Singapore Economy
Singapore-Thailand economic relations are substantial; bilateral trade reaches S$42.1 billion in 2022: PM Lee
Singapore and Thailand have a “very substantive” relationship with strong economic, defence and people-to-people links, said Prime Minister Lee Hsien Loong at the Istana on Thursday (Oct 12).
https://www.businesstimes.com.sg/international/asean/singapore-thailand-economic-relations-are-substantial-bilateral-trade-reaches
https://www.straitstimes.com/singapore/singapore-thailand-look-to-enhance-economic-cooperation-on-first-official-visit-by-thai-pm-srettha
Singapore, UK working on new treaty to protect and boost bilateral investment flows
Singapore – Singapore and the United Kingdom are making progress towards concluding a new agreement to protect investors and facilitate investment flows between the two countries. Negotiations on the UK-Singapore Bilateral Investment Treaty, which will supersede the 1975 investment treaty, began in March.
https://www.straitstimes.com/business/singapore-uk-working-on-new-investment-treaty-to-protect-and-boost-bilateral-investment-flows
Singapore economy grows 0.7% in Q3, 1% sequentially: MTI flash estimates
Singapore’s economy grew 0.7 per cent year on year in the third quarter of 2023, as the manufacturing sector continued its downward slide, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday morning (Oct 13).
https://www.businesstimes.com.sg/singapore/singapore-economy-grows-07-q3-1-sequentially-mti-flash-estimates
https://www.straitstimes.com/business/economy/singapore-economy-grows-07-in-q3-faster-than-expected-flash-data
https://www.channelnewsasia.com/singapore/singapore-gdp-q3-2023-advance-estimates-growth-economy-mti-3842756
Singapore keeps monetary policy unchanged in October; to switch to quarterly schedule in 2024
Singapore’s central bank left monetary policy settings unchanged in October, extending the pause from its April meeting in line with market expectations – but announced that it will shift to a quarterly monetary policy statement schedule from 2024, with statements released in January, April, July, and October.
https://www.businesstimes.com.sg/singapore/singapore-keeps-monetary-policy-unchanged-october-switch-quarterly-schedule-2024
https://www.straitstimes.com/business/mas-keeps-singdollar-policy-unchanged
https://www.todayonline.com/singapore/mas-keeps-monetary-policy-unchanged-expects-singapores-economy-improve-gradually-next-year-2280766
https://www.channelnewsasia.com/singapore/monetary-authority-singapore-mas-monetary-policy-unchanged-3842691
https://www.theedgesingapore.com/news/singapore-news/mas-keeps-prevailing-rate-appreciation-sneer-policy-band-october-meeting
Companies’ Brief
CapitaLand China Trust prices inaugural $112 mil worth of free trade zone offshore CNY bonds
CapitaLand China Trust (CLCT)’s wholly-owned subsidiary, CLCT MTN, has successfully priced its inaugural CNY600 million ($112 million) free trade zone (FTZ) offshore Chinese yuan (CNY) bonds. The transaction marks the REIT’s first issuance of CNY-denominated bonds within the China (Shanghai) Pilot Free Trade Zone.
https://www.theedgesingapore.com/news/reits/capitaland-china-trust-prices-inaugural-112-mil-worth-free-trade-zone-offshore-cny-bonds
https://www.businesstimes.com.sg/companies-markets/capitaland-china-trust-prices-inaugural-offshore-600-million-yuan-bonds-38
Keppel private fund acquires two education assets in Sydney for A$198 million
Keppel Education Asset Fund, a private fund owned by Keppel Corporation, is acquiring two properties in Australia, which it intends to lease out to educational institutions. The properties were acquired for A$198 million (S$175 million) and are expected to bring Keppel’s portfolio of assets in Australia to A$4.8 billion upon completion.
https://www.businesstimes.com.sg/companies-markets/keppel-private-fund-acquires-two-education-assets-sydney-a198-million
https://www.straitstimes.com/business/keppel-private-fund-acquires-two-education-assets-in-sydney-for-175-million
https://www.theedgesingapore.com/news/funds/keppels-private-fund-invests-a198-million-two-education-assets
Frasers Property warns of significant fall in profit for 2023 but expects to remain in the black
Frasers Property expects to report a significant drop in attributable profit for FY2023 following fair-value losses on some of its investment properties. The group said that it is in the process of finalising valuations but based on preliminary results, it is expecting fair-value losses primarily on its commercial properties in the United Kingdom and industrial and logistics properties in Europe.
