Daily Debrief: What Happened Today

Swiber Holdings

Update: Swiber defaults on upcoming coupon payment due on Aug 2, 2016

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.

Surbana Jurong acquires Australia's SMEC for S$400m

In a move touted as transformational, Surbana Jurong Pte Ltd is acquiring Australian-based consultancy firm SMEC Holdings Ltd (SMEC) for S$400 million.

Singapore launches unit to fight money laundering

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.

O&M sector's troubles to affect Singapore banks' asset quality: Moody's

Swiber's application for judicial management points to further asset quality challenges for Singapore banks for the rest of this year, said Moody's.

NTUC Income, IIPL launch insurtech accelerator programme

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.

Singapore's port authority revokes bunker licences of AC Oil

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.

Corporate Earnings

The STI Today

Singapore stocks gain, STI adds 0.8% to close at 2,892.52

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.