Bizview: Today's top business news

Singapore August retail sales up 6.1% year-on-year, still driven up by car purchases

Car buying again drove up Singapore's retail sales which rose 6.1 per cent year-on-year in August, according to figures released by the Department of Statistics on Thursday (Oct 15). When the 43.9 per cent jump in motor vehicle sales is excluded, retail sales went up by only 1.3 per cent in August.

New private home sales in September down 33.5% from August

Sales of new private homes were moribund again last month as no new condominiums were launched. Developers sold just 341 private homes in the month, the lowest since 230 sales were recorded in December last year.

SingPost acquires US e-commerce provider TradeGlobal for $236m

Singapore Post is buying US e-commerce provider TradeGlobal - which serves leading fashion, beauty and lifestyle brands - for US$168.6 million (S$236 million).

Kwek Leng Beng receives lifetime achievement award from hotel industry gathering

Property doyen Kwek Leng Beng, executive chairman of Hong Leong Group Singapore and the chairman of Millennium & Copthorne Hotels (M&C), received the Lifetime Achievement Award from Hotel Investment Conference Asia Pacific (HICAP) on Thursday (Oct 15) in Hong Kong.

Normanton Park condo to go en bloc, largest local deal since 2007 if successful

Normanton Park condominium located near Kent Ridge Park will be put up for collective sale next Thursday (Oct 22) after more than 80 per cent of the owners agreed to the sale. There are 488 units in the condominium project - made up of eight low-rise blocks and five 23-storey towers.

Keppel DC Reit achieves higher-than-forecast distribution for Q3

Data centre focused Keppel DC Reit reported third quarter net distributable income of $14.5 million, 2.2 per cent higher than its initial public offer forecast. This was due to realisation of hedging gains and lower interest expenses due to the interest rate swaps it had entered into.

CapitaLand Mall Trust sells Rivervale Mall in Sengkang for $190.5 million

CapitaLand Mall Trust (CMT) has agreed to sell its Sengkang mall to a private equity fund managed by AEW Asia for $190.5 million. The 99-year-leasehold Rivervale Mall has a remaining lease of about 81 years.

AIG Singapore appoints Shirish Apte and Isabella Loh as its first independent directors

AIG Asia Pacific Insurance Pte. Ltd. (AIG Singapore) announced on Thusrday (Oct 15) the appointment of its first independent directors. Shirish Apte and Isabella Loh have been appointed for a three-year term, effective from Thursday (Oct 15).

HSBC cuts pay by 10% for hundreds of investment bank contractors

HSBC Holdings Plc will cut the pay of hundreds of part-time contractors at its investment-banking arm in London by 10 per cent and ask them take two weeks of unpaid leave, according to a person with knowledge of the decision.