Daily Debrief: What Happened Today

Stories you might have missed

MTI narrows Singapore’s full-year growth forecast; Q2 growth revised down to 4.4%

SINGAPORE’S official full-year growth forecast has been narrowed to between 3 per cent and 4 per cent, with second quarter growth revised downwards to 4.4 per cent year on year, slower than the earlier advance estimate of 4.8 per cent, according to data from the Ministry of Trade and Industry (MTI) on Thursday (Aug 11) morning.

Singapore’s tax revenue surges 22.4% to S$60.7b on low year-ago base

SINGAPORE’S tax revenue rose by 22.4 per cent to S$60.7 billion in financial year 2021/22, on the back of a low base during the previous pandemic-hit year, according to the annual report of the Inland Revenue Authority of Singapore (Iras) on Thursday (Aug 11).

Condo, HDB rents continue climb in July, but growth slows: SRX, 99.co

CONDOMINIUM and Housing Board (HDB) rental prices continued their ascent in July, but growth slowed compared to the month before.

Trendale Tower up for sale again with higher S$178m guide price

FREEHOLD residential site Trendale Tower has been put up for sale again, this time with a higher guide price of S$178 million via a public tender exercise, said exclusive marketing agent Savills Singapore in a statement on Thursday (Aug 11).

US petrol prices fall below US$4 for first time since March

THE average price of US retail petrol fell below US$4 per gallon (3.8 l) on Thursday (Aug 11) for the first time in months, giving some relief to drivers in the world’s largest consumer of the fuel.

Corporate Earnings

• Hafary doubles H1 profit to S$10.4m, with greater demand from resale flat buyers
• CDL swings back into black with record S$1.1b profit in H1
• CapitaLand Investment H1 profit slips 38.3% on ‘lower velocity in asset recycling activities’
• Siemens' writedown pushes company into first loss since 2010
• Manulife core profit drops on asset management, Asia sales challenges

The STI today

STI up 0.5% as Asia stocks rally on cooler-than-expected US inflation data

SINGAPORE stocks were up for a second day running on Thursday (Aug 11) amid a regional rally, as traders found relief in news that inflation is decelerating in the US. The US inflation data fuelled bets that the Federal Reserve could pivot to a less aggressive pace of hikes.