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Daily Debrief: What Happened Today
The government is committing S$19 billion for its new Research, Innovation and Enterprise (RIE) 2020 plan, which is 18 per cent higher than the S$16.1 billion set aside for the previous five-year plan.
Neptune Orient Lines bondholders are paying the price for betting they could count on Singapore state backing after a junk-rated French company agreed to take over the shipping firm.
Bond investors are indicating they expect Noble Group Ltd's troubles to get worse as a selloff in its notes sent them into distressed territory.
The Singapore banks on Friday said they have signed agreements with the Chongqing government to promote cross-border trade and investment between Chongqing and South-east Asia, including Singapore. DBS's agreements also include tie-ups with the Chinese banks and financial institutions.
In what promises to provide a big boost for Singapore's online travel products, Alibaba Group's online travel platform Alitrip will soon feature the country's tourism offerings after forming a strategic collaboration with the Singapore Tourism Board (STB).
The STI Today
To say it hasn't been a good start to 2016 might be an understatement, given the plunges global equities have suffered this past week. China has been blamed for the losses, perhaps a convenient scapegoat for overvaluation of risk assets rooted in the easy money policies pursued by major central banks for several years now, starting with the US Federal Reserve and adopted by the European Central Bank and the Bank of Japan.