Singapore Economy
MHA to strengthen laws to detect and prosecute money launderers more effectively: Shanmugam
Singapore – The Ministry of Home Affairs will be strengthening the law to enhance the authorities’ abilities to track down and prosecute money launderers. This will be done through a Bill to amend the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), which five foreigners in the $3 billion money laundering case have been prosecuted under so far.
https://www.straitstimes.com/singapore/politics/mha-to-strengthen-laws-to-detect-and-prosecute-money-launderers-more-effectively-shanmugam
https://www.todayonline.com/news/strong-growing-support-death-penalty-reflected-surveys-singapore-neighbouring-countries-shanmugam-2418541
https://www.scmp.com/news/asia/southeast-asia/article/3261862/most-singaporeans-support-putting-drug-traffickers-death-law-minister-shanmugam-says
No basis for employers to cut pay if flexi-work does not affect productivity: Gan Siow Huang
Singapore – Employers with workers on flexible work arrangements have no basis to cut their pay if their productivity is not affected, Minister of State for Manpower Gan Siow Huang said on Tuesday (May 7).
https://www.todayonline.com/news/no-basis-employers-cut-pay-if-flexi-work-does-not-affect-productivity-gan-siow-huan-2417731?cid=internal_mcdrecs_09052024_tdy#mdcrecs_s
Business News
ARA H-Trust to sell 2 Hyatt House hotels for US$31 million
ARA US Hospitality Trust (ARA H-Trust) has proposed to sell two Hyatt House hotels to a New Jersey-based hotel management company, GHM Properties, for a total consideration of US$31 million, slightly below the total valuation.
https://www.businesstimes.com.sg/companies-markets/ara-h-trust-sell-2-hyatt-house-hotels-us-31-million
Frasers Hospitality Trust H1 DPS falls 13.7% to S$0.01091 on higher finance costs
Frasers Hospitality Trust (FHT) recorded a 13.7 per cent fall in distribution per stapled security (DPS) to S$0.01091 for its first half year ended Mar 31, 2024, from S$0.012649 in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-h1-dps-falls-13-7-s-0-01091-higher-finance-costs
https://www.straitstimes.com/business/frasers-hospitality-trust-h1-dps-falls-137-on-higher-finance-costs
Shell sells Singapore assets on Pulau Bukom and Jurong Island after strategic review
Singapore – Oil giant Shell has agreed to sell its energy and chemicals park on Singapore’s Pulau Bukom and Jurong Island to CAPGC, a joint venture comprising Indonesia’s Chandra Asri Capital and global commodities trader Glencore.
https://www.straitstimes.com/business/shell-sells-singapore-assets-at-pulau-bukom-jurong-island-after-strategic-review
https://www.channelnewsasia.com/business/shell-sell-singapore-refinery-petchem-assets-chandra-asri-and-glencore-4320826
https://www.scmp.com/news/asia/southeast-asia/article/3261855/oil-giant-shell-sells-singapore-refinery-it-built-bukom-island-over-60-years-ago
UOB CEO ‘cautiously optimistic’ on 2024; Q1 profit down 1.6% to S$1.49 billion
UOB chief executive Wee Ee Cheong is “cautiously optimistic” on the bank’s outlook for 2024 given the growth potential in South-east Asia, even as higher-for-longer interest rates and a stronger US dollar may weigh on demand.
https://www.businesstimes.com.sg/companies-markets/uob-ceo-cautiously-optimistic-2024-q1-profit-down-1-6-s-1-49-billion
https://www.straitstimes.com/business/uob-q1-profit-drops-2-to-149-billion-on-lower-net-interest-income-beats-forecast
Views, Reviews, Forum and Others
Government probes ‘misleading’ and ‘unrealistic’ resale listings for S$2 million HDB flats
The Council of Estate Agencies (CEA), a body under the Ministry of National Development (MND), is investigating the recent resale listings for two Housing Board flats for being “misleading” and “unrealistic” in their asking prices of S$2 million.
https://www.businesstimes.com.sg/property/government-probes-misleading-and-unrealistic-resale-listings-s-2-million-hdb-flats
https://www.straitstimes.com/singapore/housing/authorities-call-out-2m-hdb-flat-listings-including-misleading-ad-for-jumbo-flat-in-sengkang
https://www.todayonline.com/news/authorities-investigating-misleading-s2-million-sengkang-jumbo-flat-listing-2418921
https://www.channelnewsasia.com/singapore/sengkang-2-million-jumbo-flat-authorities-investigate-listing-4321346
Nearly S$650,000 spent to maintain, upkeep seized assets in billion-dollar money laundering case
Singapore: The police have spent about S$646,282 (US$477,758) so far to maintain billions of dollars of assets seized or frozen in relation to Singapore’s largest money laundering case.
