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Daily Debrief: What Happened Today
Domestic non-oil exports - and hence the manufacturing sector - are expected to remain subdued over the coming year, leaving the economy reliant on the services sector, according to ICAEW's latest "Economic Insight: South East Asia" report, which also posits that Singapore's economic growth is unlikely to hit 3.3 per cent until 2018.
Singapore office rents may decline as much as 25 per cent in a prolonged slump that may last until the end of 2018, as demand slows, according to Daiwa Securities Co.
Trading house Noble Group is under no pressure from banks to sell assets and is not planning further divestments as it negotiates more than US$4 billion of new and refinanced loans with lenders, a senior source close to the process said.
Maybank says it expects to grow its total retail small and medium enterprise (RSME) loan portfolio in Singapore by 40 per cent this year, as it expands its financing to the segment across the region.
Alibaba Group Holding Ltd, China's biggest e-commerce company, has completed a funding round for its logistics arm Cainiao, the company said on Monday.
Morgan Stanley, one of the Wall Street banks that deals directly with the Federal Reserve, cut its bond yield forecasts for 2016 and said the US central bank will wait until December before raising interest rates.
The STI Today
Singapore shares rose higher by 0.6 per cent buoyed by last Friday's gains on Wall Street and spurred on by stimulus measures unveiled by the European Central Bank last week.