Daily Morning Note – 2 April 2018

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BREAKING NEWS

Trade-dependent counters, especially those in port operations and bulk cargo transportation, hit multi-year lows in the region on Thursday, amid continued trade tensions between the US and China.

China’s Manufacturing PMI posted its first gain since November. The manufacturing purchasing managers index rose to 51.5 in March versus the 50.6 estimate in Bloomberg’s survey and 50.3 last month. The non-manufacturing PMI, covering services and construction, stood at 54.6, the statistics bureau said Saturday, compared with 54.4 in February. Levels above 50 indicate improvement.

China is implementing new tariffs on meat, fruit and other products from the U.S. as retaliation for new American duties, heightening fears of a potential trade war between the world’s two largest economies.

The audit committee of Midas Holdings has lodged a police report with Singapore’s Commercial Affairs Department over a possible breach of securities laws and other offences linked to irregularities in the group’s operations in China

The senior management of Sembcorp Marine and Sembcorp Industries took voluntary pay cuts of between 10 and 15 per cent in 2017, according to their annual reports.

Lazada, Nanyang Polytechnic’s Singapore Institute of Retail Studies, Singapore National Employers Federation, Singapore-based data analytics company Sparkline, and Singapore University of Social Sciences (SUSS) have signed a Memorandum of Understanding to offer courses in e-commerce.

Japan Exchange Group (JPX) said on Friday that it will sell its 4.95 per cent stake in Singapore Exchange (SGX) progressively over a period of about three years.

Chew’s Group announced that a heavy thunderstorm that occurred in the afternoon of 30 March 2018 has caused extensive damage to the farm located at 20 Murai Farmway Singapore 709153. Production volume will be affected for the next one to two weeks.

Yamada Green Resources announced that an independent auditor has matched the total cash balance of its China subsidiaries’ bank accounts for fiscal 2017, with various bank statements.

Source: SGX Masnet, Phillip Securities Research

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