Ascott Residence Trust posts Q1 distributable income of S$14.2m

Mainboard-listed Ascott Residence Trust (ART) has posted a first quarter distributable income of S$14.2 million, up 76 per cent compared to the same period a year ago. ART said it benefited from higher demand for accommodation from business travellers in the region. It also attributed its strong financial performance in the first quarter to the improved operating performance of the properties and...

As inflation hits home, will wages suffer?

As inflation in March hit 6.7 per cent, marking yet another 26-year high, businesses are beginning to feel the pain. For the salaried employee, this raises the worry of whether employers will resort to reducing wages in order to cut costs. “Particularly for most Singapore companies, wage is the most important element of cost,” said HSBC economist Robert Prior-Wandesforde. A wage cut, or even a...

Ascott Residence Trust posted unit holders distribution of S$14.2m

Mainboard-listed Ascott Residence Trust (ART) has posted a first quarter distributable income of S$14.2 million, up 76 per cent compared to the same period a year ago. ART said it benefited from higher demand for accommodation from business travellers in the region. And going forward, it expects to see stable growth as it maintains a balance of properties in both developed and emerging markets in the...

Singapore dollar hits record high against US dollar

The Singapore dollar hit a record high against the greenback on Wednesday after inflation in the city-state rose and amid fears of a US recession. The Singapore unit hit a peak of 1.3463 to one US dollar before falling back to 1.3480 in afternoon trade. The euro breached 1.60 US dollars for the first time Tuesday on renewed jitters about the US economy, but eased back in Asian trade on Wednesday, dealers...

Singapore’s March inflation rate at 26-year high of 6.7%

Singapore's annual inflation was 6.7 percent last month, the highest in 26 years, the Department of Statistics said on Wednesday. It said the consumer price index was boosted by higher costs of food, transport, communications and housing. The March consumer price index figure was down 0.1 percent from February's figure, the department added. On a seasonally adjusted basis, the index was 0.3 percent...

SingTel to build new state-of-the-art data centre at Kim Chuan

Singapore Telecommunications (SingTel) says it will build a new state-of-the-art data centre at Kim Chuan. The Kim Chuan Telecommunications Centre 2 is expected to be completed in early 2010. SingTel sees the growth of higher performance computing, such as blade servers and the iN2015 government initiative, driving the demand for new data centre facilities that can support next-generation infocomm...

JTC to sell $1.7b of properties

Volatile capital markets cited as main reason JTC Corp has scrapped plans to divest a large chunk of its industrial property portfolio through a listed real estate investment trust (Reit). Instead, it will sell the 62 properties for $1.71 billion to Temasek-linked Mapletree Investments, which it had earlier appointed to manage the planned trust. This is because of recent weak stock market...

Six months, still no F&N CEO

Is it a question of finding the right person or deciding on a new direction first? IT HAS been more than six months since local food and beverage giant, Fraser and Neave (F&N) has been without a full-time chief executive officer following the hasty departure of Dr Han Cheng Fong last October. Mr Lee Hsien Yang assumed the post of chairman in the middle of that same month and has since...

MAS stresses it will not regulate Islamic banking sector in S’pore

The central bank has reiterated its stance that it will not regulate the Islamic banking market here in Singapore. At a conference on Islamic Finance on Tuesday, the Monetary Authority of Singapore (MAS) instead argued that Shariah-compliance should be regulated internally as part of a bank's good practice in governance and control. The Islamic banking market is estimated to be worth as much as US$800...

Resorts World at Sentosa awards largest contract of S$1.05b to date

Resorts World at Sentosa has awarded its largest building contract to date, worth S$1.05 billion, to a joint venture between major Japanese contractor Kajima Overseas Asia Pte. Ltd. and local player Tiong Seng Contractors (Pte) Ltd. This brings the total building contracts awarded so far to over S$2 billion. The S$6 billion integrated resort is slated for completion in early 2010. Kajima-Tiong Seng will...

Compare listings

Compare