Singapore Economy
Economists raise Singapore’s 2024 GDP forecasts on better-than-expected H1 growth, broadening recovery
After Singapore’s growth surpassed consensus expectations in the second quarter of 2024, economists are optimistic about prospects, with several upgrading their full-year forecasts. This is after some – including Maybank and OCBC – had also raised their forecasts after Q1 advance data was released in April.
https://www.businesstimes.com.sg/singapore/economists-raise-singapores-2024-gdp-forecasts-better-expected-h1-growth-broadening-recovery
Are smartphones, air-con and short holidays essential? Many in Singapore say yes: Study
Singapore – More than nine in 10 Singapore residents polled in a new study said a smartphone with a data plan is essential, while 64 per cent think air-conditioning is a must. A trip each year to a South-east Asian destination is also essential, said 56 per cent of those polled.
https://www.straitstimes.com/singapore/are-smartphones-air-con-and-short-holidays-essential-many-in-singapore-say-yes-study
https://www.channelnewsasia.com/singapore/smu-household-needs-study-air-conditioning-overseas-holidays-essential-singaporeans-4475281
https://www.scmp.com/news/asia/southeast-asia/article/3270336/air-conditioning-foreign-holidays-eating-out-essential-singaporeans-survey
Business News
CapitaLand Investment raises 1 billion yuan from 2.8% sustainability-linked bonds in China
CapitaLand Investment (CLI) has raised one billion yuan (S$186 million) from the second and final tranche of its sustainability-linked bonds in China, after amassing the same amount from an earlier tranche in March this year.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-raises-1-billion-yuan-2-8-sustainability-linked-bonds-china
https://www.theedgesingapore.com/news/sustainability/cli-raises-rmb1-bil-second-tranche-first-sustainability-linked-panda-bond
CDL’s New Zealand unit to buy industrial zoned land for NZ$17.1 million
City Developments Limited (CDL)’s subsidiary, CDL Investments New Zealand (CDI), has entered into unconditional agreements to purchase 10.1 hectares of land in Christchurch, New Zealand, for NZ$17.1 million (S$14 million).
https://www.businesstimes.com.sg/companies-markets/cdls-new-zealand-unit-buy-industrial-zoned-land-nz17-1-million
https://www.theedgesingapore.com/news/contracts/city-developments-cdi-acquires-industrial-zoned-land-christchurch-nz171-mil
Lendlease Global Reit remains focused on the Singapore market; stays prudent on expansions
Lendlease Global Commercial Reit (LReit) expansion focus has been largely on the Singapore market in recent years, although the Reit is still on the lookout for opportunities in overseas markets, the real estate investment trust’s (Reit) manager told The Business Times.
https://www.businesstimes.com.sg/companies-markets/reits-property/lendlease-global-reit-remains-focused-singapore-market-stays-prudent-expansions
Sabana REIT obtains TOP for 1 Tuas Ave 4
Sabana Industrial REIT obtained Temporary Occupation Permit (TOP) from the Building and Construction Authority on July 9 for the completion of the Asset Enhancement Initiative (AEI) works of 1 Tuas Avenue 4.
https://www.theedgesingapore.com/news/reit-watch/sabana-reit-obtains-top-1-tuas-ave-4
Demand boosts hospitality S-Reits’ hotel RevPAR
Among the seven S-Reit sub-sectors, hospitality S-Reits are the fourth largest in terms of combined market capitalisation.
https://www.businesstimes.com.sg/companies-markets/demand-boosts-hospitality-s-reits-hotel-revpar
Views, Reviews, Forum and Others
MOH will take action against doctors who make the most ‘egregious and inappropriate’ insurance claims: Ong Ye Kung
The Ministry of Health (MOH) will take actions against doctors who make “the most egregious and inappropriate” insurance claims, and it is starting to do so under the Claims Management Office, Health Minister Ong Ye Kung said on Friday (Jul 12).
https://www.businesstimes.com.sg/companies-markets/moh-will-take-action-against-doctors-who-make-most-egregious-and-inappropriate-insurance-claims-ong
Talent crunch, patchy compliance at banks chinks in Singapore’s money laundering armour
A talent shortage and inconsistent treatment among financial institutions in enforcing the rules are the main gaps that Singapore has to address to boost its standards of compliance with anti-money laundering (AML) standards, industry watchers have said.
