Singapore Financial News

ADIA, Stonepeak, DigitalBridge, KKR and Permira are among those tapped to acquire US buyout group Carlyle’s 24.04% stake in Bharti Airtel’s data centre arm, Nxtra Data Ltd (NDL), people aware of the matter said. The Carlyle Group, among the world’s largest investment firms, is looking to sell the stake for Rs 7,000-7,500 crore, valuing Airtel’s data centre unit at Rs 24,000-29,000 crore ($3-3.5 billion, inclusive of debt), the people cited said. Bharti Airtel owns 75.96% of Nxtra Data, a leading player in India’s data centre industry. Airtel has first right of refusal on the stake but is reckoned to have waived it, said the people cited.

Sunovaa's journey is characterized by the expansion of its global footprint with the establishment of offices in Singapore in 2016 and Malaysia in 2023 and is characterised by following the footprints of its customers in various geographies holding a prominent position in the international IT services arena. Sunovaa consistently receives a commendable rating of 4.5 out of 5 in the ISO Annual Survey, underscoring its commitment to quality and customer satisfaction. Puneet Sinha, MD & Group CEO of Sunovaa, expressing his enthusiasm for the company's Foundation Day and the journey ahead, stated, "As we celebrate this milestone, I am filled with pride reflecting on our growth and accomplishments. Sunovaa's success is a testament to our dedicated team, unwavering commitment to quality, and the trust our clients place in us. Looking forward, we are excited about the possibilities in Compute Vision, Machine Learning, and Generative AI, as we continue to innovate and contribute to the ever-evolving landscape of IT services." Sunovaa also developed Dataklout in 2019, a multilingual customer intent & Emotional Intelligence Analysis prediction using Voice AI.

NTA) has announced that the National Eligibility cum Entrance Test for Undergraduate (NEET-UG) will be conducted at exam centres in 14 foreign cities on May 5. This decision comes after requests from aspirants, as the initial information bulletin for the exam did not mention centres outside India. «It has been decided that the exam will also be conducted in 14 foreign cities in 12 countries,» said NTA Senior Director (Exams) Sadhna Parashar. According to NTA Senior Director (Exams) Sadhna Parashar, the exam will be conducted in 12 countries, including cities like Dubai, Abu Dhabi, Sharjah (UAE), Kuwait City (Kuwait), Bangkok (Thailand), Colombo (Sri Lanka), Doha (Qatar), Kathmandu (Nepal), Kuala Lumpur (Malaysia), Lagos (Nigeria), Manama (Bahrain), Muscat (Oman), Riyadh (Saudi Arabia), and Singapore.

₹25.56 apiece on the BSE. Around 40 crore equity shares of Yes Bank were traded on Wednesday as against its one-week average volumes of 43 crore. Yes Bank share price hit a 52-week high of ₹32.81 apiece February 09, 2024.

By Lisa Barrington, Brenda Goh and Joe Brock

The Red Sea crisis has disrupted shipping routes, pushing refining margins significantly higher. The benchmark Singapore gross refining margin is seeing an uptrend, currently up more than 56% compared to the December quarter (Q3FY24), as illustrated in the chart here.

By Rae Wee

Jungle Ventures on Tuesday said it invested $20 million in Walko Food, an ice-cream brand and quick-service restaurant company. The investment is in line with a broader trend that the food-linked startup ecosystem is witnessing. The Singapore-based venture capital firm is focussed on companies in the early growth stage in India and Southeast Asia. This is its second investment in Walko Food in less than 12 months.

By Lisa Barrington

The Singapore Airshow – Asia's largest – kicks off Tuesday with an array of aerial displays including some by China’s COMAC C919 narrow-body airliner

Vedanta, National Mineral Development Corporation (NMDC), Tata Steel traded lower on Tuesday, February 20 after data suggested that iron ore slumped to a three-month low as investors fretted that steel demand wouldn’t stage a strong recovery in China after the Lunar New Year break. Futures sank more than five per cent in Singapore to hit the lowest intraday price since early November, following a drop in the week’s opening session.

Singapore-based early-stage venture capital firm Farquhar VC has partnered with Asia’s leading Tezos blockchain Incubator, TZ APAC, to support new talent in Asia.

exports to achieve a 10% growth rate for the economy, said Arvind Panagariya, chairman of the Sixteenth Finance Commission. “I’ve looked at successful countries such as Hong Kong, Singapore, Taiwan, South Korea, China, and India – these are the six high-growth examples. My conclusion is very clear – countries that have been open are the ones that have grown rapidly,” Panagariya said. The former vice chairman of Niti Aayog further highlighted that the country needed to follow China’s strategy to increase its per-capita income and wean away from idea of import substitution.

Unicommerce is expanding its overseas operations by onboarding more clients, a top official said on Tuesday. Unicommerce is already serving 46 clients in Singapore, the Philippines, Indonesia, the UAE, and Saudi Arabia and is now expanding these operations by adding more clients. Some of its clients in these markets include the UAE-based fashion brand Redtag, the Philippines-based kids' wear brand Edamama and the UAE-based logistics player RSA Global.

(Reuters) -Singapore Airlines Ltd (SIA) reported a 4.9% jump in its quarterly net profit on Tuesday, boosted by a strong air travel demand in key markets.

airlines’ biggest trade group implored oil producers to make more low-emissions aviation fuel, warning the future of commercial air travel depends on the industry’s successful decarbonization. Sustainable aviation fuel is the best available tool for cutting emissions, International Air Transport Association Director General Willie Walsh said at an aviation summit in Singapore Monday. Demand for the cleaner-burning fuel far outstrips supply, even though it can cost three to five times more than conventional jet fuel. “Every bit of fuel that gets produced would be used because this is an existential issue,” Walsh said. “This industry will not be allowed to grow unless we can prove to our customers, regulators, governments, people in general, that we can grow in a sustainable manner.”

Listed brokerage and trading platform Angel One Ltd. has appointed Meenal Maheshwari Shah as Group General Counsel. An alumnus of ILS Law Collage Pune from the 2010 batch, Maheshwari started her career with the law firm Khaitan & Co. as an associate. Subsequently, she also joined the Chambers of Mr Snehal Shah as counsel. Also, she joined the private equity investment arm of Bennett, Coleman, and Company Brand Capital India as Senior Legal Counsel.

Houthi attacks on merchant shipping continue to disrupt international trade, driving more cargoes to Asia. Flows to the European Union and the UK plunged as higher freight costs stoked by the ongoing turmoil in the Red Sea, as well as unplanned refinery maintenance in Asia, made trade economics better for sending cargoes east rather than west.

India has slipped to the 85th spot on the Henley Passport Index. India had gone up to 80th position in January when the rankings for 2024 were unveiled. The Henley Passport Index is updated monthly. Six countries still jointly hold the top position in the 2024 Henley Passport Index, offering their citizens visa-free access to a record-breaking number of destinations. The most powerful passports in the world now allow citizens of France, Germany, Italy, Spain, Japan, and Singapore to travel 194 out of 227 destinations worldwide without requiring a visa, according to data from the International Air Transport Association (IATA). Four EU members have joined them at the top: Germany, Italy, Spain, and France.

Asian family offices are gearing up for higher investments in cryptocurrencies, as Bitcoin extends an uptrend streak.

By Xinghui Kok and Joe Brock