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Hegseth announces 6-month review of American forces in Europe, blasts NATO allies for putting troops 'at risk'
War Secretary Pete Hegseth announces six-month review of U.S. force deployment in Europe, pressing NATO allies to take primary responsibility for defense.
Business Restructuring Review Vol. 25 No. 3 May-June 2026
In This Issue Texas Bankruptcy Court Adopts Barnet Rule Requiring Foreign Debtor to Have U.S. Assets to Be Eligible for Chapter 15 Relief In In re Siu-Fung Ceramics Holdings Limited, No. 24-33299, 2026 WL 382424 (Bankr. S.D. Tex. Feb. 10, 2026), the court denied petitions for chapter 15 recognition of Hong Kong bankruptcy and liquidation proceedings commenced on behalf of an individual debtor and a group of companies that he owned or controlled. According to the court: (i) the corporate debtors' Hong Kong liquidation proceeding was not eligible for chapter 15 recognition because the attorney retainer upon which such relief was based was not funded until nine months after the chapter 15 petition date; and (ii) the individual debtor's Hong Kong bankruptcy case could not be recognized because the debtor's "center of main interests" on the chapter 15 petition date was not in Hong Kong, and he did not even maintain an "establishment" there. [read more …] Southern District of Texas Clarifies Post-Purdue Course for Consensual Third-Party Releases and Gatekeeping Provisions In In re Container Store Group, Inc., 676 B.R. 356 (S.D. Tex. 2026), appeal filed, No. 26-20166 (5th Cir. Apr. 14, 2026), cross appeal filed, No. 26-20166 (5th Cir. Apr. 24, 2026), the U.S. District Court for the Southern District of Texas addressed consensual third-party releases and gatekeeping provisions in the aftermath of the U.S. Supreme Court's ruling in Harrington v. Purdue Pharma L.P., 603 U.S. 204 (2024). Consistent with existing Fifth Circuit precedent, the court confirmed that, in appropriate circumstances, consent for third-party releases may be obtained through a creditor's failure to opt out of granting that consent. But, the court ruled, consent through an opt-out mechanism essentially can never be inferred for creditor classes that stand to receive no recovery under a chapter 11 plan and that are deemed to reject the plan by operation of applicable bankruptcy law. Instead, those classes must affirmatively opt in to any release. The court also narrowed and remanded the bankruptcy court's acceptance of a broad gatekeeping provision, ruling that such provisions must correspond to the restrictions established by Fifth Circuit precedent. [read more …] Delaware Bankruptcy Court: Initial Transferee Need Not Be Defendant in Fraudulent Transfer Avoidance and Recovery Litigation The Bankruptcy Code gives a bankruptcy trustee the power to avoid asset transfers that are either made with the intent to defraud creditors or that are "constructively" fraudulent because an insolvent debtor did not receive adequate value in exchange. The Bankruptcy Code also permits recovery of an avoided transfer from not only the initial recipient, but also from subsequent transferees. Courts disagree over whether a transfer must actually be avoided before the trustee can seek recovery from a subsequent transferee and whether the initial transferee must also be a defendant in the recovery litigation against a subsequent transferee. The U.S. Bankruptcy Court for the District of Delaware weighed in on this debate in Phillips v. SS Associates LLC (In re ONH AFC CS Investors, LLC), No. 23-10931 (CTG), 2026 WL 312892 (Bankr. D. Del. Feb. 4, 2026). The court adopted the majority view, ruling that the initial transferee need not be a defendant in avoidance and recovery litigation against a subsequent transferee, but that the trustee must establish the elements necessary to avoid the initial transfer as part of the recovery litigation. [read more …] New York Bankruptcy Court Weighs In on Adequate Assurance of Future Performance under Assigned Leases and Chapter 11 Plan Exculpation Provisions In order to assume and assign an executory contract or unexpired lease, a bankruptcy trustee must cure most defaults under the agreement and provide "adequate assurance" of the assignee's future performance. However, the Bankruptcy Code provides no guidance as to the meaning of "adequate assurance" other than with respect to shopping center leases. In In re Broadway Realty I Co. LLC, No. 25-11050, 2026 WL 147505 (Bankr. S.D.N.Y. Jan. 19, 2026), the U.S. Bankruptcy Court for the Southern District of New York examined this issue in connection with a proposed assignment of thousands of residential leases as part of a free-and-clear sale of debtors' properties. The court held that "adequate assurance" does not mean a guarantee of the assignee's future performance, but merely demonstration that the assignee has the ability to satisfy the underlying obligations. The bankruptcy court also ruled that an exculpation provision in the debtors' chapter 11 plan exonerating non-estate fiduciaries from liability for actions taken in connection with the chapter 11 case was unobjectionable, provided it was limited in scope to postpetition conduct and actions taken in connection with