DAILY NEWS

Daily News – 4 February 2022 (Fri)

Singapore Real Estate

Orchard Towers’ potential en bloc sale may come with S$1.6 billion price tag
The collective sale committee (CSC) of Orchard Towers has recommended setting the reserve price at S$1.6 billion, and its unit owners will conduct an extraordinary general meeting (EGM) on Feb 18, The Business Times understands.
https://www.businesstimes.com.sg/real-estate/orchard-towers-potential-en-bloc-sale-may-come-with-s16-billion-price-tag

Singapore Economy

Budget must address urgent foreign worker crunch but stay firm on long-term weaning
The immediate shortage of foreign labour will likely be tackled in upcoming Budget measures, watchers told The Business Times, although policymakers are expected to keep weaning businesses off foreign manpower in the longer term.
https://www.businesstimes.com.sg/government-economy/budget-must-address-urgent-foreign-worker-crunch-but-stay-firm-on-long-term

Budget to extend support to ailing sectors, will tackle cost of living: Lawrence Wong
The upcoming national Budget will offer more support to industry sectors that continue to face difficulties, Finance Minister Lawrence Wong said in a speech on Thursday (Feb 3), while policymakers are also planning for the post-pandemic era.
https://www.businesstimes.com.sg/government-economy/budget-to-extend-support-to-ailing-sectors-will-tackle-cost-of-living-lawrence
https://www.straitstimes.com/singapore/budget-will-provide-support-amid-covid-19-help-sporeans-manage-cost-of-living-finance-minister

SICCI urges ‘selective’ application of GST hike to ease strain on businesses
With the implementation details of the Goods and Services Tax (GST) increase expected in Budget 2022 later this month, the hike should be “selectively” applied so that businesses do not face a sudden increase in expenses.
https://www.businesstimes.com.sg/government-economy/sicci-urges-selective-application-of-gst-hike-to-ease-strain-on-businesses
https://www.straitstimes.com/business/economy/spores-indian-chamber-urges-govt-to-not-pull-back-fiscal-support-in-haste

Singapore PMI dips in the new year, echoing slowdown seen across Asia
Singapore manufacturing sentiment eased slightly in the new year due to concerns over supply chain disruptions, echoing the slowdown seen across other key Asian economies. The Purchasing Managers’ Index (PMI) slipped 0.1 point to 50.6 in January…
https://www.businesstimes.com.sg/government-economy/singapore-pmi-dips-in-the-new-year-echoing-slowdown-seen-across-asia

Views, Reviews, Forum & Others

Temper economic optimism with caution
After a robust 7.2 per cent expansion of GDP last year – albeit from a low base – and with growth projected at 3 per cent to 5 per cent this year, it can be said that the Singapore economy has largely emerged from the shadow of the Covid-19 pandemic.
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-temper-economic-optimism-with-caution

A new 4G leadership style is taking shape
Next week is Prime Minister Lee Hsien Loong’s 70th birthday, the date he had given himself, years ago, as the occasion when he would like to hand over Singapore to a new leader.
https://www.straitstimes.com/opinion/homeground-a-new-4g-leadership-style-is-taking-shape

Why the Fed is wary in its embrace of digital dollars
Many countries’ governments, most notably China’s, are continuing to experiment with central bank digital currencies (CBDCs). Money 3.0 is moving full speed ahead, and with its recent white paper, entitled The US Dollar In The Age Of Digital Transformation…
https://www.straitstimes.com/opinion/why-the-fed-is-wary-in-its-embrace-of-digital-dollars

Clues to next variant are all around us
When scientists in South Africa noticed an uptick in Covid-19 cases in the Gauteng Province last November, they began investigating the source. These researchers and others in Botswana quickly discovered the Omicron variant and heroically shared their discovery with the rest of the world.
https://www.businesstimes.com.sg/opinion/clues-to-next-variant-are-all-around-us

Asia’s 4 tigers have matured, but still burning bright
Asia’s 4 early tiger economies of South Korea, Taiwan, Singapore and Hong Kong may have matured and been dethroned by China, but strategists say each continues to hold their own in world markets in the Year of the Tiger.
https://www.businesstimes.com.sg/global-enterprise/asias-4-tigers-have-matured-but-still-burning-bright

S’pore firms confident despite Omicron wave, plan to make hybrid work permanent
Singapore – Companies here are taking the surge in Covid-19 cases fuelled by the Omicron variant in their stride as they remain confident of their ability to stay flexible and responsive to the fluid pandemic situation.
https://www.straitstimes.com/singapore/jobs/spore-firms-confident-despite-omicron-wave-plan-to-make-hybrid-work-permanent

Don’t click links: CNB, Iras among latest organisations to warn against fake e-mails, SMSes
Singapore – The Inland Revenue Authority of Singapore (Iras) and the Central Narcotics Bureau (CNB) have issued statements advising the public to avoid clicking on links sent via SMSes and e-mails, joining a growing group of organisations here reminding people to take steps to stop scams.
https://www.straitstimes.com/singapore/courts-crime/dont-click-links-cnb-iras-among-latest-organisations-to-warn-against-fake-e-mails-sms

Update on COVID-19 (Coronavirus Disease 2019) Situation

932 Covid-19 cases in hospital on Thursday, up from 819 the day before
[Singapore] There are 932 Covid-19 cases currently in hospital on Thursday (Feb 3), up from the 819 cases the day before. Of these,78 patients required oxygen support while 16 were in the intensive care unit, said the Ministry of Health in its daily virus update on its website.
https://www.businesstimes.com.sg/government-economy/932-covid-19-cases-in-hospital-on-thursday-up-from-819-the-day-before
https://www.straitstimes.com/singapore/932-covid-19-cases-in-hospital-on-thursday-up-from-819-the-day-before

Singapore in strong position to ease restrictions further: Experts
Singapore – Singapore’s high vaccination and booster rates give the country a window of opportunity to ease some measures, especially as the Omicron variant causes a less severe form of the disease, suggest several experts.
https://www.straitstimes.com/singapore/health/singapore-in-strong-position-to-ease-restrictions-further-experts

S’pore approves Pfizer’s Paxlovid pill for Covid-19 treatment; first batches to arrive this month
Singapore – A new oral antiviral drug for treating Covid-19 has been approved for use in Singapore, with the first batches expected to arrive this month, said the Ministry of Health (MOH) on Thursday (Feb 3).
https://www.straitstimes.com/singapore/health/pfizers-new-oral-antiviral-drug-paxlovid-approved-for-use-in-singapore

*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