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☆ U.S. and Asian allies impose new sanctions on North Korea after ICBM test
▼ + stars: | 2022-12-02 | by ( ) www.nbcnews.com time to read: +4 min

South Korea’s foreign ministry announced sanctions on seven other individuals, including a Singaporean and a Taiwanese, and eight entities. The latest sanctions follow a Nov. 18 ICBM test by North Korea, part of a record-breaking spate of more than 60 missile launches this year. There are also concerns that the country may be about to resume nuclear weapons testing, which has been suspended since 2017. Decades of U.S.-led sanctions have failed to halt North Korea’s increasingly sophisticated missile and nuclear weapon programs. “Targeting senior officials inside North Korea responsible for WMD and missile activities and working with South Korea and Japan are important, but it is an inadequate and symbolic response to 60+ missile tests, including 8 ICBM tests,” said Anthony Ruggiero, who headed North Korea sanctions efforts under former President Donald Trump.

While the government's decision to repeal the colonial-era sodomy law was cheered as a symbolic victory for the gay community, many worry LGBT families will continue to suffer under public policies that favour heterosexual marriages and families. But influential conservative groups that strongly opposed lifting the gay sex ban make it politically uncomfortable for the ruling party to further change laws. An alliance of more than 80 Singaporean churches has decried repealing the gay sex ban as an "extremely regrettable decision" that "celebrates homosexuality". 'PUNISHING THE CHILD'LGBT families in Singapore now worry that further change will not come in time for them. The government did not respond to Reuters' questions about the rights of LGBT families and their children's residency and access to education.

☆ 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.

☆ As Coinbase shares slide, Morgan Stanley lists major firms with potential FTX exposure
▼ + stars: | 2022-11-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Strategists at Morgan Stanley on Nov. 17 compiled a list of 63 institutions that may be exposed to losses or have their capital stuck on FTX's platform. The below table shows 19 of the companies identified by Morgan Stanley as having significant exposure to FTX. Of the 19 companies listed, 15 have confirmed some exposure to FTX (although figures may differ from Morgan Stanley's estimates). Temasek, the Singaporean state-owned holding company, said it had invested more than $200 million in FTX and FTX's U.S. subsidiary. Morgan Stanley also named Ledn, BlockFi, Amber Group, Skybridge Capital and Selini Capital as among the funds with potential exposure to FTX, but where values had not been disclosed.

☆ FTX flop evokes history’s great financial swindles
▼ + stars: | 2022-11-18 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

As Walter Bagehot wrote in “Lombard Street” in 1873, “The good times too of high price almost always engender much fraud. As cryptocurrencies declined in value, FTX provided a line of credit to BlockFi, a stricken crypto-lender. He talked about Three Arrows Capital, the failed crypto hedge fund, as engaged in “punting”. His firm launched a product based on a basket of crypto assets that it called Shitcoin Index Perpetual Futures, with the unsubtle ticker SHIT-PERP. He commissioned an advertisement, aired during the Super Bowl, in which the comedian Larry David casts doubt on the viability of FTX.

☆ Five countries, other than China, most dependent on the South China Sea
▼ + stars: | 2022-11-18 | by ( Sean M. Holt | ) www.cnbc.com time to read: +11 min

Territorially, there are seven claimants to the South China Sea: China, Brunei, Indonesia, Malaysia, the Philippines, Taiwan and Vietnam. Analysts name the top five countries, other than China, that are most dependent on the South China Sea. Aerial view of fishing boats setting sail to South China Sea for fishing on August 16, 2022 in Yangjiang, Guangdong Province of China. "Although they claim more than half of the South China Sea, China has pushed claimant states such as Vietnam out of traditional fishing waters and more into the South China Sea, causing excessive overfishing." South KoreaSouth Korea is "intentionally quiet about the South China Sea" as it wants to "maintain favor with China," Graham said, citing Seoul's primary focus on the North Korean issue.

