A bearish report by property consultant DTZ South-east Asia has suggested that Singapore retail rents fell island-wide in the first quarter. It said that this is the 4th straight quarter of rental decline since the second quarter of last year.
But in defiance of the naysayer, SPH REIT (SGX: SK6U) announced an unchanged quarterly payout of 1.4 cents per unit. The owner of upmarket Paragon shopping mall on Orchard Road and edge-of-town shopping centre, Clementi Mall, even said that both properties achieved positive rental reversion. That’s one in the eye for DTZ.
Despite Japan’s best efforts to drive down the value of its currency, the yen climbed to a 17-month high of 110 against the US dollar. The Japanese currency climbed on news that the US could be reluctant to raise interest rates any time soon. Predicting currencies is such a mugs game.
Ron Sim, the founder of OSIM International (SGX: O23) has bumped up his offer to take his company private by seven cents to S$1.39. Ron Sim and his family, who are the majority shareholders of the comfy-chair maker, said this is the final offer. He also said he “does not expect” any further upward revision. “Does not expect” does not sound very final.
“Aunties and Uncles” have reportedly piled into a S$200m bond offering by jewellers-cum-pawnbrokers-cum-property company Aspial Corporation (SGX: A30). Retail investors were apparently drawn to the attractive 5.3% yield of the bonds, despite a Reuters article that highlighted the unusually high leverage, which the company has challenged.
And finally, an United Airlines airline attendant stunned 159 passengers when she exited a plane by deploying an emergency evacuation slide. She tossed her bags out of a door behind the cockpit and slid down the chute. Please don’t try this on your next flight.
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