Singapore Financial News

Narendra Modi will also embark on his visit to Indonesia on Wednesday to attend the summits tomorrow. The forthcoming ASEAN-India Summit will be the first Summit since the elevation of ties between India and the Association of South East Asian Nations bloc of countries to a Comprehensive Strategic Partnership in 2022.

Singapore has emerged as the most preferred destination for crypto millionaires seeking secure and tax-friendly havens to protect their digital assets, according to the recently released Crypto Adoption Index by Henley & Partners. 

Victoria’s biggest bus operator Ventura Group is understood to be fielding interest from at least two overseas bidders, despite questions raised around its ability to retain juicy government contracts come 2028.

By Ankur Banerjee

₹261 crore from anchor investors ahead of its Initial Public Offering (IPO) that opens for subscription today, Wednesday. The company on Tuesday said it decided to allocate 35.47 lakh equity shares to 39 entities at ₹735 apiece, which is also the upper end of the price band. Singapore Government, Abu Dhabi Investment Authority, Goldman Sachs, Fidelity Funds, Nomura, HDFC Mutual Fund (MF), Nippon India MF, Axis MF, Kotak Mahindra MF, Aditya Birla Sun Life MF, SBI Life Insurance Company and HDFC Life Insurance, are among the anchor investors.

JPMorgan’s equity desk traded a $47m block of uranium developer Paladin Energy’s shares before market open on Wednesday, as China-focused private equity investor HOPU Clean Energy (Singapore) Pte Ltd pressed sell.

TikTok says operations have started at the first of its three European data centers, part of the popular Chinese owned app’s project to ease Western fears about privacy risks

Vedanta Resources in talks with Standard Chartered Bank for $1.3 billion loan Vedanta Resources (VRL) is in discussions with Standard Chartered Bank for a loan of $1.2 billion to $1.3 billion against brand fee receivables without any restructuring pre-conditions. The loan deal, if sealed, will take care of debt repayments until January without the need to restructure the bonds. The discussions regarding lending rates are currently in progress and the loan could be priced around 14-15% with a duration of three years. The company has appointed advisory firm Morrow Sodali to identify the holders of its $1 billion 13.875% bonds and $1 billion 6.125% bonds due in 2024 and the $1.2 billion 8.95% bonds due in 2025, as reported earlier.

NEW DELHI, MUMBAI : For Rahul Sharma, 40, an ardent Indian cricket fan living in Singapore, the eager excitement of watching Team India’s performance at the ICC Men’s Cricket World Cup 2023 in his home country has slowly turned into frustration. Despite having booked flights to India for himself and his family months in advance, his quest to secure tickets, especially for the coveted India matches from BookMyShow, the Indian cricket board’s official ticketing partner, has been fruitless. All he has managed to pick up so far: Tickets for two non-India matches, leaving him still in pursuit of prized India match tickets.

Unified Payments Interface (UPI) has the potential to scale almost ten times and reach a couple of billion transactions a day by 2030, National Payments Corporation of India (NPCI) chief executive officer Dilip Asbe said on Tuesday. Asbe’s comments come as UPI transactions in the country hit the 10-billion mark in August.

By Renju Jose, Lewis Jackson and Emily Chow

Singapore after a 17-year-old Indian student died in June during one such trip to Cambodia. Kaira Karmakar, a student of United World College of South East Asia (UWCSEA) on Dover Road, died in a road accident on June 1 while she was on an unchaperoned school trip to Cambodia's capital Phnom Penh, The Straits Times reported. She was with a group of classmates, and there were no teachers or adult representatives accompanying them. The school declined to say how many students were part of the group, the news report said. In an email sent to Kaira's parents on June 1, UWCSEA informed that their daughter had died while in Cambodia for the school's project week. As per the school guidelines, students have the option of going on an overseas field trip for project week as part of the Grade 11 curriculum, and that it is «designed to support readiness for independent life» after graduation. The process is supervised by a teacher who does not go on the trip. UWCSEA head of college Nick Alchin said in an email on June 7 that the school is planning to have an external investigation done into the accident in addition to reviewing the project week guidelines. Alchin said the final report will be submitted to the audit and risk committee of the school's board of governors, which is responsible for reviewing school processes. However, one parent told The Times that it has been nearly three months and there has been no update on the incident since the June 7 e-mail from Alchin. «The school has not informed the parents of the outcome of the investigation and obviously expects that this has been forgotten throughout the summer holidays.

Canada’s status within the Indo-Pacific region is set to get a boost as the Association of Southeast Asian Nations prepares to make Ottawa its latest strategic partner when Prime Minister Justin Trudeau visits Indonesia.

ASEAN Summit in Indonesia and G20 Summit in India this month, chief cabinet secretary Hirokazu Matsuno told reporters on Tuesday as reported by Reuters. 3. In another news, the Japanese PM Fumio Kishida also announced that a 20.7 billion yen ($141 million) emergency fund to help exporters hit by China's ban on Japanese seafood over the release of treated radioactive wastewater from the damaged Fukushima nuclear power plant.

Stock in focus: Balu Forge shares are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, this multibagger stock has surged from around ₹66.50 apiece levels to ₹228.70 apiece levels, delivering over 225 per cent return in YTT time. However, some big institutional investors still see upside in the stock.

Singapore's newly elected president, Tharman Shanmugaratnam, had once called crypto “inherently purely speculative and slightly crazy”. 

Premier Li Qiang will attend the G20 Summit in India which is scheduled to take place on September 9 and 10 in the national capital, instead of President Xi Jinping. That would make him the second major leader after Russia’s President Vladimir Putin to skip the event.

Asian equities fell on Tuesday as the spotlight remained on China and its efforts to stabilise its stuttering post-pandemic economy, while traders awaited the outcome of a policy meeting of the Reserve Bank of Australia. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.75% lower at 511.14, moving away from 515.37, the highest level since Aug. 11 it touched on Monday. China shares clocked their best day in over a month on Monday on the back of fresh measures to help boost the faltering economy.

While lacking in performance, micro Bitcoin mining devices should be seen as a stand against the Bitcoin ecosystem’s purportedly biggest flaw, its inventors argue.

Adani Logistics, Sajjan Jindal-owned JSW Jaigarh Port, TVS Group, and Welspun Group have shown interest in bidding for Renaissance Indus Infra, a warehouse and industrial park developer undergoing insolvency process, said people aware of the development. Two special-purpose vehicles floated by promoter Mayur Suchak's Renaissance Group are undergoing insolvency. These are Renaissance Indus Infra which is involved in warehousing and industrial development in or around Bhiwandi, Mumbai and Renaissance Urban Infra which is engaged in the business of infrastructure developments and creation of industrial smart cities. IIFL Facilities Services; Authum Investment and Infrastructure, which recently acquired assets of Reliance Home Finance and Reliance Commercial Finance; and JC Flowers Asset Reconstruction Company, which acquired Yes Bank's ₹48,000 crore distressed assets portfolio, also submitted expressions of interest (EoI), said one of the persons cited above. Clearwater Capital Partners Singapore Fund and Catalyst Trusteeship are the only two creditors for the Renaissance Group's SPVs admitted for corporate insolvency. Ares SSG Capital is the sole bondholder for which Catalyst is the debenture trustee. The lenders are working on group resolution although both cases were admitted separately by the National Company Law Tribunal.

Tharman Shanmugaratnam, former chair of the Monetary Authority of Singapore, has won the election for the city-state’s presidency with more than 70% of the vote.