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.

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Indonesia’s minister touts robust post-Covid-19 economic recovery with consistent 5% growth

Indonesia's Coordinating Minister, Luhut Binsar Pandjaitan, touts the nation's robust post-pandemic economic recovery at the UAE-Indonesia Economic Business Forum 2023, highlighting strong growth and investment potential.

Indonesian TikTok Influencer sentenced to 2 years in prison for controversial TikTok video on...

In a landmark ruling, Lina Mukherjee, an Indonesian TikTok influencer, has been sentenced to two years in prison and fined IDR 250 million (US$16,200) for her contentious video, where she uttered "bismillah" before eating pork, igniting a debate on religious insensitivity in Indonesia.

PDIP’s Ganjar Pranowo hints at potential alliance with Prabowo Subianto for 2024 Indonesian Presidential...

The potential partnership between Ganjar Pranowo of the Indonesian Democratic Party of Struggle (PDIP) and Prabowo Subianto in the 2024 Presidential Election is a topic of discussion. At a recent campaign meeting, Pranowo acknowledged the ongoing discourse and stressed that in politics, "anything is possible" until confirmed by the General Election Commission (KPU).

Is the withdrawal of access blocking direction of East Asia Forum, an example of...

In the recent reversal involving POFMA and the East Asia Forum, Singapore's legal approach has raised questions. The differential treatment between local and foreign entities, combined with apparent selective enforcement, raises concerns about the nation's commitment to the rule of law versus the rule by law.

Trial begins for Chinese #MeToo journalist, labour activist

Chinese activists Sophia Huang Xueqin and Wang Jianbing face trial for "inciting subversion of state power," raising health concerns after two years in detention. The closed-door trial heightens worries about China's shrinking civil society space.

Geylang restaurant seeks customers overcharged with S$840 instead of S$84 due to typo error

A Geylang restaurant, Fok Lok Kee Private Kitchen, accidentally overcharged two customers, seeking them through social media for a refund of S$840. Despite being given a receipt, customers hadn't returned after two days. The restaurant turned to social media for help. They plan to contact the card company for a partial refund if needed. The delay in their Facebook post was said to be unintentional and clarified to be due to discrepancies in posting and transaction dates. Fortunately, the issue has been resolved using PayNow instead of the bank refund process.

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Chinese tourist discovers hidden cameras in Kota Kinabalu Airbnb during honeymoon

During her honeymoon in Kota Kinabalu, Sabah, a Chinese national woman uncovered hidden cameras in her Airbnb accommodation, sparking concerns about privacy and safety while traveling. The discovery left both her and her husband deeply distressed.

Tourist files police report over S$900 crab bill at Seafood Paradise; restaurant responds with...

Japanese tourist Junko Shinba and her group faced a pricing dispute at Seafood Paradise in Clarke Quay when ordering chili crab. They claimed the restaurant staff failed to clarify the pricing of the Alaskan King Crab, leading to a shocking bill of $938 for the crab dish alone. The total bill was $1,322.37. Shinba requested police intervention, and the restaurant offered a $107.40 discount. However, the Paradise Group, which owns the restaurant, disputed her claims, stating they communicated the price and weight clearly. The Consumers Association of Singapore is investigating the incident.

Singapore finance influencer uses S$10 Lee Kuan Yew coin for payment, baffles cashiers

Finance influencer Seth Wee embarked on an unorthodox mission to test the practicality of Singapore's LKY100 commemorative coin. His quirky payment experiment left cashiers bewildered and sparked questions about the coin's legal tender status.

Runner Soh Rui Yong confirms his absence from Asian Games, extends best wishes to...

Singaporean record breaking long-distance runner Soh Rui Yong has reaffirmed his absence from the upcoming Asian Games as Singapore Athletics has announced its team for the competition held in Hangzhou, China. Despite appeals backed by Singapore Athletics in July this year, the Singapore National Olympic Council's decision remained unaltered. Nonetheless, Mr Soh remains positive and extends best wishes to his fellow Singapore Athletics teammates

Mid-Autumn lantern decoration mishap in Chinatown disrupts double-decker buses

Singapore's vibrant Chinatown, affectionately known as "牛车水," recently dazzled with Mid-Autumn Festival decorations. However, a lantern decoration on Upper Cross Street came loose, leading to double-decker bus disruptions and commuter frustrations on Thursday.