Singapore Economy
Singapore’s 2023 GDP growth revised down marginally to 1.1%; 2024 forecast kept at 1 to 3%
Singapore’s economy grew 1.1 per cent in 2023, revised down marginally from advance estimates, data from the Ministry of Trade and Industry (MTI) showed on Thursday (Feb 15). Advance estimates released early in January had put full-year growth at 1.2 per cent, moderating from the 2022 full-year growth figure of 3.8 per cent.
https://www.businesstimes.com.sg/singapore/singapores-2023-gdp-growth-revised-down-marginally-11-2024-forecast-kept-1-3
https://www.straitstimes.com/business/economy/singapore-economy-grew-22-in-q4-mti-keeps-2024-growth-forecast-at-1-to-3
https://www.channelnewsasia.com/singapore/singapore-maintains-2024-gdp-forecast-1-3-economy-grew-11-2023-4124561
Singapore upgrades 2024 NODX forecast to growth of 4 to 6%
Singapore has upgraded its 2024 full-year forecast for non-oil domestic exports (NODX), due to modest growth expected in the year ahead. This is in line with the global economic and trade outlook, and recovery from the electronics downcycle.
https://www.businesstimes.com.sg/singapore/singapore-upgrades-2024-nodx-forecast-growth-4-6
https://www.straitstimes.com/business/singapore-domestic-exports-decline-131-in-2023-on-weak-electronics
Six government agencies to refund at least S$7.5 million in GST wrongly charged on regulatory fees
Six government agencies will refund the goods and services tax (GST) they mistakenly charged on 18 fees for regulatory services, ranging from administrative fees for renting out public flats to application fees for estate agent licences.
https://www.businesstimes.com.sg/singapore/six-government-agencies-refund-least-s75-million-gst-wrongly-charged-regulatory-fees
https://www.straitstimes.com/singapore/75m-in-gst-wrongly-charged-by-govt-agencies-over-five-years-to-be-refunded-to-public-from-march-2024
https://www.todayonline.com/singapore/6-govt-agencies-refund-gst-wrongly-charged-2362421
https://www.channelnewsasia.com/singapore/least-s75-million-wrongly-charged-gst-government-fees-be-refunded-4122066
https://www.scmp.com/news/asia/southeast-asia/article/3251947/singapore-wrongly-charged-taxpayers-us55-million-gst-last-5-years-will-now-have-refund-fees
Business News
CICT’s lower DPU, higher gearing since pandemic may have some investors questioning its strategy
An awkward question came up during the CapitaLand Integrated Commercial Trust (CICT) financial results briefing last week. One analyst pointed out that CICT’s distribution per unit (DPU) of 10.75 Singapore cents for FY2023 was still well below the 11.97 cents it achieved in FY2019.
https://www.businesstimes.com.sg/opinion-features/cicts-lower-dpu-higher-gearing-pandemic-may-have-some-investors-questioning-its
PMO deputy secretary Cindy Khoo appointed new managing director of Enterprise Singapore
Cindy Khoo, the deputy secretary of the Prime Minister’s Office (PMO) strategy group, has been concurrently appointed the new managing director of Enterprise Singapore (EnterpriseSG), with effect from Mar 1.
https://www.businesstimes.com.sg/singapore/pmo-deputy-secretary-cindy-khoo-appointed-new-managing-director-enterprise-singapore
https://www.straitstimes.com/business/enterprisesg-to-get-new-managing-director-in-march
https://www.channelnewsasia.com/singapore/enterprisesg-new-managing-director-cindy-khoo-jeffrey-siow-mti-4122291
Keppel to build 43 MWp solar PV system at Changi Airport
Keppel has been appointed to design, build and operate a solar photovoltaic (PV) system on the rooftops of Changi Airport’s terminals, terminal auxiliary structures, airfield and cargo buildings for 25 years, the asset manager announced on Wednesday (Feb 14).
https://www.businesstimes.com.sg/companies-markets/keppel-build-43-mwp-solar-pv-system-changi-airport
https://www.straitstimes.com/singapore/transport/s-pore-s-largest-single-site-rooftop-solar-panel-system-to-be-installed-at-changi-airport-by-2025
https://www.channelnewsasia.com/singapore/changi-airport-largest-single-site-rooftop-solar-pv-system-keppel-clean-energy-4119846
Global Economy & Real Estate
Central banks’ 2% inflation target is not the finish line
https://www.businesstimes.com.sg/opinion-features/central-banks-2-inflation-target-not-finish-line
Yellen calls market reaction to inflation data a ‘tremendous mistake’
https://www.straitstimes.com/business/economy/yellen-calls-market-reaction-to-inflation-data-a-tremendous-mistake
US producer prices revised lower in December
https://www.businesstimes.com.sg/international/us-producer-prices-revised-lower-december
US 30-year mortgage rate climbs to a two-month high of 6.87%
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-climbs-two-month-high-687
The brutal reality of plunging office values is here
https://www.businesstimes.com.sg/property/brutal-reality-plunging-office-values-here
WeWork seeks fresh cash with bankruptcy at ‘critical juncture’
https://www.businesstimes.com.sg/property/wework-seeks-fresh-cash-bankruptcy-critical-juncture
German investment in China rises to record high
https://www.businesstimes.com.sg/international/german-investment-china-rises-record-high
Hong Kong’s top housing estates saw zero deals during holiday
https://www.businesstimes.com.sg/property/hong-kongs-top-housing-estates-saw-zero-deals-during-holiday
Japan Q4 GDP unexpectedly contracts due to weak domestic demand
https://www.channelnewsasia.com/business/japan-q4-gdp-unexpectedly-contracts-due-weak-domestic-demand-4124731
Ueda mulls rate hike in rare case of BOJ facing scant opposition
https://www.businesstimes.com.sg/international/ueda-mulls-rate-hike-rare-case-boj-facing-scant-opposition
They’re starting a New York ‘housing league’ to promote property development
https://www.businesstimes.com.sg/property/theyre-starting-new-york-housing-league-promote-property-development
UK inflation weaker than forecast in relief for BOE policymakers
https://www.businesstimes.com.sg/international/uk-inflation-weaker-forecast-relief-boe-policymakers
BOE governor encouraged by latest UK inflation data
https://www.businesstimes.com.sg/international/boe-governor-encouraged-latest-uk-inflation-data
https://www.straitstimes.com/business/economy/uk-inflation-holds-at-4-in-relief-for-boe-and-sunak
UK house prices post first rise in four months
https://www.businesstimes.com.sg/property/uk-house-prices-post-first-rise-four-months
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