Singapore Economy
Singapore’s core inflation would have peaked at 7.2% if not for MAS’ policy moves: Alvin Tan
Had the Monetary Authority of Singapore (MAS) not moved to tighten monetary policy since October 2021, core inflation would have reached 7.2 per cent year on year at its peak. This is 1.9 percentage points higher than the actual peak of 5.4 per cent year on year in the first quarter of 2023.
https://www.businesstimes.com.sg/singapore/singapores-core-inflation-would-have-peaked-72-if-not-mas-policy-moves-alvin-tan
https://www.channelnewsasia.com/singapore/mas-monetary-policy-focus-inflation-not-impact-profit-alvin-tan-3671621
Singapore’s PMI edges up in July but remains contractionary for 5th straight month
Singapore’s Purchasing Managers’ Index (PMI) reading inched up 0.1 point in July to 49.8, posting a slower contraction than June’s 49.7 reading, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Wednesday (Aug 2).
https://www.businesstimes.com.sg/singapore/singapores-pmi-edges-july-remains-contractionary-5th-straight-month
https://www.straitstimes.com/business/economy/s-pore-factory-activity-contracts-more-slowly-in-july-may-signal-
-turnaround
Companies’ Brief
CapitaLand Ascott Trust’s private placement priced at S$1.043, preferential offering at S$1.025 apiece
CapitaLand Ascott Trust (Clas) will issue 191.8 million new stapled securities through a private placement at S$1.043 apiece, and another 100.5 million through a preferential offering at S$1.025 per new stapled security to raise total gross proceeds of S$303.1 million.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trusts-private-placement-priced-s1043-preferential-offering
https://www.straitstimes.com/business/capitaland-ascott-trust-proposes-to-acquire-three-lodging-assets-for-5308m-to-raise-300m
https://www.theedgesingapore.com/news/reits/capitaland-ascott-trusts-300-million-efr-follows-2022s-170-million-efr-may-pressure
Far East Hospitality Trust garners bright outlook from analysts
Analysts are pleased with Far East Hospitality Trust (FEHT), citing its strong y-o-y growth as the group recorded healthy results for 1HFY2023 ended June. The group achieved a 26.9% y-o-y growth in gross revenue of $52 million with a distribution per stapled security (DPS) of 1.92 cents, an improvement of 24.7% y-o-y.
https://www.theedgesingapore.com/capital/brokers-calls/far-east-hospitality-trust-garners-bright-outlook-analysts
OUE to spend S$22 million on new rooms, facilities at Crowne Plaza Changi Airport
OUE and OUE Commercial Real Estate Investment Trust (C-Reit) have announced a S$22 million asset enhancement initiative (AEI) for Crowne Plaza Changi Airport. In a bourse filing on Wednesday (Aug 2), OUE and OUE C-Reit said that the enhancement will add 12 guest rooms, 10 premier pool rooms and two suites, bringing room inventory to 575 rooms.
https://www.businesstimes.com.sg/companies-markets/oue-spend-s22-million-new-rooms-facilities-crowne-plaza-changi-airport
https://www.theedgesingapore.com/news/reits/oue-group-announces-22-million-aei-crowne-plaza-changi-airport-slated-complete-year-end
Views, Reviews Forum and Others
Bills passed to allow digital signing of legal documents, oath-taking via video link
Those signing legal documents and taking official oaths will soon have the option to complete these tasks electronically, with the unanimous passing of two Bills in Parliament on Wednesday (Aug 2).
https://www.businesstimes.com.sg/singapore/bills-passed-allow-digital-signing-legal-documents-oath-taking-video-link
https://www.straitstimes.com/singapore/politics/bills-passed-to-allow-digital-signing-of-legal-documents-oath-taking-over-video-link
Government urges employers, industry bodies to work out alternative transport for workers
The Singapore government is encouraging companies and industry associations to work towards other transport arrangements for their workers, but did not remove an exception for lorries under the Road Traffic Act.
