Singapore Economy
Singapore and US strengthen defence ties with new AI agreement
Singapore – Defence Minister Ng Eng Hen and US Secretary of Defence Lloyd Austin on July 16 reaffirmed the two countries’ excellent defence relationship and mutually beneficial partnership during a meeting at the Pentagon.
https://www.straitstimes.com/singapore/singapore-and-us-strengthen-defence-ties-with-new-ai-agreement
Singapore’s key exports down 8.7% in June, dragged by non-monetary gold and electronics
Singapore’s key exports posted a deeper year-on-year decline in June, due mainly to fluctuations in the shipments of volatile products such as non-monetary gold and electronics, data from Enterprise Singapore showed on Wednesday (Jul 17).
https://www.businesstimes.com.sg/singapore/singapores-key-exports-down-8-7-june-dragged-non-monetary-gold-and-electronics
https://www.straitstimes.com/business/economy/s-pore-key-exports-fall-87-in-june
Chip wars: Singapore SMEs get a boost from big players’ efforts to nurture ecosystem
Even as Singapore courts major semiconductor investments, chip giants themselves are nurturing the local small and medium-sized enterprises (SMEs) that support them.
https://www.businesstimes.com.sg/singapore/economy-policy/chip-wars-singapore-smes-get-boost-big-players-efforts-nurture-ecosystem
Business News
Singapore prepares more land to woo semiconductor giants looking to ride AI wave
Government industrial planner JTC told CNA that it is preparing 11 per cent more land in Singapore’s wafer fabrication parks, in a bid to attract more top semiconductor giants and ride the artificial intelligence wave.
https://www.channelnewsasia.com/singapore/semiconductor-wafer-chip-fabrication-manufacturing-more-land-attract-firms-artificial-intelligence-4483096
Maybank initiates ‘buy’ on OUE REIT, calling REIT ‘too cheap to ignore’
Maybank Securities analyst Krishna Guha has initiated a “buy” call on OUE REIT with a target price of 30 cents. His target price is based on a cost of equity of 7.4% and medium-term growth rate of 2%, implying total return of 20%.
https://www.theedgesingapore.com/capital/brokers-calls/maybank-initiates-buy-oue-reit-calling-reit-too-cheap-ignore
UOB Kay Hian raises CICT’s TP to $2.29 following continued enhancement of retail malls
UOB Kay Hian analyst Jonathan Koh has kept his “buy” call on CapitaLand Integrated Commercial Trust (CICT) while raising his target price by 7 cents to $2.29 from $2.22 following the REIT’s continued enhancement of its retail malls.
https://www.theedgesingapore.com/capital/brokers-calls/uob-kay-hian-raises-cicts-tp-229-following-continued-enhancement-retail-malls
Global Economy & Real Estate
IMF maintains 2024 global growth forecast, warns of inflation risk
https://www.businesstimes.com.sg/international/imf-maintains-2024-global-growth-forecast-warns-inflation-risk
https://www.straitstimes.com/business/economy/imf-maintains-2024-global-growth-forecast-warns-of-inflation-risk
US tariffs at 60% would halve China’s growth rate, UBS says
https://www.businesstimes.com.sg/international/us-tariffs-60-would-halve-chinas-growth-rate-ubs-says
https://www.straitstimes.com/business/us-tariffs-at-60-would-halve-china-s-growth-rate-ubs-says
US import prices flat in June
https://www.businesstimes.com.sg/international/us-import-prices-flat-june
US retail sales unchanged in June, beating forecasts for slight drop
https://www.businesstimes.com.sg/international/us-retail-sales-unchanged-june-beating-forecasts-slight-drop
https://www.straitstimes.com/business/economy/us-retail-sales-flat-in-june-as-consumption-cools
US business inventories increase slightly above expectations in May
https://www.businesstimes.com.sg/international/us-business-inventories-increase-slightly-above-expectations-may
US homebuilder sentiment declines for a third straight month
https://www.businesstimes.com.sg/property/us-homebuilder-sentiment-declines-third-straight-month
With buyers wary, Argentina’s zombie mortgage market has a long road to revival
https://www.businesstimes.com.sg/property/buyers-wary-argentinas-zombie-mortgage-market-has-long-road-revival
Steady growth for Asean+3 on export growth, tourism recovery and domestic demand: Amro
https://www.businesstimes.com.sg/international/asean/steady-growth-asean3-export-growth-tourism-recovery-and-domestic-demand-amro
China manufacturing outpaces economy for third straight quarter
https://www.businesstimes.com.sg/international/china-manufacturing-outpaces-economy-third-straight-quarter
China tries to hit more birds with one stone in property rescue push
https://www.businesstimes.com.sg/property/china-tries-hit-more-birds-one-stone-property-rescue-push
https://www.channelnewsasia.com/east-asia/china-property-rescue-push-economic-affordable-housing-low-income-4482371
Mainland Chinese spend record US$9 billion on homes in Hong Kong in first half
https://www.scmp.com/business/article/3270692/mainland-chinese-spend-record-us9-billion-homes-hong-kong-first-half?module=top_story&pgtype=subsection
Eurozone consumer loan demand rises for first time since 2022
https://www.businesstimes.com.sg/international/eurozone-consumer-loan-demand-rises-first-time-2022
Hong Kong employees at China financial firms face pay clawbacks
https://www.businesstimes.com.sg/companies-markets/banking-finance/hong-kong-employees-china-financial-firms-face-pay-clawbacks
https://www.straitstimes.com/business/hong-kong-employees-at-china-financial-firms-face-pay-clawbacks
https://www.scmp.com/business/banking-finance/article/3270666/chinese-finance-firms-ask-hong-kong-staff-pay-back-part-their-bonuses?module=top_story&pgtype=subsection
Hong Kong landlords pay bigger agent fees to fill empty offices
https://www.businesstimes.com.sg/property/hong-kong-landlords-pay-bigger-agent-fees-fill-empty-offices
https://www.theedgesingapore.com/news/property/hong-kong-landlords-pay-bigger-agent-fees-fill-empty-offices
IMF cuts Japan’s growth forecast, upbeat on consumption prospects
JPMorgan to buy New York City building in more than US$300 million deal
https://www.businesstimes.com.sg/property/jpmorgan-buy-new-york-city-building-more-us300-million-deal
New Zealand inflation slows more than expected to 3-year low
https://www.straitstimes.com/business/economy/new-zealand-inflation-slows-more-than-expected-to-3-year-low
https://www.businesstimes.com.sg/international/new-zealand-inflation-slows-more-expected-three-year-low
Thailand approves 100 billion-baht soft loan scheme for commercial banks
https://www.businesstimes.com.sg/international/asean/thailand-approves-100-billion-baht-soft-loan-scheme-commercial-banks
https://www.channelnewsasia.com/business/thailand-approves-us28-billion-soft-loan-scheme-commercial-banks-4482526
UK weighs response after EU imposes tariffs on China EV imports
https://www.businesstimes.com.sg/international/uk-weighs-response-after-eu-imposes-tariffs-china-ev-imports
UK grocery inflation falls to lowest in nearly 3 years
https://www.businesstimes.com.sg/international/uk-grocery-inflation-falls-lowest-nearly-3-years
UK building firms face worst recruitment problems: survey
https://www.businesstimes.com.sg/international/uk-building-firms-face-worst-recruitment-problems-survey
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