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What Happened Yesterday (Feb 28)

Stories you might have missedTongue

OCBC posts record S$7.02 billion earnings for FY2023; expects lower NIMs, slow loan growth in 2024
SINGAPORE’S second-largest lender OCBC will likely post lower net interest margins and slow loan growth in 2024 amid a global growth slowdown, said group chief executive Helen Wong.
Singapore must transform to meet ‘very ambitious’ productivity targets, achieve real growth: Lawrence Wong
TRANSFORMATION is the only way that Singapore can meet its “very ambitious” productivity growth targets, in order for businesses and workers to experience real growth, said Finance Minister Lawrence Wong in Parliament on Wednesday (Feb 28).

CapitaLand Investment FY2023 profit falls to S$181 million on revaluation losses; aims to double funds under management to S$200 billion
CAPITALAND Investment slipped into the red for the second half of its fiscal year, posting a S$170 million loss compared with H2 FY2022’s net profit of S$428 million, following losses from the revaluation of its investment properties.

Government funds are set up to meet ‘real commitments’, spending needs: DPM Wong
SETTING aside money in government funds is important to meet “real commitments and real spending needs” in the future, said Finance Minister Lawrence Wong in Parliament on Wednesday, the third and final day of the Budget debate.

CPF Special Account closure not aimed at saving interest monies: Tan See Leng
IN CLOSING Central Provident Fund (CPF) Special Accounts (SAs) for members aged 55 and above, the government is not trying to save money that is paid out as interest, said Minister for Manpower Tan See Leng in Parliament on Wednesday.

Singapore stocks close lower as investors optimism wanes, STI down 0.6%
LOCAL shares ended Wednesday lower, as investors opted for more caution ahead of a slew of critical macroeconomic data, including the Federal Reserve’s preferred inflation gauge – the latest personal consumption expenditures.
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