Singapore digest news (08.05-13.05)

Singapore bank OCBC posts record Q1 profit, beats expectations

Singapore's second-biggest lender Oversea-Chinese Banking Corp (OCBC) joined bigger rival DBS Group in flagging a peak in interest rates after reporting record quarterly profit on Wednesday (May 10) thanks to higher net interest margins.

OCBC's January-March net profit rose 39 per cent to S$1.88 billion (US$1.4 billion), beating the mean estimate of S$1.74 billion from five analysts polled by Refinitiv. Its total net interest margin, a key gauge of profitability, rose to 2.30 per cent in the first quarter from 1.55 per cent in the same period a year earlier, but was down from 2.31 per cent in the fourth quarter.


Kuban snacks to be supplied to Singapore

A Kuban company producing snacks will supply a trial batch of products to Singapore, according to the press service of the Krasnodar Territory administration. The name of the company was not mentioned.

The deal was reached at the international food and drinks exhibition FHA Food & Beverage ASIA. According to Roman Vorotnikov, director of the Krasnodar Region Export Support Centre, the snack manufacturer got the opportunity to present their goods at an individual stand after winning the regional competition "Exporter of the Year".

Kuban producer presented at the international exhibition more than 12 ranges of its products, most of which were natural snacks. They also included berry and apple marshmallows, fruit chips, berry-nut mixes, juices, apple croutons, and honey.


PM Lee to attend ASEAN summit in Indonesia; leaders to discuss digital and green economies collaboration

Prime Minister Lee Hsien Loong will lead Singapore's delegation to the 42nd ASEAN summit from Wednesday (May 10) to Thursday in Labuan Bajo, Indonesia, his office said in a press statement.

Leaders will review ASEAN's progress and discuss ways to boost collaboration in digital and green economies. They will also discuss the geopolitical situation, "with the view to maintain ASEAN's central role in an open, inclusive and stable regional architecture", it added.


Integrated car park and EV charging system rolled out on campus

ST Engineering and NTU Singapore on Monday (8 May) announced the deployment of Singapore’s first integrated Smart Car Park and Electric Vehicle (EV) Charging System, GoParkinTM, on NTU’s main campus.

The GoParkin Smart Car Park System allows EV users to find available parking and EV charging points at NTU, charge their vehicle, monitor their charging status, and make payment easily through the GoParkin mobile app, eliminating the need for separate parking and EV charging apps.