Page 4 - Singapore

GIC, ESR to set up $600 mn-fund to invest in industrial assets in India

Singapore's sovereign wealth fund GIC and ESR Group Ltd have formed a joint venture to set up a USD 600 million-fund to acquire logistics and industrial assets in India. On Thursday, GIC and ESR announced an 80:20 strategic partnership to establish the fund worth USD 600 million (around Rs 5,000 crore) to acquire the "income-producing assets". ESR is already developing various industrial and logistics parks across major Indian cities. The joint venture represents an extension of the existing partnership in India between the GIC and ESR, which was initiated in 2020, with the initial capital pool dedicated to investing in development and value-add to logistics and industrial opportunities across India. It will invest in stabilised operational assets in strategic locations across Tier 1-2 cities in the country, according to a statement. With an upsurge in the share of organised retail and e-commerce, supported by emerging sectors such as electric vehicles and semiconductors, the ...

Morbi bridge collapse: Singapore PM condoles 135 killed in a letter to PM

Singapore Prime Minister Lee Hsien Loong has sent condolences to Prime Minister Narendra Modi on the unfortunate collapse of a Morbi bridge in Gujarat which killed 135 people. In his letter to Prime Minister Modi, Lee wrote, "I was saddened to learn about the collapse of the Morbi Bridge in Gujarat and the tragic loss of lives. "On behalf of the Government of Singapore, I wish to extend my heartfelt condolences and sympathies to the families of the victims. "Our thoughts are with the people of India during this time, and I wish the injured a speedy recovery." Singapore's Ministry of Foreign Affairs (MFA) said there are currently no reports of Singaporeans among the casualties of the incident, adding that it will monitor developments closely. Singapore's Consulate-General in Mumbai is in close contact with the local authorities, Channel News Asia reported citing MFA. Authorities in India said they believe that around 200 people were on the bridge when it collapsed. Army, navy and

Uttar Pradesh plans to woo UK, France and Singapore for investor meet

Mauritius, Denmark, Mexico, and Thailand are also on the state's radar

Explained: Why Indian Startups are establishing a base in Singapore

Singapore is number one in the world on the Heritage Foundation's index of economic freedom, number one in the World Economic Forum global competitiveness report last published in 2019

Motorcycle permits now costlier than new, entry-level bikes in Singapore

The cost of a 10-year motorcycle permit in the city-state hit a record S$12,801 ($8,984) this month according to data from the Land Transport Authority

Indonesia to get drugs from Singapore, Australia amid rising kids' deaths

Indonesia is expected to receive drugs for acute kidney injury from Singapore and Australia amid increasing children's deaths from the disease, Health Minister Budi Gunadi Sadikin announced

Singaporeans divided on govt managing foreigners' participation in economy

Singaporeans are divided on whether the government has struck the right balance in bringing foreign workers and protecting local jobs, as the manpower-short country works out directions to maintain its economic prosperity. About 40 per cent respondents to an online survey agreed with the government policy on foreigners' participation in the country's economic activities while 44 per cent disagreed, and the rest said they did not know enough to answer. The survey of 1,000 Singaporeans and permanent residents on Forward Singapore topics was commissioned by The Straits Times and conducted by consumer research firm Milieu Insight in September. It was published on Monday. The topics included economy and jobs, health and social support, home and living environment, and education and lifelong learning. The increasing presence of foreigners, both in labour-intensive industries and professional executives in businesses, has been widely debated in public and Parliament as Singaporeans fear .

Revfin raises $10 mn in series A funding from Green Frontier Capital

Revfin plans to use the funds to expand its geographical footprint to 25 states and capture over 10 per cent national market share of financed electric three-wheelers

New Covid strains, seasonal ailments may spike hospitalisation in winter

13 XBB variants detected in Maharashtra are all under home-isolation; the strain spreads rapidly and is said to be behind the recent spike in Singapore

Singapore sets up ransomware task force for rising threat to businesses

Singapore has set up an inter-agency task force to help businesses, research and educational institutions, which may be suppliers to critical information infrastructure operators, tackle the growing scourge of ransomware. Announcing this on Wednesday at the 7th annual Singapore International Cyber Week, Senior Minister Teo Chee Hean said ransomware is a threat common to all, and organisations with poor cyber-security practices are particularly vulnerable. Ransomware criminals can be opportunistic and highly sophisticated, said Teo, who is also Coordinating Minister for National Security. Ransomware has brought many large organisations, some running critical infrastructure, to their knees. After infiltrating the corporate network, the malware allows hackers to exfiltrate confidential data and lock up the target systems. Ransomware hackers typically demand ransoms in exchange for a decryption key to unlock compromised systems or for not exposing any stolen data. They take advantage o

