Singapore Financial News

The National Payments Corporation Of India (NPCI) — an initiative led by the Reserve Bank of India (RBI) and 247 Indian banking companies — is on the lookout for a seasoned blockchain technologist to head and investigate opportunities for blockchain in current-day payment systems.

For the first time since the global financial crisis of 2008, global household wealth in 2022 (in US dollars) decreased on aggregate as well as on a per-adult basis, both in nominal and real terms. Wealth per adult also recorded the second-largest reduction since 2000. This was revealed in a recent Credit Suisse-UBS report by the Swiss Bank’s Family Office and UHNW (ultra-high net worth) division.

By Francesco Guarascio

economic development. Ultimately, India aims to emulate China's success in moving a substantial portion of its population from lower-income status to the middle-income bracket. Also Read: Indian-origin Tharman Shanmugaratnam wins Singapore's presidential election In essence, Tharman Shanmugaratnam pointed out that India's approach to its economy has been characterized by excessive government intervention and inadequate investment in social and human development.

Tata Sons Pvt. Ltd acquiring some shares in the merged entity Air India subject to compliance of voluntary commitments offered by the parties. The transaction also involves acquisition of additional shares in the merged entity by Singapore Airlines in a preferential allotment.

Narendra Modi will visit Indonesia's capital Jakarta on September 6 and 7 to attend the ASEAN-India and East Asia summits, said the Ministry of External Affairs in an official statement on Saturday. Shoring up India's trade and security ties with the 10-nation Association of Southeast Asian Nations (ASEAN) is likely to be the focus of Modi's engagement with leaders of the bloc, according to PTI reports.

Singapore's President-elect Tharman Shanmugaratnam on Saturday said he was surprised by «such a high degree of endorsement», and that he was very serious about wanting to fulfil the mandate given by the people. Singapore-born Indian-origin candidate in a predominantly Chinese multi-racial Singapore, 66-year-old Tharman won the presidential election with a massive vote share of 70.4% in the early hours of Saturday. This is the first contested presidential election since 2011. Speaking to journalists at his first doorstop interview since the official result was declared, Tharman said, «I did not expect such a high degree of endorsement, which also means there was a fair number of people who would normally not vote in favour of the ruling party, who decided that this was not a political election, this is not a General Election.

G20 Summit, Northern Railways has decided to cancel and divert over 200 passenger trains temporarily from September 8 to 11 here, a notification stated on Saturday. According to the schedule, over 90 trains have been cancelled on September 9. More than 100 passenger trains will be cancelled on September 10 as well.

The U.S. Securities and Exchange Commission (SEC) has secured approval to collaborate with South Korea in its probe against Terraform Labs and its co-founders, Daniel Shin and Do Kwon. This decision, sanctioned by District Judge Jed Rakoff on August 16, allows the SEC to question Shin and access documents from Chai Corporation, a Seoul-based payments provider he founded.

City is set to face Fulham in their last Premier League match before the upcoming international break. Thus far, Manchester City has maintained an impeccable Premier League record this season, securing victories against Burnley, Newcastle United, and Sheffield United in their previous matches. Fulham, on the other hand, has also demonstrated a strong start to the season, remaining undefeated in league competition. Despite playing with 10 men, they managed to secure a 2-2 draw against Arsenal in their last outing. Additionally, Fulham had a noteworthy performance in the Carabao Cup this week, eliminating Tottenham in a penalty shootout. In the previous encounter against City last November, Fulham narrowly lost due to a 90th-minute penalty from Erling Haaland. Therefore, they aim to pose a formidable challenge to Pep Guardiola's team once again.

Tharman Shanmugaratnam winning Singapore's presidential election, he joins a long list of Indian-origin leaders who are dominating politics at important world capitals. Shanmugaratnam, 66, received 70.4 per cent of the votes in the presidential election held on Friday. «Singaporeans have chosen Mr Tharman Shanmugaratnam to be our next president by a decisive margin,» Prime Minister Lee Hsien Loong said as he congratulated Tharman on Saturday. He is among several leaders of Indian heritage who have ascended to the highest echelon of public service globally. His victory signifies the rising influence of Indians across the globe. In the US, the growing influence of the Indian-American community can be seen in the success of Kamala Harris, who became the first woman and the first coloured Vice President of the country. She was a senator for California from 2017 to 2021.

