STI steers away from optimism on Greece, closes 3 points down
Local stocks were flat following their multi-day recovery amid uncertainties around the Greek debt crisis. Optimism among investors that Greece will still remain in the Eurozone sent several global markets up, but Singapore market did not take the cue this time. Despite its strong start at 3,354.82 on Thursday, the benchmark Straits Times Index (STI) quickly lost ground and lingered around 3,330 for much of the day. It closed 3.3 points or 0.10 per cent down at 3,327.84.
Young Greeks flee abroad as crisis deepens
What does the future look like for young people in crisis-hit Greece, where years of hardship and sky-high unemployment were followed this week by bank closures? The answer: self-imposed exile.
Singapore was Myanmar's top foreign investor in 2014: DPM Teo
Singapore was Myanmar's top overseas investor in 2014, accounting for more than half of the over US$8 billion in total inflow, which had doubled from US$4 billion in 2013. Disclosing this, Deputy Prime Minister Teo Chee Hean added that trade links between the two countries are also "stronger than ever". Singapore is Myanmar's third largest trading partner after China and Thailand, with bilateral trade amounting to US$2.42 billion, he said.
Ascott Reit makes first foray into US, buys NY Times Square hotel for US$163.5m
Mainboard-listed Ascott Residence Trust (Ascott Reit) is expanding its footprint to the US by acquiring the 411-key Element New York Times Square West hotel for US$163.5 million (S$220.7 million). The acquisition is expected to increase Ascott Reit's distribution income in financial year 2014 by US$800,000, translating to a rise in distribution per unit to 8.51 cents from 8.44 cents on a pro forma basis, the company said.
It follows Ascott Reit's purchase of three quality serviced residences and four rental housing properties in Australia and Japan.
The 'trade with caution' on SGX from MAS is Singapore Exchange's first
Trade with caution. That's the message from Singapore's regulator to investors in the Singapore Exchange Ltd, which jumped Wednesday by the most since July 2009. It's the first time the bourse operator has been the subject of such an alarm; the bourse itself has dished out the warning on more than 50 companies since the introduction of tougher rules in March 2014.