Singapore

Singapore's economy expanded at its fastest annual pace in over a decade in 2021 as the country emerged from its worst recession on record, caused by the deep hit to activity from the coronavirus pandemic, Reuters reported. The city-state's economy grew 7.2% in 2021, preliminary data showed on Monday, broadly in line with the government's official projection and rebounding from the record 5.4% contraction in 2020.

Australia on Friday won a landmark court ruling against Singapore Telecommunications, a victory in the country’s battle against tax avoidance by multinational companies through cross-border financing arrangements, Bloomberg News reported. The Federal Court of Australia on Friday dismissed the company’s appeal of a tax assessment related to the acquisition financing of Singtel Optus in 2001.

Singapore has introduced a new round of property curbs for its private and public residential markets, a bid to cool a surge in home prices over the past year, Bloomberg News reported. The city state is raising additional stamp duties for second-home buyers and foreigners as well as tightening loan limits for public housing apartments starting Thursday. It will also increase the supply of public and private housing, according to a joint statement by the Ministry of Finance, Ministry of National Development and Monetary Authority of Singapore late Wednesday.

Singapore’s highest court has dismissed an appeal by oil tycoon Lim Oon Kuin and his two children after they were successfully sued for breach of fiduciary duties by the court-appointed managers of a company they once owned, Reuters reported. Lim is the founder of defunct Hin Leong Trading Pte Ltd and Ocean Tankers, once one of Asia’s largest oil trading and shipping firms, which both went under judicial management in 2020, after oil prices collapsed.

Singapore Exchange's new rules for special purpose acquisition companies (SPACs) are likely to help it attract regional funds and fast-growing firms, as it seeks to revitalise a staid market for equity listings, market participants said, Reuters reported. Some of them expect Southeast Asian startups, especially from the tech sector, to take advantage of SGX becoming the first Asian bourse to allow SPAC listings since the investment frenzy in SPACs started in the United States last year, although the interest is peaking there.

Singapore Exchange is preparing to roll out easier guidelines for listings of special purpose acquisition companies (SPACs) in the city-state, which would make it the first major Asian bourse to accept such investment vehicles, Reuters reported. The changes come after SGX, which has struggled to capture large listings of high-growth companies, received market feedback that some of its earlier proposals were too strict.

City Developments Ltd, run by Singapore’s richest property dynasty, reported a first-half loss on the fallout from the pandemic and said it is mulling a deeper China presence after being stung by write downs on an earlier investment, Bloomberg News reported. Travel restrictions caused revenues to decline at the firm’s hotel operations and investment properties, while the withdrawal of Covid tax relief plans contributed to a S$32.1 million ($23.7 million) loss in the first six months.

Singapore Airlines faces an uneven road to recovery as the more contagious delta variant of the new coronavirus and a persisting pandemic threaten to upend the resumption of mass travel worldwide, Nikkei Asia reported. The Singapore Exchange-listed company on Thursday reported a net loss of 409 million Singapore dollars ($302 million) for the April to June quarter -- the first in its new financial year, after racking up an annual net loss of SG$4.27 billion the year before.

A creditor of Chinese electric car startup Byton filed a court petition for the embattled company's bankruptcy on Monday, a local court record showed, Dow Jones Newswires reported. A Shanghai-based software supplier has requested the court to start the bankruptcy proceedings for Nanjing Zhixing New Energy Vehicle Technology Development Co., or Byton, according to the court record. The court hasn't accepted the petition as Byton is seeking a settlement with the creditors, the company said in a statement.