Singapore Economy
E-commerce may not work for all heartland enterprises – and that’s okay
After a Covid-era government push to get Singapore’s small businesses online, both official support and ground interest seem to have cooled for e-commerce. In the thick of the pandemic in 2020, the government launched the Heartlands Go Digital scheme to urge small and medium-sized enterprises (SMEs) to get online and accept digital payments.
https://www.businesstimes.com.sg/singapore/smes/e-commerce-may-not-work-all-heartland-enterprises-and-thats-okay
Why are Singapore consumers still spending despite rising inflation and higher costs of living?
Singapore – Inflation in Singapore, like in other major economies, has soared post-Covid-19, but the elevated cost of living has not put the brakes on consumer spending. Economists say that while consumption may be starting to retreat for some, overall spending momentum is still going strong.
https://www.straitstimes.com/business/why-are-singapore-consumers-still-spending-despite-rising-inflation-and-higher-costs-of-living
Companies’ Brief
Hongkong Land mulls ‘significant’ investment as share buyback pace moderates: DBS
Hongkong Land, which has spent some US$600 million share buybacks since Sept 2021, has moderated the pace of share repurchases this year. In its June 28 note, DBS says that Hongkong Land is evaluating “potential investment opportunities” including “one of which is significant in scale”.
https://www.theedgesingapore.com/capital/brokers-calls/hongkong-land-mulls-significant-investment-share-buyback-pace-moderates-dbs
Sabana Reit trustee signs S$100 million UOB facility that’s tied to any change in Reit manager
The trustee of Sabana Industrial Real Estate Investment Trust (Sabana Reit) has entered into a facility agreement with UOB for up to S$100 million in sustainability-linked term and revolving facilities.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-trustee-signs-s100-million-uob-facility-thats-tied-any-change-reit
Hong Kong tycoons race to cut debt with US$8.4 billion asset sales
Swire Pacific became the second notable Hong Kong company to announce plans to offload assets in as many days as part of efforts to reduce debt in the face of rising borrowing costs. The family-owned conglomerate announced late on Wednesday (Jun 28) it will sell its US beverages business to its controlling shareholder John Swire & Sons for US$3.9 billion.
https://www.businesstimes.com.sg/companies-markets/hong-kong-tycoons-race-cut-debt-us84-billion-asset-sales
https://www.straitstimes.com/business/hong-kong-tycoons-to-sell-billions-in-assets-to-cut-debt
https://www.channelnewsasia.com/business/hks-swire-pacific-sells-us-unit-controlling-shareholder-us39-billion-3592281
Global Economy & Real Estate
Biden says he thinks US economy will avoid potential recession
https://www.theedgesingapore.com/news/us-economy-2023/biden-says-he-thinks-us-economy-will-avoid-potential-recession
Powell signals Fed open to two straight hikes at coming meetings
https://www.businesstimes.com.sg/international/powell-signals-fed-open-two-straight-hikes-coming-meetings
Two or more hikes needed to cool inflation: Powell
https://www.businesstimes.com.sg/companies-markets/banking-finance/two-or-more-hikes-needed-cool-inflation-powell
https://www.straitstimes.com/business/economy/us-fed-chair-jerome-powell-leaves-door-open-to-two-straight-rate-hikes-ahead
https://www.channelnewsasia.com/business/united-states-federal-reserve-possibility-two-straight-interest-rate-hikes-months-ahead-3592891
https://www.theedgesingapore.com/news/global-economy/powell-says-likely-need-two-or-more-hikes-cool-inflation
Better supervision needed after bank failures: US Fed chair
https://www.businesstimes.com.sg/international/better-supervision-needed-after-bank-failures-us-fed-chair
US weekly jobless claims fall; first-quarter GDP revised higher
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-fall-first-quarter-gdp-revised-higher
https://www.straitstimes.com/business/us-first-quarter-gdp-revised-up-to-2-on-exports-consumers-jobless-claims-drop-by-most-since-2021
US pending home sales fall to five-month low in May
https://www.businesstimes.com.sg/property/us-pending-home-sales-fall-five-month-low-may
US mortgage applications for home purchases rise for third week
https://www.businesstimes.com.sg/property/us-mortgage-applications-home-purchases-rise-third-week
Invitation Homes nears a deal for 2,000 Starwood rentals
https://www.businesstimes.com.sg/property/invitation-homes-nears-deal-2000-starwood-rentals
Airbnb disputes ‘collapse’ in host revenue, sees strong demand
https://www.businesstimes.com.sg/property/airbnb-disputes-collapse-host-revenue-sees-strong-demand
Homebuilding costs in Canada soar as population surges
https://www.businesstimes.com.sg/property/homebuilding-costs-canada-soar-population-surges
Amazon’s Vancouver office building put up for sale by pension funds
