Singapore Financial News

United States has emerged as India's top trading partner in January-June this year, while the country has recorded its highest trade deficit of $41.6 billion with China during the period, think tank Global Trade Research Initiative (GTRI) said Friday. India exports goods to 239 countries of which 126 countries showed positive growth in exports. Imports from Russia grew to $34.4 billion from $30.8 billion, a 11.65% increase. It also said the country's merchandise exports rose 5.41% to $230.51 billion during the first half of 2024, led by sectors like iron ore, pharmaceuticals, precious stones, basmati rice, chemicals, and smartphones.

Mortgage lender Loan Kuber has raised $3.5 million in a funding round led by Singapore-based venture capital firm TRTL Ventures and existing investor Inflection Point Ventures. The round, a mix of equity and debt, also saw contributions from Auxano, LetsVenture, Mavuca Capital, and prominent angel investors including Ruchi Deepak of Acko, Prashant Tandon of 1mg, and Pankaj Vermani of Clovia. With this fresh infusion, LoanKuber's post-investment valuation now stands at $27 million.

July 2024, engineering goods exports to countries like the US, UAE, Saudi Arabia, and Singapore witnessed a positive growth whereas exports to countries like Bangladesh and Russia experienced a decline during this period, according to latest data released by Engineering Exports Promotion Council (EEPC). Among the 25 major destinations for Indian engineering goods, exports showed growth in 10 countries, while 15 countries experienced a decline. The top 25 countries contribute 75.5% of total engineering exports to the country, said EEPC in a statement . At $1.5 billion, engineering goods exports to the US recorded 4.2% year-on-year growth in July this year. Engineering exports to the UAE stood at $625.78 million in July this year, up 65.6% year-on-year. The exports to Saudi Arabia rose 9.2% year-on-year to $412.30 million in July this year.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Italian authorities have launched an investigation after two easyJet flight attendants were injured when their flight from Corfu to London’s Gatwick Airport was buffeted by turbulence earlier this week

BIMSTEC Summit scheduled in Bangkok on September 4 owing to “technical issues” over formation of the cabinet. The decision to postpone the Summit was taken on Thursday as all preparations were ongoing till Wednesday. PM Narendra Modi in the light of the current circumstances will not travel to Bangkok. He was also scheduled to undertake a bilateral visit to Thailand on September 3. Modi is, however, expected to go ahead with the bilateral visit to Singapore on September 5, it has been learnt. Earlier he had plans to fly to Singapore from Bangkok. Ahead of Singapore visit, Ministerial delegations of the two countries will meet to firm up agenda to boost strategic partnership and the visit.

In a London Stock Exchange notice on Wednesday (21 August), the board said Ng will work alongside veterans Robert Lloyd and Ayaz Ebrahim, who have been managing the trust for six and eight years, respectively. Based in Singapore, Ng joined JP Morgan Asset Management's branch there in 2005. Her expertise lies in equities from the Association of Southeast Asian Nations (ASEAN) and is head of ASEAN equities within the emerging markets and Asia Pacific equities team. JP Morgan's Austin Forey: Lessons learned and future insights from after thirty years of emerging markets In addition, s...

Binance Holdings Ltd. is hiring 1,000 people this year with many earmarked for compliance roles as the crypto exchange’s annual spending to meet regulatory requirements, including US oversight under a plea deal, tops $200 million.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

«Yes, LPG losses which have gone up, which spoiled the Q1 results remains an uncertainty in terms of how they will be compensated for,» says Probal Sen, ICICI Securities. Well, the crude prices have seen quite a bit of dip and has come a bit suddenly from $80 per barrel mark, now down to 76. How much would have marketing margins increased? Is this something which is going to have a bit more structural impact you think in terms of the earnings? Probal Sen: Yes, absolutely. I think if we look at the last week itself, blended retail margins have actually gone up to the levels of around Rs 7 odd, if our calculations are correct, which is almost Rs 2.5 to Rs 3 higher compared to the 1Q average levels that we saw.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Binance Holdings Ltd. is hiring 1,000 people this year with many earmarked for compliance roles as the crypto exchange’s annual spending to meet regulatory requirements, including US oversight under a plea deal, tops $200 million. Chief executive officer Richard Teng, who is visiting the US to talk to monitors and officials, outlined the employment goals for the world’s largest crypto trading platform in an interview with Bloomberg News in New York on Wednesday. “I’ve been a regulator all my life,” Teng said. “Government agencies are important.” He declined to say whether he has met with the securities and exchange commission during his trip. The SEC is suing Binance and wasn’t part of the US settlement.

