SG Morning Highlights: More ambitious net-zero target for Singapore could mean tougher climate policies

Advancers / Decliners is 99 to 43, with 97.20 million securities worth S$116.45 million changing hands.

Malaysia's central bank raised the key overnight policy rate (OPR) by 25 basis points to 2.5 per cent on Thursday (Aug 8) in a widely-expected move, while noting that growth momentum is expected to continue.

Bank Negara Malaysia emphasised that the monetary policy committee is not on any pre-set course and will continue to assess evolving conditions and their implications for the overall outlook for domestic inflation and growth.

The death of Queen Elizabeth II prompted an outpouring of condolences from global leaders, many noting that her long reign provided constancy to a world beset by wars, a pandemic and other crises.

US President Joe Biden issued a statement saying the Queen "defined an era."

Federal Reserve chair Jerome Powell said the US central bank will not flinch in its efforts to curb inflation "until the job is done".

"We need to act now, forthrightly, strongly as we have been doing," Powell said on Thursday (Sep 8) in remarks at the Cato Institute's monetary policy conference in Washington. "My colleagues and I are strongly committed to this project and will keep at it." He spoke with a moderator in a virtual question-and-answer session.

He said the Fed must continue to act "strongly" to cool demand and contain price pressures to avoid a repeat of the inflation surge the US economy suffered in the 1970s and 1980s. His predecessor from that era, Paul Volcker, had to take extreme measures as high inflation had become entrenched.

Singapore businesses must prepare for more aggressive climate policies if the government tightens its deadline to achieve net-zero greenhouse gas emissions, market observers told The Business Times.

Singapore launched a public consultation on Monday (Sep 5) on whether to set a hard 2050 net-zero target instead of the current "by or around mid-century" goal.

This comes after the group earlier in the day announced plans to offer up to S$375 million of the green notes due 2027.

The higher initial offer size will comprise a public offering of up to S$300 million to retail investors, as well as a placement of up to S$120 million to institutional investors and others. Each tranche represents 71.4 per cent or 28.6 per cent of the initial offer size of the notes, respectively.

The company said US$26.3 million of the redemption cost was non-cash. Excluding the one-off cost, Del Monte would have generated a 7.2 per cent increase in net profit to US$19.6 million, after US subsidiary Del Monte Foods Inc's (DMFI) 67 per cent rise in net profit on lower interest expense.

The company posted a loss per share of 1.65 US cents, compared with an earnings per share of 0.69 US cent a year ago.

Aspen, listed on the Singapore Exchange's mainboard, is based in Malaysia and engages in property development, glove manufacturing and the restaurant business. Its market capitalisation was S$53.1 million as at Sep 2.

Oxley currently holds 101.3 million Aspen shares, representing about 9.4 per cent of the total number of issued shares.

The option is exercisable by the purchaser within 14 days from the date of the option. The aggregate sale consideration is S$42 million.

Lian Beng said the disposal is expected to have a postitive impact on the net earnings per share and net tangible assets per share of the group for the current financial year ending May 31, 2023.

The counter closed flat at S$0.53 on Thursday.