DAILY NEWS

Daily News – 8th May 2018

Singapore Economy

Singapore to remain ‘nation of opportunities’, says President
The government will continue to renew the Singapore economy to keep it productive, enterprising and innovative, and with a more vibrant economy, Singaporeans will be able pursue dreams, chart fulfilling careers and lead meaningful lives, President Halimah Yacob said on Monday.
http://www.businesstimes.com.sg/government-economy/singapore-to-remain-nation-of-opportunities-says-president
https://www.straitstimes.com/politics/4g-leaders-must-fire-up-young-to-build-spores-future-says-president
https://www.todayonline.com/singapore/4g-leaders-must-fire-new-generation-sporeans-and-earn-right-lead-president-halimah

Singapore: The next chapter
In her inaugural address to Parliament yesterday, President Halimah Yacob focused on the challenges and priorities of a new generation of leaders as they and fellow Singaporeans undertake a new phase of nation building. Here is her address.
https://www.straitstimes.com/opinion/singapore-the-next-chapter

MAS teams up with EDB, IMDA and IBF to speed up AI adoption in Singapore’s financial sector
The Monetary Authority of Singapore (MAS) announced it is teaming up with the trio of the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA) and Institute of Banking and Finance (IBF) to accelerate the adoption of artificial intelligence (AI) in Singapore’s financial sector.
http://www.businesstimes.com.sg/government-economy/mas-teams-up-with-edb-imda-and-ibf-to-speed-up-ai-adoption-in-singapores-0
https://www.straitstimes.com/business/banking/tie-up-to-boost-ai-adoption-in-financial-sector

Perceived level of bribery and corruption low in Singapore: EY
The perceived level of bribery and corruption in Singapore is low, but companies here still have some way to go to convince its executives that such misconduct would be penalised, results of a survey by EY showed. The 15th EY Global Fraud Survey found that just 10 per cent of Singapore respondents still believe bribery and corrupt practices remain prevalent in business. This compared favourably against 38 per cent for global executives who shared similar perspectives.
http://www.businesstimes.com.sg/government-economy/perceived-level-of-bribery-and-corruption-low-in-singapore-ey

Singapore Real Estate

Property investment sales could hit S$46b in 2018: Colliers
Fuelled by the ongoing collective sales fever and a possible upturn in other segments, the property investment sales market here could grow 15 per cent year-on-year to S$46 billion in 2018. This would beat 2007’s record S$40.187 billion, according to Colliers International in a May 7 report, and the market could grow a further 5-10 per cent in 2019. The first quarter of 2018 alone has already recorded an 89 per cent year-on-year increase in total investment sales to S$11 billion.
http://www.businesstimes.com.sg/real-estate/property-investment-sales-could-hit-s46b-in-2018-colliers
https://www.straitstimes.com/business/property/property-investment-sales-could-hit-46b-this-year-colliers

Companies’ Brief

Keppel DC Reit to raise S$303m from private placement to acquire Jurong data centre
Keppel DC Reit is seeking to raise some S$303.1 million in a private placement, with the majority of proceeds going towards paying for the acquisition of a new data centre, it announced in an exchange filing on Monday. The real estate investment trust is looking to place 224 million new shares at S$1.353 each, which is a 4.9 per cent discount to the volume-weighted average price of S$1.4220 per share for trades last done on the Singapore Exchange on May 4.
http://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-to-raise-s303m-from-private-placement-to-acquire-jurong-data-cent-0
https://www.straitstimes.com/business/companies-markets/keppel-dc-reit-to-raise-303m-to-acquire-jurong-data-centre

Keppel Corp’s subsidiaries to divest Shenyang project for 503m yuan
Singapore-listed conglomerate Keppel Corp said after Monday trading close two of its subsidiaries have entered into agreements to divest their interests in Keppel Bay Property Development (Shenyang) Co Ltd (KBPDS) to Shenyang Vanke Property Development Co Ltd for 503 million yuan (S$105 million).
http://www.businesstimes.com.sg/companies-markets/keppel-corps-subsidiaries-to-divest-shenyang-project-for-503m-yuan

