Bizview: Today's top business news

Pedestrians exit an escalator at the Singapore Exchange Ltd. (SGX) headquarters in Singapore.
Pedestrians exit an escalator at the Singapore Exchange Ltd. (SGX) headquarters in Singapore.PHOTO: BLOOMBERG

Local markets rally ahead of Greek vote, STI ends week 0.65 per cent higher

Local stocks held firm on Friday, closing the week on a high note as investors took up position ahead of a potentially market shattering event in Greece's referendum on Sunday. The benchmark Straits Times Index closed 14.89 points or 0.45 per cent up at 3,342.73, while overall trading volume was up from Thursday to 1.26 billion shares. For the week, the index was up 0.65 per cent, wiping the big loss on Monday to stay above 3,320.

Perennial Real Estate seals JV with Guangdong medical group

Mainboard-listed Perennial Real Estate Holdings has entered into a joint venture with Guangdong Boai Medical Group on July 2 to jointly develop and manage medical service businesses in China.

The real estate developer with its headquarter in Singapore, will hold a 40 per cent stake in the joint venture entity for approximately S$63.0 million. Guangdong Boai Medical Group, a subsidiary of one of China's largest private hospital and medical services operators, China Boai Medical Group, will hold the remaining 60 per cent stake.

A Greek tragicomedy: Country's fate lies in a referendum that makes no sense

Welcome to a Greek tragicomedy, where not even the main actors know how it will end. A defiant Prime Minister Alexis Tsipras is going ahead with the controversial referendum on July 5, asking Greek voters to decide on the spending cuts that Europe had demanded in return for extending a bailout programme. So, will the referendum help Greece?

French oil and gas giant Total opens new lubricant plant in Singapore

Total Oil Asia-Pacific launched its new lubricants oil-blending plant in the Singapore Lube Park in Tuas South on Friday.

The facility, which is the company's largest in the world and its first two-storey plant, will produce lubricants for automotive, industrial and marine applications mainly for the Asean market, but also for markets in China and India for products not manufactured there.

China sovereign wealth fund expands by S$125 billion

Sovereign wealth fund China Investment Corp (CIC) saw its total assets soar by US$93 billion (S$125 billion) to nearly US$750 billion last year, it said Friday, although subdued global growth slowed returns on its overseas portfolio. CIC was created in 2007 with US$200 billion to make better use of China's colossal foreign exchange reserves, which amounted to US$3.73 trillion this March.