Singapore Financial News

The cat is out of the bag at The Real Pet Food Company.

HDFC Bank and HDFC became the world’s seventh-most-valuable bank with its market capitalisation soaring to $154 billion, or Rs 12.66 lakh crore, on Monday. The market value of HDFC Bank is now more than that of Bank of China and Royal Bank of Canada. The merged entity was listed on Monday following the allotment of HDFC Bank shares to the shareholders of HDFC.

Vistara has started discussions on integrating its staff with Air India, even as the two Tata group carriers await regulatory approvals for merging with each other, its CEO said Monday. Vinod Kannan said there is unlikely to be any rationalisation of staff at Vistara because of this, but added not everyone may get the same position or function in Air India that they held in Vistara. Air India too is in the process of bringing various segments of its staff under one structure.

Mumbai: Temasek Holdings Pvt. Ltd has doubled its pace of investments in India, amid the valuation reset in the tech ecosystem, and will increase its focus on due diligence and scrutiny for potential investment opportunities, senior executives Ravi Lambah and Mohit Bhandari said in an interview. Over the past 15 months, the Singapore state investor committed nearly $4 billion in capital, including its stake in Manipal Healthcare Enterprises.

Blockchain network Gnosis has unveiled two products that allow users to spend their digital assets directly from wallets using Visa's payment system.

Mint had reported that Indian Oil is in talks with ADNOC for long term contracts of LNG supplies. In another development, IndianOil and TotalEnergies Gas and Power Ltd are set to execute a HoA to establish a long term LNG sale and purchase agreement (SPA). Under this long-term contract valid for 10 years starting 2026, TotalEnergies would supply annually upto 0.8 MMT LNG to IndianOil.

Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), a wholly owned subsidiary of National Payments Council of India (NPCI), Monday said after a successful launch in Singapore and France, the Unified Payments Interface (UPI) is likely to enter the North America market and other Middle-eastern countries in the coming months. However, he did not give any definite timeline for the launch. “In terms of more interoperability partnerships like what we did in France and Singapore, we will focus on countries which are of importance to Indians when they travel abroad or where we have significantly large Indian diaspora residing like the Middle East and North America and these are the target market for us in the coming days" reported Moneycontrol quoting NIPL CEO as saying in an interaction.

One year ago, when the run-up in oil prices came to a sudden halt, China and its overbearing controls on COVID were blamed. This week, Beijing is again the fall guy as crude loses momentum on its three-week-old rally. This time, it’s not the pandemic but China’s great economic hope itself that’s at fault.

HDFC Life and ICICI Prudential Life. Temasek's pace of follow-on investments in its own portfolio companies has also increased as the firm is doubling down on the winners in its portfolio, Bhandari, who is the managing director, Investment, for Temasek in India, said. “Manipal is a follow-on investment.

DBS Bank Ltd., Singapore’s largest bank, on Monday, expanded its presence in India by inaugurating its new IFSC Banking Unit (IBU) in the Gujarat International Finance Tec-City (GIFT City), Gandhinagar. The bank's new unit is expected to focus on delivering corporate banking services, and foreign currency-denominated loans, including external commercial borrowings (ECB) and trade finance products, the statement of DBS bank said.DBS Bank has said that it is hoping to build a book exceeding $ 1 billion in the first year of operations. In the future, DBS is hoping to include solutions for its private banking clients along with other services it currently provides. The opening of the IBU in the GIFT International Financial Services Centre is a significant enabler for the bank's growth strategy for India, said DBS on the launch of its new financial unit in Gandhinagar.

Prime Minister Lee Hsien Loong said he accepted the resignations of speaker Tan Chuan Jin and MP Cheng Li Hui to «maintain the high standards of propriety and personal conduct» of the People's Action Party (PAP). He said they were in an «inappropriate relationship» that continued even after he had told them to stop in February. It was the latest development to rock the PAP, which has ruled Singapore uninterrupted for 64 years and has prided itself on a corruption-free government.

There is immense scope for India and Singapore to work together and prepare a future ready workforce for the entire globe, said Union Education Minister Dharmendra Pradhan on the conclusion of the third edition of the Singapore-India Hackathon.  "Our collaboration in the field of knowledge, skill and innovation will not only benefit India but also countries in the global south who are looking towards us to lead the way," said Dharmendra Pradhan on Sunday.  After his address, the minister distributed prizes to the winning teams at the event organised at the Indian Institute of Technology Gandhinagar (IITG). The concluding ceremony was jointly organised by the All India Council for Technical Education (AICTE) and Nanyang Technological University, Singapore.

crypto and blockchain sector witnessed an investment of $2.32 billion in Q2 2023, marking a new cycle low and the lowest since Q4 2020, continuing a downtrend that began after a peak of $13 billion in Q1 2022, a new report has shown. According to the crypto investment firm Galaxy Digital, crypto and blockchain startups raised less money across the last three quarters combined than they did in just Q2 of 2022. In Q2 2023, 10 new crypto VC (venture capital) funds raised only $720 million, the lowest amount since Q3 2020, at the start of the Coivd-19 pandemic.

NEW DELHI : The government is at an advanced stage of formulating a new piece of legislation to offer investors ready approvals for all requirements and replace the special economic zones (SEZ) Act and non-tax measures remain the preferred route for promoting new investments in the country, revenue secretary Sanjay Malhotra said in an interview. Finance minister Nirmala Sitharaman announced the Development of Enterprise and Service Hubs (DESH) Bill in February 2022. The proposed law will replace the existing one governing SEZs.

Despite facing regulatory scrutiny in the United States, crypto firms continue to innovate, with nearly half of all capital investments flowing toward U.S. crypto businesses, according to a recent report.

By Lucy Craymer

When the son of a consumer firm’s promoter recently decided to relocate from Mumbai to Dubai, he was not looking for new real estate pastures. He wanted, instead, to take care of his crossborder family office.

New Delhi: Union minister Jitendra Singh on Saturday said that the successful launch of Chandrayaan-3 will boost space startups and space entrepreneurs. Addressing the G20 Young Entrepreneurs Alliance Summit, the minister said that the Indian Space Research Organization (ISRO) had made history in November last year by launching successfully India’s maiden private Vikram-suborbital (VKS) rocket.

HDFC Bank to shareholders of merged entity HDFC Ltd, the new scrips will be listed on the bourses on Monday, according to a circular by the National Stock Exchange. On Friday, the bank in an exchange filing said it has allotted 3,11,03,96,492 new equity shares, of face value Rs 1 each, to the eligible shareholders of HDFC Ltd. As per the merger agreement, every HDFC shareholder has got 42 shares of HDFC Bank for every 25 shares they held in the company.

Online gaming companies, which have slammed the Goods and Services Tax (GST) Council’s decision to impose the maximum 28% indirect tax on the full face value of the business, said they are awaiting details on the applicability of the levy before deciding their next steps. “Once the amendments are made to the GST law to include online gaming under the ambit… we would urge the government to issue a set of FAQs in the way they had put forth for tax collected at source (TCS) norms for cryptocurrencies,” said an executive at a unicorn gaming platform.

OPNX, an exchange dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims.