Singapore Economy
PM Wong to deliver his first National Day Rally speech on Aug 18
Prime Minister Lawrence Wong will deliver his first National Day Rally (NDR) speech on Sunday (Aug 18). The Prime Minister’s Office, in a statement on July 10, said the rally will be held at the Institute of Technical Education College Central in Ang Mo Kio.
https://www.businesstimes.com.sg/singapore/pm-wong-deliver-his-first-national-day-rally-speech-aug-18
https://www.straitstimes.com/singapore/pm-wong-to-deliver-his-first-national-day-rally-speech-on-aug-18
https://www.channelnewsasia.com/singapore/prime-minister-lawrence-wong-first-national-day-rally-speech-aug-18-4469031
SMEs’ broad turnaround paves way for Singapore GDP growth to be around 3% in Q2: OCBC
Singapore – A rebound in the fortunes of small and medium-sized enterprises (SMEs) helped the economy to grow by the fastest pace in 1½ years, noted a quarterly survey.
https://www.straitstimes.com/business/broad-turnaround-by-smes-paves-the-way-for-s-pore-to-post-more-than-3-gdp-growth-in-q2
https://www.businesstimes.com.sg/singapore/smes/singapore-smes-expansionary-mode-after-five-straight-quarters-contraction-ocbc
Business News
Keppel DC Reit and sponsor acquire Tokyo data centre for 23.4 billion yen
Keppel DC Real Estate Investment Trust and its sponsor Keppel are jointly acquiring a 100 per cent interest in a shell and core data centre in Tokyo, Japan, named Tokyo Data Centre 1.
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-and-sponsor-acquire-tokyo-data-centre-23-4-billion-yen
https://www.theedgesingapore.com/news/data-centres/keppel-dc-reit-acquire-tokyo-data-centre-1-jpy234-bil
Mapletree Investments eyes average ROE of 9% to 12% by FY2029, bets big on four sectors
Mapletree Investments will sharpen its focus on four core sectors – data centres, logistics, offices and student housing – through strategic investments and increased development activity, it said in its annual report for the financial year ended Mar 31.
https://www.businesstimes.com.sg/property/mapletree-investments-eyes-average-roe-9-12-fy2029-bets-big-four-sectors
Mapletree Investments signs agreement with Marriott International to debut JW Marriott in Ho Chi MinhMapletree Investments and Marriott International have signed an agreement to operate the latter’s existing hotel and serviced apartments in District 1 of Ho Chi Minh City, Vietnam, as announced on July 10.
https://www.theedgesingapore.com/news/company-news/mapletree-investments-signs-agreement-marriott-international-debut-jw-marriott-ho
PwC starts mass layoffs in China after losing dozens of clients
Pricewaterhousecoopers is cutting staff across its China operations, according to people familiar with the matter, after an exodus of corporate clients diminished the accounting firm’s revenue prospects in the country.
https://www.businesstimes.com.sg/companies-markets/pwc-starts-mass-layoffs-china-after-losing-dozens-clients
https://www.theedgesingapore.com/news/china-focus/pwc-starts-mass-layoffs-china-after-losing-dozens-clients
Views, Reviews, Forum and Others
Samsui woman mural can remain, but building owner will be fined $2,000 for not getting approval: URA, MOH
Singapore – The Urban Redevelopment Authority (URA) and Ministry of Health (MOH) said in a joint statement on July 10 that the controversial mural of a samsui woman with a cigarette on 297 South Bridge Road can stay without modification.
https://www.straitstimes.com/singapore/ura-moh-say-mural-of-samsui-woman-smoking-can-stay-but-landlord-will-be-fined-2000
https://www.todayonline.com/news/smoking-samsui-woman-mural-be-retained-full-building-owner-fined-not-seeking-approval-2455811
https://www.channelnewsasia.com/singapore/samsui-woman-mural-smoking-chinatown-no-changes-building-owner-fined-4469331
Singapore to stop registration of new diesel cars and taxis from Jan 1, 2025
New diesel cars and taxis will no longer be registered in Singapore starting Jan 1, 2025, as part of a push by the government to have all vehicles on the streets of the Republic running on cleaner energy by 2040.