Two weeks later, we're back into major floods," NSW emergency services' Chief Superintendent Ashley Sullivan told ABC television from Forbes. To help with relief efforts, 18 flood rescue specialists from Singapore reached Sydney on Thursday, authorities said, who will join a team from New Zealand and hundreds of Australian defence personnel already deployed to the worst-hit regions. Help has also been sought from the United States for the relief operation, which authorities have flagged will be the biggest flood rescue exercise in New South Wales' history. The damage from the latest flood could cost "billions of dollars", Emergency Management Minister Murray Watt said. "The bill is really racking up and that's before we look at the immense cost of road and infrastructure repairs which lies ahead," Watt told ABC radio.

☆ Australia recommends against fifth vaccine dose as fresh COVID wave builds
▼ + stars: | 2022-11-15 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

SYDNEY, Nov 15 (Reuters) - Australian health authorities have recommended against getting a fifth COVID-19 vaccine shot, even as they urged those eligible to sign up for their remaining booster doses as the country's latest COVID wave grows rapidly. "ATAGI has considered international evidence as well as the local data around vaccination numbers, as well as case numbers in the pandemic and decided not to recommend a fifth dose," said Butler. "They noted that severe disease and death during that wave in Singapore was very rare for people who had had at least two doses of vaccine for COVID." New booster recommendations will be made early next year ahead of the southern-hemisphere winter. The company's vaccine for children aged six months to five years will also be approved for use on the severely immunocompromised.

☆ Deglobalization is not an option for any one of us, German Chancellor Olaf Scholz says
▼ + stars: | 2022-11-15 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +5 min

Picture Alliance | Picture Alliance | Getty ImagesGerman Chancellor Olaf Scholz and Singapore Deputy Prime Minister Lawrence Wong have taken a united stance on continuing to work with China, but also remain committed to diversification. Scholz said Germany is keen to deepen economic ties with Asia-Pacific, not just China, in line with the pursuit of trade diversification. Olaf Scholz German chancellor"Often these are nothing but protectionism in disguise," Scholz said. Picture Alliance | Picture Alliance | Getty ImagesSingapore's Wong said the U.S. and China both have broad interests across Asia and must find a way to coexist, compete and cooperate peacefully. Picture Alliance | Picture Alliance | Getty Images"And within ASEAN, no country wants to be in a position to have the two sides between China or the U.S.

☆ Australia recommends against fifth vaccine dose as fresh Covid wave builds
▼ + stars: | 2022-11-15 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

☆ Piyush Gupta might be banking’s boldest boss
▼ + stars: | 2022-11-15 | by ( Una Galani | ) www.reuters.com time to read: +7 min

Piyush Gupta of $65 billion Singaporean lender DBS Group (DBSM.SI) appears to be that CEO, whether he thinks of himself that way or not. Yet the two banks trade on a similar multiple of 1.5 times their estimated 2022 book value, according to Refinitiv. There is limited room for growth in DBS’ tiny home market, a city with a population of 5.5 million people. That, plus the pressure to maintain that 1.5-times-book market value, means Gupta needs to keep finding ways to grow. U.S. President Joe Biden and Chinese President Xi Jinping held talks on Nov. 14 while at the G20 summit in Indonesia.

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.

☆ Afraid to cruise? Not at all, say fans who are causing 'an explosion of bookings'
▼ + stars: | 2022-11-07 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +1 min

Cruise ships dominated the news in early 2020 for all the wrong reasons. "Given a choice, we would be living on the cruise ship for the remainder of our lives," said Singaporean Peter Lim. Lim said he wasn't swayed by reports last week of a Covid-19 outbreak onboard the Coral Princess, a cruise ship that is circumnavigating Australia. Last week, four out of 12 cruise ships monitored by New South Wales, Australia had Covid-19 cases onboard, according to the government's website. Pursuant to Australian regulations, passengers who test positive onboard cruise ships must self-isolate for at least five days.

Mental health as a spectrumChew said he was inspired to try to popularize mental healthcare after battling a panic attack when he was 16 years old. Justin Kim, CEO and co-founder of Ami, another digital mental healthcare start-up based in Singapore and Jakarta, agreed that there’s a need to scale mental health offerings. Alistair Carmichael, an associate partner at McKinsey & Company, said employers will benefit from better mental health in their workforce. “Mental health has long had a stigma across Asia, whereby traditionally we’ve seen it as a clinical issue, a crisis,” he said. “We see mental health just as important as physical health.

