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Daily Debrief: What Happened Today
Swiber Holdings is unable to pay the upcoming coupon payment for the series 001 Trust Certificates due on August 2, 2016, provisional liquidator, Cameron Duncan, said on Monday.
- Vallianz has been cutting dependence on Swiber as key source of revenue
- Bears crowd Ezra as Swiber's woes signal oil industry risks
In a move touted as transformational, Surbana Jurong Pte Ltd is acquiring Australian-based consultancy firm SMEC Holdings Ltd (SMEC) for S$400 million.
The Monetary Authority of Singapore (MAS) on Monday formally launched a unit to fight money laundering, strengthening the financial hub's safeguards against illicit fund flows.
Swiber's application for judicial management points to further asset quality challenges for Singapore banks for the rest of this year, said Moody's.
Insurtech (or insurance tech) is gaining prominence. On Monday, NTUC Income unveiled "Income Future Starter, Powered by TAG.PASS", an accelerator programme to foster business innovation in the insurance sector.
The Maritime and Port Authority of Singapore (MPA) revoked the bunker fuel supplier and bunker craft operator licences of AC Oil Pte Ltd, after investigations showed discrepancies and wrongful declarations in the records kept on board its tankers.
The STI Today
Singapore stocks rose on Monday amid lowered expectations of US interest rate hikes, with the Straits Times Index (STI) adding 0.8 per cent or 23.83 points to close at 2,892.52.