Singapore News
Singapore to press on with large-scale applied AI push, cross-sector research: Heng Swee Keat
Singapore – Singapore will push on with applying artificial intelligence (AI) on a large scale in key sectors, as well as launch major research and development (R&D) programmes that cut across different fields in an effort to drive economic growth that creates good jobs.
Budget debate: Huge difference in FY2024 surplus projection prompts questions in Parliament
Singapore – The large deviation in surplus projections for fiscal year (FY) 2024 was raised several times in Parliament in the past two days in the Budget debate. MPs were heartened that Singapore’s national coffers have been boosted by better-than-expected revenue in FY2024 that meant a surplus of $6.4 billion – a reversal from an overall Budget deficit of $2.6 billion in FY2023.
Labour issues take centre stage on second day of Budget debate
Labour issues dominated the second day of the Budget debate on Thursday (Feb 27), from employers’ talent shortages to employees’ need for training. Of 26 Members of Parliament (MPs) who spoke, several highlighted labour shortages faced by companies.
https://www.businesstimes.com.sg/singapore/labour-issues-take-centre-stage-second-day-budget-debate
https://www.straitstimes.com/singapore/politics/4-key-issues-from-second-day-of-budget-debate
Budget debate: Higher EP quotas for SMEs, more non-traditional sources among MPs’ foreign labour ideas
Letting smaller businesses hire more Employment Pass (EP) holders and having work permit hires from more countries were among foreign labour-related suggestions from Members of Parliament (MPs) on Thursday (Feb 27).
Business News
Apac Realty’s H2 profit halves to S$3.1 million as new home sales drop
Real estate services player Apac Realty posted a 53.6 per cent fall in net profit to S$3.1 million for the six months ended Dec 31, 2024, hit by a fall in new home sales. The company’s revenue for the half-year dipped 0.6 per cent to S$295.9 million, on the back of a 30.5 per cent drop in revenue from new home sales to S$50 million.
Autodesk to cut 1,350 jobs as it targets higher profits
Autodesk is planning to cut about 1,350 employees as part of a broader focus on profitability following pressure from investors including activist Starboard Value. The reductions will amount to about 9 per cent of the workforce, the software company said on Feb 27 in a statement.
GuocoLand inks MOU to jointly develop UEM Sunrise’s land bank in Iskandar Puteri
GuocoLand will partner Malaysia’s UEM Sunrise to develop selected freehold land parcels in Iskandar Puteri, within the Johor-Singapore Special Economic Zone (JS-SEZ). This is under a memorandum of understanding (MOU) signed by the two property developers on Thursday (Feb 27), marking the first JS-SEZ MOU between Singaporean and Malaysian private-sector companies.
https://www.zaobao.com.sg/realtime/singapore/story20250227-5940193
Rajah & Tann appoints Ng Kim Beng as managing partner; Patrick Ang remains vice-chairman of group
Big Four law firm Rajah & Tann Singapore (R&T) on Thursday (Feb 27) announced that its managing partner, Patrick Ang, will step down from his post on Apr 1, after six years at the helm.
UOL H2 net profit falls 60% in absence of one-time gain
Property player UOL Group posted a 60 per cent fall in net profit to S$227.8 million for the six months ended Dec 31, 2024. This was mainly due to the absence of a one-time gain from the sale of Parkroyal on Kitchener Road in October 2023.
https://www.businesstimes.com.sg/companies-markets/uol-h2-net-profit-falls-60-absence-one-time-gain
Global Economy & Real Estate
Trump says Canada, Mexico tariffs to take effect, adds new China duty
Tariffs on China risk hurting US economy more than data suggests
US economic growth slows in fourth quarter
https://www.businesstimes.com.sg/international/us-economic-growth-slows-fourth-quarter
US cuts overseas development programme budgets by more than 90%: State Department
US initial jobless claims rise to highest level this year
https://www.businesstimes.com.sg/international/us-initial-jobless-claims-rise-highest-level-year
Mortgage rates in US slip to lowest since middle of December
https://www.businesstimes.com.sg/property/mortgage-rates-us-slip-lowest-middle-december
US new home sales tumble; median house price highest since 2022
https://www.businesstimes.com.sg/property/us-new-home-sales-tumble-median-house-price-highest-2022
US pending home sales fall to record low on weather, rates
https://www.businesstimes.com.sg/property/us-pending-home-sales-fall-record-low-weather-rates
Silicon Valley’s hot market fuels bidding wars on US$4 million fixer-uppers
Hedge funds bet on turnaround in unloved China property sector
https://www.businesstimes.com.sg/property/hedge-funds-bet-turnaround-unloved-china-property-sector
13 things you need to know about in Hong Kong’s 2025 budget
Hong Kong budget plans for real estate and finance sectors disappoint investors
Hong Kong to reduce dependence on land sales as major income source: Paul Chan
Editorial | Shorter wait for Hong Kong’s public flats is still far too long
https://www.scmp.com/opinion/article/3300446/shorter-wait-hong-kongs-public-flats-still-far-too-long
Hong Kong’s top developer shrugs off slump with 17% profit gain
https://www.businesstimes.com.sg/property/hong-kongs-top-developer-shrugs-slump-17-profit-gain
HSBC cutting staff numbers by 900 at China Pinnacle unit: sources
BOJ chief warns of strong global uncertainty due to US tariffs
Japan January factory output falls 1.1% month-on-month
https://www.channelnewsasia.com/business/japan-january-factory-output-falls-11-month-month-4966256
Japanese manufacturing sector union members demand record pay hike in 2025
Tokyo inflation slows more than expected on subsidy impact
https://www.businesstimes.com.sg/international/tokyo-inflation-slows-more-expected-subsidy-impact
South Korea to tighten household borrowing rules from second half
Thai tycoon’s property unit plans to double assets to 300 billion baht
Thailand’s scam centre crackdown not enough, top lawmaker warns
UK in ‘open dialogue’ on rich foreigner taxes, minister says
https://www.businesstimes.com.sg/international/uk-open-dialogue-rich-foreigner-taxes-minister-says
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