Tata Sons Pvt. Ltd. acquiring some shares in the merged entity Air India subject to compliance of voluntary commitments offered by the parties.

On Friday, the Competition Commission granted its approval for the proposed merger between Air India and Vistara, subject to specific conditions. This development represents a significant stride for the Tata Group as it solidifies its position in the aviation industry.

Tata Singapore Airlines Limited (SIA) Airlines with Air India on Friday, September 1, according to a post by the antitrust body on social media platform X. The regulator added that the acquisition of certain shareholding by Singapore Airlines in Air India subject to compliance of voluntary commitments offered by the parties.

Tata SIA Airlines into Air India, subject to certain conditions. The long pending merger of fully owned Tata airline Air India and sister airline Vistara, came through weeks after the watchdog raised concerns about market power. The CCI was scrutinising the planned merger of Air India, which Tata Group took over last year, with Vistara, a 51: 49 joint venture between Tata and Singapore Airlines. The merged airline may pose a challenge to local rival and market leader, IndiGo. The said consolidation will make Air India, India’s leading domestic and international carrier with a combined fleet of 218 aircraft, making it India’s largest international carrier and second largest domestic carrier, the airline said in an announcement relating to the merger. «As part of the merger transaction, SIA shall also invest Rs 2,059 crore in Air India.

Of course, you want to arrive fully rested and ready to go. But by its very definition, a long-haul flight involves travelling for a long period of time, often more than 12 hours. If you're on a flight from New York to Singapore, it can be close to 19 hours. All that time you're confined in a seat that's supposed to recline but feels like it hardly moves, while the seat in front seems to recline ten times lower than yours. So, what can you do to get a a decent rest?

reportThe cryptocurrency exchange OKX plans to enter the Indian market and recruit local employees in an effort to expand its possibilities of Web3 applications, according to a CoinDesk report. 

Years after managing two different verticals of the company, Ola founder and CEO Bhavish Aggarwal is mulling over to appoint a CEO for its cab business reported Economic Times. The new CEO, possibly an ex-Unilever executive, is likely to join the company early next week, reported Economic Times citing sources. Till now, CEO Bhavish Aggarwal has remained the CEO of the company and managed its cab business along with e-scooters verticals.

Seychelles-based crypto exchange OKX is looking to expand into India despite the uncertain regulatory environment. 

Sula Vineyards rose 2% to Rs 499 in Friday's intraday trade on BSE after HDFC Mutual Fund, Societe Generale, Morgan Stanley Asia Singapore, and Ghisallo Master Fund bought a 7.06% stake in the winemaker after foreign investor Verlinvest Asia sold a 12.56% stake. The acquisition was facilitated through open market transactions on August 31. At 11.33 a.m., the stock was trading 1% higher at Rs 494.8 on BSE. On a year-to-date basis, the stock has surged 50%, while it has also risen nearly 40% in the last six months. The firm distributes wines under a bouquet of popular brands such as Sula, its flagship brand, besides other popular brands like RASA, Dindori, The Source, Satori, Madera & Dia. Sula Vineyards is majority-owned by public shareholders with a 72.7% stake, while promoters own the rest of 27.2%. Among the public shareholders, mutual funds have a 9% stake, while prominent foreign investors Goldman Sachs, and ADIA also have holdings in the company. In the recent first quarter, Sula Vineyards' consolidated net profit rose 24% year-on-year (YoY) to Rs 13.68 crore.

Aggarwal who leads India investments at global infrastructure fund -Global Infrastructure Partners (GIP), has stepped down. He has put in his papers this week and details about his future plans are not yet known, said sources. Based in Singapore, Aggarwal leads GIP India’s investments in Power, Renewables and Waste/Water sectors.