Market Snapshot

Singapore stocks opened higher on Friday. STI rose 0.11%; SGX up 1.23%; ST Engineering up 0.89%; iFast up 0.47%; DBS up 0.11%; Kep Infra Tr down 1.27%; Top Glove down 2.27%.

Stocks in Focus

Singapore Post (SingPost): The national postal service provider has placed 10 Housing & Development Board shophouses for sale and leaseback. This is part of its plan to divest non-core assets and unlock shareholder value while maintaining current post office services, with the post office network having been unprofitable in recent years. Sales of the properties are expected to fetch S$50 million in total. SingPost shares closed 0.9 per cent or S$0.005 up at S$0.57 on Thursday.

DBS Group: Banks are ramping up their use of artificial intelligence (AI), and DBS – which has earned S$750 million through its use of the technology – estimates that its economic value could surpass S$1 billion this year. Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500 models in production, said Rajeev Hassamal, DBS’ head of generative AI and flow of work, at SuperAI Singapore, a two-day conference being held at Sands Expo and Convention Centre.

SG Local News

China's Baidu Eyes Robotaxi Expansion to Singapore and Malaysia

Baidu Inc. is planning to launch its Apollo Go robotaxi service in Singapore and Malaysia as early as this year, according to a person familiar with the matter, as the company continues to expand its global footprint.

Apollo Go is in discussions with potential partners to explore the right business models for the two markets, said the person, who asked not to be identified discussing private matters. Baidu Chief Executive Officer Robin Li has previously said the company was seeking partners such as mobility service providers, local taxi companies and third-party fleet operators for an asset-light approach.

Singapore’s Banking Hub Has a Corner Where Cash Is Still King

In the heart of Singapore, a financial hub where billions of dollars zip around the world over computer screens in nanoseconds, there’s a crowded building where cash still reigns.

“Cash will remain forever,” said Abdul Haleem, 65, a veteran of the industry whose kiosk sits at the entrance to the narrow, three-story plaza called The Arcade. The towering offices of global banking giants JPMorgan Chase & Co. and Bank of China Ltd. are just steps away.