned.
http://www.straitstimes.com/opinion/the-economy-as-a-means-to-an-end-not-an-end-in-itself

Conservation vs en bloc sale: Money talks louder?
Pearl Bank Apartments will likely be demolished unless CapitaLand decides to preserve it, which is regretful. In 2015, the Urban Redevelopment Authority supported owners’ conservation efforts.
http://www.businesstimes.com.sg/opinion/conservation-vs-en-bloc-sale-money-talks-louder