A swathe of positive developments helped lift the Singapore bourse out of its trading doldrums on Monday. News that Greece will not immediately crash out of the euro zone after a compromise deal was hashed out following a marathon emergency summit sent the benchmark Straits Times Index up 31.34 points to 3,311.22 yesterday.
Euro zone leaders clinched a deal with Greece on Monday to negotiate a third bailout to keep the near-bankrupt country in the euro zone after a whole night of haggling at an emergency summit. "Euro summit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support," European Council President Donald Tusk announced on Twitter, referring to the European Stability Mechanism bailout fund.
Catalist-listed Vallianz Holdings said on Monday that it has clinched won a contract worth up to US$300 million (S$405.51 million) to supply two self-elevating platforms to a large national oil company in the Middle East. The provider of offshore support vessels and integrated marine solutions to the oil and gas industry said both vessels are expected to be deployed from the third quarter of 2015 for a period of five years, with the customer having an option to extend the charter for another two years until 2022.
China's exports rose for the first time in four months in June, providing fresh evidence that growth is stabilizing ahead of gross domestic product data this week. Overseas shipments rose 2.1 per cent from a year earlier in yuan value, the customs administration said in Beijing on Monday, exceeding the median estimate in a Bloomberg survey for 1.2 per cent growth.
Nintendo said on Monday that its chief executive Satoru Iwata has died of bile duct cancer at the age of 55, as the Japanese video games giant struggles to turn the page on years of losses. In a brief statement, the Kyoto-based company said Mr Iwata had passed away on Saturday. Mr Iwata took a leave of absence last year for surgery to remove a bile duct growth.