The said industry posted a 13.5% decline.

Due to the 17% growth in motor vehicle sales, overall retail sales in Singapore posted a 1.1% spike. Without the said industry, retail sales would have slumped 2.1%. Guess which industry posted the heaviest drag.

According to the Department of Statistics, retail sales of computer & telecommunications equipment declined 13.5% in November compared to last year.

Likewise, retail sales of watches and jewellery, wearing apparel & footwear, furniture & household equipment, supermarkets, f&b, department stores, mini-marts & convenience stores, and petrol services fell between 1.1% to 6% during the said period.  

And here are 6 Visa-free countries Singaporeans can visit.

Hong Kong will release Singaporean infantry carrier vehicles and other equipment that it seized in November while saying an investigation into them may lead to criminal prosecution. The nine SAF Terrex Infantry Carrier Vehicles were seized en route from Taiwan on a container ship after being used in training exercises. They will be returned to Singapore through the carrier, Roy Tang, Hong Kong’s Commissioner of Customs and Excise, said in a written statement. Tang did not say who might be targeted in prosecution. Read more here.

Non-Malaysian work permit holders from the manufacturing sector are no longer allowed to rent a whole Housing Board flat as of 1st January 2017, and instead, only allowed to rent rooms. However, those currently renting were allowed to stay on until the expiration of their existing subletting approvals. This comes after the Housing and Development Board (HDB) on 1 June 2016 sent a letter to flat owners currently subletting their flats to non-Malaysian manufacturing work permit holders to advise the workers of the change to give them time to make the necessary preparations. Get to know the full story here.

Seems like it was just yesterday when we were rejoicing over the fact that the Singapore passport was ranked 5th in the world for travel freedom. Well, it wasn’t exactly yesterday, but it was last year. Close enough. But this year, we’ve shot up to second place, tying with Sweden. Yes guys, you heard that right, other than the Germans, nobody else in the world can book flights out of the country without having to worry about visa requirements less. Click here to get to know 6 countries you can visit without having to apply for a Visa.
 

Blame the OTT services.

Over-the-top services continue to batter Singapore telco M1, with the latter posting a 27.1% decline in net profit to $31.8m in the past quarter.

Meanwhile, for the whole of 2016, net profit was down 16.1% to $149.7m, mainly due to lower international call and roaming revenues, as well as increased depreciation and amortisation expenses from higher fixed asset base in respect of 4G network, additional spectrum acquired, and new services.

M1's service revenue for the whole year decreased 2.0% to $805.5m, as traditional telecommunications services continued to be impacted by OTT services. On the other hand, fixed services continued to post strong growth with revenue increasing 21.4% to $104.2m, and this accounted for 12.9% of service revenue compared to 10.4% a year ago. The growth was driven by a larger base of residential, corporate, and government customers.

During the past year, M1 added 52,000 postpaid customers and 39,000 prepaid customers, to bring the total mobile customer base to 2.02m. Mobile churn was stable YoY at 1.0%. Data traffic continued to trend higher, with average postpaid smartphone data usage increasing to 3.6GB per month in 4Q16, from 3.3GB per month a year ago. Mobile data revenue increased 7.7% percentage points YoY to 54.0% of service revenue. M1’s fibre customer base also increased 32,000 during the year to 160,000.

“We continue to invest and innovate to enhance our service offerings to better serve our customers, as well as capitalise on new opportunities in the digital economy such as solutions for smart nation and IoT services,” said Ms Karen Kooi, Chief Executive Officer of M1.

She added, "These initiatives, together with the foundation that we have laid over the years, will enable us to create and deliver long-term value to our stakeholders."

MTI will discuss the way forward with other TPP partners.

Singapore is shifting its gears to other regional free trade initiatives as the United States ditches the Trans-Pacific Partnership.

The Ministry of Trade and Industry said in a statement that the US has indicated that it will pull out of the TPP agreement.

"Without the participation of the US, the TPP agreement as signed cannot come into effect," the trade ministry said.

It noted that there are other regional integration initiatives still ongoing, including the Regional Comprehensive Economic Partnership and the proposal for a Free Trade Area of the Asia-Pacific.

"Singapore will continue to participate in these initiatives. We will have to discuss the way forward with the other TPP partners first. Each of the partners will have to carefully study the new balance of benefits," MTI noted. 

