ECONOMY | Staff Reporter, Singapore

Daily Briefing: PM Lee to reshuffle cabinet; Singapore bars communication in terror attack areas

And here’s why Singapore unicorn Sea Ltd shares plunged 20% since its overseas listing.

From Reuters:

Singapore Prime Minister Lee Hsien Loong said on Tuesday he will reshuffle his cabinet once parliament enters a mid-term break in coming months to give more responsibility to the next generation of leaders who will support his eventual successor.

Lee, the eldest son of Singapore’s founding father Lee Kuan Yew and the city-state’s third prime minister since independence in 1965, said in October he would be ready to step down in a couple of years.

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From Bloomberg Finance via Yahoo! Finance:

Sea Ltd., operator of Southeast Asia’s biggest gaming platform, has had a rough start as a public company.

The much-heralded Singapore-based company raised about $1b in an October initial public offering led by Goldman Sachs Group Inc., Morgan Stanley and Credit Suisse Group AG. The shares have tumbled almost 20 percent since then and losses are widening. When the company reports results Wednesday, it’s projected to lose $201m in the three months ended in December, more than double the net loss a year earlier, according to data compiled by Bloomberg. Revenue probably increased 75 percent to $154.5m.

Analysts are unperturbed. Every single one of the seven who cover the company recommend buying its shares, according to Bloomberg’s data, with an average target price about 50 percent higher than Monday’s close of $12.15. That sets up a looming confrontation with short sellers, who are betting the stock will fall. The short position hit a record 6.3 million shares at the end of January.

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From Reuters:

The measure would allow police to issue a “communications stop order”, following approval from the home affairs minister, the Ministry of Home Affairs said in a statement.

That would “require all persons in the incident area to stop making or communicating films or pictures of the incident area, and stop communicating text or audio messages about the ongoing security operations in the incident area,” it added.

The MHA said information leaks to terrorists could endanger the lives of security officers and people caught up in the attack.

Read more here.

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