UE Q1 net profit up 3% to S$9m
United Engineers (UE) has posted a net profit of S$9 million for the first quarter, up 3 per cent from a restated net profit of S$8.72 million in the same period last year as operating losses from its property development division narrowed while operating profit from its engineering and distribution business tripled.
http://www.businesstimes.com.sg/companies-markets/ue-q1-net-profit-up-3-to-s9m
https://www.straitstimes.com/business/companies-markets/ues-q1-net-profit-up-3-to-9m

Frasers Logistics & Industrial Trust Q2 distributable income rises 3% to A$25.9m
Frasers Logistics & Industrial Trust (FLT) posted an increase in distributable income of 3.2 per cent to A$25.9 million (S$26 million) in its second quarter. Distribution per unit stood at 1.81 Singapore cents, up from 1.75 Singapore cents. Gross revenue increased 6.4 per cent to A$43.6 million from the preceding year, while adjusted net property income rose 8.1 per cent to A$33.4 million from the previous year.
http://www.businesstimes.com.sg/companies-markets/frasers-logistics-industrial-trust-q2-distributable-income-rises-3-to-a259m

Hiap Hoe issues profit warning for Q1
Property group Hiap Hoe Limited said on Monday that it expects to report a net loss for the first quarter ended March 31. In a filing with the Singapore Exchange, Hiap Hoe said that the loss is primarily due to foreign exchange loss and the fair-value changes in financial instruments.
http://www.businesstimes.com.sg/companies-markets/hiap-hoe-issues-profit-warning-for-q1

OKP Holdings Q1 profit falls 44% to S$2.8m on lower contribution from construction segment
Infrastructure and civil engineering company OKP Holdings on Monday posted a 43.7 per cent fall in profit for the first quarter to S$2.8 million due to lower revenue earned from its construction operations. Earnings per share sank to 0.92 Singapore cent from 1.64 Singapore cents in the previous year.
http://www.businesstimes.com.sg/companies-markets/okp-holdings-q1-profit-falls-44-to-s28m-on-lower-contribution-from-construction

Vinhomes share sale raises US$1.35b in Vietnam’s biggest issue
An initial Equity offering of Vinhomes JSC, the residential property development unit of Vingroup JSC, raised about US$1.35 billion in Vietnam’s biggest-ever issue after being priced at the top of an indicative range, sources said on Monday. The company is betting on rising home sales to drive up its business at a time when foreign and local investors are pouring money into the country, attracted by strong economic growth and a slew of sales by state-owned and private companies.
http://www.businesstimes.com.sg/real-estate/vinhomes-share-sale-raises-us135b-in-vietnams-biggest-issue

CapitaLand starts Shanghai co-working space
Developer CapitaLand officially opened a co-working space in Shanghai yesterday – its first foray into China’s booming sharing economy sector. Named C3 (pronounced “C Cube”), it has achieved an occupancy rate of more than 60 per cent with 23 tenants – mostly tech start-ups – in the two months since its soft launch in March. The 2,700 sq m of space at one of CapitaLand’s newly acquired office projects in the Wujiaochang area in Yangpu district comprises about 450 desks.
https://www.straitstimes.com/business/capitaland-starts-shanghai-co-working-space

VIEWS, REVIEWS, FORUM & Others

Cooperation, competition keep the Singapore-London relationship going
As Lord Mayor of the City of London, and a global ambassador for the UK’s financial and professional services sector, I am often asked for my views on the direction of our industry. My response is that that London’s future prospects are rooted in many of the same qualities that have made the city an international success for the last thousand years.
http://www.businesstimes.com.sg/government-economy/cooperation-competition-keep-the-singapore-london-relationship-going