https://www.businesstimes.com.sg/singapore/singapore-stop-registration-new-diesel-cars-and-taxis-jan-1-2025
https://www.straitstimes.com/singapore/transport/singapore-to-stop-registration-of-new-diesel-cars-and-taxis-from-jan-1-2025
Global Economy & Real Estate
Powell says Fed will cut rates when ready, regardless of political calendar
https://www.channelnewsasia.com/business/fed-interest-rate-cut-united-states-presidential-election-inflation-unemployment-economy-4471541
Fed’s Powell says balance sheet drawdown still has a ways to go
https://www.businesstimes.com.sg/international/feds-powell-says-balance-sheet-drawdown-still-has-ways-go
https://www.straitstimes.com/business/economy/us-fed-still-has-a-ways-to-go-to-cut-balance-sheet-says-chairman-powell
US wholesale inventories rise in May
https://www.businesstimes.com.sg/international/us-wholesale-inventories-rise-may
US commercial property crash is set to deepen the pain elsewhere
https://www.businesstimes.com.sg/property/us-commercial-property-crash-set-deepen-pain-elsewhere
Report tracks impact of global elections on luxury housing market
https://www.businesstimes.com.sg/property/report-tracks-impact-global-elections-luxury-housing-market
China consumer prices rise less than expected as deflation pressure lingers
https://www.straitstimes.com/business/china-consumer-prices-rise-less-than-expected-as-deflation-pressure-lingers
With China’s homebuyers crying out for help, analysts say time is ripe for mortgage relief
https://www.scmp.com/economy/china-economy/article/3269921/chinas-homebuyers-crying-out-help-analysts-say-time-ripe-mortgage-relief?module=top_story&pgtype=subsection
China Vanke warns of 9 billion yuan loss on country’s housing slump
https://www.businesstimes.com.sg/international/global/china-vanke-warns-9-billion-yuan-loss-countrys-housing-slump
https://www.straitstimes.com/business/china-vanke-warns-of-up-to-167-billion-first-half-loss-on-costs-discounts
Hong Kong’s Ho Shun-pun family sells 4 homes on The Peak for US$141 million
https://www.scmp.com/business/article/3269972/hong-kongs-ho-shun-pun-family-sells-4-homes-peak-us141-million?module=top_story&pgtype=subsection
36% of young Hongkongers not working or studying have no interest in finding jobs: poll
https://www.scmp.com/news/hong-kong/society/article/3269980/36-young-hongkongers-not-working-or-studying-have-no-interest-finding-jobs-poll-finds?module=top_story&pgtype=subsection
Japan’s credit profile to benefit from higher interest rates, Fitch analyst says
https://www.channelnewsasia.com/business/japans-credit-profile-benefit-higher-interest-rates-fitch-analyst-says-4469281
BOJ to trim growth forecast, project inflation staying around target, sources say
https://www.channelnewsasia.com/business/boj-trim-growth-forecast-project-inflation-staying-around-target-sources-say-4469011
Jersey City’s luxury housing boom fuels pitch for ‘SoHo West’
https://www.businesstimes.com.sg/property/jersey-citys-luxury-housing-boom-fuels-pitch-soho-west
Bank of Korea holds rates, seen weighing when to cut rates
https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-korea-holds-rates-seen-weighing-when-cut-rates
https://www.channelnewsasia.com/business/bank-korea-holds-rates-seen-weighing-when-cut-rates-4471556
Malaysia expects to sign deal with Singapore in September on Special Economic Zone
https://www.businesstimes.com.sg/international/asean/malaysia-expects-sign-deal-singapore-september-special-economic-zone
https://www.theedgesingapore.com/news/singapore-malaysia-ties/malaysia-says-it-nearing-deal-spore-special-economic-zone
Malaysia set to hold key rate as risks from subsidy cuts emerge
https://www.theedgesingapore.com/news/malaysia/malaysia-set-hold-key-rate-risks-subsidy-cuts-emerge
WeWork to convert New York City spot into first-of-its-kind lounge
https://www.businesstimes.com.sg/property/wework-convert-new-york-city-spot-first-its-kind-lounge
New Zealand homebuilding costs post first drop in over a decade
https://www.businesstimes.com.sg/international/new-zealand-homebuilding-costs-post-first-drop-over-decade
Taiwan turns to South-east Asian tourists as Chinese stay away
https://www.businesstimes.com.sg/international/global/taiwan-turns-south-east-asian-tourists-chinese-stay-away
https://www.theedgesingapore.com/news/tourism/taiwan-turns-southeast-asian-tourists-chinese-stay-away
UK homebuilders splash cash to bypass busted planning system
https://www.businesstimes.com.sg/property/uk-homebuilders-splash-cash-bypass-busted-planning-system
Crest Nicholson likely to agree merger with Bellway to create £4 billion UK homebuilder
https://www.businesstimes.com.sg/property/crest-nicholson-likely-agree-merger-bellway-create-ps4-billion-uk-homebuilder
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