Singapore Economy
Singapore signs agreement with US to deepen understanding of nuclear reactors, safety
Singapore – Singapore and the United States on July 31 inked a 30-year agreement that will allow the Republic to learn more about the latest nuclear technologies and scientific research from American organisations.
https://www.straitstimes.com/singapore/singapore-signs-agreement-with-us-to-deepen-understanding-of-nuclear-reactors-safety
Singapore Carbon Market Alliance launched by EDB, IETA to offer access to carbon credits
The Singapore Economic Development Board (EDB) and IETA on Wednesday (Jul 31) launched the Singapore Carbon Market Alliance (SCMA). It is the first platform aimed at helping companies obtain access to high-quality Article 6 carbon credits.
https://www.businesstimes.com.sg/singapore/singapore-carbon-market-alliance-launched-edb-ieta-offer-access-carbon-credits?ref=top-stories
https://www.straitstimes.com/singapore/national-carbon-market-alliance-launched-to-help-companies-access-quality-carbon-credits
EnterpriseSG extends Partners for Business Growth programme for SMEs to May 2025
More small and medium-sized enterprises (SMEs) can receive dedicated assistance from SME Centre advisers under a business growth programme by Enterprise Singapore (EnterpriseSG), which has been extended to May 2025.
https://www.businesstimes.com.sg/singapore/enterprisesg-extends-partners-business-growth-programme-smes-may-2025
https://www.straitstimes.com/business/more-smes-to-get-help-with-business-growth-under-extended-enterprisesg-programme
Singapore’s employment growth up in Q2, despite seasonal dip in resident employment
Singapore’s employment levels expanded more in the second quarter than in Q1, despite a slight seasonal decline in overall resident employment, advance data from the Ministry of Manpower (MOM) showed on Wednesday (Jul 31).
https://www.businesstimes.com.sg/singapore/singapores-employment-growth-q2-despite-seasonal-dip-resident-employment
https://www.straitstimes.com/singapore/jobs/unemployment-rate-in-singapore-down-across-the-board-in-june-mom-report
https://www.channelnewsasia.com/singapore/total-employment-growth-doubled-singapore-mom-labour-report-4515886
Manufacturing and services firms in Singapore upbeat about second half of 2024: Surveys
Singapore – Manufacturing and services companies here expect business conditions to improve from July to December, compared with the second quarter of 2024. This is on the back of growing demand in semiconductors, increased travel and consumer spending, two surveys out on July 31 showed.
https://www.straitstimes.com/business/companies-markets/manufacturing-and-services-firms-in-singapore-upbeat-about-second-half-of-2024-surveys
Business News
Frasers Logistics & Commercial Trust leases 90,000 sq m in Q3, occupancy rises to 95%
Frasers Logistics & Commercial Trust (FLCT) on Wednesday (Jul 31) reported that its portfolio occupancy rose to 95 per cent as at Jun 30, up 0.7 percentage point from 94.3 per cent as at Mar 31.
https://www.businesstimes.com.sg/companies-markets/reits-property/frasers-logistics-commercial-trust-leases-90000-sq-m-q3-occupancy-rises-95
https://www.straitstimes.com/business/companies-markets/frasers-logistics-commercial-trust-leases-90000-sq-m-in-q3-occupancy-rises-to-95
Keppel lifts first-half underlying profit by 7% as key business segments grow
Singapore – Improving performance at its infrastructure and connectivity segments lifted Keppel’s first-half net profit from continuing operations by 7 per cent to $513 million, from $481 million a year ago.
https://www.straitstimes.com/business/keppel-lifts-first-half-underlying-profit-by-7-as-key-business-segments-grow
https://www.businesstimes.com.sg/companies-markets/keppel-h1-profit-continuing-operations-7-s513-million
Keppel to acquire stake in Grade A office complex in Chennai for $352.9 mil
Keppel has agreed to acquire a 100% stake in One Paramount, a freehold Grade A office complex in Chennai, India, for INR22 billion ($352.9 million).