implementation of the plan after its effective date. [read more …] Newsworthy Corinne Ball (New York) (Hall of Fame), Bruce Bennett (Los Angeles), Carl E. Black (Cleveland), Jeffrey B. Ellman (Atlanta), Brad B. Erens (Chicago), Gregory M. Gordon (Dallas), Heather Lennox (Cleveland/New York), Joshua M. Mester (Los Angeles), and Kevyn D. Orr (Washington) were included in the 2026 edition of Lawdragon 500 Leading Bankruptcy and Restructuring Lawyers. The Daily Business Review selected Isel M. Perez (Miami) as an "On the Rise" winner for the Florida Legal Awards. The Florida Legal Awards annually recognize those who have made significant contributions to the legal industry in Florida. Dan T. Moss (Washington/New York) was inducted as a Fellow in the 37th Class of the American College of Bankruptcy at its Annual Meeting in March 2026 in San Antonio, Texas. Christine Borries (Munich) was ranked in the practice area Restructuring/Insolvency in the 2026 edition of Chambers Germany. The 2027 edition of The Best Lawyers in Singapore™ recognized Sushma Jobanputra (Singapore) in the practice area Insolvency & Reorganization. The restructuring transaction involving Eissmann Automotive North America, Inc. received the "2025 Turnaround of the Year (Large Company)" at the Turnaround Management Association (Detroit) Annual Awards Reception. T. Daniel Reynolds (Cleveland) and Nick Buchta (Cleveland) represented subsidiaries of Eissmann Group Automotive in connection with the parent company's German insolvency proceedings. Roger Dobson (Sydney) is among 40 Jones Day lawyers recognized by The Best Lawyers in Australia 2027 for his contributions in Banking and Finance Law; Distressed Investing & Debt Trading; Insolvency and Reorganization Law; Litigation. An article written by Corinne Ball (New York) titled "Ard Finance—A Global Enterprise Combining an LME With a Foreign Insolvency Proceeding and Chapter 15" was published in the April 21, 2026, edition of the New York Law Journal. An article written by Alex Sapp (New York) titled "Recent Developments in Section 510—Subordination" was published in the 2025 edition of the Norton Annual Survey on Bankruptcy Law. An article written by Brad B. Erens (Chicago) titled "New York Bankruptcy Court Approves Insider DIP Litigation Financing" was published on April 6, 2026, by Lexis Practical Guidance. An article written by Corinne Ball (New York), Dan T. Moss (Washington/New York), David S. Torborg (Washington), and Isel M. Perez (Miami) titled "New York District Court Affirms Narrow Scope of 'Public Policy Exception' in Chapter 15 Cases" was published on April 6, 2026, by Lexis Practical Guidance. An article written by Jeffrey B. Ellman (Atlanta) titled "Statutory Cap on Lease Rejection Damage Claims in Bankruptcy Applies to Solvent Debtors" was published on April 6, 2026, by Lexis Practical Guidance. An article written by Trisha L. Mowbray (Real Estate; Chicago) and Ryan Sims (Washington) titled "Chapter 11 Plan that Abridged Non-Debtor Lessee's Rights to Remain in Possession After Rejection Unconfirmable as Having Been Proposed in Bad Faith" was published on April 6, 2026, by Lexis Practical Guidance. Lawyer Spotlight: Ben Rosenblum Ben Rosenblum, a partner in the New York Office, represents debtors, creditors, and other parties in out-of-court restructurings and court-supervised proceedings, including chapter 11 cases, municipal bankruptcies, international insolvency matters, and stockbroker liquidations. His experience spans industries such as manufacturing, shipping, mining, aviation, energy, real estate, and telecommunications. Ben's notable debtor representations include Peabody Energy, the City of Detroit, Chrysler LLC, Spansion Japan, and Dana Corporation. Significant creditor representations include General Maritime Corporation, Calpine Corporation, American Home Mortgage, and Murray Energy. He currently represents creditors in Puerto Rico's restructuring. He also has extensive experience advising financial institutions on bankruptcy law as applied to derivatives.
I spent 12 hours in Singapore Airlines' first class; worth it
My long-haul flight from LA to Tokyo in Singapore Airlines' first-class cabin had more pros than cons in terms of seats, food, and overall value.
The Probiotic Breakthrough for Natural Anxiety Relief and Better Mental Health
A surprising gut-brain discovery suggests that anxiety could one day be treated with specially designed probiotics. Could anxiety be shaped, at least in part, by tiny organisms living in the gut? Research from Duke-NUS Medical School and the National Neuroscience Institute of Singapore points to
Chinese Hit 'Dear You' Sets Global Theatrical Run Via Damai
Lan Hongchun's Teochew dialect family drama opens June 18 across Hong Kong, Macau, Singapore, Malaysia and Brunei.
AIRM Sets a New Standard for Brand Reputation Management in AI Search
SINGAPORE, June 04, 2026 (GLOBE NEWSWIRE) -- Rankpage has launched AIRM, an AI Reputation Management system developed to help businesses monitor...
match.asia Launches Exit HealthCheck to Help SMEs Avoid Common M&A Deal Killers
Singapore, June 04, 2026 (GLOBE NEWSWIRE) -- Many SME transactions fail before completion. Buyers and sellers may struggle to align on expectati...
