Singapore Economy
Singapore strengthens anti-money laundering laws for corporate service providers, companies
Legislative changes to strengthen Singapore’s anti-money laundering regime were made on Tuesday (Jul 2), including higher fines for errant corporate service providers (CSPs) and tighter restrictions for nominee directorships in companies.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-strengthens-anti-money-laundering-laws-corporate-service-providers-companies
https://www.straitstimes.com/singapore/politics/enhanced-anti-money-laundering-laws-proposed-govt-agencies-to-share-more-data-with-each-other
https://www.channelnewsasia.com/singapore/money-laundering-new-law-corporate-service-providers-acra-4452096
Proposed law to allow Singapore courts to order the sale of seized properties linked to criminal activities
Singapore: Singapore courts would be allowed to order the sale of seized properties linked to suspected criminal activities under a new proposed law.
https://www.channelnewsasia.com/singapore/anti-money-laundering-bill-seized-properties-maintenance-costs-mha-parliament-4450466
Singapore PMI dips slightly amid strong regional factory activity
Singapore’s overall factory activity grew more slowly in June, even as business conditions in the region appeared to be more favourable. The Purchasing Managers’ Index (PMI) dipped a marginal 0.2 point to 50.4, its lowest point this year, even if June marks the 10th straight month of expansion, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Tuesday (Jul 2).
https://www.businesstimes.com.sg/singapore/singapore-pmi-dips-slightly-amid-strong-regional-factory-activity
https://www.straitstimes.com/business/output-for-s-pore-electronics-and-non-electronics-diverge-a-second-month
Local firms’ payment performance improves further in Q2: Singapore Commercial Credit Bureau
Local firms’ payment performance continued to improve for a fourth consecutive quarter in Q2 2024, said the Singapore Commercial Credit Bureau (SCCB) on Tuesday (Jul 2).
https://www.businesstimes.com.sg/companies-markets/local-firms-payment-performance-improves-further-q2-singapore-commercial-credit-bureau
https://www.straitstimes.com/business/singapore-firms-payment-performance-improves-further-in-q2
https://www.straitstimes.com/business/singapore-firms-payment-performance-improves-further-in-q2
Businesses affected by Singapore oil spill may get help with rent
Singapore: Government agencies are developing rental deferral measures to help businesses struggling with the impact of the recent oil spill, Minister for Sustainability and the Environment Grace Fu said on Tuesday (Jul 2).
https://www.channelnewsasia.com/singapore/oil-spill-rental-deferral-measures-help-businesses-affected-marine-biodiversity-4451086
Business News
Keppel merges two wholly owned subsidiaries
Keppel has amalgamated two indirect wholly owned subsidiaries to streamline the company’s organisational structure. The two are Keppel Fund Management (KFM), its private fund management arm, and Keppel Capital Alternative Asset.
https://www.businesstimes.com.sg/companies-markets/keppel-merges-two-wholly-owned-subsidiaries
More costs likely as Sabana’s Trustee and manager agree to Quarz’s EGM, observers say
Market observers are suggesting that Sabana Industrial REIT may have to incurr further costs. Quarz Capital Asia and the so-called Sabana Growth Internalisation Committee or SGIC which comprises mainly of Quarz Capital itself, requisitioned an EGM earlier in the year which was postponed.
