Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
Singapore’s sluggish initial public offering (IPO) market is looking for a much-needed revival, with real estate investment trusts (REITs) expected to lead the charge in 2025. One potential standout is Nippon Telegraph & Telephone Corp (NTT), which is considering a data-center REIT listing that could be worth as much as US$1 billion. This would be a major boost to the Singapore Exchange (SGX), which is on track for its worst IPO year in over 25 years, with just one IPO recorded so far in 2024.
The REIT sector has shown signs of recovery, with Singapore-based real estate trusts rising 14% during the third quarter of 2024. A global decline in interest rates has made the sector more attractive to investors by lowering borrowing costs and boosting dividend yields. This trend is expected to fuel more fundraising and investor interest in REITs, potentially creating a virtuous cycle for new listings.
“We are constructive on the equity capital markets in Singapore for the fourth quarter and onwards,” said Mrinal Parekh, head of equity capital markets for Southeast Asia and India at BNP Paribas. He noted that investors have already started inquiring about REIT opportunities.
The potential US$1 billion NTT listing would be Singapore’s largest since Netlink NBN Trust’s IPO raised US$1.7 billion in 2017. Data centers are particularly attractive to investors, thanks to the growing artificial intelligence sector, with tenants likely to maintain their leases due to the high costs of relocating.
In September, CapitaLand Integrated Commercial Trust, a major player in the REIT space, raised S$1.1 billion to acquire a 50% interest in a high-end Singapore mall, further illustrating the sector’s growing influence in revitalizing Singapore’s equity capital markets.
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