https://www.theedgesingapore.com/news/property/keppel-acquire-stake-grade-office-complex-chennai-3529-mil
Proposed changes to leverage limits for S-Reits make sense given Manulife US Reit’s experience
On the final trading day of 2022, the manager of Manulife US Real Estate Investment Trust (MUST) put out an announcement headlined: “Aggregate leverage to remain within regulatory limit based on updated asset valuations”.
https://www.businesstimes.com.sg/opinion-features/proposed-changes-leverage-limits-s-reits-make-sense-given-manulife-us-reits-experience
Views, Reviews, Forum and Others
Passport-less immigration clearance for bikers by August, air travellers by September: ICA
Travellers will be able to enjoy an even easier and fuss-free immigration process at Changi Airport from August. The Immigration and Checkpoints Authority (ICA) on Wednesday (Jul 31) said it will start passport-free clearance trials for arriving Singapore residents at selected automated lanes at Changi Airport Terminal 3 from Aug 5.
https://www.businesstimes.com.sg/singapore/economy-policy/passport-less-immigration-clearance-bikers-august-air-travellers-september-ica
https://www.straitstimes.com/singapore/passport-less-immigration-clearance-for-bikers-by-august-cruise-and-air-travellers-by-december-ica
https://www.todayonline.com/news/explainer-passport-less-immigration-clearance-changi-aug-5-need-know-2467821
https://www.channelnewsasia.com/singapore/passport-less-immigration-clearance-trials-changi-airport-start-aug-5-eventual-roll-out-all-air-sea-checkpoints-4514801
https://www.scmp.com/news/asia/southeast-asia/article/3272621/singapore-trial-passport-less-immigration-clearance-changi-airport-august-5
10-cent beverage container return deposit to be rolled out in April 2026 after a year’s delay
Singapore – Consumers will have to pay a refundable 10-cent deposit for bottled and canned drinks from April 1, 2026, a year later than originally announced. The request for the delay was made by beverage producers, who required more time to adjust to the changes, said the National Environment Agency (NEA) in an update on July 31.
https://www.straitstimes.com/singapore/after-a-year-s-delay-10-cent-beverage-deposit-to-be-rolled-out-on-april-2026
https://www.businesstimes.com.sg/esg/10-cent-beverage-container-return-deposit-be-rolled-out-april-2026-after-years-delay1
https://www.channelnewsasia.com/singapore/beverage-container-return-scheme-pushed-back-recycling-producers-request-4516481
Global Economy & Real Estate
US Fed signals September rate cut if inflation stays cool
https://www.straitstimes.com/business/economy/us-fed-keeps-key-lending-rate-unchanged
https://www.channelnewsasia.com/business/dollar-falls-fed-signals-likely-september-rate-cut-4515661
US labour cost growth slows in Q2
https://www.businesstimes.com.sg/international/us-labour-cost-growth-slows-q2
US private payrolls miss expectations in July, ADP says
https://www.businesstimes.com.sg/international/us-private-payrolls-miss-expectations-july-adp-says
US weighs new restrictions on China’s access to AI memory chips
https://www.businesstimes.com.sg/international/us-weighs-new-restrictions-chinas-access-ai-memory-chips
US pending home sales rise for first time in three months
https://www.businesstimes.com.sg/property/us-pending-home-sales-rise-first-time-three-months
Blackstone in bid to acquire shopping centre owner Retail Opportunity: sources
https://www.businesstimes.com.sg/property/blackstone-bid-acquire-shopping-centre-owner-retail-opportunity-sources
Australia inflation picks up in Q2, but core measure slows
https://www.businesstimes.com.sg/international/australia-inflation-picks-q2-core-measure-slows
https://www.straitstimes.com/business/economy/australia-core-inflation-slows-enough-for-markets-to-rule-out-rate-rise
Australia’s home prices rise in July but three capital cities record decline
https://www.businesstimes.com.sg/property/australias-home-prices-rise-july-three-capital-cities-record-decline
China’s earnings recovery stumble to test conviction calls
https://www.businesstimes.com.sg/international/chinas-earnings-recovery-stumble-test-conviction-calls
