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Daily Debrief: What Happened Today

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Faber Garden relaunching en bloc sale at same S$1.18b price

The owners of Faber Garden are launching on Wednesday another collective sale bid while keeping to the same reserve price of S$1.18 billion. Located at Angklong Lane off Upper Thomson Road, the freehold site was put up for tender in April this year but closed without a sale in May.

Facebook, IMDA's startup accelerator to kick off in February 2019 in Singapore

Facebook on Tuesday unveiled Startup Station, Singapore, a startup accelerator programme for data-driven startups based in South-east Asia. The programme is created in partnership with the Infocomm Media Development Authority (IMDA), and is set to kick off in February 2019.

DBS, POSB to provide instant approvals for credit cards, credit line

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DBS Bank has launched a first-in-Singapore online application service that will allow it to provide new-to-bank and existing customers instant approval for DBS/POSB credit card applications, as well as enable customers to open a DBS Cashline immediately.

CapitaLand takes 50% stake in co-working operator

CapitaLand has - through subsidiary CL Kingdom Investment - invested S$13.5 million for a 50 per cent stake in The Work Project Kingdom (TWPK), and will extend another S$13.5 million in shareholder loans to the co-working operator.

Singapore Manufacturing Federation names Ahmad Magad as new secretary-general

The Singapore Manufacturing Federation (SMF) has appointed Ahmad Magad, group managing director of II-IV infrared optics manufacturing operations in Asia, as its new secretary-general from Oct 16, 2018.

Coal miner Resources Prima enters MOU to buy China property developer in reverse takeover

Indonesian coal miner Resources Prima Group has entered into a binding memorandum of understanding with Hing Chung Group to fully acquire ChongQing HuangYang Property Development for S$33 million in what will result in a reverse takeover of Resources Prima.

Rex now plans to retain large stake in Oman concession after positive feasibility study

Rex International Holding is now considering maintaining a high equity stake in its Block 50 Oman licence instead of farming out a substantial equity interest following encouraging results from a feasibility study, the oil and gas exploration company announced on Tuesday during the midday trading break.

Singtel launches mobile payment alliance for cross-border travel

The Singtel Group on Tuesday launched VIA, its cross-border mobile payment alliance, with its regional associate AIS and Kasikornbank, Thailand’s largest digital bank. Singtel and AIS will now offer QR code-based mobile payments through their mobile wallets - Singtel Dash, AIS GLOBAL Pay and Rabbit Line Pay - across both Singapore and Thailand. 

The STI Today

Singapore shares end lower on Tuesday

Singapore shares closed lower on Tuesday, with the Straits Times Index down 0.4 per cent or 12.81 points to 3,242.65.

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