☆ Australia, Singapore sign 'green economy' pact
▼ + stars: | 2022-10-18 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

Prime Minister of Singapore Lee Hsien Loong (left) shakes hands with Australian Prime Minister Anthony Albanese during a meeting at Parliament House in Canberra, Tuesday, October 18, 2022. Prime Minister Lee Hsien Loong is in Australia on a 3-day official visit. Lukas Coch/Pool via REUTERSSYDNEY, Oct 18 (Reuters) - Australia and Singapore agreed on Tuesday on a "green economy" deal to boost cooperation on climate investment, financing and technology. Singapore Prime Minister Lee Hsien Loong told a news conference in Canberra that the agreement would start with initiatives such as developing a list of environmental goods and services that could be given preferential trade treatment. "A project like Sun Cable which has the potential to export clean energy to Singapore is the ultimate win-win," Albanese said.

☆ CEO of Singapore's multi-million dollar homecare start-up shares top tips for success
▼ + stars: | 2022-10-17 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

It's doing good, while doing well," said Gillian Tee, co-founder and CEO of Homage. After spending 15 years abroad, Singaporean entrepreneur Gillian Tee decided to return home in 2016 to be closer to her family. "I started off as a software developer and I was just very drawn to it because I liked building things. Gillian Tee Co-founder and CEO, HomageShe was referring to the book Founders at Work: Stories of Startups' Early Days, written by Jessica Livingston, who co-founded seed stage investment firm Y Combinator. Gillian Tee Co-founder and CEO, Homage"It's important to lean on specialists for clinical governance and compliance.

☆ Indian billionaire Gautam Adani was a college dropout. Now he may be too big to fail
▼ + stars: | 2022-10-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +11 min

Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. Rupak De Chowdhuri/ReutersMuch of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. Most of the companies in the Adani empire are held closely by the billionaire, his family and associated firms, including nearly 75% stakes in AEL, Adani Power, and Adani Transmissions. Yet, the Adani Group has continued to raise billions from Indian and foreign banks. CreditSights, a research firm owned by Fitch Group, in August published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns.

☆ U.S. Sanctions Shipping Firm, Individuals for Alleged Oil Exports to North Korea
▼ + stars: | 2022-10-07 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

The U.S. imposed sanctions against a shipping company and two individuals for allegedly exporting oil to North Korea, which the U.S. said supports Pyongyang’s nuclear and military programs. The U.S. said the Courageous, also known as the Sea Prima, has participated in several deliveries of refined petroleum to North Korea, including ship-to-ship transfers to North Korean vessels that violated United Nations sanctions. North Korea faces sanctions from the U.S. and the U.N., including restrictions on its import of petroleum products. Ship-to-ship transfers have been identified as one way North Korea circumvents these sanctions. PREVIEWFriday’s sanctions come after the U.S. Justice Department filed a criminal complaint against Mr. Kwek in April 2021 for allegedly conspiring to evade economic sanctions on North Korea and for conspiracy to money launder.

☆ New money is pouring into Singapore, but a series of recent multimillion-dollar real-estate transactions show the old status symbols are as popular as ever
▼ + stars: | 2022-10-07 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Good Class Bungalows, or GCBs, are powerful status symbols for old and new money alike in Singapore. With land this scarce, the most elite level of property on the island is the Good Class Bungalow, or GCB. New money, old status symbolWith new money pouring into Singapore, a series of recent multimillion-dollar real-estate transactions show these old status symbols are as popular as ever. And in 2019, British billionaire inventor James Dyson purchased an SG$50 million bungalow opposite Singapore's Botanic Gardens, per the Straits Times. Moreover, some prospective Good Class Bungalow renters are not even living in these properties.

