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☆ Thailand’s political drama raises the stakes
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 20 (Reuters Breakingviews) - Investors in Thailand are long used to twists and turns in the country’s politics but a court’s move on Wednesday to suspend the leader of the election-winning Move Forward Party as a lawmaker has raised the stakes. Pita Limjaroenrat's supporters are protesting as it’s now unlikely that the liberal and would-be aggressive reformer of the underperforming $500 billion economy will become the prime minister. It’s not a good outcome, however. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Pita Limjaroenrat's, Pita, It’s, It's, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Investors, Party, SETI, Gulf Energy, Asian Development Bank, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: SINGAPORE, Thailand, Asia

☆ Singapore’s clean reputation gets a timely test
▼ + stars: | 2023-07-18 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, July 18 (Reuters Breakingviews) - Singapore could turn a governance crisis into an opportunity. Its transport minister S. Iswaran and Ong Beng Seng, the property billionaire credited with bringing Formula One to the city, were arrested and released on bail last week. The rare high-profile probe involving a public official by the hub’s anti-graft agency is a timely test of the Asian centre’s willingness to act tough on corruption. It's been six days since Prime Minister Lee Hsien Loong revealed the investigation by the Corrupt Practices Investigation Bureau and the exact details remain unclear. S. Iswaran and businessman Ong Beng Seng were arrested on July 11 and subsequently released on bail, the Corrupt Practices Investigation Bureau said.

Persons: Ong Beng Seng, It's, Lee Hsien Loong, Iswaran, Ong, Una Galani, Thomas Shum Organizations: Reuters, Formula, Practices, Beijing, DBS, Hotel Properties, InterContinental Hotels Group, Marriott International, Thomson Locations: SINGAPORE, Singapore, Denmark, Finland, New Zealand, Norway, Asia, Hong Kong, COMO

☆ Shelved port deal will test Temasek’s private push
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 13 (Reuters Breakingviews) - Temasek is having a bad weather week. The Singaporean investor’s wholly owned port operator PSA International is shelving plans to sell its 20% stake in CK Hutchison’s (0001.HK) port business, per Bloomberg. PSA was seeking $4 billion for its stake, a touch less than what it paid. This week, Temasek itself reported a 5.2% drop in the net value of its portfolio to $285 billion in the 12 months to the end of March, as public markets remain weak. The world’s 10th-largest sovereign investor has 53% of its portfolio parked in unlisted assets, double the level a decade ago.

Persons: CK Hutchison’s, Li Ka, China's Cosco, Breakingviews, Daga, Una Galani, Thomas Shum Organizations: Reuters, Temasek, CK, Bloomberg, Twitter, Thomson Locations: SINGAPORE, HK, Hong Kong, Singapore, China

☆ Temasek is betting on all its stars aligning
▼ + stars: | 2023-07-12 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

That’s one consolation Temasek can take from a tricky year. But Temasek’s hopes for a more prosperous year or two ahead rely on matters mostly out of its hands. Reuters Graphics Reuters GraphicsGranted, Temasek had a busy few years propping up the tiny city-state’s companies, like Singapore Airlines (SIAL.SI), after the pandemic hit. Meanwhile, high valuations in the United States, where Temasek has doubled exposure over the past decade, will limit opportunities. But if Temasek wants to start shining more brightly soon, it’ll need all its stars to align.

Persons: That’s, Temasek’s, Chin Yee, There’s, Antony Currie, Pranav Kiran, Thomas Shum Organizations: Reuters, Temasek, Sequoia, Reuters Graphics, Singapore Airlines, Reuters Graphics Finance, SP Group, U.S, Chartered, Thomson Locations: SINGAPORE, Singapore’s, Asia, Japan, China, People’s Republic, Southeast Asia, India, Singapore, United States

China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

☆ Pricey property is a pointy dilemma for Singapore
▼ + stars: | 2023-06-28 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

It’s a pointy problem however for a country that traditionally has managed housing for the masses well. In June, Prime Minister Lee Hsien Loong’s government said it would redevelop the city’s only horse racecourse for housing, including public homes. It notes some 40,000 public and private housing units are due to be completed this year, the highest level in five years. Singapore also hiked taxes on private second-home purchases. The government insists they have hardly had any impact on housing demand.

