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Singapore's Temasek Holdings believes that impact investing has reached an inflection point, with the coronavirus pandemic highlighting deep social imbalances that have intensified the need for such forms of investments. Such investments, made to generate positive, measurable social and environmental impact, as well as financial returns, grew to $715 billion in 2019 from $502 billion a year earlier, the Global Impact Investing Network estimated in a survey. This month, Temasek, one of the world's largest state investors, announced a $500 million allocation to Asia and Africa-focused Leapfrog Investments, in the single biggest commitment to an impact fund manager.
dnata has partnered with the Disinfect Group and Ecas4 Australia to launch a safe, highly efficient and environment-friendly baggage disinfection service at Singapore Changi Airport. Passengers arriving at Changi Airport’s Terminal 3 can have their baggage quickly and safely disinfected before leaving the airport. Disinfect Group’s advanced equipment creates an almost invisible mist that isRead More
Australia is working on an ambitious plan to establish Singapore as a COVID-19 quarantine gateway and potential vaccination hub for returning Australians, international students and business travelers. The deal with Singapore could allow passengers en route to Australia to satisfy strict biosecurity rules before arrival. Ministers hope the proposal with the south-east Asian city would help about 40,000 Australians stranded overseas return home, boost tourism and revive the multibillion-dollar market for international students at Australian universities, which has been badly hit by border
(Bloomberg) -- A digital asset investor who goes by the handle Metakovan and refuses to give his full name, announced that he is the buyer of the record-breaking $69.3 million digital artwork that sold Thursday. Christie’s auction house, which hosted the sale, confirmed his statement, also declining to reveal his legal name.Metakovan is the chief financier behind Metapurse, a crytpo-based fund that acquires NFTs and other virtual properties; it claims to be the largest NFT fund in the world. In January, the company released a statement saying that, excluding works by Beeple, it had acquired a portfolio of $3.2 million worth of NFTs.“I think this is going to be a billion-dollar piece,” Metakovan says in an interview over Google Hangouts. “I don’t know when.”The work in question is a mosaic of 5,000 artworks made over the last 13 years by Mike Winkelmann, who goes by the artist name Beeple.Included in the mosaic are images of Abraham Lincoln spanking a baby Donald Trump, a giant rabbit eating children on a playground, and a muscled Tom Hanks beating up an anthropomorphic representation of the coronavirus. The image file is connected to a non-fungible token (NFT), which was “minted” just last month, and serves as its certificate of authenticity recorded via blockchain technology.The auction for Everydays: the First 5,000 Days opened for bidding on Feb. 25 and shot from $100 to $1 million in minutes. But it wasn’t until the final 10 minutes of the sale that the bidding action became particularly intense. The number quickly jumped from $14 million to $30 million. With seconds to spare, Metakovan placed the winning bid.Monetizing NFTsThis isn’t the first time that Metakovan has bought works by Beeple. In a December auction of Beeple’s art on the online marketplace Nifty Gateway, Metakovan purchased 20 single-edition images for a combined $2.2 million. He later fractionalized them. Currently, those works have a market cap of $230 million, according to the cryptoasset price-tracking site Coinmarketcap. QuicktakeWhat’s an NFT?In an interview a month before the Christie’s auction, Winkelmann spoke of that sale: “One guy in Singapore made a bunch of username accounts named after Greek philosophers—he tricked everybody and bought all 20 artworks,” Winkelmann explained. “He then locked those [artworks] using blockchain into another smart contract, and then fractionalized them.”(Winkelmann did not respond to requests for comment about the Christie’s sale, though he did tweet something that cannot be reprinted.)Twobadour, who jointly operates Metapurse with Metakovan, says they don’t currently have plans to sell fractional shares in Everydays. “For now, very honestly, we just want to enjoy it and sort of try and come to terms with it, because it’s historic,” he says. “This is the third-most valuable piece ever sold by a living artist, and it’s almost inconceivable that we’re part of that history, so we’re just going to absorb it right now and are not thinking about any type of monetization of this piece.”Buying the Everydays“It was excruciating actually,” says Twobadour. “It’s an unfamiliar experience bidding on Christie’s—it wasn’t very gentle on the nerves,” he continues. Of his role in the endeavor as the unofficial “steward of Metapurse,” he says, “I try to look for really significant NFTs. Metakovan is the founder of Metapurse, and he puts his money where my mouth is.”