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Daily Debrief: What Happened Today
The Singapore dollar was quoted at 1.4324 to the US dollar at 3.24pm, according to Bloomberg, just shy of the 52-week low of 1.4342 on Oct 2, 2015.
Replacement car buyers rejoiced on Wednesday when the small car category got off to a good start in 2016 - it plunged more than S$9,000 to a 41/2-year low in the first Certificate of Entitlement (COE) bidding exercise of the year.
In a 32-page position paper released on Wednesday, the Singapore Business Federation stressed the need to undertake a "deep review" of the country's existing strategies and to come up with new responses to tackle them.
Regulations and collaboration among various agencies still need to be ironed out as Singapore's builders continue to improve their construction productivity, Deputy Prime Minister Tharman Shanmugaratnam said on Wednesday.
Business conditions have remained healthy for the past seven months, based on the latest Nikkei Singapore Purchasing Managers' Index (PMI).
Singapore's offshore and marine sector is in structural decline, and the business models of Singapore shipyards will be facing "immense pressure" in the next five years, said Macquarie Research.
The STI Today
The local stock market continued to be plagued by weak sentiment on Wednesday as the Straits Times Index recorded its third straight fall, albeit in slightly improved volume.