Singapore Economy
Upcoming GST hike is just part of wider inflation woes: businesses
The upcoming goods and services tax (GST) hike will have a limited stand-alone impact, as it is merely part of wider cost pressures that businesses have been facing, companies told The Business Times.
https://www.businesstimes.com.sg/singapore/smes/upcoming-gst-hike-just-part-wider-inflation-woes-businesses
Singapore businesses shouldn’t underestimate impact of new global minimum tax rules
As the new global minimum tax rules under the Base Erosion and Profit Shifting (BEPS) 2.0 framework look set to be introduced from 2024, many countries have been hard at work reconsidering legislative changes and broader incentives to keep their jurisdictions attractive for multinational enterprises (MNEs).
https://www.businesstimes.com.sg/opinion-features/singapore-businesses-shouldnt-underestimate-impact-new-global-minimum-tax-rules
Singapore, Jiangsu to work more closely in green development, innovation
Singapore and China’s Jiangsu province will work more closely in areas such as green development and innovation, leaders from both sides said at the 16th Singapore-Jiangsu Cooperation Council (SJCC) meeting on Wednesday (Dec 21), at which 16 memoranda of understanding (MOUs) were signed.
https://www.businesstimes.com.sg/international/singapore-jiangsu-work-more-closely-green-development-innovation
https://www.straitstimes.com/business/singapore-and-jiangsu-to-continue-partnering-for-green-development-and-innovation
Structural and policy cushions mean Asean can still outperform rest of the world
South-East Asia is set to extend its economic recovery into 2023, with growth outpacing the rest of the world, even as rising inflation and geopolitical risks eat into gross domestic product (GDP) forecasts
https://www.businesstimes.com.sg/international/asean/structural-and-policy-cushions-mean-asean-can-still-outperform-rest-world
COMPANIES’ BRIEF
Ho Bee Land flags ‘significant decrease’ in six-month, full-year net profit
Real estate developer Ho Bee Land : H13 0% is expecting to record a “significant decrease” in its net profit for the six months and full year ending Dec 31 as compared to last year. According to a profit guidance on Wednesday (Dec 21), the group’s year-on-year revenue and operating profit have gone up on higher sales of development properties in Singapore and Australia, as well as higher rental income from investment properties in Singapore and London.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-flags-significant-decrease-six-month-full-year-net-profit
Keppel Land to acquire first senior living facility in Nanjing, China
Keppel Land is acquiring a 19,846 square metre senior living facility in Nanjing, China from Hong Kong-based real estate company China Overseas Land & Investment Limited, the company’s first foray into the Chinese senior living market.
https://www.businesstimes.com.sg/companies-markets/keppel-land-acquire-first-senior-living-facility-nanjing-china
Pioneers of buildings of the future
Lendlease Reit is the first Singapore real estate investment trust to obtain net-zero status. JEM is a safe haven for passers-by who want to get away from the scorching Singapore heat. What is unknown is that the mall maintains a consistent temperature of 24 deg Celsius via an energy-saving multi-tier chilled water plant system.
https://www.businesstimes.com.sg/esg/pioneers-buildings-future
Tough year for S’pore IPO market with 11 listings, 32 delistings so far, and more challenges ahead
Singapore – It’s been a tough year for firms hoping to list in Singapore, but candidates with sustainable bottom lines could still win investors over, said experts. They also note that the poor economic outlook amid rising interest rates and high inflation will continue to hit initial public offering (IPO) activity, which has been more than evident over the past 12 months.
https://www.straitstimes.com/business/challenges-lie-ahead-for-ipo-market-in-2023
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Global economy faces challenging 2023
https://www.businesstimes.com.sg/opinion-features/global-economy-faces-challenging-2023
US consumer confidence jumps to highest level in eight months
https://www.businesstimes.com.sg/international/us-consumer-confidence-jumps-highest-level-eight-months
US existing home sales fall for 10th straight month in November
https://www.businesstimes.com.sg/property/us-existing-home-sales-fall-10th-straight-month-november
Higher mortgage rates depress US single-family housing starts, building permits
https://www.businesstimes.com.sg/property/higher-mortgage-rates-depress-us-single-family-housing-starts-building-permits
UK house prices set to drop 10% or more in 2023, economists say
https://www.businesstimes.com.sg/property/uk-house-prices-set-drop-10-or-more-2023-economists-say
Brexit left the UK economy 5.5% smaller, report says
https://www.businesstimes.com.sg/international/brexit-left-uk-economy-55-smaller-report-says
UK business confidence makes strongest rebound since April 2021
https://www.businesstimes.com.sg/international/uk-business-confidence-makes-strongest-rebound-april-2021
UK retail sales pick up unexpectedly in December: CBI
https://www.businesstimes.com.sg/international/uk-retail-sales-pick-unexpectedly-december-cbi
Sweden’s housing market seeks bottom as price drop continues
https://www.businesstimes.com.sg/property/swedens-housing-market-seeks-bottom-price-drop-continues
German employment outlook for Q1 2023 is positive: Ifo
https://www.businesstimes.com.sg/international/german-employment-outlook-q1-2023-positive-ifo
China small business confidence still falling despite reopening
https://www.businesstimes.com.sg/international/china-small-business-confidence-still-falling-despite-reopening
China to correct past ‘mistaken’ housing policies: top economist
https://www.businesstimes.com.sg/property/china-correct-past-mistaken-housing-policies-top-economist
China developers’ recovery after US$74b rout faces Covid turmoil
https://www.businesstimes.com.sg/property/china-developers-recovery-after-us74b-rout-faces-covid-turmoil
Chinese cities, factories tell people with mild Covid to go back to work
https://www.businesstimes.com.sg/international/chinese-cities-factories-tell-people-mild-covid-go-back-work
https://www.straitstimes.com/asia/east-asia/chinese-cities-factories-tell-people-with-covid-19-to-go-back-to-work
Hong Kong records highest quarterly net outflows in a year
https://www.businesstimes.com.sg/companies-markets/hong-kong-records-highest-quarterly-net-outflows-year
https://www.straitstimes.com/business/hong-kong-records-highest-quarterly-net-outflows-in-a-year
Hong Kong’s tiniest apartments take biggest hit in housing slump
https://www.businesstimes.com.sg/property/hong-kongs-tiniest-apartments-take-biggest-hit-housing-slump
Japan homebuyers to get clue on higher mortgages after BOJ jolt
https://www.businesstimes.com.sg/property/japan-homebuyers-get-clue-higher-mortgages-after-boj-jolt
Japan govt revises up fiscal 2023 growth forecast on higher capex, wages
https://www.channelnewsasia.com/business/japan-govt-revises-fiscal-2023-growth-forecast-higher-capex-wages-3161736
https://www.businesstimes.com.sg/international/japan-government-revises-fiscal-2023-growth-forecast-higher-capex-wages
South Korea November producer inflation falls to 19-month low
https://www.businesstimes.com.sg/international/south-korea-november-producer-inflation-falls-19-month-low