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Daily Debrief: What Happened Today
Singapore's factory production continued to outperform in May, defying expectations that the manufacturing sector will cool. Overall output grew by 11.1 per cent last month from a year ago, according to data from the Economic Development Board (EDB) on Tuesday.
Singapore Exchange (SGX) unveiled new rules for companies to list with dual class shares structures (DCS) that will take effect immediately. The shareholding structure which allows founders and certain shareholders to have higher voting rights or dividends than others comes after two rounds of public consultations, with the second consultation closing on April 27 this year.
Financial regulators could grapple with evaluating reforms, enhancing supervision and cyber risk over the next decade, Monetary Authority of Singapore (MAS) managing director Ravi Menon said this week in a speech aimed at imagining plausible future scenarios.
Six industrial sites will be launched under the Confirmed List of the Industrial Government Land Sales (IGLS) Programme by government agency JTC for the second half of this year. Another seven sites will be made available for application under the Reserve List, said the Ministry of Trade and Industry (MTI) on Tuesday.
Private financing platform, CapBridge, and blockchain application developer, ConsenSys, have entered into a strategic partnership to deploy blockchain technology for an upcoming Singapore-based private exchange, named 1exchange (1X).
Singapore is now the fourth most expensive city for expatriates, having moved up one spot from last year's ranking, according to the latest Cost of Living Survey published by global HR consulting firm, Mercer.
Industrial conglomerate Hong Leong Asia expects to recognise a S$43.5 million loss from the deconsolidation of its consumer products unit following a court-sanctioned restructuring plan, the company announced on Tuesday.
Hwa Hong Corporation has acquired two commercial freehold plots at Jalan Besar in Singapore from City Developments Limited (CDL) for S$13.8 million in total. The option to purchase was exercised by Hwa Hong's indirect wholly owned subsidiary Global Trade Investment Management Pte Ltd (GTI) on Tuesday.
The STI Today
Share prices in the Singapore bourse closed higher on Tuesday, with the key Straits Times Index up 20.03 points, or 0.61 per cent, to finish at 3,280.87.