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☆ Eco-friendly data centers help drive $6.3 billion of green investment in Southeast Asia, but report shows more needed
▼ + stars: | 2024-04-16 | by ( Dylan Butts | ) www.cnbc.com time to read: +3 min

The analysis, conducted by Bain & Company, GenZero, Standard Chartered and Temasek, found that $6.3 billion of green investments flowed into the region, representing a 21% year-on-year increase. Last year, Malaysia attracted large-scale green financing of over $500 million for at least two data centers, according to the Monday report. watch nowThe move came after the Singaporean government unveiled a sustainability standard for data centers operating in tropical climates. Despite these efforts, Singapore's overall green investments fell in 2023 to $0.9 billion from $1.2 billion a year prior. Green investment towards power in the region fell by 14% year-over-year for the second year in a row.

Persons: Singapore —, Kimberly Tan, GenZero's Tan Organizations: Istock, Getty, Bain & Company, GenZero, Chartered, International Energy Agency, Singapore Locations: Asia, Temasek, Malaysia, Singapore

☆ Temasek CIO on the green transition: 'Clearly we can move faster, we need to move faster'
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTemasek CIO on the green transition: 'Clearly we can move faster, we need to move faster'Rohit Sipahimalani, CIO of Temasek, discusses how geopolitics affects efforts to address the climate crisis.

Persons: Rohit Sipahimalani Organizations: Temasek

☆ Setting a carbon price is 'absolutely critical' in accelerating decarbonization, CEO says
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSetting a carbon price is 'absolutely critical' in accelerating decarbonization, CEO saysFrederick Teo, CEO of GenZero, a subsidiary of Temasek, says "setting a carbon price allows decision-makers in corporates or in government to better allocate capital," among other things.

Persons: Frederick Teo Organizations: Temasek Locations: corporates

☆ Thaksin Shinawatra: Ousted Thai PM's Life in Politics
▼ + stars: | 2024-02-17 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +4 min

BANGKOK (Reuters) - Thailand's controversial billionaire former Prime Minister Thaksin Shinawatra was released on parole on Sunday after serving six months in detention. 1998Thaksin founds the Thai Rak Thai (Thais Love Thais) party. In September, the military launches a coup against Thaksin while he is overseas, citing the need to end the protests. 2011New elections are won in a landslide by another new pro-Thaksin party, Pheu Thai. Thaksin applies for a royal pardon and his eight-year jail term is commuted to a year by the king.

Persons: Thaksin Shinawatra, Thaksin, Love Thais, Thais, Yingluck Shinawatra, Thaksin's, Srettha Thavisin, Nick Macfie, Martin Petty Organizations: Thai Rak Thai, Thaksin, People's Alliance for Democracy, Shin Corporation, Temasek, English Premier League, Manchester City, Power Party, United Front for Democracy, Democrat Party Locations: BANGKOK, Thai, Singapore, Thai Rak Thai, Britain, Bangkok, Thailand

☆ Cultivated Meat’s Empty Promise of Revolution - The New York Times
▼ + stars: | 2024-02-09 | by ( Joe Fassler | ) www.nytimes.com time to read: +1 min

It is a gleaming vision of a world just beyond the present: a world in which meat is abundant and affordable with almost no cost to the environment. Meat without killing is the central promise of what’s come to be known as cultivated meat. Between 2016 and 2022, investors poured almost $3 billion into cultivated meat and seafood companies. Two of the leading companies — Eat Just and Upside Foods, both startups — reportedly achieved billion-dollar valuations. And today, a few products that include cultivated cells have been approved for sale in Singapore, the United States and Israel.

Persons: what’s, —, Qatar Investment Authority —, Tyson, Cargill, Leonardo DiCaprio, Bill Gates, Richard Branson . Organizations: Qatar Investment Authority, JBS, Foods Locations: Temasek, Singapore, United States, Israel

☆ I grew up always wanting to drive my own car. But I'm from the world's most expensive city to live in, and now I know I never will.
▼ + stars: | 2024-01-14 | by ( Matthew Loh | ) www.businessinsider.com time to read: +12 min

AdvertisementFor car buyers, the COE is an extra cost that can easily eclipse the actual price of a car. These BMW family cars cost around $103,000 in 2017. COE prices went up to $67,000 that year for lower-end cars, despite more than 13,000 certificates being made available. On Thursday, COE prices for lower-end cars fell to about $48,000, a steep drop that shocked the market. Meanwhile, while unpopular, Singapore's COE prices are working for now.

