DAILY NEWS

Daily News – 5 October 2021 (Tue)

Singapore Real Estate

Proposed changes to law on monuments to expand definition and better protect them
Changes have been proposed to the law protecting monuments, to increase the types of sites that are considered monuments and better protect existing ones. On Monday, the Preservation of Monuments (Amendment) Bill was introduced in Parliament and, if passed, will facilitate the gazetting of sites like the Padang – which do not house historical structures – as National Monuments.
https://www.businesstimes.com.sg/real-estate/proposed-changes-to-law-on-monuments-to-expand-definition-and-better-protect-them
https://www.straitstimes.com/singapore/politics/proposed-change-to-law-on-monuments-to-expand-definition-and-better-protect-them

The Business Times Wealth (October 2021)
https://www.businesstimes.com.sg/magazines/wealth-october-2021

Singapore Economy

Singapore factory sentiment expands more slowly in September as cost pressures rise
Singapore’s overall manufacturing sentiment inched lower for the second straight month in September, as growth cooled in the non-electronics segment, according to a monthly gauge released on Monday by the Singapore Institute of Purchasing and Materials Management (SIPMM).
https://www.businesstimes.com.sg/government-economy/singapore-factory-sentiment-expands-more-slowly-in-september-as-cost-pressures
https://www.straitstimes.com/business/economy/supply-chain-disruptions-drag-on-singapores-factory-activity-growth

Singapore eyes more VTLs, including to Europe and US
Singapore is looking to launch new vaccinated travel lanes (VTLs) by the end of the year and is in negotiations with several countries including those in Europe and also the United States, Trade and Industry Minister Gan Kim Yong said, signalling continued caution even as other advanced economies open up.
https://www.businesstimes.com.sg/government-economy/singapore-eyes-more-vtls-including-to-europe-and-us

New Bill to introduce GST on low-value imported goods by air or post
Proposed changes to the law to subject goods worth S$400 or less bought online and imported by air or post to GST were tabled in Parliament on Monday. If adopted, the Goods and Services Tax (Amendment) Bill will see the GST on such low-value goods introduced from Jan 1, 2023.
https://www.businesstimes.com.sg/government-economy/new-bill-to-introduce-gst-on-low-value-imported-goods-by-air-or-post
https://www.straitstimes.com/singapore/politics/new-bill-to-introduce-gst-on-low-value-imported-goods-by-air-or-post

Companies’ Brief

Straits Trading unit commits up to £60m in UK retail park-focused fund
The Straits Trading Company’s real estate investment arm Straits Real Estate has agreed to subscribe into Savills IM UK Value Boxes Fund FCP-RAIF, a closed-ended common fund managed by an entity of Savills Investment Management (Savills IM).
https://www.businesstimes.com.sg/companies-markets/straits-trading-unit-commits-up-to-%C2%A360m-in-uk-retail-park-focused-fund

Overseas-centric Reits: bulk up to outmuscle home bias
Local foodies have it good. While Singapore residents largely cannot travel abroad, foodies can savour many cuisines be it local, Chinese, Japanese, Korean, Indian, Thai, Malaysian, Indonesian, Italian, French, Spanish, German, American, Mexican and the list goes on.
https://www.businesstimes.com.sg/real-estate/overseas-centric-reits-bulk-up-to-outmuscle-home-bias

SPH Reit looks to boost tenancy mix as H2 DPU nearly trebles
The manager of SPH Reit on Monday said it continues to seek ways to improve its tenancy mix, as it prepares to capture higher rental reversions when the economy improves.
https://www.businesstimes.com.sg/companies-markets/sph-reit-looks-to-boost-tenancy-mix-as-h2-dpu-nearly-trebles
https://www.straitstimes.com/business/companies-markets/sph-reits-h2-distribution-per-unit-nearly-trebles-on-lower-rent-waivers

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1461

Views, Reviews, Forum & Others

Towards an era of cross-border CBDCs
The pandemic has become the catalyst in all digitalisation processes, including that of money. According to a Bank for International Settlements (BIS) survey, central banks are more willing than ever to experiment with the digital versions of banknotes, fashionably known as central bank digital currencies, or CBDCs.
https://www.businesstimes.com.sg/opinion/towards-an-era-of-cross-border-cbdcs

State-owned investors ramp up startup bets in first three quarters: Global SWF
State-owned Investors (SOIs) are pumped up about startups, investing US$14.9 billion across 256 venture capital (VC) deals in the first three quarters of this year. This exceeds the US$8.9 billion that SOIs sank into 118 VC deals in all of 2020, according to Global SWF, which tracks data on SOIs, including sovereign wealth and public pension funds.
https://www.businesstimes.com.sg/garage/state-owned-investors-ramp-up-startup-bets-in-first-three-quarters-global-swf

Better processes needed in hiring of independent directors
The introduction of stricter regulations and mounting shareholder expectations have cast a spotlight on independent directors in Singapore. Professional recruiters polled by The Business Times acknowledged that the demand for their services in this area is rising amid changes in the hiring process of independent directors, but said the pace of change is still slow.
https://www.businesstimes.com.sg/companies-markets/better-processes-needed-in-hiring-of-independent-directors

Update on COVID-19 (Coronavirus Disease 2019) Situation

8 Singapore seniors aged 60 to 94 die from Covid-19 complications
[Singapore] Eight Singaporeans aged between 60 and 94 have died from complications linked to Covid-19, the Ministry of Health (MOH) said on Monday (Oct 4). They comprise four men and four women, five of whom were vaccinated and three were unvaccinated. All had various underlying medical conditions, MOH said, without giving more details.
https://www.businesstimes.com.sg/government-economy/8-singapore-seniors-aged-60-to-94-die-from-covid-19-complications
https://www.straitstimes.com/singapore/health/8-seniors-aged-between-60-and-94-die-from-covid-19-complications-2475-new-cases-in

Home recovery frustrations due to hiccups in ‘processes’: Ong Ye Kung
Frustrations experienced by Covid-19 patients and their families as they tried to make sense of the home recovery care management model were not because of a lack of capacity, but due to hiccups in “processes” said Health Minister Ong Ye Kung in Parliament on Monday.
https://www.businesstimes.com.sg/government-economy/home-recovery-frustrations-due-to-hiccups-in-processes-ong-ye-kung
https://www.straitstimes.com/singapore/health/parliament-home-recovery-programme-didnt-start-well-but-things-are-improving-day-by
https://www.straitstimes.com/singapore/health/covid-19-when-theres-confusion-its-tough-to-pull-together-against-a-common-enemy

*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