Singapore monitoring XBB Covid strain very closely: Health Minister

Singapore is watching the XBB strain of Covid-19 very closely, but there is no evidence that the new sub-variant is leading to more severe outcomes, Health Minister Ong Ye Kung said on Tuesday. "XBB is demonstrating characteristics that it is dominating over all other sub-variants. It has been detected in many parts of the world but in Singapore is rising very fast within three weeks from nothing, it is now over half of all the daily cases," he said. "But so far, what is good is that there's no evidence that it leads to more severe outcomes," Channel News Asia quoted the minister as saying. Singapore reported 11,732 new Covid-19 infections on Tuesday but the Ministry of Health (MOH) said it was initiating action against rumours circulating via WhatsApp about a rapid and large increase in severe illness and deaths due to XBB strain, another Omicron subvariant. MOH said on Tuesday that it was initiating the Protection from Online Falsehoods and Manipulation Act (Pofma) action agains

Singapore, UAE to accept RuPay payment mechanism: Nirmala Sitharaman

Nirmala Sitharaman said that Singapore and UAE have shown interest to accept the RuPay payment system acceptable in their countries

Singapore resurgence draws big money, bubble fears with high cost of living

Below the surface, things aren't quite so rosy. As the government mints new long-term visas to attract more high-paid talent, it faces a delicate balancing act to keep its people happy

Rich Indians rush overseas to open family offices as risks rise at home

Many are heading to Dubai and Singapore to hedge their portfolio against currency and geographical risks and for tax planning for the next generation

Inga, TIH Singapore tie up to launch PE fund for mid-sized companies

The fund has set an overall target of raising Rs 500 crore and has received commitment of Rs 25 crore

Singapore to lift Covid-19 restrictions for non-vaccinated from next week

Singapore is set to lift the Covid-19 restrictions on non-vaccinated individuals from Monday but it is ready to step up such measures when necessary to lower infection rates and protect the unvaccinated, Health Minister Ong Ye Kung said on Sunday. With vaccination-differentiated measures (VDS) to be fully lifted on Monday, the minister noted that while such restrictions aimed at protecting the unvaccinated in crowded areas, had pushed many to get vaccinated, it is better to step them down given that they are now not as extensive. "Today VDS is very light and in restaurants is pretty much an honesty system with random sporadic enforcement, Ong said while talking to the media at a club event. "It's not that VDS doesn't work. In its current form, which is light, I think it doesn't work as well. So, we might as well step it down with the understanding that we can step up to an appropriate level when we really need it." In a statement, the Ministry of Health on Friday announced that VDS

Mukesh Ambani joins the list of global rich with family office in Singapore

Asia's second-wealthiest man, Reliance Industries Ltd. Chairman Mukesh Ambani, is setting up a family office in Singapore, according to people familiar with the move.

Crypto exchange ZebPay applies for license in Singapore, also eyeing UAE

Daily trading volume on ZebPay has dropped from a high of $122 million in October 2021 to just over $700,000, data from Nomics shows

Singapore faces challenge of finding foreign nurses for aging population

One key challenge for Singapore is to find enough foreign nurses to supplement local ones to care for the elderly as the health care system will require 24,000 of them by 2030, according to media reports. "They (nurses and healthcare staff) number 58,000 now and the Ministry of Health estimates that this will need to grow to 82,000 by 2030," Health Minister Ong Ye Kung told Parliament on Wednesday. Singaporeans and permanent residents make up about 72 per cent of Singapore's pool of registered and 63 per cent enrolled nurses. The rest are from the Philippines, Malaysia, China, India, Myanmar and other countries, according to a report by The Straits Times. Acknowledging the heightened international competition for nurses, Ong added that the ministry is supportive of a suggestion by Nominated MP and breast surgeon Tan Yia Swam of granting permanent residency to good performers. He also pointed out that by 2030, one in four Singaporeans will be aged 65 and above, up from one in six .

PhonePe completes process to move domicile from Singapore to India

All businesses, and entities now owned by and consolidated under PhonePe Pvt Ltd-India