City Singapore Financial News

Tata Power: Has won the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle set up by PFC Consulting, a subsidiary of Power Finance Corp. The project will be developed on a Build-Own-Operate-Transfer basis to provide transmission service for 35 years from the scheduled date of commercial operations, which is 24 months from the date of the SPV acquisition. The project cost is estimated at ₹1,544 crore.

A number of Binance’s top traders were given exclusive details regarding the crypto exchange’s yet-to-be-announced settlement deal with the U.S. Department of Justice in September, according to a new report.

Defunct blockchain protocol Terraform Labs is currently fighting legal challenges in Singapore and appears to be facing setbacks.

GAIL India has sued the former Gazprom unit, now run by SEPE Marketing & Trading Singapore Pte Ltd, for default in LNG Supplies. The company has also sought a compensation of $1.8 billion for its damages, said the PSU in its stock exchange filing on Friday. Also Read: GAIL share price rise more than 3% to scale 52 week high on improved earnings prospects led by strong gas demand The dispute between the two companies was raised after the former Gazprom unit failed to supply LNG cargo to GAIL under a long-term LNG Contract.

Trade and Industry, Gan Kim Yong on Friday. The delegation had reached Singapore after completing its tour of Japan. The tour is being undertaken in the run up to the tenth edition of Vibrant Gujarat Global Summit (VGGIS) which is scheduled for January. Underlining the development journey of Gujarat, Patel during the meeting emphasized on the state government's focus on fostering investment in emerging sectors such as renewable energy, electric vehicles, semiconductors, food processing, and dairy products apart from the importance of Gujarat in the logistics sector, attributing its rise as a logistics hub in India to its global connectivity and extensive coastline. Patel also invited the Singapore Minister of Trade and Industry to participate in the Vibrant Gujarat Global Summit 2024 to foster collaboration between the two nations in various sectors. During the meeting, Minister Gan Kim Yong acknowledged the immense potential for development in India and expressed Singaporean companies' keenness to work in collaboration with the Indian government.

Crypto-friendly Swiss-based SEBA Bank AG has announced its new brand identity: AMINA Bank AG.

Geneva, New York and Hong Kong, the Economist Intelligence Unit (EIU) said on Thursday as it cautioned that the global cost-of-living crisis was not yet over. On average, prices have risen by 7.4% year on year in local currency terms for over 200 commonly used goods and services, a drop from the record 8.1% increase last year but still "significantly higher than the trend in 2017-2021," it said in a report.

Crypto firm Paxos has secured in-principle approval from Abu Dhabi’s regulator on two fronts: to issue stablecoins and conduct digital asset services.

Last week brought several major developments on the crypto regulation front. Binance founder Changpeng Zhao pleaded guilty to criminal charges in the U.S. and now faces up to 10 years in prison. Meanwhile, Grayscale submitted an updated prospectus for converting its Bitcoin Trust into a spot ETF, fueling hopes that approval may be close. Overseas, Singapore announced tighter regulations to protect crypto consumers, including banning crypto ads and incentives. Finally, ECB President Christine Lagarde revealed her son lost most of his crypto investments, reinforcing her skeptical stance.

Crypto firm Paxos has secured two in-principle approvals from the Financial Services Regulatory Authority in the Abu Dhabi Global Market.

An ongoing crypto donation campaign dedicated to improving the lives of children worldwide has received over $7.6 million to date, half of which was donated in Ether (ETH). 

This is the view of Ravi Menon, retiring head of the Monetary Authority of Singapore (MAS) who belives he is not the only one on the way out.

Zipmex has put forward a new proposal to repay creditors, initially offering 3.35 cents for each dollar of their claims as part of its restructuring efforts, according to Bloomberg.

Embattled Thai crypto exchange Zipmex is offering its creditor 3.35 cents per dollar of initial claims with further payouts in a recovery scenario. The proposal came as a part of the restructuring offer from a company that owes its customers $97 million. 

Executives of banking giants JPMorgan Chase and Apollo revealed plans for a tokenized enterprise mainnet formed during a collaboration on the Monetary Authority of Singapore’s (MAS) Project Guardian pilot project. 

Mint. Alipay’s share sale follows a partial stake sale by Softbank Group in the food delivery aggregator last month where the Japanese investor sold 1.1% stake for ₹1,200 crore. Alipay is selling 296 million shares in the online food delivery company and expects to raise ₹3290 crore or ($395 million).

Singapore’s central bank’s managing director, Ravi Menon, emphasized that private cryptocurrencies falling short of fundamental financial service tests will eventually fade from the monetary scene.

Crypto exchange Zipmex Thailand has announced the immediate suspension of digital asset trading until early next year. 

Think-tank GTRI on Sunday suggested that the government study the bilateral free trade agreement with Singapore and as part of the Asean bloc together while reviewing its trade pact with the 10-nation grouping.Singapore is a member of 10-nation Asean bloc with which India has a free trade agreement in goods since 2010. Separately, India also implemented a comprehensive free trade agreement (FTA) with Singapore in 2005.The Global Trade Research Initiative (GTRI) also suggested a similar exercise with Thailand, another member of Association of Southeast Asian Nations (Asean). India signed a limited free trade pact with Thailand in 2006.

how to thrive in the multipolar age. The country is home to just over 0.1% of the world’s people and produces only 0.5% of its GDP, but it contains nearly 10% of the world’s oil reserves, and this wealth helps it punch above its weight. Like many emerging countries today, it straddles political and economic divisions.

China has announced that it will allow visa-free entry for citizens of five European countries and Malaysia as it tries to encourage more people to visit for business and tourism