MARKET UPDATES :
- THE Ministry of Finance (MOF), Monetary Authority of Singapore (MAS) and the Inland Revenue Authority of Singapore (IRAS) have proposed regulations to help financial institutions in Singapore comply with the US Foreign Account Tax Compliance Act (Fatca). The Fatca requires all financial institutions outside of the US to regularly submit information on financial accounts held by US persons to the US Internal Revenue Service (IRS), or face a 30 per cent withholding tax on certain gross payments received from the US. To ease the Fatca compliance of financial institutions here, Singapore has substantially concluded a Model 1 Intergovernmental Agreement (IGA) with the US, announced the three government agencies in a joint statement on Monday. Under the Model 1 IGA, Singapore- based financial institutions will report information on financial accounts held by US persons to IRAS, which will in turn provide the information to the US IRS.
- Singapore shares ended lower on Monday with the benchmark Straits Times Index down 8.48 points to close at 3,296.57. Volume was 1.57 billion shares worth S$952.7 million. Losers outnumbered gainers 280 to 162.
- Danish rookie Kevin Magnussen needed medical attention for burns to his backside following Sunday’s Singapore Grand Prix in which he finished 10th for McLaren. In hot and humid conditions under floodlights at the south east Asian street circuit, he was one of many drivers to suffer from fatigue and dehydration – and in his case a burnt backside.
- Palm oil’s share of global vegetable oil consumption looks set to climb in the months ahead as the top two producers engage in a tit-for-tat export tax tussle designed to boost sales. Barely a month after number two producer Malaysia cut export tariffs, top palm oil maker Indonesia is preparing a similar move to boost sales of the tropical oil used for cooking and in products ranging from candies to cosmetics. It might seem that Malaysia would then lose the competitive advantage it gained with its tax cut, which has pushed up shipments this month. But traders and analysts say there’s room for both countries to benefit at the expense of Argentina’s soybean oil and Ukraine’s sunflower oil.
- CITIMAC Industrial Complex, a stone’s throw from Tai Seng MRT Station, has been launched for collective sale with a price tag of at least S$550 million. This has been billed as the largest freehold Business 1-White redevelopment site in Singapore to be put up for sale. Cushman & Wakefield is handling the collective sale through a tender that will close on Oct 30. A price of S$550 million translates to about S$1,347 per square foot of potential gross floor area inclusive of development charges payable to the state.
- LCD Global Investments on late Monday morning topped the SGX’s list of most actively-traded stocks, with as many as 312.9 million stocks changing hands as at 11.56am. LCD’s shares opened at 29 Singapore cents on Monday, up one Singapore cent from Friday’s close, and immediately spiked to a high of 30 Singapore cents within the first five minutes of trading. They were trading at 29 Singapore cents as at 11.56am, up 3.57 per cent. In June, Aspial Corporation chief executive Koh Wee Seng continued to buy shares in the company at prices above the 17 Singapore cents-per share buyout offer from Lum Chang’s Raymond and David Lum, which at that time fuelled further market talk of a counter-bid.
- Singapore’s former prime minister Lee Kuan Yew has been presented the Global Citizen Award by US think-tank Atlantic Council for his achievements as one of “history’s longest-serving and most successful leaders”, said the council’s website. Mr Lee became prime minister of Singapore in 1959, became senior minister in 1990 and minister mentor in 2004. He stepped down in 2011 The think-tank said: “He is widely regarded as the founding father of modern Singapore, shepherding his country through a difficult independence and transforming it into one of the freest, most-robust economies in Asia.”.
STOCK RECOMMENDATION :
- BUY JARDINE STRATEGIC HOLDING ABOVE 36.000 TG 36.250, 36.550, 36.950 SL 35.700