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Daily Debrief: What Happened Today
Singapore's office rental growth is likely to see the strongest overall growth over the next three years, according to M&G Real Estate's latest market outlook on real estate in the Asia-Pacific region.
With under two weeks to go till the Budget speech on Feb 19, the government is still studying the implementation of an e-commerce tax, Senior Minister of State for Law and Finance Indranee Rajah said on Wednesday morning.
The number of job vacancies declined for the third year in a row last year, but more were for professionals, managers, executives and technicians (PMETs), reflecting the overall shift towards higher value-added jobs. Employers were able to find workers more quickly, and the proportion of vacancies unfilled for at least six months fell to 33 per cent, down from 36 per cent in 2016.
Pacific Radiance noteholders should reject the company's plan to redeem its bonds by issuing new shares, said OCBC.
While it is too early to calculate any benefits from the proposed link between the Singapore and Malaysia stock markets, it would likely generate interest particularly among retail investors and potentially increase securities revenue for the Singapore Exchange (SGX), said DBS Group Research.
Hot on the heels of one-north being designated as Singapore's first drone estate, the Civil Aviation Authority of Singapore (CAAS), announced on Wednesday that it will be working with a number of companies and tertiary institutions to conduct trials and other development activities with drones.
As the market enters a long awaited correction, stock watchers are revising their strategic picks for what to buy when a dip in share price comes. "No one knows how long the correction will last but we see the opportunity to prepare a shopping list of 'must-own' stocks backed by fundamentals," CIMB analyst Lim Siew Khee said in a flash note on Wednesday morning.
The STI Today
Singapore shares ended off their intraday highs, as investors adopted a wait-and-see stance after recent sell-offs. The benchmark Straits Times Index opened at 3,445.83, before settling at 3,383.77, down 22.61 points, or 0.66 per cent. More than 2.6 billion shares, worth S$2.2 billion, changed hands. There were 258 gainers to 256 losers.