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Singapore Wrap Monday
The Monetary Authority of Singapore (MAS), in supporting Singapore financial institutions' innovation drive, will put its first priority on strengthening cybersecurity, but will allow the industry to develop new digital services through "smart regulation", said Ravi Menon, managing director of MAS, on Monday.
Manulife US Real Estate Investment Trust (Manulife US Reit), a unit of Canadian insurer Manulife Financial Corporation, has secured six cornerstone investors ahead of its S$629 million initial public offering (IPO) in Singapore, the Wall Street Journal has reported.
Singapore could see a fall in the total value of completed merger and acquisition (M&A) deals this year on the back of sluggish world trade volumes and China's economic slowdown, said analysts at Baker McKenzie.
Business confidence in Singapore continues to improve for the second consecutive quarter in Q3 2015 after experiencing a slight rebound in this quarter.
Singapore, represented by Senior Minister of State for Finance and Transport Josephine Teo, along with 49 other countries, on Monday signed the Asian Infrastructure Investment Bank (AIIB) Articles of Agreement (AoA) in Beijing, the Ministry of Finance (MOF) said in a statement on Monday.
The STI Today
There were no surprises as the Straits Times Index (STI) on Monday fell 40.72 points or 1.2 per cent to 3,280.18, weighed down by the turmoil in Europe brought on by Greece's financial problems. The STI's loss came in tandem with a 2.6 per cent plunge in Hong Kong's Hang Seng Index and 3.3 per cent in the Shanghai Composite as Greek worries outweighed moves by the Chinese government over the weekend to shore up its plunging stock market.