City Singapore Financial News

Terraform Labs, the company behind the stablecoins TerraUSD and Luna, which collapsed the cryptocurrency industry in 2022, has filed for bankruptcy in the United States.

With the 2024 Budget announcement on the horizon, Singapore’s web3 community is voicing a critical need for government support.

I have spent the past three decades working for a major international bank in Singapore and as I look back on my time here, I see that one thing has dominated my life: the fear of losing my job. 

GenAI) and projected to nearly triple spends on this technology to USD 3.4 billion in 2024 across Australia, New Zealand, China, Japan, India, and Singapore, according to Infosys Research. While the spending trails North America, APAC's adoption, effectiveness, and growth are among the highest globally, it said. «Companies across Asia-Pacific are quickly ramping up investments in generative AI and entering a higher stage of maturity,» the IT major's research arm, Infosys Knowledge Institute (IKI), said in the research.

Singapore for molesting a domestic worker in a lift and punching a man with a metal chain wrapped around his fist. Singaram Palianeapan pleaded guilty to a charge of using criminal force to outrage the modesty of a person, and a charge of voluntarily causing hurt with a dangerous weapon. Four other similar charges were considered during sentencing, digital news outlet Today reported on Friday. According to court documents, the domestic worker was buying food at a coffee shop when she was approached by Singaram, who offered her S$2 to buy herself a drink. She accepted the money upon being insisted by Singaram, who followed her as she proceeded to head back to her employer's residence. The two reached the lift lobby of the housing block where the worker was living and she entered the lift even though Singaram did not live there.

Housing rents have surged by a substantial 25–30 percent in top micro-markets within major cities since 2019. Meanwhile, the average monthly rents for residential properties have experienced a notable uptick of 15-20 percent across the top 8 cities compared to the pre-pandemic era of 2019, according to a report by Housing.com.

₹825 crore, in the first big land transaction this year. The company plans to develop a housing project on this land, offering 7.5 million sq ft of saleable area. A key part of this transaction involved DLF settling Ireo’s outstanding loan of ₹825 crore.

Bakkt Holdings, crypto trading and custody platform, announced the expansion of its crypto operations in several crypto-friendly international jurisdictions.

real estate developer DLF has acquired 29-acre land in Golf Course Extension Gurgaon for Rs 825 crore with a development potential of 7.5 million sq ft. The developer, who has huge land bank in the region, has done the acquisition after many years. According to the regulatory filing by the company, it has entered into an agreement with Standard Chartered Bank, Singapore Branch, DB International (Asia) Limited, Singapore and Deutsche Investments India Private Limited for purchase of privately placed, listed, secured, non-convertible, redeemable bonds of face value of Rs 600 crore on which the bond issuer has defaulted in repayment of the said bonds including accrued interest thereon.

Competition Commission of India (CCI) on January 23 approved JSW Ventures Singapore's acquisition of up to 38 percent of MG Motor India, as per an order statement. "The Commission approved the acquisition by JSW Ventures Singapore Pte. Limited (Acquirer), for up to approximately 38% of the share capital of MG Motor India Private Limited (Target).

Terraform Labs has filed for Chapter 11 bankruptcy protection, less than two years after a collapse of the company’s cryptocurrency devastated traders around the world

Tata Electronics-Wistron deal. This proposed combination involves the acquisition of 100 per cent equity share capital of Wistron Infocomm Manufacturing (India) Private Limited by Tata Electronics Private Limited.

HDFC Bank Ltd, India’s biggest private sector lender, is seeking to open its first branch in Singapore, signaling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corp. last year. The bank has applied to the Monetary Authority of Singapore for a banking license and is awaiting approval, according to sources familiar with the matter.

The Monetary Authority of Singapore (MAS) has made it clear that spot Bitcoin (BTC) ETFs will not be allowed to be listed in Singapore for retail investors.

₹108 crore. “We are not interested in ₹108 crore immediately being protected," the ASG emphasized in the Supreme Court. “The judgment has to be ‘stay’ here (sic.) because this will replicate." Offshore funds often route their India investments through jurisdictions like Singapore, Mauritius and Luxembourg.

ABG Shipyard Ltd, the Gujarat-based shipbuilder accused in India's biggest bank fraud case, created 27 «paper companies» and used 38 Singapore-based group entities to divert the money borrowed from a consortium of lenders led by the ICICI Bank, the Enforcement Directorate said in its chargesheet filed recently in a Gujarat court. 'Move led to cancellation of shipbuilding contracts' In its court documents, the federal agency that probed the money laundering aspect of the ₹22,842 crore alleged scam said part of the funds was transferred to Singapore and utilised for investments in mutual funds in tax havens. It said that the paper companies were floated only to «facilitate circular transactions» of the misappropriated funds. The central agency alleged that ABG Shipyard's founder-chairman, Rishi Agarwal, was «keenly involved» in the diversion and misappropriation of funds.

If you are (or you work with) a commodities trader in Singapore, you might want to consider joining a commodities trading house instead of a bank.

By Ankur Banerjee

NEW DELHI : The Supreme Court has put on hold a Delhi High Court ruling that had allowed foreign investors to benefit from zero or reduced tax rates in India based solely on possessing a tax residency certificate. Foreign investors can avail these certificates, known as TRCs, based on treaties between India and tax haven countries such as Singapore and Mauritius. This Supreme Court’s decision on Friday was in response to a petition by tax authorities challenging the Delhi High Court’s decision in a case involving Blackstone Capital Partners, a Singapore-based company facing a tax notice of about ₹108 crore.

India is poised to play a pivotal role in the post-pandemic world order. As the world’s fastest growing large economy, India’s strong fundamentals have positioned it to move from fifth place to third in terms of economic size by 2030. Therefore, it is no surprise that it has built strong commercial relationships with countries across the world and has become a magnet for inbound investments.

Nicolas Kopitsis (pictured), joined PineBridge in 2021 as head of wealth management for Asia.