DAILY NEWS

Daily News – 28 Apr 2020 (Tue)

Singapore Real Estate

Most retail tenants to get rental rebates in June, July as CDL ups Covid-19 relief kitty to S$23m
Most of City Developments Limited’s (CDL) retail tenants will now get rebates on gross rental in two more months – June and July – as the landlord ups its rental relief kitty to S$23 million, from the S$17 million announced earlier this month.
https://www.businesstimes.com.sg/companies-markets/most-retail-tenants-to-get-rental-rebates-in-june-july-as-cdl-ups-covid-19-relief

Singapore Economy

Catastrophe bonds raise Singapore’s profile as hub for alternative risk
Singapore’s efforts to develop into a global capital for alternative risk transfer are bearing fruit, particularly in the area of catastrophe bonds. Since 2019, six cat bond issuances worth a combined US$488 million in terms of capital raised are domiciled in Singapore.
https://www.businesstimes.com.sg/banking-finance/catastrophe-bonds-raise-singapores-profile-as-hub-for-alternative-risk

Coronavirus: DBS expects Singapore’s GDP to shrink by 5.7% this year
Singapore’s decision to keep a large segment of its economy closed and many of its residents at home for another month will lower economic growth and raise job losses, said analysts. DBS Bank became the latest to cut its estimates of how Singapore’s gross domestic product and employment would pan out this year, after earlier downgrades by OCBC Bank, UOB Group and Maybank.
https://www.straitstimes.com/business/economy/dbs-expects-singapores-gdp-to-shrink-by-57-this-year
https://www.straitstimes.com/business/economy/singapore-economy-may-shrink-more-than-4-this-year-if-coronavirus-outbreak-drags-on

Singapore lay-offs may hit 100,000 in 2020, with unemployment at 4-5%
Singapore’s unemployment rate could reach around 4 per cent in 2020 as the country toils to contain the spread of the novel coronavirus with an extended circuit breaker that economists say could lead to a deeper recession.
https://www.businesstimes.com.sg/government-economy/singapore-lay-offs-may-hit-100000-in-2020-with-unemployment-at-4-5

Covid-19 will hit wages more than jobs; retail, F&B, recreation sector workers most at risk of layoffs: MAS
Singapore – Wages are likely to be harder hit than employment amid the Covid-19 outbreak, although workers in the retail trade, food and beverage, and recreation sectors are most vulnerable to layoffs, the Monetary Authority of Singapore (MAS) said on Tuesday (April 28).
https://www.straitstimes.com/business/economy/covid-19-will-hit-wages-more-than-jobs-retail-fb-recreation-sector-workers-most-at

Companies’ Brief

First Sponsor Q1 profit rises 4.8% to S$24.9m
Mainboard-Listed First Sponsor Group posted a 4.8 per cent rise in net profit to S$24.9 million for its first quarter ended March 31, 2020, from S$23.8 million a year ago. This comes as the property developer recorded a rise in revenue from property financing, according to its voluntary interim update on Tuesday.
https://www.businesstimes.com.sg/companies-markets/first-sponsor-q1-profit-rises-48-to-s249m

Keppel T&T pares stake in Keppel DC Reit for S$2.42 per unit
Keppel DC Reit’s sponsor Keppel Telecommunications & Transportation (Keppel T&T) has agreed to sell 38 million units in the data-centre real estate investment trust, representing a 2.33 per cent stake, for S$2.42 apiece.
https://www.businesstimes.com.sg/companies-markets/keppel-tt-pares-stake-in-keppel-dc-reit-for-s242-per-unit

MIT’s DPU down 7.5% at 2.85 S cents for Q4; S$6.6m withheld because of virus uncertainty
Mapletree Industrial Trust’s (MIT) distribution per unit (DPU) stood at 2.85 Singapore cents for the fourth quarter ended March 31, down 7.5 per cent from 3.08 cents a year ago. Distributable income rose 15.4 per cent to S$69.15 million, while gross revenue rose 3 per cent to S$101.8 million. Net property income increased 3.2 per cent to S$78.26 million for the fourth quarter.
https://www.businesstimes.com.sg/companies-markets/mits-dpu-down-75-at-285-s-cents-for-q4-s66m-withheld-because-of-virus-uncertainty

