DAILY NEWS

Daily News – 9 Jun 2020 (Tue)

Singapore Economy

Singapore business sentiment remains downbeat but more optimism in manufacturing, financial sectors
Business sentiment among local firms remains downbeat for the third quarter of this year, but has improved from the previous quarter’s record low amid the economy’s gradual reopening. Particularly, the manufacturing and financial services sectors anticipate a slightly better outlook ahead, according to the Singapore Commercial Credit Bureau’s (SCCB) latest quarterly survey released on Tuesday.
https://www.businesstimes.com.sg/government-economy/singapore-business-sentiment-remains-downbeat-but-more-optimism-in-manufacturing
https://www.straitstimes.com/business/still-gloomy-but-business-sentiment-in-singapore-edges-up-from-record-low-on-economys

S’pore, France agree to keep open flow of essential food supplies
Singapore and France have agreed to maintain open and connected supply chains for essential food supplies during the coronavirus pandemic. Both countries affirmed their intention to do so in a joint statement yesterday by Singapore’s Trade and Industry Minister Chan Chun Sing and France’s Minister of Agriculture and Food Didier Guillaume.
https://www.straitstimes.com/singapore/spore-france-agree-to-keep-open-flow-of-essential-food-supplies

Q3 hiring outlook among Singapore employers weakest since 2009: Survey
Singapore – The labour market is showing signs of strain as businesses put off recruitment amid the uncertainty brought about by Covid-19. The hiring outlook among Singapore employers for the next quarter has reached the weakest level since 2009, according to a report released on Tuesday (June 9).
https://www.straitstimes.com/singapore/manpower/3q-hiring-outlook-among-singapore-employers-the-weakest-since-2009-survey

Companies’ Brief

CapitaLand to further waive, defer rent for SMEs, expects financial performance to be hit
Property giant CapitaLand on Monday said it will further waive and potentially defer rent for qualifying small and medium-sized enterprise (SME) tenants, though this will lead to an “adverse impact” on its earnings this year.
https://www.businesstimes.com.sg/companies-markets/capitaland-to-further-waive-defer-rent-for-smes-expects-financial-performance-to
https://www.straitstimes.com/business/companies-markets/capitaland-says-financial-strain-from-further-rental-waivers-remains-high

MAS interviewing EHT’s current, former directors
Eagle Hospitality Trust’s (EHT) managers on Monday said their current directors have attended interviews with the Monetary Authority of Singapore (MAS) as part of an ongoing joint investigation. The managers’ former directors have also been or will be interviewed.
https://www.businesstimes.com.sg/companies-markets/mas-interviewing-ehts-current-former-directors

Frasers Property bags S$350m green loan for Fernvale Lane exec condo project
Frasers Property has, through its subsidiary Fernvale Lane, obtained a S$350 million green loan from DBS Bank, Maybank and OCBC Bank. This will finance its Fernvale Lane executive condominium (EC) development. It is Singapore’s first green loan for an EC development, and the group’s 10th green financing initiative, Frasers Property said on Tuesday.
https://www.businesstimes.com.sg/companies-markets/frasers-property-bags-s350m-green-loan-for-fernvale-lane-exec-condo-project

Ho Bee Land buys two residential sites in Australia for A$23.5m
Mainboard-listed developer Ho Bee Land on Monday announced that two of its subsidiaries have separately acquired a residential development site in Queensland, Australia, for a total of A$23.5 million (S$22.8 million).
https://www.businesstimes.com.sg/real-estate/ho-bee-land-buys-two-residential-sites-in-australia-for-a235m

Keppel denies allegations by drilling firm seeking to scrap US$425m rig deal
A wholly-owned unit of London-based, Oslo-listed Awilco Drilling is purporting to terminate an offshore rig construction deal with Keppel FELS, due to alleged breaches of contract. Keppel FELS on June 8 received a notice of termination from Awilco Rig 1 (AR1) for the Nordic Winter rig.
https://www.businesstimes.com.sg/companies-markets/keppel-denies-allegations-by-drilling-firm-seeking-to-scrap-us425m-rig-deal
https://www.straitstimes.com/business/companies-markets/keppel-denies-allegations-by-drilling-firm-seeking-to-scrap-590-million

Surbana Jurong acquires urban and infrastructure protection firm
Temasek-owned urban, infrastructure and managed services consultancy Surbana Jurong has acquired Prostruct Consulting for an undisclosed sum. Prostruct Consulting is an urban and infrastructure protection firm specialising in security, blast consultancy and testing.
https://www.businesstimes.com.sg/real-estate/surbana-jurong-acquires-urban-and-infrastructure-protection-firm

Views, Reviews, Forum & Others

Frustration, not fortitude, in the restaurant business
The government’s rental reliefs under the Covid-19 (Temporary Measures) Act and its accompanying Amendment Act reflect the recognition that the obligation to pay rent has become impossible for restaurants (and other commercial tenants) to perform.
https://www.businesstimes.com.sg/opinion/frustration-not-fortitude-in-the-restaurant-business

Surviving Covid-19: Firms must adapt, seek opportunities
Individuals and companies need to adapt to changes and look for opportunities at home and abroad to survive the disruption caused by the coronavirus pandemic. Employees may have to lower their income expectations and upgrade their skills, while companies, especially small and medium-sized enterprises, should be prepared to pivot to new business models…
https://www.straitstimes.com/business/companies-markets/surviving-covid-19-firms-must-adapt-seek-opportunities

Trust in VPN is good, but zero-trust mindset is better
The current crisis has accelerated the trend towards a new normal where remote work is the rule rather than the exception, and more Singaporeans than ever are working from home today. Chances are that you might be using your own personal laptops and tablets to work and scaling up the use of virtual private network (VPN) solutions to enable secure remote access.
https://www.businesstimes.com.sg/opinion/trust-in-vpn-is-good-but-zero-trust-mindset-is-better

