DAILY NEWS

Daily News – 2 Aug 2022 (Tue)

SINGAPORE REAL ESTATE

CEOs and directors face prosecution for workplace safety lapses if they are culpable: Zaqy
Singapore – Company leaders can and will be prosecuted if they are culpable for workplace safety and health (WSH) lapses, and compliance with an upcoming code of practice outlining their duties will be considered by the courts in the event of an offence.
https://www.straitstimes.com/singapore/politics/ceos-and-directors-face-prosecution-for-workplace-safety-lapses-if-they-are-culpable-zaqy

Temper the optimism in Singapore office buildings
In the early days of the Covid-19 pandemic, workers in many cities across the world abandoned physical offices and worked from home. Questions arose about the fate of office buildings. Would these buildings become empty shells and see their values plummet?
https://www.businesstimes.com.sg/opinion/temper-the-optimism-in-singapore-office-buildings

Fund enhanced to incentivise building owners to make properties more inclusive: BCA
Singapore – More building owners can tap funding meant to encourage them to upgrade their facilities to be more friendly to those with disabilities, families with young children and the elderly.
https://www.straitstimes.com/singapore/fund-enhanced-to-incentivise-building-owners-to-make-properties-more-inclusive-bca

Taking the lead in urban manufacturing
When we cycled recently along the Geylang River and the Pelton Canal, we observed that some of the old industrial estates were becoming encircled by residential buildings. The city seems to be encroaching onto these old industrial estates and may perhaps in the future drive out the light industry that is still there.
https://www.straitstimes.com/opinion/taking-the-lead-in-urban-manufacturing

SINGAPORE ECONOMY

MAS’ S$7.4b loss due to currency effect; does not affect performance, government budget
The S$7.4 billion loss recorded by the Monetary Authority of Singapore (MAS) in FY2021/22 was due to a “currency translation effect” and is not relevant to the regulator’s investment performance, which is measured in foreign currencies, said Finance Minister Lawrence Wong in Parliament on Monday (Aug 1).
https://www.businesstimes.com.sg/government-economy/mas-s74b-loss-due-to-currency-effect-does-not-affect-performance-government
https://www.straitstimes.com/singapore/politics/mas-contributions-to-government-budget-not-affected-by-recorded-loss-dpm-wong

S’pore has to respond to global transitions, seize opportunities: Chan Chun Sing
Singapore – Singapore must entrench itself in the global value chain by developing the capacity to produce what the world needs in times of crisis, as well as being able to attract frontier companies, ranging from vaccine developers to firms in precision engineering.
https://www.straitstimes.com/business/spore-has-to-respond-to-global-transitions-seize-opportunities-chan-chun-sing

Look out for GDP downgrade, but don’t fret over the ‘R’ word
A statistical update, tucked away in a footnote, has thrown Singapore’s 2022 economic scorecard into doubt. Factory output data from January to May was revised downwards “due to updated information about a firm-specific factor”, the Singapore Economic Development Board said on Jul 26 in an annexe to a monthly report.
https://www.businesstimes.com.sg/opinion/look-out-for-gdp-downgrade-but-dont-fret-over-the-r-word

Food, healthcare prices have risen faster overseas than in Singapore: MTI
Food and healthcare prices rose faster in the United States, Eurozone and South Korea than in Singapore between the first half of 2019 and the first half in 2022, Minister for Trade and Industry Gan Kim Yong said in a written reply to Member of Parliament (MP) Shawn Huang on Monday (Aug 1).
https://www.businesstimes.com.sg/government-economy/food-healthcare-prices-have-risen-faster-overseas-than-in-singapore-mti

Government takeover of Sports Hub driven by social, not financial, concerns: Edwin Tong
The government’s decision to take back the Singapore Sports Hub from the private sector “was not driven by financial considerations”, said Minister for Culture, Community and Youth Edwin Tong in Parliament on Monday (Aug 1).
https://www.businesstimes.com.sg/government-economy/government-takeover-of-sports-hub-driven-by-social-not-financial-concerns-edwin
https://www.straitstimes.com/singapore/politics/costs-of-terminating-sports-hub-ppp-represented-fair-deal-for-government-says-edwin-tong

MAS to launch first Singapore sovereign green bond this week
The Monetary Authority of Singapore (MAS) said on Monday (Aug 1) that it will be issuing Singapore’s inaugural sovereign green bond, which is known as Green Singapore Government Securities (Infrastructure) or Green SGS (Infra).
https://www.businesstimes.com.sg/companies-markets/mas-to-launch-first-singapore-sovereign-green-bond-this-week
https://www.straitstimes.com/business/economy/mas-to-launch-spores-first-sovereign-green-bond-this-week-at-minimum-15b-size

Singapore Tourism Board to gain regulatory powers over cruise terminal operators under new Bill
The Singapore Tourism Board (STB) may soon take over the economic regulation of cruise terminal operators from the Maritime and Port Authority of Singapore, if this and other proposed
changes are passed into law.
https://www.businesstimes.com.sg/government-economy/singapore-tourism-board-to-gain-regulatory-powers-over-cruise-terminal-operators

S’pore travel agencies report high demand for New Zealand tours as borders fully reopen
Singapore – New Zealand is back on visitors’ radar after it relaxed border curbs, with travel agents in Singapore reporting a surge in inquiries and bookings. Travel agencies have also been receiving more calls in the past week, with some saying interest rose as much as 50 per cent compared with May, when New Zealand first allowed visitors from visa-free countries and territories, including Singapore.
https://www.straitstimes.com/singapore/travel-agents-see-increase-in-demand-for-new-zealand-tours-as-borders-fully-reopen

