Singapore Real Estate/Built Environment
Room bookings at some hotels surge ahead of Singapore’s National Day celebrations
Singapore: Room bookings at some hotels close to the Padang – the venue for the National Day Parade for two years running – have risen more than 20 per cent compared with last year, as Singapore’s 59th birthday approaches on Friday (Aug 9).
https://www.channelnewsasia.com/singapore/national-day-celebrations-long-weekend-hotel-bookings-surge-padang-4532466
Mainland China’s demand for warehouses plunges as Singapore’s surges: Knight Frank
The sluggish mainland China economy weighs on demand for logistics space in Shanghai and Beijing, while Singapore see 10.8 per cent growth.
https://www.scmp.com/business/article/3273556/mainland-chinas-demand-warehouses-plunges-singapores-surges-knight-frank
https://www.businesstimes.com.sg/property/rents-apac-logistics-spaces-continue-rising-h1-slowly-knight-frank
Majority of HDB resale flats remain affordable to first-timers: Desmond Lee
The majority of Housing and Development Board (HDB) resale flats remain within reach of Singaporeans, National Development Minister Desmond Lee said on Wednesday (Aug 7) as he addressed concerns about the affordability of public housing.
https://www.businesstimes.com.sg/singapore/economy-policy/majority-hdb-resale-flats-remain-affordable-first-timers-desmond-lee
https://www.straitstimes.com/singapore/politics/majority-of-resale-flats-remain-affordable-to-first-timers-desmond-lee
Singapore Economy
Singapore sets up task force to look into impact of CrowdStrike incident
A task force will look into the impact of the CrowdStrike IT outage to understand if further measures are needed to improve Singapore’s digital resiliency, said Minister for Digital Development and Information Josephine Teo in Parliament on Wednesday (Aug 7).
https://www.businesstimes.com.sg/singapore/singapore-sets-task-force-look-impact-crowdstrike-incident
https://www.straitstimes.com/singapore/politics/taskforce-set-up-to-bolster-s-pore-s-tech-resilience-following-crowdstrike-outage-josephine-teo
https://www.channelnewsasia.com/singapore/crowdstrike-crash-it-outage-government-changi-airport-4532281
Singapore passes law aiming to reduce food waste and encourage donations
Singapore: Food donors will be able to donate their excess or unsold food without having to worry about being held liable under strict food safety regulations, after a Bill that aims to reduce food waste and encourage donation was passed on Wednesday (Aug 7).
https://www.channelnewsasia.com/singapore/law-passed-reduce-food-waste-encourage-donations-4529791
https://www.straitstimes.com/singapore/politics/eateries-and-charities-can-soon-donate-unsold-food-without-worry-if-safety-rules-are-met
Industry event Semicon Southeast Asia, held in Malaysia since 2015, returns to Singapore next year
Global supply chain and electronics manufacturing event Semicon Southeast Asia will be returning to Singapore in 2025 for its 30th anniversary, after having been held in Malaysia since 2015.
https://www.businesstimes.com.sg/singapore/industry-event-semicon-southeast-asia-held-malaysia-2015-returns-singapore-next-year
Business News
‘Board decision was unanimous’: DBS appoints Tan Su Shan as deputy CEO, to succeed CEO Piyush Gupta in March 2025
DBS announced Wednesday (Aug 7) that the board has appointed Tan Su Shan as deputy CEO, in addition to her present role as group head of institutional banking. She will succeed Piyush Gupta as CEO when he retires at the next annual general meeting on Mar 28, 2025.
https://www.businesstimes.com.sg/companies-markets/board-decision-was-unanimous-dbs-appoints-tan-su-shan-deputy-ceo-succeed-ceo-piyush-gupta-march-2025
https://www.straitstimes.com/business/banking/dbs-chief-piyush-gupta-to-retire-in-march-2025-veteran-banker-tan-su-shan-to-take-over
https://www.todayonline.com/news/piyush-gupta-step-down-dbs-march-2025-tan-su-shan-take-over-2472456
https://www.channelnewsasia.com/singapore/piyush-gupta-steps-down-resigns-dbs-ceo-4531791
DBS Q2 profit rises 6% to S$2.79 billion; declares S$0.54 per share dividend
DBS net profit for its second quarter rose amid a broad-based growth in total income, it said on Wednesday (Aug 7). Net profit for the three months ended Jun 30, 2024, stood at S$2.79 billion, up 6 per cent from S$2.63 billion in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/dbs-q2-profit-rises-6-s2-79-billion-declares-s0-54-share-dividend
https://www.straitstimes.com/business/dbs-q2-profit-rises-6-to-279-billion-dividend-of-54-cents-per-share-declared
https://www.channelnewsasia.com/business/dbs-earnings-financial-results-q2-2024-4531826
Frasers Property sees challenging operating environment for its business in Thailand
Frasers Property said that it is managing its residential business in Thailand with “agility amid a challenging operating environment”, in a business update on Wednesday (Aug 7) for the third quarter ended Jun 30.