https://www.theedgesingapore.com/news/reits/more-costs-likely-sabanas-trustee-and-manager-agree-quarzs-egm-observers-say
Global Economy & Real Estate
Fed’s Powell says more evidence of falling inflation needed before rate cuts
https://www.businesstimes.com.sg/international/feds-powell-says-more-evidence-falling-inflation-needed-rate-cuts
https://www.straitstimes.com/business/economy/us-fed-has-made-quite-a-bit-of-progress-on-inflation-says-powell
US job openings unexpectedly increase from a three-year low
https://www.businesstimes.com.sg/international/us-job-openings-unexpectedly-increase-three-year-low
Australian, New Zealand property markets face creeping climate risks
https://www.businesstimes.com.sg/property/australian-new-zealand-property-markets-face-creeping-climate-risks
China builds new presidential palace in Pacific’s Vanuatu
https://www.businesstimes.com.sg/property/china-builds-new-presidential-palace-pacifics-vanuatu
https://www.channelnewsasia.com/east-asia/china-funds-vanuatu-new-presidential-palace-buildings-developing-friendships-pacific-island-countries-4451241
China new home sales struggle in face of lopsided recovery
https://www.businesstimes.com.sg/property/china-new-home-sales-struggle-face-lopsided-recovery
China property firms jump after big developers show smaller sales drop
https://www.businesstimes.com.sg/property/china-property-firms-jump-after-big-developers-show-smaller-sales-drop
Country Garden’s home sales slump persists as aid fails to help
https://www.businesstimes.com.sg/property/country-gardens-home-sales-slump-persists-aid-fails-help1
China Vanke’s home sales stall in blurred picture for property
https://www.businesstimes.com.sg/international/china-vankes-home-sales-stall-blurred-picture-property
Eurozone inflation eases slightly in June
https://www.businesstimes.com.sg/international/eurozone-inflation-eases-slightly-june
Hong Kong chief draws city closer to China to boost economy
https://www.businesstimes.com.sg/international/hong-kong-chief-draws-city-closer-china-boost-economy
Hong Kong’s renewal of land leases expiring by 2047 to boost confidence in city: experts
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3268765/hong-kongs-renewal-land-leases-expiring-2047-boost-confidence-city-experts?module=top_story&pgtype=subsection
‘Race to the bottom’: Hong Kong home prices slump to multi-year lows, with change far off
https://www.scmp.com/business/article/3268911/race-bottom-hong-kong-home-prices-slump-multi-year-lows-change-far
Hong Kong flags retail challenges as May sales slump 11.5% y-o-y
https://www.businesstimes.com.sg/international/hong-kong-flags-retail-challenges-may-sales-slump-11-5-y-o-y
https://www.channelnewsasia.com/business/hong-kong-flags-retail-challenges-may-sales-slump-115-year-4451681
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3268866/hong-kong-retail-sales-drop-115-may-marking-second-straight-monthly-double-digit-fall?module=top_story&pgtype=subsection
As Hong Kong’s F&B firms struggle to stay afloat, Chinese eateries flock in to fill the gap
https://www.channelnewsasia.com/east-asia/hong-kong-fb-chinese-restaurants-expansion-abroad-4451201
New travel permits for Hong Kong permanent residents hurt economy? Play long game: experts
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3268927/new-travel-permits-hong-kong-permanent-residents-hurt-economy-play-long-game-experts?module=top_story&pgtype=subsection
Japan’s service activity slips for first time in 2 years, PMI shows
https://www.channelnewsasia.com/business/japans-service-activity-slips-first-time-2-years-pmi-shows-4453506
https://www.businesstimes.com.sg/international/global/japans-service-activity-slips-first-time-two-years-pmi
London’s sky-high home rents finally growing slower than wages
https://www.businesstimes.com.sg/property/londons-sky-high-home-rents-finally-growing-slower-wages
City of London defers tallest tower decision amid objections
https://www.businesstimes.com.sg/property/city-london-defers-tallest-tower-decision-amid-objections
Forest City, Malaysia’s China-backed US$100 billion ghost town, becomes set for Netflix shows
https://www.scmp.com/news/asia/southeast-asia/article/3268852/forest-city-malaysias-china-backed-us100-billion-ghost-town-becomes-set-netflix-shows
Manhattan home sales unexpectedly rise as buyers cave on rate cuts
https://www.businesstimes.com.sg/property/manhattan-home-sales-unexpectedly-rise-buyers-cave-rate-cuts
Weak New Zealand business confidence adds to rate-cut pressure
https://www.businesstimes.com.sg/international/weak-new-zealand-business-confidence-adds-rate-cut-pressure
Swedish housing prices rise for sixth consecutive month
https://www.businesstimes.com.sg/property/swedish-housing-prices-rise-sixth-consecutive-month
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