DAILY NEWS

Daily News – 5th April 2016

Top Stories

Businesses should rely on their own wits, less on government
STRIDENT calls for the government to do more to help businesses are often heard in Parliament, but on the opening day of the latest Budget debate on Monday, the tone was decidedly different. Instead, law-makers cautioned against being over-reliant on the government for help – a recognition that businesses must drive their own transformation, even as the government takes the lead in tackling cyclical and structural challenges to the economy. And, some businesses may have to fail, as part of the restructuring process.
http://www.businesstimes.com.sg/government-economy/singapore-budget-2016/businesses-should-rely-on-their-own-wits-less-on-government

Pressing need for all to help workers: Chan Chun Sing
THE labour movement in Singapore will have to quicken its pace in helping workers and companies cope with economic restructuring amid slower growth. In noting that the current slowdown is cyclical and, “more fundamentally, structural”, Secretary-General of the National Trades Union Congress (NTUC) Chan Chun Sing said in Parliament on Monday: “The labour movement will definitely want to work with employers and the government to make sure that we minimise the occurrences of structural unemployment.
http://www.businesstimes.com.sg/government-economy/singapore-budget-2016/pressing-need-for-all-to-help-workers-chan-chun-sing
http://www.straitstimes.com/singapore/mps-seek-more-help-for-workers-and-small-firms

Singaporean core does not mean S’poreans only, says Chun Sing
SINGAPORE — Labour chief Chan Chun Sing cautioned against mistakenly creating a “Singaporeans only” attitude in the country’s bid to develop a Singaporean core, which is more about creating “a diverse team of talents from cross-sector, cross-cultural backgrounds and international exposure”. Mr Chan, who is also Minister in the Prime Minister’s Office, added that the Singaporean core cannot be defined as an “exclusive and inward-looking perspective”.
http://www.todayonline.com/singapore/singaporean-core-does-not-mean-sporeans-only-says-chun-sing

Singapore Economy

Benefits of fiscal boost will take time to filter through, say economists
The expansionary aspects of Singapore Budget 2016 might come as growth softens, but economists are not expecting to see the impact in the near-term. “My sense is that the fiscal impulse won’t be felt in the next 12 months or so, it won’t change our lives so quickly, but it can complement our restructuring efforts,” said Ng Weiwen, economist at ANZ Bank.
http://www.businesstimes.com.sg/government-economy/benefits-of-fiscal-boost-will-take-time-to-filter-through-say-economists

MPs flag challenges of more targeted approach
EVEN as Members of Parliament (MPs) applauded the shift towards a more targeted approach to restructuring the economy, several flagged the potential pitfalls of the undertaking. For one, the implementation of more focused policies could prove sloppy if various stakeholders fail to pull their weight; and then there is also the danger that sector-based interests can get entrenched amid competition for scarce resources.
http://www.businesstimes.com.sg/government-economy/mps-flag-challenges-of-more-targeted-approach

There’s still room for one chamber to rule them all, says industry
THE idea of an apex business chamber is still relevant, despite the government’s shift towards a more targeted and sectoral approach to policy to drive the transformation of industry, say observers. In fact, most of them say the Singapore Business Federation (SBF) will be all the more vital in the future economy, despite the possibility that its work may overlap with that of other trade associations and chambers (TACs) and that it could cannibalise their members.
http://www.businesstimes.com.sg/government-economy/theres-still-room-for-one-chamber-to-rule-themall-says-industry

Singapore Real Estate

Tan Tock Seng descendants put Cuscaden Rd site up for sale
THE descendants of the famous philanthropist Tan Tock Seng are believed to have put up a plum site in Cuscaden Road for sale. The sellers are expecting offers in the region of S$160-170 million for the 25,741 square foot freehold site located at 9 Cuscaden Road. The property is flanked by St Regis Residences Singapore and Tanglin Shopping Centre.
http://www.businesstimes.com.sg/real-estate/tan-tock-seng-descendants-put-cuscaden-rd-site-up-for-sale
http://www.straitstimes.com/business/property/160m-170m-price-tag-for-cuscaden-site

Singapore property losing some shine: UBS
Singapore is less likely to be on the radar of institutional real estate investors this year compared with other developed regional cities, especially those in Australia and Japan, said a UBS report. It cited the oversupply in the office and logistics sectors here amid weak consumer sentiment and a housing market dealing with cooling measures. The Monetary Authority of Singapore noted last November that property transactions, prices and mortgages could have been higher by as much as a third had these measures not been implemented.
http://www.straitstimes.com/business/property/singapore-property-losing-some-shine-ubs

Companies’ Brief

SPH Reit maintains Q2 DPU on steady performance
SPH Reit announced a distribution per unit (DPU) of 1.4 Singapore cents for the second quarter ended Feb 29, 2016, as it delivered a steady performance amid a challenging retail environment and modest economic outlook. The DPU for Q2 FY16, payable on May 13, is unchanged from that paid for Q2 FY15.
http://www.businesstimes.com.sg/companies-markets/sph-reit-maintains-q2-dpu-on-steady-performance

Views, Reviews & Forum

A productive approach to transforming industries
To boost productivity in construction, a HDB subsidiary can buy and lease labour-saving equipment to smaller companies. GLCs can partner SMEs as preferred partners to go overseas. The $4.5 billion Industry Transformation Programme announced in this year’s Budget has to offer targeted measures to boost specific sectors. Studying industrial productivity is like observing babies – they all look the same from afar but, close up, each is different.
http://www.straitstimes.com/opinion/a-productive-approach-to-transforming-industries