Singapore's trade-driven economy grew faster than expected on the back of a property and services sector boom, prompting the government to raise its 2007 GDP growth forecast to 5.0-7.0%, from 4.5-6.5%.
Singapore's United Overseas Bank on Tuesday posted an lower-than-expected 18% rise in quarterly profit as higher costs and provisions for bad loans ate into rising interest earnings and fee income.
Singapore Telecommunications, Southeast Asia's largest phone company, posted a 41% drop in quarterly profit after its results in the year ago period were boosted by one-off gains,but still beat market expectations.
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Singapore's economy grew an annualized 7.2% in the first quarter, slowing from the fourth quarter rate but exceeding forecasts, while the country's central bank stuck to a policy of modest currency appreciation.
Temasek Holdings has put its plan to sell some shares in Shin Corp on hold pending an investigation into whether the Singapore firm broke Thai foreign ownership laws, financial sources said on Thursday.
Growth in Singapore's economy in the fourth quarter was higher than expected at an annualized rate of 7.6% thanks to strong year-end demand for the country's manufactured goods.
Singapore awarded its second casino resort contract to Genting International. Genting will build a US$3.38 billion casino resort complex with 1,830 hotel rooms, the world's largest aquarium and a Universal Studios theme park, to open in 2010.