DAILY NEWS

Daily News – 25th August 2016

Top Story

Africa is on the ascent and S’pore must ride this wave, says Tharman
Globalisation has earned itself a “bad reputation” because of policy failures in the advanced world, and Deputy Prime Minister Tharman Shanmugaratnam believes this sort of negative narrative around globalisation should have no place in either Asia or Africa. At the opening of the Africa-Singapore Business Forum on Wednesday, he cautioned Asia and Africa – the world’s biggest sources of consumption growth over the next few decades – against echoing the type of anti-trade and anti-globalisation sentiment that’s being felt elsewhere.
http://www.businesstimes.com.sg/government-economy/africa-is-on-the-ascent-and-spore-must-ride-this-wave-says-tharman
http://www.businesstimes.com.sg/government-economy/spore-inks-three-deals-with-african-nations
http://www.todayonline.com/business/spore-deepens-trade-relations-africa

Singapore reviews VC rules to draw capital to fintech startups
Singapore is reviewing the rules for venture capital firms as it attempts to draw more capital to the country’s fi-nancial technology startups, according to the head of Singapore’s central bank. Though Singapore rivals other major fintech centres such as Silicon Valley, London or New York in terms of startup activity and innovation, it still lags behind in terms of the firms’ access to capital, said Ravi Menon, managing director of the Monetary Authority of Singapore.
http://www.businesstimes.com.sg/companies-markets/singapore-reviews-vc-rules-to-draw-capital-to-fintech-startups
http://www.todayonline.com/business/mas-reviewing-venture-capital-rules-bolster-fintech-funding
http://www.bloomberg.com/news/articles/2016-08-24/singapore-reviews-venture-capital-regime-to-push-startup-funding

Singapore Economy

Singdollar bond market reduced to just bluechip issues in August
It seems that only bluechip issuers are able to sell Singapore dollar bonds as many investors stung by recent defaults have fled to the hills. On Wednesday, triple-A rated National University of Singapore sold 5-year S$100 million 1.81 per cent notes, joining a select group that has managed to raise money in the local bond market. So far in August, eight pedigree issuers have sold bonds worth S$1.1 billion. In August 2015, there were also eight deals but the amount raised was S$2.5 billion.
http://www.businesstimes.com.sg/banking-finance/singdollar-bond-market-reduced-to-just-bluechip-issues-in-august

Singapore Real Estate

ValueMax chief executive buys Katong freehold bungalow for S$30 million
The chief executive of listed pawnshop ValueMax Group, Yeah Hiang Nam, has lodged a caveat to buy a freehold bungalow along Wilkinson Road in Katong for S$30 million. It sits on a land area of 2,453 square metres. The transaction price translates to about S$1,136 per square foot (psf) of land.
http://www.businesstimes.com.sg/real-estate/valuemax-chief-executive-buys-katong-freehold-bungalow-for-s30-million
http://www.straitstimes.com/business/property/wilkinson-road-house-sold-for-30m

Factory-converted dorms to meet 4 new conditions by Jan 2017
The Ministry of Manpower (MOM) has introduced four new conditions for all operators of factory converted dormitories, or FCDs in short, when they seek approvals or renewals to use their industrial premises to house foreign workers. These conditions will kick in from Jan 1, 2017. The move came on the heels of MOM’s call earlier this month to FCD operators to raise housing standards and consultations with industry stakeholders.
http://www.businesstimes.com.sg/real-estate/factory-converted-dorms-to-meet-4-new-conditions-by-jan-2017
http://www.businesstimes.com.sg/government-economy/mom-sets-new-conditions-for-operators-of-factory-converted-dormitories

Among Olympic cities, Rio tops residential price growth post-2008
With the successful completion of the Olympics in Rio de Janeiro, the 2016 host city in Brazil has another reason to celebrate. Shrugging off the effects of the global financial crisis, Rio has seen the strongest residential price growth among six Olympic host cities since 2008, according to Savills World Research. The city recorded an increase of 216 per cent, from US$40 per square foot in 2008 to US$130 psf in 2016. This is despite the drag on the Rio residential market in the past year due to domestic economic conditions, which led to a 4 per cent fall in prices from June 2015 to June 2016.
http://www.businesstimes.com.sg/real-estate/among-olympic-cities-rio-tops-residential-price-growth-post-2008

69 industrial units on sale for about $38m
Ruby Group, the original developers of Ruby Warehouse Complex, is selling its stake in the building. This consists of 69 strata-titled units, or about 53 per cent of the development by share value. The guide price is $37.5 million to $38.8 million, or about $280 to $290 per sq ft. The units are fully tenanted and had been held by the company as investment properties. Investors will enjoy a net return above 6.3 per cent a year, marketing agent CBRE said.
http://www.straitstimes.com/business/property/69-industrial-units-on-sale-for-about-38m?login=true

Companies’ Brief

Brookfield GIS launches Asia HQ in Singapore
BROOKFIELD Global Integrated Solutions (Brookfield GIS) on Wednesday launched its Asian headquarters in Singapore, hoping to capture the growing property and facilities management business in the region. The real estate facility management service provider is a subsidiary of the newly listed Brookfield Business Partners in Toronto and New York, which in turn was spun off from the parent, Brookfield Asset Management Inc.
http://www.businesstimes.com.sg/real-estate/brookfield-gis-launches-asia-hq-in-singapore