Daily Briefing: SingTel's profit falls 1.7%; Tough competition plagues SEA carriers

And Singtel’s CEO has some concerns about a fourth telco.

Singapore Telecom blamed the strength of the local dollar after it announced Friday net profit fell 1.7 percent in the quarter to the end of December. Net profit totalled Sg$954 million ($683 million), down from Sg$970 million in the same period the year before. Read more here.

Southeast Asian airlines are likely to see "thin" profits for some time to come as competition from budget carriers and Middle East rivals squeezes earnings, the IATA chief said Sunday. The recent global stock market turmoil is also expected to take a toll on air travel, particularly inbusiness class where full-service airlines earn most of their profits, said Tony Tyler, director general of the International Air Transport Association. Find out more here.

The head of Singapore’s biggest phone company said she’s concerned the entry of a new operator will drive the focus of the competition to just price and will hurt the industry. Singapore plans to auction radio frequencies for use by a fourth carrier this year, challenging Singapore Telecommunications Ltd. or Singtel and its two smaller rivals. Read more here.