Daily Debrief: What Happened Today

Stories you might have missed

MOM will act against employers who misclassify employees for cost-cutting

THE Ministry of Manpower will investigate cases of employers misclassifying employees to avoid employer obligations, and take action where warranted. This includes cases where employers terminate their employees’ contract of service, but engage their services under conditions that effectively make them employees.

No current plans for Singapore to invest directly in Asean Power Grid cross-border infrastructure

SINGAPORE does not, for now, plan to invest directly in cross-border infrastructure under the Asean Power Grid initiative, said Second Minister for Trade and Industry Tan See Leng in Parliament on Wednesday (Mar 22).

Singapore banks do not share similar risks leading to Credit Suisse AT1 write-off: CGS-CIMB

THE conversion of Credit Suisse’s Additional Tier 1 (AT1) bonds into equity was likely “idiosyncratic” in nature, and does not reflect the outcome of other AT1 securities in the system – which include those issued by Singapore banks, CGS-CIMB said on Tuesday (Mar 21).

Ohmyhome ends Nasdaq debut at US$4.07, 1.8% above IPO price

SHARES of Singapore-based Ohmyhome rose 1.8 per cent in after hours trading following its Nasdaq debut on Tuesday (Mar 21).

CDL to acquire Sofitel hotel in Brisbane for A$177.7 million

CITY Developments Limited (CDL) is acquiring an 87.9 per cent effective group interest in Australia’s Sofitel Brisbane Central hotel for A$177.7 million (S$159.2 million), which translates to about A$427,000 per key.

The STI today

Singapore stocks extend gains on Wednesday; STI up 1.5%

THE Straits Times Index (STI) recorded gains for the second straight session on Wednesday (Mar 22), closing 47.05 points or 1.5 per cent higher at 3,220.98.