SG Morning Highlights | Prudential's 2022 profits from continuing operations fall more than 50%

Advancers / Decliners is 57 to 94, with 90.58 million securities worth S$117.01 million changing hands.

Swiss authorities and Credit Suisse Group are discussing ways to stabilise the bank, according to people familiar with the matter, after comments by its biggest shareholder and broader financial market jitters helped trigger a plunge in the stock on Wednesday (Mar 15).

In a first salvo to shore up confidence in the battered lender, Switzerland's central bank and financial regulator said the bank will receive a liquidity backstop if needed, according to a late statement on Wednesday. The regulator confirmed Credit Suisse meets the capital and liquidity requirements it imposes on systemically important banks.

Singapore's total employment growth was at an all-time high in 2022, driven largely by the return of foreign workers following the relaxation of border controls in the first half of the year, the Labour Market Report indicated on Wednesday (Mar 15).

Total employment grew by an unprecedented 227,800 last year, reaching 2.9 per cent above its pre-pandemic level in 2019.

Non-resident employment constituted 88 per cent of the increase, amounting to 201,600. This was primarily due to the hiring of work-permit holders in sectors such as construction and manufacturing, said the Ministry of Manpower (MOM).

Small and loss-making – these are some of the common perceptions about social enterprises. But of the over 3 million social enterprises in Asia, many are in fact profitable and anticipating growth, yet face "severe underfunding", highlights venture capitalist Chik Wai Chiew.

"We have seen surveys that in South-east Asia, 50 per cent of social enterprises face great difficulties in accessing finance – grants and donations. That's severe enough, and 90 per cent find it very difficult to get investors," he said.

Chik, chief executive officer of Singapore-based investment firm Heritas Capital, has teamed up with DBS to plug this funding gap. On Wednesday (Mar 15), both companies announced the first close of a new fund, the Asia Impact First Fund (AIFF), with US$20 million raised.

Profits from continuing operations in the company's Indonesia segment fell the most, by 23 per cent to US$343 million, said Prudential on Wednesday (Mar 15).

Profits from continuing operations in Eastspring – the group's asset management arm – slipped 17 per cent to US$260 million in FY2022.

The notes will mature on Mar 15, 2033, and will bear interest at a rate of 4.85 per cent per annum, payable annually in arrear.

Proceeds from the notes issue will be used to finance or refinance eligible green projects undertaken by CICT and its subsidiaries in accordance with the group's green finance framework, the real estate investment trust (Reit) said on Wednesday (Mar 15).

With the global settlement, the legal suits against Aspen Vision Land and Aspen Vision City in the High Court of Malaya at Penang, Malaysia will be withdrawn, the group said.

The group did not disclose any settlement sum, but said the agreement provides it an opportunity to avoid protracted legal proceedings with PDC and to focus the group's resources on revenue-generating activities instead.

The rise in loans and borrowings were reported earlier this month, against a 16.8 per cent drop in its earnings for the second half of 2022 to S$19.2 million, from S$23.1 million in the corresponding period in 2021.

Addressing its queries on Wednesday (Mar 15), the mainboard-listed company said the loans and borrowings were taken to mainly finance its pawning and moneylending businesses.

This was the company's response to the Singapore Exchange Securities Trading (SGX-ST), which had asked what will happen to the shares held by public shareholders in the event that the shareholding interest of Boustead Singapore and its concert parties exceeds 90 per cent. The question was posed as the listed acquirer is unable to avail itself to the rights of compulsory acquisition.

Boustead Projects said that it was already set out in the independent financial adviser's (IFA) letter that shareholders who do not accept the offer will hold shares in the company, which may be suspended from trading on the SGX-ST.

Back in 2016, the property at 180 Woodlands Industrial Park E5 was disposed of by Oriental Group, which has since delisted, for S$24.2 million to alleviate its financial woes.

On Wednesday (Mar 15), Alpina said it is looking to acquire the property as there is a shortage of dormitories in Singapore, and the group has faced difficulties in expanding its foreign worker strength due to the lack of available dormitories.