Financial hubs’ neutrality is all at sea 11 Oct 2022 Switzerland and Singapore are taking the West’s side in the Ukraine war. Now fear is rising that Hong Kong will become a Russian stomping ground after an oligarch’s yacht docked there. That’s overdone, but the impartiality of rich centres is increasingly likely to create waves.
Singapore deal offers template for offloading coal 6 Sep 2022 Banks’ aversion to fossil fuels makes it hard for companies to sell dirty assets. So Temasek-backed Sembcorp is financing its own $1.5 bln Indian disposal with an interest rate that falls if emissions do and guaranteeing loans. It’s a more responsible way to get the job done.
Bankers hit the bottle for Asia deal inspiration 5 Jul 2022 Thai Beverage is spinning off its beers business in Singapore while the Manila-based owner of Whyte & Mackay whisky plans a secondary listing. Rising home consumption can be a comforting tipple amid global uncertainty. Well-priced boozy deals could crack open the wider market.
India’s energy-storage fix has virtue of speed 18 May 2022 As the West obsesses over building the perfect battery, Singapore- and Abu Dhabi-backed Greenko is launching the largest long-lasting renewable power-storage project. It’s a low-tech leap towards a greener energy system. Big customers like ArcelorMittal are lined up too.
Singapore’s rebalancing is delicate act 30 Mar 2022 The pandemic burnished its safe-haven role for rich Asians, but it is flourishing as a centre for Chinese wealth creation too. Even as changing flows of people, business, and money sharpen social challenges, the pivot is restoring the Lion City’s animal spirits.
Sea’s ‘Free Fire’ churns up Singapore-India ties 25 Mar 2022 New Delhi’s ban on the mobile game persists despite diplomatic intervention. The clash, tangled in Chinese tensions, casts a shadow over India’s relations with one of its biggest foreign investors. Rising nationalist sentiment on both sides will make rifts harder to heal.
Gauging the global backlash against Russia 10 Mar 2022 The shockwaves from President Vladimir Putin’s invasion of Ukraine are reverberating around the world. In our Viewsroom podcast, Breakingviews columnists debate the country’s isolation, the impact on Asia, Europe’s plan to wean itself off Russian gas, and the fallout for banks.
Singapore trims Vladimir Putin’s fallback options 7 Mar 2022 The tiny hub’s surprise sanctioning of Russia is a loud blow to Moscow’s decade-long pivot to Asia. Even in larger countries like India that aren’t ready to choose sides, the rising influence of U.S.-led alliances pare Putin's scope to do big business in the region beyond China.
Singapore slings REIT manager into big league 1 Mar 2022 A $7 bln merger of property trusts run by state-backed Mapletree has been attacked over price and rationale. Both sides have cause to be wary, although increased heft entails lower funding costs, plus prestige for the fund’s manager. Investors, however, end up with less choice.
Asia comes late, with hangups, to the SPAC party 13 Jan 2022 Two blank-cheque companies are listing in Singapore. Share sales will trickle out of Hong Kong too. Yet strict rules set in both centres suggest neither will match New York’s wild success. That’s fine if it protects a repeat of the region’s past disasters with shell firms.
Southeast Asia still loves New York 10 Jan 2022 While U.S.-listed Chinese companies move home, Indonesian and Vietnamese startups are eyeing a berth in the Big Apple. Unlike their northern peers, these hopefuls are starting with home floats. Ensuring IPOs fill local coffers first is good politics and makes financial sense too.
Tencent’s Sea rejig keeps most people happy 4 Jan 2022 The Chinese tech behemoth is selling part of its stake in its $120 bln Singaporean peer. Sea also plans a revamp of its supervoting shares so that founder Forrest Li retains control. Li, Tencent and even Beijing can cheer. Minority investors have the least reason to be enthused.
Asian super-apps clear regulatory road – for now 14 Dec 2021 While Big Tech in the United States and China is on the defensive, startups from Grab to GoTo are keeping governments happy by bringing small businesses online and finance to the masses in Indonesia and beyond. That opens a fast lane for growth, but there may be tolls to pay.
Super-app Grab gets rear-ended 3 Dec 2021 The group’s shares plunged 20% on debut following its $31 bln SPAC merger. Unlike China’s Didi or India’s Paytm, the crash wasn't so much its fault; the Altimeter- and Temasek-backed deal was well-enough constructed. But Grab is in a market pile-up that won’t clear soon.
Super-app Grab rides high into New York debut 1 Dec 2021 The Southeast Asian giant held firm in a difficult year. It’s on track to hit targets set from its record $31 bln SPAC merger, supporting a rich 13 times sales valuation multiple. Margins in its ride-hailing business show the promise of its food-delivery-to-fintech ambitions.
Razer’s $4.5 bln buyout plan has a serrated edge 19 Nov 2021 The purveyor of pricey keyboards may swap a Hong Kong listing for one in New York as part of a management-led deal. A video-gaming fanbase gives it meme-stock potential while its Southeast Asian fintech unit might look hotter stateside. But any valuation gains may be subtle.
Temasek buffs sovereign fund standing in M&A fight 16 Nov 2021 The money manager is on both sides of a $2.9 bln tussle for Singapore Press’ real estate assets. That may seem a conflict in the city-state’s spiciest bidding battle in years. But it hammers home how Temasek’s mundane arm's-length investor role makes it the envy of global rivals.
Temasek’s mixed loyalties muddy poor $2.5 bln deal 2 Nov 2021 A group ultimately controlled by the state fund has floated a cash offer for Singapore Press, edging past a complex bid by conglomerate Keppel, of which Temasek also owns 21%. Topping a soft offer is fine but meddling in its holding’s M&A raises questions about the end goal.
Hong Kong: Stuck between rock and virus hard place 25 Oct 2021 Entry to the finance hub from overseas remains tightly controlled with no end in sight to arduous quarantine restrictions but opening up to mainland China is proving no easier. As old rival Singapore welcomes back travellers, Hong Kong’s isolation will get harder to swallow.
Juicy Nordic drug buyout needs safety label 2 Sep 2021 Advent and GIC are paying $8 bln for Swedish Orphan Biovitrum, which specialises in rare-disease treatments. The new owners will need to invest in fresh products and fend off rivals, all while keeping staff. The potential returns look appealing but come with a fair dose of risk.