Dr Tony Tan, the deputy chairman of the Government of Singapore Investment Corporation (GIC), has clarified that recent comments made on the world facing its worst recession in 30 years is just one of three scenarios GIC is contemplating. It is not the GIC's forecast for the global economy. The other two are an optimistic scenario where there is a recession in the US or globally, with an end to the...

The tender for the transitional office site at Scotts Road/Anthony Road has attracted strong bids. There were a total of eight bids at the close of the tender on Thursday. UOB Kay Hian put in the highest offer at S$34 milllon, 16 per cent higher than the second bid. The bid works out to more than S$242 per square foot per plot ratio. The almost 8,700-square-metre site is offered on a short-term lease of...

Mapletree Logistics Trust has booked a distributable income of S$21 million for the first quarter, up 37 percent compared to a year ago. Mapletree Logistics will distribute 1.90 Singapore cents per unit for the first quarter, up from 1.48 Singapore cents a year earlier. Net property income rose 45 percent on-year to S$37.4 million, while gross revenue shot up by 48 percent on-year to S$42.6...

CapitaLand has acquired a prime 30-acre site to build its first IT park and a grade-A office complex in India. The deal was done through its 49 percent-owned associate LOMA IT Park Developers. The site was purchased at a price of S$79 million from Standard Industries, a company listed on the Bombay Stock Exchange and the National Stock Exchange of India. It is located in the Trans Thana Creek industrial...

Structural steel contractor and engineering solutions provider Yongnam Holdings will form a 70-30 percent joint venture with KTC Civil Engineering and Construction to work on a Marina Bay Sands project. They have secured an S$81.4 million contract for temporary decking, steel waling and excavation works at the South Podium of the Marina Bay Sands integrated resort. The South Podium area will include...

Mainboard-listed Ascott Residence Trust (ART) has posted a first quarter distributable income of S$14.2 million, up 76 per cent compared to the same period a year ago. ART said it benefited from higher demand for accommodation from business travellers in the region. It also attributed its strong financial performance in the first quarter to the improved operating performance of the properties and...

As inflation in March hit 6.7 per cent, marking yet another 26-year high, businesses are beginning to feel the pain. For the salaried employee, this raises the worry of whether employers will resort to reducing wages in order to cut costs. “Particularly for most Singapore companies, wage is the most important element of cost,” said HSBC economist Robert Prior-Wandesforde. A wage cut, or even a...

Mainboard-listed Ascott Residence Trust (ART) has posted a first quarter distributable income of S$14.2 million, up 76 per cent compared to the same period a year ago. ART said it benefited from higher demand for accommodation from business travellers in the region. And going forward, it expects to see stable growth as it maintains a balance of properties in both developed and emerging markets in the...

The Singapore dollar hit a record high against the greenback on Wednesday after inflation in the city-state rose and amid fears of a US recession. The Singapore unit hit a peak of 1.3463 to one US dollar before falling back to 1.3480 in afternoon trade. The euro breached 1.60 US dollars for the first time Tuesday on renewed jitters about the US economy, but eased back in Asian trade on Wednesday, dealers...

Singapore's annual inflation was 6.7 percent last month, the highest in 26 years, the Department of Statistics said on Wednesday. It said the consumer price index was boosted by higher costs of food, transport, communications and housing. The March consumer price index figure was down 0.1 percent from February's figure, the department added. On a seasonally adjusted basis, the index was 0.3 percent...