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Tag: Singapore

Singapore Fines Credit Suisse for Bankers’ Misconduct
28Dec By adminNo Comments
Money

Singapore Fines Credit Suisse for Bankers’ Misconduct

Dec. 28, 2023 12:08 am ETSingapore imposed a penalty of 3.9 million Singapore dollars (US$3.0 million) on Credit Suisse for failing to prevent or detect misconduct by its relationship managers.Credit Suisse bankers in Singapore had provided customers with inaccurate or incomplete post-trade disclosures, which led to clients being charged spreads above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Singapore Fines Credit Suisse for Bankers’ Misconduct
28Dec By adminNo Comments
World

Singapore Fines Credit Suisse for Bankers’ Misconduct

Dec. 28, 2023 12:08 am ETSingapore imposed a penalty of 3.9 million Singapore dollars (US$3.0 million) on Credit Suisse for failing to prevent or detect misconduct by its relationship managers.Credit Suisse bankers in Singapore had provided customers with inaccurate or incomplete post-trade disclosures, which led to clients being charged spreads above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Singapore remittance clampdown: innocent funds caught in China’s anti-money-laundering crusade, experts say
23Dec By adminNo Comments
Money

Singapore remittance clampdown: innocent funds caught in China’s anti-money-laundering crusade, experts say

Cross-border payment experts said innocent money remitters in Singapore were likely caught up in increasingly common money laundering raids by Beijing that freeze Chinese accounts as part of their investigations.China has been stepping up its crackdown on money laundering activities by criminals such as scammers who use “money mules”, third party individuals or company brokers, to move funds without physical transfers, they said.What we know so far about Singapore’s US$1.3 billion money laundering caseMules, or “smurfs” as they are sometimes called, are used by criminals around the globe to launder ill-gotten money, usually through undetectable small deposits into and transfers out of legitimate bank accounts. But many remittance businesses have also used mules to “transfer” funds.For rem...
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Sumitomo Life to Buy Singapore Insurer in S$4.6 Billion Deal
22Dec By adminNo Comments
World

Sumitomo Life to Buy Singapore Insurer in S$4.6 Billion Deal

Updated Dec. 22, 2023 1:48 am ETSINGAPORE—Sumitomo Life Insurance has agreed to buy Singapore Life Holdings in a deal that will value the homegrown insurer at 4.6 billion Singapore dollars (US$3.47 billion).Under the deal, the Japanese company will pay S$1.6 billion for asset manager TPG’s 35.48% stake in Singlife. It will also offer to acquire the remaining shares it doesn’t already own in the Singapore insurer.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Singapore Airlines to launch London Gatwick service – Business Traveller
18Dec By adminNo Comments
Travel

Singapore Airlines to launch London Gatwick service – Business Traveller

Singapore Airlines (SIA) will launch its inaugural nonstop flights between its Singapore hub and London’s Gatwick airport in June 2024, operating the five-times a week service with the long-haul variant of its Airbus A350-900 aircraft. Together with its current four-times daily services to London’s Heathrow airport, this will bring the total number of flights to the United Kingdom’s (UK) capital to 33 weekly services from today’s 28 weekly services. Star Alliance member SIA also operates five-times weekly services to Manchester airport. Subject to regulatory approval, flight SQ310 will operate on Mondays, Thursdays, Fridays, Saturdays, and Sundays. The inaugural flight will depart Singapore for Gatwick at 2355 on 21 June 2024 and arrive in London at 0625 on 22 June 2024. The return leg, ...
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Singapore’s Non-Oil Domestic Exports Rose in November
18Dec By adminNo Comments
World

Singapore’s Non-Oil Domestic Exports Rose in November

SINGAPORE—Singapore’s non-oil domestic exports in November increased for the first time in over a year, snapping a run of contractions as shipments of non-electronic products grew.Non-oil domestic exports from the Southeast Asian trading hub in November grew 1.0% from a low base a year ago, Enterprise Singapore said Monday. That compared with a revised 3.5% contraction in October that had marked a 13-month stretch of declines.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Economists Keep Singapore 2023 Growth Forecast Steady, Trim 2024 View in MAS Survey
13Dec By adminNo Comments
World

Economists Keep Singapore 2023 Growth Forecast Steady, Trim 2024 View in MAS Survey

Dec. 12, 2023 11:04 pm ETSINGAPORE—Experts surveyed by Singapore’s central bank have maintained their economic growth forecast for this year, but trimmed their views for 2024, flagging risks from an external slowdown.The Monetary Authority of Singapore’s December survey, released Wednesday, showed that the median projection of economists and analysts is for gross domestic product growth of 1.0% in 2023. That is unchanged from the previous quarterly survey, in which the forecast was lowered from 1.4%.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Adani, Wilmar may sell part of their stake in AWL to private equity firms
6Dec By adminNo Comments
Business

Adani, Wilmar may sell part of their stake in AWL to private equity firms

The Adani group and Singapore’s Wilmar International are learnt to have approached several private equity (PE) firms to sell part of their stake in their consumer-staple joint venture, Adani Wilmar.   Top executives of some of these PE firms told Business Standard that the two partners, which own 44 per cent each in Adani Wilmar, have offered them a majority stake. The Adani group and Wilmar International declined to comment on the matter.  The proposed sale will be one of the largest transactions in the FMCG industry, with the market valuation of Adani Wilmar standing at Rs 51,513 crore as of Wednesday. At its peak in January this year, the company’s valuation was Rs 81,268 crore. However, the share price of the company, along with that of ot...
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Nvidia’s CEO Still Plans to Sell High-End Chips in China
6Dec By adminNo Comments
World

Nvidia’s CEO Still Plans to Sell High-End Chips in China

SINGAPORE—Nvidia’s CEO said he still hopes to supply high-end processors to China, days after U.S. Commerce Secretary Gina Raimondo warned U.S. companies against sales of AI-enabling chips to the country in the name of national security. “Our plan now is to continue to work with the U.S. government to come up with a new set of products to comply with the new regulations,” Jensen Huang told reporters in Singapore Wednesday. “The new regulations have additional limits. We have to come up with new products to comply with those regulations.”Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Second W Hotel coming to Singapore – Business Traveller
5Dec By adminNo Comments
Travel

Second W Hotel coming to Singapore – Business Traveller

Marriott International will open a new downtown W Hotel in Singapore, complementing its existing W property in Sentosa. The new 350-room W Singapore – Marina View hotel will be part of a 51-storey mixed-use development which will also include Marina View Residences. Construction of the development is expected to begin by the end of 2023, with W Singapore – Marina View currently expected to open its doors in late 2028. In addition to the 350 rooms and suites, W Singapore – Marina View will have a swimming pool, fitness center, spa, several dining options and a bar. “We are excited to collaborate with IOI Properties Group to bring the iconic W brand to Marina Bay, one of the island city’s most dynamic and vibrant areas,” said Oriol Montal, managing director, luxury Asia Pacific excluding C...
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