Persons: —, Mikel Bilbao, Edgar Su, Reuters They've, EDGAR SU, Walter Theseira, Theseira, Singapore's, We've, ROSLAN RAHMAN, we've, Aditya Irawan, it's, they're, Benjamin Loo Organizations: Service, Volvo, Volkswagen, Hyundai, VW, Getty, COE, BMW, Reuters, Toyota Corolla, Singapore University of Social Sciences, ROSLAN RAHMAN Singapore, Yokohama JR Line, The New York Times, Uber, Temasek Holdings, CarTimes, Straits Times Locations: Singapore, European, New York City, Tokyo, Yokohama, New York, Asia, Jakarta, Bangkok, Kuala Lumpur

☆ Generative AI is booming in the legal industry. Here's an exclusive look at the pitch deck Robin AI used to raise $26 million from investors like Singapore's Temasek.
▼ + stars: | 2024-01-10 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +3 min

The startup Robin AI, recently closed its Series B funding round, which Singapore investment company Temasek led. Headquartered in London, Robin uses Anthropic's latest large language model, Claude 2.1, and offers an "AI co-pilot" to help lawyers draft and revise contracts. The startup raised a $10.5 million Series A in January 2023 and a $2.5 million seed round in 2021. Although funding for legal tech startups fell in 2023, according to Crunchbase, a handful of startups have raised new rounds of cash. Check out the eight-slide pitch deck Robin used to raise its $26 million Series B funding round.

Persons: Robin, Claude 2.1, Richard Robinson, Robinson, Darrow Organizations: Business, Temasek, AFG Partners, Google Locations: Singapore, London, what's, Asia

☆ This tiny country drove 15% of Nvidia's revenue – here's why it needs so many chips
▼ + stars: | 2023-12-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

About 15% or $2.7 billion of Nvidia's revenue for the quarter ended October came from Singapore, a U.S. Securities and Exchange Commission filing showed. Revenue coming from Singapore in the third quarter jumped 404.1% from the $562 million in revenue recorded in the same period a year ago. Singapore only trailed behind the U.S. (34.77%,) Taiwan (23.91%) and China including Hong Kong (22.24%) in Nvidia's third-quarter sales rankings. "I would highly think it's due to data centers as Singapore has quite a lot of data centers and cloud service providers," Maybank Securities analyst Jarick Seet told CNBC. Building data centers, of course!," said Sang Shin, an ex-Temasek and GIC executive, in a LinkedIn post.

Persons: Jakub Porzycki, Jarick Seet, Sang Shin, Shin Organizations: Getty, Nvidia, U.S . Securities, Exchange Commission, Maybank Securities, CNBC, Temasek, GIC Locations: Krakow, Poland, U.S, Singapore, Taiwan, China, Hong Kong, Nvidia's, GIC

☆ Asia’s tech giants lean toward desperate deals
▼ + stars: | 2023-11-30 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

TikTok CEO Shou Zi Chew arrives for a dinner, on the eve of the Paris Peace Forum at the Elysee Palace in Paris, France, November 9, 2023. TikTok CEO Shou Zi Chew was feted in Indonesia where it has 125 million monthly active users when he pledged in June to invest billions of dollars in the region. But the global giant failed to anticipate regulatory hurdles in its biggest market for online shopping. TikTok’s viral video app would provide Tokopedia with a powerful new growth avenue for its online shopping and payments business. Yet as tech companies from the People’s Republic to Indonesia pull out all the stops to lift growth amid waning investor support, desperate new alliances are bound to emerge.