Views, Reviews, Forum & Others

Defining interface between IP rights and climate change
On April 26, we celebrated World Intellectual Property Day. This year’s celebrations were muted in light of the Covid-19 pandemic, but thematically addressed “Intellectual Property and Climate Change”. Intellectual property law shapes the extent to which new technologies can be protected, and this in turn will lend credence to the choices that have to be made which ultimately go towards long-term care for the planet.
https://www.businesstimes.com.sg/opinion/defining-interface-between-ip-rights-and-climate-change

Troubled times call for deeper commitment to global trade
This is the text of a joint commentary by four trade ministers: Simon Birmingham, Australia’s Minister for Trade, Tourism and Investment; Elizabeth Truss, United Kingdom Secretary of State for International Trade; Chan Chun Sing, Singapore’s Minister for Trade and Industry; and David Parker, New Zealand’s Minister for Trade and Export Growth. It is also being published in The Australian, The New Zealand Herald and The Telegraph today.
https://www.straitstimes.com/opinion/troubled-times-call-for-deeper-commitment-to-global-trade

Don’t forget the seafarers who keep global deliveries going
At this very moment, there are 1.2 million seafarers out at sea, spread across around 65,000 ships. This floating population has been central in ensuring the maintenance of global trade. Even as the coronavirus has forced entire countries indoors and brought economies to their knees, these seafarers have made sure that food, medicine, fuel and other essential items have made their way into our homes.
https://www.straitstimes.com/opinion/dont-forget-the-seafarers-who-keep-global-deliveries-going

Update on COVID-19 (Coronavirus Disease 2019) situation

2 elderly S’porean men die; most of 799 new coronavirus cases are workers in dorms
Two more patients died from Covid-19 complications yesterday, bringing the total number of coronavirus-related deaths here to 14. The Ministry of Health (MOH) said yesterday that the two patients were an 82-year-old Singaporean man who tested positive on April 8, and an 81-year-old Singaporean man who tested positive on April 20.
https://www.straitstimes.com/singapore/health/2-elderly-sporean-men-die-most-of-799-new-cases-are-workers-in-dorms

Singapore has been ramping up testing for coronavirus to help curb spread
Singapore has ramped up testing for the coronavirus in order to curb its spread and bring the outbreak under control. It has also boosted its testing capacity and can now carry out more than 8,000 tests a day, up from 2,900 at the start of this month.
https://www.straitstimes.com/singapore/spore-has-been-ramping-up-testing-for-virus-to-help-curb-spread

More workers in essential services getting tested for Covid-19
More healthcare workers, staff in nursing homes and other workers in essential services, in particular those working with vulnerable groups, are now getting tested for Covid-19. The stepped-up tests for these workers, who also include front-line officers who have interacted with confirmed cases, come as the Government goes “all out” in expanding its testing capabilities, Minister for National Development Lawrence Wong said yesterday.
https://www.straitstimes.com/singapore/health/more-workers-in-essential-services-getting-tested-for-covid-19

Testing for Covid-19 also aids surveillance of high-risk groups
Testing for Covid-19 allows for surveillance of groups of people that are at higher risk of contracting or transmitting the disease. This is in addition to diagnosing patients so they can be cared for appropriately, and facilitating contact tracing to contain the virus’ spread.
https://www.straitstimes.com/singapore/testing-also-aids-surveillance-of-high-risk-groups

Government reviewing housing arrangements for foreign workers
The government is reviewing housing arrangements for foreign workers, National Development Minister Lawrence Wong said at a briefing on Monday. Mr Wong, who co-chairs the multi-ministerial task force (MTF) for Covid-19, said plans are being made for the housing of migrant workers who have recovered from Covid-19.
https://www.businesstimes.com.sg/government-economy/government-reviewing-housing-arrangements-for-foreign-workers
*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