https://www.businesstimes.com.sg/property/frasers-property-warns-significant-fall-profit-2023-expects-remain-black
https://www.straitstimes.com/business/companies-markets/frasers-property-warns-of-significant-fall-in-profit-for-2023-but-expects-to-remain-in-the-black
https://www.theedgesingapore.com/news/property/frasers-property-expects-lower-values-investment-property-uk-and-europe
Global Economy & Real Estate
Higher for longer no more? Fed looks poised to keep interest rates steady
https://www.businesstimes.com.sg/international/higher-longer-no-more-fed-looks-poised-keep-interest-rates-steady
Israel-Hamas war a ‘new cloud’ over world economy: IMF
https://www.businesstimes.com.sg/international/israel-hamas-war-new-cloud-over-world-economy-imf
High interest rates and energy prices stressing US economy
https://www.straitstimes.com/business/invest/high-interest-rates-and-energy-prices-stressing-us-economy
US consumer prices rise at brisk pace for second straight month
https://www.businesstimes.com.sg/international/us-consumer-prices-rise-brisk-pace-second-straight-month
https://www.straitstimes.com/business/economy/us-consumer-prices-rise-at-brisk-pace-for-second-straight-month
https://www.theedgesingapore.com/news/us-economy/us-consumer-prices-rise-brisk-pace-second-straight-month
US mortgage rates rise for a fifth week, topping 7.5%
https://www.businesstimes.com.sg/property/us-mortgage-rates-rise-fifth-week-topping-75
Property crisis pushes China to increase financial risk monitoring, asset disposal for troubled small banks
https://www.scmp.com/economy/china-economy/article/3237708/property-crisis-pushes-china-increase-financial-risk-monitoring-asset-disposal-troubled-small-banks
China’s economic malaise boils down to ‘a failure to reform’ the system, Pathfinder report warns
https://www.scmp.com/economy/china-economy/article/3236778/chinas-economic-malaise-boils-down-failure-reform-system-pathfinder-report-warns?module=storypackage&pgtype=sport
Denmark’s housing market exceeds expectations, says watchdog
https://www.businesstimes.com.sg/property/denmarks-housing-market-exceeds-expectations-says-watchdog
Dubai’s record rental surge starting to moderate
https://www.businesstimes.com.sg/property/dubais-record-rental-surge-starting-moderate
Jeff Bezos buys his Florida neighbour’s mansion for US$79 million
https://www.businesstimes.com.sg/property/jeff-bezos-buys-his-florida-neighbours-mansion-us79-million
https://www.straitstimes.com/business/jeff-bezos-buys-his-florida-neighbor-s-mansion-for-108-million
Hong Kong home prices to slump till 2024: Morgan Stanley
https://www.businesstimes.com.sg/property/hong-kong-home-prices-slump-till-2024-morgan-stanley
Japan central banker sees no pressing need to alter yield control policy
https://www.businesstimes.com.sg/international/japan-central-banker-sees-no-pressing-need-alter-yield-control-policy
https://www.channelnewsasia.com/business/japan-central-banker-sees-no-pressing-need-alter-yield-control-policy-3839876
Manhattan apartment hunters finally get a break with falling rents
https://www.businesstimes.com.sg/property/manhattan-apartment-hunters-finally-get-break-falling-rents
South Korea unemployment rate edges up to 2.6% in Sept
https://www.channelnewsasia.com/business/south-korea-unemployment-rate-edges-26-sept-3842636
South Korea household debt growth slows in September
https://www.channelnewsasia.com/business/south-korea-household-debt-growth-slows-september-3839816
UK economy’s modest rebound fails to allay stagnation fears
https://www.businesstimes.com.sg/international/uk-economys-modest-rebound-fails-allay-stagnation-fears
https://www.straitstimes.com/business/uk-economy-posts-modest-rebound-in-august-driven-by-services
UK housing market improving after BOE holds rates
https://www.businesstimes.com.sg/property/uk-housing-market-improving-after-boe-holds-rates
BOE’s says question of more rate hikes is ‘finely balanced’
https://www.businesstimes.com.sg/international/boes-says-question-more-rate-hikes-finely-balanced
Stubbornly high interest rates risk squeezing UK companies
https://www.straitstimes.com/business/stubbornly-high-interest-rates-risk-squeezing-uk-companies
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