Persons: Shou Zi Chew, Gonzalo Fuentes, TikTok, China’s, GoTo, Patrick Walujo, Indonesia’s GoTo, Una Galani, Thomas Shum Organizations: Paris Peace, REUTERS, Rights, Reuters, Companies, Google, Temasek, Bain &, Reuters Graphics Reuters Graphics, Tokopedia, HK, Global Digital, Djarum, Bloomberg, Thomson Locations: Paris, France, Rights SINGAPORE, Southeast Asia, Indonesia, Reuters Graphics Reuters Graphics Jakarta, Tokopedia, Lazada, Singapore, Indonesian, Thailand, People’s Republic, China

☆ Southeast Asia is on the cusp of a 'supercharged' digital payments revolution, PwC says
▼ + stars: | 2023-11-29 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Widespread mobile ownership, together with rapid digitalization after the pandemic, helped spur the expansion of digital financial services in Southeast Asia, said PwC. PwC"This enhanced availability and convenience of digital payments will see the bulk of the regional population leveraging mainstream digital financial products, such as e-wallets, further expediting the expansion of financial services," said PwC. watch now"Consumers are adopting digital financial services at a rapid pace. Cash is no longer king, as digital payments now make up more than 50% of the region's transactions," a recent Google, Temasek and Bain & Company report wrote. "In some regions such as Southeast Asia, [digital payments via e-wallets] are already more common than physical card payments and set to dominate point-of-sale [systems] overall," wrote Dan Jones and Alex Walker of OliverWyman.

Persons: PwC, hawkers, —, Cash, Dan Jones, Alex Walker of OliverWyman Organizations: Banking, Getty, Careem, Mercado Libre, Temasek, Bain & Company Locations: China, East Asia, Shanghai, Banking Asia, Asia, Southeast Asia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, Brunei, Laos, Cambodia, Paytm, India, AliPay, Latin America

[1/6] Ola electric scooters are seen outside the Ola Electric Service Centre, in Thane on the outskirts of Mumbai, India, October 25, 2023. Aggarwal's Ola Electric, which he likens to Tesla in the West, is zipping towards a stock-market listing after going from zero to 338,000 e-scooter sales in about two years. But he acknowledged service capacity issues and said Ola was "aggressively" bolstering its service network by adding 100 new centres and hiring more technicians. 'TESLA FOR WEST, OLA FOR REST'Aggarwal often declares, "Tesla is for the West, Ola for the rest", and he's a man in a hurry. "Electric vehicles are new to people so they aren't aware of how to ride the vehicle to maximise optimal output," he said.

Persons: Francis Mascarenhas, it's, Elon Musk, Aggarwal's Ola, Tesla, Ola, Devendra Ghuge, Aggarwal, Ola EVs, Ravi Bhatia, Bhatia, Japan's SoftBank, Ronald Radhakrishnan, Koradia, Riddhima Talwani, Aditi Shah, Rishika Sadam, Sriram, Arpan Chaturvedi, Anushree, Pandya, Francis Mascerehnas, Varun Vyas, Munsif, Jatindra, Saurabh Sharma, Sumit Khanna, Jose Devasia, Aditya Kalra Organizations: Ola Electric Service Centre, REUTERS, Staff, Reuters, JATO Dynamics, WEST, OLA, West, Singapore's Temasek, Industry, Hero Electric, TVS, EV, Ola, Fayaz Bukhari, Thomson Locations: Thane, Mumbai, India, THANE, HYDERABAD, DELHI, MUMBAI, Chennai, Bengaluru, India's, U.S, China, Kochi, New Delhi, Bhubaneswar, Lucknow, Ahmedabad, Jose, Srinagar

☆ Singapore's Temasek warns that fake agents in China are trying to sell scam investments
▼ + stars: | 2023-11-22 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

An undated photo of a signage at Singapore state investor Temasek Holdings' headquarters in the Southeast Asian city-state. Singapore's Temasek Holdings warned that scammers are allegedly trying to sell financial investment products or instruments to unsuspecting individuals while posing as agents of the firm's office in Shenzhen, China. "We have been alerted to a scam in China that involves the impersonation of Temasek in Shenzhen, using our registered office name 'Temasek Holdings Advisors (Shenzhen) Co., Ltd.' / '淡马锡投资咨询 (深圳) 有限公司'," Temasek said in a statement Wednesday. Temasek does not directly sell any investment products or financial instruments in China. We have not authorized any third party to do so on our behalf," the Singapore investment company added.

