Singapore Economy
Singapore to remain open amid concerns over US protectionism: DPM Heng
There are growing concerns about the US adopting more protectionist measures and not exercising its leadership in global trade and investment, making it even more important for a small country like Singapore to stay open.
https://www.businesstimes.com.sg/singapore/singapore-remain-open-amid-concerns-over-us-protectionism-dpm-heng
https://www.straitstimes.com/business/keeping-global-trading-system-conflict-free-and-fair-is-a-critical-challenge-says-dpm-heng
‘Stakes are too high to ignore’: Singapore beefs up operational technology masterplan as cyberthreats rise
Singapore: Singapore will build a sustainable pipeline of cybersecurity professionals to maintain operational technology systems, and explore ways to improve incident reporting amid a changing threat landscape.
https://www.channelnewsasia.com/singapore/singapore-operational-technology-cybersecurity-masterplan-blueprint-threats-infrastructure-4558681
Singapore, Japan to deepen cooperation on carbon capture and storage technologies
Singapore signed a memorandum of cooperation (MOC) with Japan on Wednesday (Aug 21) to deepen their collaboration on carbon capture and storage (CCS) technologies.
https://www.businesstimes.com.sg/international/asean/singapore-japan-deepen-cooperation-carbon-capture-and-storage-technologies
https://www.straitstimes.com/singapore/singapore-japan-sign-agreement-to-collaborate-on-carbon-capture-and-storage-tech
Business News
Analysts lower TPs on PropNex after 1HFY2024 patmi came below expectations
Analysts from CGS International and Maybank Securities have lowered their target prices on PropNex after a “slow start to the year”. For the 1HFY2024 ended June 30, PropNex reported earnings of $19.0 million, 13.8% lower y-o-y amid headwinds from limited new property launches.
https://www.theedgesingapore.com/capital/brokers-calls/analysts-lower-tps-propnex-after-1hfy2024-patmi-came-below-expectations
ESR Group reports US$58 mil loss in 1HFY2024; 31.4% lower revenue
Hong-Kong listed ESR Group has reported a loss of US$58 million ($75.78 million) in 1HFY2024 ended June 30, reversing from earnings of US$304 million over the same period in 2023.
https://www.theedgesingapore.com/capital/results/esr-group-reports-us58-mil-loss-1hfy2024-314-lower-revenue
LHN secures 250 more keys in Q3
The real estate management services group said on Thursday (Aug 22) that it secured 250 more keys across projects in 260 Upper Bukit Timah Road and 141 Middle Road, in the third quarter this year.
https://www.businesstimes.com.sg/companies-markets/reits-property/lhn-secures-250-more-keys-q3
Global Economy & Real Estate
US Fed officials leaning strongly towards September rate cut, minutes show
https://www.straitstimes.com/business/economy/us-fed-officials-leaning-strongly-towards-september-rate-cut-minutes-show
https://www.businesstimes.com.sg/companies-markets/banking-finance/federal-reserve-steaming-towards-september-rate-cut-minutes-meeting-show
https://www.channelnewsasia.com/world/fed-steaming-toward-september-rate-cut-minutes-meeting-show-4560191
US job growth in year through March was far less than estimated
https://www.straitstimes.com/business/economy/us-job-growth-in-year-through-march-was-far-less-than-estimated
US payrolls likely to be 818,000 lower after preliminary revision
https://www.businesstimes.com.sg/international/us-payrolls-likely-be-818000-lower-after-preliminary-revision
US home-purchase applications slide to lowest since February
https://www.businesstimes.com.sg/property/us-home-purchase-applications-slide-lowest-february
Australia approves world’s ‘largest’ solar hub that will export energy to Singapore
https://www.businesstimes.com.sg/companies-markets/energy-commodities/australia-approves-worlds-largest-solar-hub-will-export-energy-singapore
https://www.scmp.com/news/asia/australasia/article/3275258/australia-approves-us135-billion-solar-project-power-singapore-undersea-cable
China’s rising youth unemployment breeds new working class
https://www.businesstimes.com.sg/international/global/rotten-tail-kids-chinas-rising-youth-unemployment-breeds-new-working-class1
China Sino-Ocean’s offshore debt revamp plan gets 30% creditor support: sources
https://www.businesstimes.com.sg/property/china-sino-oceans-offshore-debt-revamp-plan-gets-30-creditor-support-sources
‘Disappointing’: China’s US$42 billion plan to buy up unsold homes rolls out slowly
https://www.scmp.com/business/china-business/article/3275381/disappointing-chinas-us42-billion-plan-buy-unsold-homes-rolls-out-slowly
Kaisa forecasts bigger H1 net loss on slower property deliveries
https://www.businesstimes.com.sg/property/kaisa-forecasts-bigger-h1-net-loss-slower-property-deliveries
https://www.straitstimes.com/business/china-s-kaisa-forecasts-bigger-h1-net-loss-on-slower-property-deliveries
Blackstone nears purchase of Hyatt Clearwater Beach in Florida
https://www.businesstimes.com.sg/property/blackstone-nears-purchase-hyatt-clearwater-beach-florida
Hong Kong Urban Renewal Authority’s US$1.54 billion bond issue gets strong response
https://www.scmp.com/business/article/3275372/hong-kong-urban-renewal-authoritys-us154-billion-bond-issue-gets-strong-response
Hong Kong Jockey Club can decide prime site’s use, authorities say, after flats plan sparks concern
https://www.scmp.com/news/hong-kong/health-environment/article/3275387/hong-kong-jockey-club-can-decide-prime-sites-use-authorities-say-after-flats-plan-sparks-concern
Henderson Land earnings cut in half amid downbeat Hong Kong property, retail markets
https://www.scmp.com/business/article/3275367/henderson-land-earnings-cut-half-amid-downbeat-hong-kong-property-retail-markets
Bank Indonesia keeps rates steady as expected
https://www.businesstimes.com.sg/international/asean/bank-indonesia-keeps-rates-steady-expected
BOJ to raise rates again by end-year, say 57% of economists
https://www.channelnewsasia.com/business/boj-raise-rates-again-end-year-say-57-economists-reuters-poll-4558241
Japan sees record visitors for second straight month on weak yen
https://www.businesstimes.com.sg/international/japan-sees-record-visitors-second-straight-month-weak-yen
Singapore, Malaysia Want to Build Their Own Shenzhen-Style Mega-Hub
https://www.bloomberg.com/news/features/2024-08-21/singapore-malaysia-want-to-build-a-shenzhen-style-special-economic-zone
South Korea’s central bank keeps rates unchanged, as expected
https://www.channelnewsasia.com/business/south-koreas-central-bank-keeps-rates-unchanged-expected-4560366
Bank of Korea expected to extend hold on property concerns
https://www.businesstimes.com.sg/property/bank-korea-expected-extend-hold-property-concerns
Thai central bank holds key rate as it waits for stimulus clarity
https://www.channelnewsasia.com/business/thai-central-bank-holds-key-rate-it-waits-stimulus-clarity-4558646
Thailand reports suspected case of new mpox strain
https://www.businesstimes.com.sg/international/thailand-reports-suspected-case-new-mpox-strain
https://www.channelnewsasia.com/asia/thailand-suspected-mpox-case-infection-hospital-africa-traveller-4558356
KKR, Hulic bid US$2 billion for GIC’s central Tokyo skyscraper
https://www.businesstimes.com.sg/international/global/kkr-hulic-bid-us2-billion-gics-central-tokyo-skyscraper
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