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Singapore Wrap Thursday
The productivity levels in Singapore have risen "too slowly" over the last few years, said Prime Minister Lee Hsien Loong in his annual May Day Message on Thursday. "If productivity continues to stagnate, after a while so will wages, which may even fall back," he warned.
The Monetary Authority of Singapore (MAS) has named Singapore's three local banks - DBS Bank, OCBC Bank and United Overseas Bank - as well as four other banks as banks that have a significant impact on the stability of the financial system and proper functioning of the broader economy
Corporate governance among the 100 largest companies on the Singapore Exchange improved slightly in 2014, but there is considerable room for improvement, said assessors of the Asean Corporate Governance Scorecard on Thursday. Singtel led the pack for the second straight year, not just in Singapore but also among the other five participating countries of Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
Corporate earnings released today:
- UOB posts 1.6% increase in Q1 net profit to S$801 million
- OCBC beats expectations with 11% rise in net profit for Q1
- IndoAgri profit tumbles 80.7% on weak sales and rupiah
- Yangzijiang's Q1 net profit slips 12% on weaker shipbuilding market
- CDLHT posts Q1 DPSS of 2.44 Singapore cents, down 11.3%
- Cosco Q1 earnings halve on lower shipyard sales, higher debt burden
- Venture Corp posts 5.8% rise in Q1 net profit
- Rowsley's Q1 profit jumps 70% to S$3.1m
Business sentiment for Singapore's manufacturing sector is expected to be more positive for the period April to September, according to the Business Expectations Survey was conducted by the Economic Development Board.
Bank lending in March fell for the fourth straight month compared to a month earlier, though consumer loans grew slightly in the period.
On Thursday, the Straits Times Index enjoyed a late push that took it from an 11 points loss to a 0.24 of a point gain at 3,487.39, but volume traded was 1.4 billion units worth S$1.5 billion. This meant average value per unit traded was S$1.07 - the highest for the month, suggesting that penny fever has rapidly subsided.