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-case-seized-assets-cars-luxury-bags-watches-wine-liquor-bearbricks-properties-4319146
Global Economy & Real Estate
Rents set to be last domino to fall in global inflation battle
https://www.businesstimes.com.sg/property/rents-set-be-last-domino-fall-global-inflation-battle
Fed’s Kashkari says rates likely on hold for ‘extended period’
https://www.businesstimes.com.sg/international/feds-kashkari-says-rates-likely-hold-extended-period
https://www.straitstimes.com/business/fed-official-says-rates-likely-on-hold-for-extended-period
US rents climbed 1.5 times faster than wages in last four years
https://www.businesstimes.com.sg/property/us-rents-climbed-1-5-times-faster-wages-last-four-years
https://www.straitstimes.com/business/us-rents-climbed-15-times-faster-than-wages-in-last-four-years
US 30-year mortgage rate falls for first time since March
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-falls-first-time-march
Airbnb forecasts weaker Q2 revenue despite robust demand for international travel
https://www.businesstimes.com.sg/property/airbnb-forecasts-weaker-q2-revenue-despite-robust-demand-international-travel
https://www.straitstimes.com/business/airbnb-forecasts-weaker-q2-revenue-despite-robust-demand-for-international-travel
https://www.channelnewsasia.com/business/airbnb-forecasts-weaker-q2-revenue-despite-robust-demand-international-travel-4322601
Blackstone, Starwood split on commercial property market risks
https://www.businesstimes.com.sg/property/blackstone-starwood-split-commercial-property-market-risks
China’s factory glut alarms the world but there’s no quick fix
https://www.straitstimes.com/business/china-s-factory-glut-alarms-the-world-but-there-s-no-quick-fix
German commercial property prices drop 9.6% in Q1
https://www.businesstimes.com.sg/property/german-commercial-property-prices-drop-9-6-q1
Hong Kong property: New World and China Merchants Shekou to jointly develop Northern Metropolis project
https://www.scmp.com/business/commodities/article/3261633/hong-kong-property-new-world-and-china-merchants-shekou-jointly-develop-northern-metropolis-project
Indonesia central bank sees no need for more rate hikes
https://www.businesstimes.com.sg/international/asean/indonesia-central-bank-sees-no-need-more-rate-hikes
Japan real wages fall in March, marking 2 years of decline
https://www.channelnewsasia.com/business/japan-real-wages-fall-march-marking-2-years-decline-4323031
BOJ board turned hawkish in April, many saw need for more rate hikes-summary
https://www.channelnewsasia.com/business/boj-board-turned-hawkish-april-many-saw-need-more-rate-hikes-summary-4323061
BOJ will scrutinise yen impact on inflation in guiding policy, says Governor Ueda
https://www.channelnewsasia.com/business/bojs-ueda-signals-chance-policy-action-if-yen-moves-affect-inflation-4320161
Analysis: Politics, business viability, diplomacy make purported casino in Malaysia’s Forest City a risky bet
https://www.channelnewsasia.com/asia/forest-city-casino-johor-anwar-king-ibrahim-genting-berjaya-singapore-china-4320421
Swedish home prices swell with buyers expecting rate cuts
https://www.businesstimes.com.sg/property/swedish-home-prices-swell-buyers-expecting-rate-cuts
Taiwan exports to US jump by record as China shipments fall
https://www.businesstimes.com.sg/international/taiwan-exports-us-jump-record-china-shipments-fall
Thai business lobby joins rate cut call as it trims GDP forecast
https://www.businesstimes.com.sg/international/thai-business-lobby-joins-rate-cut-call-it-trims-gdp-forecast
Squeeze on UK job market eases in April, recruiters say
https://www.businesstimes.com.sg/international/squeeze-uk-job-market-eases-april-recruiters-say
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