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Market View: Jerome Powell’s testimony to Congress; MAS’ penalty on major banks; Netflix’s US$2.5b South Korean bet; Job cuts at SoftBank’s Vision Fund
Singapore shares opened lower today after the US central bank affirmed that more interest rate increases are likely ahead as the inflation rate is still high. In early trade, the Straits Times Index (STI) was down 0.1 per cent to 3,221.78 points after 30.3 million securities changed hands in the broader market. In terms of companies to watch, we have DBS and OCBC. That’s after the Monetary Authority of Singapore imposed composition penalties totalling S$3.8 million on DBS, OCBC, Citibank and insurer Swiss Life (Singapore) for money-laundering rule breaches uncovered in a Wirecard probe…
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