DAILY NEWS

Daily News – 8th November 2016

Top Story

GIC buys Europe’s leading warehouse business for 2.4b euros
Singapore’s sovereign wealth fund GIC has embarked on the largest European property deal so far this year with the acquisition of a leading warehouse business for 2.4 billion euros (S$3.7 billion). GIC inked a definitive agreement to acquire P3 Logistic Parks from TPG Real Estate and its partner Ivanhoé Cambridge – the real estate arm of Quebec’s state pension fund manager – to tap into the booming e-commerce growth there as more businesses focus on direct-to-consumer home deliveries. “GIC is already a substantial shareholder of many logistics platforms in Asia and the US,” said GIC Real Estate chief investment officer Lee Kok Sun.
http://www.businesstimes.com.sg/government-economy/gic-buys-europes-leading-warehouse-business-for-24b-euros
http://www.straitstimes.com/business/gic-acquires-european-logistics-firm-for-37b?login=true
http://www.todayonline.com/business/gic-buys-p3-s37b-europes-biggest-property-deal-year

Singapore Economy

Singapore has the chops to be global fintech leader
With the government’s big push to develop the fintech sector, Singapore has recently been making headlines as one of the leading fintech hubs in Asia and in the world. The many initiatives launched by the Monetary of Singapore (MAS) this year – the regulatory sandbox, the Looking Glass innovation lab and the inaugural FinTech Festival – clearly signal Singapore’s ambitions to become a leader and global powerhouse in this space. While the race is by no means over yet, it would appear that we are on track to achieving the top spot. In a recent report on global fintech hubs by Deloitte, Singapore was recognised as “a leading international financial centre and a serious contender for the global number one spot in fintech.”
http://www.businesstimes.com.sg/companies-markets/singapore-has-the-chops-to-be-global-fintech-leader

Helping SMEs with collaboration
Singapore is expected to face slower economic growth this year as the world economy trudges on at a more sluggish pace. In August 2016, the Ministry of Trade & Industry announced a narrower GDP growth forecast for 2016 to 1.0 per cent to 2.0 per cent from 1.0 per cent to 3.0 per cent. As Singapore continues its push to improve productivity amid China’s economic reform, overall global uncertainty and lower consumer and business confidence, a more poignant question remains: How are our Singaporean SMEs preparing themselves for a sustainable future?
http://www.businesstimes.com.sg/sme/helping-smes-with-collaboration

Retrenchments likely to go up this year: Lim Swee Say
The number of layoffs this year is likely to be higher than last year’s, but there is no sign that “disguised retrenchments” are on the rise, Manpower Minister Lim Swee Say told Parliament on Monday. Replying to questions raised by Members of Parliament Seah Kian Peng and Tan Wu Meng, Mr Lim noted that preliminary figures show 11,890 workers were axed in the first nine months of this year, against 8,590 in the same period last year. With slower economic growth and ongoing restructuring in businesses, he said he expected the number of layoffs this year to top that of last year, when 13,440 workers lost their jobs.
http://www.businesstimes.com.sg/government-economy/retrenchments-likely-to-go-up-this-year-lim-swee-say

Singapore Real Estate

HDB continually improves designs to ensure safety
The Housing Board continually improves its designs, building methods and materials to ensure blocks are safe, National Development Minister Lawrence Wong said. HDB will keep on doing so in the light of recent incidents, Mr Wong assured the House yesterday, saying the blocks will be “safer than before”. He was responding to Workers’ Party chief Low Thia Khiang (Aljunied GRC), who had asked about the HDB’s guidelines on building designs and materials.
http://www.straitstimes.com/singapore/housing/hdb-continually-improves-designs-to-ensure-safety?login=true

Companies’ Brief

CapitaLand CFO leaving, ex-HSBC banker to replace him: sources
CapitaLand Ltd plans to appoint former HSBC Holdings Plc dealmaker Andrew Lim as chief financial officer to replace Arthur Lang, who is leaving South-east Asia’s biggest developer, people with knowledge of the matter said. Mr Lang is planning to leave CapitaLand after more than five years to pursue another opportunity, according to one of the people, who asked not to be identified because the information is private. Mr Lim, who was South-east Asia advisory head for London-based HSBC, is likely to start his role at CapitaLand at the beginning of 2017, the people said.
http://www.businesstimes.com.sg/companies-markets/capitaland-cfo-leaving-ex-hsbc-banker-to-replace-him-sources

Manulife Reit beats own DPU forecast by almost 6%
Manulife US Reit, the only pure US office play here, exceeded its own forecast by 5.8 per cent in delivering a distribution per unit (DPU) of 2.01 US cents for the period from May 20 to Sept 30. Its portfolio valuation also rose 4.6 per cent from Dec 15, 2016 valuation to US$813.2 as of Sept 30, on the back of strong leasing activities and investment demand that is compressing capitalisation rates.
http://www.businesstimes.com.sg/companies-markets/manulife-reit-beats-own-dpu-forecast-by-almost-6

GLP reports 52% jump in Q2 profit
Global Logistic Properties (GLP) posted a 52 per cent jump in Q2 net profit to US$173 million from US$114 million a year ago led largely by growth of its fund management platform. Revenue for the quarter ended Sept 30, 2016, rose 13 per cent to US$214 million owing to the completion and stabilisation of development projects in China with increasing rents, higher management fee income from the inclusion of GLP US Income Partners II and growth in Japan, and the strong yen against the US dollar.
http://www.businesstimes.com.sg/companies-markets/glp-reports-52-jump-in-q2-profit
http://www.straitstimes.com/business/companies-markets/glp-sees-52-jump-in-q2-profit-led-by-fund-management-growth

ARA seeks extension of trading halt to release announcement on Wednesday
ARA Asset Management Ltd has requested an extension of its trading halt pending the release of a material announcement. This announcement is expected to be released before market re-opens on Wednesday, it said. ARA had at 4.31pm on Nov 3 requested a trading halt on its shares, pending the release of an announcement. Under Singapore Exchange rules, a trading halt cannot exceed three market days.
http://www.businesstimes.com.sg/companies-markets/ara-seeks-extension-of-trading-halt-to-release-announcement-on-wednesday