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The ISM Services index was virtually unchanged in August, coming in at 51.5 from 51.4 in July, and virtually in line with the 51.4 expected. Like last month, ten of 18 industries reported growth for the month.
The ISM Services index was virtually unchanged in August, coming in at 51.5 from 51.4 in July, and virtually in line with the 51.4 expected. Like last month, ten of 18 industries reported growth for the month.
The business activity sub-index showed a slight deceleration in growth, but stayed in the black at 53.3, while the new orders index firmed up, rising to 53.0.
The prices paid sub-component ticked up again to 57.3 percentage points (pp) from 57.0 in July, but remains below its 2019 average. The supplier deliveries sub-index retraced some of last month’s losses, rising 2.0 pp to 49.6.
The employment sub-component pulled back to 50.2, narrowly avoiding contraction territory.
The services sector continues to chug along. The details were pretty good, with the sole fly in the ointment being the slowdown in employment growth. All things considered, it’s a relatively solid print given where we are in the business cycle.
While growth looks to be holding up pretty well, the Fed has been focused on labor market developments, leaving all eyes on Friday’s payrolls report. Rate cuts are on the way, but with the economy continuing to rumble along, we expect the Fed will deliver 75 basis points of cuts by the end of the year.
Unit holders of Singapore’s largest real estate investment trust (Reit) are encouraged to subscribe for a preferential offer to raise funds for the acquisition of a stake in one of the Republic’s most prestigious shopping malls.
CapitaLand Integrated Commercial Trust (CICT) on Sept 3 proposed to acquire a 50 per cent stake in Ion Orchard from its sponsor CapitaLand Investment (CLI) for $1.85 billion. The other 50 per cent will continue to be held by Hong Kong developer Sun Hung Kai Properties.
The total outlay for the deal will be $1.1 billion, after factoring in transaction-related expenses and adjustments for 50 per cent of a secured bank loan taken out by Ion Orchard.
Analysts view the acquisition favourably, saying it will enable CICT to diversify into the luxury retail segment in Singapore and increase the payout per unit for unit holders from 2025 onwards.
They also noted that the Reit is currently undervalued and encouraged unit holders to take up their share of a preferential offer to raise the proceeds needed for the acquisition.
Still, investors and unit holders should be aware that they are being asked to fork out more cash for CICT at a time when retail spending in Singapore has softened, and as shoppers from China are also cutting down on their luxury bills due to economic uncertainty.
And while interest rates are expected to come down, borrowing costs are still higher than before. With central banks hiking rates over the last two years, Reit prices have generally fallen and picked up only recently.
CICT’s proposal to acquire Ion Orchard will include the Ion Orchard mall, Ion Orchard Link, Ion Art Gallery and Ion Sky rooftop bar from real estate investment and management firm CLI, which is seeking to divest selected assets in its portfolio and recycle the capital into new properties.
In fact, the divestment of Ion Orchard to CICT will take CLI’s total capital recycling this year to $3.6 billion, surpassing its annual capital recycling target of $3 billion.
CICT is proposing to partially finance the move with net proceeds from a pro rata non-renounceable preferential offer of 377.3 million new CICT units priced at $2.007 per unit, compared with the trust’s last closing price of $2.14 on Sept 2.
This will be in the ratio of 56 preferential offering units for every 1,000 existing units held by eligible unit holders, raising $757.2 million.
Meanwhile, the remaining proceeds for the acquisition will be raised through a private placement of 171.7 million new CICT units priced at $2.04 each, or around $350.3 million.
On Sept 4, CICT said the private placement was 3.7 times subscribed with “strong demand” from new and existing institutional, accredited and other investors.
The private placement and preferential offering will see a total of 549 million new units issued to raise $1.1 billion.
CLI, the largest unit holder of CICT with a 24 per cent stake, has provided an irrevocable undertaking to fully subscribe to its entitlement under the preferential offering.
Prime Minister Datuk Seri Anwar Ibrahim said on Thursday that the government had never discussed the return of the goods and services tax (GST) as an alternative to subsidy cuts.
At a press conference here, Anwar, who is also the finance minister, said discussions are focused on budget strategies and ways to increase the government’s revenue, as it is determined to alleviate the issue of rising cost.
“Nothing specific [on the GST] has been discussed. A country cannot be governed based on rumours,” he quipped when responding to questions on a report by a foreign news agency recently.
Bloomberg recently reported that Malaysia is weighing the return of a broad-based consumption tax instead of implementing subsidy cuts for a commonly used gasoline, as the government seeks to bolster its finances, quoting “people familiar with the matter”.
Anwar was in Vladivostok to participate in the 9th Eastern Economic Forum. He was on a two-day working visit to the largest seaport city in Russia’s far east region on Wednesday and Thursday.
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