Singapore Economy
DPM Wong outlines plans to tackle inequality, mobility
Singapore – Deputy Prime Minister Lawrence Wong outlined a plan on Tuesday to deal with the twin challenges of inequality and mobility amid a more challenging environment. He pledged that the Government will work to advance the well-being of the broad middle, while uplifting the lower-income and sustaining social mobility, especially for the disadvantaged.
https://www.straitstimes.com/singapore/politics/dpm-wong-outlines-plans-to-tackle-inequality-mobility
https://www.businesstimes.com.sg/singapore/support-adult-education-ite-grads-among-upcoming-forward-singapore-proposal
-dpm-wong
https://www.todayonline.com/singapore/appropriately-sized-unemployment-support-among-ideas-skillsfuture-revamp-lawrence-wong-2267866
https://www.channelnewsasia.com/singapore/appropriately-sized-unemployment-support-among-ideas-skillsfuture-revamp-lawrence-wong-3799716
Economists cut Singapore growth forecast after factory output dives 12.1% in August
Singapore’s factory output fell a surprising 12.1 per cent year on year in August, contracting at a faster rate than in July, as the sector was dragged down by a plunge in electronics output. Excluding the biomedical sector, which is typically volatile, factory output slipped 13.3 per cent, data from the Singapore Economic Development Board showed on Tuesday (Sep 26).
https://www.businesstimes.com.sg/singapore/economists-cut-singapore-growth-forecast-after-factory-output-dives-121-august
https://www.straitstimes.com/business/singapore-factory-output-slumps-121-in-august-worse-than-expected
Companies’ Brief
CDL should consider splitting its business, listing a trust to realise shareholder value
There are several local companies that are over a hundred years old. Still, turning 60 marks a major milestone for any business. Given its rapid growth, City Developments Limited (CDL), which turned 60 recently, has plenty to celebrate.
https://www.businesstimes.com.sg/opinion-features/cdl-should-consider-splitting-its-business-listing-trust-realise-shareholder-value
Keppel Corp seeks name change to ‘Keppel’ to reflect new structure
Keppel Corp is seeking shareholders’ go-ahead to change its name to “Keppel Ltd” to better reflect its new brand identity as one company, rather than a conglomerate of diverse parts.
https://www.theedgesingapore.com/news/company-news/keppel-corp-seeks-name-change-keppel-reflect-new-structure
Keppel REIT manager appoints new CFO
The manager of Keppel REIT has appointed Sebastian Song as its new CFO effective Oct 30, succeeding Kang Leng Hui who is stepping down on Oct 27 to pursue other opportunities. Song joined Keppel REIT Management in 2015 and has been the financial controller of the manager since 2020.
https://www.theedgesingapore.com/news/new-appointments/keppel-reit-manager-appoints-new-cfo
Views, Reviews Forum and Others
Money laundering: Scammers set up companies and bank accounts in S’pore remotely during Covid-19
Singapore – Scammers were able to set up firms in Singapore and move their ill-gotten gains to bank accounts here by exploiting relaxed rules that allowed the registration processes to be conducted remotely during the Covid-19 pandemic.
https://www.straitstimes.com/singapore/courts-crime/money-laundering-scammers-set-up-companies-and-bank-accounts-in-s-pore-remotely-during-covid-19
https://www.businesstimes.com.sg/singapore/scammers-set-companies-and-bank-accounts-singapore-remotely-during-covid-19
Construction worker on cable-pulling works dies after accident in Pasir Ris
Singapore – A construction worker who was performing cable-pulling work in Pasir Ris died on Sunday after he was hit by a steel bar at the work site. The accident happened at about 2.15pm in Pasir Ris Industrial Drive 1, when a steel stand that was supporting a cable drum gave way, the Ministry of Manpower (MOM) said in response to queries.
https://www.straitstimes.com/singapore/construction-worker-on-cable-pulling-works-dies-after-accident-in-pasir-ris
Police say WWII bomb at Upper Bukit Timah work site ‘successfully disposed’ of; affected nearby roads reopen
Singapore — A World War II bomb that was unearthed last week was successfully disposed of on Tuesday (Sept 26) afternoon, the police said. Later, the police said affected roads in the area which had been closed for the blast had been reopened.
https://www.todayonline.com/singapore/ww2-bomb-disposed-police-roads-closed-2267021
https://www.straitstimes.com/singapore/saf-blows-up-100kg-wwii-bomb-at-upper-bukit-timah-second-detonation-to-follow
https://www.scmp.com/news/asia/southeast-asia/article/3235822/singapore-detonates-unexploded-wwii-era-bomb-found-construction-site
Global Economy & Real Estate
US new home sales tumble in August
https://www.businesstimes.com.sg/property/us-new-home-sales-tumble-august
Home prices in US hit record high, erasing recent decline
https://www.businesstimes.com.sg/property/home-prices-us-hit-record-high-erasing-recent-decline
World’s mega-rich betting on US renters to grow their billions
https://www.businesstimes.com.sg/property/worlds-mega-rich-betting-us-renters-grow-their-billions
US consumer confidence drops to a four-month low on outlook
https://www.businesstimes.com.sg/international/us-consumer-confidence-drops-four-month-low-outlook
China’s economy set to avoid Japanese-style deflation
https://www.businesstimes.com.sg/international/chinas-economy-set-avoid-japanese-style-deflation
China’s travel recovery picks up pace with Golden Week holiday
https://www.businesstimes.com.sg/international/global/chinas-travel-recovery-picks-pace-golden-week-holiday
https://www.theedgesingapore.com/news/tourism/singapore-among-top-destinations-china-gears-golden-week-holiday
Chinese tourists pull back as economic uncertainty grows, survey shows
https://www.straitstimes.com/business/chinese-tourists-pull-back-as-economic-uncertainty-grows-survey-shows
China property recovery up to a year away, ex-PBOC adviser says
https://www.businesstimes.com.sg/international/global/china-property-recovery-year-away-ex-pboc-adviser-says
https://www.straitstimes.com/business/china-property-recovery-up-to-a-year-away-ex-pboc-adviser-says
Chinese property developer Seazen to sell Changzhou Hengxuan for US$187 million
https://www.channelnewsasia.com/business/chinese-property-developer-seazen-sell-changzhou-hengxuan-us187-million-3800041
Teetering China property giants undercut Xi’s revival push
https://www.businesstimes.com.sg/property/teetering-china-property-giants-undercut-xis-revival-push
German economic institutes forecast 0.6% GDP contraction this year: sources
https://www.businesstimes.com.sg/international/german-economic-institutes-forecast-06-gdp-contraction-year-sources
Vietnam property woes deepen as major developer spars with creditors
https://www.businesstimes.com.sg/international/asean/vietnam-property-woes-deepen-major-developer-spars-creditors
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.