Singapore Financial News

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.

India is the top destination for Chinese companies, but it falls to 11th place in the overall rank as the most attractive destination when other factors are considered. In an Economist Intelligence Unit (EIU) report published this month, which indexes 80 investment destinations based on their appeal to Chinese investors, Singapore emerged the number one most attractive destination for Chinese companies to invest in. The China Going Global Investment Index uses a robust and quantitative approach to rank countries based on their attractiveness for Chinese outward direct investment (ODI). It is aimed at assisting Chinese firms narrow down the list of potential investment destinations, and also focus the minds of recipient governments on the issues that matter for Chinese investors. A total of 200 indicators were used to create the 2023 edition of the index.

By Tom Westbrook

Zodia Custody, a company that helps large institutions store their crypto, launched in Singapore on Tuesday in a bid to tap into the country's rapidly growing digital asset market.

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

Vedanta Resources Limited, the holding company of the mining conglomerate, Monday discussed the potential tenure extension of the bonds due in 2024 and 2025 by three years to 2027 through a partial exchange as part of the liability management exercise in meetings held with investors in Hong Kong. VRL's proposal to extend the maturity of the shorter-term bonds by three years, however, has irked some investors, as it means that bonds maturing in 2026 will be redeemed before the 2024 and 2025 bonds. ET earlier this month had reported that VRL hired Morrow Sodali's services to identify holders of its $1 billion bonds maturing in January 2024, another $1 billion set to mature in August 2024, and a $1.2 billion bond due in 2025. A Vedanta spokesperson said: “The Vedanta team is travelling to Singapore and Hong Kong to meet existing bondholders. These meetings are being organised by JP Morgan and Standard Chartered. These are purely non-deal roadshows to meet and greet our existing investors.” During meetings, the company management also disclosed that, as part of its liability management exercise (LME), it would have limited cash available. It plans to pay $200 million to Trafigura to free up the security and use it to raise funds by securitising brand fee. In June, VRL had raised $200 million from commodities trading company Trafigura Group to meet some debt repayments. VRL's total aggregated holdco debt is $5.9 billion at the end of June 2023 of which $ 3.7 billion is bonds. VRL is in discussions with lenders to borrow $ 1.3 billion loan from banks against the three year brand fee, as reported. It also plans to prepay a $350 million loan from Oaktree Capital Management.

NEW DELHI : India and Saudi Arabia agreed to link their power grids, underscoring a deepening energy alliance that could significantly boost the reliability of power grids in both countries and foster economic development. The agreement on linking power grids follows another more expansive infrastructure connectivity project plan to develop an India-Middle East-Europe economic corridor. The project, announced on 9 September during the G20 summit, envisages a rail and shipping corridor connecting India, the United Arab Emirates (UAE), Saudi Arabia, the European Union, France, Italy, Germany and the US.

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.

Richard Teng, the head of regional markets at Binance notes that the world’s largest cryptocurrency exchange has no operational similarity with collapsed FTX.

UBS Group AG is cutting hundreds of wealth jobs in Asia just months after completing its takeover of rival Credit Suisse as the bank responds to muted client activity and China’s slowing economy. Switzerland’s largest bank reduced some overlapping roles in the past months and further cuts are expected through November, according to people with knowledge of the matter, who asked not to be identified as the plans are private. The lender is set to eliminate a few hundred roles that include relationship managers in Hong Kong and Singapore, the majority within teams newly acquired from Credit Suisse, the people said. The number of cuts hasn’t been finalized, they said.

IPO Subscription Status: EMS IPO was subscribed 12.49 times on day 2 so far. EMS IPO opened for subscription on Friday, September 8, and will close on Tuesday, September 12. EMS IPO received overwhelming response from non-institutional investors (NIIS) and retail investors on day 2.

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%.

In addition to causing spikes in electricity demand as people fire up air conditioners, the scorching temperatures have led to a spate of disruptions at oil refineries. That’s helped keep US gasoline prices elevated and saw diesel cost increases easily outpace those for crude.

The chief executive of Mexican fast-food chain Guzman y Gomez, Steven Marks, says he is “not going anywhere” and will keep his grip on the ASX-hopeful as it eyes an initial public offering as soon as next year.

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.

Ripple has bought the Fortress Blockchain Technologies subsidiary for an undisclosed sum.Through its technology and licensing, Fortress Trust provides infrastructure to address the growing enterprise crypto market.

G20 Summit, sharing working space at the International Media Centre for the last three days made them experience the spirt of «one family». From September 8-10, scribes and camerapersons from Italy to Singapore and Turkiye to Brazil worked from the facility at the newly built Bharat Mandapam — the summit's venue. In between work, they chatted over cups of coffee and Indian meals, and also learned about cultures of different countries from each other. «The G20 theme is 'one world, one family, one future', and all of us have been working with one aim in one space, under one roof.

G20 Summit here congratulated Prime Minister Narendra Modi on the success of Chandrayaan-3, with IMF Managing Director Kristalina Georgieva hailing India for achieving the feat «in a budget less than that of the movie Interstellar», according to sources. During various sessions and meetings of the G20, many world leaders showered praise on India for its lunar mission and also lauded the successful launch of Aditya L1, India's first space-based mission to study the Sun. While the British Prime Minister Rishi Sunak congratulated India and the entire world for Chandrayaan-3, South African President Cyril Ramaphosa hailed the country for the feat and recalled that he had watched a telecast of the lunar landing while taking a break during the BRICS meeting, sources said. «I congratulate you on the Moon landing.

US President Joe Biden at Delhi's Raj Ghat during the latter's visit to pay homage to the father of the nation, Mahatma Gandhi, in the national capital on Sunday. As President Biden arrived at Raj Ghat, PM Modi welcomed him and presented a gift of khadi. French President Emmanuel Macron and Indonesian President Joko Widodo both visited Delhi's Rajghat to pay their respects to Mahatma Gandhi and lay wreaths.CATCH ALL LIVE UPDATES OF G20 SUMMIT HERE

G20 Leaders' Summit hosted in the national capital, according to a report published by the news agency ANI. The Heads of State of countries including UAE, Bangladesh, Egypt, China, Australia, UK, Argentina, Indonesia, France, Germany, Netherlands, Turkey, Japan, Italy, Spain, South Africa, Republic of Korea, Canada and Singapore will depart from Delhi on Monday. The Central government has assigned responsibilities to Union Ministers of State to see off the foreign delegates after the summit.