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Singapore's Keppel Corporation Ltd said on Thursday its fourth-quarter net profit fell 44 per cent and its 2015 profit dropped to a five-year low as plunging oil prices hit demand for offshore rigs.
As a reflection of current property market conditions, a total of 104 property agencies closed shop and 3,573 real estate agents left the industry, following the latest licence renewal exercise with the Council for Estate Agencies (CEA).
Foreigners including the Chinese have cut their purchases of Singapore private homes to the lowest since the global financial crisis, leaving the market to depend on local buyers at a time when domestic interest rates are on the rise.
Barclays Plc Chief Executive Officer Jes Staley has started a fresh round of cuts at the investment bank, with plans to eliminate more than 1,000 jobs worldwide and exit several Asian countries, people with knowledge of the matter said.
US investment bank Citigroup cut its growth forecasts for the world economy on Thursday, and said that risks of a global recession were increasing.
The STI Today
After a short-covering bounce on Thursday morning that gave a mistaken semblance of stability because it added 30 points to the Straits Times Index (STI), pressure returned in force during the afternoon session, leaving the STI 27.07 points worse off at 2,532.70 at 5pm.