Singapore Economy
Singapore’s PMI improves in October as regionwide factory activity stays weak
Singapore’s overall manufacturing sentiment improved further in October, even as regionwide factory activity remained weak. The purchasing managers’ index (PMI) edged up to 50.2 in October, a 0.1 point gain from the previous month, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) indicated on Thursday (Nov 2).
https://www.businesstimes.com.sg/singapore/singapores-pmi-improves-october-regionwide-factory-activity-stays-weak
https://www.straitstimes.com/business/singapore-s-pmi-sees-back-to-back-gains-after-six-month-contraction
Singapore reports first drop in assets under management since 2011
Singapore – Singapore reported a 10 per cent drop in financial assets managed locally amid a “challenging environment” for global investors in 2022, the central bank said on Thursday.
https://www.straitstimes.com/business/singapore-reports-first-drop-in-assets-under-management-since-2011
https://www.theedgesingapore.com/news/banking-finance/singapores-total-aum-down-10-2022-sees-cautious-2023-growth
About 72% of Singapore employers plan to raise salary offers for in-demand roles: report
Nearly three in four Singapore employers plan to raise their salary offers for certain in-demand roles in 2024, Morgan McKinley said on Thursday (Nov 2). The talent services company conducted a survey, which found that 80 per cent of organisations surveyed found hiring “very” or “quite” competitive in 2023.
https://www.businesstimes.com.sg/singapore/about-72-singapore-employers-plan-raise-salary-offers-demand-roles-report
https://www.straitstimes.com/business/nearly-3-in-4-singapore-employers-plan-to-raise-salary-offers-for-in-demand-roles-survey
Companies’ Brief
CDL plans off-market purchase of preference shares at S$0.78 apiece
City Developments Limited (CDL) on Thursday (Nov 2) proposed undertaking an off-market purchase of its preference shares at S$0.78 apiece under an equal access scheme.
https://www.businesstimes.com.sg/companies-markets/cdl-plans-market-purchase-preference-shares-s078-apiece
Cuscaden Peak upbeat on Singapore’s retail scene as it opens The Woodleigh Mall
Cuscaden Peak Investments is seeing positive momentum for Singapore retail property. Its chief executive officer, Gerald Yong, told The Business Times: “Singapore is seeing a positive momentum. Retailers do not just look at current market conditions, but look ahead for the next three years.”
https://www.businesstimes.com.sg/property/cuscaden-peak-upbeat-singapores-retail-scene-it-opens-woodleigh-mall
Frasers Property bought carbon credits from controversial Zimbabwean forest project
Frasers Property is among Singapore-listed businesses affected by the fallout of a renowned Zimbabwean forest-conservation carbon-crediting project that has drawn flak for allegedly blowing up numbers related to its impact on halting deforestation.
https://www.businesstimes.com.sg/esg/frasers-property-bought-carbon-credits-controversial-zimbabwean-forest-project
KIT nearly doubles 9-month distributable income, to pay out S$0.0233 special distribution
Keppel Infrastructure Trust (KIT) almost doubled its distributable income over the first nine months of 2023, and will be paying a special distribution to unitholders, said its manager on Thursday (Nov 2).
https://www.businesstimes.com.sg/companies-markets/kit-nearly-doubles-9-month-distributable-income-pay-out-s00233-special
https://www.theedgesingapore.com/capital/results/kit-announces-special-distribution-223-cents-unit-bringing-total-9mfy2023-dpu-523
Global Economy & Real Estate
US productivity up in Q3, fastest pace in three years
https://www.businesstimes.com.sg/international/us-productivity-q3-fastest-pace-three-years
US weekly jobless claims rise moderately
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-rise-moderately-0
US holiday sales to grow at a slower pace this holiday season
https://www.businesstimes.com.sg/international/us-holiday-sales-grow-slower-pace-holiday-season
Mortgage rates in the US fall for the first time in two months
https://www.businesstimes.com.sg/property/mortgage-rates-us-fall-first-time-two-months
China property: Guangzhou issues housing vouchers to those displaced by renewal efforts in move that could spur demand
https://www.scmp.com/business/banking-finance/article/3239907/china-property-guangzhou-issues-housing-vouchers-those-displaced-renewal-efforts-move-could-spur
Bank of England keep rates at 15-year high, rules out quick cuts to help economy
https://www.businesstimes.com.sg/international/bank-england-keep-rates-15-year-high-rules-out-quick-cuts-help-economy
https://www.channelnewsasia.com/business/after-aggressive-rate-hikes-big-central-banks-take-time-out-3892391
Europe’s great housing crisis is only getting started
https://www.businesstimes.com.sg/property/europes-great-housing-crisis-only-getting-started
Germany’s unemployment rises more than expected in October
https://www.businesstimes.com.sg/international/germanys-unemployment-rises-more-expected-october
Land premium revenue shows 86 per cent shortfall as another Hong Kong government site put out to tender withdrawn from market
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3240141/land-premium-revenue-shows-86-cent-shortfall-another-hong-kong-government-site-put-out-tender
Hong Kong central bank leaves interest rate unchanged, tracking US Fed move
https://www.businesstimes.com.sg/international/hong-kong-central-bank-leaves-interest-rate-unchanged-tracking-us-fed-move
https://www.channelnewsasia.com/business/hong-kong-central-bank-leaves-interest-rate-unchanged-tracking-fed-3891176
https://www.theedgesingapore.com/news/global-economy/hong-kong-holds-rate-us-fed-signals-end-tightening-cycle
https://www.scmp.com/business/banking-finance/article/3240028/hong-kong-keeps-base-rate-steady-575-cent-giving-businesses-homeowners-leg-while-citys-economy
Hong Kong’s New World Development gets shareholder nod to sell unit
https://www.businesstimes.com.sg/property/hong-kongs-new-world-development-gets-shareholder-nod-sell-unit
BOJ risks being behind the curve on inflation: ex-central bank economist
https://www.channelnewsasia.com/business/boj-risks-being-behind-curve-inflation-ex-central-bank-economist-3891666
Japan’s GDP likely shrank in Q3 as China slowdown hits exports
https://www.channelnewsasia.com/business/japans-gdp-likely-shrank-q3-china-slowdown-hits-exports-reuters-poll-3891446
Malaysia keeps key rate at 3% as expected, says economy still resilient; inflation eases
https://www.businesstimes.com.sg/international/asean/malaysia-keeps-key-rate-3-expected-says-economy-still-resilient-inflation-eases
https://www.straitstimes.com/business/economy/malaysia-keeps-key-rate-at-3-as-expected-says-economy-still-resilient-inflation-eases
Malaysia aims to attract foreign investments in EV, chip industries: trade minister
https://www.businesstimes.com.sg/international/asean/malaysia-aims-attract-foreign-investments-ev-chip-industries-trade-minister
https://www.channelnewsasia.com/business/malaysia-aims-attract-foreign-investments-ev-chip-industries-trade-minister-3892181
Vietnam property developers still struggling to repay debt: S&P
https://www.businesstimes.com.sg/property/vietnam-property-developers-still-struggling-repay-debt-sp
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