Singapore Financial News

Dealmakers from Singapore’s Temasek appear to be accelerating hopes to offload the 40 per cent of gas and electricity distribution giant Jemena, meeting with prospective buyers this week, sources told Street Talk.

NEW DELHI : India may allow exports of another 50,000 tonnes of non-basmati white rice to Singapore under humanitarian operations, making an exception for one of its key diplomatic partners, two government officials said. India recently permitted limited exports of the rice variety, which is currently under the prohibited category, to the UAE and last month to Bhutan, Mauritius and Singapore. These countries appealed to New Delhi to resume rice exports following India’s decision to suspend non-basmati shipments on 20 July to keep prices in check.

A court hearing in Perth has cleared the way for Chris Ellison’s Mineral Resources to acquire the Bald Hill lithium mine from administrators as part of consolidation in the sector in Western Australia.

Hangzhou: The Indian women's hockey team started off their Asian Games 2023 campaign with a win over Singapore by 13-0 in their Pool A match on Wednesday. The seventh-ranked India has started off their campaign with a victory that saw them dominate Singapore, the world's 34-ranked side for the entire game.

CVC Capital Partners is exploring selling its controlling stake in Indian cancer hospital chain HealthCare Global Enterprises Ltd., according to people familiar with the matter. The private equity firm is looking to identify buyers for its 60.4% in the Mumbai-listed company, said the people, who asked not to be identified as the information is private. CVC’s stake is worth about $358 million, according to data compiled by Bloomberg.

₹5,512.50 crore in October 2020. Earlier this week, RIL's retail arm received the full subscription amount of ₹2,069.50 crore from the global investment firm KKR and has allotted 1.71 crore equity shares. Also read: Reliance Retail in talks with Gulf, Singapore funds on $1.5 billion investment: Report Following the share allotment, KKR's shareholding in RRVL has increased to 1.42% from 1.17%.

Mukesh Ambani’s sprawling retail empire. ADIA is seeking to invest $600 million into the organized retailing business of Asia's richest person, people aware of the developments told ET, at valuations that significantly exceed those during an earlier concluded round three years ago. ADIA is already an investor in Reliance Retail Ventures (RRVL), having bought a 1.2% stake for Rs 5,512.50 crore ($751 million) in October 2020, when the company raised Rs Rs 47,265 crore by selling 10.09% stake to a clutch of bulge-bracket investors that included Saudi PIF, Mubadala, GIC of Singapore, Silverlake, TPG and GA. From the previous bunch of investors, KKR has already made a follow-on investment of Rs 2,069.50 crore at a pre-money equity value of Rs 8.361 lakh crore ($100 billion), making RRVL among the top four companies by implied market capitalization in the country. Thus far, Qatar's $1-billion infusion has been the only fresh investment in the current round of fund raise. The current valuation is almost at a 60% premium to the last financing round three years ago, but is much lower than what most equity analysts perceive the value of the privately held retail business to be.

By Rae Wee

China poses a conundrum for asset managers because while it is cheap and growing, there are risks when it comes to rule of law and transparency, said Evan Siddall, chief executive of the Alberta Investment Management Corp. (AIMCo).

China poses a conundrum for asset managers because while it is cheap and growing, there are risks when it comes to rule of law and transparency, said Evan Siddall, chief executive of the Alberta Investment Management Corp. (AIMCo).

Elke Pascoe, founder and chief executive of infant formula group LittleOak Company, says it’s crucial that budding entrepreneurs let criticism bounce off them, and have the ability to “fiercely protect your dream”.

Bahrain-based Bank ABC will use JPMorgan’s Onyx Coin Systems for blockchain-based cross-border payments in a soft, or limited, launch. The new service will be more cost effective and reduce settlement times relative to traditional solutions.

By Valentina Za and Emilio Parodi

Air India is set to give its crew a fresh new look as it prepares to welcome its first wide-body A350 aircraft this year, according to sources. This development coincides with the airline's ongoing rebranding efforts and the merger of Vistara into its operations. Details regarding the new crew uniforms are still under discussion, as insiders are actively involved in the planning process.

Singapore Airlines on Tuesday said it aims to complete the merger of Vistara with Air India «as soon as possible» subject to remaining approvals from relevant authorities. Once the proposed merger, which was approved by the Competition Commission of India (CCI) on September 1, is complete, Singapore Airlines will have a 25.1 per cent stake in Air India.

The United Kingdom is “a home for financial and technological innovation,” according to Chris Larsen, co-founder and executive chairman of US fintech and blockchain firm Ripple.

By Yantoultra Ngui

By Harry Robertson and Tom Westbrook

India has allowed the export of non-basmati white rice to the tune of 75,000 tonnes to the UAE. Notably, the export of non-basmati white rice was prohibited from July 20 to check the domestic prices and ensure domestic food security. The exports to UAE are permitted through National Cooperative Exports Limited, the Directorate General of Foreign Trade said in its notification on late Monday evening. While amending the export policy, DGFT maintained that the export will be allowed on the basis of permission granted by the government to other countries to meet their food security needs and based on the request of their government. Last month, India had decided to allow the export of rice to «meet the food security requirements» of Singapore. West African country Benin is one of the major importers of non-basmati rice from India.

The Circle: Founders Club (The Circle FC) unveiled the onboarding of ten high-potential Korean startups into the Korea Startup Center (KSC) India 2023 program. The Circle FC, a business accelerator for growth-stage startups, partnered with KISED to run this program for the second year in a row. This program is run across 8 countries including India, USA, Israel, France, Singapore, Vietnam, Finland and Sweden.

Correction (July 29th): A previous version of this article said that Tan Chuan-Jin had an affair with a fellow MP who was married. In fact, she was not married. Sorry. Why are politics in West Bengal so violent? (Jul 20th) Asia is rowing about Fukushima nuclear wastewater (Jul 13th) Sri Lanka is uncovering mass graves but not the grisly truth of its civil war (Jul 6th) Also: How the Banyan column got its name © 2023, The Economist Newspaper Limited. All rights reserved. From The Economist, published under licence. The original content can be found on www.economist.com