Morning business news round-up for Aug 14, 2014

SINGAPORE - Catch up on the morning's top business headlines in Singapore with The Straits Times Money Desk's daily update.

1. Singtel Q1 profit falls 17% on one-off items. Underlying net profit came in at $881 million, down from $897 million a year ago and below analysts' expectations for $916 million, according to a Reuters poll of four brokerages.

2. City Developments Q2 core profit up 90%, steps up overseas push. The developer said it was accelerating its overseas expansion, planning to establish platforms in Japan and Australia by the end of the year.

3. UOL buys first major development site in London. The Singapore-listed property developer bought Heron Plaza in Bishopsgate from Heron International, the two companies said in a joint statement on Thursday.