DAILY NEWS

Daily News – 23 Mar 2022 (Wed)

Singapore Economy

Singapore GDP likely to grow but recession, stagflation not ruled out: Lawrence Wong
Singapore’s baseline assumption is that its economy is still able to grow this year, but a recession or stagflation cannot be ruled out, owing to uncertainties arising from the deepening crisis in Ukraine, said Finance Minister Lawrence Wong on Tuesday (Mar 22).
https://www.businesstimes.com.sg/government-economy/singapore-gdp-likely-to-grow-but-recession-stagflation-not-ruled-out-lawrence
https://www.straitstimes.com/business/transforming-to-rely-less-on-labour-and-energy-will-make-singapore-firms-stronger-lawrence-wong

Singapore’s productivity grew 3.9% per annum from 2019 to 2021 despite Covid-19: DPM Heng
Despite disruptions from Covid-19, Singapore’s productivity grew 3.9 per cent per annum from 2019 to 2021, likely driven by economic transformation efforts that had begun before the pandemic.
https://www.businesstimes.com.sg/government-economy/singapores-productivity-grew-39-per-annum-from-2019-to-2021-despite-covid-19-0
https://www.straitstimes.com/business/spore-needs-to-build-a-more-resilient-ecosystem-with-frequent-global-shocks-to-come-heng-swee-keat

Companies’ Brief

CapitaLand’s The Ascott acquires 2 properties for S$190m
CapitaLand Investment wholly-owned lodging business unit The Ascott Limited has acquired 2 properties for a total of S$190 million through Ascott Serviced Residence Global Fund (ASRGF), its private equity fund with Qatar Investment Authority.
https://www.businesstimes.com.sg/companies-markets/capitalands-the-ascott-acquires-2-properties-for-s190m
https://www.straitstimes.com/business/companies-markets/capitaland-investment-eyes-lodging-as-growth-driver

Ho Bee should inject its investment properties into a Reit
Some market watchers are predicting that London’s office towers will hollow out, as more people work remotely and Brexit pushes companies to leave the United Kingdom. But property group Ho Bee Land is betting those fears are overblown.
https://www.businesstimes.com.sg/opinion/shareholders-wont-reap-benefit-of-ho-bees-purchase-of-the-scalpel-unless-market-can-value-it

Lendlease Reit to raise at least S$573.8m to fund Jem acquisition
The manager of Lendlease Global Commercial Reit (Lendlease Reit) is proposing to raise at least S$573.8 million to partly finance the real estate investment trust’s (Reit) acquisition of the remaining interest in Jem mall.
https://www.businesstimes.com.sg/companies-markets/lendlease-reit-to-raise-at-least-s5738m-to-fund-jem-acquisition-0

Surbana Jurong unit bags new projects
Pakistan offers immense new business opportunities for companies looking to expand their operations overseas. A Singapore business that has been successfully growing its presence in the South Asian country is the Surbana Jurong group.
https://www.businesstimes.com.sg/hub/pakistan-national-day/surbana-jurong-unit-bags-new-projects

Hot stock: Lendlease Reit hits 9-month low on S$648.8m equity fundraising
Units of Lendlease Global Commercial Reit fell as much as 5 per cent after resuming trading on Wednesday (Mar 21). The manager had announced a private placement and preferential offering on Tuesday – proceeds of which would help finance the real estate investment trust’s (Reit) S$2.1 billion acquisition of the remaining stake in Jem mall that it does not already own.
https://www.businesstimes.com.sg/stocks/hot-stock-lendlease-reit-hits-9-month-low-on-s6488m-equity-fundraising

Views, Reviews, Forum and Others

BEPS 2.0: Global corporate tax moves a game changer for S’pore?
Upcoming changes to the way multinational enterprises are taxed globally have deep significance for Singapore’s economic and fiscal policies. They will potentially affect the city state’s status as a global and regional business and investment hub, and how it raises tax revenues to pay for increasing spending needs.
https://www.straitstimes.com/opinion/beps-20-global-corporate-tax-moves-a-game-changer-for-spore

Two years on, Covid pandemic needs a greater global response
Two years on from when the World Health Organization (WHO) declared Covid-19 to be a pandemic, it is increasingly clear that key policy mistakes were made in 2020 and 2021 that may have significantly extended the length of the crisis.
https://www.businesstimes.com.sg/opinion/two-years-on-covid-pandemic-needs-a-greater-global-response

Singapore mortgages may rise as much as 0.75% this year following Fed hikes, consultants say
Mortgage rates in Singapore could be raised 3 times this year, by 25 basis points each time, according to mortgage advisors polled by The Business Times. Their projections come after Federal Reserve chairman Jerome Powell’s commitment on Monday (Mar 21) to double down on inflation in the United States.
https://www.businesstimes.com.sg/banking-finance/singapore-mortgages-may-rise-as-much-as-075-this-year-following-fed-hikes

Asia’s retail industry is eclipsing the rest of the world’s, thanks to e-commerce
If you want to see the future of retail, look to Asia. The region is responsible for about three-quarters of worldwide retail growth and over 30 per cent of online growth, and several markets are leapfrogging the development stages that US and European retailers took years to go through, research by Bain & Company has revealed.
https://www.businesstimes.com.sg/global-enterprise/asias-retail-industry-is-eclipsing-the-rest-of-the-worlds-thanks-to-e-commerce

Pakistan’s economic prospects looking up
Like other developing countries, Pakistan has been facing economic headwinds in recent years due to the many changes taking place in its domestic sectors as well as in the global economy. Fortunately, the worst seems to be over for the country as its economic growth outlook is improving.
https://www.businesstimes.com.sg/hub/pakistan-national-day/pakistans-economic-prospects-looking-up

Update on COVID-19 (Coronavirus Disease 2019) Situation

Daily new Covid-19 cases in Singapore at 13,166, down from 15,851 last Tuesday
[Singapore] Daily new Covid-19 infections reported in Singapore rose on Tuesday (Mar 22) to 13,166 cases, up from the 7,538 reported on Monday. The number of patients hospitalised fell to 1,023 cases on Tuesday, from 1,062 on Monday.
https://www.businesstimes.com.sg/government-economy/daily-new-covid-19-cases-in-singapore-at-13166-down-from-15851-last-tuesday
https://www.straitstimes.com/singapore/daily-new-covid-19-cases-in-singapore-at-13166-down-from-15851-last-tuesday

*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