“Twenty-two million visitors tuned in for the final minutes of bidding,” says Alex Rotter, Christie’s chairman of 20th and 21st century art. “There’s a lot of excitement out there, but there’s real interest, too. We had over 200 registrants for this auction that were really serious about it.”Metakovan paid using Ethererum, the world’s second-biggest digital coin; approximately 42,329.453 ETH total, according to a Christie’s rep. Accepting crytpocurrency is a first for the 254-year-old auction house and a major nod to the payment form’s legitimacy. A 10:11 a.m. EST on Mar. 11, a short time after the lot hammered, Ether was trading at $1,815 to the dollar.Money In ContextNot only is $69 million the most ever paid for a digital artwork, it’s just behind Jeff Koons and David Hockney for the auction record of any living artist, period. Taken out of the context of the art market though, that number is even more impressive. That amount of money could buy you a collection of legitimate palaces in France, Ireland, and Italy, with about $30 million to spare; it could just get you the highly coveted Gulfstream G700, though let’s hope you have enough money for maintenance and air time; or you could leave the money in a conservative index fund and let it appreciate. Left alone for a decade and assuming annual compound interest of 7%, your money would more than double to $135.7 million.And yet given how wildly NFTs have been appreciating—another one of Beeple’s pieces was bought for $67,000 last October, then flipped four months later for $6.6 million—the market would appear to also have the potential for outsize returns.“We’re not engaging in things that feel bubbly to us,” Metakovan says of investing in NFTs. “There are so many things which can be out of control. It’s not regulated, which is a good and a bad thing, so there are going to be opportunities where people make money and people lose money.”Metakovan, who says that he doesn’t own a house, doesn’t own a car, and “just tries to be physically light, so that I can pack and move around,” hasn’t yet sat down to admire the piece. “It is the most expensive purchase I’ve done,” he says.(Updates with details on Metapurse in second paragraph and market cap in seventh paragraph. A previous update added quotes by Metakovan and Twobadour.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Platinum Equity, a buyout firm founded by American businessman Tom Gores, is weighing exiting its investment in Singapore electronics manufacturing services provider PCI Pte, according to people with knowledge of the matter.The private equity firm is working with financial advisers to gauge interest from potential buyers, said the people, who asked not to be named as the information is private. A deal could value the manufacturing services provider at about $400 million, the people said.Deliberations are at an early stage and Platinum Equity could decide not to proceed with the sale, the people said. A representative for Platinum Equity declined to comment. A representative for PCI did not respond to requests for comment.PCI is an electronics manufacturer serving a wide range of industries including the automotive, industrial equipment, commercial, consumer and medical sectors. In June the company won a contract from the Singaporean government to manufacture a batch of wearable contact tracing devices, to aid in stopping the spread of Covid-19.Platinum Equity took PCI private in 2019 after buying the company from Chuan Hup Holdings Ltd. and other public shareholders, according to the firm’s website.The U.S. buyout firm, founded in 1995, has more than $23 billion of assets under management and a portfolio of about 40 companies, its website shows.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Singapore has launched a travel “bubble” business hotel that allows executives to hold face-to-face meetings without a risk of exposure to COVID-19, one of the world’s first such facilities. The Connect@Changi hotel has meeting rooms outfitted with airtight glass panels to reduce the risk of transmission, and even has a special compartment with ultraviolet light to sanitize documents so they can be shared between participants. Some of its first guests have traveled from France, Germany, Indonesia and the United Arab Emirates. “Given that we have operations in Singapore, I need to be able to travel to conduct face-to-face meetings with the team based
HealthCerts, an amalgamation of cryptographic hashes, blockchain technology, privacy protection and proof identity, is a set of open-source digital standards which is utilised for the issuing of digital COVID-19 test result certificates. Developed jointly by the Government Technology Agency of Singapore (GovTech) and the Ministry of Health (MOH), this new standard will help
Singapore News - The security officer at a shopping mall was trying to take the temperature of a visitor. He had to speak louder so the visitor could hear him through the mask. But it sparked an ugly confrontation, with the man berating the guard in public because he thought he was being... Read more at www.tnp.sg
SINGAPORE — Both Malaysia and Singapore are using blockchain technology to issue Covid-19 vaccine certificates, and the interoperability between the two systems will be “crucial”, Malaysia’s Science, Technology and Innovation Minister Khairy Jamaluddin said on Tuesday (March 23).
The prestigious World Branding Awards, the ultimate global brand recognition accolade – now in its 12th edition, saw over 400 brands from more than 45 countries named "Brand of the Year" in the 2020-2021 World Branding Awards, nominated by over 250,000 consumers across the globe.
