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Banking Sector Fuels Singapore's First-Quarter Growth

Singapore's economy took an unexpected turn higher in the first quarter of the year as a rally in financial markets buoyed the city-state's banking sector.Gross domestic product expanded 1.8% in the first quarter on a seasonally adjusted, annualized basis, an improvement from preliminary data that had indicated a 1.4% decline, the government said Thursday. Officials said they expect growth to pick up modestly for the remainder of the year on stronger external demand, but kept their full-year growth forecast at 1.0%-3.0%.The better-than-expected performance in the first quarter was mostly due to strong gains in the financial sector, as stimulus programs by global central banks drove investors into emerging-market stocks, bonds and other investments.The surprising strength comes as other export-dependent Asian economies have struggled, and shows how Singapore's financial sector can help it insulate from the vagaries of overseas demand.Finance and insurance output grew 50.6% over the prev...

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  1. Wilmar 1Q Net Rises 23.3%; Warns of Plantation Profit Decline

    Wilmar International Ltd. (F34.SG) Wednesday reported a 23.3% rise in first quarter net profit despite slightly less revenue, but warned lower palm oil prices could ...

  2. Sembcorp Marine First-Quarter Net Up 5%; Sees Healthy Orders

    Sembcorp Marine Ltd. (S51.SG), the world's second-biggest rig builder by volume, Friday reported a 5% rise in first-quarter net profit as it recorded more revenue fr...

  3. United Overseas Bank 1Q Net Rises 4.9% to S$722 Million

    United Overseas Bank Ltd. (U11.SG) said Thursday its first quarter profit rose 4.9% from the previous year to S$722 million (US$586 million).The positive result was ...

  4. DBS 1st Quarter Net Rises 2%

    DBS Group Holdings Ltd.'s (D05.SG) first-quarter net profit rose 2% on loan and deposit growth and strong non-interest income, it said on Thursday.Net profit for the...

  5. DBS 1Q Net Rises 2% to S$950 Million

    DBS Group Holdings Ltd.'s (D05.SG) first-quarter net profit rose 2% on loan and deposit growth and strong non-interest income, it said on Thursday.Net profit for the...

  6. Myanmar Mogul Fails Bid for Singapore Backdoor Listing

    One of Myanmar's most powerful businessmen lost his bid to skirt international sanctions and tap foreign capital markets after Singapore regulators torpedoed his pla...

  7. Singapore Air to Hike Stake in Virgin Australia

    Singapore Airlines Ltd. (SINGY, C6L.SG) said Wednesday it has signed a deal to buy an additional 9.9% equity stake in Virgin Australia Holdings Ltd. (VAH.AU) for 122...

  8. Singapore Airlines: To Acquire Additional 9.9% Stake in Virgin Australia for A$122.6 Million

    Singapore Airlines Ltd. (SINGY, C6L.SG) said Wednesday it has signed a deal to buy an additional 9.9% equity stake in Virgin Australia Holdings Ltd. (VAH.AU) for 122...

  9. Fraser & Neave Intends to Keep Listing Status; May Restore Free Float

    The new Thai owners of Fraser & Neave Ltd. (F99.SG) have decided to keep the conglomerate listed on the Singapore Exchange, according to a company announcement Frida...

  10. Keppel's Net Falls Sharply to S$357 Million in Absence of One-Time Gains

    Keppel Corp. Ltd. (BN4.SG) said Thursday that first-quarter net profit fell sharply, mainly because of the absence of one-time gains the company had reported from it...

  11. Singapore Trust Tests Investor Appetite for S$1 Billion IPO

    Asian Pay Television Trust, an investment vehicle for one of Taiwan's biggest pay-TV operators, has started testing appetite for an up to 1 billion Singapore dollar ...

  12. Asian Pay Television Starts Pre-Marketing for S$1 Billion Singapore IPO of Taiwan Broadcaster - Sources

    Asian Pay Television Trust, an investment vehicle for one of Taiwan's biggest pay-TV operators, has started testing investor appetite for a planned Singapore listing...

  1. Singapore Airlines Reports Profit; Flags Challenges From Fuel, Economic Weakness

    Singapore Airlines Ltd. (C6L.SG) on Thursday reported a fiscal fourth-quarter profit but flagged challenges from flat bookings, cargo overcapacity and high fuel cost...

  2. Olam International Net Profit Rises 10%

    Olam International Ltd. (O32.SG) said Wednesday its third-quarter net profit rose 10% due to higher sales.Net profit for the three months ended March 31 was 108.5 mi...

  3. SingTel Net Profit Drops 32.6%

    Singapore Telecommunications Ltd. (Z74.SG, SGAPY) on Wednesday said its fiscal fourth-quarter net profit declined 32.6% because it booked a loss on the sale of its e...

  4. Golden Agri-Resources 1Q Net Profit Falls 30.4% on Lower Palm Prices

    Golden Agri-Resources Ltd.'s (E5H.SG) first-quarter net profit fell 30.4% from a year earlier because of weaker crude palm oil prices.Net profit for the three months...

  5. Wilmar International Ltd. Announces New COO

    Wilmar International Ltd. (F34.SG) announced that Martua Sitorus will step down as the company's chief operating officer from July 1, 2013.He will be replaced by Teo...

  6. StarHub 1Q Net Profit Rises 3.2% on Expense Decline

    StarHub Ltd. (CC3.SG) said Thursday that its net profit in the first quarter rose 3.2% on year as the Singapore telecommunications operator cut expenses.Net profit f...

  7. Sembcorp Industries 1Q Net Profit S$176.9 Million

    Sembcorp Industries Ltd.'s (U96.SG) first-quarter net profit was little changed from the same period last year, though revenue fell.Net profit for the three months e...

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