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7 mentions found


☆ Former Singapore minister is jailed for a year for receiving gifts in landmark case
  + stars: | 2024-10-04 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com   time to read: +3 min
SINGAPORE — A Singapore court on Thursday sentenced a former minister to 12 months in prison for obstructing justice and receiving more than $300,000 worth of gifts, in the first jailing of a former cabinet member in a city-state famous for its clean governance. In a statement posted on the prime minister’s office website, Prime Minister Lawrence Wong said he was disappointed and saddened by the case. The case has shocked Singapore, which prides itself on its well-paid and efficient bureaucracy as well as strong and squeaky-clean governance. According to the prosecution, the value of the gifts Iswaran received totaled more than 400,000 Singapore dollars ($308,500). The former minister faced a total of 35 charges, two of which were corruption-related but were later amended to charges of receiving gifts while a public servant.
Persons: Iswaran, Lawrence Wong, ”, Wong, Ong Beng Seng, Ong, Vincent Hoong Organizations: English Premier League soccer, Singapore Locations: SINGAPORE, Singapore
☆ Billionaire who brought F1 to Singapore charged as part of landmark corruption probe
  + stars: | 2024-10-04 | by ( Story Reuters | ) edition.cnn.com   time to read: +2 min
Singapore Reuters —A Singapore court charged a property billionaire on Friday with obstructing justice and abetting offenses by a disgraced ex-transport minister jailed a day earlier in the city-state’s high-profile government graft case. Iswaran was imprisoned for 12 months for obstructing justice and improperly receiving gifts as a public servant, with Ong a central part of the prosecution’s case. Ong’s firm, Singapore-listed Hotel Properties, requested a trading halt early on Friday following Thursday’s announcement that he would be charged. Ong was charged with one count of abetting Iswaran’s receiving of valuables and one count of obstruction of justice, according to the charge sheet. Channel NewsAsia said Ong’s court hearing was adjourned until pre-trial proceedings on November 15.
Persons: Ong Beng Seng, Iswaran, Ong, NewsAsia, Ong’s, Iswaran’s, Justice Vincent Hoong Organizations: Singapore Reuters —, Hotel Properties Ltd, Singapore, English Premier League soccer, Doha Locations: Singapore, Doha
☆ 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
☆ Asia stocks slide as growth outlook darkens
  + stars: | 2023-06-23 | by ( Tom Westbrook | ) www.reuters.com   time to read: +3 min
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7% and is down 3.6% for the week, its worst since March. Japan's Nikkei (.N225) fell 1% as core inflation in Japan hit its fastest pace in more than four decades. Last week the U.S. Federal Reserve surprised markets with a hawkish outlook and central banks in Australia and Canada have delivered unexpected hikes. Two-year Treasury yields rose 9 bps to 4.8% overnight and were steady at 4.7888% in Asia on Friday. Brent crude futures were set for their worst week in nearly two months and fell 0.5% to $73.79 a barrel.
Persons: HSI, Wong Kok Hoong, Henry Russell, Maybank's Wong, Jerome Powell, Simon Cameron, Moore Organizations: Nikkei, Trade, China . Hong Kong, U.S . Federal Reserve, ANZ, U.S, Brent, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China . Hong, Maybank, Singapore, Britain, Norway, Australia, Canada, Europe, United States
☆ Southeast Asia's digital economy could reach $200 billion in gross merchandise value in 2022: Report
  + stars: | 2022-10-27 | 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 EmailSoutheast Asia's digital economy could reach $200 billion in gross merchandise value in 2022: ReportStephanie Davis, vice president of Google Southeast Asia, and Temasek's technology and consumer deputy head Fock Wai Hoong, discuss the findings from a new report by Google, Temasek, and Bain and Company.
☆ 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.
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