City Singapore Financial News

Runaway standings leader Max Verstappen’s winning run ended at 10 races and Red Bull’s at 15 — both F1 records — as Carlos Sainz Jr. won the Singapore Grand Prix for Ferrari on Sunday. Red Bull dreamed of winning every race this year but had Verstappen fifth and Perez eighth after struggling all weekend in Singapore. Sainz started on pole position and held on with badly worn tires over several tense final laps for his second career win in F1 ahead of McLaren's Lando Norris and the Mercedes of Lewis Hamilton. It was a four-car fight for the win before George Russell crashed the other Mercedes on the final lap from third position to promote Hamilton to the podium. “I felt under control. I felt like I could manage well and we brought it home. That was the best feeling,” Sainz said after celebrating with his team as fireworks lit up the Singapore circuit.

Mike Ashley is reportedly in discussions to sell online clothing brand Missguided to the Singapore-based giant, Shein. This potential deal is in progress months after Ashley's Frasers Group saved the brand from administration. Here's what we know:

Flying rights are allocated on a bilateral reciprocal basis by the government to airlines of their country. Airlines cannot operate more flights than they are allotted.

Crypto exchange JPEX has reportedly increased its withdrawal fee to up to 999 Tether (USDT) after receiving a warning from Hong Kong’s Securities and Futures Commission (SFC). The staff of the exchange has also been reportedly missing from its Token 2049 booth in Singapore. 

According to the report, Pakistan's finance ministry has cited the exhaustion of the country's foreign exchange reserves as the reason for being unable to release salaries, extending the financial strain into September. This situation poses a significant challenge to officials working in costly cities like Washington, DC, and Hong Kong, as well as Singapore, as they face the prospect of going without salaries for yet another month. Top officials have confirmed, «The press attaches working in Washington, DC, and Hong Kong, as well as the press counsellor deputed in Singapore, continue to live without salary since June.» This is not the first time that Pakistan, facing financial constraints, has encountered difficulties in disbursing salaries.

Decentralized stablecoins may eventually dominate the stablecoin market, so long as crypto “ends up living up to its potential,” says Rune Christensen, the co-founder of DeFi pioneer MakerDAO.

NEW DELHI : EbixCash Ltd, payment services company that plans to go public, is yet to disclose in its draft share sale documents an adverse arbitration order passed by a Singapore court in June that could cost it ₹100-200 crore. The firm, a unit of Nasdaq-listed Ebix Inc., received the markets regulator’s approval for a ₹6,000 crore IPO in April. EbixCash purchased gift card provider ITZCash in 2017 and rebranded it to Ebix Payment Services (EPS), which now forms a big chunk of its business.

Commerce (ONDC) has expanded its reach into the international business-to-business marketplace by partnering with the Singapore-based B2B network Proxtera. With this move, ONDC, an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), aims to establish connections between small and medium enterprises (SMEs), logistics services and payment transfers, facilitating seamless export opportunities for Indian businesses.

ONDC) has roped in Singapore-based platform Proxtera as its first international buyer app as part of its foray into international business-to-business (B2B) exports. Further, SignCatch and Rapidor, with Bech.app and placeorder.com respectively, will be among the first to join ONDC as international B2B seller network participants.

Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange by trading volume Binance, said that Singapore’s approach to digital assets has become more “conservative,” particularly after the spectacular collapse of the now-defunct FTX exchange.

Grab, Southeast Asia’s super app and the biggest technology startup in the region, is piloting Web3 services in Singapore in collaboration with the USD Coin (USDC) issuer Circle.

By Yantoultra Ngui

New Delhi: Adani Global Pte Ltd., Singapore, a wholly-owned subsidiary of Adani Enterprises Ltd., on Thursday announced a 50:50 joint venture (JV) with Kowa Holdings Asia Pte Ltd., Singapore, for sales and marketing of green ammonia, green hydrogen and its derivatives, the company said here in a statement. “The green hydrogen and its derivatives are to be manufactured in India under Adani New Industries Limited (ANIL). The JV will concentrate on marketing of products in Japan, Taiwan and Hawaii," the company added.

Circle Internet Financial, global payments firm behind the USDC stablecoin, has announced a partnership with ride-hailing giant Grab to pilot a Web3 blockchain-based wallet in Singapore. 

Singapore's central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies from participating in financial markets within the city-state for a period of nine years.

The Monetary Authority of Singapore (MAS) has issued a nine-year prohibition order to Three Arrows Capital (3AC) founders Kyle Davies and Zhu Su over alleged violations of the country's securities laws.

Big Tech player Meta gave the metaverse a bad name when it pushed its janky vision to the masses. Luckily, open online virtual worlds have continued to evolve, says Yuga Labs CEO Daniel Alegre.

National Australia Bank will shut down its office in Hong Kong after deciding that Shanghai, Singapore and Tokyo are the preferred regional centres to support its institutional banking clients in Asia.

₹ 253.52 crore ahead of company’s proposed IPO at the upper price band of ₹ 164 per equity share (including premium of ₹ 163 per equity shares) with face value of ₹ 1 per share. Out of the total allocation of 15,458,515 equity shares to the Anchor Investors, 3,780,630 Equity Shares (i.e. 24.46% of the total allocation to the Anchor Investors) were allocated to 3 domestic mutual funds through a total of 4 schemes.

Samhi Hotels on Wednesday said it has mopped up Rs 616.54 crore from anchor investors ahead of its initial share sale. The company has allocated 4,89,32,143 equity shares to 35 entities at an average price of Rs 126 apiece, according to a circular uploaded on the BSE website.SBI Mutual Fund (MF), Aditya Birla Sun Life MF, ICICI Prudential MF, Tata MF, Elara India Opportunities Fund, Singapore Government, Monetary Authority of Singapore, Societe Generale, Segantii India Mauritius, D E Shaw Valence International (SPV) LLC, Lion Global Asia Pacific Fund and Citigroup Global Markets Mauritius Pvt Ltd are among the anchor investors. On Monday, the Gurugram-based Samhi Hotels' fixed the price band for its Rs 1,370 crore-primary share sale that opens on Thursday at Rs 119-126 per share. The Initial Public Offering (IPO) comprises fresh issuance of equity shares worth up to Rs 1,200 crore and an Offer For Sale (OFS) of up to 1.35 crore shares.

Kempegowda International airport in Bengaluru which started operating international flights on Tuesday, is a 'terminal in the garden', reminding one of Singapore's Changi airport with its extravagant display of trees, plants and waterfalls. If the Bengaluru airport's Terminal-2 doesn't compete with Changi, it sure does take a 'leaf' out of it. The terminal fuses the ethnic with the futuristic and the aesthetic with the efficient amid a lush green design. The new 255,000 square metre terminal is designed and built on four key pillars and reflects Bengaluru's rich culture, history, its nature as the garden city and technology hub of India. Spread over four levels, the terminal is built for seamless departures and easy arrivals that are facilitated on different floors. The scale of T2 and the insightful design makes it a destination in itself.