China expects urbanisation rate to near 70% in next five years
https://www.businesstimes.com.sg/international/china-expects-urbanisation-rate-near-70-next-five-years
China home sales slump drags on despite latest rescue
https://www.businesstimes.com.sg/property/china-home-sales-slump-drags-despite-latest-rescue
China’s Zhengzhou city allows developers to sell new homes at reduced prices
https://www.businesstimes.com.sg/property/chinas-zhengzhou-city-allows-developers-sell-new-homes-reduced-prices
Eurozone inflation edges up in ‘difficult print’ for ECB
https://www.businesstimes.com.sg/international/eurozone-inflation-edges-difficult-print-ecb
German joblessness rises more than estimated as rebound at risk
https://www.businesstimes.com.sg/international/german-joblessness-rises-more-estimated-rebound-risk
Hong Kong keeps base rate unchanged, as US Fed paves way for a cut ‘as soon as’ September
https://www.scmp.com/business/banking-finance/article/3272711/hong-kong-keeps-base-rate-unchanged-us-fed-paves-way-cut-soon-september?module=top_story&pgtype=subsection
Hong Kong economy growth beats expectations on brisk exports
https://www.businesstimes.com.sg/international/hong-kong-economy-growth-beats-expectations-brisk-exports
https://www.straitstimes.com/business/hong-kong-economy-growth-in-q2-beats-expectations-on-brisk-exports
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3272634/hong-kong-economy-grows-33-second-quarter?module=top_story&pgtype=subsection
Hong Kong’s so-called upside-down home loans steady, but could rise if prices fall further
https://www.scmp.com/business/article/3272675/hong-kongs-so-called-upside-down-home-loans-steady-could-rise-if-prices-fall-further
Hong Kong property agency taps family offices for growth amid downturn
https://www.businesstimes.com.sg/property/hong-kong-property-agency-taps-family-offices-growth-amid-downturn
https://www.straitstimes.com/business/hk-property-agency-centaline-taps-family-offices-for-growth-amid-downturn
Hong Kong mansion sells at 60% of broker’s estimate
https://www.businesstimes.com.sg/property/hong-kong-mansion-sells-60-brokers-estimate
Japan raises interest rates for second time since 2007
https://www.straitstimes.com/business/economy/japan-raises-interest-rates-for-second-time-since-2007
Japan’s industrial output falls, clouding recovery outlook
https://www.straitstimes.com/business/economy/japan-s-industrial-output-falls-clouding-recovery-outlook
https://www.channelnewsasia.com/business/japans-july-factory-activity-slips-weak-demand-pmi-shows-4518816
New Zealand business confidence jumps in July: ANZ survey
https://www.businesstimes.com.sg/international/new-zealand-business-confidence-jumps-july-anz-survey
New Zealand house prices fall for fifth month as economic woes weigh on market
https://www.businesstimes.com.sg/property/new-zealand-house-prices-fall-fifth-month-economic-woes-weigh-market
South Korea July exports rise at fastest pace in six months
https://www.channelnewsasia.com/business/south-korea-july-exports-rise-fastest-pace-six-months-4518791
https://www.businesstimes.com.sg/international/south-koreas-export-growth-slows-sign-bumpy-momentum
https://www.straitstimes.com/business/south-korea-s-export-growth-slows-in-sign-of-bumpy-momentum
South Korea factory activity growth slows on weak domestic demand
https://www.channelnewsasia.com/business/south-korea-factory-activity-growth-slows-weak-domestic-demand-4518811
Taiwan Q2 preliminary GDP expands 5.09% y/y
https://www.businesstimes.com.sg/international/taiwan-q2-preliminary-gdp-expands-5-09-yy
Thai June factory output falls more than forecast as car output slumps
https://www.businesstimes.com.sg/international/asean/thai-june-factory-output-falls-more-forecast-car-output-slumps
https://www.channelnewsasia.com/business/thai-june-factory-output-falls-more-forecast-car-output-slumps-4516201
UK’s Taylor Wimpey upbeat on 2024 house building target despite tough first half
https://www.businesstimes.com.sg/property/uks-taylor-wimpey-upbeat-2024-house-building-target-despite-tough-first-half
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