More powers for MAS to resolve problems at banks in distress
The Monetary Authority of Singapore (MAS) will hold more powers to resolve problems of distressed financial institutions in an orderly way. Ong Ye Kung, Minister for Education (Higher Education and Skills) & Second Minister for Defence, presented the second reading of the MAS (Amendment) 2017 Bill in Parliament on Tuesday. The Bill has been passed.
Programme helps local firms kick-start businesses in China
A new programme aimed at helping small and medium-sized enterprises (SMEs) break into the Chinese market concluded its maiden run last month, with two companies making concrete plans to expand in China. Called the China Ready Programme and organised by trade agency IE Singapore, the initiative saw a total of six Singapore companies from sectors such as food and beverage, retail and technology spend 12 days in China.
Many blue-chip bond issuers not buying credit rating story
It seems that for some of Singapore’s blue-chip companies, it would take more than a grant to get them to obtain credit rating for the bonds they sell as they have no problems accessing the very liquid debt market.
The Credit Rating Grant, announced last week to encourage credit ratings in the Singapore dollar bond market, pays 100 per cent of credit rating expenses, subject to a cap of S$400,000 per issuer.
Manufacturing outlook unclear for the rest of year
The rallying manufacturing sector became the strongest driver of economic growth in the first half of this year but the outlook for the next six months looks less certain. Manufacturing, which makes up a fifth of the economy, expanded for the 10th straight month in May on the back of a global export rebound that has lifted demand for Singapore’s shipments, particularly in electronics.
Room for growth in local retailers’ e-commerce capacity
Transactions with local entities made up about three-quarters of online payments with locally issued cards over the past three years, Senior Minister of State for Trade and Industry Sim Ann said yesterday. But there is still room to grow in expanding local retailers’ e-commerce capacity, she added.
Boom in fintech jobs as banks digitise
Never mind numeracy skills. To work in a bank these days, a job-seeker is better off being a designer, digital data analyst or tech developer. The Monetary Authority of Singapore (MAS) in its annual report last week noted a net increase of 2,800 financial sector jobs last year, despite the slowdown in financial sector growth to 0.7 per cent from 5.7 per cent in 2015.
Singapore Real Estate
Hawker rental prices remain in check: Amy Khor
A recent bid of $10,000 for a hawker stall was an “exceptional case”, said Senior Minister of State for the Environment and Water Resources Amy Khor in Parliament yesterday, stressing that hawker rental prices remain in check. Noting that the high bidder terminated his tenancy even before starting operations, Dr Khor said that the average successful tender bid for cooked food stalls over the last three years has been $1,370 per month, with bids ranging from $1 to $4,888.
JTC exploring plan to boost connectivity and goods flow
JTC Corp, the Republic’s lead agency to plan and develop industrial spaces, is considering implementing District Logistics Networks within new industrial estates as well as inter-district logistics networks to facilitate more efficient freight movement across Singapore, Minister for Trade and Industry (Industry) S Iswaran said in Parliament yesterday.
ERA expands into Vietnam by appointing master franchisee
Global real estate network ERA has appointed Eurocapital JSC as its master franchisee in Vietnam, an expansion move to bolster its reach in the Asia-Pacific. Eurocapital JSC is the property arm of Eurocapital Group, a private investment company based in Vietnam. The latest franchise agreement brings ERA’s reach to eight markets to date, including Singapore, Japan, Korea, Taiwan, Thailand, Malaysia and Indonesia. Vietnam was chosen as a promising market for its booming real estate industry.
Ascott ups stake in apartment hotel operator Quest for A$180m
CapitaLand’s wholly owned serviced residence business, The Ascott Limited, is acquiring an additional 60 per cent stake in Quest Apartment Hotels for A$180 million (S$191 million). Ascott said on Wednesday that this will increase its stake in Quest from the current 20 per cent to 80 per cent, making Ascott the largest serviced residence provider in Australasia.
CapitaLand unit StorHub (Songjiang) Holding struck off from Register of Companies
Singapore developer CapitaLand announced on Tuesday that its wholly owned subsidiary, StorHub (Songjiang) Holding Pte Ltd, has been struck off from the Register of Companies. It said the striking-off of the unit is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending Dec 31, 2017.
Views, Reviews & Forum
Lessons from the Asian Financial Crisis of 1997
Twenty years ago, Asia went through a very humbling financial crisis where jobs were lost, life savings were depleted and families broken up as people moved to other countries in search of employment. In Indonesia, approximately 11 per cent of the population lived below the poverty line just before the crisis but this rose to 40 per cent during the crisis. No society can withstand that sort of economic meltdown without civil unrest. The subsequent overnight transition to democracy without the right institutions and political culture resulted in serious ethnic tensions in Jakarta and its then colony, East Timor.
Turning industrial waste into green solutions
For years, Environmental Solutions has been in the business of upgrading tonnes of industrial waste into precious and base metals, and harvesting energy from wood waste. Co-founders and directors Sivakumar Avadiar, 43, and Quek Leng Chuang, 50, call it ‘reverse mining’. In the third instalment of our four-part series on green solutions, Rupali Karekar talks to the chemical engineers about their efforts to reduce the carbon footprint and plans to bring green electricity to Singapore.
Global Economy & Global Real Estate
New York City’s LGBT seniors welcome new housing development
US confidence has boomed; the economy, not really
Rising Asian debt levels set alarm bells ringing again
Sovereign wealth funds’ corporate acquisitions triple in Q2
China sets new framework for ‘sharing economy’
Malaysia’s Tim Ho Wan operator ceases operations
Aussie dollar dips as RBA holds interest rate at 1.5%
Abe set to ink EU-Japan trade deal amid fears of US protectionism
Additional Articles of Interest – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article