Contributions from DHL Supply Chain kicked in.

Cache Logistics Trust reported a good quarter in 4Q16 as it ended the period with an 11.3% increase in net property income to $21.3m. Its gross revenue jumped 13.5% YoY to $27.3m due to incremental rental contribution from DHL Supply Chain Advanced Regional Centre and its Australian properties but partially offset by lower revenue from 51 Alps Ave.

However, its distribution per unit slumped 10.8% YoY to 1.85 Singapore cents. This was due to a larger unit base and smaller capital distribution of $756k in 4Q16 which arose from the sales proceeds of an asset disposal, versus $2.1m in 4Q15.

"Excluding the distributions from capital, CACHE’s adjusted DPU would have declined by a smaller pace of 3.9%. For FY16, CACHE’s gross revenue spiked 24.0% YoY to S$111.3m and constituted 101.9% of our full-year forecast. DPU of 7.725 Singapore cents represented a dip of 9.1% and made up 101.7% of our FY16 projection. Excluding capital distributions, CACHE’s adjusted FY16 DPU would have fallen 5.4%," OCBC Investment Research said.

To recall, Cache announced that it has completed the divestment of its Changi Districentre 3 property to Agility International Logistics Pte Ltd for a sale price of $25.5m.
 

Thanks to acquisitions in Australia, Malaysia, and Vietnam.

Mapletree Logistics Trust recorded a 7.7% uptick in its net property income in the quarter ending in December at $79.9m. Its gross revenue recorded a 7.4% increase to $95.5m in the same period.

"Growth was underpinned largely by income from four acquisitions in Australia, Malaysia and Vietnam, the contribution from properties which have completed their redevelopment, and higher revenue from existing properties in Hong Kong," OCBC Investment Research said.

However, MLT's distribution per unit came in flat YoY at 1.87 Singapore cents due to higher management fees, borrowing costs, distribution to perpetual securities holders and an enlarged unit base.

Operationally, MLT’s occupancy was slightly lower from 96.4% as of September last year to 96.1%, while positive average rental reversions of 2% were achieved. This ranged from 1% in Singapore and Vietnam; and to 4% in Hong Kong and China.

"Looking ahead, management expects the leasing environment to remain challenging, with continued pressure on occupancy and rental rates," OCBC noted.  

The site has a land area of approximately 69,858 sq ft.

Singapore property developer UOL Group Limited has been granted the option to acquire site known as 45 Amber Road.

The deal was made between UOL's wholly-owned subsidiary, UOL Ventures Pte. Ltd. and the owner of the property, Sin Lian Huat Co. (Pte.) Ltd.

The total consideration for the purchase of the site sits at $156m

UOL said the acquisition will be financed by internal resources and external borrowings.

Latest winning bids by smaller players came in as high as $20.65 psf.

Competition for new smaller HDB commercial units are still strong, UOB KayHian said. Supermarket giants like Sheng Siong are facing big competition with smaller players.

"Even though the competition for HDB commercial units remains stiff with the last three winning bids coming in as high as S$20.65 psf, the big players, NTUC Fairprice, SSG and Cold Storage, have conducted bidding in a more rational manner," UOB said

Smaller supermarket operators such as Yes and Ang Mo Supermarket have driven up prices for smaller HDB commercial units.

"We see this as an opportunity for SSG further down the road, because if these smaller players are unable to keep up with the high rent, big players may have an opportunity to secure units at more reasonable rates," the brokerage firm noted. 

Some 140,000 people still using 2G handsets would have to upgrade.

According to a report from AFP, when Singapore pulls the plug on its 2G mobile phone network this year, thousands of people could be stuck without a signal -- digital have-nots left behind by the relentless march of technology.

"From technophobic pensioners to cash-strapped migrant workers, some 140,000 people in highly-wired Singapore still use the city-state's second generation (2G) network and cheap, robust handsets. First rolled out in 1994 -- when playing Snake was the pinnacle of mobile entertainment -- 2G has long been superseded technologically, with new gold standard 5G offering lightning fast connectivity for a generation used to streaming movies and TV directly to phones," the report said.

Telco giant Singtel said from April this year, the 2G network across all telcos in Singapore will gradually be closed.

"But not to worry – you can continue to enjoy our phone and data services without disruption simply by upgrading to a 3G or 4G handset now," Singtel said.

