Singapore Economy
Singapore and UAE ink deals on green economy, artificial intelligence
Singapore and the United Arab Emirates (UAE) have inked a slew of agreements in areas such as the green economy, climate change and digital government, the Ministry of Foreign Affairs (MFA) said on Sunday (Oct 22).
https://www.businesstimes.com.sg/singapore/singapore-and-uae-ink-deals-green-economy-artificial-intelligence
https://www.straitstimes.com/singapore/singapore-and-uae-deepen-collaboration-to-combat-climate-change-ink-8-agreements
https://www.todayonline.com/singapore/singapore-uae-sign-mous-areas-green-economy-climate-change-and-ai-2287966
https://www.channelnewsasia.com/singapore/singapore-uae-mous-green-economy-climate-change-ai-mfa-3864616
Iras recovers S$79 million in taxes, penalties following audits on companies
THE Inland Revenue Authority of Singapore (Iras) has recovered S$79 million in taxes and penalties for the period between July 2020 and June 2023. This was from companies that filed erroneous corporate income tax returns for the 2019 to 2021 assessment years, the tax regulator said on Friday (Oct 20).
https://www.businesstimes.com.sg/singapore/iras-recovers-s79-million-taxes-penalties-following-audits-companies
https://www.straitstimes.com/business/iras-recovers-79-million-in-taxes-penalties-following-audits-on-companies
How to cool down a city
Pockets of downtown Singapore can be hotter than rural areas outside the city. As the world warms, sweltering heat in urban areas from Phoenix to Mumbai endangers people’s health and makes daily life unbearable.
https://www.businesstimes.com.sg/property/how-cool-down-city
Companies’ Brief
Ascott looks to develop revenue streams beyond rooms, grow luxury offering
The Ascott Limited is looking to diversify its revenue streams ahead of its 40th anniversary next year. It began its journey as The Ascott Singapore, which opened as the first international-class serviced residence in the Asia-Pacific along Scotts Road back in 1984.
https://www.businesstimes.com.sg/property/ascott-looks-develop-revenue-streams-beyond-rooms-grow-luxury-offering
CapitaLand Investment, Venture, Yangzijiang Financial lead share buyback consideration
Institutions were net sellers of Singapore stocks over the five trading sessions through to Oct 19, with S$158 million of net institutional outflow, as 21 primary-listed companies conducted buybacks with a total consideration of S$11.7 million.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-venture-yangzijiang-financial-lead-share-buyback
Centurion partners Abu Dhabi staff housing company to expand Middle East business
Specialised accommodation assets player Centurion Corporation : OU8 0% has signed a memorandum of understanding (MOU) with Abu Dhabi’s largest staff accommodation company, KEZAD Communities, to explore collaboration in the Middle East region.
https://www.businesstimes.com.sg/companies-markets/centurion-partners-abu-dhabi-staff-housing-company-expand-middle-east-business
Suntec Reit’s Q3 DPU slips 14 per cent to S$0.01793; aggregate leverage inches up
SUNTEC real estate investment trust (Reit) reported on Friday (Oct 20) a 14 per cent year-on-year decline in distribution per unit (DPU) amid higher financing costs and the weaker Australian dollar.
https://www.businesstimes.com.sg/companies-markets/reits-property/suntec-reits-q3-dpu-slips-14-cent-s001793-aggregate-leverage
Global Economy & Real Estate
US budget gap widened in 2023 on rate rise, revenue drop
https://www.businesstimes.com.sg/international/us-budget-gap-widened-2023-rate-rise-revenue-drop
https://www.straitstimes.com/world/united-states/us-budget-deficit-jumps-23-to-over-2-trillion-as-social-security-health-costs-rise
The US housing market is now completely broken
https://www.businesstimes.com.sg/property/us-housing-market-now-completely-broken
Americans must earn US$114,000 a year to afford a typical home|
https://www.businesstimes.com.sg/property/americans-must-earn-us114000-year-afford-typical-home
Brazil president vetoes bill limiting Indigenous land claims
https://www.businesstimes.com.sg/international/brazil-president-vetoes-bill-limiting-indigenous-land-claims
China’s economic ‘risks will intensify’ in 2024, with EVs, property market, local government debts clouding prospects
https://www.scmp.com/economy/china-economy/article/3238678/chinas-economic-risks-will-intensify-2024-evs-property-market-local-government-debts-clouding
China’s exports to North Korea grow at faster pace in Sept
https://www.businesstimes.com.sg/international/chinas-exports-north-korea-grow-faster-pace-sept
China property market shows little signs of revival despite stimulus
https://www.businesstimes.com.sg/property/china-property-market-shows-little-signs-revival-despite-stimulus
China’s property woes pour cold water over steps to boost stocks
https://www.businesstimes.com.sg/international/chinas-property-woes-pour-cold-water-over-steps-boost-stocks
Empty homes are forcing Hong Kong developers to cut unit prices
https://www.businesstimes.com.sg/international/global/empty-homes-are-forcing-hong-kong-developers-cut-unit-prices
https://www.straitstimes.com/business/empty-homes-forcing-hong-kong-developers-to-cut-prices
Hong Kong policy address 2023: will rolling back stamp duties lift Hong Kong’s housing market out of the doldrums?
https://www.scmp.com/business/article/3238366/hong-kong-policy-address-2023-will-rolling-back-stamp-duties-lift-hong-kongs-housing-market-out
Hong Kong’s tiny subdivided flats a big problem that needs urgent attention, but can city leader John Lee’s policy address come up with solutions?
https://www.scmp.com/news/hong-kong/society/article/3238750/hong-kongs-tiny-subdivided-flats-big-problem-needs-urgent-attention-can-city-leader-john-lees-policy
Japan’s Kishida asks party to consider possible income tax cut
https://www.businesstimes.com.sg/international/japans-kishida-asks-party-consider-possible-income-tax-cut
Japan’s property market shows signs of overheating: BOJ
https://www.businesstimes.com.sg/property/japans-property-market-shows-signs-overheating-boj
https://www.channelnewsasia.com/business/japans-property-market-shows-signs-overheating-boj-3861096
Malaysia’s economy up 3.3% in Q3
https://www.businesstimes.com.sg/international/malaysias-economy-33-q3
New York City home owner costs are rising at three times the inflation rate
https://www.straitstimes.com/business/property/new-york-city-home-owner-costs-are-rising-at-three-times-the-inflation-rate
Toronto skyscraper with US$1.2 billion of debt put under receivership
https://www.businesstimes.com.sg/property/toronto-skyscraper-us12-billion-debt-put-under-receivership
UK retail sales tumble in September
https://www.businesstimes.com.sg/international/uk-retail-sales-tumble-september
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