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☆ Singapore's Temasek holds internal review of $275 mln FTX-related loss
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. But Singapore's leader-in-waiting told parliament the loss was "disappointing" and had caused reputational damage to Temasek. After pumping about $275 million into FTX, Temasek decided to write down the investment following the spectacular collapse of the exchange. The review will be conducted by an independent internal team reporting directly to the board and will not involve those who made the investment, Wong said. Wong told lawmakers the individual loss did not impact returns to Singapore's reserves, which are tied to long-term returns.

☆ Singapore state investor Temasek to open Paris office in 2023
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 29 (Reuters) - Singaporean state investor Temasek Holdings (TEM.UL) will open an office in Paris next year as it seeks to focus on investments in the Europe, Middle East and Africa (EMEA) region, it said on Tuesday. "Our decision to open a new European office reflects the continuing importance of EMEA as an investment destination," Temasek's EMEA head Uwe Krueger said in a statement. Ranked among the top 10 state investors in the world, Temasek's portfolio value rose to a record S$403 billion ($293 billion) in the year to March 2022. Temasek, which has stakes in large listed Asian companies such as DBS Group (DBSM.SI) and China Construction Bank (601939.SS), is mainly focused on Asia. ($1 = 1.3759 Singapore dollars)Reporting by Yantoultra Ngui; Editing By Anshuman Daga and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ New CEO says FTX had 'complete failure of corporate control'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +4 min

Nov 17 (Reuters) - New FTX CEO John Ray said there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried in a U.S. court filing on Thursday. "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in the filing, which was lodged with the District of Delaware bankruptcy court. Bankruptcy specialist Ray, who took over from Bankman-Fried as CEO when FTX filed for protection on Friday, did not name any specific overseas regulator in that part of the 30-page filing. FTX founder Bankman-Fried did not immediately respond to a request for comment on the allegations contained in the filing. Vox on Wednesday published an interview with Bankman-Fried in which he said he regretted his decision to file for bankruptcy protection and criticized regulators.

☆ Singapore's deputy PM: FTX case has raised 'serious allegations'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 17 (Reuters) - The collapse of crypto exchange FTX has raised "very serious allegations that amount to potential fraud", Singapore's finance minister and deputy prime minister said on Thursday. FTX was one of the largest exchanges in the world but had a spectacular collapse in recent weeks and has filed for bankruptcy. A Reuters report found that at least $1 billion of client funds were missing at the failed crypto firm. FTX founder and former chief executive Sam Bankman-Fried has said he expanded the business too quickly and failed to notice red flags. Singapore is in the midst of tightening rules around retail investment in cryptocurrencies, such as not allowing exchanges to offer incentives for referrals.

☆ Singapore's Temasek writes down $275 mln investment in FTX
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Singapore state investor Temasek Holdings said it would write down the value of its entire investment of $275 million in collapsed crypto currency exchange FTX, in the latest move by FTX's investors. "In view of FTX's financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX's bankruptcy protection filing," Temasek said in a statement on Thursday. Temasek said it had invested $210 million for a minority stake of about 1% in FTX International, and $65 million for a minority stake of about 1.5% in FTX US, across two funding rounds from October 2021 to January 2022. FTX filed for bankruptcy protection in the United States last week in the highest-profile crypto blowup to date, after traders pulled $6 billion from the platform in three days. Reporting by Sameer Manekar in Bengaluru and Anshuman Daga in Singapore; Editing by Sherry Jacob-Phillips and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ As FTX collapses, Temasek becomes latest backer to write down $275 mln funding
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 17 (Reuters) - Singapore state investor Temasek Holdings said it would write down the value of its entire investment of $275 million in collapsed crypto currency exchange FTX, in the latest move by FTX's investors. "In view of FTX's financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX's bankruptcy protection filing," Temasek said in a detailed statement on Thursday. "The cost of our investment in FTX was 0.09% of our net portfolio value of S$403 billion ($294.3 billion) as of 31 March 2022," it said. Temasek said its early stage investments made up about 6% of its total portfolio. ($1 = 1.3693 Singapore dollars)Reporting by Anshuman Daga in Singapore; Additional reporting by Sameer Manekar in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Two investment banks have been tapped to launch a sale process for Singapore-headquartered MedTech, which could be valued at roughly $1 billion, two of the sources said. All the sources declined to be named as news of the sale process has not been made public. A Temasek spokesperson declined comment, while there was no immediate comment from an external spokesperson for Advanced MedTech. Advanced MedTech, which earns the majority of its business from the United States, is one of the few companies that is fully-owned by Temasek, which ranks among the world's biggest investors. The sources expect private equity firms, healthcare-focused funds and strategic investors to put in bids for Advanced MedTech.