Persons: scammers, Temasek Organizations: Temasek Holdings, Singapore's Temasek Holdings, Temasek, Temasek Holdings Advisors, Co, Singapore, Apple, Ikea, Xinhua Locations: Singapore, Shenzhen, China, Beijing, Shanghai, Myanmar

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJAKARTA, Nov 13 (Reuters) - TikTok has been holding talks with Indonesian e-commerce companies about possible partnerships, an Indonesian minister said on Monday, a month after Southeast Asia's largest economy banned online shopping on social media platforms. "Some e-commerce companies in Indonesia have talked to TikTok," he said in an interview, citing what the companies' executives told him. It was a particular blow to TikTok, which was forced to close its e-commerce service TikTok Shop. A TikTok Indonesia spokesperson was not available to comment. Until it stopped operations, TikTok Shop was delivering about 3 million parcels a day in Indonesia, sources have said.

Persons: Dado Ruvic, Teten Masduki, TikTok, Tokopedia, Bukalapak, Blibli, Joko Widodo, Shou Zi Chew, Teten, Indonesia's, SEA's, Stanley Widianto, Ananda Teresia, Edwina Gibbs Organizations: REUTERS, Rights, Indonesian, GoTo's, TikTok, YouTube, Meta, Google, Temasek Holdings, Bain & Co, HK, Lazada, Thomson Locations: Rights JAKARTA, Indonesian, Indonesia, Southeast, Singapore

☆ Southeast Asia internet economy to grow 11% y/y in 2023
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

An internet LAN cable is pictured in this photo illustration taken in Sydney June 23, 2011. REUTERS/Tim Wimborne/File Photo Acquire Licensing RightsSINGAPORE, Nov 1 (Reuters) - Southeast Asia's internet economy is expected to grow 11% year-on-year in 2023, slowing from last year's 20% growth, an industry report showed on Wednesday. The annual report published jointly by Alphabet (GOOGL.O)'s Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company, also said the region's internet economy is seen worth $295 billion by 2025, down from a previous estimate of $330 billion. "Digital economy sectors are showing positive growth trajectories, with travel and transport on track to exceed pre-pandemic levels by 2024," the companies said in a joint statement. The region of 11 countries and more than half a billion people has a young population, widespread smartphone usage, and a growing middle class, making it one of the world's fastest growing internet markets.

Persons: Tim Wimborne, Chen Lin, Kanupriya Kapoor Organizations: REUTERS, Rights, Google, Temasek Holdings, Bain & Company, Thomson Locations: Sydney, Rights SINGAPORE, Singapore

☆ Firms are realizing that growth at all costs isn't the best: Temasek
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGood news is that companies are realizing that growth at all costs isn't the best way: TemasekFock Wai Hoong, head of Southeast Asia at Temasek, discusses the state of private funding in the region.

Persons: Hoong Organizations: Temasek Locations: Temasek, Southeast Asia

☆ Southeast Asia's digital economy – from e-commerce to online media – is set to hit $218 billion in 2023, report shows
▼ + stars: | 2023-11-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

The yearly report analyzed the five main sectors of Southeast Asia's digital economy – e-commerce, travel, food and transport, online media and digital financial services. The report also revealed revenue in Southeast Asia's digital economy is expected to hit $100 billion this year, growing 1.7 times as fast as the region's total transaction value. "Southeast Asia's digital economy is really in the midst of an unprecedented pivot towards profitability. Despite investors being pickier, "dry powder" increased to $15.7 billion at the end of 2022, up from $12.4 billion in 2021. "This shows that there is fuel available to propel Southeast Asia's digital economy to the next stage of growth," the report said.

Persons: Carlina, Hoong, Chadha, Fock, CNBC's JP Ong Organizations: Google, Temasek, Bain & Company, Companies Locations: Asia, Southeast, Southeast Asia, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Brunei, Cambodia, Laos, Myanmar, East Timor, Papua New Guinea

"AustralianSuper believes Origin has a highly strategic portfolio of assets to participate in, and benefit from, the energy transition," a spokesperson said. Origin shares plunged as much as 5.6% to A$8.565 in high-volume trading following the news, as AustralianSuper's 13.68% holding could scupper a deal that requires approval from 75% of the register if not all investors vote. Should the deal fail at the shareholder vote scheduled for Nov. 23, a revised agreement allows the consortium to make a subsequent off-market bid if it buys 5% or more of Origin shares. "If it gets voted down, Brookfield aren't obligated to come back with an off-market takeover offer, but they may be inclined to," he said. Should the deal close, Brookfield and its partners GIC and Temasek will own Origin's Energy Markets business, which includes power generation and retailing.

