Singapore Economy
Tharman Shanmugaratnam elected as Singapore’s 9th president in 70.4% landslide
In the first contested presidential election in over a decade, Singaporeans chose former senior minister Tharman Shanmugaratnam as the nation’s next president – by a resounding margin. He received 1,746,427 votes, 70.4 per cent of the more than 2.48 million valid votes cast on Friday (Sep 1), the Elections Department (ELD) announced at 12.22 am on Saturday.
https://www.businesstimes.com.sg/singapore/tharman-shanmugaratnam-elected-singapores-9th-president-704-landslide
https://www.straitstimes.com/singapore/politics/landslide-704-per-cent-victory-for-president-elect-tharman
https://www.todayonline.com/singapore/pe-2023-tharman-president-landslide-win-pledges-usher-future-optimism-solidarity-2245636
https://www.channelnewsasia.com/singapore/presidential-election-tharman-elected-70-cent-landslide-win-ng-kok-song-tan-kin-lian-3740526
https://www.theedgesingapore.com/news/singapore/tharman-shanmugaratnam-truly-humbled-after-winning-70-sample-votes-presidential
https://www.scmp.com/week-asia/politics/article/3233151/singapore-presidential-poll-counting-begins-vote-viewed-test-pap-support
Partnerships remain key to Singapore’s economic strategy: DPM Wong
Partnerships with other nations remain key to Singapore’s economic strategy amid a rapidly changing and increasingly uncertain global environment, noted Deputy Prime Minister Lawrence Wong.
https://www.businesstimes.com.sg/singapore/partnerships-remain-key-singapores-economic-strategy-dpm-wong
https://www.straitstimes.com/business/partnerships-remain-key-to-s-pore-s-economic-strategy-dpm-wong
Companies’ Brief
CDL buys Osaka hotel for 8.5 billion yen, marking group’s third hotel acquisition of 2023
City Developments Ltd (CDL) on Thursday (Aug 31) announced that it has acquired a hotel in Osaka, Japan for 8.5 billion yen (S$78.5 million). The hotel, Bespoke Hotel Shinsaibashi, is a freehold, 256-room property located in Osaka’s Shinsaibashi district, a major shopping area.
https://www.businesstimes.com.sg/companies-markets/cdl-buys-osaka-hotel-85-billion-yen-marking-groups-third-hotel-acquisition-2023
https://www.straitstimes.com/business/companies-markets/cdl-buys-osaka-hotel-for-785m-marking-group-s-third-hotel-acquisition-of-2023
https://www.theedgesingapore.com/news/ma/cdl-acquires-256-room-osaka-hotel-785-mil
Mapletree Logistics Trust to divest Japan property for S$95.5 million
Mapletree Logistics Trust (MLT) has entered an agreement to divest Moriya Centre in Japan for 10,030 million yen (S$95.5 million) to a third-party buyer. The sale price is 12.2 per cent higher than the property’s latest valuation of 8,940 million yen as at end-March, MLT’s manager said in a Friday (Sep 1) bourse filing.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-divest-japan-property-s955-million
https://www.theedgesingapore.com/news/reit-watch/mapletree-logistics-trust-divest-moriya-centre-japan-955-mil
Global Economy & Real Estate
IMF sees interest rates remaining high for ‘quite some time’
https://www.businesstimes.com.sg/international/imf-sees-interest-rates-remaining-high-quite-some-time
Inflation has been easing fast, but wild cards lie ahead
https://www.businesstimes.com.sg/international/inflation-has-been-easing-fast-wild-cards-lie-ahead
https://www.straitstimes.com/business/economy/inflation-has-been-easing-fast-but-wild-cards-lie-ahead
US construction spending rises strongly in July on single-family housing
https://www.businesstimes.com.sg/property/us-construction-spending-rises-strongly-july-single-family-housing
Australia home prices rise 6th straight month as recovery gets entrenched
https://www.businesstimes.com.sg/property/australia-home-prices-rise-6th-straight-month-recovery-gets-entrenched
PwC Australia flags revenue hole, partner profit cut due to tax scandal legacy
https://www.businesstimes.com.sg/companies-markets/pwc-australia-flags-revenue-hole-partner-profit-cut-due-tax-scandal-legacy
Asia’s manufacturing slump worsens as China curbs demand
https://www.businesstimes.com.sg/international/global/asias-manufacturing-slump-worsens-china-curbs-demand
https://www.straitstimes.com/business/asias-factory-activity-weakens-but-chinas-rebound-offers-some-hope
Why is China’s economy slowing down and could it get worse?
