SG Morning Highlights | Singapore's Sea freezes salaries, cuts bonuses as tougher 2023 looms

Advancers / Decliners is 36 to 88, with 44.16 million securities worth S$60.35 million changing hands.

The Asian Internet giant needs to focus on profitability after a difficult 2022, the chief executive officer announced in an internal memo this week seen by Bloomberg News. Li warned that, with the war in Ukraine and inflation around the world, 2023 may prove to be "even more challenging." It's doing away with salary increases for staff who aren't promoted, Li added.

"I want to assure you we will be starting 2023 on stable footing," Li wrote. "Most of the big changes we need to make are complete."

Indonesia's central bank raised its key policy rate on Thursday (Dec 22) but at a slower pace than in recent months, reaffirming that inflation was coming under control while forecasting a slower pace of economic growth next year.

Bank Indonesia (BI) raised the benchmark 7-day reverse repurchase rate by 25 basis points (bps) to 5.50 per cent, as expected by the majority of economists polled by Reuters, after three consecutive 50 basis point hikes since September.

It also reiterated its aim to keep the rupiah stable, while announcing a new instrument to boost the onshore supply of US dollars and shore up the currency by encouraging banks to pass exporters' foreign currency savings to the central bank.

Semiconductor equipment company Applied Materials expects to open a S$600 million Tampines Industrial Crescent facility in 2024, which will double its manufacturing footprint in Singapore.

The greenfield facility was announced at the launch of Applied Materials' 'Singapore 2030' plan on Thursday (Dec 22). At about 700,000 square feet (sq ft), the facility will include more than 200,000 sq ft of equipment manufacturing clean room space.

The plan aims to expand the chipmaker's Singapore operations in the next eight years by strengthening its global manufacturing and research and development capabilities, broadening technology ecosystem partnerships and developing the local workforce.

The contract was awarded by UOL Property Investments and is scheduled to be completed over a 36-month period starting from April next year. The hotel is expected to have 246 rooms with ancillary facilities, said the company in a bourse filing on Thursday (Dec 22).

The contract is not expected to have a material financial impact on the group's results for the financial year ending Jun 30, 2023. The earnings from the contract will be recognised progressively according to the stages of its completion.

The franchisee is Chip Mong Retail, the business unit of Cambodian conglomerate Chip Mong. Chip Mong operates a wide range of businesses including consumer products, property development and banking.

The new outlet is located at Chip Mong 271 Mega Mall on Yothapol Khemarak Phoumin Boulevard. The newly opened mall is one of the largest shopping malls in Cambodia, and offers a wide range of F&B, retail and entertainment services, said Jumbo in statement.

The property has seen a "sharp uptick" in buyer interest since achieving TOP on Nov 18, selling eight units within four weeks, said the mainboard-listed company.

Prices of the units sold ranged between S$2,677 and S$3,366 per square foot (psf), with an average overall selling price of S$2,907 psf. Singaporeans made up 54 per cent of the buyers, while permanent residents and foreigners accounted for the remaining 46 per cent.