https://www.businesstimes.com.sg/companies-markets/frasers-property-sees-challenging-operating-environment-its-business-thailand
https://www.straitstimes.com/business/frasers-property-sees-challenging-operating-environment-for-its-business-in-thailand
Hilton lifts profit view as international travel offsets weak US demand
Hotel operator Hilton Worldwide raised its forecast for 2024 profit after beating second-quarter estimates on Wednesday (Aug 7) as robust demand for international travel offset losses from normalising domestic travel in the US.
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/hilton-lifts-profit-view-international-travel-offsets-weak-us-demand
Global Economy & Real Estate
US 30-year mortgage rate drops on weak jobs data, Fed rate-cut signals
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-drops-weak-jobs-data-fed-rate-cut-signals
China’s exports unexpectedly slow in warning sign for economy
https://www.straitstimes.com/business/china-export-growth-slows-to-3-month-low-in-july-but-imports-up-solidly
https://www.channelnewsasia.com/business/chinas-imports-resume-growth-tamer-exports-raise-outlook-concerns-4531751
https://www.scmp.com/economy/economic-indicators/article/3273495/chinas-exports-miss-expectations-trade-tariffs-geopolitical-uncertainty-loom?module=top_story&pgtype=subsection
Chinese retail investors, eager for returns, looked overseas – then came Monday
https://www.scmp.com/economy/china-economy/article/3273439/chinese-retail-investors-eager-returns-looked-overseas-then-came-monday?module=top_story&pgtype=subsection
China cities rush to lure homebuyers with sweeteners, price cuts
https://www.businesstimes.com.sg/property/china-cities-rush-lure-homebuyers-sweeteners-price-cuts
https://www.straitstimes.com/business/china-cities-rush-to-lure-homebuyers-with-sweeteners-price-cuts
China Evergrande unit faces liquidation petition over unpaid sum
https://www.businesstimes.com.sg/property/china-evergrande-unit-faces-liquidation-petition-over-unpaid-sum
Evergrande liquidators start legal action against PwC
https://www.businesstimes.com.sg/international/global/evergrande-liquidators-start-legal-action-against-pwc
French economy given a lift by Olympics, says Visa
https://www.channelnewsasia.com/sport/french-economy-given-lift-olympics-says-visa-4532271
German industrial output rises more than anticipated on cars
https://www.businesstimes.com.sg/international/german-industrial-output-rises-more-anticipated-cars
Italy doubles ‘flat tax’ for the rich who move fiscal residence to country
https://www.businesstimes.com.sg/international/italy-doubles-flat-tax-rich-who-move-fiscal-residence-country
BOJ debated further rate hikes in July, one saw neutral rate at 1%, summary shows
https://www.channelnewsasia.com/business/boj-debated-further-rate-hikes-july-one-saw-neutral-rate-1-summary-shows-4534336
Malaysia ringgit’s rise not deterring Singaporeans from buying Johor homes
https://www.scmp.com/week-asia/economics/article/3273587/malaysia-ringgits-rise-not-deterring-singaporeans-buying-johor-homes
South Korea logs biggest current account since 2017 on AI demand
https://www.businesstimes.com.sg/international/south-korea-logs-biggest-current-account-2017-ai-demand
Thai headline inflation picks up in July, still below central bank target
https://www.businesstimes.com.sg/international/asean/thai-headline-inflation-picks-july-still-below-central-bank-target
Thousands of riot police on standby as UK fears more riots
https://www.businesstimes.com.sg/international/thousands-riot-police-standby-uk-fears-more-riots
UK jobs market stays in slow gear, recruiters say
https://www.businesstimes.com.sg/international/uk-jobs-market-stays-slow-gear-recruiters-say
UK house prices rise by most since January, Halifax data shows
https://www.businesstimes.com.sg/property/uk-house-prices-rise-most-january-halifax-data-shows
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