Market Snapshot
Singapore stocks opened higher on Tuesday. NIO Inc. rose 1.62%; Genting Sing rose 0.81%; Sembcorp Ind rose 0.7%.
Stocks in Focus
DFIRG USD: Current group chief financial officer Tom van der Lee has been appointed as CEO (Food), with group finance director for planning and reporting, Kaizhi Wu, set to take his place. Both changes will take effect on Aug 1, said DFI on Monday. As a result of van der Lee’s appointment and subject to board approval, he will cease his duties as a DFI director. Shares of DFI fell 0.3 per cent to close US$0.01 lower at S$3.65 on Monday, before the news.
Banyan Tree: Abdul Rahim bin Mohamed Ali has been appointed as the alternate director of Abdulla Ali A A Al-Marri at Banyan Tree, said the group on Monday. Abdul Rahim currently serves as the director of Asian real estate at the Qatar Investment Authority. Abdulla Ali retired as a director on Apr 24. Shares of Banyan Tree rose 0.9 per cent to close S$0.005 higher at S$0.565 on Monday, before the news.
SG Local News
Indonesia and Singapore sign agreement on cross-border electricity project
Indonesian sovereign wealth fund Danantara and Singapore's Keppel Electric, Sembcorp Industries and Singapore Energy Interconnections have signed a memorandum of understanding for a cross-border electricity project, Singapore's prime minister said on Monday.
The electricity deal is a follow-up to a string of early agreements Indonesia struck with Singapore in 2025, which includes a plan to supply 3.4 gigawatts of low-carbon power to the city-state by 2035.
Indonesia, Singapore Reaffirm Free Passage in Strait of Malacca
Indonesia and Singapore pledged anew to keep the Strait of Malacca open as Middle East tensions reignite concerns about the freedom of navigation in the world’s most important waterways.
The two countries have a vital interest in maintaining security in the straits, including from accidents and piracy, Indonesian President Prabowo Subianto said after a meeting with Singapore Prime Minister Lawrence Wong in Jakarta on Monday.
They will also continue coordinating with other countries around the waterway to ensure the unimpeded passage of vessels, in accordance with the United Nations Convention on the Law of the Sea, he said.