SINGAPORE – Pent-up demand for new private homes in the suburbs fuelled a rebound in overall sales in July, and lifted the median prices of some new mass market condominiums to levels more commonly seen in prime and city fringe locations. Thanks to robust sales at AMO Residence in Ang Mo Kio Avenue 1 – […]
Tag: cent
China developers in ‘survival mode’ slashes property investment
BEIJING (REUTERS) – Chinese developers in “survival mode” sharply cut property investment in July while new construction starts suffered their biggest fall in nearly a decade, suggesting the liquidity-challenged sector is not about to turn the corner anytime soon. China’s property market, accounting for about a quarter of the economy, has been trapped in a […]
Thai economy grows slower than estimated amid inflation risk
BANGKOK (BLOOMBERG) – The Thai economy grew at a slower pace than economists estimated in the last quarter as the fastest inflation in 14 years probably weighed on sentiment and offset gains from the return of foreign tourists. Gross domestic product rose 2.5 per cent in the April to June period from a year ago, […]
China surprises with rate cut as July data shows ‘alarming’ slowdown
BEIJING (BLOOMBERG) – China’s central bank has unexpectedly cut its key interest rates as it ramps up support for an economy weighed by Covid-19 lockdowns and a deepening property downturn. The People’s Bank of China (PBOC) on Monday (Aug 15) lowered the rate on its one-year policy loans by 10 basis points to 2.75 per cent […]
Ascott Residence Trust to acquire 9 overseas properties from sponsor to boost presence in key markets
SINGAPORE (THE BUSINESS TIMES) – Ascott Residence Trust (ART) on Monday (Aug 15) proposed the acquisition of nine properties from its sponsor, The Ascott Limited, at an estimated total capitalised cost of $318.3 million. The acquisition is expected to strengthen ART’s presence in its existing markets, the stapled hospitality group’s managers said in bourse filings […]
Japan economy stages modest bounce from Covid-19 jolt but global outlook darkens
TOKYO (REUTERS) – Japan’s economy rebounded at a slower-than-expected pace in the second quarter from a Covid-19-induced slump, data showed on Monday (Aug 15), highlighting uncertainty on whether consumption will grow enough to bolster a much-delayed, fragile recovery. While rising consumption propped up growth in the April to June period, the outlook has been clouded by […]
Japan economy rebounds from Covid-19 jolt but global slowdown clouds outlook
TOKYO (REUTERS) – Japan’s economy expanded for the third straight quarter on solid private consumption, data for April-June showed on Monday (Aug 15), a sign the country was finally staging a much-delayed recovery from a Covid-induced downturn. But the outlook remains uncertain due to a resurgence in Covid-19 infections, slowing global growth, supply constraints and […]
UK property asking prices fall the most in more than 2 years
LONDON (BLOOMBERG) – Property asking prices in Britain fell at the sharpest pace in almost 2½ years as a traditional summer lull combined with increased caution about the outlook for the economy. The cost of new homes listed for sale fell 1.3 per cent in August, reducing the annual pace of growth to 8.2 per cent from […]
UOL first-half profit quadruples to $371m on fair-value gains, higher revenue
SINGAPORE (THE BUSINESS TIMES) – Property and hospitality group UOL Group on Friday (Aug 12) posted earnings of $371 million for the first half-year ended June, up 306 per cent from $91.3 million in the year-ago period. The increase was spearheaded by fair-value gains of $190 million in the first half, compared with fair-value losses […]
Genting S’pore posts 4.3% drop in first-half profit to $84.4m despite revenue rise
SINGAPORE (THE BUSINESS TIMES) – Casino and resort operator Genting Singapore reported a 4.3 per cent fall in net profit for the first half of the financial year from the year-ago period, the company said in a filing on Friday (Aug 12). Net profit for the six months ended June 30 came to $84.4 million, […]
US stocks post weekly gains after better inflation data
NEW YORK (AFP) – Wall Street stocks concluded a positive week on a winning note, rising on Friday (Aug 12) on improving investor sentiment following better US inflation data earlier in the week. All three major indices finished firmly higher as markets rode the wave from consumer and producer price data that market optimists believe […]
UK economy closes in on recession as it shrinks in second quarter
LONDON (REUTERS) – Britain’s economy contracted by less than feared in June, when public holidays had been expected to exert a big drag, although sectors most exposed to a worsening cost-of-living crisis, such as retail and restaurants, struggled. Output for the second quarter as a whole still contracted, however, with Britain expected to enter a […]
Apple expects to sustain iPhone sales in 2022 as global market slows
TAIPEI (BLOOMBERG) – Apple has asked suppliers to build at least as many of its next-generation iPhones this year as in 2021, counting on an affluent clientele and dwindling competition to weather a global electronics downturn. The technology giant is telling its assemblers to make 90 million of its newest devices, on a par with […]
Malaysia’s economy jumps 8.9% in Q2 but slower growth expected
KUALA LUMPUR (REUTERS) – Malaysia’s economy grew at its fastest annual pace in a year in the second quarter, boosted by expansion in domestic demand and resilient exports, but a slowdown in global growth is expected to pose a risk to the outlook for the rest of 2022. Gross domestic product (GDP) in April-June surged 8.9 […]
Condo, HDB rents extend rise in July; more units leased as demand stays firm
SINGAPORE – Rental prices for Housing Board flats and private apartments continued to rise last month, with analysts noting that the trend will continue as completed housing projects are unable to catch up with demand. HDB rents climbed at a slower pace of 1.5 per cent in July, compared with June’s 2.3 per cent, with rents […]
Condo, HDB rents continue to rise in July; more units leased as demand remains firm
SINGAPORE – Rental prices for Housing Board flats and private apartments continued to rise last month, with analysts noting that the trend will continue as completed housing projects are unable to catch up with demand. HDB rents climbed at a slower pace of 1.5 per cent in July compared with June’s 2.3 per cent, with […]
SBS Transit sees 5% drop in first-half profit to $34.6m on absence of one-off tax exemption
SINGAPORE (THE BUSINESS TIMES) – Bus operator SBS Transit on Wednesday (Aug 10) announced earnings of $34.6 million for the first half-year ended June, down 5 per cent from $36.5 million in the year-ago period. The decline was attributed to a jump in tax expense for the period to $8.1 million, from $1.1 million a […]
CapitaLand Investment first-half profit slips 38.3% on lower asset recycling activity
SINGAPORE (THE BUSINESS TIMES) – Property investment manager CapitaLand Investment Limited (CLI) posted a 38.3 per cent drop in profit for the first half year ended June 30, to $433 million, from $702 million last year due to “lower velocity in asset recycling activities”, particularly in China, it said in a regulatory filing on Thursday […]
Singapore raises 2022 trade forecasts, says strong chip demand likely to continue this year
SINGAPORE – Singapore has raised its full-year trade forecasts after its export performance in the second quarter of 2022 came in better than expected due to higher oil prices and electronics. Total merchandise trade is expected to grow by 15 to 16 per cent this year, up from the previous projection of 8 to 10 […]
Singapore cuts 2022 GDP growth forecast to 3-4% as global headwinds grow
SINGAPORE – The Government has narrowed its economic growth forecast range for 2022 in tandem with a worsening outlook for the global economy and stubbornly high inflation. The Ministry of Trade and Industry (MTI) narrowed its range for Singapore’s gross domestic product (GDP) growth this year to 3 to 4 per cent, from an earlier […]