Singapore Economy
Singapore’s October factory output rebounds with 7.4% growth after 12-month slump
Singapore’s factory output in October surpassed market expectations with a 7.4 per cent year-on-year rebound after a year-long slump, data from the Singapore Economic Development Board (EDB) showed on Friday (Nov 24).
https://www.businesstimes.com.sg/singapore/singapores-october-factory-output-rebounds-74-growth-after-12-month-slump
https://www.straitstimes.com/business/singapore-factory-output-snaps-year-long-slump-with-74-rise-in-october
FairPrice Group to absorb GST hike for some products in first six months of 2024
Singapore – Supermarket chain FairPrice will absorb the upcoming one percentage point increase in GST for some daily essentials for the first half of 2024, in what the company said was an effort to cushion the tax hike’s impact for consumers.
https://www.straitstimes.com/singapore/fairprice-group-to-absorb-gst-hike-for-some-products-in-first-six-months-of-2024
Companies’ Brief
KPMG Singapore’s new managing partner says ESG is next big growth opportunity
KPMG in Singapore is banking on environmental, social, and corporate governance (ESG) services to drive growth, as businesses in the Republic face an urgent imperative to adopt sustainable practices.
https://www.businesstimes.com.sg/companies-markets/kpmg-singapores-new-managing-partner-says-esg-next-big-growth-opportunity
LHN H2 net profit up 55.9% to S$21.3 million; S$0.02 dividend declared for FY
LHN Group posted a 55.9 per cent rise in net profit to S$21.3 million for its second half ended Sep 30, 2023, from S$13.6 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/lhn-h2-net-profit-559-s213-million-s002-dividend-declared-fy
https://www.theedgesingapore.com/capital/results/lhn-earnings-down-166-382-mil-fy2023-despite-revenue-growth
Views, Reviews Forum and Others
Rise in workplace injuries in bus and rail operations; many preventable, says Amy Khor
Singapore – There were 69 cases of workplace injuries in bus and rail operations in the first nine months of 2023, up 15 per cent from 60 such cases in the same period last year.
https://www.straitstimes.com/singapore/transport/rise-in-workplace-injuries-in-bus-and-rail-operations-many-preventable-says-amy-khor
NParks contractor ordered to stop work after crane lifted heavy load over traffic
Singapore – A contractor in a National Parks Board (NParks) project in Tampines has been ordered to stop further lifting works after photos of a crane carrying a heavy load over traffic were shared on social media.
https://www.straitstimes.com/singapore/nparks-contractor-ordered-to-stop-work-after-crane-lifted-heavy-load-over-traffic
Condo owner’s complaint over noise from water pump dismissed by tribunal board
Singapore – A condominium resident who complained about the noise from a pump that operates a water feature in the Seletar estate has failed in a legal bid to have the pump system turned off.
https://www.straitstimes.com/singapore/condo-owner-s-complaint-over-noise-from-water-pump-dismissed-by-tribunal-board
Global Economy & Real Estate
US, Britain, other countries ink agreement to make AI ‘secure by design’
https://www.channelnewsasia.com/business/us-britain-other-countries-ink-agreement-make-ai-secure-design-3947416
US business activity steady in November: S&P Global survey
https://www.businesstimes.com.sg/international/us-business-activity-steady-november-sp-global-survey
https://www.straitstimes.com/business/economy/us-business-activity-steady-in-november-sp-global-survey
US economic uncertainty means bigger ‘Black Friday’ discounts
https://www.businesstimes.com.sg/international/us-economic-uncertainty-means-bigger-black-friday-discounts
Australia to introduce legislation to overhaul central bank
https://www.businesstimes.com.sg/companies-markets/banking-finance/australia-introduce-legislation-overhaul-central-bank
https://www.straitstimes.com/business/economy/australia-to-introduce-legislation-to-overhaul-central-bank
https://www.channelnewsasia.com/business/australia-introduce-bill-giving-central-bank-experts-more-sway-3946611
Falling house prices could worsen mortgage crunch for Britons
https://www.businesstimes.com.sg/property/falling-house-prices-could-worsen-mortgage-crunch-britons
China’s property market meltdown: The picture so far
https://www.businesstimes.com.sg/international/global/chinas-property-market-meltdown-picture-so-far
Xi tolerance for property pain nears limit as rescue emerges
https://www.businesstimes.com.sg/property/xi-tolerance-property-pain-nears-limit-rescue-emerges
