Singapore ups the ante in cyber security fight

SINGAPORE (Jan 28): Singapore is gearing up for a crackdown on cyber crime with the launch of a central agency and the appointment of a minister in charge of cyber security, the government said on Tuesday, as the wealthy city-state grapples with a rise in online crime.

In recent years, Singapore has struggled to combat cyber criminals, who have committed offences including stealing client data from Standard Chartered Bank and hacking the official website of the prime minister.

Singapore central bank cuts 2015 inflation forecast

Singapore's central bank has downgraded its inflation forecasts amid lower oil prices and weaker global economic prospects.
Core inflation, which excludes private road transport and accommodation costs, is now expected at 0.5% to 1.5% this year, down from a previous projection of 2% to 3%, the Monetary Authority of Singapore said in a statement today.
Its 2015 forecast for headline inflation now ranges from minus 0.5% to 0.5%, compared with 0.5% to 1.5% previously.

Highlights-

• Singapore shares opened lower on Tuesday, with the benchmark Straits Times Index at 3,404.42 in early trade, up 0.65 per cent, or 22.02 points.
• Alex Zou joined about 100 Singaporeans who packed shoulder-to-shoulder into an auction at the Amara Hotel on a Friday afternoon looking for a cheap home to buy.
• Two Singapore oilfield service firms are finding it tough to refinance debt maturing later this year as the slump in crude prices has made investors and lenders hesitant, banking sources said.
• Oil fell in see-saw trade on Monday, with US crude ending at its lowest in nearly six years, as traders discounted comments from Opec's top official about the market finally finding a bottom.
• Shares of China Environment jumped 13% on strong volume to a five-month high in early trading.

UBS says wealthy Asians abandoning Australian dollars

SINGAPORE (Jan 27): Asia's wealthy are falling out of love with the Aussie dollar as record-low yields and sustained declines persuade them to look elsewhere, according to UBS Group.

Many of the bank's wealthiest clients in the region began to abandon the currency as Australia's bond yield premium over the US slid and the Federal Reserve discussed raising interest rates, said Simon Smiles, Zurich-based chief investment officer for ultra-high-net-worth individuals.

The 10-year yield is 74 basis points above that of the US, down from 130 a year ago.

Singapore shares advance; small caps active

SINGAPORE (Jan 27): Singapore shares headed higher as buyers returned a day after lying low amid uncertainty over Greece's commitment to its austerity programme.

At 10:20am (0220 GMT), gainers outnumbered decliners by two to one. The Straits Times Index was up 0.7% at 3,421.49.

Pacific Andes Resources Development, which just wrapped up a rights issue, was the most active stock in the market, rising 6.1% to 5.2 cents with more than 47 million shares changing hands.

Singapore oilfield service firms struggle to refinance debt as oil slides

SINGAPORE (Jan 27): Two Singapore oilfield service firms are finding it tough to refinance debt maturing later this
year as the slump in crude prices has made investors and lenders hesitant, banking sources said.

Ezra Holdings has a S$200-million bond due in September while Swiber Holdings has a S$85-million bond due in June.

Even though the bonds are just five to eight months away from maturity, they are trading as much as 2-2.5 points below par, indicating the concerns around refinancing.