Daily Debrief: What Happened Today

Stories you might have missed

Economists ponder if Singapore’s trade growth upgrade driven by inflation or external demand

WHILE some economists believe the trade growth upgrade is indicative of export resilience, others believe it reflects rising prices rather than demand per se.

Philippines’ Globe Telecom to sell over 7,000 towers; expects 71b pesos in proceeds from sale so far

IT intends to use the bulk (75 per cent) of proceeds to fund capital expenditures to support ongoing network expansion, as well as sustain network consistency and reliability scores.

NTUC to engage 20,000 people through feedback exercise

THE labour movement is planning to engage some 20,000 people in a feedback-gathering exercise that it hopes can pave the way in shaping Singapore’s social compact around work and employment.

Malaysia economy expands 8.9% in Q2, exceeding majority of forecasts

MALAYSIA’S economy expanded by 8.9 per cent year-on-year in the second quarter of this year, mainly supported by domestic demand, improving labour market and resilient exports, said Bank Negara governor Nor Shamsiah Mohd Yunus.

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Daily Debrief: What Happened Today

After a Covid-fuelled adrenaline rush, biotech is crashing

THE biotech industry is particularly vulnerable to the syndrome of slowing economic growth, higher inflation and rising interest rates.

Corporate Earnings

• ST Engineering faces short-term headwinds as it grapples with chip shortages
• Olam H1 profit inches up 1.8% as group battles inflation, cost pressures
• Hong Leong Asia rides wave of demand for more homes
• United Hampshire US Reit H1 DPU falls 4.6% on absence of year-ago items
• Sembcorp Marine H1 performance improves as losses narrows to S$142.9m
• Cromwell E-Reit H1 DPU rises 2.3% to 8.695 euro cents

The STI today

Singapore stocks pull back, erase weekly gain as rate hike fears return; STI down 1%

THE STI closed 32.69 points lower at 3,269.27, while Asia-Pacific markets ended mixed.