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Daily Debrief: What Happened Today
Asia-focused British bank Standard Chartered said on Tuesday it would axe 15,000 jobs and raise US$5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
Singapore and China are expected to announce details of high-level agreements between the two governments, including the third government-to-government project later this week, when Chinese President Xi Jinping visits the Republic on Nov 6 and 7.
Singapore saw the highest growth in consumer confidence among South-east Asian countries in the third quarter, according to the latest Nielsen Global Survey of Consumer Confidence and Spending.
Olam International Ltd, the Singapore commodities trader that fended off an attack from US-based short seller Muddy Waters LLC in 2012, is discovering it's good to have friends with deep pockets. Nineteen banks from around the globe last week lent US$1 billion to the company, which has been controlled by Singapore state investment fund Temasek Holdings Pte since 2014.
Telco M1 is tying up with VMware, Palo Alto Networks and Huawei to implement a next-generation software-defined networking (SDN) technology proof of concept in its cloud-based data centre.
- Exchange losses hit Q1 bottom line for China Minzhong
- Lower DPSS for Far East H-Trust in Q3
- Fortune Reit posts 12% rise in Q3 DPU
The STI Today
After having fallen 109 points in five straight sessions up to Monday, the Straits Times Index on Tuesday rebounded 25.15 points to 2,999.56. This was in line with an overnight rally in Wall Street and gains in Hong Kong and China, although weakness in the Dow futures probably led to a stalling of the upward momentum - the index rose to near its closing level in the late morning and stayed there for all of the second half.