SG Morning Highlights | Singapore, UK ink green economy framework to bolster energy, climate collaboration

Advancers / Decliners is 109 to 112, with 594.36 million securities worth S$185.75 million changing hands.

Services and manufacturing firms will be able to hire work permit holders from "non-traditional source" countries from Sep 1, but such hires must be paid at least S$2,000 a month, and cannot form more than 8 per cent of the employer's total workforce.

This fixed monthly salary criterion and sub-dependency ratio ceiling were announced by Manpower Minister Tan See Leng on Wednesday (Mar 1) during his ministry’s Committee of Supply debate. This follows last year's announcement of the upcoming Non-Traditional Source Occupation List.

The sub-quota guards against overreliance on such workers and ensures that employers diversify their workforce, said Dr Tan. Meanwhile, the salary requirement guards against "cheap-sourcing", and incentivises employers to hire higher-skilled or more experienced workers.

Singapore and the United Kingdom on Wednesday (Mar 1) signed a memorandum of understanding (MoU) to establish a bilateral green economy framework.

The agreement was signed during a virtual call between the UK's Secretary of State at the Department of Energy Security and Net Zero Grant Shapps and Singapore's Minister-in-charge of Trade Relations S Iswaran.

"The war in Ukraine has demonstrated the vital importance of shoring up our energy security, and moves towards ever-greater energy independence," said Shapps.

Singapore-based multi-family office Farro Capital says it has amassed more than US$1 billion in assets under management just four months after it launched, highlighting the city-state's rise as a hub for wealthy clans.

The firm was founded in October by former Bank of Singapore market head for Global South Asia and the Middle East Hemant Tucker, Maitri Asset Management's ex-chief executive officer Manish Tibrewal and three others. Much of the current client base is of Indian origin, and the rest come from a variety of backgrounds from Europe to other parts of Asia, Tucker said.

Farro's rapid accumulation of assets underscores Singapore's continuing appeal to the super-rich, despite recent efforts to raise wealth taxes and introduce stricter conditions for tax breaks. While it's gained recognition in recent years for an influx of wealthy Chinese families, the city's low levies and relative stability are attracting a menagerie of global tycoons.

The company's losses had also widened on a quarter-on-quarter basis, from 4.1 billion yuan in Q3 2022.

With this, Nio's losses for the full year have grown to 14.6 billion yuan from 10.6 billion yuan in 2021, the company said in a filing to the Singapore Exchange on Wednesday (Mar 1).

The stronger bottomline showing was due chiefly to higher revenue, which rose to S$292.4 million from S$148.8 million.

The board of directors has proposed a final cash dividend of S$0.015 per share, up from the final dividend of S$0.01 per share in 2021. The dividend, if approved by shareholders at the annual general meeting on Apr 25, will be paid out on May 31.

Earnings for the full year came in at US$8.2 million, down from US$118.8 million in 2021. The group said its margins were impacted by high raw material costs combined with limited increases in average selling prices (ASPs) across all the businesses in its PT Japfa Tbk and Animal Protein Other (APO) segments.

Revenue for H2 was up 3 per cent to about US$2.2 billion from US$2.1 billion, while full-year revenue rose 7 per cent to US$4.4 billion.

Revenue for the period was down 7.1 per cent at S$133.6 million from S$143.9 million.

Topline contributions from the group's retail and trading of jewellery and gold business declined by S$17.3 million during H2.

Revenue for the period from the sale of crude oil was down 14 per cent to US$70.8 million from US$82.7 million.

The group has proposed a final dividend of S$0.005 per share, unchanged from the final dividend in 2021. Rex International is targeting to pay out the dividend in May, assuming shareholders approve the dividend payout at the company's upcoming annual general meeting that will be convened on or before Apr 30.