Persons: Lee Hsien Loong’s, It’s, Una Galani, Katrina Hamlin, Thomas Shum Organizations: Reuters, OrangeTee, Thomson Locations: SINGAPORE, Singapore, United States, China, Dubai, Hong Kong

☆ India and China are kicking out each others' journalists in latest strain on ties
▼ + stars: | 2023-06-06 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Visa spatOn Sunday, Xinhua published a first-person account from Hu Xiaoming, the state agency’s New Delhi bureau chief since 2017, describing the “torment” of Chinese reporters’ “visa hassle” in India. A spokesperson for India’s Ministry of External Affairs on Friday declined to comment on the number of Chinese journalists in the country when asked in a regular briefing. “All foreign journalists, including Chinese journalists, have been pursuing journalist activities in India, without any limitations or difficulties in reporting,” spokesperson Arindam Bagchi said. Bagchi did not confirm that any Indian reporters had lost accreditation in China, but said such reporters had faced difficulties doing their jobs there. Because Chinese reporters are working for state media outlets, New Delhi is also likely looking at them as “state actors,” according to Kewalramani.

Persons: Mao Ning, It’s, Hu Xiaoming, ”, ’, Hu, Arindam Bagchi, Bagchi, Ananth Krishnan, Anshuman Mishra, Narendra Modi’s, “, Manoj Kewalramani, Modi, Xi Jinping, Kewalramani Organizations: Hong Kong CNN —, Beijing, CNN, Foreign, Washington, Visa, Xinhua, India’s Ministry, Affairs, Ministry, Prasar, Foreign Ministry, BBC, Takshashila, Huawei, Shanghai Cooperation Organization – Locations: Hong Kong, Hong Kong CNN — India, China, New Delhi, Beijing, India, Aksai Chin, Ladakh, Delhi, India China, Mumbai, British, Bengaluru, If, United States, Japan, US, Australia, Jammu, Kashmir, Pakistan

NEW YORK, June 6 (Reuters Breakingviews) - Sequoia is blazing another new trail in venture capital. As one of Silicon Valley’s pioneers, Sequoia Capital has backed everything from Apple (AAPL.O) to Zoom Video Communications (ZM.O) over the past half-century, and many others in between, including Instagram, 23andMe (ME.O) and DoorDash (DASH.N). The world has changed, however – and changed yet again – since Sequoia opened its doors. Valentine named Sequoia after a tree that lives thousands of years, signifying a plan to survive and grow through any sort of climate. Follow @thereallsl on TwitterFollow @anshumandaga on TwitterCONTEXT NEWSVenture capital firm Sequoia Capital said on June 6 that it would separate its China, India and Southeast Asia, and U.S. and European arms into three businesses.

Persons: Don Valentine, – Roelof Botha, Neil Shen, Shailendra Singh –, Valentine, Sequoia, ByteDance, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Sequoia Capital, Apple, Video Communications, Investments, HK, Sequoia, Venture, Thomson Locations: China, India, U.S, Sequoia, Southeast Asia, United States, Mumbai, Shanghai

More than 280 people were killed and over 1,100 injured in a three-way crash involving two passenger trains and a freight train in eastern Odisha state on Friday, officials said. BJP4India/TwitterThe cause of Friday’s crash remains unclear, but senior state railway officials told CNN that it is suspected to have been caused by a traffic signaling failure. Video footage and photographs from the crash site near Bahanaga Bazar rail station showed scenes of chaos and despair. An official overseas rescue efforts at the site of the train crash in Balasore. An aerial view of the derailed coaches in Balasore.

Persons: Narendra Modi, Modi, Ashwini Vaishnaw, ” Modi, “, “ It’s, Sudhanshu Sarangi, “ We’ve, Piyal Adhikary, Anshuman Purohit, ” Rohit Raj, Dibyangshu Sarkar, ”, Narendra Singh Bundela, ” Bundela, Stringer, Rafiq Maqbool, AP Modi, Shehbaz Sharif, Rishi Sunak, Ursula von der Leyen, Fumio Kishida Organizations: India CNN — Indian, Bharat, CNN, Chennai Coromandel, Passengers, NDTV, Getty, Response Force, Reuters, National Crime Records, Western, AP, Force, Rapid Action Force, Soro Block, “, British, EU, Japan’s Locations: Bhubaneswar, India, Odisha, Balasore, Shalimar, Chennai, Yesvantpur, Howrah, Bahanaga Bazar, AFP, Andhra Pradesh, Uttar Pradesh, New Delhi, Mumbai, country’s Jammu, Kashmir, Soro

☆ Milk prices in the world's dairy powerhouse India have spiked 15%
▼ + stars: | 2023-05-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

India is facing an increase in milk prices, and it's not expected to ease up until November. Matthew Lloyd | Bloomberg | Getty ImagesIndia, the world's dairy powerhouse, is facing an increase in milk prices, and it's not expected to ease up until November. India, the world's leading producer of milk, accounts for 22% of global milk production and followed by the U.S. China, Pakistan and Brazil. Higher feed costsHigher cattle feed prices that coincide with the peak demand season are feeding into the spike in milk prices. India is facing an increase in milk prices, and it's not expected to ease up until November.

