Singapore Economy
MAS proposes transition planning guidelines for financial institutions amid global net-zero push
Instead of withdrawing credit from their customers in high-emitting sectors, banks should engage with them on how they can transition their business models to be low-carbon emitting and deal with the physical impacts of climate change.
https://www.businesstimes.com.sg/esg/mas-proposes-transition-planning-guidelines-financial-institutions-amid-global-net-zero-push
https://www.straitstimes.com/business/mas-issues-net-zero-transition-guidelines-for-financial-institutions
https://www.theedgesingapore.com/news/environmental-social-and-governance/engagement-over-divestment-mas-proposes-transition-planning
Singapore’s visitor arrivals slip to 1.13 million in September, continuing downward trend
Singapore’s international visitor arrivals slipped for the second straight month to 1.13 million in September, as seasonal travel demand continued to drag on growth. September’s reading was a notch down from the 1.31 million recorded in August, based on data released by the Singapore Tourism Board on Wednesday (Oct 18).
https://www.businesstimes.com.sg/singapore/singapores-visitor-arrivals-slip-113-million-september-continuing-downward-trend
Singaporeans fret most over high costs, wages in latest survey
Singapore’s high living cost is by far the most important issue facing the city-state, according to a new survey of residents, signalling that pressure remains on the government to address key issues including wages and housing affordability.
https://www.theedgesingapore.com/news/singapore-news/singaporeans-fret-most-over-high-costs-wages-latest-survey
https://www.scmp.com/news/asia/southeast-asia/article/3238332/singapores-soaring-cost-living-salaries-top-residents-concerns-survey
Companies’ Brief
Keppel achieves $300 mil closing for sustainable urban renewal programme
Keppel, on Oct 19, announced the closing of a China-focused programme as part of its sustainable urban renewal strategy. The close comes after the conglomerate secured a global institutional investor for initial equity commitments of RMB1.6 billion ($300 million). Of the total amount, Keppel’s sponsor stake is RMB160 million.
https://www.theedgesingapore.com/news/funds/keppel-achieves-300-mil-closing-sustainable-urban-renewal-programme
https://www.businesstimes.com.sg/companies-markets/keppel-secures-16-billion-yuan-china-focused-sustainable-urban-renewal-programme
Keppel Pacific Oak US Reit posts 10.7% drop in Q3 distributable income to US$13.1 million
Keppel Pacific Oak US Reit (Kore) said its third-quarter distributable income was down 10.7 per cent to US$13.1 million, from US$14.6 million in the corresponding period a year ago.
https://www.businesstimes.com.sg/companies-markets/keppel-pacific-oak-us-reit-posts-107-drop-q3-distributable-income-us131-million
https://www.theedgesingapore.com/capital/results/keppel-pacific-oak-us-reit-reports-107-y-o-y-lower-adjusted-distributable-income
Sabana Reit nets 91.8% total portfolio occupancy in Q3
The interim manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit) on Wednesday (Oct 18) announced the real estate investment trust (Reit) had achieved total portfolio occupancy of 91.8 per cent for the third quarter ended Sep 30, down 2.1 percentage points from its second quarter occupancy of 93.9 per cent.
https://www.businesstimes.com.sg/companies-markets/reits-property/sabana-reit-nets-918-total-portfolio-occupancy-q3
https://www.straitstimes.com/business/companies-markets/sabana-reit-nets-918-total-portfolio-occupancy-in-q3
https://www.theedgesingapore.com/capital/results/sabana-industrial-reit-reports-portfolio-occupancy-918-and-wale-31-years-3qfy2023
Views, Reviews Forum and Others
S’poreans advised not to travel to Lebanon, or to leave as soon as possible: MFA
Singapore – Singaporeans are advised to defer all travel to Lebanon and those currently in Lebanon should leave the country as soon as possible via available commercial options, said the Ministry of Foreign Affairs (MFA) in a statement on Wednesday.
https://www.straitstimes.com/singapore/s-poreans-advised-not-to-travel-to-lebanon-or-leave-as-soon-as-possible-mfa
https://www.channelnewsasia.com/singapore/singaporeans-advised-defer-lebanon-travel-mfa-3854881
MAS to conduct on-site inspection of Credit Suisse, others over US$2 billion laundering case
Singapore’s financial regulator will conduct an on-site inspection of Credit Suisse Group after at least one of its customers was charged for money laundering, in a scandal that has rocked the city-state.
https://www.businesstimes.com.sg/singapore/mas-conduct-site-inspection-credit-suisse-others-over-us2-billion-laundering-case
https://www.theedgesingapore.com/news/singapore-news/singapore-inspect-credit-suisse-others-us2-bil-scandal
https://www.scmp.com/news/asia/southeast-asia/article/3238322/singapore-scrutinise-credit-suisse-others-amid-massive-money-laundering-probe
Singapore’s CPF is the best pension system in Asia: Mercer index
Singapore – Singapore’s Central Provident Fund (CPF) has retained its top spot in Asia, according to an annual global index. It is also the only Asian pension system among the top 10 globally in the 15th edition of the Mercer CFA Institute Global Pension Index released on Wednesday.
