DAILY NEWS

Daily News – 22 Dec 2022 (Thu)

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