☆ Here are the top 15 start-ups to work for in Singapore, according to LinkedIn
▼ + stars: | 2022-09-30 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: 1 min

The days of easy money for start-ups are gone as interest rates soar and economic uncertainties loom. But according to a new study from LinkedIn, these 15 start-ups have risen above these challenges in Singapore. In particular, fintech, education and telehealth start-ups dominated the list on the "LinkedIn Top Start-ups 2022″ for Singapore. "Financial technology startups feature prominently within the Singapore list, comprising more than half of the companies in the top 15, followed by health care and edtech companies," said Adrian Tay, the senior editor in Asia for LinkedIn News. "This reflects the current needs of Singaporean consumers, who are keen to manage their finances and manage their wealth, want more convenient healthcare services, and need services to cater to the ageing population and also investing in the future of their kids with good education tools and resources."

☆ Singapore food vendors launch first hawker center in New York
▼ + stars: | 2022-09-28 | by ( Roselle Chen | ) www.reuters.com time to read: +2 min

A dish is pictured as Urban Hawker, a Singapore-style hawker market, opens in Midtown Manhattan in New York, NY, U.S., September 28, 2022. Urban Hawker, in midtown Manhattan, features 17 vendors handpicked by the food hall's curator, KF Seetoh, with 11 coming directly from hawker centers in Singapore. Register now for FREE unlimited access to Reuters.com Register"Street food in Singapore is not something you burn or deep fry. Bourdain was enthusiastic about the idea of a New York hawker market. "The amazing thing about him saying yes was that he's never been to Singapore," Seetoh said.

☆ 'We are not rich:' A couple share one money tip that lets them travel full time — on land and sea
▼ + stars: | 2022-09-28 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

Living in a sailboat together has allowed Rene Sullivan and Samantha Khoo to work on their communication skills. "You realize you don't really need a lot of money — because you're not paying your staff, you're not paying your rent, you're not paying for a property, you're not paying for your [credit] cards." Sullivan and Khoo, who've been married for 22 years, said the most important thing that enabled them to travel full time was being debt-free. They spent four months at Pangkor Marina in Malaysia, where they worked for boat owners without pay to gain knowledge about boat life and maintenance. 'Bring on another 1,000'While the idea of living on a sailboat is relaxing, Khoo and Sullivan said it's anything but glamorous.

☆ F-16 fighter jets were scrambled after a false bomb threat was made aboard a flight from San Francisco to Singapore
▼ + stars: | 2022-09-28 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

F-16s were scrambled after a bomb threat was made on board a flight from San Francisco to Singapore. The incident occurred aboard Singapore Airlines flight SQ33, which departed for its 16-hour journey from the San Francisco International Airport on Monday at 10.05 p.m. Pacific Time. Flight tracking site FlightRadar24 mapped the loops that Singapore Airlines flight SQ33 took after a false bomb threat was made on board the plane. Singapore's defense ministry confirmed in a statement on Wednesday that there had been a bomb threat aboard the flight. If you were a passenger on flight SQ33 from San Francisco to Singapore, please feel free to reach out to Insider journalist Cheryl Teh at cteh@insider.com.

☆ Grab's steady steering offers a smoother ride
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Caroline ChiaHONG KONG, Sept 26 (Reuters Breakingviews) - A rising tide once lifted all of Southeast Asia's technology giants. With a global recession looming and markets in turmoil, their fortunes are starting to diverge. It's a sharp contrast to its $24 billion Singaporean rival Sea (SE.N), which is retrenching globally to achieve financial "self-sufficiency". With shares down over 60% this year, Grab's confident and careful hand at the wheel gives shareholders something to cheer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Shopee, the Amazon of Southeast Asia, has been on a layoff spree within a year of raising $6 billion. We dug into the financials for an inside look.
▼ + stars: | 2022-09-26 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

Today, Li is the billionaire CEO of NYSE-listed Sea Limited, which owns 100% of Shopee as well a gaming unit called Garena. Amid these growing losses, Sea Limited revised and then dropped its ecommerce revenue guidance for the year. In the fourth quarter of 2021, Shopee expected ecommerce revenue in 2022 to fall between $8.9 billion and $9.1 billion. Sea Limited posted revenues of $414 million in 2017, which ballooned to almost $10 billion in 2021. However, Sea Limited has been posting losses for the past few quarters, so that option is not viable in the short-term.

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