Singapore Economy/News
MPs raise concerns over business costs, effective training on first day of Budget debate
Business costs and effective training were among the economic concerns on the first day of the Budget debate, alongside social issues such as support for seniors and caregivers. Of the 28 Members of Parliament (MPs) who spoke on Wednesday (Feb 26), several noted the challenging business environment, with rising rents and manpower costs.
https://www.straitstimes.com/singapore/politics/6-key-issues-from-first-day-of-budget-debate
https://www.zaobao.com.sg/news/singapore/story20250227-5936410
https://www.channelnewsasia.com/singapore/budget-2025-debate-gst-families-caregivers-seniors-4962001
Singapore’s factory output rises 9.1% in January, in line with forecasts
Singapore’s manufacturing output grew 9.1 per cent year on year (yoy) in January, marking the seventh consecutive month of expansion, data from the Economic Development Board (EDB) on Wednesday (Feb 26) indicated.
https://www.straitstimes.com/business/singapore-factory-output-grows-9-1-in-january
Money laundering case: Cars, properties, club memberships worth S$2.79 billion turned in by end-2024
Some S$2.79 billion worth of assets linked to the S$3 billion money laundering case has been surrendered to the state as at December 2024, Minister for Law and Home Affairs K Shanmugam disclosed on Wednesday (Feb 26).
https://www.zaobao.com.sg/news/singapore/story20250226-5935835
Business News
CapitaLand Investment back in the black with S$148 million H2 profit
Real estate group CapitaLand Investment swung to a net profit of S$148 million for its second half ended December, from a net loss of S$170 million in the previous corresponding period. This translates to an earnings per share (EPS) of S$0.03, compared with a loss per share of S$0.033 in H2 of financial year 2023.
Two new CDL directors will not exercise any powers until further notice from court: Kwek Leng Beng
The two new directors appointed by CDL’s board have undertaken not to exercise any powers as directors until further notice, said CDL executive chairman Kwek Leng Beng in a surprise statement late on Wednesday night (Feb 26).
Centurion H2 net profit almost doubles to S$226.6 million
Specialised accommodation-assets operator Centurion Corporation reported a net profit of S$226.6 million for the six months ended Dec 31, 2024, a 97 per cent jump from S$114.8 million in the year-ago period.
Frasers Property and partners acquire residential site in Shanghai for 815.2 million yuan
Frasers Property together with two Chinese developers, has acquired a prime residential site in Shanghai for 815.2 million yuan (S$151.9 million). The joint venture is looking to develop the new site into a mix of 189 low-rise apartments, townhouses and duplex units, it said on Wednesday (Feb 26).
Hong Leong Asia H2 net profit rises 12.2% to S$38.2 million
Hong Leong Asia reported a net profit of S$38.2 million for its second half ended Dec 31, 12.2 per cent higher than the S$34.1 million recorded in the year-ago period. Revenue stood at S$1.998 billion for the group, which manufactures and sells powertrain solutions and building materials, down 0.4 per cent from S$2 billion the year before.
Global Economy & Real Estate
US Federal Reserve will ‘adapt’ to any policy changes: Goolsbee
US House passes budget blueprint geared to deliver Trump’s agenda
Trump sows confusion on tariffs for Canada and Mexico, floats 25% duty on EU goods
Tariffs on China risk hurting US economy more than data suggest
Trump tariffs on North America hint at first stirrings of what’s to hit South-east Asia
Google cuts employees in cloud division
https://www.straitstimes.com/business/companies-markets/google-cuts-employees-in-cloud-division
Australia January consumer prices dip in the month as housing inflation slows
Australia’s Q4 business investment dips 0.2%, misses forecasts
China needs 20 trillion yuan local debt solution: top economist
EU vows swift, firm response after Trump says tariffs coming on EU imports
Hong Kong expects modest growth in 2025 as Paul Chan looks to fight deficit
https://www.channelnewsasia.com/business/hong-kong-expects-gdp-growth-2-3-2025-4960621
Hong Kong to reduce property tax for low-end home transactions
https://www.businesstimes.com.sg/property/hong-kong-reduce-property-tax-low-end-home-transactions
‘Mild’ Hong Kong budget fails to deliver amid structural deficit fears: analysts
Hong Kong’s land sale halt is ‘too little too late’ to ease office oversupply
Hong Kong office landlords in ‘defensive’ mode amid supply glut, relocation trend
Hong Kong developer Sino Land reports 30% earnings drop, points to full pipeline
Bank Indonesia to provide funding for state housing project
https://www.businesstimes.com.sg/international/bank-indonesia-provide-funding-state-housing-project
Malaysia offers zero tax for family offices in US$100 billion Forest City development
JB-S’pore RTS Link systems 50% complete; tracks from Malaysia to Woodlands to be done by July
https://www.zaobao.com.sg/news/singapore/story20250226-5936103
Saudi housing market pressured by high prices, Knight Frank says
Thai central bank cuts key policy rate amid slow growth, trade policy risks
UK services firms report falling profits, higher costs: CBI
Vietnam central bank tells lenders to hold deposit rates, lower loan rates
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