The Week In Five Numbers: DBS Group Aims To Get Wealthy

The second-largest company in the world has decided to go small. Apple has cut both the screen size and the price of its new iPhone and iPad to target customers in the emerging markets. The new iPhone SE will cost US$399, while the new iPad will start at US$599. Watch out India and China – Apple is heading your way.

Noble Group (SGX: N21) said commodities are cyclical. It also said predicting when that turning point comes is only possible with hindsight. What’s more it admitted that it can’t say where the market will go for the next 3 to 5 years. Refreshingly honest!

Singapore’s biggest bank, DBS Group (SGX: D05), is in the lead to buy Barclays’ Hong Kong and Singapore private wealth units. The units are reckoned to be worth around US$300 million. The other bidder that is reportedly in the race is Oversea-Chinese Banking Corporation (SGX: O39).

Singapore’s Real Estate Investment Trusts are set for a wave of consolidation, according to the boss of Cambridge Industrial Trust (SGX: J91U). Philip Levinson reckons that rising regulatory costs could spark the wave.

Singapore’s finances are expected to be in the black to the tune of S$3.4 billion in 2016/2017. However, they are expected to be in the red to the sum of S$4.9 billion for the year 2015/2016, which ends on 31 March. There were no changes to corporation and personal tax rates. But the maximum amount of personal income tax relief that an individual can claim will be capped at S$80,000.

And for the Easter Bonus, a Chinese factory was fined just US$90 for dumping waste water. The egg-traordinarily lenient penalty was imposed on the chemical plant for ditching water with an abnormal pH level. That is hardly a deterrent for polluting companies.

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