Singapore rates unlikely to stay negative, but may remain low till 2021

SINGAPORE'S one-month Swap Offer Rate (SOR) fell briefly below zero last Wednesday for the first time since 2011, raising the spectre that the Republic could be following in the footsteps of other countries with persistent negative rates.

SGX RegCo queries EHT on restructuring process and progress of strategic review

THE Singapore Exchange Regulation (SGX RegCo) on Wednesday night asked Eagle Hospitality Trust (EHT) for updates and to justify the actions that its Special Committee has taken in relation to the restructuring and the strategic review of the business.

FORTITUDE BUDGET

Singapore's financial position weaker in coming years: Heng

WITH almost S$100 billion set aside to combat Covid-19, Singapore's financial position will be "a lot weaker" in the coming years, and it will need to find ways to manage this "difficult financial situation", said Deputy Prime Minister and Finance Minister Heng Swee Keat.

CDL unit M&C axes 8% of global team, furloughs about 30% of employees

MILLENNIUM & Copthorne (M&C) Hotels has reduced its global headcount by 8 per cent and furloughed another 30 per cent of staff in its owned-and-managed hotel portfolio, as the Covid-19 pandemic and governmental restriction measures introduced across most jurisdictions have hit its...

Chip Eng Seng files suit after Australian childcare business acquisition falls through

MAINBOARD-listed Chip Eng Seng announced late on Wednesday the termination of a contract-of-sale relating to the proposed acquisition of a childcare business in the Australian state of Victoria, as well as the commencement legal proceedings for a refund of the deposit.

SGX RegCo queries EHT on restructuring process and progress of strategic review

THE Singapore Exchange Regulation (SGX RegCo) on Wednesday night asked Eagle Hospitality Trust (EHT) for updates and to justify the actions that its Special Committee has taken in relation to the restructuring and the strategic review of the business.

M&C to axe 8% of global team; management salaries cut by up to 30%

MILLENNIUM & Copthorne (M&C) Hotels has reduced its global headcount by 8 per cent and furloughed another 30 per cent of staff in its owned-and-managed hotel portfolio, as the Covid-19 pandemic and governmental restriction measures introduced across most jurisdictions have hit its...

Covid-19 pushes UnUsUaL Ltd's net profit for FY2020 down 52%

UnUsUaL Limited, the events-production unit of mm2 Asia, posted a net profit of S$6.3 million for the financial year (FY) ended March 31, down 52 per cent from a year ago on the back of the Covid-19 outbreak, during which concerts and events in its fourth quarter have been postponed.   

DLF Holdings to call EGM to seek shareholders' nod to expand into blockchain

CATALIST-LISTED DLF Holdings on Tuesday announced after trading hours that it is convening an extraordinary general meeting (EGM) to seek shareholders' approval for its plan to diversify into a new business area that will alter its existing risk profile.

China Sunsine Chemical to record lower revenue, profit for FY2020 on Covid-19 impact

SPECIALITY rubber chemicals producer China Sunsine Chemical Holdings announced in a bourse filing late on Tuesday that the group is expected to record lower revenue and profit for FY2020 than it did for the preceding financial year ended Dec 31, 2019.

Singapore faces worst recession since 1965, but in 'strong position' to overcome crisis: PM Lee

THE fiscal prudence and discipline of successive governments have put Singapore in a “strong position” to overcome today’s crisis and emerge stronger after the Covid-19 pandemic, wrote Prime Minister Lee Hsien Loong in a Facebook post on Tuesday evening.

DLF Holdings to call EGM to seek shareholders' approval to expand into blockchain

CATALIST-listed DLF Holdings on Tuesday announced after trading hours that it is convening an extraordinary general meeting (EGM) to seek shareholders’ approval for its plan to diversify into a new business area that will alter its existing risk profile.

Sapphire Corp bags contracts worth 235.9m yuan

SAPPHIRE Corporation’s subsidiary Ranken Railway Construction Group has secured two engineering, procurement and construction (EPC) contracts in Xinjiang’s capital Urumqi, and a lease of its tunnel-boring machine - deals with a total aggregate value of about 235.9 million yuan (S$47.66 million...

BT EXCLUSIVE

StanChart pushes fresh tech strategy to target Indonesia's mass market

EVEN as Covid-19 inflicts pain on economies around the world, Standard Chartered continues to view Indonesia as a "strategically important", "high-potential" growth market.

POSB aims to bank all migrant workers by end-2020

DBS's POSB has recorded a jump of almost four times in the number of account openings for migrant workers in the month of April, as the Covid-19 pandemic adds to the urgency for migrant workers to have access to digital banking - a basic service that most Singaporeans take for granted.

POSB sees migrant worker account openings surge amid virus outbreak

DBS’s POSB has recorded a jump of almost four times in the number of account openings for migrant workers in the month of April, as the Covid-19 pandemic adds to the urgency for migrant workers to have access to digital banking – a basic service that most Singaporeans take for granted.

VIRUS OUTBREAK

32 companies return Jobs Support Scheme payouts worth S$35m

SOME businesses here have either returned or donated the government payouts received from the Jobs Support Scheme (JSS), as a form of solidarity with the local community amid the Covid-19 outbreak.

Covid-19 impact 'largely confined' to hospitality ops: Tuan Sing

PROPERTY developer Tuan Sing Holdings' business operations impacted by the Covid-19 outbreak are "largely confined" to its hospitality segment, with its diversified portfolio across segments and regions ensuring a "high degree of resilience", said the group in a corporate update late on Saturday...

32 companies return Jobs Support Scheme payout in April totalling S$35 million

SOME businesses in Singapore have decided to either return or donate the government payout received from the Jobs Support Scheme (JSS), as a form of solidarity with the local community amid the Covid-19 outbreak.

Impact of Covid-19 'largely confined' to Tuan Sing's hospitality segment, says group

PROPERTY developer Tuan Sing Holdings’ business operations impacted by the Covid-19 outbreak is “largely confined” to its hospitality segment, with its diversified portfolio across segments and regions ensuring a “high degree of resilience”, said the group in a corporate update late on Saturday...

OCBC expects credit costs from Covid-19 impact to be higher than during GFC

OCBC'S group CEO Samuel Tsien expects cumulative credit costs to be between 100 to 130 basis points (bps) over the next two years - higher than during the global financial crisis (GFC) and similar to the Sars period.

OCBC's Q1 profit sinks 43% on lower insurance contributions, surge in provisions

OCBC’s group chief executive officer Samuel Tsien expects cumulative credit costs to be between 100 and 130 basis points (bps) over the next two years – higher than during the global financial crisis (GFC) and close to the Sars period.

DBS prices Singapore's first notes referencing Sora benchmark

DBS Bank has priced floating-rate notes with the Singapore Overnight Rate Average (Sora) as the reference rate for the calculation of interest - said to be an industry first.

Hong Leong approves loan-relief application from 500th customer, closes 20 branches

HONG Leong Finance said on Wednesday that it has approved loan-relief applications from 500 customers to date - 300 from local businesses and 200 from retail customers.

DBS prices S$20m SORA-referenced notes

DBS announced after trading hours on Wednesday that it has successfully priced floating-rate notes with the Singapore Overnight Rate Average (SORA) as the reference rate for the calculation of interest – which the bank said is the industry’s first note to be priced this way.