A positive lead from Chinese equities following news that the government is pumping money to stem the stock market rout helped lift Singapore shares. Concerns over Greece are easing after the Greek Parliament approved a slew of austerity measures, which was supported by the German Parliament.
Criminal investigators from the US Internal Revenue Service (IRS) are investigating whether a Singapore asset-management firm accepted transfers from undeclared Swiss accounts closed by US taxpayers, the Wall Street Journal reported. Lawyers who spoke to the Journal on the matter declined to name the Singapore firm being probed but said a handful of clients were being questioned about the asset manager.
Catalist-listed Vallianz Holdings said Monday that it has signed new contracts worth up to US$458 million (S$628 million) that involve lengthening the charter duration of 19 of its offshore support vessels (OSV) with an existing customer in the Middle East. Currently, the 19 vessels support the offshore oil and gas operations of the customer, which is one of the world's largest national oil companies (NOC).
Singapore Technologies Engineering (ST Engineering) said on Monday that its president and chief executive officer, Tan Pheng Hock, is on medical leave of absence after suffering a mild stroke and being admitted to hospital for observation. The duration of his medical leave could be about four weeks pending doctors' review of his condition and recommendations, company said in a filing with the Singapore Exchange.
Despite weaker oil prices and China's economic slowdown, Singaporeans expectations of future inflation have gone up, a quarterly survey by the Singapore Management University (SMU) showed. The results of its June survey showed that the one-year-ahead expected headline inflation (or CPI-All Item inflation) climbed to 3.35 per cent from the record low of 3.05 per cent expected in March.
Neptune Orient Lines (NOL) said it has not made any decision on a potential sale of the company, nor entered into any agreement, after media reports that Temasek Holdings had put the shipping company up for sale. Its shares jumped as much as 10 per cent to a six-week high after trading on the Singapore Exchange opened on Monday. The counter was trading at 94 cents, up 6.5 cents or 7.4 per cent, at around 10:45am.
The vice chairman of a Chinese political advisory body and a dean at Peking University were upbeat on China's growth story in Singapore on Monday. Both Mr Tung Chee Hwa, who was Hong Kong's first chief executive and now a vice chairman of the Chinese People's Political Consultative Conference, and Mr Justin Lin, professor and honorary dean at the National School of Development of Peking University, maintained that China's economy could continue to grow by 7 per cent annually.