Economy Singapore 

Banks kept at ‘overweight’ by UOB on Fed’s dovish stance, dividend yield

SINGAPORE (Jan 18): UOB Kay Hian is maintaining Singapore’s banking sector at “overweight” after the US Fed calmed the nerves of investors with its dovish disposition, which subsequently generated a relief rally. “We maintain ‘buy’ for both DBS and OCBC, although we prefer OCBC,” says analyst Jonathan Koh in a Friday report. The research house has target prices of $28.50 and $13.82 respectively. Fed’s narrative took a dovish turn in mid-Nov when Fed Chairman Jerome Powell highlighted potential headwinds buffeting the US economy in 2019, including a slowdown in growth…

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Economy Food Singapore 

Hawkers get faster access to funds from Nets transactions

SINGAPORE – In a move to address hawkers’ grouses about e-payment delays, Nets said on Thursday (Jan 17) proceeds from Nets transactions made before 5pm will now land in hawkers’ bank accounts by 11pm the same day. Proceeds from transactions made after 5pm will be credited to the hawkers’ bank accounts before 9am the next day. The firm said the initiative, which was launched on Thursday, will improve cash flow and give hawkers faster access to their funds. To be eligible for this new system, hawkers must have a DBS,…

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Asia Best Company Business Awards News OCBC Singapore UOB Worst Company 

Marketing Adverts all sound very encouraging don’t they? But what has been your experience with High St banks.

You will read these statements like:  “Receive support and advice”  “Transform your business”  “RIGHT BY YOU” on the United Overseas Bank’s Singapore division website . Sounds very encouraging doesn’t it? But, does the UOB Bank really take pride in caring for the local people and business community or does their marketing and business assessment strategy leave some high and dry instead of swimming in the happy service they so confidently portray on their website? The shocking truth about their assessment system with the new accounts may be a real cause…

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1MDB Asia Economy Maylasia 

Singapore slaps fines on Credit Suisse and UOB in money laundering probe of Malaysian development fund

Singapore’s central bank has fined Credit Suisse and United Overseas Bank (UOB) for breaches relating to the scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB), it said in a statement on Tuesday The Monetary Authority of Singapore (MAS) said it has imposed a 700,000 Singapore dollars ($505,000) fine on Credit Suisse and a 900,000 Singapore dollars ($649,000) penalty on UOB. The two banks were found to have breached several anti-money laundering requirements. The Monetary Authority of Singapore’s headquarters in Singapore “These include weaknesses in conducting due diligence on customers…

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