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Daily Debrief: What Happened Today

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Singapore's economy expanded 3.8 per cent year-on-year in the second quarter of 2018, lower than economist expectations of 4.1 per cent growth, according to Ministry of Trade and Industry (MTI) advance estimates out on Friday.

Singapore flash Q2 GDP growth misses forecasts at 3.8% but economists stick to full-year estimates
MANUFACTURING growth remained the key driver, but slowed to 8.6 per cent, down from 9.7 per cent in the previous quarter. 

IHH to take 31% stake in Fortis, bid for another 26%; could spend 73.5b rupees and up
IN a regulatory filing during a trading halt on Friday morning, Singapore-listed IHH said it could spend more than 73.5 billion Indian rupees (S$1.47 billion) to acquire a majority stake in Fortis Healthcare through a subscription and general offer. 

Oxley executives in buying spree: CEO takes 11m shares at S$3.9m
OXLEY Holdings executive chairman and chief executive Ching Chiat Kwong bought more than 11 million company shares on the open market from Tuesday to Thursday for S$3.9 million, joining the company's deputy chief executive in a bout of buying activity this week. 

GoGoVan raises US$250m in first phase of new funding round
THE sum represents the "first phase of its new round of funding", the startup said on Friday. 

Broker's take: RHB upgrades Singapore bank sector to 'overweight' on interest margin outlook
THE broker said the upgrade was in part driven by the fact that banks' recent share price correction has already "factored in significant negatives" from the Singapore Government's property cooling measures.

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Singapore’s finance sector can support Asian development but risk management also key: Heng Swee Keat                                                                                 THE Republic’s adoption of digital technology can improve transaction efficiency and raise financial inclusion, he added, calling higher access to financial services “a key priority under our Asean chairmanship”. 

Social inequality, rising China among key trends flagged by DBS chief, conference panellists
WITH the so-called gig economy “going to be significant” in future, alongside trends such as ageing populations and growing automation, “you're going to have to think about welfare in a very different way”, he noted.

The STI today

Singapore shares close 0.2% up on Friday
SINGAPORE shares finished 0.2 per cent higher on Friday, with the Straits Times Index moving up 7.34 points to close at 3,260.35.


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