DAILY NEWS

Daily News – 8 Jul 2020 (Wed)

Singapore Real Estate

Extra vigilance needed for construction sector amid high incidence of positive Covid-19 cases: Lawrence Wong
The continued high incidence of positive Covid-19 results among workers in the construction sector is a reminder that the Government and stakeholders will have to remain extremely vigilant about managing the risk of infections, said National Development Minister Lawrence Wong yesterday.
https://www.straitstimes.com/singapore/health/extra-vigilance-needed-for-construction-sector

Companies’ Brief

Samsung’s earnings surprise shows confusion in tech sector
Samsung Electronics’s second-quarter earnings seem like good news. But it’s really not as simple as that. Revenue beat estimates by around 3.6 per cent while operating profit topped even the highest of sell-side analyst estimates by 6.3 per cent, the South Korean giant reported on Tuesday.
https://www.businesstimes.com.sg/companies-markets/samsungs-earnings-surprise-shows-confusion-in-tech-sector
https://www.straitstimes.com/business/companies-markets/samsung-says-q2-profit-likely-up-23-on-chip-demand

Teo Tong Lim’s family office, Roxy-Pacific to acquire Melbourne office tower for A$145m
Mainboard-listed property developer Roxy-Pacific Holdings and the private family office of Teo Tong Lim have joined hands to acquire a Melbourne office building for A$145 million (S$140.8 million). Roxy-Pacific on Tuesday announced it had invested in a 40 per cent stake in Singapore master trust TE-Roxy Commercial Trust I at a committed capital of A$27 million, which will be financed by internal funds.
https://www.businesstimes.com.sg/companies-markets/teo-tong-lims-family-office-roxy-pacific-to-acquire-melbourne-office-tower-for
https://www.straitstimes.com/business/companies-markets/roxy-pacific-te2-group-planning-to-buy-melbourne-tower-for-140m

Views, Reviews, Forum & Others

Singapore spearheads global digital trade gateway with NTP
Singapore is spearheading global efforts to create a centralised, digital hub for trade. By connecting to the Networked Trade Platform (NTP), businesses will save time and costs, and be digitally connected to trading partners and counterparties across the globe seamlessly.
https://www.businesstimes.com.sg/opinion/singapore-spearheads-global-digital-trade-gateway-with-ntp

Will working from home sound the death knell for offices?
One key aspect of the coronavirus pandemic has been the sudden evacuation of offices and mass adoption of home working. As a result, some real estate investors believe the working from home experiment that’s taken place during this crisis will lead to a long-term decline in demand for offices.
https://www.businesstimes.com.sg/opinion/will-working-from-home-sound-the-death-knell-for-offices

Why digital economy deserves a place in every portfolio
In today’s world, there is no doubt that the digital economy has become an indispensable part of our lives, one that is hard to live without. As it continues to drive massive transformations and disruptions in the coming years, investment opportunities abound. Here’s why we think the digital economy deserves a place in every investment portfolio.
https://www.businesstimes.com.sg/wealth-investing/why-digital-economy-deserves-a-place-in-every-portfolio

Local banks’ ratings may be hit by weak operating climate
Credit ratings agency Fitch Ratings aims to review and resolve a rating watch negative (RWN) placed on DBS Bank, OCBC Bank and United Overseas Bank (UOB) “in the next three months or so”, it said yesterday. Fitch Ratings in April placed the three Singapore banks on RWN due to the impact of the coronavirus pandemic…
https://www.straitstimes.com/business/banking/local-banks-ratings-may-be-hit-by-weak-operating-climate

Update on COVID-19 (Coronavirus Disease 2019) Situation

Coronavirus: 4 students and school teacher among 20 community cases
Four students and a school teacher are among the 20 community cases announced yesterday. The students are from Bedok View Secondary School, East Spring Primary School, Jurong West Primary School and Jurong West Secondary School, while the teacher is from Assumption Pathway School, the Ministry of Education (MOE) said in a statement yesterday.
https://www.straitstimes.com/singapore/health/4-students-and-school-teacher-among-20-community-cases

No plans to go back to Phase 1 after GE; rise in cases will be monitored
Three are no plans to revert to Phase 1 or a lockdown immediately after the General Election, despite a recent uptick in the number of new community cases reported daily, the multi-ministry taskforce on Covid-19 said on Tuesday. An average of 12 new community cases were reported daily in the past week, up from an average of eight a day in the previous week.
https://www.businesstimes.com.sg/government-economy/no-plans-to-go-back-to-phase-1-after-ge-rise-in-cases-will-be-monitored

No second wave of coronavirus infections, but risks remain
Singapore has so far been spared a second wave of coronavirus infections, although the number of community cases has increased after the end of circuit breaker measures, said Health Minister Gan Kim Yong. However, risks remain, he told a virtual press conference yesterday.
https://www.straitstimes.com/singapore/no-second-wave-of-virus-infections-but-risks-remain

Workplace Covid-19 infections up after phase two reopening
More people are getting infected with the coronavirus at workplaces since the phase two reopening on June 19. Workplace infections have risen from 22 per cent before phase two to 36 per cent now.
https://www.straitstimes.com/singapore/health/workplace-covid-19-infections-up-after-phase-two-reopening

Digital tools help speed up contact tracing efforts to ring-fence cases
Contact tracers with the Ministry of Health (MOH) often face numerous stumbling blocks in the race against time to map out a patient’s past activities, as they struggle to get information out of forgetful and sometimes severely ill patients in the process.
https://www.straitstimes.com/singapore/digital-tools-help-speed-up-contact-tracing-efforts-to-ring-fence-cases
*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