Persons: Dado Ruvic, AustralianSuper, Canada's Brookfield, Brookfield, Jamie Hannah, Simon Mawhinney, Allan Gray, Stewart Upson, Scott Murdoch, Lewis Jackson, Sameer Manekar, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, bourse, Brookfield Asia, Energy Markets, Saudi Arabia's Aramco, Australia Pacific LNG, Thomson Locations: VanEck, Brookfield, Temasek, Saudi, Australia, Sydney, Bengaluru

☆ How Singapore is helping 'future-food' companies scale up
▼ + stars: | 2023-11-01 | by ( Sponsor Post | Created Insider Studios With Edb Singapore | ) www.businessinsider.com time to read: +7 min

Global food-tech innovators like Corning Life Sciences and ScaleUp Bio are among those setting up shop. Inside a lab on the west coast of Singapore, the future of food production is being developed — or fermented, to be more precise. The company is ScaleUp Bio, a local contract development and manufacturing organization that provides submerged microbial and precision fermentation for food-tech startups. In the long term, this will reduce costs compared to traditional agricultural methods and help make food production more sustainable. Despite the sector's immediate funding challenges, Singapore is committed to being a consistent partner and helping companies with similar goals achieve success.

Persons: ScaleUp, Francisco Codoner, John Shyu, Shyu, ScaleUp's Codoner Organizations: Global, Life Sciences, ADM, Nurasa, Temasek, Deloitte, Good Food Institute, Singapore Government, Corning Life Sciences, Singapore's Agency for Science, Technology, Research, GFI, Food, Insider Studios, Singapore Economic Development Board Locations: Singapore, Southeast Asia, agrifood, Asia

☆ Shares of Tencent-backed J&T Express fall in lackluster Hong Kong debut
▼ + stars: | 2023-10-27 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

The logistics service provider traded at 11.84 Hong Kong dollars ($1.51) on Friday morning, after opening at HK$12. The HK$3.92 billion ($500 million) IPO is the second largest listing in Hong Kong this year, after premium Chinese liquor company ZJLD Group . J&T Express is listing in an uncertain economic environment, characterized by hiking inflation, high interest rates and ongoing conflict such as the Israel-Hamas war and Ukraine invasion. Hong Kong's global IPO ranking dropped to eighth following a historically slow third quarter," said KPMG in a report published on Oct. 9. "The IPO pricing is dropping significantly by more than 50% or even 70%."

Persons: Irene Chu, Ringo Choi Organizations: T Express, Hong, HK, ZJLD Group, KKR, SF Express, Temasek, T, KPMG, KPMG China, CNBC, Reuters . Companies Locations: Hong Kong, U.S, Sequoia, Israel, Ukraine, Asia, Pacific

☆ Vietnam’s Tesla justifies stock price reversal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

A VinFast VF 8 model is seen during a car delivery ceremony at the VinFast car factory in Haiphong province, Vietnam, September 10, 2022. REUTERS/Thinh Nguyen Acquire Licensing RightsSINGAPORE, Oct 6 (Reuters Breakingviews) - Vietnam’s richest man may have to get used to spending some time in the slow lane. In August, Pham Nhat Vuong closed an unconvincing merger with a blank-cheque company that bestowed a $23 billion market value on his Tesla (TSLA.O) wannabe VinFast . There are no details of sales in the United States, a key target market where it has been burdened by poor reviews. Without some impressive progress outside of Vietnam, though, the EV company’s stock is going nowhere fast.

Persons: Thinh Nguyen, Pham Nhat Vuong, Sandoz, Antony Currie, Thomas Shum Organizations: REUTERS, Rights, Reuters, EV, X, Alstom, Brookfield, Temasek, Thomson Locations: Haiphong province, Vietnam, Rights SINGAPORE, United States

☆ Alstom cash crunch dents management credibility
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes Acquire Licensing RightsLONDON, Oct 5 (Reuters Breakingviews) - Alstom (ALSO.PA) CEO Henri Poupart-Lafarge faces an uphill struggle to shore up his credibility. The French train maker lost 35% of its market value – amounting to 3 billion euros - on Thursday after announcing that it would book negative free cash flow of 500 to 750 million euros this year. Finally, weaker than expected orders in the first half of the year generated less cash in the form of down payments. Given the potential for the group’s net debt to be 3 billion euros by year-end, 1 billion euros more than expected, Deutsche Bank analysts reckon it may soon need a capital increase. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gonzalo Fuentes, Henri Poupart, Pierre Briancon, Aimee Donnellan, Streisand Neto Organizations: Alstom, REUTERS, Reuters, London Underground, Deutsche Bank, X, Sandoz, Brookfield, Temasek, Thomson Locations: Saint, Ouen, Paris, France

