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Daily Debrief: What Happened Today
While layoffs eased from 5,370 in the previous quarter to 4,600 in the first quarter of 2016, the number was higher than a year ago (3,500), according to a preliminary report released on Thursday morning by the Ministry of Manpower.
Spring Singapore on Thursday launched a S$500 million Venture Debt Programme with DBS, OCBC and UOB to support high-growth enterprises.
Resale prices of completed condominium units and apartments in Singapore fell one per cent in March, compared with the previous month.
Singapore charged a former wealth manager at Swiss-based private bank BSI with cheating and obstructing justice on Thursday in a case related to a money laundering investigation linked to Malaysia’s embattled 1MDB investment fund. Yeo Jiawei, a 33-year-old Singaporean, was arrested last month, and initially charged with receiving ill-gotten funds.
Singapore can overcome its "productivity trap" by expanding regionally and tapping higher growth elsewhere, said DBS economists Irvin Seah and Ma Tieying in a report released on Thursday.
The Land Transport Authority (LTA) will be calling tenders in the coming months for the construction of the 21.5-kilometre North-South Corridor, which is expected to be completed around 2026.
The Urban Redevelopment Authority (URA) launched on Thursday a sale tender for a residential site at Martin Place under the Confirmed List of the first-half 2016 Government Land Sales Programme.
- UOB's Q1 net earnings down 4.4% to S$766m
- Ho Bee Land's Q1 profit rises 59.8% to S$18.46m
- Cambridge Industrial Trust's Q1 DPU down 9.2% to 1.112 Singapore cents
- Viva Industrial Trust's Q1 DPS falls 12.4% to 1.638 Singapore cents
- Lower R&D costs boost Venture Q1 earnings
The STI Today
The US Federal Reserve lived up to expectations when it kept interest rates unchanged on Wednesday but the Bank of Japan didn't when it held off on expanding its monetary stimulus on Thursday, a surprise development that sent the Nikkei 225 diving 3.6 per cent.