The return of tourists to Southeast Asia, he says, bodes well for the group’s core mobility business in the second half. The next challenge is resetting investor expectations so that beats can shine through. Lower incentives helped it to cut its adjusted operating loss to $66 million from $287 million a year ago. It also narrowed its forecast for annual adjusted operating loss to $195 million-$235 million, from a previous forecast of $275 million-$325 million. China’s Alibaba on May 18 reported revenue of 208 billion yuan ($30.1 billion) in the three months to end-March, up 2% year-on-year.

☆ Sea’s rising tide gets a harsh reality check
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, May 17 (Reuters Breakingviews) - Sea (SE.N) was sailing strong. The $41 billion Southeast Asian internet giant retreated from overseas markets, slashed marketing spend, and shed thousands of jobs. Still, that wasn’t enough for the company to meet earnings estimates on Tuesday. Li is assuring the market that the company he built – once valued at over $200 billion -- is more self-sufficient. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Vietnam’s Tesla debuts with wrong kind of power
▼ + stars: | 2023-05-15 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

Vietnam’s richest man is taking his electric-vehicle company, VinFast, public at a punchy valuation through a merger with casino mogul Lawrence Ho’s special-purpose acquisition company. The tie-up with Black Spade Acquisition Co (BSAQ.N) means VinFast doesn’t have to wait for the market for initial public offerings to improve to make its debut. The SPAC deal values VinFast at 42 times its sales in 2022, a stunning seven times Tesla’s (TSLA.O) multiple and more than twice the multiple of Lucid (LCID.O). But despite the big eye-catching U.S. debut, existing investors will own 99% of the company after the deal. The merger values the Tesla challenger’s equity at $23 billion, not including the $169 million of Black Spade’s cash, and its enterprise including debt at about $27 billion.

☆ Thailand’s election could be a lose-lose scenario
▼ + stars: | 2023-05-12 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

SINGAPORE, May 12 (Reuters Breakingviews) - Thailand’s elections on Sunday might return opposition parties to power for the first time since 2014, or alternatively deliver a stitched-up military-backed government. Assuming one of these opposition parties wins, it will need to control 376 seats out of the combined 500-seat House of Representatives and the 250-seat Senate to choose a prime minister. Pheu Thai claims it can lift annual economic growth to around 5% so long as is in power, which would be nearly double 2022’s low base. Higher incomes might ease Thailand’s household debt, which at 87% of GDP is the third-highest in Asia. HSBC analysts expect revenue at major Thai corporations to grow by only 2% next year – again, well behind neighbours – and Pheu Thai is mulling a 20% tax on private company profits, per a report in the Bangkok Post.

☆ Singapore’s rate pause points to new reality
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, April 14 (Reuters Breakingviews) - Singapore’s surprise decision on Friday to keep its monetary policy unchanged leaves one thing unsaid. The Lion City, whose trade volumes dwarf the size of its economy, joins Australia, India and South Korea in standing pat. Singapore has repeatedly warned this would damage the Lion City’s growth outlook. Prime Minister Lee Hsien Loong said in 2019 that it should prepare for these consequences and adapt to new global realities. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Temasek hospital deal channels its Dr Resilience
▼ + stars: | 2023-04-11 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

SINGAPORE, April 11 (Reuters Breakingviews) - Temasek is picking a good time to focus on health. The sovereign investor is taking control of Indian hospital operator Manipal for $2 billion. Others are on an Indian health drive too. Follow @anshumandaga on TwitterCONTEXT NEWSSingapore’s Temasek will buy an additional 41% stake in Manipal Health Enterprises, the unlisted Indian hospital chain said on April 10. After the deal closes, the Pai family’s Manipal Group will hold about 30% of Manipal Health.

