Ben Paul

Ben Paul

SENIOR CORRESPONDENT

Ben Paul joined The Business Times in 2020, after nearly three decades of covering financial markets as an analyst and journalist. He writes and produces the BT’s Mark To Market column and podcast.

Amid a sell-off in S-Reits this month, Lendlease Reit’s S$196.6 million preferential offering garnered a subscription rate of only 62.2 per cent
MARK TO MARKET

S-Reits pursuing growth as Iran war escalates risk poorly timed equity raising exercises

A greater focus on value unlocking moves versus acquisitions could go a long way in sustaining investor enthusiasm

MAS said a review of the Code of Corporate Governance is under way to place more emphasis on shareholder value creation and investor engagement.
MARK TO MARKET

MAS should require EQDP fund managers to express their views, flex shareholder power

An alignment of interests with minority investors could be a more constructive motivating force for IDs than their vaunted independence

The  iEdge S-Reit Index has delivered a total return of less than 4% since the beginning of 2020, while the STI has returned 97.1%.
MARK TO MARKET

Iran war may hasten Reits’ waning popularity

A more hawkish tone from the Fed this week could further weaken sentiment towards real estate investment trusts

The Fed may have less room to keep cutting rates this year as the US-Israel war on Iran drives oil prices higher.
MARK TO MARKET

Iran war: Soaring oil price will be a key driver of Fed policy; opportunities, risks for investors

While even the price of gold fell last week, shares of Big Oil companies sustained their upward momentum

Software companies have suffered big sell-offs on concerns that the emergence of AI agents may unravel their businesses
MARK TO MARKET

Citrini’s dystopian AI narrative may be wrong, but it could catalyse deeper thinking, policy change

The research firm imagined a tax on the use of AI, and the establishment of a public claim on the returns from AI infrastructure

Fed policy rate decisions have been rather fraught because of uncertainty surrounding trade tariffs and artificial intelligence, and pressure from US President Donald Trump to cut rates.
MARK TO MARKET

DBS, OCBC, UOB may grab attention as Fed shifts stance, copes with new tariff uncertainty

Even if interest rates are bottoming, the normalisation of net interest margins at the three banks may continue through 2026

The popular narrative in the market is that the Year of the Fire Horse will embody themes such as dynamism, momentum, transformation and volatility.
HOCK LOCK SIEW

How to invest in the Year of the Fire Horse

Investors should be prepared to ride the momentum wherever it unfolds in 2026, and change horses when necessary

As the Straits Times Index breached the 5,000 mark last week, MAS said the EQDP would be expanded from S$5 billion to S$6.5 billion.
MARK TO MARKET

Positive reaction to market reforms opens door to broader enhancement of growth capital sector

The result could be a bigger pipeline of new listings, and some struggling listed companies going private

Minister for National Development Chee Hong Tat says: "We are not trying to go for a silver bullet that can, on its own, solve all the problems. There is no magic pill."
MARK TO MARKET

Time to introduce a Japan, Korea-style value-up programme, to drive Singapore market’s next leg-up

This move may be a crucial part of the ongoing holistic approach to restoring the vibrancy of the local market

SGX RegCo is holding consultations on reducing the standard board lot size for higher-priced shares, and facilitating the wider adoption of broker custody accounts.
MARK TO MARKET

Time for brokers to make bigger contribution to the revitalisation of the Singapore market

Reduced board lot sizes may largely benefit SGX and the brokers; custody accounts could be an opportunity to alleviate frictions of exercising shareholder rights