https://www.businesstimes.com.sg/international/global/why-chinas-economy-slowing-down-and-could-it-get-worse
https://www.channelnewsasia.com/business/explainer-why-chinas-economy-slowing-down-and-could-it-get-worse-3739841
China ramps up campaign to boost fragile economy, currency
https://www.businesstimes.com.sg/international/china-ramps-campaign-boost-fragile-economy-currency
https://www.straitstimes.com/business/china-ramps-up-economic-support-with-top-banks-easing-borrowing-rules
China’s economic stimulus gathers pace with consumption and property moves, but more needed for drastic reversal
https://www.scmp.com/economy/china-economy/article/3233142/chinas-economic-stimulus-gathers-pace-consumption-and-property-moves-more-needed-drastic-reversal
China new home prices fall for fourth month, sales slump: survey
https://www.businesstimes.com.sg/property/china-new-home-prices-fall-fourth-month-sales-slump-survey
https://www.channelnewsasia.com/business/china-new-home-prices-fall-fourth-month-sales-slump-survey-3739806
China to take more action to revive property sector: sources
https://www.businesstimes.com.sg/property/china-take-more-action-revive-property-sector-sources
https://www.channelnewsasia.com/business/china-take-more-action-revive-property-sector-3740046
‘Too afraid to buy’: China’s slowing economy overshadows property easing moves
https://www.channelnewsasia.com/business/china-slowing-economy-property-easing-measures-lower-mortgage-rates-first-time-homebuyers-3740186
Beijing, Shanghai ease mortgage rules for first-time home buyers
https://www.businesstimes.com.sg/property/beijing-shanghai-ease-mortgage-rules-first-time-home-buyers
https://www.scmp.com/business/china-business/article/3233145/authorities-beijing-shanghai-join-fray-ease-mortgage-lending-rules-spur-slowing-housing-market
Chinese mega cities relax mortgage rules to shore up housing
https://www.businesstimes.com.sg/property/chinese-mega-cities-relax-mortgage-rules-shore-housing
Down payment, mortgage rate to be lowered for China’s first-and second-time home buyers
https://www.businesstimes.com.sg/international/global/down-payment-mortgage-rate-be-lowered-chinas-first-and-second-time-home-buyers
Eurozone August factory activity shows signs of recovery: PMI
https://www.businesstimes.com.sg/international/eurozone-august-factory-activity-shows-signs-recovery-pmi
Germany’s property market is looking very sickly
https://www.businesstimes.com.sg/property/germanys-property-market-looking-very-sickly
From war bunker to penthouse to market flop: how Germany’s property boom ended
https://www.businesstimes.com.sg/property/war-bunker-penthouse-market-flop-how-germanys-property-boom-ended
Hong Kong’s empty retail space falls to 3-year low, though sector recovery is hobbled as more tourists leave than enter
https://www.scmp.com/business/article/3233121/hong-kongs-empty-retail-space-falls-3-year-low-though-sector-recovery-hobbled-more-tourists-leave
Hong Kong building public housing on golf course in snub to old elite
https://www.businesstimes.com.sg/international/global/hong-kong-building-public-housing-golf-course-snub-old-elite
Japan’s economic output runs above capacity for first time in nearly 4 years
https://www.businesstimes.com.sg/international/japans-economic-output-runs-above-capacity-first-time-nearly-4-years
https://www.channelnewsasia.com/business/japans-economic-output-runs-above-capacity-first-time-nearly-4-years-3740421
Japan budget demands hit record as BOJ tweaks raise borrowing costs
https://www.businesstimes.com.sg/international/japan-budget-demands-hit-record-boj-tweaks-raise-borrowing-costs
New Zealand house prices post smallest decline this year
https://www.businesstimes.com.sg/property/new-zealand-house-prices-post-smallest-decline-year
South Korea’s export slump eases in hopeful sign for global trade
https://www.businesstimes.com.sg/international/south-koreas-export-slump-eases-hopeful-sign-global-trade
https://www.channelnewsasia.com/business/s-korea-exports-fall-11th-month-milder-pace-decline-raises-outlook-hopes-3739511
Builders drive Swedish bankruptcies to the highest level in decades
https://www.businesstimes.com.sg/international/builders-drive-swedish-bankruptcies-highest-level-decades
Swedish home buyers cancel bookings on new houses at record rate
https://www.businesstimes.com.sg/property/swedish-home-buyers-cancel-bookings-new-houses-record-rate
UK house prices fall the most in 14 years, says major mortgage lender
https://www.businesstimes.com.sg/international/uk-house-prices-fall-most-14-years-says-major-mortgage-lender
From holidays to mortgage waivers, UK homebuilders dish out freebies to revive sales
https://www.businesstimes.com.sg/property/holidays-mortgage-waivers-uk-homebuilders-dish-out-freebies-revive-sales
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