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Daily Debrief: What Happened Today
Singapore's domestic wholesale trade shrank by 15.9 per cent year-on-year in the fourth quarter of 2015, partly due to lower prices of petroleum and chemical products, the Department of Statistics announced on Friday.
Singapore's finance minister Heng Swee Keat said Asia's "structural growth story" remains intact despite an increase in financial market turbulence that's hit countries from China to Indonesia.
Michael Zink, who oversees Citigroup Inc's business in Southeast Asia, will retire after more than 28 years at the New York-based bank. Mr Zink, who works from Singapore, wants to return to the US, Francisco Aristeguieta, the lender's chief executive officer for the Asia-Pacific region, said Friday in an internal memo obtained by Bloomberg.
The Info-Communications Development Authority's latest announcement of its spectrum-allocation framework will facilitate a more conducive environment for the entry of a fourth mobile network operator in Singapore, and intensify competition in the telecommunications sector further, says Fitch Ratings.
The 2016 Singapore Airshow closed its doors on Friday with US$12.3 billion in disclosed deals, down from US$32 billion at the last edition in 2014.
EFG International AG said it's in exclusive talks with Brazil's Grupo BTG Pactual SA to buy its Swiss bank BSI AS, a deal that would double its assets under management.
- UIC full-year net profit falls 35% to S$260.55 million on lower fair value gains
- OUE FY2015 net profit down 85.7% to S$156.4 million
The STI Today
Depending on how oil prices behaved, traders alternated between heavy doses of short-selling and short-covering this week, resulting in the Straits Times Index recording large swings throughout the five days.