☆ Factbox: What are FTX's investors saying?
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Here's what investors in FTX are saying now:SOFTBANKThe total investment of SoftBank Group Corp's (9984.T) Vision Fund in the U.S. and international operations of FTX is less than $100 million, a source close to SoftBank said on Friday. The complications at FTX mark the latest difficulty for the Vision Fund, which has been hit in recent quarters by a global tech rout. SEQUOIA CAPITALSequoia Capital said on Wednesday that it would mark down its total investments in FTX to $0. ONTARIO TEACHERS PENSION PLANThe Ontario Teachers Pension Plan (OTPP) said on Thursday it had invested a total of $95 million in FTX. CIRCLEFintech company Circle CEO Jeremy Allaire said in a tweet on Wednesday that "Circle is a tiny equity holder of FTX, and FTX is a tiny equity holder of Circle."

A representative for FTX did not immediately respond to requests for comment on the deal or the SEC investigation. FTX and Binance did not disclose the terms of their agreement, and markets face fresh uncertainty over whether it will proceed. REUTERS/Dado Ruvic/Illustration 1 2Prior to the Binance proposed deal, Bankman-Fried approached cryptocurrency exchange OKX on Monday morning about a deal, but the exchange declined to move forward. "It has been a truly a devastating year for the industry," said Ryan Wong, a senior researcher at crypto exchange Huobi. "This could be a major source of risk to crypto markets," Lai wrote.

☆ Southeast Asia internet economy forecast cut on economic headwinds
▼ + stars: | 2022-10-27 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

REUTERS/Pascal Rossignol/File PhotoSINGAPORE, Oct 27 (Reuters) - Southeast Asia's internet economy is expected to be worth $330 billion by 2025, though this a downgrade from a previous forecast due to economic uncertainty and more pressure on tech companies to make a profit, an industry report said on Thursday. "Amidst global macroeconomic headwinds, reduced disposable income, sky-rocketing prices, and lower product availability, there is tapering of demand from Southeast Asia consumers," the trio said in a joint release. The region of 11 countries is one of the world's fastest growing internet markets, due to a young population, widespread smartphone usage and urbanisation, and a growing middle class. All six countries are expected to post double-digit growth between now and 2025, with Vietnam having the fastest growing digital economy this year at 28%. "Universally investors generally expect deal activity to recover from 2024 onwards," said Fock Wai Hoong, Deputy Head of Technology & Consumer and Southeast Asia at Temasek.

☆ Temasek shifts president, CFO in management shuffle
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

Oct 26 (Reuters) - Singapore's Temasek Holdings said on Wednesday President Tan Chong Lee will resign to take up the role as chief executive officer at its fund management firm 65 Equity Partners. In a slew of management changes announced by the investment giant, Leong Wai Leng will step down as the chief financial officer after 16 years to lead the Singapore market team as president. The company's deputy CFO Png Chin Yee will replace Leng from Jan. 1, 2023, it said in a statement. It has in recent days seen stock markets tumble in the face of higher interest rates and inflation. Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore's SATS in $1.1 bln deal to become biggest air cargo handler
▼ + stars: | 2022-09-28 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +3 min

SINGAPORE, Sept 28 (Reuters) - Singapore-based ground handling and catering provider SATS Ltd (SATS.SI) is acquiring Paris-based Worldwide Flight Services (WFS) for 1.19 billion euros ($1.14 billion) cash in its largest ever deal, to create the world's biggest global air cargo handler. SATS' CEO Kerry Mok called the deal "a transformational opportunity for SATS", saying it would create a global leader. Last week, Bloomberg News reported that SATS had sounded out financing for a possible deal that could be worth about $3 billion. WFS reported 1.722 billion euros in revenue and earnings before interest, taxes, depreciation, and amortization of 232 million euros for the year ended March 2022. Founded in 1984, WFS is the world's largest air cargo logistics provider and a major provider of ground handling and technical services.

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