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Singapore Wrap Thursday
The Competition Commission of Singapore (CCS) on Thursday issued a proposed infringement decision against 10 financial advisory firms for being involved in an anti-competitive agreement to pressurise iFAST Financial to withdraw its offer of a 50 per cent commission rebate on life insurance products on Fundsupermart.com.
The hiking of interest rates in the US poses risks to Emerging Asia's consumers and corporates, but the region's banks are generally sound and should be able to weather it, said Monetary Authority of Singapore (MAS) managing director Ravi Menon.
GIC, Singapore's sovereign wealth fund, paid about 3.2 billion reais (S$1.4 billion) for a 15.2 per cent stake in Brazilian medical-care provider Rede D'Or Sao Luiz SA, according to two people with direct knowledge of the matter.
Prices of completed non-landed private homes in Singapore fell 0.1 per cent in April over March, according to the National University of Singapore (NUS) flash estimate released on Thursday.
Keppel DC Reit will buy the land and the shell and core building of Intellicentre 2 (IC2) in Sydney, Australia, from Macquarie Telecom Pty Limited for A$43.28 million (S$45.88 million).
The Singapore market's recent dismal form continued on Thursday with the Straits Times Index spending the entire session in the red before closing with a nett loss of 7.17 points at 3,417.77, most probably because of a large selloff in China and Hong Kong. Turnover, which spiked up to S$1.3 billion during Wednesday's weakness, amounted to 1.9 billion units worth S$1.1 billion.