Income lags inflation for 40% of DBS’ customers; low-income group, seniors vulnerable
The incomes of 40 per cent of DBS customers are not keeping up with inflation, the bank’s research unit said in a report on Monday (Aug 1), flagging that low-income individuals and baby boomers are particularly vulnerable.
https://www.businesstimes.com.sg/government-economy/income-lags-inflation-for-40-of-dbs-customers-low-income-group-seniors-vulnerable
https://www.straitstimes.com/business/economy/income-not-keeping-pace-with-inflation-for-four-in-10-people-dbs-study

COMPANIES’ BRIEF

Centurion Corporation expects at least 250% increase in H1 net profit
Mainboard-listed Centurion Corporation said on Monday (Aug 1) that it is expecting a “substantial increase” in net profit for the half year ended Jun 30, 2022. In a bourse filing, Centurion said the group is expected to record a “substantial increase” in the net profit attributable to equity holders of the company for H1 2022 “by not less than 250 per cent.”
https://www.businesstimes.com.sg/companies-markets/centurion-corporation-expects-at-least-250-increase-in-h1-net-profit

Offer for Hwa Hong closes with 92.3% acceptances; Sanjuro to exercise rights of compulsory acquisition
The mandatory offer for Hwa Hong Corporation by Sanjuro United has closed on Monday (Aug 1), with the offeror crossing the threshold required to exercise its rights of compulsory acquisition.
https://www.businesstimes.com.sg/companies-markets/offer-for-hwa-hong-closes-with-923-acceptances-sanjuro-to-exercise-rights-of

VIEWS, REVIEWS, FORUM AND OTHERS

Singapore among 20 cities targeted to reduce and repurpose food waste
Singapore – Limiting food wastage in cities can reduce the risks of current food supply chain shocks and spiralling prices that have left about 828 million people worldwide going hungry this year, a report calling for urgent action has found.
https://www.straitstimes.com/singapore/singapore-among-20-cities-targeted-to-reduce-and-repurpose-food-waste

Roaming the Wild West of crypto
Cryptocurrencies, non-fungible tokens (NFTs), the metaverse, and Web 3.0. Just a decade ago, these were science fiction. Yet today, these adolescent creations hog the headlines, underpinning stories of rags to riches – or spectacular falls from grace.
https://www.businesstimes.com.sg/opinion/roaming-the-wild-west-of-crypto

UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION

6 in 10 Singapore residents may have had Covid-19, but continued vaccination still key: Ong Ye Kung
An estimated 6 in 10 Singapore residents may have already been infected with Covid-19, said Health Minister Ong Ye Kung in Parliament on Aug 1. “On record, we have about 1.7 million reported cases, which is about 30 per cent of our population,” he said.
https://www.businesstimes.com.sg/government-economy/6-in-10-singapore-residents-may-have-had-covid-19-but-continued-vaccination-still
https://www.straitstimes.com/singapore/politics/6-in-10-residents-in-singapore-have-likely-been-infected-with-covid-19-says-ong-ye-kung

Covid-19 wave in S’pore likely to subside further this week: Ong Ye Kung
Singapore – The current Covid-19 infection wave, which has been driven by the Omicron variant BA.5, is likely to subside further this week, said Health Minister Ong Ye Kung on Monday (Aug 1).
https://www.straitstimes.com/singapore/politics/covid-19-wave-likely-to-subside-further-this-week-says-ong-ye-kung

Regular Covid-19 booster shots could become the norm, says Ong Ye Kung
Singapore – Yearly Covid-19 shots could become the norm to protect the population from the risk of being reinfected with a Covid-19 variant, said Health Minister Ong Ye Kung in Parliament on Monday (Aug 1).
https://www.straitstimes.com/singapore/politics/regular-covid-19-booster-shots-could-become-the-norm-says-ong-ye-kung

MOH adds 18 deaths to official Covid-19 death count for 2021, bringing total to 821
The Ministry of Health (MOH) has added 18 deaths to its official Covid-19 death count for last year, bringing the total from 803 to 821. In a statement on Monday (Aug 1), MOH said the adjustment comes after the Registry of Births and Deaths finalised its report for 2021.
https://www.businesstimes.com.sg/government-economy/moh-adds-18-deaths-to-official-covid-19-death-count-for-2021-bringing-total-to
https://www.straitstimes.com/singapore/health/moh-adds-18-deaths-to-official-covid-19-death-count-for-2021-bringing-total-to-821

Lower infection risk for those who had Covid-19 several months ago compared with uninfected
Singapore – People who had Covid-19 four to seven months ago have a much lower chance of catching the virus now, as compared with someone who has never had Covid-19 before, Health Minister Ong Ye Kung said on Monday (Aug 1).
https://www.straitstimes.com/singapore/politics/those-who-had-covid-4-to-7-months-ago-have-a-3-chance-of-reinfection

HSA approves Covid-19 AstraZeneca jab for people medically unsuitable for vaccination
Singapore – People who have not been able to get vaccinated against Covid-19 owing to health reasons can be prescribed AstraZeneca’s antibody drug to protect against the coronavirus.
https://www.straitstimes.com/singapore/hsa-approves-covid-19-astrazeneca-jab-for-people-with-compromised-immune-system

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation