Singapore banks heighten scrutiny on Chinese-origin clients with multiple passports amid S$2.4 billion money...
In response to a recent S$2.4 billion money laundering crackdown, Singaporean banks are increasing scrutiny of Chinese-origin clients with multiple passports.
The accused individuals in this high-profile case, all from Fujian, China, possess multiple passports from countries such as Vanuatu, Saint Kitts and Nevis, Cyprus, Turkey, and Cambodia.
China faces growing concerns as capital outflow intensifies amid yuan pressures
China is grappling with a significant capital flight, driven by economic challenges and a weakening yuan. Authorities are concerned about its impact on financial stability and the struggle to reverse the trend.
Olam Group’s stock plummets amid director’s bond controversy and Nigerian probe
Singapore's Olam Group witnessed a significant stock price drop after its Nigerian subsidiary posted a bond for its director, Prakash Kanth.
The controversy adds to ongoing investigations, raising questions about the company's financial practices.
The company, majority-held by Temasek, recovered slightly to SG$1.05 by 3:37 pm, representing an 8.7% decline or SG$0.10.
UBS trims Asian wealth jobs post Credit Suisse acquisition amid economic slowdown
UBS Group is downsizing its Asian wealth workforce following its acquisition of Credit Suisse, citing subdued client activity and China's economic slowdown.
This includes eliminating roles primarily in Hong Kong and Singapore, with exact cut figures yet to be determined, while retaining private bankers in Australia and India.
Olam Group denies allegations of multi-billion dollar fraud in Nigerian unit, shares see historic...
Singapore's Olam Group vehemently denies allegations from Nigerian news outlets that its Nigerian unit and subsidiaries are involved in a multi-billion dollar foreign exchange fraud. The company refutes the claims, calling them baseless and inflammatory. Despite this, Olam's board has ordered an audit committee review. Olam emphasizes its compliance with proper corporate practices and cooperation with relevant authorities.
Sabana Reit unitholders form committee to oversee manager’s removal and internalisation
Unitholders of Sabana Real Estate Investment Trust (Sabana Reit) have come together to establish the Sabana Growth Internalisation Committee (SGIC) following the approval of the manager's removal.
This pivotal decision was reached at an extraordinary general meeting (EGM) requisitioned by activist investor Quarz on 7 Aug.
Singapore’s Central Bank urges financial institutions to investigate money laundering scandal ties
Singapore's Monetary Authority (MAS) has directed financial institutions to review their relationships with individuals linked to a money laundering scandal involving over SG$1.8 billion in assets.
MAS has called for a thorough examination of suspicious transactions dating back to the beginning of 2020, involving 34 individuals, including 10 arrested last month.
Pan Malaysia to take over A&W Malaysia for RM69.5mil, diversify into F&B business
Pan Malaysia Corporation Bhd (PMC) is set to enter the food and beverage sector with a 49% acquisition of A&W Malaysia for RM69.5 million.
The move aims to tap into the growing Malaysian fast-food market.
Qualcomm faces challenges amid China troubles and competition from Huawei
Qualcomm's stock saw a significant 7% drop as issues in China, including iPhone restrictions and competition from Huawei, raised concerns about sales in a crucial market. Despite challenges, analysts maintain a positive outlook.
BookMyShow launches Bigtix: Revolutionary SaaS ticketing platform for Southeast Asian entertainment
BookMyShow introduces Bigtix, a cutting-edge ticketing platform, enhancing control for clients, collaborating with major events like the Formula 1 Singapore Grand Prix. It boasts cloud-native architecture, automatic updates, B2B and B2C features, a user-friendly interface, and mobile responsiveness. The platform is already operational across Southeast Asia, gaining praise from industry leaders and arts organizations while setting new standards in entertainment ticketing.