https://www.businesstimes.com.sg/property/amazons-vancouver-office-building-put-sale-pension-funds
Eurozone inflation expectations gauge hits seven-year low
https://www.businesstimes.com.sg/companies-markets/banking-finance/eurozone-inflation-expectations-gauge-hits-seven-year-low
UK property market now comes with a green premium
https://www.businesstimes.com.sg/property/uk-property-market-now-comes-green-premium
Slump in high-end UK properties is hurting agents
https://www.straitstimes.com/business/invest/slump-in-high-end-uk-properties-is-hurting-agents
UK homeowners pay down mortgage debt for second month running
https://www.businesstimes.com.sg/property/uk-homeowners-pay-down-mortgage-debt-second-month-running
UK mortgage rates rise again, turning screw on homeowners and buyers
https://www.businesstimes.com.sg/property/uk-mortgage-rates-rise-again-turning-screw-homeowners-and-buyers
BOE rate hike was the right move to reach 2% inflation, IMF official says
https://www.businesstimes.com.sg/international/boe-rate-hike-was-right-move-reach-2-inflation-imf-official-says
New Zealand business confidence improves in June: survey
https://www.businesstimes.com.sg/international/new-zealand-business-confidence-improves-june-survey
German inflation beats forecasts with June rise
https://www.businesstimes.com.sg/international/german-inflation-beats-forecasts-june-rise
Inflation up in German states, pointing to national rise
https://www.businesstimes.com.sg/international/inflation-german-states-pointing-national-rise
Spanish inflation now under 2% ECB goal, at 2-year low
https://www.businesstimes.com.sg/international/spanish-inflation-now-under-2-ecb-goal-2-year-low
Australian retail sales exceed forecasts as spending resilient
https://www.businesstimes.com.sg/international/australian-retail-sales-exceed-forecasts-spending-resilient
Australia job vacancies fall 2% in May quarter, still historically high
https://www.businesstimes.com.sg/international/australia-job-vacancies-fall-2-may-quarter-still-historically-high
No rapid rebound for China’s economy, but stimulus may lift sentiment: economists
https://www.businesstimes.com.sg/international/global/no-rapid-rebound-chinas-economy-stimulus-may-lift-sentiment-economists
China’s economic woes are multiplying – and Xi Jinping has no easy fix
https://www.straitstimes.com/business/china-s-economic-woes-are-multiplying-and-xi-jinping-has-no-easy-fix
China’s factory activity seen contracting for third month in June: poll
https://www.businesstimes.com.sg/international/chinas-factory-activity-seen-contracting-third-month-june-poll
https://www.straitstimes.com/business/china-factory-activity-falls-for-third-straight-month
https://www.channelnewsasia.com/business/chinas-factory-activity-extends-declines-demand-weakens-3596776
https://www.scmp.com/economy/economic-indicators/article/3226011/chinas-economic-recovery-struggles-go-manufacturing-activity-contracts-third-straight-month-june
Four more Chinese developers get refinancing approval
https://www.businesstimes.com.sg/property/four-more-chinese-developers-get-refinancing-approval
https://www.channelnewsasia.com/business/four-more-chinese-property-developers-get-refinancing-approval-3592036
Hong Kong’s John Lee vows to beat housing crisis, but appeals for patience as it will take 10 years to build up surplus of new homes
https://www.scmp.com/news/hong-kong/politics/article/3225806/john-lee-vows-beat-housing-crisis-appeals-patience-it-will-take-10-years-build-surplus-new-homes
Hong Kong government to sell only 2 plots of residential land in second quarter of financial year amid weak market sentiment
https://www.scmp.com/business/article/3225978/hong-kong-government-sell-only-two-plots-residential-land-second-quarter-financial-year-amid-weak
Hong Kong’s second-hand home price falls for the first time since December as May’s index dips on supply glut and looming rate hikes
https://www.scmp.com/business/article/3225690/hong-kongs-home-prices-fell-07-cent-may-snapping-4-month-rally-amid-fears-further-interest-rate
Inflation in Tokyo stays above BOJ’s target for 13th straight month
https://www.businesstimes.com.sg/international/inflation-tokyo-stays-above-bojs-target-13th-straight-month
Japan retail sales rebound, adding to signs of recovery
https://www.businesstimes.com.sg/international/japan-retail-sales-rebound-adding-signs-recovery
South Korea May factory output unexpectedly jumps, led by cars and chips
https://www.businesstimes.com.sg/international/south-korea-may-factory-output-unexpectedly-jumps-led-cars-and-chips
https://www.channelnewsasia.com/business/south-korea-may-factory-output-gets-boost-cars-and-chips-3596556
S Korea export downtrend likely slowed in June, offers hope for global trade: Reuters poll
https://www.channelnewsasia.com/business/s-korea-export-downtrend-likely-slowed-june-offers-hope-global-trade-reuters-poll-3593931
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