Singapore Economy
Construction firms grapple with workers’ housing as dorm rental rates soar
Singapore: Soaring rental rates at dormitories have forced some construction firms to find alternative housing for their workers. Some larger contractors said they are addressing the lodging shortage with Construction Temporary Quarters (CTQs) – worker housing located within a construction site or parts of buildings still under construction.
https://www.channelnewsasia.com/singapore/construction-foreign-workers-dormitories-rental-soar-alternative-housing-ctq-3788066
Singapore banks step up checks on China clients with ‘investment-linked’ passports
Singapore banks are increasing scrutiny of some China clients with other citizenships, following last month’s crackdown on money laundering involving more than S$2.4 billion worth of assets that has rattled the Asian financial hub.
https://www.businesstimes.com.sg/singapore/singapore-banks-step-checks-china-clients-investment-linked-passports
https://www.theedgesingapore.com/news/singapore/singapore-banks-tighten-scrutiny-chinese-other-passports
https://www.scmp.com/news/asia/southeast-asia/article/3235273/singapore-banks-tighten-checks-china-born-clients-other-citizenships-amid-money-laundering-probe
Minimum 4% interest rates extended for some CPF accounts to end-2024
The Singapore government has extended the 4 per cent interest rate floor for all Special, MediSave and Retirement Account monies for another year from Jan 1, 2024, to Dec 31, 2024.
https://www.businesstimes.com.sg/singapore/minimum-4-interest-rates-extended-some-cpf-accounts-end-2024
https://www.straitstimes.com/singapore/interest-rate-for-cpf-medisave-and-special-accounts-up-slightly-in-final-quarter
https://www.channelnewsasia.com/singapore/cpf-special-medisave-account-interest-rate-rises-q4-2023-3787731
Global Economy & Real Estate
Global central banks unite in ‘higher for longer’ credo
https://www.businesstimes.com.sg/international/global/global-central-banks-unite-higher-longer-credo
US soft landing is unlikely, former Federal Reserve officials Kohn, Warsh say
https://www.businesstimes.com.sg/international/us-soft-landing-unlikely-former-federal-reserve-officials-kohn-warsh-say
US existing home sales fall in August; house prices rise
https://www.businesstimes.com.sg/property/us-existing-home-sales-fall-august-house-prices-rise
Australia confirms budget surplus in 2023, first in 15 years
https://www.businesstimes.com.sg/international/australia-confirms-budget-surplus-2023-first-15-years
Economists aren’t buying Australia’s ambitious housing plans
https://www.businesstimes.com.sg/international/global/economists-arent-buying-australias-ambitious-housing-plans
Canada’s losing productivity streak adds to inflation problem
https://www.businesstimes.com.sg/international/canadas-losing-productivity-streak-adds-inflation-problem
Moody’s revises outlook on four Chinese real estate firms to ‘negative’
https://www.businesstimes.com.sg/property/moodys-revises-outlook-four-chinese-real-estate-firms-negative
China tests new property model in Xi’s flagship city amid crisis
https://www.businesstimes.com.sg/property/china-tests-new-property-model-xis-flagship-city-amid-crisis
https://www.channelnewsasia.com/business/xis-flagship-china-city-xiongan-sell-homes-after-construction-3788541
Guangzhou relaxes home purchase restrictions, Beijing, Shanghai, Shenzhen may follow as China steps up property easing
https://www.scmp.com/business/china-business/article/3235284/guangzhou-relaxes-home-purchase-restrictions-beijing-shanghai-shenzhen-may-follow-china-steps
Bank of England halts run of interest rate hikes as economy slows
https://www.businesstimes.com.sg/international/bank-england-halts-run-interest-rate-hikes-economy-slows
https://www.straitstimes.com/business/economy/bank-of-england-halts-run-of-interest-rate-hikes-as-economy-slows
ECB policymakers warn about stubborn inflation
https://www.businesstimes.com.sg/international/ecb-policymakers-warn-about-stubborn-inflation
Eurozone consumer confidence falls to -17.8 in September
https://www.businesstimes.com.sg/international/eurozone-consumer-confidence-falls-178-september
Hong Kong central bank leaves interest rate unchanged, tracking Fed move
https://www.businesstimes.com.sg/companies-markets/banking-finance/hong-kong-central-bank-leaves-interest-rate-unchanged-tracking
Hong Kong drops to 16th place in global talent ranking, lagging behind regional rival Singapore
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3235311/hong-kong-drops-16th-place-global-talent-ranking-lagging-behind-regional-rival-singapore
A Hong Kong property billionaire with a big family dilemma
https://www.businesstimes.com.sg/property/hong-kong-property-billionaire-big-family-dilemma
UBS cuts nearly 70% Credit Suisse researchers in Hong Kong: Sources
https://www.channelnewsasia.com/business/ubs-cuts-nearly-70-credit-suisse-researchers-hong-kong-sources-3788436
https://www.businesstimes.com.sg/companies-markets/banking-finance/ubs-cuts-nearly-70-credit-suisse-researchers-hong-kong-sources
https://www.straitstimes.com/business/banking/ubs-cuts-nearly-70-of-credit-suisse-researchers-in-hong-kong
Japan’s Aug inflation stays above BOJ target for 17th month
https://www.businesstimes.com.sg/international/global/japans-aug-inflation-stays-above-boj-target-17th-month
Russia imposes temporary restrictions on fuel exports
https://www.businesstimes.com.sg/international/russia-imposes-temporary-restrictions-fuel-exports
Swiss central bank surprises with rate pause as tightening tames inflation
https://www.businesstimes.com.sg/international/swiss-central-bank-surprises-rate-pause-tightening-tames-inflation
Taiwan cuts GDP outlook on weak global demand, keeps rates unchanged
https://www.businesstimes.com.sg/international/taiwan-cuts-gdp-outlook-weak-global-demand-keeps-rates-unchanged
https://www.channelnewsasia.com/business/taiwan-cuts-gdp-outlook-weak-global-demand-keeps-policy-rate-unchanged-3788466
UK might solve its housing shortage by 2100
https://www.businesstimes.com.sg/property/uk-might-solve-its-housing-shortage-2100
Google recruiting propels Zurich home prices past London, Paris
https://www.businesstimes.com.sg/property/google-recruiting-propels-zurich-home-prices-past-london-paris
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