Singapore Economy
Labour demand could ease further this year, after signs of cooling in Q2: MOM
Singapore’s demand for labour will likely ease further in the rest of this year, with employment growth and job vacancies having moderated in the second quarter, going by figures in the Labour Market Report released by the Ministry of Manpower (MOM) on Thursday (Sep 14).
https://www.businesstimes.com.sg/singapore/labour-demand-could-ease-further-year-after-signs-cooling-q2-mom
https://www.straitstimes.com/business/economy/s-pore-job-vacancies-fall-in-q2-unemployment-ticks-up-in-july-as-labou
-market-continues-to-coolhttps://www.todayonline.com/singapore/singapores-resident-employment-contracts-first-time-3-years-2254666
https://www.channelnewsasia.com/singapore/manpower-labour-market-report-second-quarter-2023-employment-3768556
Singapore reaping rising investment from India, China, South-east Asia: EDB
Singapore has seen increasing investments from India, China, and South-east Asia in recent years even as the US remains its largest investor, its investment chief said on Thursday (Sep 14). “South-east Asia is expected to grow 4 per cent to 5 per cent this year alone,” said Singapore Economic Development Board (EDB) managing director Jacqueline Poh during a LSEG and Reuters Newsmaker event in Singapore.
https://www.businesstimes.com.sg/singapore/singapore-reaping-rising-investment-india-china-south-east-asia-edb
Companies’ Brief
Analysis: Citigroup’s layoffs, ‘sweeping’ restructuring in uncertain economic period unlikely to affect Singapore’s financial sector
Singapore — Citigroup’s plans to reorganise management and cut jobs came as no surprise to analysts and economists, who said that the uncertain macroeconomic environment, along with stiff competition from emerging financial technology companies, have made it necessary for banks such as Citi to streamline their resources to remain competitive.
https://www.todayonline.com/singapore/analysis-citigroup-layoffs-restructuring-uncertain-economy-singapore-financial-sector-2255291
Keppel’s real estate division banks on sustainable urban renewal amid group reorganisation
One of Singapore’s largest companies by market capitalisation will look vastly different by year-end. With the sale of Keppel Offshore & Marine (O&M) to Sembcorp Marine in February and a “major reorganisation” unveiled in May, the stage is set for Keppel Corp’s transformation from a conglomerate to a global alternative real asset manager.
https://www.theedgesingapore.com/news/sustainability/keppels-real-estate-division-banks-sustainable-urban-renewal-amid-group
LHN posts 85-100% occupancy rates for 3 co-living sites in Singapore
LHN Limited reported occupancy rates of 85 per cent to 100 per cent for three of its co-living locations in Singapore as at Sep 7, with average rental rates across the Singapore co-living business ranging from S$2,200 to S$3,500.
https://www.businesstimes.com.sg/companies-markets/reits-property/lhn-posts-85-100-occupancy-rates-3-co-living-sites-singapore
OUE C-REIT’s prime Singapore portfolio delivers sustained growth
OUE Commercial REIT’s rebranded Hilton Singapore Orchard fully opened earlier this year, coinciding with the post-pandemic resurgence of international travel. The hotel’s transformation into Hilton’s flagship and largest hotel in Asia Pacific has attracted tourists eager for holidays and business travellers returning to Singapore, a key regional tourism and financial centre.
https://www.theedgesingapore.com/capital/reits-report-2023/oue-c-reits-prime-singapore-portfolio-delivers-sustained-growth
Global Economy & Real Estate
US Fed is likely to shy away from calling interest-rate peak next week
https://www.businesstimes.com.sg/international/us-fed-likely-shy-away-calling-interest-rate-peak-next-week
Mortgage rates in US increase for first time in three weeks
https://www.businesstimes.com.sg/property/mortgage-rates-us-increase-first-time-three-weeks
US wholesale prices rise more than expected in August
https://www.businesstimes.com.sg/international/us-wholesale-prices-rise-more-expected-august
https://www.straitstimes.com/business/us-retail-sales-producer-prices-jump-on-rising-energy-costs
Asia-Pacific family offices least likely to have investment committees, survey finds
https://www.businesstimes.com.sg/international/global/asia-pacific-family-offices-least-likely-have-investment-committees-survey
Australian jobs surge but not enough to dent rate hold expectations
https://www.businesstimes.com.sg/international/australian-jobs-surge-not-enough-dent-rate-hold-expectations
Demand for retail workers continues to soar
https://www.straitstimes.com/business/invest/demand-for-retail-workers-continues-to-soar
China cuts reserve requirement ratio for second time this year
https://www.businesstimes.com.sg/international/china-cuts-reserve-requirement-ratio-second-time-year
China central bank cuts bank reserve ratio to support economy
https://www.channelnewsasia.com/business/china-central-bank-cuts-bank-reserve-ratio-support-economy-3770726
Moody’s cuts China property sector’s outlook to negative
https://www.businesstimes.com.sg/property/moodys-cuts-china-property-sectors-outlook-negative
https://www.channelnewsasia.com/business/moodys-credit-rating-china-property-sector-negative-outlook-evergrande-country-gardens-3770026
https://www.scmp.com/business/banking-finance/article/3234575/moodys-downgrades-china-property-sector-outlook-fitch-trims-gdp-forecast
China to avoid ‘Lehman moment’ despite property woes, Goldman says
https://www.businesstimes.com.sg/property/china-avoid-lehman-moment-despite-property-woes-goldman-says
Luxury sector ratings cut at Barclays, Deutsche Bank on China woes
https://www.businesstimes.com.sg/companies-markets/luxury-sector-ratings-cut-barclays-deutsche-bank-china-woes
European Central Bank raises rates for a 10th time
https://www.businesstimes.com.sg/international/european-central-bank-raises-rates-10th-time
https://www.straitstimes.com/business/european-central-bank-raises-rate-to-record-high-and-signals-end-of-hikes
https://www.theedgesingapore.com/news/global-economy/ecb-hikes-interest-rates-10th-salvo-quash-inflation
ECB hike crosses rubicon of pain with Lagarde warning of hard times
https://www.businesstimes.com.sg/international/ecb-hike-crosses-rubicon-pain-lagarde-warning-hard-times
Hong Kong concern group finds 173 luxury houses citywide suspected to be occupying government land, calls for authorities to take action
https://www.scmp.com/news/hong-kong/law-and-crime/article/3234506/hong-kong-concern-group-finds-more-173-luxury-houses-citywide-suspected-be-occupying-government-land
Manhattan rental market ‘topping out’ as prices hover at records
https://www.businesstimes.com.sg/property/manhattan-rental-market-topping-out-prices-hover-records
New York City penthouse once listed for record US$250 million gets 22% price cut
https://www.businesstimes.com.sg/property/new-york-city-penthouse-once-listed-record-us250-million-gets-22-price-cut
South Korea’s central bank warns of overpriced housing market, excessive debt
https://www.businesstimes.com.sg/property/south-koreas-central-bank-warns-overpriced-housing-market-excessive-debt
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