MARKET UPDATES :
- Singapore shares finished the day higher on Friday with the benchmark Straits Times Index up 1.22 points to close at 3,292.21 Volume was 1.19 billion shares worth S$763.1 million. Losers outnumbered gainers 252 to 150.
- Singapore sovereign wealth fund GIC said on Thursday it had bought a stake in RAC Ltd, Britain’s second largest roadside recovery firm, from private equity fund Carlyle Group LP for an undisclosed amount. GIC did not specify the size of the stake it had bought, but said it and Carlyle will now jointly own a majority stake in RAC, with the company’s management holding the remaining stake. Carlyle Group bought RAC Ltd in 2011 for US$1.63 billion. A person familiar with the GIC transaction said RAC now had an enterprise value, including debt, of around 2 billion pounds(S$4,136,248,009). The stake sale to GIC now means Carlyle Group will hold off on an initial public offering for RAC Ltd for now, the statement added.
- SINGAPORE’S industrial output grew at a slower pace than expected in August at 4.2 per cent, as expansions in the biomedical manufacturing and electronics sectors offset a contraction in transport engineering activity. Economists polled by Bloomberg before the Economic Development Board (EDB) released the data on Friday had been expecting industrial production to rise by 4.9 per cent Excluding the volatile biomedical sector – which grew 9.7 per cent last month – output would have risen by a smaller 3 per cent . The electronics cluster, which retains the largest weight of 33.4 per cent on the industrial production index, swung back from contraction mode in August. Electronics production increased 7.2 per cent, in part due to a low base last year when demand was weak for the computer peripherals segment.
- THE Agency for Science Technology and Research (A*Star), Nanyang Technological University (NTU) and National Healthcare Group (NHG) on Friday inked a deal to collectively invest S$100 million in the Rehabilitation Research Institute of Singapore (RRIS) Speaking at the opening of the Singapore Health & Biomedical Congress 2014, Health Minister Gan Kim Yong said the institute aims to develop innovative technologies in the field of rehabilitation medicine, by leveraging the scientific, engineering and clinical expertise of its founding partners Some S$100 million will be channelled towards developing research capabilities, new technologies and strengthening the talent pipeline Key areas of study will include stroke and neurological rehabilitation, clinical robotics and biomechanics .
- Asian shares got off to a rocky start on Friday after a sharp drop on Wall Street, which curbed enthusiasm for the dollar even after the US unit touched multi-year highs in the previous session. US stocks ended sharply lower, as Apple Inc broke under key technical levels after the tech giant withdrew an update to its new operating system. That pushed the S&P 500 to its biggest one-day decline since July. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent in early trade, poised for a weekly loss over 2 per cent..
- TEHO International on Thursday announced that it had entered into a non-binding letter of intent with Eric Cheng and three others to acquire a full stake in ECG Property Services for S$17 million.
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