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Daily Debrief: What Happened Today
Hyflux remains actively engaged in discussions with potential investors in its Tuaspring water and power project and in the rest of the group, but has not committed to any particular option and remains open to considering various opportunities, the water and power infrastructure company announced on Friday during the midday trading break.
Export-dependent Singapore has a strong warning for the rest of the world: The damage from a prolonged trade war will be severe. While South-east Asia has found some benefits from the deepening trade hostilities between the US and China, the risk of a protracted conflict should have everyone worried about the state of the global economy, said Singapore Minister for Trade and Industry Chan Chun Sing.
SoftBank Group is nearing a deal to invest about US$500 million in Grab as part of roughly US$1 billion that South-east Asia's biggest ride-hailing firm is seeking in its latest funding, sources with knowledge of the matter said.
As the world tries to curb carbon emissions, Singapore could be a testing ground for new ideas on how to reduce energy use through data and urban design, according to Minister for Trade and Industry Chan Chun Sing. Singapore is using data on how different industries and segments of the population use energy to optimise its electricity system, Mr Chan said in a Bloomberg Television interview. It's also experimenting with how designs and material choice in buildings can reduce energy consumption, such as for air conditioning.
Singapore Airlines (SIA) and Air New Zealand's joint venture alliance has received renewed approval from the New Zealand Ministry of Transport, the final step in enabling the two flag carriers to extend their alliance for a further five years until March 2024.
A*Star's Singapore Institute of Manufacturing Technology (SIMTech) is launching a new digital transformation and innovation (DTI) programme to train key personnel of local enterprises to be champions for digitalisation in order to speed up the transformation of business models.
The STI Today
Singapore stocks finished lower on Friday, with the Straits Times Index falling 0.7 per cent, or 21.8 points to 3,209.79. Losers outnumbered gainers 243 to 125, or about two down for every one up, as 1.55 billion shares worth S$936.2 million in total changed hands.