Daily Briefing: GIC said to hit government snag in Vietnam deal; Property market stabilising, says MAS chief

And here are 10 leading companies in Singapore.

Singapore sovereign fund GIC Pte has hit a snag as it seeks government approval for its planned investment in Bank for Foreign Trade of Vietnam JSC, the nation’s biggest lender by market value, people with knowledge of the matter said. The deal, originally expected to be completed by the end of 2016, hasn’t yet been approved by Vietnamese authorities, according to the people. The government has withheld approval in part because GIC proposed to buy stock in Vietcombank at less than the market price, the people said, asking not to be identified because the information is private. Read more here.

The various property cooling measures rolled out by the government have been effective in stabilising Singapore’s once soaring property market, reported CNBC citing the central bank’s chief. From 2009 to 2013, property prices here soared by over 60 percent, on the back of record low global interest rates and quantitative easing in developed countries following the Global Financial Crisis, even as the government introduced a slew of cooling measures to prevent a bubble. Click here to know more.

Singapore is a small nation with a population of barely 5.6 million but many of its companies have a global footprint and are dominant in their respective fields. The Lion City’s success is built upon the bedrock of supportive government policies, a highly educated and skilled workforce, as well as world-class infrastructure. This has enabled Singapore to become home to firms that are world leaders in sectors as diverse as banking, telecommunications, and even food processing. Check out the 10 leading companies here.