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Daily Debrief: What Happened Today
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South-east Asia's Internet economy is expected to exceed US$240 billion by 2025, a joint study by Google and Temasek Holdings showed, a fifth more than previously estimated, as more consumers use their smartphones to go online.
PAYMENT services firms in Singapore may soon be required to apply for a Major Payment Institution (MPI) licence if any licensable activity they conduct crosses S$3 million a month or if two or more of their activities (excluding e-wallets) collectively average over S$6 million a month.
Singapore is expected to report slower third-quarter economic growth than initially thought, a Reuters poll showed, as the manufacturing sector faces strains from weaker global demand and an intensifying trade dispute between the United States and China.
CAPITALAND'S serviced residence arm, The Ascott, has formed a strategic alliance with Indonesian property developer Ciputra Development Group, under which Ascott will manage serviced residences to be developed by the latter in Indonesia and China over the next five years.
DIGITAL group Sea's entertainment unit, Garena, has inked a binding letter of intent with an affiliate of Tencent Holdings, under which Tencent will grant Garena a right of first refusal to publish Tencent's mobile and PC games in Indonesia, Taiwan, Thailand, the Philippines, Malaysia and Singapore.
The STI Today
SINGAPORE stocks ended lower on Monday, with the Straits Times Index losing 18.53 points, or 0.6 per cent to 3,065.07.