Singapore’s inflation accelerated to an 18-month high as record economic growth in the first half of the year spurred demand for goods and services, sustaining pressure on the central bank to allow currency gains.
The consumer price index climbed 3.3% in August from a year earlier, Singapore’s Department of Statistics said in a statement today. That matched the median estimate of 10 economists surveyed by Bloomberg News. Prices rose 0.5% from July, without adjusting for seasonal factors.
Noble will also assume about US$265 million in debt after the proposed purchase of Sempra Energy Solutions from Sempra Energy (SRE.N) and Royal Bank of Scotland (RBS.L).
The plan comes as private equity firms, which typically hold assets for three to five years, try to divest those that were bought during the boom years of 2006 to 2008.
The bank has participated alongside its two local rivals, United Overseas Bank and Oversea-Chinese Banking Corp., in a detailed quantitative impact study, it said.
The economy will grow 14.9% in 2010, according the median forecast of 20 economists in a central bank survey, at the upper end of an official forecast of 13-15% expansion this year.
In the year to June 2010, the population increased 1.8% to just over 5 million, marking the smallest rise since 2004 and a slowdown compared with 3.1% in the year to June 2009, government figures showed.
Raju, who joined Singapore’s DBS from Citibank (C.N), will end his current role on Aug 31, His official last day is on Sept 30, according to a staff memo made available to Reuters. His successor will be announced shortly, the memo said. DBS confirmed Raju’s departure.
GuocoLand has proposed issuing about 296 million new shares at $1.80 each, which represents a discount of about 15.9% to its last closing price of $2.14.
The restructuring includes a transfer of shares held by Babcock & Brown Investment Holdings (BBIH) in Ascendos to the three remaining shareholders at a nominal payment of 1 euro by each shareholder.
Risks stemming from Europe’s debt crisis haven’t fully subsided even as the turmoil has had little impact on Singapore so far, Trade and Industry Minister Lim Hng Kiang said in parliament today.
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The three-month interbank rate for U.S. dollar funds slid 18 basis points, the most since July 2009, to 0.43556% as of a fixing at 11:30 a.m. local time, according to the Association of Banks in Singapore. That was the lowest level for the rate since May
The net proceeds from the issue will be used for general corporate purposes, the firm said in a statement, adding further details would be announced after pricing.
Peak Retail Investments is offering $0.85 per share for all RSH shares, according to a statement.
Output at factories, which accounts for about a quarter of the economy, climbed 26.1% in June from a year earlier, after a revised 58.4% surge in May, the Economic Development Board said in a statement today. The median estimate of 10 economists surveyed by Bloomberg News was for a 38.4% gain.
The International Monetary Fund, in a report on Singapore’s economy, said the country’s exchange-rate regime “remains appropriate” and that staff saw the currency as “somewhat weaker than its medium-term equilibrium level.”
The report also noted that “the Singapore dollar would likely strengthen in real effective terms over time as reforms promote faster productivity growth and the domestic economy continues to expand.”
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Weekend Comment Aug 13: Will Genting Singapore’s party last?
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