News
Daily Markets Briefing: STI up 4.1%
Daily Markets Briefing: STI up 4.1%
CapitaLand led the gains amongst top active stocks soaring by 8.39%.
UOB to shut down 24 branches
Thirty-eight will remain open, each located within a 3km radius from a closed branch.
MAS alters regulatory requirements for COVID-hit banks
Banks can now adjust their capital buffers to support lending activities.
SGX RegCo grants automatic 60-day extension for issuers to hold AGMs
This follows after the regulator gave a two-month extension for AGMs last February.
ESG, ecommerce giants roll out Singapore E-Commerce Programme
The initiative will provide 90% support to retailers in domestic markets.
Grab slashes half of driver commissions until 4 May
Additional schemes to be implemented during the circuit-breaker timeframe. Grab is reducing its commission rate for private-hire drivers by 50%, according to an announcement. Meanwhile, drivers renting cars from Grab's vehicle rental arm will get an additional 50% commission reduction, meaning they will not need to pay any commission to the company. The reduction will be implemented until 4 May as ride demand has gone down due to circuit-breaker measures. Grab also lowered the qualifying criteria for weekly cover, which gives eligible drivers income support depending on their tier. Free weekly cancellations will also be reduced from six to three cancellations per week. Meanwhile, GrabRental drivers will receive a 30% rental waiver of up to $20 a day during the circuit-breaker timeframe, and may defer 20% of their rental costs of up to $14 a day for the next six months. The programme is part of Grab's contribution to the government’s $73m special relief fund to help private-hire and taxi drivers affected by the coronavirus outbreak.
Food demand to shift to groceries, residential outlets and online delivery platforms
Outlets dedicated to dine-in customers will face challenges.
Aviation stocks crashed 38% in 2020 YTD
SIA, SIAEC, ST Engg, and SATS averaged 26% declines in March alone.
City Developments to commit $17m in rebates
Tenants to get full rental rebates in April, 50% in May. City Developments Limited (CDL) is committing more than $17m in property tax and rental rebates, an announcement revealed. The move is to help its tenants tide over the COVID-19 outbreak. The amount includes the full quantum of the government's enhanced property tax rebates which will be passed on to CDL's tenants. These enhanced rebates comprise 100% property tax rebate for qualifying commercial properties and 30% for businesses in other non-residential properties. CDL also disbursed rental rebates to qualifying retail tenants in March and will continue to provide rental rebates of 100% in April and 50% in May.Further support packages may be rolled out steadily. All non-essential businesses within CDL buildings will be closed from 7 April to 4 May in line with the Singapore government's stricter "circuit breaker" safe-distancing measures. Meanwhile, some CDL buildings will remain open from 7 April to 4 May to facilitate the continued operations of businesses or stores offering essential services.
Suntec City waives rents for all tenants in April
It will also provide rental rebates in May.
ComfortDelGro's management to take pay cuts
Directors of the group’s listed companies to have 20% cut on fees.ComfortDelGro Group's board and senior management will take a voluntary cut in directors' fees and pay respectively amidst the COVID-19 outbreak.Directors of the group’s listed companies—ComfortDelGro, SBS Transit and Vicom’s—will have their directors' fees cut by 20% until the end of the year.Also read. https://sbr.com.sg/transport-logistics/news/comfortdelgro-waives-taxi-rents-monthManaging director and group chief executive Yang Ban Seng will take a 15% cut, whilst those ranked vice-president and above will have their salary slash by 10%.The cuts will be effective from April 2020 and will be reviewed at the end of June.
DBS to start closing branches until 4 May
Its Treasures and Treasures Private Client centres will also shut down.
CapitaLand unit reopens Wuhan malls
Its portfolio’s footfall has rebounded from the previous month’s low.
Will co-living survive in Singapore's fast-changing rental market?
Despite the hype on 'flexible living', landlords still prefer the traditional model.
Chart of the Day: New homes grew pricier vs. resales in the CCR
The collective sales fever caused an elevation in land costs.
Daily Markets Briefing: STI up 3.4%
OCBC Bank led the gains amongst top active stocks with a 3.94% jump.
Daily Briefing: GIC, Dexus to acquire 50% of Rialto Towers for $387.5m; Kopar At Newton sold 77 units ahead ‘circuit breaker' measures
And about 3,300 devices have been loaned out to students for home-based learning.
Commentary
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