SG Morning Highlights | Collaboration and growth opportunities between Germany and Singapore remain, despite headwinds: DPM Wong
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Tuesday; STI up 0.23%
●'Like-minded' Singapore and Germany must work together to tackle challenges in Asia, Europe: PM Lee
●Stocks and REITs to watch: SAL, Old Chang Kee, Golden Agri, APTT
●Latest share buy back transactions
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Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.23 per cent to 3,268.42 as at 9.03am.
Advancers / Decliners is 65 to 67, with 90.41 million securities worth S$100.83 million changing hands.
Breaking News
The world's biggest cryptocurrency platform Binance on Monday pledged to establish a liquidity fund to curb sector fallout from the collapse of rival FTX, boosting the value of bitcoin.
Cash-strapped FTX filed for bankruptcy Friday (Nov 11) after Binance scrapped a takeover bid, sending chills across the cryptocurrency world.
"To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis," Binance chief executive Changpeng Zhao said on Twitter.
In the face of economic and geopolitical headwinds, Germany and Singapore can strengthen their collaboration for growth, in areas such as sustainability, said Deputy Prime Minister and Minister for Finance Lawrence Wong on Monday (Nov 14).
Such collaboration can take place not just bilaterally, but between the European Union (EU) and Asean, DPM Wong and German Chancellor Olaf Scholz both said at the 17th Asia-Pacific Conference of German Business (APK).
At the event held in Singapore this year, DPM Wong said that Germany and Singapore are both export-oriented economies that have "long thrived on the principles of free trade and the rules-based international order".
Like-minded partners like Singapore and Germany must work together to tackle common challenges confronting Asia and Europe, Prime Minister Lee Hsien Loong said on Monday (Nov 14), after both countries endorsed a joint declaration on cooperation in areas such as climate change, defence, and the economy.
He was speaking at a joint press conference with German Chancellor Olaf Scholz, after a delegation meeting during Scholz's first official visit to Singapore as head of the German government.
At the meeting in the Istana, both leaders discussed regional and international issues including Russia's war in Ukraine, and reaffirmed their support for international law's prohibition on aggression against sovereign states.
The US Federal Reserve's top banking cop has signalled greater oversight ahead for crypto activity, pointing on Monday to a need for firms to face "similar regulatory safeguards as other financial services providers."
Michael Barr's prepared testimony, released ahead of his appearance on Tuesday before the Senate Banking Committee, follows the fallout from the collapse of cryptocurrency platform FTX, which filed last week for protection from creditors under US bankruptcy law.
The fall of FTX has reverberated across the digital currency landscape.
It likely will be "appropriate soon" for the US central bank to slow the pace of interest rate increases, Federal Reserve Vice Chair Lael Brainard said on Monday.
Her comments came as red-hot consumer prices, which have squeezed American households, showed signs of easing, and after the Fed delivered a fourth straight super-sized rate hike to cool the economy.
But with inflation still hovering close to the highest level in recent decades, the Fed still has "additional work to do both on raising rates" and tamping down prices, she said in an event with Bloomberg.
Stocks to Watch
$Silverlake Axis (5CP.SG)$ : Mainboard-listed Silverlake Axis posted a 64 per cent increase in profit after tax for its first quarter ended Sep 30, 2022 to RM57.6 million (S$17.3 million), up from RM35.2 million the year before.
Earnings per share stood at RM0.0228 for the period, up from RM0.0132 a year ago.
Revenue for the quarter rose by 23 per cent year-on-year to RM188 million, from RM152.3 million the previous year. This was due to growth in software licensing, hardware sale, insurance ecosystem transactions and services, and retail transactions processing, the group said in a business update.
$Old Chang Kee (5ML.SG)$ : Curry puff maker Old Chang Kee on Monday (Nov 14) posted net profit of S$2.6 million for the six months ended September, down 22 per cent from S$3.4 million in the previous year.
The decline was mainly due to the absence of Job Support Scheme grants in H1 FY2023, which contributed to a S$3.4 million drop in other income to S$0.6 million.
H1 revenue grew 13.3 per cent to S$43.7 million, from S$38.5 million in the year-ago period, mainly due to higher retail, delivery and catering sales amid the reopening of Singapore's economy.
$Golden Agri-Res (E5H.SG)$ : Golden Agri-Resources on Monday (Nov 14) reported a 148 per cent increase in earnings to US$285 million for the third quarter ended September, from US$115 million in the corresponding period last year.
This brought earnings for the first nine months of FY2022 (9M FY2022) up 151 per cent year on year to US$675 million.
Earnings before interest, taxes, depreciation, and amortisation (Ebitda) for 9M FY2022 was 62 per cent higher at US$1.3 billion, while underlying profit grew 88 per cent to US$726 million.
$Asian Pay Tv Tr (S7OU.SG)$ : Mainboard-listed Asian Pay Television Trust (APTT) has declared a distribution per unit (DPU) of 0.25 Singapore cent for the third quarter ended Sep 30, unchanged from the DPU declared in the corresponding year-ago period.
The company has also reaffirmed a distribution guidance of 0.25 Singapore cent per unit for the fourth quarter of 2022, the trustee-manager said in a bourse filing on Monday (Nov 14).
The Q3 distribution of 0.25 Singapore cent will be paid out on Dec 23, after books closure on Dec 16, 5pm.
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kind Dolphin_7635 :
kind Dolphin_7635 : Quote “Singapore and Germany must work together to meet the challenges of Asia and Europe:
“Prime Minister Li Kuan Yew”..?? Old news?
kind Dolphin_7635 : Quote “German Chancellor Wong”?? And German Chancellor Olaf Scholz both said at the 17th Asia-Pacific German Chamber of Commerce.
Scary! What kinds of news? It's so misleading that none is better!
股票 : problem
Small bull : talk only. anyone can say that