MARKET UPDATES :
- THE government will still keep a close watch on the inflow of foreign workers – even as no further major measures are planned to tighten the foreign worker policy.”We need to continue monitoring closely, to ensure that we stay on track in avoiding over-dependence on foreign workers,” Prime Minister Lee Hsien Loong said on Wednesday morning at the launch of the Productivity Month. Repeating what he said last week at the National University of Singapore Society Lecture, Mr Lee said he did not expect further measures to squeeze the inflow of foreign workers.
- SINGAPORE Telecommunications has teamed up with network security company FireEye to enhance cyber-security in the Asia-Pacific.Under the deal, the two parties will co-invest US$50 million over the next five years to build new Advanced Security Operation Centres (ASOCs) in Singapore and Australia. They will also work to build up cyber- security expertise, including training up to 150 professionals to operate the ASOCs.The partnership will establish the first SingTel Managed-Defence solution, powered by FireEye in the Asia-Pacific. The two companies will collaborate to raise awareness and knowledge of next-generation cyber threats through biannual Asia Pacific- focused threat advisory reports.
- THE Causeway toll hikes could affect the profit margins of some Singapore-based SMEs, even though they are generally expected to have a limited impact on businesses here, Minister of State for Trade and Industry Teo Ser Luck said in parliament on Tuesday. Saying that the impact of the Causeway toll hikes on economic activity in Singapore was likely to be small, he explained that this was because land transport cost constituted a small proportion of total business costs of firms in Singapore – at only around 3 per cent for companies in the manufacturing sector and at 1 per cent for those in services.
- DBS Bank has launched a new programme, DBS Business Class, for start-ups and SMEs who are looking for business advice and opportunities across Asia.Delivered through a mobile app, the programme allows entrepreneurs to consult and connect with industry experts, investors, and fellow entrepreneurs. Members can also access news and articles on topics pertinent to starting and running their businesses, and attend exclusive networking events .Lim Chu Chong, head of SME Banking, DBS Bank said: “We found that fast-growing SMEs need help connecting with investors and experts when they are scaling up their business. By building a mobile platform which allows SMEs to access business advice, insights and exclusive networking opportunities, we hope to help SME owners build social capital and sharpen their competitive edge.”
- YONGNAM Engineering will sell a Malaysia plant in Nusajaya, Johor, to Axis Real Estate Investment Trust for RM153.5 million (S$60.1 million).Based on a valuation report issued by CCO & Associates on March 19 this year, the market value of the property is RM167.5 million. Upon the sale transaction, Yongnam Malaysia will remain the tenant of the property for a period of 15 years. This will follow the concurrent execution of the lease agreement entered between Yongnam Malaysia and the real estate investment trust, which is being held in escrow.
- RATINGS agency Moody’s said on Monday that the gradual decline in Singapore’s private home price index for the third quarter is credit positive for Singapore banks as it relieves pressure on bank asset quality “Further price increases would have increased the risk of a real estate price bubble bursting,” Moody’s said in its credit outlook noted on Monday, commenting on the Urban Redevelopment Authority’s flash estimate released last week .
STOCK RECOMMENDATION :
- BUY JARDINE CYCLE ABOVE 41.400 TG 41.900, 42.200, 42.600 SL 41.100