Daily Debrief: What Happened Today

Public feedback sought on proposed GST changes for imported services, including 'Netflix tax'

Singapore's Ministry of Finance (MOF) is seeking public feedback on proposed changes to the Goods and Services Tax (GST) that stem from measures announced during the 2018 Budget, it said on Thursday. Finance Minister Heng Swee Keat announced during the Budget that GST will be levied on imported services, including a so-called "Netflix tax" on imported digital services like movie and music streaming, from Jan 1, 2020.

Prices of completed condo, private apartments up 1.5% in May from April: NUS index

Prices of completed non-landed private homes in Singapore climbed 1.5 per cent in May from the previous month. This is according to the National University of Singapore's (NUS) flash estimates for its Singapore Residential Price Index (SRPI) released on Thursday.

SIA paid CEO 14% less in FY2018, reflecting year-before performance

Singapore Airlines (SIA) paid chief executive Goh Choon Phong 14 per cent less in fiscal 2018, reflecting lower bonuses for a lacklustre fiscal 2017 and lower valuations for his share-based compensation, according to the national carrier's latest annual report.

EDBI joins US$42m funding round for software automation company Puppet

EDBI - the investment arm of the Economic Development Board - has joined in the latest US$42 million funding round for DevOps (development operations) and automation company Puppet. The round was led by Cisco Investments, the venture arm of IT and networking technology company Cisco Systems, and joined by Kleiner Perkins, True Ventures and VMWare.

Four residential sites released under H1 2018 GLS programme

Four residential sites were released for sale on Thursday under the first-half 2018 Government Land Sales (GLS) Programme. The private residential site at Jalan Jurong Kechil was launched by the Urban Revelopment Authority (URA), and the executive condominium site at Canberra Link was launched by the Housing & Development Board (HDB) under the Confirmed List.

Oxley unit acquires 5% stake in Malaysia land owner

Oxley Holdings Limited said its wholly owned subsidiary, Oxley Star Sdn Bhd, has acquired a 5 per cent stake in Beverly Heights Properties Sdn Bhd (BHP) for RM22.5 million (S$7.6 million). The 50,000 ordinary shares are to be acquired from two vendors with whom Oxley Star inked a shares sale agreement on Wednesday.

Koufu plans S$85m IPO in July

Homegrown food court operator Koufu has lodged a draft prospectus for a listing on the Singapore Exchange main board, with plans to start trading on July 18. The initial public offering (IPO) could raise around S$85 million, and Koufu Group would have a market capitalisation of around S$350 million upon its debut, according to indicative terms seen by The Business Times.

The STI Today

Singapore shares end flat

Singapore shares ended flat in listless Thursday trade as global trade friction heats up. After opening at 3,245.92, the Straits Times Index (STI) ended at 3,257.57, up 2.8 points, or 0.09 per cent. Some 1.5 billion securities, valued at S$1.1 billion, changed hands. Losers outpaced gainers 188 to 167.