All three telcos, including M1 and StarHub, have laid out their handset deals for both prepaid and postpaid subscribers.

Stating the reason for the cessation of the 2G network, Singtel said, "To cater to increasing demand for data and faster access speeds, it is necessary to close the older 2G network so that faster, more advanced 4G services can be deployed on the same spectrum. Customers using 3G and 4G handsets will not be affected." 

Thanks to the contribution from Cardiff DC and Milan DC.

Keppel DC REITs announced an increase in net property income in the quarter ending in December, up 14.2% to $24.9m.

Gross rental income for 4Q16 was $26.1 million, an increase of $1.5m or 6.0% from 4Q15 of $24.6m.The group said these were due to contribution from Cardiff DC and Milan DC, increase in variable income at the Singapore Properties due to higher ad hoc revenue and lower other property-related costs and higher overseas contribution due to appreciation of EUR against SGD.

"These were partially offset by lower overseas contribution due to the depreciation of GBP and MYR against SGD. At KDC DUB 1, there was lower rental income arising from a client downsizing its requirements in 1Q16. Other income was $0.8m arising mainly from power and service revenue charged to clients, as well as the rental top up income provided by the vendor of a newly acquired overseas asset," the group said.

For 4Q16, property operating expenses was $1.9m, a decrease of 1.0m as compared to 4Q15. This was largely due to lower property tax, repairs and maintenance and other property-related costs.

However, it posted lower distribution per unit for the said quarter, which came in at 1.31 cents, lower than the 1.64 cents from the same period a year earlier.
 

It has dropped to as much as $7m.

Subscribers wanting to make overseas calls now rely on Over-the-top players, leading to the decline in roaming revenue for Singapore telco giant M1.

According to DBS Vickers Securities, M1's roaming revenue, which accounts for about 10% of its mobile yields, has continuously declined on a QoQ basis over the past eight quarters, with revenues dropping to as much as $7m, around 31%, over this two-year period.

With this, the research house anticipate roaming revenue to decline further albeit at a slower rate.

"Introduction of data passport plans by M1 in 2015, whereby customers can use their local data bundles when overseas by paying a monthly subscription fee of $10 ($50 in Europe) has had little impact on roaming revenues, indicating that the decline is likely to take time to stabilise," it said.

Re-employment age is raised from 65 to 67.

The two-year difference in Singapore's re-employment age will be positive for the city-state's efforts to ensure a continued supply of labour despite its ageing workforce and maintain labour market flexibility.

According to BMI Research, the continued participation of older workers in the labour market will also be positive for the government's fiscal position, ensuring a steady flow of revenue while keeping social spending low.

"We believe that these changes will be positive for Singapore's tight labour market as well as the government's ongoing efforts to keep the population working for as long as they are willing and able to. In addition, the government has been trying to move the economy away from its overreliance on foreign labour towards one that is knowledge based," the firm said.

BMI noted that as such, the retention of these older workers, particularly in skills-intensive industries, will be positive for the ongoing efforts to increase the level of human capital as these workers can pass on their skills.

"Furthermore, employers are only required to rehire workers if they have satisfactory work performance and are healthy and able to continue working. This will also help Singapore overcome the problem of an ageing workforce, with the proportion of residents aged 60 and above in the labour force having increased to 12% in 2015, compared with 5.5% in 2006," BMI added.
 

And get to know the next sub-merging market.

Consumer prices in Singapore rose in December for the first time in more than two years, adding to signs of recovery in the city-state’s economy. Lower oil costs and government measures to rein in property values have driven consumer prices down in the trade-dependent economy since November 2014. The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool rather than interest rates, had forecast a pick-up in inflation to between 0.5 percent to 1.5 percent this year. That may give it reason to stick to its neutral policy stance at its next scheduled meeting in April at a time when exports are starting to grow. Read more here.

Job cuts in Singapore may be at the highest since 2009, but official data shows workers still have it easier than most. As local politicians seek to appease the population, the most recent figures show Singapore remains one of the easiest countries in the world to find work. The median period of unemployment for job-seekers last year was eight weeks, which is less than half that of Australia's and compares well with other developed economies. Read more here.

