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An employee works on an assembly line producing Mercedes-Benz cars at a factory of Beijing Benz Automotive Co. (BBAC) in Beijing, China, August 31, 2015. Activity in China's manufacturing sector contracted at its fastest pace in three years in August, an official survey showed on Tuesday, reinforcing fears of a sharper slowdown in the world's second-largest economy despite a flurry of government support measures. PHOTO: REUTERS
The local market was down for the second straight day, joining the region wide decline on Tuesday that reflected the still fragile sentiments among investors. The benchmark Straits Times Index (STI) pared 38.67 points or 1.32 per cent to 2882.77. A total of 1.75 billion shares worth S$1.03 billion changed hands on the market, in a torrid session that was further worsened by a late hour selldown.
The Monetary Authority of Singapore (MAS) rolled out the first issue of Singapore Savings Bond (SSBs) on Tuesday (Sept 1), promising a 2.63 per cent average annual return if they are held for 10 years. The interest rate - or rate of return - of the first issue SSBs will start at 0.96 per cent for the first year, data released by the MAS showed.
Singapore Telecommunications (Singtel) said Tuesday (Sept 1) that it has completed its purchase of a 98 per cent stake in US-based network security services provider Trustwave for a lowered price of US$770 million (S$1.09 billion) .
Payment network Nets announced on Tuesday (Sept 1) that Mr Domenic Fuda, managing director and deputy group head, consumer banking & wealth management at DBS Bank, has been appointed chairman with immediate effect. Mr Fuda succeeds Ms Susan Hwee, managing director and head of group technology & operations at United Overseas Bank (UOB).
Malaysian stocks climbed for a fifth day and the ringgit rallied after weekend protests calling for the resignation of Prime Minister Najib Razak ended peacefully and markets reopened following the National Day holiday. An overnight surge in oil prices also aided local markets.
Thailand's military government has approved economic measures worth a combined 136 billion baht (S$5.377 billion) aimed at boosting spending power in rural areas, as the junta struggles to lift economic growth.
Activity in China's factory sector shrank at its fastest rate in at least three years in August as domestic and export orders tumbled, increasing investors' fears that the world's second-largest economy may be lurching toward a hard landing.
Macau's casino malaise deepened in August, with gaming revenue falling a 15th straight month as the recent opening of new gambling resorts failed to rouse a return of mainland Chinese visitors over the popular school holiday season.
Australia left interest rates unchanged Tuesday (Sept 1) as a declining currency cushions the impact of lower commodity prices and a weaker outlook for key trading partner China. Reserve Bank of Australia Governor Glenn Stevens and his board kept the cash rate at a record-low 2 per cent, as predicted by markets and economists following reductions in May and February.
