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Daily Debrief: What Happened Today
The International Monetary Fund said the world economy is plateauing as the lender cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in emerging markets. On the eve of its annual meetings in Bali, Indonesia, the fund on Tuesday projected a global expansion of 3.7 per cent this year and next, down from the 3.9 per cent projected three months ago. It was the first downgrade since July 2016.
Malaysia may introduce new taxes and sell assets such as land to pay down debt, Prime Minister Mahathir Mohamad said on Tuesday, as his administration struggles with liabilities of around one trillion ringgit (S$333 billion). Dr Mahathir, who unexpectedly won a general election in May, has blamed the previous administration of Najib Razak for taking the country into such heavy debt, including that of the 1MDB state fund, which is the subject of corruption and money laundering investigations in Malaysia and other countries.
Innopac Holdings on Tuesday announced an S$8.4 million stock placement that will result in a change of control, as well as a related disposal of five subsidiaries and a S$2.5 million secured loan facility. Innopac, an investment holding company, said that it will place 8.4 billion new shares at 0.1 Singapore cent apiece to 11 individual investors. The new shares will represent about 65 per cent of Innopac's enlarged share capital.
In a bid to tap the wedding market, event venue marketplace startup Venuerific has acquired Singapore-based online marketplace specialising in wedding venues, Wedever, for an undisclosed amount. Wedever, started by National University of Singapore business graduate Nicholas Koh, provides a platform for those planning weddings to find venues within their budget without the need to call prospective wedding venues separately.
Resale prices of private non-landed homes in Singapore declined for the second straight month in September following the latest round of cooling measures, flash estimates by real estate portal SRX Property on Tuesday showed.
Singapore is ranked among the bottom 10 countries globally on tackling inequality, an Oxfam International study has shown on Tuesday, as the organisation called on policymakers here to strengthen labour rights, enact anti-discrimination laws, and increase social spending.
The STI today
Share prices on the Singapore bourse closed lower on Tuesday, with the key Straits Times Index down 14.85 points, or 0.47 per cent, to 3,166.6.