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Daily Debrief: What Happened Today
Hyflux is seeking about S$200 million in rescue financing and is in preliminary talks with about 27 interested parties, lawyers for the water and power company said on Tuesday as the Singapore High Court gave it a six-month reprieve from creditors.
Singapore lost the top spot and dropped to second place in a digital competitiveness ranking of 63 economies, pipped by the US in a move up from third place last year. In the ranking by Swiss business school IMD, Singapore topped the knowledge and technology categories, but came in only 15th for future-readiness.
The American Chamber of Commerce in Singapore (AmCham Singapore) has called on the US to join the trade pact which replaced the Trans-Pacific Partnership (TPP), from which the US withdrew in January 2017.
Singapore's SMEs remain upbeat about their prospects for the second half of this year, but caution has crept in as a result of the ongoing US-China trade disputes. The latest Singapore Business Federation–DP Info (SBF-DP) SME Index dipped marginally from 51.8 to 51.5, even as it remained in positive territory.
WPP-owned global insights consultancy, Kantar, is partnering the Singapore Economic Development Board (EDB) to launch its first research and development hub in Asia.The Brand Growth Lab will focus on advanced analytics and use Big Data, artificial intelligence and machine learning to help companies grow their brands.
Jet fuel trader China Aviation Oil (S) Corp (CAO) plans to divest its equity stake in a petrochemical-focused business based in China. The Singapore-listed firm said during the trading lunch break on Tuesday that it intends to dispose its entire 39 per cent equity interest in China Aviation Oil Xinyuan Petrochemicals Co, a limited liability company incorporated in China.
The STI Today
Singapore shares ended lower on Tuesday, tracking regional index falls as US President Donald Trump threatened yet more tariffs on Chinese goods. The Straits Times Index lost 22.69 points, or 0.68 per cent, to 3,301.35, while losers outpaced gainers 295 to 136 on the full bourse.