SINGAPORE ECONOMY
Economists cut Singapore’s 2023 growth forecast to 1% on weaker manufacturing: survey
Private-sector economists have grown less upbeat about Singapore’s full-year growth, with a median forecast of 1 per cent in a quarterly survey on Wednesday (Sep 6), down from 1.4 per cent in the previous survey.
https://www.businesstimes.com.sg/singapore/economy-policy/economists-cut-singapores-2023-growth-forecast-1-weaker-manufacturing
https://www.straitstimes.com/business/economy/economists-cut-s-pore-growth-forecast-to-1-as-trade-expected-to-slump-further
https://www.todayonline.com/singapore/economists-cut-singapores-2023-growth-forecast-1-mas-survey-2248156
https://www.channelnewsasia.com/singapore/singapore-economy-growth-forecast-cut-gdp-mas-survey-3749361
https://www.theedgesingapore.com/news/singapore-economy/singapore-economy-now-projected-grow-just-10-2023-mas-survey
Singapore tax collection up 13.1% to S$68.6 billion in FY2023, reflects post-Covid recovery
Singapore’s tax revenue for financial year 2023 rose 13.1 per cent to S$68.6 billion compared to the year before. This reflects the economic recovery following the end of the Covid-19 pandemic, the Inland Revenue Authority of Singapore (Iras) said on Wednesday (Sep 6).
https://www.businesstimes.com.sg/singapore/singapore-tax-collection-131-s686-billion-fy2023-reflects-post-covid-recovery
https://www.straitstimes.com/business/tax-revenue-gets-bumper-rise-of-131-to-686b-amid-post-pandemic-economic-recovery
https://www.channelnewsasia.com/singapore/iras-tax-revenue-increases-economy-end-covid-19-pandemic-3749431
Fewer mortgage actions in courts as cooling measures, rising rates see more prudent borrowing
Singapore households as a whole appear to be managing household debt well, even as mortgage rates have risen sharply in the last two years. The number of mortgage actions filed in court hit a five-year low last year, according to statistics from the Singapore Courts. This comes as household net worth continued to rise despite a slowdown in residential asset value growth.
https://www.businesstimes.com.sg/property/fewer-mortgage-actions-courts-cooling-measures-rising-rates-see-more-prudent-borrowing
VIEWS, REVIEWS, FORUM AND OTHERS
Lower levies for offsite workers will apply to more pre-fab facilities
More operators of design for manufacturing and assembly (DfMA) facilities will soon be able to enjoy lower levies for their offsite workers. This is provided they adopt a higher level of automation in their processes, said Minister for National Development Desmond Lee on Wednesday (Sep 6).
https://www.businesstimes.com.sg/singapore/lower-levies-offsite-workers-will-apply-more-pre-fab-facilities
Sentosa villa drug bust: Are hotels liable for crimes committed on their premises?
Singapore: A police drug bust in Sentosa last month has raised questions about whether hotels are liable for crimes committed on their premises. On Aug 9, 49 men were arrested after the police raided a Sentosa hotel villa on a tip-off. Controlled drugs, including ecstasy and ketamine, were seized.
https://www.channelnewsasia.com/singapore/sentosa-hotel-villa-drug-raid-49-men-liable-crimes-3748571
GLOBAL ECONOMY & REAL ESTATE
US economic growth continues, fuelled by dwindling savings: Federal Reserve
https://www.businesstimes.com.sg/international/us-economic-growth-continues-fuelled-dwindling-savings-federal-reserve
https://www.straitstimes.com/business/economy/us-economic-growth-continues-fuelled-by-dwindling-savings-says-fed
US trade deficit widened by less than expected in July
https://www.businesstimes.com.sg/international/us-trade-deficit-widened-less-expected-july
US services sector picked up in August, along with prices
https://www.businesstimes.com.sg/international/us-services-sector-picked-august-along-prices
US home purchase applications fall to lowest since 1995
https://www.businesstimes.com.sg/property/us-home-purchase-applications-fall-lowest-1995
Australian economy grows modestly in Q2, eases recession fears
https://www.businesstimes.com.sg/international/australian-economy-grows-modestly-q2-eases-recession-fears
https://www.straitstimes.com/business/economy/australia-s-q2-economy-posts-modest-growth-eases-recession-fears
Canada posts smaller-than-expected trade deficit in July
https://www.businesstimes.com.sg/international/canada-posts-smaller-expected-trade-deficit-july
Bank of Canada holds rates at 5%, sees excess demand easing
https://www.businesstimes.com.sg/international/bank-canada-holds-rates-5-sees-excess-demand-easing
Policymakers see darker days ahead in China as growth sputters
https://www.channelnewsasia.com/business/policymakers-see-darker-days-ahead-china-growth-sputters-3751091
China’s economic gloom hangs over Japan’s long-awaited recovery
https://www.channelnewsasia.com/business/chinas-economic-gloom-hangs-over-japans-long-awaited-recovery-3751821
‘Night Vibes Hong Kong’ campaign aims to inject some energy into economy after sun goes down
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3233649/night-vibes-hong-kong-campaign-aims-inject-some-energy-economy-after-sun-goes-down
Hong Kong’s ultra-rich population shrinks by 23% while New York, Singapore close in on top spot for ultra-wealthy
https://www.scmp.com/business/article/3233609/hong-kongs-uber-rich-population-shrinks-23-while-new-york-singapore-close-top-spot-ultra-wealthy
Hong Kong office woes mount as most tenants shun expansion
https://www.businesstimes.com.sg/property/hong-kong-office-woes-mount-most-tenants-shun-expansion
Hong Kong Urban Renewal Authority’s HK$3.5 billion deficit revives calls to revise compensation for old flats, engage private sector
https://www.scmp.com/news/hong-kong/society/article/3233633/hong-kong-urban-renewal-authoritys-hk35-billion-deficit-revives-calls-revise-compensation-old-flats
Bank of Japan policymaker sees signs of change in Japan’s deflationary mindset
https://www.businesstimes.com.sg/international/bank-japan-policymaker-sees-signs-change-japans-deflationary-mindset
Toronto home prices fall for third straight month in August
https://www.businesstimes.com.sg/property/toronto-home-prices-fall-third-straight-month-august
South Korea should maintain current monetary, fiscal policies, IMF says
https://www.businesstimes.com.sg/international/south-korea-should-maintain-current-monetary-fiscal-policies-imf-says
Sweden’s embattled landlords get ray of hope with bond sales
https://www.businesstimes.com.sg/property/swedens-embattled-landlords-get-ray-hope-bond-sales
Turkey’s Erdogan backs high interest rates in surprise move
https://www.businesstimes.com.sg/international/turkeys-erdogan-backs-high-interest-rates-surprise-move
UK construction orders slump at the sharpest pace in three years
https://www.businesstimes.com.sg/property/uk-construction-orders-slump-sharpest-pace-three-years
UK’s homebuilder Barratt flags tough housing market conditions after fall in annual profit
https://www.businesstimes.com.sg/property/uks-homebuilder-barratt-flags-tough-housing-market-conditions-after-fall-annual-profit
Rich investors swoop in as UK squeezes small landlords
https://www.businesstimes.com.sg/property/rich-investors-swoop-uk-squeezes-small-landlords
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