https://www.straitstimes.com/business/singapore-s-cpf-is-the-best-pension-system-in-asia-mercer-index
Global Economy & Real Estate
US household balance sheets strong, but high rates could add strain
https://www.businesstimes.com.sg/international/us-household-balance-sheets-strong-high-rates-could-add-strain
Commercial-property distress in the US rises to a 10-year high
https://www.businesstimes.com.sg/property/commercial-property-distress-us-rises-10-year-high
US mortgage applications hit 28-year low as rates keep rising
https://www.businesstimes.com.sg/property/us-mortgage-applications-hit-28-year-low-rates-keep-rising
US single-family housing starts rebound sharply in September
https://www.businesstimes.com.sg/property/us-single-family-housing-starts-rebound-sharply-september
Apac growth forecast on track in 2023 but moderating in 2024: IMF
https://www.businesstimes.com.sg/international/global/apac-growth-forecast-track-2023-moderating-2024-imf
https://www.straitstimes.com/business/imf-cuts-s-pore-2023-growth-forecast-on-weak-exports-china-slump-sees-asia-slowing-next-year
https://www.channelnewsasia.com/business/imf-says-china-property-slowdown-will-weigh-asias-growth-3854191
China GDP: economic resilience questioned as property cloud lingers, even with 2023 growth target in sight
https://www.scmp.com/economy/economic-indicators/article/3238401/china-gdp-economic-resilience-questioned-property-cloud-lingers-even-2023-growth-target-sight
China says third-quarter economic growth slowed to 4.9%
https://www.businesstimes.com.sg/international/global/china-says-third-quarter-economic-growth-slowed-49
https://www.straitstimes.com/business/china-q3-economic-growth-beats-market-forecast-headwinds-persist
https://www.channelnewsasia.com/business/instant-view-chinas-q3-gdp-grows-49-y-y-beats-market-forecast-3854366
https://www.scmp.com/economy/economic-indicators/article/3238309/china-gdp-economic-recovery-regains-momentum-third-quarter-rises-13-quarter-quarter
Analysis: China’s growth surprise is not tempting investors
https://www.channelnewsasia.com/business/analysischinas-growth-surprise-not-tempting-investors-3855026
China’s falling property sales, investment weigh on recovery
https://www.channelnewsasia.com/business/chinas-falling-property-sales-investment-weigh-recovery-3854451
China housing shows little improvement despite support measures
https://www.businesstimes.com.sg/property/china-housing-shows-little-improvement-despite-support-measures
Country Garden looking to offload a barely started mega housing project in Australia
https://www.straitstimes.com/business/country-garden-looking-to-offload-a-barely-started-mega-housing-project-in-australia
Centaline’s wily bet on a coveted relaxation of Hong Kong’s property rules lands it in hot water
https://www.scmp.com/property/hong-kong-china/article/3238394/centalines-wily-bet-coveted-relaxation-hong-kongs-property-rules-lands-it-hot-water
Hong Kong employees get highest salary increases in Greater Bay Area this year, but trend unlikely to continue over long-term
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3238385/hong-kong-employees-get-highest-salary-increases-greater-bay-area-year-trend-unlikely-continue-over
Hong Kong’s MPF retirement scheme ranks second best in Asia behind Singapore’s amid investment losses: Mercer
https://www.scmp.com/business/article/3238364/hong-kongs-mpf-retirement-scheme-ranks-second-best-asia-behind-singapores-amid-investment-losses
BOJ to discuss raising inflation forecast for FY24 to 2% or more: sources
https://www.businesstimes.com.sg/international/boj-discuss-raising-inflation-forecast-fy24-2-or-more-sources
BOJ seen lifting inflation forecasts as pressure on policy grows
https://www.channelnewsasia.com/business/boj-seen-lifting-inflation-forecasts-pressure-policy-grows-3854771
UK’s inflation higher than expected after oil price hikes
https://www.businesstimes.com.sg/international/uks-inflation-higher-expected-after-oil-price-hikes
https://www.straitstimes.com/business/economy/higher-fuel-prices-stop-uk-inflation-from-falling-in-september
UK should consider raising BoE inflation target to 3%: think tank
https://www.businesstimes.com.sg/companies-markets/banking-finance/uk-should-consider-raising-boe-inflation-target-3-think-tank
UK homebuilder Barratt flags ‘uncertain’ outlook amid tough mortgage market
https://www.businesstimes.com.sg/property/uk-homebuilder-barratt-flags-uncertain-outlook-amid-tough-mortgage-market
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