Market Snapshot

Singapore stocks opened lower on Friday. STI fell 0.1%; SIA fell 0.2%; DBS rose 0.2%; OCBC fell 0.3%; UOB fell 0.5%; Singtel fell 0.9%; Seatrium rose 0.6%; SGX rose 1%.

Stocks to Watch

UOB: The bank’s Sydney branch is set to issue A$100 million (S$88.8 million) worth of floating-rate senior unsecured notes, which are expected to be rated Aa1 or AA- by major ratings agencies. The coupon rate is the Australian benchmark three-month Bank Bill Swap rate plus 0.59 per cent per annum payable quarterly in arrear, and the notes will mature on Oct 27, 2025. UOB shares closed 0.6 per cent or S$0.20 lower at S$31.71 on Thursday, before the announcement.

Qian Hu: Its executive chairman Kenny Yap will be retiring from the directorial role at the end of the year, while chief executive Yap Kok Cheng will step up to assume the post. Shares of the mainboard-listed fish vendor closed 0.7 per cent or S$0.001 lower at S$0.139 on Thursday, before the announcement.

HPL: Hotel Properties Limited called for a trading halt on Friday morning, pending the release of an announcement. Its managing director Ong Beng Seng is to be charged on Friday in relation to the S Iswaran case. The counter closed 0.6 per cent or S$0.02 higher at S$3.68 on Thursday.

GS Hldg: GS Holdings called for a trading halt on Friday morning, pending the release of an announcement. The counter closed down 2.6 per cent or S$0.001 at S$0.037 the previous day.

SG Local News

Singapore Ex-Minister Gets Jail for Bribery in Historic Case

A Singapore court on Thursday sentenced a former minister to prison for the first time in half a century, as the city-state sought to send a clear message that it won’t tolerate conduct that undermines its zeal for clean governance.

S. Iswaran, who served as transport minister until his resignation in January, was handed a 12-month prison term for bribery and obstruction of justice. The sentence exceeded that sought by prosecutors. The jailable offenses include obtaining tickets for the Singapore F1 Grand Prix, a night’s stay in Four Seasons Hotel Doha, and flights including being aboard a private jet to Qatar.

The former minister last week unexpectedly pleaded guilty to four charges of obtaining valuable items as a public servant and one count of obstruction of justice. He had previously vowed to defend himself over nearly three dozen counts including corruption, but the prosecution amended the charges on the first day of the case.

Singapore Set to Charge Tycoon Ong Over Ex-Minister Case

Singapore is set to charge property tycoon Ong Beng Seng over the case of an ex-minister who was sentenced Thursday for obtaining gifts from the businessman.

Ong is set to appear in court on Friday, according to a court listing. It comes after S. Iswaran, who served as transport minister until his resignation in January, was handed a 12-month prison term for bribery and obstruction of justice.

It’s the latest response to a scandal that has rocked a city-state known for its zeal for clean governance, after a former minister was sentenced to prison for the first time in almost half a century.

Semiconductor Firm KLA Opens New Singapore Plant That Will Create 400 New Jobs

US semiconductor equipment maker KLA Corp has opened the first phase of what will be its fourth plant in Singapore.

The move is part of a US$200 million (S$259 million) plan to expand its presence here and make products for Asian and global customers.

Construction of the second phase will start soon and when finished by 2026, the new site is expected to add an estimated 400 additional employees to its local workforce, the firm said at a ceremony on Oct 3 to mark the completion of the first phase.

M&As Involving Singapore Jump 29%, Driven by Financial Sector: LSEG

Buyout deals involving Singapore companies have surged in 2024, confirming the country’s status as a hub for mergers and acquisitions (M&As) in South-east Asia.

M&A turnover hit US$51 billion (S$66 billion) in the first nine months of 2024, up 29 per cent from the same period in 2023, noted the London Stock Exchange Group (LSEG).

The numbers account for buyouts that have been announced and pending, as well as completed ones.

More Marketing, Veterinary and Sports Job Openings, but Overall Hiring Slows in S’Pore: Job Portal

Job openings in the marketing, veterinary and sports sectors have surged in recent months but the overall employment market has been subdued, noted job platform Indeed.

Marketing saw particularly strong demand, with a 38 per cent rise in positions from June to August, compared with the preceding three months.

But overall job postings declined by 11.8 per cent in August, compared with the same month in 2023, noted Indeed. Postings were also around 30 per cent down from the peak in November 2022.