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Singapore Wrap Wednesday
While Singapore's economic forecasters have kept their 2015 growth projections more-or-less the same - they expect GDP to grow 2.7 per cent this year, compared to 2.8 per cent a quarter ago - their take on various sectors has shifted. The manufacturing sector, in particular, is expected to grow at a slower pace than earlier forecast.
A drop in electronic shipments dragged Singapore's non-oil domestic exports down 0.2 per cent from a year ago in May, against market expectations of a 2.3 per cent rise. The drop came after a 2.2 per cent increase in April.
Premiums for small and big car certificates of entitlement (COEs) slumped the most in Wednesday's bidding exercise, as all categories fell across the board.
All 82,000 civil servants in Singapore will receive a special one-off payment of S$500 in July, in addition to their usual mid-year bonus which works out to be 0.5-month this year.
Noble Group on Wednesday issued an open letter to one of its fiercest critics, Michael Dee, former chief executive for South-east Asia at Morgan Stanley and a former Temasek senior managing director.
- Michael Dee unconvinced by Noble's response; issues reply to firm
- Broker's take: Goldman downgrades Noble to neutral, cuts target to S$0.77
Customer satisfaction for the retail and info-communications sectors in Singapore has inched up, according to a report released on Wednesday by the Institute of Service Excellence at the Singapore Management University (ISES).
The STI Today
Singapore shares reversed a two-day slide to close 0.8 per cent higher on Wednesday, with the Straits Times Index up 27.82 points to 3,325.91 ahead of an overnight statement from the US Federal Reserve.