DAILY NEWS

Daily News – 25 Aug 2020 (Tue)

Singapore Real Estate

Worst may be over for S-Reits: Eastspring, OCBC
Some analysts think the worst may be over for Singapore-listed real-estate investment trusts (S-Reits). The market looks to be pricing in too much downside for retail and office S-Reits, said Eastspring Investments’ head of client portfolio managers Adam Matthews and director of client portfolio managers Sarah Lien on Monday.
https://www.businesstimes.com.sg/companies-markets/worst-may-be-over-for-s-reits-eastspring-ocbc

Stop work orders issued to 13 worksites after dorm cluster
The Building and Construction Authority (BCA) has issued stop work orders to 13 construction sites where workers from Sungei Tengah Lodge who tested positive for Covid-19 had been working. A spokesman for the BCA told The Straits Times last night: “A stop work order is issued to the builder to rectify any shortcomings in safe management measures on site or introduce new measures to curb the risk of Covid-19 transmission.”
https://www.straitstimes.com/singapore/stop-work-orders-issued-to-13-worksites-after-dorm-cluster

Singapore Economy

Singapore’s core and overall inflation remain negative in July
Core inflation fell deeper into negative territory last month due to a steeper decline in the cost of electricity and gas, and lower inflation for non-cooked food. Core inflation, which excludes accommodation and private road transport costs, came in at minus 0.4 per cent in July, down from minus 0.2 per cent in June. This is the lowest since core inflation hit minus 0.5 per cent in January 2010.
https://www.straitstimes.com/business/economy/singapores-core-and-overall-inflation-remain-negative-in-july
https://www.businesstimes.com.sg/government-economy/singapore-core-inflation-falls-to-decade-low-at-04-in-july

MAS expected to stand pat on Singapore dollar despite inflation slide
Singapore’s central bank is still expected to leave its currency policy settings untouched at the next review in October, market watchers said on Monday – despite core inflation touching a decade low in July. All-items and core inflation, which excludes accommodation and private road transport costs, came in at -0.4 per cent in July – extending months-long stints in negative territory.
https://www.businesstimes.com.sg/government-economy/mas-expected-to-stand-pat-on-singapore-dollar-despite-inflation-slide

Singapore currency to stay strong until 2021 on broad USD weakness
The Singdollar is likely to continue strengthening till next year amid a broad weakness of the greenback, in particular against the Chinese currency. On Monday morning the SGD stood at S$1.3715 to the USD, weakening slightly from the S$1.3651 on Friday. Some FX experts expect it to reach S$1.35 by early next year. The low of the SGD this year was S$1.46 on March 23.
https://www.businesstimes.com.sg/banking-finance/singapore-currency-to-stay-strong-until-2021-on-broad-usd-weakness

President spells out how Govt will lead S’pore in time of major change
Singapore is at an inflection point and the country needs to understand the major changes taking place, both at home and abroad, as its rethinks its social models and policies to suit the new circumstances, President Halimah Yacob said yesterday.
https://www.straitstimes.com/politics/president-spells-out-how-govt-will-lead-spore-in-time-of-major-change
https://www.businesstimes.com.sg/government-economy/government-open-to-ideas-ready-for-tough-choices-halimah

Jobs top priority for next few years; economy must transform quickly
Jobs will continue to be the top priority for the next few years, said President Halimah Yacob yesterday. Keeping people in work is the best way to help them take care of their families, and keep their skills current until the economy improves, she added, as the Covid-19 crisis continues to weigh heavily on the job market.
https://www.straitstimes.com/singapore/jobs-top-priority-for-next-few-years-economy-must-transform-quickly
https://www.straitstimes.com/politics/singaporeans-concerns-over-job-competition-from-foreigners-will-be-addressed

Companies’ Brief

GuocoLand’s full-year net profit halves to S$114m, proposes 6 cents per share dividend
GuocoLand on Monday reported that its full-year net profit has halved year on year to S$114.1 million, largely due to the absence of fair-value gains on investment properties. Still, the group has proposed a first and final ordinary dividend of 6 Singapore cents per share for FY2020 ended June 30.
https://www.businesstimes.com.sg/companies-markets/guocolands-full-year-net-profit-halves-to-s114m-proposes-6-cents-per-share
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1204

Hedge fund manager Ken Griffin’s Citadel to open Singapore office this year
American billionaire hedge fund manager Ken Griffin’s finance companies plan to open a Singapore office this year in a fresh push to expand in Asia. The new office will be shared by his Citadel hedge fund business and the market-making Citadel Securities unit, the Chicago-based firm said in a statement on Monday.
https://www.businesstimes.com.sg/real-estate/hedge-fund-manager-ken-griffins-citadel-to-open-singapore-office-this-year
https://www.straitstimes.com/business/banking/us-tycoon-ken-griffins-citadel-to-open-singapore-office

Views, Reviews, Forum & Others

Securing Singapore’s future in a changed world
We are starting a new term of Government under the shadow of Covid-19. Singapore has been fully engaged in this fight. New infections have been brought under control. We have completed testing all the migrant workers in the dormitories, and are progressively returning them to work safely. Fatalities have been kept very low.
https://www.straitstimes.com/opinion/securing-singapores-future-in-a-changed-world-0

Opening up travel one step at a time
Eight months into the worst pandemic in recent memory, it is clear that the initial response of shutting down travel, bans on dining out and various other measures, while appropriate and necessary at the time, has damaged the economic health of nations and devastated livelihoods.
https://www.straitstimes.com/opinion/st-editorial/opening-up-travel-one-step-at-a-time-0

Virtual banking: sound execution critical to success
The race is on to digitise banking across Asia-Pacific. A combination of regulatory infrastructure changes and technological capabilities have created an opportunity for both new entrants and traditional banks to deliver virtual banking to meet consumer expectations and further financial inclusion.
https://www.businesstimes.com.sg/opinion/virtual-banking-sound-execution-critical-to-success

The MAS’ prescription for bifocal vision
Anti-money laundering (AML) remains a continuing priority for the Monetary Authority of Singapore (MAS). It has consistently voiced its zero tolerance for money laundering and has maintained Singapore’s reputation as a stable and secure jurisdiction for financial services.
https://www.businesstimes.com.sg/opinion/the-mas-prescription-for-bifocal-vision

Update on COVID-19 (Coronavirus Disease 2019) Situation

51 new cases, including 1 in community and 7 imported
There were 51 new coronavirus cases confirmed by the Ministry of Health (MOH) yesterday, taking Singapore’s total to 56,404. They included one community case, a 65-year-old Singaporean woman, said MOH. She was identified as a contact of a previously confirmed case and was tested when she was quarantined earlier.
https://www.straitstimes.com/singapore/health/51-new-cases-including-1-in-community-and-7-imported
https://www.businesstimes.com.sg/government-economy/new-covid-19-cluster-in-tuas-view-dormitory

Stay-home notices key to curbing Covid-19 spread, with over 120,000 issued
As Singapore continues to open its borders gradually, the stay-home notice (SHN) regime has become a key part of keeping Covid-19 infections low in the community. More than 120,400 such notices have been issued in the past six months, the authorities said in response to The Straits Times’ queries.
https://www.straitstimes.com/singapore/stay-home-notices-key-to-curbing-virus-spread-with-over-120000-issued
*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