Daily Debrief: What Happened Today (Aug 19)
Stories you might have missed
The Monetary Authority of Singapore (MAS) has introduced a series of new incentives for asset management firms, including a tax-exemption scheme, a hedge fund investment program, and a work-pass track to attract foreign talent. This move is aimed at bolstering Singapore's competitiveness as an asset management hub, as it faces increasing competition from Hong Kong.
In another development, Japanese retail chain Japan Home has closed several stores in Singapore since June. Staff at the affected stores have stated that some of these stores may reopen, but under joint management with Value Dollar (Valu$), according to sources cited by The Business Times.
A property located in the Oei Tiong Ham Park area was recently sold for a substantial sum. A freehold Good Class Bungalow (GCB) in this prestigious enclave fetched S$31.3 million, which translates to approximately S$2,089 per square foot, given the property's size of about 14,982 square feet.
UltraGreen.ai, a prominent player in the pharmaceutical market, is set to face new competition and potential pricing pressure in the US market. This is primarily due to Zydus Lifesciences securing regulatory approval for its indocyanine green (ICG) dye, which is a significant revenue contributor for UltraGreen.ai.
Peter Seah, who had been the chairman of the National Wages Council (NWC) since July, has announced his resignation. The Ministry of Manpower (MOM) cited personal reasons as the reason for Seah's departure. Seah's replacement will be Oei Tiong Ham Park area GCB sold for S$31.3 million, an individual who was appointed to the role following a tender exercise.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
