Singapore shares inch up; eyes on Fed statement

SINGAPORE (Jan 28): Singapore shares edged higher despite weakness on Wall Street overnight.

Buyers nibbled at stocks amid caution ahead of a statement from the US Federal Reserve early tomorrow morning (3am Singapore time) after it wraps up a two-day policy meeting.

With deflation becoming a worry for central banks worldwide, investors are hoping that the Fed will delay raising interest rates. Earlier today, Singapore's central bank surprised markets by easing monetary policy in response to weaker oil prices and global economic prospects.

Sheng Siong's venture into China to yield 'satisfactory' return: Daiwa

SINGAPORE (Jan 28): Profit margins for supermarket operators in China may be thin, but Sheng Siong Group can still expect a decent return from doing business in Asia's biggest economy, according to Daiwa.
The company firmed up plans last month for a joint venture with Kunming LuChen Group, a condiments maker, to operate supermarkets in the country.
Sheng Siong will own 60% of the new entity, which will have a registered capital of US$10 million ($13 million), while LuChen will have a 30% stake. Sheong Siong executive director Tan Ling San will own the remaining 10%.