An ambitious plan to build a massive solar farm in remote northern Australia to transmit energy by a submarine cable to Singapore is a step closer after the Australian government granted environmental approvals for the $19 billion project on Wednesday

Online fast-fashion giant Shein is suing its competitor Temu once again, accusing the China-founded shopping platform of stealing its designs, product images and engaging in other types of fraud

NCLAT on Wednesday directed the resolution professional of SKS Power Generation to submit and bring on record the e-mail sent to the successful bidder, Sarda Energy and Mining on May 8, 2023, seeking clarifications over its resolution plan. A three-member bench has directed the RP to file an affidavit with the e-mail having communications between the SRA (successful resolution applicant) Sarda Energy and the RP and directed to list the matter on August 30 for the next hearing. NCLAT was hearing the appeals filed by Torrent Power and Singapore-based Vantage Point Asset Management Pte, against the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on August 13, approved Sarda Energy and Mining's (SEML) bid. Both the petitioners were also in the race to acquire the debt-ridden thermal power producer and opposed the selection of SEML's bid by the CoC. NCLT had rejected their pleas against approval of SEML's bid.

MK Surana, Former CMD, HPCL, says crude below $80 and the cracks at $13 for HSD and $11 for MS, make OMCs well placed on overall setup. Also, many of these OMCs are going on a new path. OMCs are in a stage where there is a growth potential with a surety of the existing cash. Of course, the overhangs on the pricing part continue to be there, the possibility or not possibility of some interventions. Pure EV play may take some more time and the hybrid may be more common in the near future to come and that augurs well for the OMCs. How do you see the outlook for oil marketing companies? On the one hand, Brent is continuously under check, under $80 now and on the other hand, these OMCs are transforming beyond just being distributors of traditional fuel as well. MK Surana: The stage looks good as of today because the crude is below the psychological mark of $80. The global demand weakness as per many of the agencies who forecast is getting moderated from all the three agencies who have been doing IEA, EIA, or OPEC. The Indian demand is good on the overall while the global demand is lower. People have started recognising the weaknesses in China's demand growing in the current phase.

SINGAPORE—China’s internet giants are betting billions on incubating the country’s OpenAI challengers, with Alibaba Group and Tencent leading the charge. Since 2023, investors—including the country’s biggest tech companies—have valued at least six China-based startups developing large language models at more than $1 billion each.

Australia on Wednesday approved plans for a massive solar and battery farm that would export energy to Singapore, a project dubbed the «largest solar precinct in the world». Authorities announced environmental approvals for the US$24 billion SunCable project in Australia's remote north that is slated to power three million homes. The project, which will include an array of panels, batteries and, eventually, a cable linking Australia with Singapore, is backed by tech billionaire and green activist Mike Cannon-Brookes.

Digital connectivity in India is set to get a major boost, with three large undersea cable projects — 2Africa Pearls, IndiaAsia-Express (IAX) and India-Europe-Express (IEX) — slated to go onstream between October and next March, expanding existing capacity by more than four times, said people familiar with the matter. 2Africa, among the longest subsea cable systems in the world, spanning over 45,000 km, has investments from Bharti Airtel and Meta, among others. It will have a capacity of 180 terabits per second (tbps), connecting 33 countries, including Sunil Mittal-led Airtel’s landing station in Mumbai. IAX and IEX involve contributions from Reliance Jio, among others. Boost for Data Centre Operators:

AUM of $150 billion) and Singapore-based Mars Growth Capital Partners (AUM $1.5 billion), according to two people familiar with the plans. Others that have set up local operations since this January include South Korea’s sovereign fund KIC, Japan’s Advantage Partners, and Singapore-based Growtheum Capital Partners.

Zomato shares worth Rs 4,771 crore via block deals on Tuesday. The stake sale which involved selling of over 18.54 crore shares was done in two block counts of 9.27 crore shares each. The shares were sold at a price of Rs 257.46 and Rs 257.17 which was at a premium of 2.3% over the floor price of Rs 251.68, ET Now had reported on Monday quoting agencies.