Headlines 

Uber Agrees on Southeast Asian Sale to Grab

Uber Technologies Inc. has reached an agreement to sell its Southeast Asian ride-hailing business to rival Grab and could announce the deal as early as Monday morning in Singapore, people familiar with the matter said. The agreement — which includes all of Uber’s operations in Southeast Asia as well as Uber Eats in the region — gives the U.S. company a stake of between 25 percent and 30 percent in the new combined business, the people said, asking not to be identified ahead of an official announcement. The deal, which…

Read More
Headlines 

Massive Cryptocurrency Heist Spurs Calls for More Regulation

At 2:57 a.m. on Friday morning in Tokyo, someone hacked into the digital wallet of Japanese cryptocurrency exchange Coincheck Inc. and pulled off one of the biggest heists in history. Three days later, the theft of nearly $500 million in digital tokens is still reverberating through cryptocurrency markets and policy circles around the world. The episode, disclosed by Coincheck executives at a hastily arranged press conference on Friday night, has heightened calls for stricter oversight at a time when many governments are working out how to regulate the booming cryptocurrency exchange…

Read More
Headlines 

Singapore’s Economy Grows Faster Than Estimated

Singapore’s economy finished 2017 on a solid footing, allowing more room for policy makers as they consider raising taxes and tightening monetary policy this year. Growth was higher taxes when the government releases its budget on Feb. 19, with one option being an increase in the goods and services tax. The Monetary Authority of Singapore may also shift to a tightening stance after government and the central bank forecast GDP growth of 1.5 to 3.5 percent this year. A stabilizing labor market and recharged property market is setting up a…

Read More
Headlines 

Resellers were already outside the Apple store just minutes after iPhone X launch

Image: yvette tan/mashable Just minutes after they got their hands on their new iPhone X devices, resellers were taking to the streets to sell them to the highest bidder. People began queueing at the Apple store in Singapore from as early as Thursday, with hundreds camping out overnight.  SEE ALSO: Apple iPhone X: Tracking the launch around the world Plenty of resellers were among them, when Mashable went down to the venue. Past doors opening at 8 a.m. on Friday morning, the road outside the Apple store quickly turned into…

Read More
Headlines 

Razer CEO to Become a Billionaire With Li Ka-shing Backing

After raising funds from Asia’s biggest investors, including Hong Kong tycoon Razer Inc. is turning to the market for an initial public offering that will make its co-founder Bloomberg Billionaires Index. Razer’s plan to list shares comes amid robust growth in the global gaming market, which is expected to reach $160 billion by 2021, a 52 percent jump from last year, according to data from Euromonitor. The company said in its

Read More
Headlines 

Singapore Will Stop Increasing Car Numbers From February 2018

Singapore, among the world’s most expensive places to own a vehicle, will stop increasing the total number of cars on its roads next year. The government will cut the annual growth rate for cars and motorcycles to zero from 0.25 percent starting in February, the transport regulator said on Monday. “In view of land constraints and competing needs, there is limited scope for further expansion of the road network," the Land Transport Authority said in a statement on its

Read More
Headlines 

Singapore-Listed Noble Group Will Sell Its Oil Trading Business

Embattled commodity trader total net loss of $1.1 billion and $1.25 billion for the three months to September, and that lenders had agreed to a two-month extension of a waiver related to a revolving-credit facility. Noble Group, once Asia’s largest commodity trader, has been rushing to sell its oil business to pay back lenders in a struggle to survive. The shares have sunk 78 percent this year amid concerns that the company will default. Trading was halted on Friday at 38 Singapore cents, 2.6 percent down from the previous close, pending the…

Read More
Odds and Ends 

Gaming firm Razer seeks to raise over $600M in Hong Kong IPO

Gaming firm Razer has filed to go public through an IPO in Hong Kong as it looks to raise more than $600 million to go after growth opportunities. The U.S.-based company, which traces its origins back to Singapore, filed initial paperwork on Friday. Certain details such as how much Razer is looking to raise, its valuation and the timing of the IPO are not disclosed in the 345-page filing, but a source close to the company confirms its likely to be upwards of $600 million (earlier in the year, it…

Read More