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Daily Debrief: What Happened Today
The parcel has a gross plot ratio of 13.0 times, which could yield about 141,309 square metres of potential gross floor area, and the future building may be built up to about 50 stories. About 100,000 sq m will be set aside for office use.
In Singapore, which counts China as its top trading partner, the business sentiment index was at 21, the lowest among the 11 economies in the poll. The reading for Australia, a major supplier of resources to China, was also the lowest in three years.
Market sources told The Business Times on Wednesday that more than 50 million shares of New Silkroutes, an energy, healthcare and technology company, had been matched at about 1.5 Singapore cents close to the opening bell. That price was less than 5 per cent of New Silkroutes' traded price of about 52.5 Singapore cents on Wednesday, which was also the first day that New Silkroutes was trading following a consolidation of every 500 shares into one share.
Chief executive officer Yusuf Alireza is weighing options as he seeks to avoid Noble Group's credit rating being cut to junk, whilst also bolstering profitability and reversing a share-price slump that's made the company the worst performer on Singapore's Straits Times Index this year.
Singapore banks are likely to record just slightly weaker growth in profit in the year ahead, buffered by a diversification in their business, and selective lending in China, a Fitch Ratings report said on Wednesday.
Most economists expect the so-called federal funds rate will be lifted from the current 0-0.25 per cent by a quarter percentage point.
The STI Today
The Singapore stock market finished 0.9 per cent higher on Wednesday, with the benchmark Straits Times Index moving up 25.4 points to 2,840.92.