Market Review and Outlook
Singapore shares ended Wednesday little changed, after paring losses during the day. The Straits Times Index inched up 0.04 per cent, or 1.25 points, to 3,242 points at the closing bell. Across the broader market, decliners beat gainers 259 to 250. Some 1.2 billion securities with a total value of S$762.2 million were transacted.
However, the Federal Reserve left its benchmark interest rate unchanged while signaling borrowing costs will likely stay higher for longer after one more hike this year. This means that Singapore Stock markets may face huge pressure today.
Local News to Watch
Son of Singapore’s Former Prime Minister Charged With False Trading Offenses
Goh Jin Hian, the son of former Singapore Prime Minister Goh Chok Tong, was among four people charged Wednesday with false trading offenses, Channel News Asia reported.
The 54-year-old ex-chief executive officer of investment holding company New Silkroutes Group Ltd., Goh stands accused of conspiring with three other men linked to the firm for creating a misleading appearance of the price of its securities on 31 trading days between February and August of 2018, according to the report.
Goh is also accused of pushing up the price of the company’s securities by placing orders and executing trades using his bank investment account. He was handed 39 charges under the Securities and Futures Act, while the three other men each received 31 similar charges.
Navin Thevar, the lawyer representing Goh, didn’t immediately respond to a phone call and email seeking comment.
40% of Singaporeans Use AI at Work; 76% of Them Pass It off As Their Own: Study
The survey found that 40 percent of its respondents use generative AI at work. Of this group, more than three-quarters (76 percent) say they have used it to complete a work task and presented it as their own work, while more than half (53 percent) admit to having done this multiple times.
Almost half of the respondents’ generative AI users (48 per cent) in Singaporean workplaces also admit to using a generative AI platform that is banned by their employers.
This is according to findings in an online survey of just over 1,000 Singaporean full-time office workers, released on Wednesday (Sep 20) morning. The survey, commissioned by global tech giant Salesforce and conducted by YouGov, polled respondents between late July and early August about their use of generative AI, their views on its usefulness and importance to their work and career, and also what they understand about using it ethically and safely.
Value of Assets Seized As Part of Money Laundering Probe Increases to $2.4 Billion
The value of assets seized or frozen in Singapore's largest money laundering case has increased to more than $2.4 billion, according to the Singapore Police Force, which has been conducting further operations.
The haul is now more than double from the initial figure put at $1 billion when the case first burst into the open last month.
According to the police on Sept 20 the assets consist of properties, luxury cars, cash, fine wine and liquor, handbags and other assets.
