SG Morning Highlights | More firms want support to expand overseas, lower foreign worker levies in Budget 2023: UOB survey

Advancers / Decliners is 71 to 65, with 54.69 million securities worth S$84.78 million changing hands.

Economists at Goldman Sachs Group said the risk of a US recession is receding amid a persistently strong jobs market and signs of improving business sentiment.

The Goldman team led by Jan Hatzius cut its estimate for the probability of a recession in the next 12 months to 25 per cent from 35 per cent. By contrast, Bloomberg's survey of economists last month pointed to a 65 per cent chance of a downturn within that time. Historically the typical chance of a recession in any 12-month period is roughly 15 per cent.

"Continued strength in the labour market and early signs of improvement in the business surveys suggest that the risk of a near-term slump has diminished notably," Hatzius wrote. Employers added more than half a million jobs in January, well above expectations, according to data published on Friday (Feb 3).

More businesses are looking for support to expand overseas and reduce foreign worker levies in Budget 2023 as compared with last year, according to the UOB Business (SME & Large Enterprises) Outlook Study 2023.

The bank's findings were from an annual survey of 823 small and medium-sized enterprises (SMEs) and large enterprises in Singapore, which polled them on their overall business sentiments, Budget 2023 and sustainability. The study was conducted from Dec 28, 2022 to Jan 10, 2023.

As the global economy embarks on a path towards recovery, businesses across the board require less support in Budget 2023 than in Budget 2022, the study noted. UOB's 2022 survey was conducted across 800 businesses.

ELECTRONIC Road Pricing (ERP) rates at five locations will go up by S$1 from Feb 13 in response to increased traffic.

The Land Transport Authority (LTA) said on Monday (Feb 6) that the rates will all go up from Feb 13 during nine specified time periods at the following locations:

Ayer-Rajah Expressway (AYE) after North Buona Vista towards Tuas

Four gantries on the southbound Central Expressway (CTE) after Braddell Road and the Pan-Island Expressway (PIE) slip road to southbound CTE

Southbound CTE auxiliary lane to PIE (Changi)/Serangoon Road

Kallang-Paya Lebar Expressway (ECP) after Defu Flyover

Westbound PIE before Eunos.

LTA said traffic has been building up on several stretches of expressways, and these changes have been made in response to traffic conditions observed throughout January this year.

Singapore is not affected by the collapse of solar energy company Sun Cable's plan to send electricity from Australia to the Republic, Minister for Trade and Industry Gan Kim Yong said in a written reply to Parliamentary questions on Monday (Feb 6).

Sun Cable's proposal was among more than 20 received by the Energy Market Authority (EMA) in its ongoing requests for proposals for electricity imports. As part of the tender process, the EMA has been clarifying Singapore's technical requirements with the renewable energy firm but "has not made any commitment, financial or otherwise", said Gan.

"Singapore therefore bears no financial impact from the recent actions taken by Sun Cable to enter into voluntary administration," he said.

This brings its DPU for FY2022 to 8.19 Singapore cents, a 5 per cent increase from the year before.

Total property income for H2 grew 15 per cent to 6.2 billion rupees (S$107.3 million), resulting in a 12 per cent rise for the full year to 11.9 billion rupees. The Singapore dollar appreciated by about 3 per cent against the rupee during the year, Clint's manager noted.

YKGI opened on its debut at S$0.20 on Monday (Feb 6), but fell after market open.

At 9.05 am, the counter was trading at S$0.195, down 2.5 per cent from the IPO price. Some 0.7 million shares had changed hands as at that time. The stock hit a low of S$0.175 at 9.45 am, Bloomberg data showed.