Singapore stocks may fall as investors awaited the Federal Reserve’s announcement today and after a Chinese newspaper commentary said massive stimulus measures would be “detrimental” to the nation’s sustainable growth.
Singapore stocks closed higher on Wednesday. The benchmark ST Index was up 13.26 points, or 0.44%, at 3,029.66. Here are some stocks and factors to watch:
TCC Assets, a company backed by billionaire Charoen Sirivadhanabhakdi’s Thai Beverage Pcl, offered to buy the rest of Fraser & Neave for $9 billion. The $8.88 a share bid is 4.3% more than Fraser & Neave’s closing price yesterday, TCC said in a filing today. ThaiBev already owns about 29% of Fraser & Neave, according to data compiled by Bloomberg.
Singapore Telecommunications, the largest telecoms company in southeast Asia, told Reuters it plans to acquire more high-tech firms, including in Israel, as it transforms itself into a multimedia and information and communications technology company.
The Casino Regulatory Authority of Singapore (CRA) has imposed a financial penalty of $600,000 on Genting Singapore's Resorts World at Sentosa (RWS) for partially reimbursing the annual entry levy paid by some local casino patrons. This is the highest single financial penalty imposed by the authority to date.
International visitors to the Singapore Formula One Grand Prix spent more than $560 million during race weekends over the past four years, the Ministry of Trade and Industry said in a statement on its website in response to a parliamentary question.
Hotel and serviced residence owner Far East Hospitality Trust, which completed a US$583.8 million ($717.2 million) Singapore listing last month, aims to tap Southeast Asia’s booming tourism demand and grow its portfolio value by 50% over the next two years, its chief executive told Reuters.
Singapore Airlines has signed an agreement worth US$400 million ($491 million) to equip its aircraft with advanced in-flight entertainment and communication systems. Under the deal, Panasonic Avionics will equip over 40 SIA planes on order with a system that can provide broadband internet and global live television in the Airbus A350s and the Boeing 777-300ER aircraft.
ecoWise Holdings, the Singapore-based resource recovery, renewable energy and integrated environmental management solutions provider, reported earnings of $370,000 million for the three months ended July 31 compared to a loss of $278,000 a year ago. Revenue for the quarter increased 20% to $23.3 million.
Construction company Low Keng Huat (Singapore) has reported a 54% rise in net profit for the second quarter ended July 31 to $26.9 million from a year ago. Revenue rose 17% to $35.25 million.
Sembcorp said it will be investing a total of RMB326.6 million ($64.2 million) to develop centralised utilities facilities to serve existing and new customers in the Fushun Petrochemical and Fine Chemical Park. The centralised utilities facilities will comprise a service corridor network as well as facilities for industrial water treatment and industrial water and firewater supply.
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