Market Snapshot

Singapore stocks opened lower on Wednesday. STI fell 0.1%; Oxley rose 2.5%; Nio rose 2.3%; SIA fell 1.2%.

Stocks to Watch

SEMBCORP INDUSTRIES LTD : Its wholly owned subsidiary Sembcorp Cogen will settle its legal claims against embattled Hin Leong Trading founder Lim Oon Kuin and his children for US$50.9 million. The settlement is not expected to have a material impact on Sembcorp Industries’ earnings per share and net tangible assets per share for FY2024, said the renewable and low-carbon energy player on Tuesday. The counter closed 0.5 per cent or S$0.03 lower at S$5.51, before the news.

OUE : An OUE subsidiary will issue S$150 million of green notes with a fixed interest rate of 4 per cent to mature in 2029. The notes, which are expected to be issued on Oct 8, will be offered at an issue price of 100 per cent of their principal amount and will pay interest semi-annually, the property firm said on Tuesday. OUE shares closed flat at S$1.08, before the announcement.

Oxley : The property player will divest its 30 per cent stake in a to-be-built Malaysia luxury hotel and expects significant cash flow improvements from the sale. Its subsidiary, Oxley Rising, separately agreed to sell a luxury hotel in a freehold integrated development in Kuala Lumpur to Artisan Hospitality for RM250 million (S$77.2 million), and to contribute 70 per cent of the issued share capital of Artisan Hospitality, it said on Tuesday. The counter closed S$0.002 or 2.4 per cent lower at S$0.08, before the announcement.

SG Local News

Singapore to Further Invest $120 Million in AI for Science

Singapore will pump in an additional $120 million investment in AI for Science, which is part of the National AI Strategy 2.0.

Led by the National Research Foundation (NRF), the AI for Science initiative will fund collaborations between AI researchers and scientific domain experts in areas such as advanced materials research and biomedical and health sciences. It also welcomes from the research community on other thematic areas.

Singapore Announces Efforts to Build a Trustworthy Smart Nation

As the line between the physical and online worlds thins, disruptions to digital services and the proliferation of online harms can negatively impact our well-being. Recognising this, one of the goals of Singapore’s refreshed Smart Nation vision (also known as Smart Nation 2.0) is to build a Smart Nation that we can trust.

To achieve that, Singapore will introduce a new Digital Infrastructure Act in 2025 to improve the reliability of key digital infrastructure and services.

Dyson Retrenches Workers in Singapore, Gives Union Only One Day’s Notice

DYSON conducted a retrenchment exercise on Tuesday (Oct 1), giving the labour union in Singapore only a day’s notice of the layoff.

The United Workers of Electronics and Electrical Industries (UWEEI) expressed disappointment with the appliance maker’s conduct, saying in a statement on Tuesday that it has “escalated” the matter to the Ministry of Manpower (MOM).

UWEEI said it was dissatisfied that there was insufficient time for meaningful discussion between the union and Dyson over the retrenchment. The statement did not mention the number of workers affected.