SINGAPORE/HANOI, March 29 (Reuters) - Vietnam's largest conglomerate, Vingroup (VIC.HM), is in discussions to sell a stake in its shopping mall arm as it seeks to bring in strategic investors, five sources told Reuters on Wednesday. Vincom Retail (VRE.HM), Vietnam's biggest shopping mall operator, which is nearly 60% controlled by Vingroup, commands a market value of $2.8 billion. The sources said Thailand's biggest retailer Central Group and other companies are in negotiations to buy a stake in Vincom Retail. Vincom Retail owns 83 shopping malls in Vietnam - a country that grew at 8% last year and emerged as Asia's fastest growing economy. Vincom Retail, which was spun off from Vingroup, listed on the local stock exchange in 2017.

☆ Morning Bid: Alibaba fires up market mood
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

An unprecedented revamp of Chinese tech conglomerate Alibaba Group, which analysts believe to have the blessings of local regulators, pushed up Alibaba's U.S.-listed stock, and then its Hong Kong shares on Wednesday. Companies in China's internet, private education and property sectors have lost billions of dollars in market value in recent years as the country's regulators cracked down on their operations. Reuters GraphicsAlthough a lacklustre 0.6% rise in Asia's main stock market gauge, led by Hong Kong tech names, shows that animal spirits haven't returned yet, there's hope for investors who have been left licking their wounds from recent market declines, especially in bank and tech stocks. Global investor confidence remains fragile, with the European Central Bank (ECB) saying that recent volatility highlights the need for greater regulatory scrutiny. Overnight, a survey showed that U.S. consumer confidence unexpectedly increased in March despite recent financial market turmoil, but Americans still expect inflation to remain elevated over the next year.

☆ Morning Bid: Calm returns: Investors switch to bank fundamentals
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Anshuman DagaTurbulence in global markets is gradually giving way to stability. A day after regional U.S. lender First Citizens BancShares moved to scoop up the assets of failed Silicon Valley Bank, brave investors can probably begin to ask, "Is the worst over?" A strong show of confidence is coming from U.S. authorities as bank regulators say the system is sound but rules need review. A recover in U.S. markets, especially in beaten-down bank shares, lifted Asian stocks on Monday while the safe-haven dollar declined. While the analysts expect a continuation of declining credit growth which is consistent with monetary tightening, they don't expect any credit crunch.

The companies are in talks with financial advisors to explore a sale of Selangor, Malaysia-based Ramsay Sime Darby Health Care to strategic investors, three sources said. "Sime Darby Berhad continues to review strategic growth options for our healthcare segment," a company spokesperson told Reuters in an emailed statement. Ramsay Sime Darby did not immediately respond to comment. IHH, one of Asia's biggest private hospital operators, had submitted an indicative proposal in March 2022 to buy Ramsay Sime Darby Healthcare. Ramsay Sime Darby was established in 2013 via an equal joint venture of Ramsay and Sime Darby to expand their healthcare business in Southeast Asia.

☆ Alibaba to split into six units
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Alibaba Group Holding Ltd (9988.HK) said it plans split its business into six main units covering e-commerce, media and the cloud, adding that each of the units will explore fundraising or initial public offerings. STUART COLE, HEAD MACRO ECONOMIST AT EQUITI CAPITAL, LONDON"I am not sure how quickly Alibaba could be broken up. To me, it suggests something that Alibaba has been wanting to do for some time, but has been waiting for the opportunity to do so." With this expectation, investors will be more positive on Alibaba. It may reflect a new round of development for the business and reduce worries of regulatory issues."

☆ Morning Bid: Signs of confidence re-emerge after bank storm
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

While UBS shares were hammered in early trading on Monday after its shotgun marriage with troubled Credit Suisse following an intervention by Swiss authorities, the bank's shares pared most of the losses towards the close. European Central Bank President Christine Lagarde said the market turmoil might do some of the ECB's work for it in dampening demand and inflation. Markets have been on high alert for central banks to raise interest rates sharply to cope with high inflation. ECB policymaker Robert Holzmann watered down his recent call for three more rate increases of 50 basis points in quick succession. Policy decision is on WednesdayReporting by Anshuman Daga; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off. UBS and Credit Suisse sources said Southeast Asia was among the regions where the banks had the most overlap on the wealth management and investment banking teams. "Investment banking stands out and that could be where the pain is felt most for Credit Suisse," a senior executive at UBS said.

SINGAPORE/HONG KONG, March 20 (Reuters) - Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. In Hong Kong, Credit Suisse said it would still press ahead with its annual investment conference that kicks off on Tuesday, although media are no longer invited. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off.

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