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Executive director in China state-owned enterprise sacked amid allegations of involvement in controversial affair

An executive director in a prominent China state-owned enterprise has been terminated from his position following allegations of his involvement in a controversial extramarital affair. The incident came to light after a viral video showing him holding hands with a woman surfaced online. The woman, Dong Sijin, previously praised for her dedication, has also been suspended pending investigation.

Singapore boosts AI development through strategic partnership with Run:ai

Singapore’s national initiative, AI Singapore (AISG), partners with Run:ai, a leader in compute orchestration for AI workloads, to deliver scalable infrastructure solutions for diverse AI projects. The collaboration aims to expedite the adoption of AI in various industries, supporting Singapore’s vision to be a global AI leader by 2030.

Sustainability legislation and business actions lead the way in APAC, reveals ERM-GlobeScan survey

New research from ERM-GlobeScan survey emphasizes the need for businesses to integrate sustainability into their core strategies, highlighting significant legislative actions and rising corporate responsibility.

India’s manufacturing woes: Production challenges faced by Pfizer and Apple

India’s manufacturing sector faces significant challenges as Pfizer and Apple encounter production issues. Pfizer suspended the sale of four antibiotics due to manufacturing deviations at a contractor plant. Apple struggles with weak infrastructure, logistics, and low yield in its manufacturing operations. India’s lack of robust infrastructure, shortage of skilled labor, complex regulations, and bureaucratic hurdles contribute to the difficulties faced by multinational companies. Despite attempts to attract foreign investment, many firms have opted to leave India.

Singapore climbs to 5th spot among most expensive global destinations for expatriates, surpassing previous 13th rank: ECA Report

Singapore jumped to the 5th position in ECA International’s global ranking of the most expensive locations for expatriates, due to rapidly increasing accommodation costs. Despite facing multi-year high inflation rates, Hong Kong fell to the second spot, overtaken by New York. Other notable shifts include Seoul rising to 9th, Kuala Lumpur ranking 35th in Asia, and significant drops for Taipei and Tokyo due to currency depreciation and inflation.

Taiwanese chip giant TSMC says industry could have ‘stabilising’ effect

Taiwan’s TSMC, the leading semiconductor manufacturer, assures its advanced chips will be produced in Taiwan, amid escalating geopolitical tensions between the US and China. CEO CC Wei confirmed that 3nm, 2nm, and even the forthcoming 1.4nm chips will be primarily manufactured on the island. The move underlines TSMC’s role in stabilising global geopolitics, amidst concerns over supply disruptions in case of potential Chinese aggression towards Taiwan.

Changi Airport Group reported earnings of S$33 million in FY2023, bounced from previous S$838 million net loss

Singapore’s Changi Airport Group (CAG) sees a financial turnaround with net earnings of $33 million for fiscal year ending March 2023, up from last year’s net loss of $838 million. This comes as passenger traffic increased to 62% of pre-pandemic levels. However, operating expenses rose by 42% due to increased business activities and higher energy costs. Despite potential challenges, CAG aims to reach pre-COVID traffic levels by 2024 while focusing on sustainable travel and innovation.

Indonesian government showcases archipelago capital development to Singaporean investors

The Indonesian government welcomed Singaporean officials and 130 businessmen to visit the Archipelago Capital (IKN) construction site. The visit aimed to showcase the progress of IKN and attract investors to participate in the development of the new capital city. Luhut Binsar Pandjaitan, the Coordinating Minister for Maritime Affairs and Investment, personally guided the delegation and emphasized IKN’s investment potential. The government is actively acquiring land in various areas of IKN, and two meetings are scheduled to further discuss investment opportunities. The visit builds upon the commitment made during the “Leaders Retreat” between President Joko Widodo and Singapore Prime Minister Lee Hsien Loong. The IKN Authority and Singapore’s Center for Livable Cities have signed an agreement to develop a sustainable and livable city within IKN. The visit has generated interest from Singaporean entrepreneurs, and progress on IKN construction is at approximately 29 per cent.

Questioning Accountability: Kenneth Jeyaretnam seeks clarity on Ho Ching’s role in Temasek’s FTX investment

In light of the announcement by Temasek that it had cut the compensation of its senior management and the investment team responsible for the disastrous FTX deal, the Reform Party’s Secretary-General, Kenneth Jeyaretnam, questioned the due diligence process led by former CEO Ho Ching. He asked whether any part of her compensation was clawed back and emphasized the public’s right to know details of her remuneration. Temasek had made the FTX investment across two rounds from October 2021 to January 2022, partly during Ho’s tenure.

Temasek cuts senior management compensation after conclusion of internal review following troubled FTX investment

Singapore’s investment company, Temasek Holdings, has concluded an internal review following its ill-fated US$275 investment in FTX, a cryptocurrency exchange. The firm disclosed it has cut senior management and investment team compensation, holding them accountable for the reputational damage suffered due to the failed FTX investment.