☆ India's Tata Group in talks with Temasek to buy back stake in Tata Play, Bloomberg reports
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

The logo of Tata Group is seen at a business meeting organised by the Confederation of Indian Industry (CII) in New Delhi March 23, 2009. REUTERS/Vijay Mathur/File photo Acquire Licensing RightsBENGALURU, Oct 5 (Reuters) - India's Tata Group is in advanced talks with Temasek Holdings [RIC:RIC:TEM.UL] to buy back about 20% stake in its entertainment content distribution platform, Tata Play, at a valuation of more than $1 billion, Bloomberg News reported on Thursday, citing people familiar with the matter. Tata Group didn't immediately respond to a Reuters request for confirmation, and Temasek declined to comment. Bloomberg News had in July reported that Tata Group is considering making an offer to buy back Temasek's stake as the conglomerate was weighing delaying a potential initial public offering for Tata Play. Tata Play is a subscription-based video streaming service for television and over-the-top apps.

Persons: Vijay Mathur, Tata Group didn't, Ashish Chandra, Kashish Tandon, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Tata Group, Confederation of Indian Industry, REUTERS, Rights, India's Tata Group, Temasek Holdings, Tata, Bloomberg, Temasek, Bloomberg News, Tata Play, Thomson Locations: New Delhi, Bengaluru

☆ Sandoz owners are banking on margin cure
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 4 (Reuters Breakingviews) - Sandoz’s (SDZ.S) investors are giving CEO Richard Saynor the benefit of the doubt. Shares in the generics drug maker, which $217 billion pharma giant Novartis (NOVN.S) has finally managed to spin off, started to trade in Zurich on Wednesday. There was a risk that Novartis investors, who have long called for a sale or spinoff, would quickly dump the new Sandoz shares. At current market prices, Sandoz is worth nearly $11 billion, or $14.4 billion once net debt is added in. For now, Novartis investors seem to believe Sandoz’s treatment may be effective.

Persons: Richard Saynor, Sandoz, Aimee Donnellan, Lisa Jucca, Streisand Neto Organizations: Reuters, Novartis, Sandoz, Hikma Pharmaceuticals, X, Brookfield pounces, Temasek, Thomson Locations: Zurich, That’s

☆ Temasek units put new spin on SPAC pass the parcel
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Oct 3 (Reuters Breakingviews) - Convincing companies to list in Singapore, the tiny Asian financial hub, has long been a tall order. Hopes that special-purpose acquisition companies would be able to help looked ill-timed: three listed on the city-state’s exchange in January 2022, just as its stock market peaked and the appeal of blank-cheque firms was waning. The SPAC is sponsored by Vertex Venture Holdings, a venture-capital firm indirectly owned by Temasek. The SPAC maintains that Temasek is not involved in the business or operational decisions of any of these entities. Investment firms like Blackstone (BX.N)have offloaded portfolio companies to SPACs in the past – just not usually to ones they set up.

Persons: Antony Currie, Katrina Hamlin Organizations: Reuters, Technology, Corp, Vertex Venture Holdings, Temasek . Companies, Temasek, Blackstone, Vertex Technology, Singapore Exchange, X, Thomson Locations: SINGAPORE, Singapore, Taiwan, Japan

☆ Grocer profit will be sacrificed on UK food altar
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 3 (Reuters Breakingviews) - British shoppers enjoyed a novel experience last month: lower food prices. Admittedly, the fall in the average food basket between August and September was just 0.1%, according to the British Retail Consortium. But it was the first monthly fall in food prices since July 2021 and brought down overall retail inflation to 6.2%, the lowest in a year. That’s good for consumers, especially those who like dairy products, margarine, fish and vegetables – the items that caused the overall fall. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Helen Dickinson, Francesco Guerrera, Aimee Donnellan, Oliver Taslic Organizations: Reuters, British Retail Consortium, Bank of, Grocers, X, Temasek, Thomson Locations: Bank of England

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