Market Snapshot
The Singapore stock market added 0.39% this week as persistent inflation continues to weigh on concerns of higher-for-longer rates.
In terms of individual stocks, NIO soared 30.86%, Top Glove jumped 8.51%, iFAST gained 7.5%, YZJ Shipbldg rallied 7%.
SG Local News
DBS Profit Beats Estimates on Higher Lending, Wealth Fees Growth
DBS Group Holdings Ltd.’s first-quarter profit rose as Singapore’s biggest lender continued to benefit from higher lending income and strong wealth management fees.
Net income, excluding one-time items, expanded 15% to S$2.96 billion ($2.2 billion) in the three months ended March 31, DBS said in a statement Thursday. That surpassed the S$2.48 billion average estimate by analysts surveyed by Bloomberg News.
DBS is the first among major Singapore banks to report results against the backdrop of the city-state’s slower-than-forecast economic growth in the first three months. Its outlook signals how tailwinds that buoyed global lenders’ income in recent years could be sustained as expectations turn to a higher-for-longer rates environment.
Political Stability, Trust in Government Critical for Singapore: PM Lee in Final Major Speech As Prime Minister
Political stability and trust in the government are critical for Singapore in the years ahead, Prime Minister Lee Hsien Loong said in his last major speech before handing the reins to Deputy Prime Minister Lawrence Wong.
Delivering the keynote address at the May Day Rally on Wednesday (May 1), Mr Lee said Singapore’s next chapter was off to a strong start.
But a "very challenging" period lay ahead, with great power rivalry, deglobalisation, technological advances, climate change and the threat of war.
More Than S$370,000 Recovered After Banks, Singapore and Hong Kong Police Foil Scam
More than S$370,000 (US$271,000) have been recovered after the Singapore Police Force (SPF), together with two banks and the Hong Kong police, foiled a scam targeting a 70-year-old victim.
On Apr 18, DBS detected suspicious transactions of about S$180,000 transferred from the man's account to a bank account in Hong Kong, SPF said in a news release on Wednesday (May 1).
Singapore and Canada to Enhance Science and Technology Cooperation
Singapore and Canada have agreed to enhance bilateral cooperation in science, technology and innovation, the two countries said in a joint statement on Thursday (May 3).
This covers areas such as artificial intelligence, biotechnology, and digital and green technologies.
“We are excited to explore potential synergies,” Singapore’s Minister for Trade and Industry Gan Kim Yong said in Ottawa. He was there to meet his Canadian counterpart, Minister of Export Promotion, International Trade and Economic Development Mary Ng.
Singapore Regulator Ends DBS’ Six-Month Digital Banking Penalty
Singapore’s financial regulator is ending a six-month ban that restricted DBS Group Holdings Ltd. from non-essential activities, after the country’s largest lender improved weaknesses related to a series of glitches in its digital banking services.
The bank “has made substantive progress to address the shortcomings identified from service disruptions experienced by its customers in 2023,” the Monetary Authority of Singapore said in a statement on Tuesday. The measures that were effective on Nov. 1 included a ban on acquiring new business ventures and reducing the size of its local branch and ATM networks.
Retrenchments in Singapore fall for second straight quarter, employment growth cools
Retrenchments in Singapore fell for the second straight quarter while the hiring outlook improved, according to preliminary first-quarter labour market data released by the Ministry of Manpower (MOM) on April 30.
The data also showed that total employment grew by 4,900 in the January to March quarter, down from 7,500 in the previous quarter.
Singapore’s Ninja Van lays off about 10% of tech team in the region
Logistics provider Ninja Van has laid off about 10 per cent of the region’s tech team.
Following a recent cost evaluation, the company has determined that “less than 10 per cent of the region’s tech team is no longer required”, a Ninja Van spokesperson said on Tuesday (Apr 30) in response to CNA’s queries.
Singapore, Indonesia to Deepen Cooperation on Green Economy
Exploring opportunities in the green economy – including investing in the sustainable development of Indonesia’s new capital Nusantara – were among the many issues that Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo discussed at their final leaders’ retreat on Monday (Apr 29).
They noted that cross-border electricity trading, clean energy power generation, carbon capture and storage as well as carbon credits were some future areas of cooperation that the smallest and largest countries in South-east Asia could work together on in the coming years.
Apple Tops Ranking of S'pore's Best Employers, With Google at No. 2
Dissatisfaction with work-life balance is a main reason why employees leave an employer, while salary has become a more important factor for employees, according to the results of a survey published on April 30.
Technology giant Apple came in first on a list of the top 250 Singapore’s Best Employers among companies and institutions with at least 200 employees here, the survey released by The Straits Times and global research company Statista found.
Yahoo to Lay off Staff in S'pore As It Shifts to Content Curation
Yahoo is reportedly letting go of its editorial and social media teams in Singapore as it moves towards the curation of content here.
The digital news publication, which uses a mix of third-party and original reporting, will be laying off some staff in Singapore.
The Straits Times understands that the decision stemmed from a thorough evaluation by Yahoo, which found that its partner content has consistently driven engagement.
Singapore to Build Two "Fast Start" Power Generating Units to Boost Electricity Supply Reliability
Singapore will build two "fast start" power generating units to boost the reliability of its power system.
They will provide 100 megawatts of fast start generation capacity by the second quarter of 2025, the Energy Market Authority (EMA) said in a media release on Monday (Apr 29).
Insurer AIA Singapore on the Trail of the Rich With Over $20m to Kick-Start Wealth Team and Centre
Insurer AIA Singapore is spreading its wings with a more than $20 million investment, so it can swoop in on a burgeoning group of affluent clients in the region who are expected to give a significant lift to its business in time to come.
The insurer told The Straits Times that it has committed the sum as an initial investment to drive its new wealth outfit, and that it “will continue to devote sufficient resources” to realise the growth potential of the affluent and high-net-worth market segments.
Singapore Football Association Considers Fitting Referees With Body Cameras to Tackle Abuse
The Football Association of Singapore (FAS) is exploring the use of body cameras to protect match officials from abuse, after a majority of disciplinary cases that it handled last year involved physical or verbal abuse against referees.
The national football body is also ramping up education efforts among club officials, coaches, players and referees in its bid to stamp out such acts.
Comments