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

1. Singapore's Frasers bids $3.02b for Australia's Australand, trumps rival. Backed by Thai beer billionaire Charoen Sirivadhanabhakdi, Frasers Centrepoint made its offer less than a week after Stockland upped its bid to A$2.5 billion, Australand said in a statement on Wednesday.

2. SGX securities trading falls again in May. Securities worth a total of $23.4 billion were traded, falling 38 per cent from a year ago and 9 per cent from April.

3.OCBC Bank launches new credit card focusing on cashback rewards. Different types of spending on the OCBC 365 Credit Card, such as on petrol or weekend and weekday dining, will give cardholders different amounts of cashback rewards up to $960 a year.