SG Morning Highlights | No current plans for Singapore to invest directly in Asean Power Grid cross-border infrastructure

Advancers / Decliners is 31 to 77, with 58.32 million securities worth S$45.00 million changing hands.

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two US banks.

Fed Chairman Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the management of Silicon Valley Bank "failed badly", but that the bank's collapse did not indicate wider weaknesses in the banking system.

"These are not weaknesses that are running broadly through the banking system," he said, adding that the takeover of Credit Suisse seemed to have been a positive outcome.

The 67-year-old billionaire and philanthropist called it the "most important advance in technology since the graphical user interface", which has enabled people to more easily interact with computers by using icons, menus and windows, and set the standard for modern operating systems.

Gates has been meeting with the OpenAI team since 2016. Last year, he challenged them to train GPT to pass the Advanced Placement biology exam. The test requires students to think critically about biology, he said, not just recite facts. He added that he thought it would take a few years for the team to succeed, but it took only a few months for GPT to get the equivalent of an "A" grade in a college-level biology course.

Certificate of entitlement (COE) prices for both car categories hit record highs in the tender exercise that closed on Wednesday (Mar 22).

The COE premium for cars up to 1,600 cc and 130 bhp, as well as for electric vehicles (EVs) with up to 110 kilowatts of power, finished at S$93,503, up 6.25 per cent from S$88,000 and surpassing the record of S$92,100 set in January 2013.

For larger cars and more powerful EVs, the COE premium ended at S$116,201, a 0.61 per cent increase over the previous high of S$115,501 two weeks ago.

Singapore does not, for now, plan to invest directly in cross-border infrastructure under the Asean Power Grid initiative, said Second Minister for Trade and Industry Tan See Leng in Parliament on Wednesday (Mar 22).

"Our focus is to work with regional partners to provide the framework, the regulations, as well as the ecosystem that will enable commercial players to build the infrastructure," he added.

The Asean Power Grid aims to integrate the national power systems of the 10 member states, creating opportunities for mutual support and electricity trading.

These were issued in March 2016 under the US$1.5 billion Euro Medium Term Securities Programme established in May 2013.

MPACT had redeemed S$2.3 million of these notes in August 2022.

The company is working with a financial adviser on the potential divestment of SembWaste and could seek as much as US$700 million for the unit, the people said. Other investment firms and companies in the industry have shown interest in the business, the people said, asking not to be identified as the process is private.

Deliberations are ongoing and Sembcorp may decide against proceeding with a deal, the people said. A representative for Sembcorp didn't immediately respond to requests for comment.

Through CDL's wholly-owned subsidiary Millennium & Copthorne Hotels (M&C) and in a 50:50 joint venture with its New Zealand-listed subsidiary, M&C New Zealand, the group will acquire Sofitel Brisbane Central hotel from Brookfield Asset Management, a New York-listed investment management company.

The hotel will continue to be managed by the Accor Group under its Sofitel brand following the deal's expected completion in the second half of 2023.