https://www.businesstimes.com.sg/singapore/government-urges-employers-industry-bodies-work-out-alternative-transport-workers
https://www.straitstimes.com/singapore/politics/mp-louis-ng-calls-for-new-workgroup-to-iron-out-need-for-ban-on-lorries-ferrying-workers
Lorries make up 4% of traffic accident injuries; efforts to improve safety for road users remain ‘evidence-based’: Govt
Singapore: People onboard lorries, including those in the front passenger cabins, make up on average about 4 per cent of the total annual injuries from road traffic accidents for the past five years, the Ministry of Transport and government partner agencies said on Wednesday (Aug 2).
https://www.channelnewsasia.com/singapore/mot-ministry-transport-workers-safety-back-lorries-road-accident-3671061
https://www.todayonline.com/singapore/lorries-make-4-road-accident-injuries-efforts-improve-worker-safety-remain-evidence-based-govt-2224446
Global Economy & Real Estate
US mortgage applications fall to two-month low amid higher rates
https://www.businesstimes.com.sg/property/us-mortgage-applications-fall-two-month-low-amid-higher-rates
Soaring housing costs could have ‘disastrous’ political consequences for Trudeau
https://www.businesstimes.com.sg/property/soaring-housing-costs-could-have-disastrous-political-consequences-trudeau
China moves to roll out pro-growth policies as economy struggles
https://www.businesstimes.com.sg/international/china-moves-roll-out-pro-growth-policies-economy-struggles
Major global firms warn of slow China sales as post-pandemic surge fades
https://www.businesstimes.com.sg/international/global/major-global-firms-warn-slow-china-sales-post-pandemic-surge-fades
What are global companies saying about China’s economy?
https://www.channelnewsasia.com/business/what-are-global-companies-saying-about-chinas-economy-3673036
China releases package of tax relief measures to support small firms
https://www.channelnewsasia.com/business/china-releases-package-tax-relief-measures-support-small-firms-3671691
Chinese cities tighten property firms’ access to escrow funds: sources
https://www.businesstimes.com.sg/property/chinese-cities-tighten-property-firms-access-escrow-funds-sources
https://www.straitstimes.com/business/chinese-cities-tighten-property-firms-access-to-escrow-funds-sources
https://www.channelnewsasia.com/business/exclusive-chinese-cities-tighten-property-firms-access-escrow-funds-sources-3671466
China seeks to ease household pressure, free up spending power by pushing banks to lower mortgage rates
https://www.scmp.com/economy/china-economy/article/3229759/china-seeks-ease-household-pressure-free-spending-power-pushing-banks-lower-mortgage-rates
Bank of England set to raise rates for 14th time in a row
https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-england-set-raise-rates-14th-time-row
Hong Kong leader John Lee promises more overseas trips and closer cooperation with emerging economies to boost city’s development
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3229785/hong-kong-leader-john-lee-promises-more-overseas-trips-and-closer-cooperation-emerging-economies
Hong Kong office rent collapse opens door for more tenants to top-quality space
https://www.businesstimes.com.sg/international/global/hong-kong-office-rent-collapse-opens-door-more-tenants-top-quality-space
https://www.straitstimes.com/business/hong-kong-office-rent-collapse-triggers-wave-of-upgrades
Average waiting time for Hong Kong public rental flat remains at 5.3 years
https://www.scmp.com/news/hong-kong/society/article/3229722/average-waiting-time-hong-kong-public-rental-flat-remains-53-years
Hong Kong home rental market on fire as influx of mainland professionals, graduates stokes deal volumes in key areas
https://www.scmp.com/business/article/3229723/hong-kong-home-rental-market-fire-influx-mainland-professionals-graduates-stokes-deal-volumes-key
Bank of Japan debated inflation overshoot risk in June, offering insight into July tweak
https://www.businesstimes.com.sg/international/bank-japan-debated-inflation-overshoot-risk-june-offering-insight-july-tweak
Swedish housing prices eke out more gains in July
https://www.businesstimes.com.sg/property/swedish-housing-prices-eke-out-more-gains-july
UK public inflation expectations fall in July, Citi/YouGov survey shows
https://www.businesstimes.com.sg/international/uk-public-inflation-expectations-fall-july-citiyougov-survey-shows
UK homebuilder Taylor Wimpey says house prices still rising
https://www.businesstimes.com.sg/property/uk-homebuilder-taylor-wimpey-says-house-prices-still-rising
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