News

The bank has approved three times more loans in March compared to January.

Oil trading and bunkering sectors remain resilient despite drop in demand.

More than a third said that they find environmental impact the hardest to report about.

The recently acquired shopping centres contributed to the trust’s growth.

A 50% salary cut was suggested for vice presidents and higher.

It comprises JSS and FWL extensions for another month.

And NetLink service suspension lifted, contractors step up COVID-19 safety measures.

SGX led the gains amongst top active stocks with a 1.21% expansion.

Sales volume sank in March following social distancing measures.

The measures were originally scheduled to be lifted on May 5.

Oil sector boosted with entry of two bunkering companies. The Maritime and Port Authority of Singapore (MPA) has awarded two new bunker supplier licenses to Minerva Bunkering and TFG Marine, according to an announcement. These two new players will increase the supply of marine fuel, compliant with the International Maritime Organization (IMO) 2020 sulphur regulations, bringing the total number of MPA-licensed bunker suppliers in the Port of Singapore to 45. Minerva Bunkering and TFG Marine will be required to each operate at least two clean energy dual-fuelled bunker barges to drive more sustainable bunkering activities in the Port of Singapore. The companies both complement Enterprise Singapore’s (ESG) effort in the bunker fuel trading sector comprising more than 70 players, the press release stated. MPA added that overall bunker sales in Singapore grew 5.4% YoY, to 12.72m tonnes in Q1 2020 from 12.07m tonnes in Q1 2019. Bunkering services in the Port of Singapore and oil trading also remain resilient despite the global COVID-19 pandemic.  

The demand for tech professionals was countered by retail and trade hiring demand.

The company aims to explore floating data centres and LNG-to-power solutions.

Economies expected to enter a complicated transition from lockdown. Containing the COVID-19 pandemic will cost Asia Pacific at least $2.85t (US$2t) in lost household and corporate incomes through 2021, according to S&P Global Ratings. The economic cost of an initial one-month lockdown is calculated to be about 3% of GDP in Asia-Pacific.

Margins are expected to shrink 6-10bps compared to Q4 2019.

The facility aims to help make loans more affordable for SME borrowers.