SG Morning Highlights: The era of low prices is over with global economic conditions 'fundamentally changed': PM Lee
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Monday; STI down 0.24%
●The era of low prices is over with global economic conditions 'fundamentally changed': PM Lee
●Stocks & REITs to watch: First Reit, Yangzijiang Financial, Tuan Sing, SP Corp
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ decreased 0.24 per cent to 3,238.77 as at 9.04am.
Advancers / Decliners is 50 to 90, with 79.15 million securities worth S$108.71 million changing hands.
Breaking News
Singapore will launch new initiatives to attract top foreign talent, particularly for key sectors, as it ramps up efforts to build a world-class talent pool, Prime Minister Lee Hsien Loong said in his National Day Rally speech on Sunday (Aug 21).
Without giving details, PM Lee said that the Ministry of Manpower, Ministry of Trade and Industry, and economic agencies "will soon announce" new initiatives to achieve this. "We want to make top talent everywhere sit up, pay attention and think seriously about coming to Singapore."
While the country already has schemes to attract and retain top talent, especially in the technology industry, it needs to do more, especially in sectors with "good potential", said PM Lee.
Singapore will repeal a colonial-era law that criminalises sex between men, but also amend the Constitution to prevent legal challenges to the definition of marriage, Prime Minister Lee Hsien Loong announced in his National Day Rally speech on Sunday (Aug 21).
There is no intention to change national policies that rely on the legal definition of marriage as being between a man and a woman, in areas such as public housing, education, adoption rules, advertising standards, and film classification, he added.
PM Lee said he believed the repeal of Section 377A of the Penal Code "is the right thing to do, and something that most Singaporeans will now accept". He did not give a timeframe for when the changes will take place.
Singaporeans are not doing enough to improve the environment despite an ongoing push from the government and heightened attention, according to the latest edition of the OCBC Climate Index.
The index, released on Aug 16, found that despite a rise in green activism and increased conversations on climate change, most Singaporeans are still not embracing sustainable behaviour in a big way.
There has been an uptick in people travelling by air in 2022 (55 per cent), compared to 44 per cent who did so last year. More are also using air-conditioning as the main mode of cooling their homes - 21 per cent of people this year, up from 17 per cent in 2021. This is despite nearly half of respondents - or 47 per cent - expressing a desire to live a more sustainable life for a greener future.
The era of highly competitive prices and enthusiasm for globalisation is over, with international economic conditions having "fundamentally changed", said Prime Minister Lee Hsien Loong, adding that maintaining supply chain resilience also means higher costs.
"It is not just the pandemic or the war in Ukraine," he told Singaporeans at his annual National Day Rally on Sunday (Aug 21).
The recent decades were an exceptional period, with globalisation in full swing and international trade growing rapidly, he said. China's economy was growing exponentially and exporting more and more goods at highly competitive prices, bringing down the cost of many products and enabling price stability.
Stocks & REITs to Watch
$First Reit (AW9U.SG)$ : First Real Estate Investment Trust on Monday (Aug 22) launched a tender offer to buy back S$60 million in Series 002 subordinated perpetual securities in cash, at 70 per cent of the purchase price.
After the 5.68 per cent perpetual securities were not redeemed on their first call date on Jul 8, 2021, the distribution rate was reset at 4.9817 per cent per annum for the period from the first reset date, to the next one 5 years later.
On top of the purchase price, First Reit will also pay the accrued - but unpaid - distribution on all securities accepted for sale.
$YZJ Fin Hldg (YF8.SG)$ $YZJ Shipbldg SGD (BS6.SG)$ : Yangzijiang Financial Holding, recently spun out of Yangzijiang Shipbuilding (Holdings), is betting on its years of expertise in the maritime and manufacturing industry to carve a niche for itself in the asset management space.
Our biggest unique factor is that we never left our original competencies in the maritime and construction industries."
—— executive chairman Ren Yuanlin told The Business Times in Mandarin in a recent interview.
$Tuan Sing (T24.SG)$ $SP Corp (AWE.SG)$ : REAL estate-focused investment holding company Tuan Sing Holdings has proposed to acquire and privatise commodities trading group SP Corporation via a scheme of arrangement.
Tuan Sing currently holds about 80.2 per cent of SP's total issued share capital, or about 28.1 million shares.
In a joint announcement issued on the Singapore bourse on Saturday (Aug 20), both companies said they entered into an implementation agreement setting out the terms and conditions of the scheme.
Latest Share Buy Back Transactions
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kelvin88gan : k
Winning Trades : Good start.
1994CM : Good stepping stone.
TrevorTan : South Korean Prime Minister?! Lee Myung-bak?
天下股功 : The editor wrote all the wrong names of the commentators, and now the Prime Minister of Singapore is Lee Hsien Loong.
1122杰 : Prime Minister Lee Kuan Yew said he believed that repealing Article 377A of the Criminal Law "is the right thing to do."
Sorry, this speech was made by Prime Minister Lee Hsien Loong yesterday. In July, why does an editor come to scare people?