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Daily Debrief: What Happened Today
The Singapore labour force posted broad-based gains in 2015, according to the newly released Singapore Workforce 2015 report from the Ministry of Manpower. However, some older and less educated workers continued to face challenges.
Bank lending in Singapore fell in October from the previous month, dragged by weaker business loans, preliminary data from the Monetary Authority of Singapore (MAS) showed on Monday. It reflected a deeper contraction than that in September.
Fitch Ratings has affirmed Singapore's long-term foreign- and local-currency Issuer default ratings (IDR) at 'AAA' with stable outlook. The debt issue on Singapore's senior unsecured local-currency bonds is also affirmed at 'AAA'.
Prices of completed non-landed private homes in Singapore edged up 0.1 per cent in October 2015 over the preceding month, according to the National University of Singapore (NUS) flash estimate for its Overall Singapore Residential Price Index (SRPI) released on Monday.
About 93 per cent of residential property owners in Singapore are poised to pay lower property taxes next year, with the annual values of real estate falling in tandem with market rentals.
Swiss-based insurer Zurich Insurance Group will no longer grow its life business in Singapore, as it moves to streamline its business. This comes after the group on Monday said Zurich Life Insurance Singapore and Zurich International Life will no longer accept new policy applications here with effect from Dec 1.
The STI Today
Monday's column suggested that the Straits Times Index might see some month-end window-dressing and given that volume in the 30 STI components spiked up to 400 million units worth S$1.3 billion - about twice last week's average - this was likely the case. However, last-minute selling of several index stocks ensured the STI reversed an 8-point gain at 5pm to close a net 3.18 points weaker at 2,855.94 after the post-closing adjustments at 5.10pm.