3,231 more HDB lifts to get safety upgrade this year
About 3,200 more lifts across Singapore will be enhanced with better safety features such as high-tech sensors to monitor the lift speed and an emergency communications system this year.
https://www.straitstimes.com/singapore/3231-more-hdb-lifts-to-get-safety-upgrade-this-year

Elections Department spells out safe voting measures
The Elections Department (ELD) on Monday gave more details of how it is planning for the next general election that could be held during the Covid-19 pandemic. Among the many safety measures is a plan to reduce the number of voters in polling stations and conduct temperature screening on all voters at the start of the queues to detect those with fever or respiratory symptoms.
https://www.businesstimes.com.sg/government-economy/elections-department-spells-out-safe-voting-measures
https://www.straitstimes.com/politics/eld-sets-out-safety-measures-for-voters-ahead-of-election

Singapore Budget 2020

Tackling Covid-19 and its fallout
It’s still early days to tally up the full damage. Covid-19 is still with us and the pandemic continues its destruction on the economy and lives. Even after the contagion is tamed – and no one knows when – the fallout will remain long enough to prolong the recovery.
https://www.businesstimes.com.sg/infographics/tackling-covid-19-and-its-fallout

Update on COVID-19 (Coronavirus Disease 2019) Situation

Seven more places added to list visited by Covid-19 cases
Seven more places were added yesterday to the Ministry of Health’s (MOH) list of places visited by Covid-19 cases while they were infectious. A confirmed case was at Tan-glin Mall on May 29 from 1.05pm to 1.35pm. On the same day, another case was at Block 82 Marine Parade Central from 6pm to 6.30pm.
https://www.straitstimes.com/singapore/seven-more-places-added-to-list-visited-by-covid-19-cases

S’pore residents returning from China have to stay home for 14 days
Singapore residents returning from China under the new “fast lane” agreement between the two countries will have to stay at home for 14 days. If they keep to this and other terms of the agreement, they will not need to pay coronavirus-related medical bills at public hospitals. The bills are being borne by the Singapore Government for now.
https://www.straitstimes.com/singapore/spore-residents-returning-from-china-have-to-stay-home-for-14-days

Singapore in talks with Malaysia about resuming cross-border work travel
Singapore and Malaysia are in active discussions to allow Malaysians to resume travel into Singapore for work, Minister for National Development Lawrence Wong said in a press conference called on Monday by the multi-ministry task force for Covid-19.
https://www.businesstimes.com.sg/government-economy/singapore-in-talks-with-malaysia-about-resuming-cross-border-work-travel
https://www.straitstimes.com/singapore/cross-border-travel-talks-with-malaysia-under-way-but-safety-still-a-priority

Singapore has to adapt to vast changes from Covid-19
Singapore faces an “unprecedented level” of uncertainty today, far more than what the country experienced during the Global Financial Crisis or Asian Financial Crisis, said Deputy Prime Minister Heng Swee Keat on Monday.
https://www.businesstimes.com.sg/government-economy/singapore-has-to-adapt-to-vast-changes-from-covid-19
https://www.straitstimes.com/politics/on-how-businesses-and-workers-should-seize-opportunities-to-accelerate-change

Firms know rethinking business models needed; government support isn’t forever
Although the government is spending billions to preserve jobs for Singaporeans amid the Covid-19 crisis, Deputy Prime Minister Heng Swee Keat said business leaders here acknowledge that the government cannot be expected to shore up companies forever.
https://www.businesstimes.com.sg/government-economy/firms-know-rethinking-business-models-needed-government-support-isnt-forever

Covid-19 ‘stress test’ reveals social capital is strong in Singapore: Heng
Singaporeans’ willingness to adapt and respond to new advice as fresh medical evidence surfaces on Covid-19 shows the country has the social capital to emerge stronger from the pandemic and deal with future crises, said Deputy Prime Minister Heng Swee Keat.
https://www.straitstimes.com/singapore/covid-19-stress-test-reveals-social-capital-is-strong-in-singapore-heng

With tax revenues down, S’pore aims to rebuild fiscal position by strengthening economy
Singapore’s tax revenues have fallen owing to the Covid-19 pandemic, and to rebuild its fiscal position, the Government will look to strengthen the economy and make future revenue streams more resilient, said Deputy Prime Minister Heng Swee Keat.
https://www.straitstimes.com/politics/with-tax-revenues-down-spore-aims-to-rebuild-fiscal-position-by-strengthening-economy

Wong: Community cases up but situation under control
Community cases have increased a week after the end of Singapore’s circuit breaker period but the situation remains under control, Minister for National Development Lawrence Wong said yesterday.
https://www.straitstimes.com/singapore/wong-community-cases-up-but-situation-under-control

New screening centres set up to support expanded virus testing
As more activities resume and people start interacting more freely, there could be an “inevitable” rise in the number of new Covid-19 cases in the coming weeks. Singapore’s strategy to keep the outbreak under control will hinge on testing more widely and stepping up its contact tracing efforts.
https://www.straitstimes.com/singapore/new-screening-centres-set-up-to-support-expanded-virus-testing

Contact tracing device to be rolled out this month
A new contact tracing device will be rolled out from the second half of this month, as the authorities step up efforts to curb the spread of Covid-19. Minister-in-charge of the Smart Nation Initiative Vivian Balakrishnan, in explaining the need for such a wearable device yesterday, assured Singaporeans that it is not an electronic tag and will not track people’s whereabouts.
https://www.straitstimes.com/singapore/contact-tracing-device-to-be-rolled-out-this-month
*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