City Singapore Financial News

Singapore's outgoing President Halimah Yacob on Wednesday extended her best wishes to the Indian-origin President-elect, Tharman Shanmugaratnam, in her final speech as the holder of the city-state's highest but non-political post. Singapore-born economist Tharman will be sworn in as the ninth president of the city-state on Thursday, days after he was overwhelmingly elected as the ninth head of state of the country. The 66-year-old President-elect won 70.4 per cent of the 2.48 million ballots cast by voters on September 1, while his Chinese-origin rivals Ng Kok Song and Tan Kin Lian received 15.72 per cent and 13.88 per cent respectively. Wednesday marked the end of 69-year-old Halimah's six-year term as president. «Tomorrow, a new president will be sworn in,» she said at her farewell reception at the Istana (Presidential Palace), according to Channel News Asia. «I wish Mr Tharman Shanmugaratnam all the best in discharging his duties,» she added. Halimah, also Singapore's first female president, said she was humbled that the people of Singapore had placed their trust and faith in her as their president. She added that this unwavering support fuelled her determination to serve every day of her six-year term. Retrospectively, Halimah said she had a good relationship with the government.

Institutional adoption of digital assets in Asia is gaining momentum as regulatory clarity improves in the region. 

Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, according to a report by news agency Reuters. MORE TO COME…

The United States is one of — if not the worst — place to launch a cryptocurrency startup in the world right now, according to Ripple CEO Brad Garlinghouse, whose firm is in a legal battle with the U.S. securities regulator.

Stanmore Resources is fronting lenders once again as it hunts for nearly $1.25 billion in debt to bankroll its bid for BHP’s up-for-grabs Blackwater and Daunia mines in Queensland.

CALGARY — Alberta Investment Management Corp. (AIMCo) is opening its first Asian office, but the Edmonton-based fund manager says it will steer well clear of China to focus instead on markets with less geopolitical risk.

The metaverse might feel like it's “dead” for users living in the United States but the industry is thriving throughout Asia, says The Sandbox co-founder and COO, Sebastien Borget.

Zodia Custody, a subsidiary of Standard Chartered, has officially launched its digital asset custody services for financial institutions in Singapore. 

SINGAPORE (Reuters) — GlobalFoundries, one of the world's top five largest contract chipmakers, launched a $4 billion fabrication plant in Singapore on Tuesday, as part of a major global manufacturing expansion.

Nine passengers have been injured after an engine fire sent smoke into the cabin of an Air China jetliner landing in Singapore, prompting an evacuation of the aircraft

ChatGPT to plan their itinerary, and then visiting travel agents to book their flights and holidays. Scoot currently flies to six destinations in India and plans to resume operations to Chennai from 5 November. It also seeks to tap the potential in other Indian international airports, such as the upcoming airports in Jewar and Navi Mumbai.

Binance regional markets head Richard Teng insists that the global cryptocurrency exchange is financially secure and in no way similar to bankrupt peer FTX despite recent regulatory scrutiny and regional challenges,

The BSE Sensex was trading 283 points or 0.43% higher at 66,882. Nifty50 was trading at 19,912, up 92 points or 0.46% at around 9.24 am. From the Sensex pack, HCL Tech, Tata Motors, NTPC, Wipro, and Power Grid opened with gains, while only Infosys, Bharti Airtel, and IndusInd Bank opened with cuts. Among individual stocks, SJVN shares opened over 6% higher after the company signed a power-purchase agreement with Bhakra Beas Management Board for an 18-megawatt solar power project. Adani Enterprises shares also opened 3% higher after the company's subsidiary in Singapore signed a joint venture agreement with Kowa Holding Asia, Singapore for sales and marketing of green ammonia, green hydrogen and its derivatives. Sector-wise, Nifty PSU Bank rose 1.07% and Nifty Auto surged 0.54%.

AP, the emergency landing occurred around 4:15 p.m. on a Sunday, and the flight had originated from Chengdu in China's Sichuan province, according to a statement from Changi Airport posted on its Facebook page. “Nine people had minor injuries related to smoke inhalation and abrasions during the evacuation", the statement said.

(Reuters) — The British government has signed a partnership with Singapore to grow its economy and enhance shared security, Downing Street said on Friday, adding it was the UK's first treaty since leaving the European Union.

British financier Guy Hands has been forced to grant a lease to Mike Cannon-Brookes’ Sun Cable after legal proceedings which revealed his Terra Firma vehicle was the third bidder in an auction that ultimately handed control of the collapsed project to the Atlassian billionaire’s Grok Ventures.

Southeast Asian all-in-one app Grab has added support for a Polygon-based Web3 wallet and non-fungible token (NFT) vouchers. 

The Monetary Authority of Singapore (MAS) has said that no businesses have qualified to participate in its FinTech Regulatory Sandbox framework as cryptocurrency payment providers. 

Vedanta Resources will be meeting offshore bondholders in Hong Kong and Singapore next week to assess if they would be willing to roll over $3.2 billion of bonds — due in 2024 and 2025 — under different terms, said people aware of the development. The company is also considering an option to redeem a small portion of the bonds ahead of scheduled payment, partly to lure bondholders to agree to roll over the bonds, the people cited above said.Standard Chartered Bank and JP Morgan have organised the meeting with bondholders between September 11 and 15, they said. Anil Agarwal-promoted Vedanta Resources, the parent company of India-listed Vedanta Ltd, has $1 billion 13.875% bonds due in January 2024, $1 billion 6.125% bonds due August 2024 and $1.2 billion 8.95% bonds in March 2025.

Coinbase has flagged several countries outside the United States where it intends to focus its operations in the near term, citing their comparatively clearer crypto laws.

Financial giant JPMorgan is making another move into the crypto space with a new blockchain-based solution for cross-border transactions, reveals a report by Bloomberg. The system, however, won't be available until the bank receives the green light from regulators in the United States.