Singapore Economy
Economists expect Singapore inflation to keep slowing in 2023 as July headline, core figures dip
Economists agree that the pace of inflation will continue to slow this year, after Singapore’s headline and core inflation fell in July to their lowest since H1 2022, going by data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) on Wednesday (Aug 23).
https://www.businesstimes.com.sg/singapore/economists-expect-singapore-inflation-keep-slowing-2023-july-headline-core-figures-dip
https://www.straitstimes.com/business/singapore-core-inflation-eases-for-third-straight-month-to-38-in-july
https://www.todayonline.com/singapore/singapores-core-inflation-eases-38-july-lowest-more-year-2239181
https://www.channelnewsasia.com/singapore/core-inflation-eases-july-lowest-level-more-year-3718006
https://www.theedgesingapore.com/news/singapore-economy/headline-inflation-falls-41-while-core-inflation-declines-38-y-o-y-basis-july
Support scheme for retrenched workers will be tied to training and career counselling: Tan See Leng
Much of the upcoming temporary financial support for retrenched workers will be tied to training and career counselling and guidance, said Manpower Minister Tan See Leng on Wednesday. Hinting at the criteria in an interview with The Straits Times, Dr Tan said that more details of this new scheme will be revealed after the Forward Singapore public consultation wraps up in 2023.
https://www.straitstimes.com/singapore/jobs/support-scheme-for-retrenched-workers-will-be-tied-to-training-and-career-counselling-tan-see-leng
Companies’ Brief
ESR-LOGOS completes divestment of three non-core assets for $182.9 mil
The manager of ESR-LOGOS REIT (E-LOG) has completed the divestment of three of the REIT’s non-core assets for a total of $182.9 million. E-LOG had previously announced its intention to divest seven of its non-core assets for approximately $337.0 million on June 23.
https://www.theedgesingapore.com/news/reits/esr-logos-completes-divestment-three-non-core-assets-1829-mil
PropNex appoints Kelvin Fong as deputy CEO
PropNex on Wednesday (Aug 23) appointed Kelvin Fong as its new deputy chief executive officer. He is also executive director and a board member of the company. Eddie Lim, senior vice-president, was also promoted to chief agency officer, a newly created role.
https://www.businesstimes.com.sg/companies-markets/propnex-appoints-kelvin-fong-deputy-ceo
https://www.straitstimes.com/business/propnex-makes-management-changes-including-naming-deputy-ceo-as-part-of-remake-for-future-growth
https://www.theedgesingapore.com/news/new-appointments/propnex-announces-enhanced-management-structur-reinforce-market-relevance
Quarz: Preparatory work for Sabana Reit’s internal manager should take no more than 3 to 4 months
Activist investor Quarz Capital has declared that the trustee of Sabana Industrial Real Estate Investment Trust (Sabana Reit) should take no more than three to four months to do the preparatory work required to set up a new internal Reit manager.
https://www.businesstimes.com.sg/companies-markets/quarz-preparatory-work-sabana-reits-internal-manager-should-take-no-more-3-4
Global Economy & Real Estate
US economy near stalling point as consumer demand weakens, survey says
https://www.businesstimes.com.sg/international/us-economy-near-stalling-point-consumer-demand-weakens-survey-says
Landlords with US$1.2 trillion of debt face rising default risks
https://www.businesstimes.com.sg/property/landlords-us12-trillion-debt-face-rising-default-risks
https://www.straitstimes.com/business/landlords-with-16-trillion-of-us-commercial-real-estate-debt-face-rising-default-risks
US new home sales jump in July, prices fall on annual basis
https://www.businesstimes.com.sg/property/us-new-home-sales-jump-july-prices-fall-annual-basis
US 30-year mortgage rate soars to highest since 2000
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-soars-highest-2000
Canada June retail rise a notch on autos but trend is weak
https://www.businesstimes.com.sg/international/canada-june-retail-rise-notch-autos-trend-weak
‘Houses are for living, not for speculation’: China state media
https://www.businesstimes.com.sg/international/global/houses-are-living-not-speculation-china-state-media
https://www.channelnewsasia.com/business/china-should-stick-houses-are-living-not-speculation-state-media-3717996
Pace of regional tourism growth may slow in H2, but China’s contribution to keep increasing
https://www.businesstimes.com.sg/international/asean/pace-regional-tourism-growth-may-slow-h2-chinas-contribution-keep-increasing
Eurozone services slide deepens economic gloom, PMI shows
https://www.businesstimes.com.sg/international/eurozone-services-slide-deepens-economic-gloom-pmi-shows
German business activity suffers steepest decline since May 2020-flash PMI
https://www.businesstimes.com.sg/international/german-business-activity-suffers-steepest-decline-may-2020-flash-pmiv
Hong Kong sees worst sales of newly completed homes since 2019
https://www.businesstimes.com.sg/property/hong-kong-sees-worst-sales-newly-completed-homes-2019
Hong Kong Housing Society asked to take over project for 1,940 starter homes after another public land tender fails
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3232090/hong-kong-housing-society-asked-take-over-project-1940-starter-homes-after-another-public-land
Hong Kong’s Paul Chan brushes aside concerns of public funding drain by Lantau Tomorrow, Northern Metropolis megaprojects
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3232065/hong-kongs-paul-chan-brushes-aside-concerns-over-fiscal-viability-lantau-tomorrow-northern
Hong Kong developer Kerry ‘confident in China’s prospects’ as it starts work on landmark Shanghai project
https://www.scmp.com/business/china-business/article/3232076/hong-kong-developer-kerry-confident-chinas-prospects-it-starts-work-landmark-shanghai-project
Property developer K Wah’s profit falls by more than half as Hong Kong’s higher interest rates sour market
https://www.scmp.com/business/article/3232061/property-developer-k-wahs-profit-falls-more-half-hong-kongs-higher-interest-rates-sour-market
Japan’s price trend gauges hit record, signal broadening inflation
https://www.businesstimes.com.sg/international/japans-price-trend-gauges-hit-record-signal-broadening-inflation
https://www.channelnewsasia.com/business/japans-price-trend-gauges-hit-record-signal-broadening-inflation-3718241
China group tours return to Japan but ‘explosive spending’ unlikely
https://www.businesstimes.com.sg/international/china-group-tours-return-japan-explosive-spending-unlikely
Japan expects big hit from Hong Kong ban on most of its seafood
https://www.businesstimes.com.sg/international/japan-expects-big-hit-hong-kong-ban-most-its-seafood
https://www.channelnewsasia.com/asia/fukushima-water-release-japan-expects-big-hit-hong-kong-ban-most-its-seafood-3718406
New Zealand retail sales slump poses downside risk for GDP
https://www.businesstimes.com.sg/international/new-zealand-retail-sales-slump-poses-downside-risk-gdp
Sweden’s recession seen lasting longer with households pressured
https://www.businesstimes.com.sg/international/swedens-recession-seen-lasting-longer-households-pressured
Factory slump puts UK economy on course to shrink in Q3: S&P Global
https://www.businesstimes.com.sg/international/factory-slump-puts-uk-economy-course-shrink-q3-sp-global
UK small businesses in peril with drop in sales, profit and cash
https://www.businesstimes.com.sg/international/uk-small-businesses-peril-drop-sales-profit-and-cash
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