JPMorgan says unsecured loans to China developers a ‘risky move’
https://www.businesstimes.com.sg/property/jpmorgan-says-unsecured-loans-china-developers-risky-move
https://www.scmp.com/business/china-business/article/3242722/jpmorgan-says-unsecured-loans-mainland-chinese-developers-risky-move
China opens probes of troubled shadow banking giant Zhongzhi
https://www.businesstimes.com.sg/companies-markets/china-opens-probes-troubled-shadow-banking-giant-zhongzhi
https://www.channelnewsasia.com/business/beijing-police-launch-investigation-troubled-wealth-manager-zhongzhi-3945706
https://www.scmp.com/business/companies/article/3242845/chinese-authorities-open-probe-troubled-shadow-bank-zhongzhi-detain-suspects
Link Reit committed to China as it dismisses rumours of asset sales with Guangzhou mall opening
https://www.scmp.com/business/china-business/article/3242859/link-reit-committed-china-it-dismisses-rumours-asset-sales-guangzhou-mall-opening
China offers visa-free entry for citizens of France, Germany, Italy
https://www.businesstimes.com.sg/international/global/china-offers-visa-free-entry-citizens-france-germany-italy
China says multiple pathogens behind spike in respiratory illnesses
https://www.businesstimes.com.sg/international/china-says-multiple-pathogens-behind-spike-respiratory-illnesses
https://www.channelnewsasia.com/asia/china-respiratory-disease-surge-children-beijing-pathogens-minimise-visits-movement-3946641
ECB probably won’t need to increase rates again, Muller says
https://www.businesstimes.com.sg/companies-markets/ecb-probably-wont-need-increase-rates-again-muller-says
Germany signals belt-tightening, but no tax rises in budget compromise
https://www.businesstimes.com.sg/international/germany-signals-belt-tightening-no-tax-rises-budget-compromise
German business sentiment improves in November: Ifo
https://www.businesstimes.com.sg/international/german-business-sentiment-improves-november-ifo
Hong Kong’s Paul Chan says exports likely to face significant hurdles in 2024, while perks of investment trawl may take time to appear
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3242851/hong-kongs-paul-chan-says-exports-likely-face-significant-hurdles-2024-while-perks-investment-trawl
Hong Kong’s stressed developers start to turn to private credit
https://www.straitstimes.com/business/property/hong-kong-s-stressed-developers-start-to-turn-to-private-credit
Commercial real estate risk is rising in Ireland, central bank warns
https://www.businesstimes.com.sg/property/commercial-real-estate-risk-rising-ireland-central-bank-warns
Japan’s US$88 billion extra budget clears lower house
https://www.businesstimes.com.sg/international/japans-us88-billion-extra-budget-clears-lower-house
Japan’s corporate service inflation accelerates in Oct – BOJ
https://www.channelnewsasia.com/business/japans-corporate-service-inflation-accelerates-oct-boj-3947406
Japan factory activity shrinks for 6th month on weak demand
https://www.straitstimes.com/business/japan-factory-activity-shrinks-for-6th-month-on-weak-demand-pmi
https://www.channelnewsasia.com/business/japans-factory-activity-shrinks-6th-month-weak-demand-pmi-3942981
Japan’s tallest skyscraper opens in Tokyo
https://www.businesstimes.com.sg/property/japans-tallest-skyscraper-opens-tokyo
Billionaires eye London rentals as rates, taxes dent buying mood
https://www.businesstimes.com.sg/property/billionaires-eye-london-rentals-rates-taxes-dent-buying-mood
Malaysia’s inflation moderates to 1.8% in October, the lowest in 30 months
https://www.businesstimes.com.sg/international/asean/malaysias-inflation-moderates-18-october-lowest-30-months
Commentary: Malaysia’s new budget and the long road to fiscal consolidation
https://www.channelnewsasia.com/commentary/malaysia-anwar-ibrahim-budget-reform-subsidies-first-year-3946476
Malaysia to allow visa-free entry to Chinese, Indian citizens
https://www.businesstimes.com.sg/international/malaysia-allow-visa-free-entry-chinese-indian-citizens
https://www.straitstimes.com/asia/se-asia/malaysia-to-allow-visa-free-entry-for-china-india-citizens-pm-anwar
UK’s hefty tax cuts mean next finance minister must face up to some hard truths
https://www.businesstimes.com.sg/international/uks-hefty-tax-cuts-mean-next-finance-minister-must-face-some-hard-truths
Sunak says ‘not focused’ on UK election, won’t discuss timing
https://www.businesstimes.com.sg/international/sunak-says-not-focused-uk-election-wont-discuss-timing
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