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Daily Debrief: What Happened Today
Q3 GDP Growth
The Singapore economy performed worse than the market had expected in Q3, expanding just 0.6 per cent compared to a year ago, according to advance estimates of gross domestic product (GDP) released by the Ministry of Trade and Industry (MTI) on Friday morning.
- Growth won't pick up significantly in 2017; mid-term core inflation seen slightly below 2%: MAS
- Updated quick take: Analysts cut forecast after Singapore's disappointing Q3 GDP growth
MAS said on Friday that it will maintain the flat slope of the Singapore dollar policy band at zero per cent, even as the city state's economic growth slows and inflation remains low.
Singapore's exports are expected to have fallen in September due to persistent slack in the global economy and as the latest data from China showed renewed weakness in its trade sector, maintaining pressure for more stimulus in the city state.
Hotel Holdings, which is the Khoo family's holding company of the now-delisted Goodwood Park Hotel, on Friday launched a voluntary unconditional cash offer for all the remaining shares in the company that it does not own at S$43 per share.
Noteholders on Friday gave the nod to proceed with the proposed restructuring of S$50 million medium term notes (MTN) issued by Marco Polo Marine.
Retail sales in Singapore excluding vehicles tumbled 6.5 per cent in August from the previous year, figures from the Department of Statistics showed on Friday.
The STI Today
The local stock market has always been driven more by external rather than internal factors and this week was no different.