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Daily Debrief: What Happened Today
Economists have cut their expectations for Singapore's economic growth in 2015 to 1.9 per cent and are predicting a 2.2 per cent expansion in 2016, according to a November poll of professional forecasters by the Monetary Authority of Singapore.
Premiums for passenger car Certificates of Entitlement (COEs) fell significantly on Wednesday on a combination of poor economic sentiment and buyers' hopes of a bigger COE quota in February 2016, said some dealers.
Wage increase in Singapore is set to slow to 4 per cent next year amid the cautious business outlook, a report by Korn Ferry Hay Group said on Wednesday.
One risk manager warned of "technology companies taking away profitable slices of banking business and enjoying regulatory arbitrage", while an industry observer noted "an alarming rise in number of cyberattack incidents recently, high cost of prevention".
Ascendas Real Estate Investment Trust (A-Reit) said on Wednesday it plans to acquire One@Changi City, a property at Changi Business Park, from two joint-venture partners, Frasers Centrepoint and Ascendas Pte Ltd, for S$420 million.
Stephen Diggle, co-founder of a hedge-fund firm whose assets expanded more than 1,000-fold before it returned investors' money, is reentering the industry with a plan to back managers and traders seeking a new career in money management.
The STI Today
Singapore stocks fell on Wednesday as another month of lower producer prices in China sparked a regional pullback, sending the Straits Times Index down by 14.84 points, or 0.52 per cent, to close at 2,861.19.