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Daily Debrief: What Happened Today

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Singapore is aiming to build active derivatives trading off a transition benchmark rate - known as the Singapore Overnight Rate Average (Sora) - by the end of this year, as the Republic keeps on track to shift from the Sing-dollar Swap Offer Rate (SOR) that underpins the S$3.5 trillion Singdollar (SGD) derivatives market.

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Singapore on track to transition from benchmark behind S$3.5t SGD derivatives market

SINGAPORE is aiming to build active derivatives trading off a transition benchmark rate - known as the Singapore Overnight Rate Average (Sora) - by the end of this year, as the Republic keeps on track to shift from the Sing-dollar Swap Offer Rate (SOR) that underpins the S$3.5 trillion Singdollar (SGD) derivatives market.


DBS says recession 'imminent' for Singapore, slashes GDP growth forecast

DBS Group Research has joined a growing number of economy watchers warning of a full-year recession in Singapore and is also predicting that the Republic’s small and open economy will likely be in a technical recession by June.


OCBC expects Singapore Airlines to need external funding due to virus hit

IN a credit update on Thursday, OCBC lowered SIA's issuer profile again, this time to Neutral (5) from Neutral (4), due to the "swift deterioration in industry conditions".


BreadTalk seeks noteholder approval to waive technical default for S$100m notes

BREADTALK Group has launched a consent solicitation exercise (CSE) to get noteholders' approval to waive a technical default for S$100 million 4 per cent fixed-rate notes due 2023, the company said on Wednesday.


MAS slaps bans on former insurance agents, bank staff for fraud and dishonest conduct

THE Monetary Authority of Singapore (MAS) on Thursday said it has issued prohibition orders ranging from six to 12 years on six individuals, who were formerly insurance agents and bank employees. 


Corporate earnings


The STI today

STI’s losing streak runs into 7th day, falls 4.7% on Thursday

THE blue-chip index closed 114.62 points or 4.7 per cent lower at 2,311.00.