Three in four new jobs in financial sector go to locals: MAS

SINGAPORE'S financial sector has created 22,000 net jobs between 2015 and 2019, and of these, three out of four jobs went to locals, said a top official from the Monetary Authority of Singapore (MAS) on Wednesday.

Koufu's H1 profits plunge 82% to S$2.54m on Covid-19 impact

PROFITS for food and beverage company Koufu Group dived 82 per cent to S$2.54 million for the six months ended June 30, as the Covid-19 pandemic took a big bite out of its earnings when Singapore's circuit-breaker measures kicked in.

Wilmar's net profit, excluding discontinued ops, up 38.7% in H1

MAINBOARD-listed agri-business group Wilmar International saw its profit (excluding discontinued operations) jump 38.7 per cent to US$610.87 million for the six months ended June 30, on the back of improved contributions across all core segments.

Centurion Corp's profits slip 10% in Q2 from costs to manage Covid-19 in workers' dorms

MAINBOARD-listed housing operator Centurion Corp on Tuesday saw profits slip by 10 per cent to S$9.13 million for its second quarter ended June 30, on the back of additional costs incurred to manage the Covid-19 situation in workers’ accommodation.

HRnetGroup's net profit down 31.9% on revaluation of assets

RECRUITMENT firm HRnetGroup saw its net profit sink 31.9 per cent to S$20.99 million for its half-year ended June 30, mostly on the back of an unrealised loss of S$3.6 million on revaluation of financial assets.

Soilbuild Construction sinks deeper into the red for H1 2020

SOILBUILD Construction sank deeper into the red for its half-year ended June 30, as the suspension of business activities and extension of construction periods for its projects hit its business hard.

Roxy-Pacific's net profit sinks 70% in H1 2020

PROPERTY and hospitality group Roxy-Pacific Holdings saw its net profit sink 70 per cent to S$2.79 million for the half-year ended June 30, dragged down by the impact of Covid-19.

Unsecured working group of bank lenders to get deadline extension to put Hyflux under JM

AILING water-treatment company Hyflux announced on Tuesday after trading hours that the Singapore High Court has extended the deadline for the unsecured working group of bank lenders to file the application for a judicial management order from Aug 7 to Aug 12.

Koufu's H1 profits dive 82% on Covid-19 impact

PROFITS for food and beverage company Koufu Group dived 82 per cent to S$2.54 million for the six months ended June 30, as the Covid-19 pandemic took a big bite out of its earnings when Singapore’s circuit-breaker measures kicked in.

Wilmar's net profit, excluding discontinued ops, up 38.7% in H1 2020

MAINBOARD-listed agri-business group Wilmar International saw its profit (excluding discontinued operations) jump 38.7 per cent to US$610.9 million for the six months ended June 30, on the back of improved contributions across all core segments.

OCBC, Amundi launch Singapore's first fund with dollar-cost-averaging feature

OCBC Bank and European asset manager Amundi on Tuesday launched a fund with an embedded dollar-cost-averaging (DCA) feature, said to be the first of its kind in Singapore.

Vegetable wholesaler CCL Group sets sights on consumer business

WHEN the Covid-19 pandemic struck earlier this year, vegetable wholesaler CCL Group saw its sales halve, as the food establishments that it usually supplied to were hard-hit by the circuit breaker measures.

BANK RESULTS

With reliefs yet to unwind, Singapore banks sit uneasy about final impact of Covid-19

SINGAPORE banks charted a sharp dive in earnings as benchmark rates collapsed in the second quarter and the trio lifted provisions as a buffer against defaults when loan moratoriums unwind at year's end.

BANK RESULTS

DBS sees margin squeeze as interest rate cuts bite in Q2

DBS chief Piyush Gupta expects top line and net interest margin (NIM) - a key indicator of profitability for banks - to deteriorate over the rest of the year as it battles interest rate headwinds that threaten to drag down income.

DBS says moratoria still masking Covid-19 damage; Q2 net profit down 22%

DBS chief Piyush Gupta expects top line and net interest margin (NIM) – a key indicator of profitability for banks – to deteriorate over the rest of the year, as the full impact of interest rates continue to flow through its loan book.

SORA benchmark gets teeth against financial misconduct

THE Monetary Authority of Singapore (MAS) will prescribe the Singapore Overnight Rate Average (SORA) as a financial benchmark under the Securities and Futures Act (SFA), as well as enhance its transparency and data availability, as part of a slew of measures to support the adoption of the MAS-...

Citi on track to grow retail wealth business in Singapore

CITI has said its plans to double its retail wealth market share in Singapore over the next few years remain on track, as it appointed a new head for its Singapore retail banking arm.

MAS to enhance transparency, data availability of SORA to catalyse greater activity

THE Monetary Authority of Singapore (MAS) will prescribe the Singapore Overnight Rate Average (SORA) as a financial benchmark under the Securities and Futures Act (SFA), as well as enhance its transparency and data availability, as part of a slew of measures to support the adoption of the MAS-...

Citibank names Singapore retail banking head, carves new role for retail HNW segment

CITI has made two internal senior retail banking appointments in Asia Pacific that are based in Singapore, including a newly created role with oversight of the bank’s retail high-net worth clients as well as a new head for its Singapore retail banking arm.

Franklin Templeton merges with Legg Mason, with 'minimal cuts' in Singapore

FRANKLIN Templeton has completed its merger with fund management company Legg Mason at end-July with minimal staff cuts in Singapore, with the US offices absorbing most of the 8 per cent staff layoffs from its combined workforce of about 12,600.

MAS to extend US$60b swap facility with US Fed

THE Monetary Authority of Singapore (MAS) announced on Thursday that it will continue to provide US dollar (USD) through the extension of the US$60 billion swap facility with the US Federal Reserve till March 31, 2021.

Singapore bank lending continues to slide in June

BANK lending in Singapore continued its decline for the fourth consecutive month in June, dragged down by business loans and consumer loans amid the uncertainty from the ongoing Covid-19 pandemic.

Singapore bank lending extends fall in June for fourth consecutive month

BANK lending in Singapore continued its slide for the fourth consecutive month in June, dipping 0.7 per cent from the previous month to come in at S$680.36 billion, preliminary data from the Monetary Authority of Singapore (MAS) showed on Thursday.

MAS to extend US$60b swap facility with US Fed

THE Monetary Authority of Singapore (MAS) announced on Thursday that it will continue to provide US dollar (USD) through the extension of the US$60 billion swap facility with the US Federal Reserve through March 31, 2021.

3 to 4-year timeline proposed for dropping Sibor

A CONSULTATION report has recommended that the SGD Singapore Interbank Offered Rates (Sibor) be discontinued in three to four years, and that the Singapore Overnight Rate Average (SORA) be used as the main interest rate benchmark for SGD financial markets going forward.