SINGAPORE REAL ESTATE
Land betterment charge rates raised on average by 12.9% for non-landed residential use; 10.2% for landed residential use
The government has announced significant hikes in land betterment charge (LBC) rates for non-landed residential, landed residential, commercial and industrial use groups from the previous rates, reflecting the generally robust performance of the local property market in the past 6-7 months.
https://www.businesstimes.com.sg/government-economy/land-betterment-charge-rates-raised-on-average-by-129-for-non-landed-residential
As the US Fed flags more aggressive interest rate hikes, could S’pore mortgage rates hit 20-year highs?
Singapore — Investors and financial markets were spooked overnight when the United States Federal Reserve (US Fed) not only aggressively hiked interest rates again, but flagged more hikes this year and even next, a prospect that economists in Singapore said could drive mortgage rates here to levels not seen in about 20 years.
https://www.todayonline.com/singapore/explainer-us-fed-interest-rate-hikes-mortgage-rates-singapore-2000511
Safety time-out period to address spate of workplace fatalities extended to end of Sept: MOM
Singapore — As part of moves to address the recent spate of workplace fatalities, the Ministry of Manpower (MOM) will give companies in high-risk sectors 15 more days to review their safety procedures, after receiving feedback from the firms that they need more time to do so.
https://www.todayonline.com/singapore/safety-time-out-period-address-spate-workplace-fatalities-extended-end-sept-mom-1998686
SINGAPORE ECONOMY
Multilateral order is ‘best bet’ for small states, which cannot survive if ‘might is right’: PM Lee
Singapore — While the global multilateral order is imperfect, it is vital for small states’ security and survival and is “by far (their) best bet”, Prime Minister Lee Hsien Loong said.
https://www.todayonline.com/singapore/multilateral-order-small-states-survival-pm-lee-2000556
https://www.channelnewsasia.com/singapore/international-order-imperfect-best-bet-small-states-lee-hsien-loong-2959621
A global backlash is brewing against the Fed
Surge in US borrowing costs is having spillover effects for the rest of the world.
https://www.straitstimes.com/opinion/a-global-backlash-is-brewing-against-the-fed
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Central bank rate hikes are far from over despite mounting risks of recession
https://www.straitstimes.com/business/economy/central-bank-rate-hikes-are-far-from-over
A global backlash is brewing against the Fed
https://www.straitstimes.com/opinion/a-global-backlash-is-brewing-against-the-fed
US jobless claims rise slightly, still near lowest since May
https://www.businesstimes.com.sg/government-economy/us-jobless-claims-rise-slightly-still-near-lowest-since-may
UK consumer mood sinks to new depths despite energy bills help
https://www.businesstimes.com.sg/government-economy/uk-consumer-mood-sinks-to-new-depths-despite-energy-bills-help
UK to reverse payroll tax increase from Nov 6
https://www.businesstimes.com.sg/government-economy/uk-to-reverse-payroll-tax-increase-from-nov-6
New Zealand’s inflation data gap leaves RBNZ alone among peers
https://www.businesstimes.com.sg/government-economy/new-zealands-inflation-data-gap-leaves-rbnz-alone-among-peers
Goldman slashes China’s 2023 growth forecast with Covid-zero strategy likely to stay
https://www.straitstimes.com/business/economy/goldman-slashes-chinas-2023-growth-forecast-as-covid-zero-stays
‘Very high chance’ Hong Kong will end year in recession, warns finance chief
https://www.straitstimes.com/business/economy/very-high-chance-hong-kong-will-end-year-in-recession-finance-chief-warns
Japan PM Kishida says ready to act again to support yen
https://www.businesstimes.com.sg/government-economy/japan-pm-kishida-says-ready-to-act-again-to-support-yen
Bank of Japan keeps ultra-low rates, dovish policy bias
https://www.businesstimes.com.sg/government-economy/bank-of-japan-keeps-ultra-low-rates-dovish-policy-bias