https://www.businesstimes.com.sg/companies-markets/talent-crunch-patchy-compliance-banks-chinks-singapores-money-laundering-armour
Global Economy & Real Estate
Commentary: Rather than taxing tourists, countries should think about marketing lesser-known destinations
https://www.channelnewsasia.com/commentary/taxes-overtourism-japan-kyoto-mount-fuji-barrier-bali-travel-tourism-pollution-4472156
US creates high-tech global supply chains to blunt risks tied to China
https://www.straitstimes.com/business/us-creates-high-tech-global-supply-chains-to-blunt-risks-tied-to-china
US consumer sentiment ebbs in July; inflation expectations improve
https://www.businesstimes.com.sg/international/us-consumer-sentiment-ebbs-july-inflation-expectations-improve
US office delinquencies ticked higher in June, ratings agencies say
https://www.businesstimes.com.sg/property/us-office-delinquencies-ticked-higher-june-ratings-agencies-say
Rich Americans flexi-working on French Riviera fuel property boom
https://www.businesstimes.com.sg/property/rich-americans-flexi-working-french-riviera-fuel-property-boom
As Argentine inflation cools to single digits, residents are still skeptical
https://www.businesstimes.com.sg/international/argentine-inflation-cools-single-digits-residents-are-still-skeptical
First Sponsor Group consortium buys Sydney’s City Tattersalls Club’s property for A$24.7 mil
https://www.theedgesingapore.com/news/property/first-sponsor-group-consortium-buys-sydneys-city-tattersalls-clubs-property-a247-mil
Chicago’s priciest home listing gets buyer after four price cuts
https://www.businesstimes.com.sg/property/chicagos-priciest-home-listing-gets-buyer-after-four-price-cuts
China exports rise, but falling imports dampen June trade data
https://www.straitstimes.com/business/china-exports-rise-but-falling-imports-dampen-june-trade-data
Beijing’s retailers rebel against rent hikes, stalling any return to pre-pandemic levels
https://www.scmp.com/business/article/3270367/beijings-retailers-rebel-against-rent-hikes-stalling-any-return-pre-pandemic-levels?module=top_story&pgtype=section
Hong Kong’s New World, Far East primed for sell-out at Pavilia Forest I amid strong demand
https://www.scmp.com/business/article/3270352/hong-kongs-new-world-far-east-primed-sell-out-pavilia-forest-i-amid-strong-demand?module=top_story&pgtype=subsection
Hong Kong land sale ‘far exceeds’ expectations as 11 developers bid for Sha Tin project
https://www.scmp.com/business/article/3270200/hong-kong-land-sale-far-exceeds-expectations-10-developers-bid-sha-tin-project
10,000 Hongkongers in subdivided homes apply for 4,400 ‘light public housing’ flats
https://www.scmp.com/news/hong-kong/society/article/3270416/10000-hongkongers-subdivided-homes-apply-4400-light-public-housing-flats
Hong Kong to conduct checks on public housing applicants for mainland property ownership
https://www.scmp.com/news/hong-kong/society/article/3270315/hong-kong-conduct-checks-public-housing-applicants-mainland-property-ownership
Japan’s government set to trim economic growth forecast, sources say
https://www.channelnewsasia.com/business/japans-government-set-trim-economic-growth-forecast-sources-say-4475221
Japan households’ inflation expectations heighten, quarterly survey shows
https://www.businesstimes.com.sg/international/japan-households-inflation-expectations-heighten-quarterly-survey-shows
https://www.channelnewsasia.com/business/japan-households-inflation-expectations-heighten-wage-hikes-broaden-surveys-show-4474951
Japan consumer inflation to quicken as BOJ weighs interest rate hikes: Reuters poll
https://www.channelnewsasia.com/business/japan-consumer-inflation-quicken-boj-weighs-interest-rate-hikes-reuters-poll-4475241
Wage growth spreads among Japanese SMEs: BOJ survey
https://www.businesstimes.com.sg/international/wage-growth-spreads-among-japanese-smes-boj-survey
New Zealand house prices up 0.2% but total sales fall: REINZ
https://www.businesstimes.com.sg/property/new-zealand-house-prices-0-2-total-sales-fall-reinz
Elon Musk’s X looks to give up space at San Francisco headquarters
https://www.businesstimes.com.sg/companies-markets/elon-musks-x-looks-give-space-san-francisco-headquarters
San Francisco mansion sells for US$70 million, record for city
https://www.businesstimes.com.sg/property/san-francisco-mansion-sells-us70-million-record-city
Thai economy faces upheaval due to factory closures and cheap Chinese imports
https://www.businesstimes.com.sg/international/asean/thai-economy-faces-upheaval-due-factory-closures-and-cheap-chinese-imports
Thailand expands visa-free status to 93 nations to boost tourism
https://www.businesstimes.com.sg/international/thailand-expands-visa-free-status-93-nations-boost-tourism
UK home sellers cut asking prices for the first time in 2024
https://www.straitstimes.com/business/uk-home-sellers-cut-asking-prices-for-the-first-time-in-2024
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