DAILY NEWS

Daily News – 20 July 2022 (Wed)

SINGAPORE REAL ESTATE

Sceneca Residence condo launch delayed by no-sale licence issued to MCC Land
Singapore – MCC Land (TMK), the developer of a mixed-use development in Tanah Merah Kechil Link, has been hit with a no-sale licence, The Straits Times has learnt. Developers with a no-sale licence can begin construction, but cannot sell units off-plan without approval from the Controller of Housing (COH).
https://www.straitstimes.com/business/property/sceneca-residence-condo-launch-delayed-by-no-sale-licence-to-mcc-land

Industrial sector to continue doing well: IREUS
The industrial sector is expected to “continue doing well” on the back of manufacturing growth, a report from National University of Singapore’s Institute of Real Estate and Urban Studies (IREUS) said.
https://www.businesstimes.com.sg/real-estate/industrial-sector-to-continue-doing-well-ireus

SINGAPORE ECONOMY

Exhibition at URA building showcases strategies to guide S’pore’s future: PM Lee
Singapore – Those keen to find out how Singapore will develop its land in the next 50 years can visit the Space For Our Dreams exhibition at the Urban Redevelopment Authority (URA) building in Maxwell Road.
https://www.straitstimes.com/singapore/community/exhibition-at-ura-building-showcases-strategies-to-guide-spores-future-pm-lee

MAS posts $7.4b annual loss, weighed down by stronger Singdollar amid soaring inflation
Singapore – Inflationary pressures, wobbly global growth and global tightening monetary policies have weighed on the central bank’s fiscal performance. The Monetary Authority of Singapore (MAS) on Tuesday (July 19) announced at its annual review that it clocked a net loss of $7.4 billion for the financial year ended March 31, 2022 – the first time in nine years.
https://www.straitstimes.com/business/banking/mas-posts-74-billion-annual-loss-weighed-by-stronger-singdollar-amid-soaring-inflation

Why S’pore’s high inflation may drag into 2023
Singapore – The Monetary Authority of Singapore expects inflation to ease in 2023 while remaining well above the 1.5 per cent it had averaged since 2000. But it also warned that prices could continue to stay high – or go higher and become more persistent – for the following reasons:
https://www.straitstimes.com/business/economy/why-singapores-high-inflation-may-drag-into-2023

Inflation may ease next year, but that outlook is still uncertain: MAS
Singapore – Singapore’s central bank believes inflation will abate and the economy will grow, albeit at a much slower pace next year. But the Monetary Authority of Singapore (MAS) warned that if inflation persists, some of its major trading partners may push their economies to the brink of recession to achieve price stability.
https://www.straitstimes.com/business/economy/inflation-may-ease-next-year-but-that-outlook-is-still-uncertain-mas-says-in-annual-report

Singapore business closures, openings in line with pre-Covid trend: Analysts
The recent growth in business closures in Singapore reflects both ongoing cost pressures and an earlier spike in new businesses during the pandemic, and is not expected to weigh significantly on the economy, analysts told The Business Times.
https://www.businesstimes.com.sg/government-economy/singapore-business-closures-openings-in-line-with-pre-covid-trend-analysts

Singapore’s tourist arrivals climb for 5th straight month in June
Singapore’s international visitor arrivals grew for the fifth straight month in June, once again hitting a new record number of travellers since the beginning of the Covid-19 pandemic, according to the latest figures from the Singapore Tourism Board (STB).
https://www.businesstimes.com.sg/government-economy/singapores-tourist-arrivals-climb-for-5th-straight-month-in-june

VIEWS, REVIEWS, FORUM AND OTHERS

How should employment laws adapt to the metaverse?
The way we work has undoubtedly changed, accelerated first by technological developments and then the Covid-19 pandemic. Remote or hybrid working is here to stay, and employers have taken note of these developments.
https://www.businesstimes.com.sg/opinion/how-should-employment-laws-adapt-to-the-metaverse

Will Singapore’s early lead prevail as Hong Kong introduces crypto laws?
When Hong Kong’s Legislative Council held the first and second reading of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 on Jul 6, it became the latest jurisdiction in Asia to regulate the activities of virtual asset service providers (VASPs), which include cryptocurrency exchanges and wallets.
https://www.businesstimes.com.sg/opinion/will-singapores-early-lead-prevail-as-hong-kong-introduces-crypto-laws

MAS to seek views on regulating crypto to protect consumers
The Monetary Authority of Singapore (MAS) will consult on crypto regulations involving consumer protection around September or October this year, its managing director Ravi Menon said on Tuesday (July 19).
https://www.businesstimes.com.sg/banking-finance/mas-to-seek-views-on-regulating-crypto-to-protect-consumers
https://www.straitstimes.com/business/banking/mas-plans-to-broaden-scope-of-crypto-rules-to-cover-more-activities

From inflation to growth concerns: A view of Asian markets
Global supply-chain bottlenecks, energy shocks, squeezed real incomes, tighter financial conditions, a fresh Covid wave – the ship that is the global economy is probably too loaded down to hope for calm sailing.
https://www.businesstimes.com.sg/wealth-investing/from-inflation-to-growth-concerns-a-view-of-asian-markets

Making flexible arrangements work
Private companies have typically taken the lead in innovative workplace processes. The Covid-19 pandemic, in particular, has given rise to a host of flexible working arrangements, from flexible time to flexible place and job sharing.
https://www.straitstimes.com/opinion/the-straits-times-says-making-flexible-arrangements-work