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Daily Debrief: What Happened Today
Singapore's latest estimate of second-quarter gross domestic product is likely to confirm sluggish growth in the April-June quarter, with the outlook clouded by concerns over Brexit and weakening global demand.
DBS Group Holdings Ltd's top executive defended his bank's decision to throw Swiber Holdings Ltd a S$197 million lifeline, indicating the lender was caught off guard by the speed at which the energy-services company collapsed in recent weeks.
Singapore bondholders and lenders, already stung by Swiber Holdings Ltd's woes, face mounting pain as a drop in oil leaves more companies in the industry starved for cash.
Sembcorp Industries has invested an additional 750 million rupees (S$15.1 million) in the Indian renewable energy sector.
With a market value of S$50 million, Swiber Holdings Ltd hardly seemed the kind of company to cause a ripple in the financial markets. Yet, the near-liquidation of the penny-stock firm has set off tremors in Singapore's banking and energy industries.
Indonesian authorities said on Monday that several suspected radicals arrested on Batam island last week were part of a group that has "dozens of members" and has been active for two years.
The STI Today
Wall Street's jump to a new all-time high on Friday and DBS's better-than-expected second quarter profit helped propel the Straits Times Index up 42.61 points or 1.5 per cent to 2,870.78, albeit in mediocre, pre-holiday volume of 938 million units worth S$1.03 billion.