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Virgin Orbit files for bankruptcy in the United States

Richard Branson’s rocket company, Virgin Orbit, has filed for Chapter 11 bankruptcy in the United States, allowing it to continue its business operations while restructuring its debts. The company stated that it has taken significant efforts to address its financial position and secure additional financing, but ultimately decided to do what is best for the business. Virgin Orbit’s sister company, Virgin Investments, will inject US$31.6 million into the satellite launcher to help it stay afloat while the business searches for a new owner.

Malaysia secures record RM170 billion worth of investment commitments from China

Malaysia made history by securing a record investment commitment of RM170 billion from China. This is the largest investment commitment from China to Malaysia so far, made through 19 memoranda of understanding (MoUs) between Chinese and Malaysian businesses.

MAS expresses concern over DBS digital banking disruption, demands investigation

Monetary Authority of Singapore (MAS) issued a statement regarding the recent disruption of digital services by DBS on Wednesday (29 Mar), saying that it is unacceptable and that it will take the commensurate supervisory actions after assessing the facts. The Singapore financial regulator shared that DBS notified the agency early on Wednesday morning that its customers were experiencing difficulties logging on to its digital banking services. The outage lasted most of the day and only came back online in the evening.

EuroCham Survey: European businesses in Singapore concerned about rising rental costs for businesses and staff

European businesses in Singapore are concerned about the rising cost of rental for both residential and office spaces. A EuroCham survey found that 50% of employees experienced a rental cost increase of more than 40%, causing anxiety and distress among 97% of them.

First Citizens to acquire collapsed Silicon Valley Bank

First Citizens Bank to acquire deposits and loans of bankrupt Silicon Valley Bank, covering $119 billion in deposits and $72 billion in assets. SVB’s 17 branches will open as First Citizens on Monday, and depositors will automatically become depositors of First Citizens Bank, insured by the FDIC.

Comptroller General of Brazil initiated proceedings against Sembcorp Marine’s subsidiary

Sembcorp Marine Ltd has issued an announcement on Singapore Stock Exchange informing…

Swiss sweat over size of new superbank

UBS and Credit Suisse’s merger will create the biggest bank in Switzerland, raising concerns about its size. Both banks are considered too big to fail and are of strategic importance to the global banking system. Some in business, industry, and politics are sceptical about the merger and the impact on services offered to companies, costs, and competition. The merger prevented the collapse of Credit Suisse and triggered criticism among Swiss political circles, with calls for further regulation and partial nationalization.

Demand for AI talent will likely outpace supply for some time as Govt scales up effort to expand local pool

Singapore government is raising awareness of the value of artificial intelligence (AI) and potential across the wider economy and society as demand for AI talent will likely outpace supply, said Minister for Communications and Information Josephine Teo.

Indonesian President calls for stricter enforcement on importing used clothing and shoes, as scandal hits SportSG’s recycling program

Following intensive scrutiny by the local media of the practice of importing used clothing into the country, the President of Indonesia, Joko Widodo, has ordered an investigation to stem the illegal import of used clothing due to the disruption it causes to the domestic textile industry.

UBS in talks to acquire embattled Credit Suisse: Financial Times

UBS is in talks to purchase all or part of Credit Suisse as Credit Suisse faces a crisis of confidence, according to an unnamed source. Swiss regulators have suggested merging Credit Suisse with UBS as a plan A to stop the crisis of confidence. However, UBS is reportedly cautious, wanting to assess the risks that such a takeover would pose to its own business.