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Daily Debrief: What Happened Today
DBS Group reported on Monday that it generated a net profit of S$1.07 billion for the third quarter ended September 30, 2015, up 6 per cent from a year ago. Total income rose 8 per cent to S$2.71 billion as net interest income rose 13 per cent to reach a record at S$1.81 billion, with net interest margin at a four-year high. The latter rose ten basis points to 1.78 per cent, the highest since second quarter 2011.
Singapore is the most successful economy in the world, according to an index released on Monday by the London-based think tank, the Legatum Institute. Its Prosperity Index ranks Singapore's economy as the best of 142 countries, with Switzerland, China, Norway, and Germany taking the next four spots.
Mubadala Development Co and Singapore's Temasek Holdings's sale of Dunia Finance LLC has stalled after bids for the Abu Dhabi consumer finance firm failed to meet shareholder expectations, according to four people with knowledge of the matter.
Demand for regulatory affairs as well as sales and marketing professionals in Singapore's life sciences sector is on the rise as international pharmaceutical companies continue to base their regional head offices here, according to the latest Hays Quarterly Report.
About two-thirds of Asian business families see talent recruitment and development as the main challenge to ensuring the long-term sustainability of their companies, according to a report by United Overseas Bank and the Singapore Management University's Business Families Institute.
China raised the central rate for its yuan currency by the largest amount in a decade Monday, officials and reports said, just three months after a surprise devaluation sent shockwaves through global markets.
The STI Today
The Straits Times Index on Monday fell for the fifth consecutive session, losing 23.94 points or 0.8 per cent at 2,974.41. Traders here had to contend with weakness in Hong Kong and China following news that China's October PMI was below expectations, as well as softness in the Dow futures which indicated that Wall Street would be weak on Monday.