Business

High net worth individuals and companies begin relocating assets from Hong Kong to Singapore following unrest over extradition Bill

As the political storm unfolds between the government of Hong Kong and the city’s denizens – particularly members of civil society – over the former’s divisive extradition Bill, the mega-wealthy are moving their assets elsewhere, including to Singapore. Financial Times reported Thu (20 Jun) that according to an executive vice-president from the Singapore Stock Exchange (SGX), Hong Kong’s Securities and …

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DBS Foundation Social Enterprise Grant 2019 opens for submissions

DBS Foundation, the first foundation in Singapore dedicated to championing social entrepreneurship, has launched its 2019 cycle of the DBS Foundation Social Enterprise (SE) Grant. Applications submitted by 31 July 2019 will be evaluated in this cycle (August to September 2019), and successful applicants can expect to receive between SGD 50,000 and SGD 250,000 grants in November 2019. Social entrepreneurs …

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MAS issues Prohibition Orders against former representative of UBS AG for dishonest conduct

The Monetary Authority of Singapore (MAS) has issued 3-year prohibition orders (POs) against a former representative of UBS AG, Singapore branch (UBS) for forging documents and falsified company emails during his employment with UBS. The authority stated that under the POs, Mr Paris Michele is prohibited from performing any regulated activity under the Securities and Futures Act (SFA) and providing any …

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Singapore seen as one of the easiest countries to do business in Asia

Based on a report by TMF Group, a provider of international administrative services, Singapore is ranked the sixth easiest place to do business in Asia. The Global Business Complexity Index, which compares key administrative and compliance demands across 76 jurisdictions worldwide, found only Thailand, South Korea, Japan, Hong Kong and Taiwan provided a more straightforward environment for firms looking to …

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Visa introduces contactless payment for public transport in partnership with LTA’s SimplyGo initiative

Commuters taking public transport in Singapore will now have the option to tap their Visa contactless cards or compatible mobile devices at MRT stations or buses as a part of the global payment system’s partnership with the Land Transport Authority under the SimplyGo initiative. Covering 30,000 contactless payment acceptance points worldwide, multinational banks such as Bank of China, CIMB, Citibank, …

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F&B entrepreneur Jun Low urges the government to stop landlords from increasing rent rates for tenants to promote healthy economy

Jun Low, the Director of JC Global Concepts, recently took to her Facebook to highlight that the Government should step in to prevent retail landlords from raising their rent rates during every renewal period for the tenants. The food and beverage (F&B) entrepreneur who is behind some of the renowned restaurants in Singapore and overseas like Central Hong Kong Café, …

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Utico’s “part cash redemption offer” to Hyflux’s retail shareholders merely “exploratory in nature”

Emirati utilities group Utico’s “part cash redemption” offer to beleaguered water treatment firm and genco Hyflux’s retail perpetual and preference shareholders (PNP) is merely “exploratory in nature”, said the homegrown company in a meeting on Tue (28 May). The Business Times reported that the offer, according to Hyflux, is still “currently being contemplated” by the utilities group. Noting that it …

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PUB rejects Hyflux potential white knight investor Utico’s bid to delay Tuaspring desalination plant takeover

Singapore’s national water agency Public Utilities Board (PUB) has rejected Emirati utilities group Utico’s request to delay the statutory body’s takeover of beleaguered water treatment firm Hyflux’s Tuaspring desalination plant due tomorrow (18 May). PUB told The Straits Times that it will stand by “all the announcements that have already been made about PUB taking over the Tuaspring Desalination Plant”. …

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Singapore-based maritime carrier PIL received loans from Temasek Holdings last year, sovereign wealth fund holds shares in company as collateral

Singapore-based maritime containerline Pacific International Lines (PIL) received “previously unreported loans” from the Republic’s sovereign wealth fund Temasek Holdings in the form of hedge funds last year. Citing world maritime news platform Alphaliner‘s latest weekly report, international maritime and shipping news platform Splash 24/7 added that in return, PIL, the 10th largest ocean carrier globally, had pledged its shares to …

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