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Daily Debrief: What Happened Today

THE MAS on Friday said it has established a steering committe to oversee an industry-wide interest rate benchmark transition from the Singapore dollar (SGD) Swap Offer Rate (SOR) to the Singapore Overnight Rate Average (SORA).

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MAS sets up steering committee for SOR transition to SORA

WITH the likely discontinuation of the US dollar (USD) Libor will impact the sustainability of SOR, the Association of Banks in Singapore (ABS) and the Singapore Foreign Exchange Market Committee have concluded that financial contracts that reference SOR, particularly SGD interest rate derivatives, should transition to reference SORA.

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Development charge rates raised 1.7% on average for commercial use, trimmed 0.3% for non-landed residential use

DC rates for non-landed residential use have been trimmed by 0.3 per cent on average; this follows the 5.5 per cent cut in March.

Singapore bank lending dips in July: MAS preliminary data

LOANS through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – stood at S$680.7 billion in July, compared with S$687.08 billion a month ago. 

Singapore Police sets up Anti-Scam Centre, working with banks to disrupt scammers' operations

SUSPICIOUS bank accounts linked to scams can now be frozen in a few days, thanks to collaboration between the Singapore Police Force (SPF) and three major banks here.

URA to conserve former Singapore Chinese Girls' School buildings at Emerald Hill

THE buildings will be adapted to house new cultural and lifestyle uses, in line with the Government's plans to strengthen and differentiate Orchard Road with unique offerings.

Corporate earnings

The STI today

Singapore shares ride trade talk hopes to close 0.8% higher on Friday

THE Straits Times Index (STI) ended August's trading session up 0.8 per cent or 24.69 points to 3,106.52.