TradeFlow Capital Management (TradeFlow), has entered into a partnership with #dltledgers promising to reduce the liquidity shortage for small and medium enterprises (SMEs) trading bulk commodities around the globe. Estimated by the Asian Development Bank in 2019 to be US$ 1.5 Tn, this trade gap has worsened since the COVID-19 pandemic, and is projected to increase to US$3.4 Tn. International Labour Organisation studies indicate SMEs provide more than two-thirds of all jobs worldwide and account for the majority of new job creation; Enabling trade for SMEs may help alleviate the hardships caused by the pandemic.
Genting Singapore Ltd is currently unable to estimate the financial impact on its results for the financial year ending Dec 31, 2021 (FY21) as “the global Covid-19 situation remained very fluid as at the date on which Genting Singapore Group’s financial statements were authorised for issue”, according to Genting Bhd’s FY20 audited annual accounts.
SINGAPORE — Millennials in Singapore are the biggest savers during the economic uncertainty brought about by the Covid-19 pandemic, a survey has found. They are on the way to a comfortable retirement if they maintain their current savings rate and relatively low debt levels, the findings showed.
Moderna tapped Baxter to fill and finish its COVID-19 vaccine. AGC Biologics is boosting viral vector capabilities at a recently-acquired plant in Italy. WuXi AppTec clinched a buyout of British CDMO OXGENE, teeing up end-to-end cell and gene therapy services. And Prestige Biopharma has designs on a vaccine plant for infectious diseases, including COVID-19.
SINGAPORE - Singapore is closely monitoring ongoing trials on the safety and effectiveness of Covid-19 vaccines on children, and hopes to be able to certify and administer them on students here in the near future. For now, the vaccines that the Government has authorised for use against Covid-19 are allowed only for those who are 16 and older, said Education...
Singapore Airlines will begin trialling a coronavirus digital travel pass developed by aviation's industry body next week, the carrier said, the first airline to pilot the scheme as the pandemic-hit sector seeks to recover. The app, developed by the International Air Transport Association (IATA), will store information on passengers' health,…
Covid-19 caught the West by surprise, but the legacy of Ebola, MERS, and SARS meant that several Asian and African nations had systems in place to mitigate the severity of the pandemic. Experts explain what Hong Kong, Liberia, Saudi Arabia, Singapore, and Taiwan learnt and how they have made a difference. ### Gabriel M Leung, University of Hong Kong East Asia’s response to covid-19 seems to have been exceptional so far. This is—at least partly—a result of the many lessons learnt and innovations derived from the region’s decades-long experience with outbreaks of novel, directly transmissible respiratory pathogens. These include the 1957 “Asian” and 1968 “Hong Kong” influenza pandemics, the first occasion of A(H5N1) influenza jumping the species barrier from birds into humans in 1997, and the A(H7N9) in 2013 around the Yangtze River Delta. The 2002-03 SARS epidemic left the most indelible mark.1 The sociological imprints left by these outbreaks have cumulatively boosted people’s adherence to, and even demand for, the public health and social measures that have proved so critical to controlling covid-19. This is all the more remarkable in Hong Kong, given the large deficit of trust in government following massive social unrest in 2019.2 After SARS, the Hong Kong government adopted a clearly defined, tiered command structure to prepare for and respond to future outbreaks, and consolidated all health protection functions under a new centralised agency.3 In parallel, massive investment has gone into research preparedness, with dialogue between the scientific and policy making communities in real time. Ever more stringent border restrictions have been adopted,4 and quarantine arrangements for both imported and local patients have improved to the extent that the Wall Street Journal found them to be the best in the world.5 ### Ben Grant, Last Mile Health Strong community based health systems respond quickly and effectively to epidemics. In 2016, Liberia’s ministry of health …
Singapore, Mar 11 (IANS): There were eight new coronavirus cases confirmed at noon on Thursday, taking Singapore's total to 60,070. There was one community case, and seven imported cases who were placed on stay-home notice on arrival in Singapore, said the Ministry of Health (MOH). There were no cases from migrant .....
NTU Singapore scientists have created a compound that could help to reduce an overactive immune response by targeting an enzyme that helps to regulate the body's immune response. High levels of this enzyme has been linked to autoimmune disorders and, more recently, severe COVID-19.
As part of the slew of improvements that the National Electronic Health Record (NEHR) will receive, more healthcare institutions within the country will also be brought on board to contribute to the NEHR. Majority of these security enhancements and upgrades will be expected to be completed by the end of this year. This involves both technical and process enhancements as well