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Daily Debrief: What Happened Today
Small and medium-sized enterprises (SMEs) are bracing themselves for a hit to profit margins as Singapore’s economic slump widens, with revenue growth their key concern going forward, according to the Singapore Chinese Chamber of Commerce and Industry (SCCCI)’s annual business survey.
Ministers from the Finance Ministry will continue to actively engage businesses, unions and other stakeholders, and develop a support package to help with the transition to higher retirement and re-employment ages.
Oversea-Chinese Banking Corp (OCBC) is in talks with companies including Singapore Telecommunications about seeking one of the city-state's planned virtual bank licenses, according to people familiar with the matter.
Retail landlord SPH Reit has established a S$1 billion multicurrency debt issuance programme, with part of the proceeds to be potentially used for a possible acquisition.
A Five-storey intermediate terrace factory at 9 Kaki Bukit Place has been put up for sale by expression of interest for an indicative price of S$5.5 million.
Fifteen strata offices at Peninsula Plaza have been put up for sale via tender with an indicative price of S$17.6 million, said exclusive marketing agent Cushman & Wakefield on Wednesday.
Parklane Shopping Mall has 33 strata retail units located in the first level basement of the mall put up for sale via an expression of interest exercise, with an indicative value of S$55.7 million.
The STI Today
Wednesday's Asian session typified one lacking market catalysts as investors preferred to stay on the sidelines ahead of the release of minutes from the US Federal Reserve's July meeting and its chairman Jerome Powell's Jackson Hole speech later in the week. The Straits Times Index gave back some of its early-week gains at the open before trading flat for the rest of the session to close at 3,122.57, down 13.38 points or 0.4 per cent.