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Daily Debrief: What Happened Today
The Singapore Exchange (SGX) is seeking feedback on proposals that will elevate sustainability reporting to a "comply or explain" regime but give issuers discretion on what is material and whether independent verification is necessary.
Some minority shareholders remain unhappy with the revised offer price for Tiger Airways, said the Securities Investors Association Singapore (SIAS), which has advised minority shareholders to revisit the independent financial report before making up their minds.
- SIA's takeover bid for Tiger: 77.48% shareholding in the bag now
- Broker's take: SIA's final price for Tiger attractive, says OCBC
Offshore support vessels company Nam Cheong is seeking the consent of its bondholders to amend a financial clause in its bonds, so as to give it more flexibility to ride out challenging market conditions.
Singapore is expected to "quickly" become Canadian insurer Manulife Financial Corporation's third largest business in the region, behind Hong Kong and Japan, now that it has strengthened its multi-distribution strategy through an exclusive 15-year partnership with DBS Bank, which started from Jan 1.
Bank of China has hired Goldman Sachs and BOC International as joint sponsors for the planned Hong Kong listing of its aviation arm, expected to raise about US$3 billion, people with knowledge of the matter said.
Asian shares retreated in choppy trade on Tuesday, led by Chinese stocks, whose early rebound fizzled out as investors remained unconvinced by Beijing's moves to restore market confidence following a disastrous start to the new year.
The STI Today
A volatile session on Tuesday ended with the Straits Times Index first sinking to an intraday low of 2,820 before recording a modest loss of 1.74 points at 2,834.23 at 5pm, most likely in anticipation of a Wall Street rebound on Tuesday. This was based largely on a firm opening for Europe in the late afternoon, even though the Dow futures at 5pm stood 35 points weaker.