SG Morning Highlights: Singapore to refresh social support measures amid signs of stratification: DPM Wong

Advancers / Decliners is 81 to 50, with 130.31 million securities worth S$111.15 million changing hands.

The International Monetary Fund and World Bank warned of the rising risk of a global recession as faster inflation forces central banks to raise interest rates, crimping growth.

Higher borrowing costs are "really starting to bite," IMF Managing Director Kristalina Georgieva said alongside World Bank President David Malpass at a virtual event on Monday (Oct 10) kicking off the annual meetings of their institutions.

The IMF calculates that about one-third of the world economy will have at least two consecutive quarters of contraction this year and next, and that the lost output through 2026 will be US$4 trillion.

Cryptocurrency exchange Coinbase Global received a digital-assets licence in Singapore, where regulators are stepping up vigilance after the high-profile blowups of crypto outfits like Three Arrows Capital.

The Monetary Authority of Singapore (MAS) has granted Coinbase Singapore in-principle approval under the Payment Services Act to provide regulated services in the city-state, the company said Tuesday. About 15 firms have received such permits since Singapore launched the licencing regime in 2019, including rival Crypto.com.

Singapore will be a "beachhead" for Coinbase's planned expansion in the Asia-Pacific region, where markets like Indonesia and Vietnam are attractive, said Hassan Ahmed, chief executive of its local unit. Coinbase this month unveiled a revamp of its operations in Australia, part of efforts to bolster growth overseas.

The Republic will refresh its measures to support lower-income groups, seniors and young families, amid early signs that society is becoming more stratified, Deputy Prime Minister Lawrence Wong said on Monday.

While significant moves have been made to reduce income inequality and sustain social mobility, more can be done, he said, as he underlined that both will be a key priority for the 4G leadership team.

Moves in the works include reducing fee caps at government-supported pre-schools in 2023, a review of leave measures and the development of better senior living options in housing estates that can be scaled up nationwide.

Malaysia's Prime Minister Ismail Sabri Yaakob reportedly sought King Sultan Abdullah Ahmad Shah's consent on Sunday (Oct 9) for a dissolution of Parliament.

No official announcement has been made, but Malaysia's New Straits Times daily, citing sources, said Datuk Seri Ismail had put forward the request during an audience with the ruler on Sunday afternoon.

News portal Free Malaysia Today also reported that the Premier is expected to make an important announcement on Monday.

The US dollar edged higher on Monday (Oct 10) as investors set their sights on inflation data later in the week that is expected to show that price pressures remain strong. The sterling slipped for the fourth straight session even after the Bank of England (BOE) expanded its support for financial markets.

US data due on Thursday is forecast to show that headline inflation came in at a hot 8.1 per cent year-on-year rate in September, but down from 8.3 per cent in August.

Core inflation is expected to have risen to 6.5 per cent from 6.3 per cent previously.

Oil prices sank by nearly 2 per cent on Monday, after five straight sessions of gains, as investors worried that economic storm clouds could foreshadow a global recession and erode fuel demand.

Brent crude futures settled at US$96.19 a barrel, down US$1.73, or 1.8 per cent.

West Texas Intermediate crude settled at US$91.13 a barrel, losing US$1.51 or 1.6 per cent.

Saudi Aramco has told at least five customers in North Asia they will receive full contract volumes of crude oil in November, several sources with knowledge of the matter said on Monday (Oct 10).

The full supply allocation comes despite a decision by the Organisation of the Petroleum Exporting Countries and allies including Russia, known as Opec+, to lower their output target by 2 million barrels per day.

Saudi Energy Minister Abdulaziz bin Salman had said the real supply cut would be about 1 million to 1.1 million bpd. Analysts expect Saudi Arabia, the United Arab Emirates and Kuwait to shoulder much of the production cuts because other Opec+ members are falling behind output targets.

Saudi Aramco could not be immediately reached for comment outside office hours.

Malaysia's Petronas said it has declared force majeure on gas supply to one of its liquefaction terminals, Malaysia LNG Dua, due to a pipeline leak caused by soil movement at the Sabah-Sarawak Gas Pipeline on Sept 21.

"This has impacted the supply of gas to MLNG Dua's production facility at Petronas LNG Complex (PLC) in Bintulu, Sarawak," it said in a statement, adding that the force majeure only affects the gas supply to MLNG Dua's production facility.

"The other LNG production facilities within the PLC continue to operate as planned." Petronas did not say how much supply would be affected or how long the disruption would last.

Japanese utility Mitsubishi Corp said last Thursday that Malaysia LNG, majority owned by Petronas, had declared force majeure on LNG supplies to its customers including Mitsubishi, following the pipeline leak.

The property purchaser, Albert Street Hotel, will buy the property for NZ$152 million while the business purchaser, Albert Street Operations, will acquire the business and business assets for NZ$18 million.

In a bourse filing on Friday (Oct 10), the company said that it decided to dispose of the hotel and its associated businesses as the property sale price is 8.5 per cent higher than the valuation. A recent valuation commissioned by the company valued the property at NZ$140.2 million.

The 6,373 square foot outlet with a seating capacity of 174 is also the first to be located in Hanoi. The outlet is situated within the Ba Dinh District where monuments, landmarks and relics like the Ho Chi Minh Mausoleum, One Pillar Pagoda, Flag Tower of Hanoi and Imperial Citadel of Thang Long, a Unesco World Heritage site, are located.

Group chief executive and executive director Ang Kiam Meng said that the group is honoured by the support its franchise partner, Nova F&B Joint Stock Company, has shown. He added that the company looks forward to opening more outlets in Vietnam.