MARKET UPDATES :
- Singapore shares fell on Thursday with the benchmark Straits Times Index down 1.82 points to close at 3,290.99. Volume was 1.26 billion shares worth S$701.3 million. Losers outnumbered gainers 212 to 195.
- SINGAPORE’S total population stood at 5.47 million in June 2014, up 1.3 per cent from June 2013, making it the slowest growth rate in the last decade.According to the 2014 Population in Brief publication issued by the National Population and Talent Division (NPTD) on Thursday, there are 3.34 million Singapore citizens as at end June 2014. This is up from the 3.31 million in the previous year. The permanent resident population slipped marginally to 527,700 from 531,200 previously. Resident population was at 3.87 million, up from 3.84 million. Non-residents comprising individuals holding work passes, dependants and international students made up 1.60 million, up from 1.55 million.
- THE Central Provident Fund (CPF) Board said on Thursday it will be lowering the cost of investing under the CPF Investment Scheme (CPFIS) by reducing the limits on the total expense ratio (TER) for unit trusts and investment- linked insurance products by 0.2 per cent to 0.3 per cent. TER refers to the ongoing costs of operating a fund, expressed as a percentage of the fund’s average net asset value. The costs include investment management fees, trustee fees, as well as audit fees. The TER caps for lower risk funds such as money market products under the CPFIS, for example, will drop from 0.65 per cent to 0.35 per cent. Higher risk funds such as equities will go down from the current 1.95 per cent to 1.75 per cent.
- THE 44 properties sold through auctions last year and this year, 80 per cent were successfully hammered upon their first appearance, JLL said on Thursday. These include the two largest auction transactions so far this year. One transaction comprised four strata office units in Orchard Shopping Centre, which fetched S$8.55 million in March; the other was a freehold residential development site in Brighton Crescent which sold for S$9.1 million on Wednesday at an auction conducted by Colliers International. JLL said nine properties have been sold at auctions so far this quarter for a total S$30.46 million. This compares with nine properties transacted for a total S$9.28 million in Q2 this year.
- ZURICH Life Singapore has appointed Jamie McNish to the newly created position of chief sales officer effective Dec 15, 2014. Mr McNish will oversee all distribution related activities for the expatriate and local Financial Advisor channels as well as banks. He will report directly to Peter Huber, CEO of the company’s Life business in SingaporeSaid Mr Huber: “This further strengthening of Zurich’s distribution team is a clear demonstration of the progress we have made in deepening our leadership position in the market using our multi-distribution strategy. I am delighted to welcome Jamie to our growing team, and I am confident that his extensive experience in the insurance and wealth management space will greatly enhance our network and presence in Singapore
- SINO Construction Limited intends to make an off-market takeover bid for Australian-listed Guildford Coal (GUF). The takeover bid will be made at a bid price of A$0.0613 (approximately S$0.069) per GUF share. The consideration will be satisfied via an allotment and issue of one new ordinary share in Sino Construction for every 4.5 GUF Shares. Based on the issued and paid-up share capital of GUF, up to 229,639,650 new shares may be issued as the consideration for the takeover bidThis takeover bid follows the group entering non-binding terms with GUF to acquire all of the latter’s portfolio of coal assets in Australia for a total consideration of US$25 million and a payment of ongoing royalty. The management of Sino Construction is now of the view that it is more advantageous to acquire all of GUF’s assets, including its coal producing assets in Mongolia, said Sino Construction on Thursday .
- The family behind home-grown developer and construction firm Lee Kim Tah Holdings is taking the company private in a S$1.08 per share takeover offerThrough the investment vehicle Lee Kim Tah Investments founded by the late chairman Lee Kim Tah, the Lee family already owns 71.34 per cent of the group.
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- BUY HONGKONG LAND ABOVE 7.000 TG 7.070, 7.160, 7.260 SL 6.900