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Daily Debrief: What Happened Today
Some of Swiber Holdings Ltd's lenders are pushing for the offshore oil and gas services group to continue its business rather than pursue its plans for liquidation to meet creditor demands, according to people familiar with the talks.
- Broker's take: UBS thinks DBS had no prior allowance for S$700m Swiber exposure
- Update: DBS falls; bank's peers also hit by Swiber sentiment
- Hot stock: Oil & gas stocks fall amid fears of Swiber knock-on effect
- Swiber's sudden failure puts focus on bondholders yet to be paid
Bank lending in Singapore fell 2.7 per cent in June from a year ago - a sharp contraction compared to May - extending the longest stretch of declines on record, preliminary data from the Monetary Authority of Singapore on Friday showed.
Singapore manufacturers as a whole expect business conditions to be worse for the second half of this year - but only by the slightest of margins compared to when they were polled last quarter.
Singapore companies in the services sector as a whole said they will hire slightly more workers in the current quarter, even though they are still pessimistic when looking at future business conditions until the end of the year.
The Singapore Workforce Development Agency (WDA) said on Friday that it has suspended funding and grant assistance to three training providers following the recent audits conducted.
Asia's marquee airlines are warning tougher competition is squeezing them.
- CDL H-Trusts' Q2 DPS falls 0.9% on weaker net property income
- iFast Q2 profit falls 65.2% on lower revenue, higher staff costs
- Far East Hospitality Trust's Q2 DPS falls 12.9% on lower NPI
- UIC Q2 profit soars 89.8% to S$112m
- Mapletree Greater China Commercial Trust posts 9.1% growth in Q1 DPU
The STI Today
Singapore stocks finished 1.7 per cent lower on Friday, with the Straits Times Index dropping 49.93 points to 2,868.69.