By one of the most common definition of “emerging markets,” U.S. markets – in an economy that by many measures is one of the most developed in the world – may soon start to take on emerging market characteristics found in countries like India, Brazil, Russia and Indonesia. And that could be very bad news for U.S. markets. Political risk expert (and a former boss of mine) Ian Bremmer defines emerging markets as “those countries where politics matters at least as much as economics for market outcomes”. This suggests that the usual suspects that investors look at for signs of market trajectory – economic growth, inflation, interest rates, for starters – are downgraded to only be as important as politics. And in some cases, individual leaders can change institutions, further swaying markets. Read more here.

For starters, it allotted $7.2m for retrenchment and outplacement benefits.

Singapore Press Holdings reported a 44% decline in net profits for 1Q17, down to $45.7m. Aside from its lacklustre ad business, it has suffered a one-off charges of $15.9m for the review of its media business, leading to a lower bottom line.

According to CIMB, SPH embarked on a review of its media business in view of the structural challenges in the industry. It revealed that $7.2m was charged to SPH for the retrenchment and outplacement benefits as part of a right-sizing exercise which aims to cut its workforce by 10% over two years.

More so, SPH also suffered a $2.6m impairment charge a printing press line due to capacity optimisation. Lastly, a SPH also incurred a $4.8m charge for the restructuring of an associate in the video business.

Total consideration sits at $22.1m.

Cambridge Industrial Trust has entered into an agreement with RBC Investor Services Trust Singapore Ltd. for the proposed sale of the remaining leasehold interest in a property located along Ubi Avenue for $22.1m.

The 5-storey industrial building located at the junction of Ubi Avenue 3 and Ubi Road 3 has a gross floor area of approximately 141,135 sq ft. with a remaining land tenure of approximately 39 years.

"The sale proceeds will be used for the repayment of debt, acquisition opportunities, asset enhancement initiatives and for working capital purposes. This divestment is in-line with CIT’s FY2016 business strategy, focused on divestment of non-core properties and recycling capital for greater investment flexibility and better returns," CIT said in an announcement filed at SGX.
 

It has been on the slump since 2014, giving way to Indonesia and Vietnam.

Despite the growth in South East Asia's M&A activity, which has seen a US$ 32.8b improvement across 252 deals, M&A in Singapore has slipped. According to Mergermarket trend report, Singapore, a key target market historically for PE buyouts in the region, has been waning in popularity since 2014.

"Indonesia and Vietnam have conversely been receiving more attention, with the former recording six deals worth US$1.3b with the latter claiming six investments totaling US$91m," the report said.

It added, "M&A in Thailand, Indonesia, and Malaysia saw an increase while Singapore slipped. This is expected to continue this year as family owned companies including Indonesia-based SALIM and Thailand’s Chearavanont have plans to expand their business in emerging countries, according to Mergermarket intelligence."

Meanwhile, the report noted that Indonesia-based Newmont Nusa Tenggara’s 82.2% stake sale to Indonesia-based Amman Mineral Internasional for US$ 2.6bn and worth of US-based Exxon Mobil’s US$ 2.4b takeover of Singapore-based InterOil Corporation were the second and third largest deals in the region last year.

More so, Singapore-based Temasek Holdings’ sale of its 21% stake in Intouch Holdings in Thailand for US$ 1.2bn helped lead this charge alongside Singapore-based Heptagon Micro Optics being sold by GGV Capital, Temasek Holdings and Vertex Ventures Israel for US$ 855m.
 

The bigger concern is the skill mismatches.

According to Bloomberg, job cuts in Singapore may be at the highest since 2009, but official data shows workers still have it easier than most. As local politicians seek to appease the population, the most recent figures show Singapore remains one of the easiest countries in the world to find work. The median period of unemployment for job-seekers last year was eight weeks, which is less than half that of Australia's and compares well with other developed economies.

Even for older workers, the picture is far from bleak. While such employees face the highest risk of losing their jobs in Singapore, as with most other countries, 98 percent of those who reached the retirement age of 62 last year were offered re-employment, local media cited Manpower Minister Lim Swee Say as saying earlier this month. Singapore's jobs market remains tight partly due to recent curbs on immigration and despite slowing economic growth. Indeed, there's a bigger concern than lack of work, according to Krystal Tan, an economist with Capital Economics Ltd. It's skill mismatches that are the problem as some workers lose long-term manufacturing jobs that are slowly moving away from the small and costly city-state.

Read more here.