Singapore Financial News

Adani group, which is redeveloping Dharavi slums, plans to finance the entire project via internal accruals and possible sale of equity in the special purpose vehicle (SPV) set up for the project, according to sources. Earlier this week, the company had appointed three companies, including noted architect Hafeez Contractor, as city planners to present a draft development plan for the Asia's largest slum cluster. In a statement, the group, which has promised to invest Rs 21,000 crore in the project, said it roped in design firm Sasaki, consultancy firm Buro Happold as design planners for the project as well as some experts from Singapore Housing Development Board. The statement did not mention any timeline for the project. The Adani group had in November 2022 won the bid to redevelop Dharavi, with an initial equity investment of Rs 5,069 crore. Hafeez Contractor is known for revolutionary social housing and slum rehabilitation authority projects in the city, while Sasaki is an interdisciplinary design firm from the US and Buro Happold is a consultancy from England known for its creative and value-driven infrastructure solutions. When asked about the media reports that the company was about to reach financial closure for the project with two lenders agreeing to fund it, a source in the know said the tender conditions are very clear, we cannot raise any debt to fund the project. We will dip into our own finances and look at other innovative financial instruments.

The U.S. military says its forces opened fire on and killed several Houthi rebels after they attacked a cargo ship in the Red Sea

The broader market index— S&P BSE 500 Index—ended the year with close to 25% returns. Singapore-based Samir Arora, founder of portfolio management services (PMS) firm Helios Capital, says that market returns in annualized terms over the last two years are more or less in line with returns over different periods. Arora, whose PMS firm recently ventured into mutual funds in India, says the current market valuations look justified.

By Florence Tan

Pine Labs, which is based in Singapore, plans to seek board approval this quarter to move its parent company to India, according to people in the know. Business-to-business (B2B) ecommerce firm Udaan is considering a similar move in view of its plans for an initial public offering (IPO) in 12-18 months, they said. The two join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping’ — ahead of listings, especially in the central bank-regulated fintech sector.

ministry of road transport and highways plans to construct and expand approximately 41,000 km of NHs, including 15,000 km of high-speed, access-controlled corridors, by the fiscal 2031-32. Two critical aspects of the plan: one, decongesting highways in and around cities; two, building high-speed corridors (HSCs). India has 3,900 km of HSCs.

₹5,069 crore bid to redevelop Dharavi. “We anticipate the harmonious fusion of expertise from our world-class partners and the vibrancy and spirit of Dharavi’s citizens to cultivate a model of urban redevelopment that the world can look up to and can be replicated across other locations and cities," the spokesperson said.

students and parents and 24/7 through the Board's 1800-11-8004 toll-free number as per the press release. Since 1998, CBSE has been offering counselling in two phases that includes pre-exam and post-result. This service which began 25 years ago aims to ensure that students from affiliated schools experience minimal stress during examinations.

India recorded a trade deficit with nine of its top ten trade partners in the first seven months of 2023-24, with the US being the only country with which exports exceeded imports. India's trade surplus with the US — its largest trading partner — was $19.59 billion in the April-October period, show data from the commerce and industry ministry. However, with China, the second largest partner, the deficit was a whopping $51.11 billion, followed by a $33.56 billion gap with Russia, the fourth largest trade partner of India.

investors (FPI) betting on India. Among the offshore funds who were put off by the onerous disclosure rules imposed by the Indian capital market regulator, some now have a leeway. A number of FPIs that are pooled-vehicles from countries like Mauritius, Singapore, and Cayman Islands — though not from the US — will be able to meet the regulatory conditions that would exempt them from the new rules that require funds breaching certain exposure levels to reveal the identities of all its investors down to the last natural persons.

Who in finance is getting the biggest bonuses this year?

quality of their sleep is better or worse. Surveys show that some countries are peopled by night owls, but others by early birds. But why this is so remains an open question.

foreign airlines including British Airways, Etihad, Thai Airways and Qatar Airways been questioned by the Directorate General of GST Intelligence (DGGI) over allegations of tax evasion which have run into hundreds of crores of rupees, TOI reported on Sunday. The DGGI has questioned these executives over allegations of these carriers’ booking expenditure related to their India operations with their overseas head offices in the last month. Citing sources, TOI reported that the DGGI has requested documentation from these airlines covering every expense incurred by the international carriers for their operations in India. This may include aircraft leasing, crew and ground staff costs, fuel for the aircraft, and any additional maintenance or repair expenses. For the first time, Indian authorities have requested that international airlines report all of their expenses relating to India and pay taxes for services provided here under the new GST regime.

Lee Hsien Loong, the prime minister of Singapore, has warned his social media followers regarding the use of deepfake videos that use his voice and image to promote cryptocurrency scams. 

organisations have so far confirmed to be partners for the upcoming Vibrant Gujarat Global Summit (VGGS) 2024, the state government said on Saturday. The 10th edition of VGGS, based on the 'Gateway to the Future' theme, will be organised in Gandhinagar from January 10 to 12.

India is anticipated to experience a notable upswing in liquefied natural gas (LNG) imports in 2024, with projections suggesting a substantial 7 per cent-8 per cent year-on-year increase. This surge is expected to be driven by heightened demand across key sectors, including power, industrial, and transportation, coupled with infrastructure development in anticipation of national elections, as per S&P Global. Ayush Agarwal, an LNG analyst at S&P Global Commodity Insights, highlighted that while the fertilizer sector remains the largest consumer of LNG, the power and industrial sectors are poised to contribute significantly to the import upswing if spot prices align closely with the levels witnessed in 2023. Agarwal said, «India's LNG imports will continue to increase, with an expected 8 per cent year-on-year growth in 2024. While the fertilizer sector will remain the largest consumer of LNG, the power and industrial sectors could contribute to an increase in imports if spot prices average close to 2023 levels». India's current gas-based power capacity stands at approximately 25 GW, translating to a demand for approximately 30 million-35 million mt/year of LNG. Industry sources based in Singapore suggest that a few gas-based power units, historically reliant on domestic gas due to high LNG prices, are likely to transition back to LNG consumption in 2024 owing to the anticipated weakness in LNG prices. An industry source based in Singapore said, «India currently has about 25 GW of gas-based power capacity installed.

Mark Cuban sees a future of NBA ownership where the advantages will be in real estate

(Reuters) — DBS Group (OTC:DBSDY) Holdings said on Friday it was raising its stake in China's Shenzhen Rural Commercial Bank in a S$376 million ($284.72 million) deal, as it looks to tap into growing opportunities in the Greater China region.

By Ankur Banerjee

By Sudarshan Varadhan

By Rae Wee