Apple Announces Europe's First Developer Center
Apple today announced it will open Europe's first Apple Developer Center in Berlin later this year. The facility joins existing Developer Centers in Bengaluru, Cupertino, Shanghai, and Singapore. Apple said the Berlin center, located in Mitte district, will offer developers throughout Europe in-person sessions, workshops, and one-on-one appointments in multiple languages, with consultation areas and dedicated labs staffed by Apple experts.
Satwik-Chirag play Singapore Open final; Norway Chess continues: Indian Sports LIVE, May 31
Here are all the updates from Indian sports on May 31, 2026.
Satwik-Chirag play Singapore Open final; Norway Chess continues: Indian Sports LIVE, May 31
Here are all the updates from Indian sports on May 31, 2026.
Satwik-Chirag, Kapila-Crasto in Singapore Open semifinal action; Vinesh in action at Asian Games trials: Indian Sports LIVE, May 30
Here are all the updates from Indian sports on May 30, 2026.
After Rich Colleges Raid Basketball Team, School Exits D1 Sports
(Bloomberg) -- Saint Francis University was out of its league, and Father Malachi Van Tassell knew it.Most Read from BloombergSingapore Hands Byju's Founder His First Ever Jail TermIran’s Khamenei Says No Going Back for Middle East Rocked by WarTwo More Oil Supertankers Exit Hormuz to Help Push Up FlowsEx-President Biden Sues to Stop DOJ Sharing Interview Tapes‘KPop Demon Hunters’ Studio Draws Tencent Music InvestmentBigger, richer universities were raiding its men’s basketball team, luring away
Why the business of orbit is entering a new phase
Space is becoming a bigger part of everyday business, from communications and Earth observation to defense and predictive analytics. Voyager Technologies CEO Dylan Taylor and Muon Space President Gregory Smirin explain how cheaper launches, more satellite constellations and advances in AI are pushing the space economy into a new phase. Watch more from the CNBC CONVERGE LIVE conversation in Singapore to hear how the business of orbit is moving from exploration to infrastructure.
Pragg beats Carlsen in Norway Chess, India lose Unity Cup SF; Sindhu into Singapore Open QF: Indian Sports LIVE, May 28
Here are all the updates from Indian sports on May 28, 2026.
Indian men's football team take on Jamaica in Unity Cup; Lakshya, Prannoy and Co in Singapore Open action: Indian Sports, May LIVE 27
Here are all the updates from Indian sports on May 27, 2026.
Sindhu, Sat-Chi among Indians in action at Singapore Open; India (W) hockey tour of Australia begins: Indian Sports LIVE, May 26
Here are all the updates from Indian sports on May 26, 2026.
New box jellyfish name warns of ‘death from behind’
'Chironex blakangmati' lives in the ocean waters near Singapore.
Assassin's Creed Black Flag Resynced's Modern Day Story Has Been Replaced With 'What If?' Scenario Rifts For Edward Kenway
Ubisoft Singapore also says the modern day story of this remake will tie into the modern day stuff in Assassin's Creed Shadows to a degree, too.
match.asia Launches Match Value to Address Valuation Gaps in SME M&A
Singapore, May 21, 2026 (GLOBE NEWSWIRE) -- match.asia today announced the launch of Match Value, its proprietary valuation service designed to ...
Two brothers raised $12m for an OpenClaw competitor
NanoClaw's enthusiastic users include AI researcher Andrej Karpathy and Singapore's foreign minister.
I started a publishing business outside my day job
Tse Hao Guang, a researcher and writer from Singapore, started a side project publishing literary pamphlets that spotlight emerging writers' works.
Top Singapore-based physicist moves to China after superconductor breakthrough
Prominent young professor becomes doctoral supervisor at leading Chinese research university amid high-level recruitment drive.
Mobile-health Network Solutions Enters into Non-Binding Strategic Memorandum to Facilitate Up to US$100 Million in Private Equity Funding for AI-Powered Healthcare Expansion
Singapore, Singapore--(Newsfile Corp. - May 13, 2026) - Mobile-health Network Solutions (NASDAQ: MNDR) ("MNDR" or the "Company"), a leading AI-powered digital health platform, today announced that it has entered into a Letter of Memorandum with White Group Pte. Ltd. (Singapore) ("White Group") outlining a strategic collaboration to facilitate private equity funding of up to US$100 million to support MNDR's AI-powered healthcare expansion and digital health infrastructure initiatives.Under the...
Disney cruise canceled after boarding leaves passengers waiting hours and questioning response
Passengers say Disney Adventure's Singapore sailing was canceled after boarding due to technical issues, with families waiting hours for hotel details.
Singapore Defers Considering Political Pay Review on Iran War
Singapore will postpone considering an independent panel’s recommendations on the salaries of political office holders until the economic impact of the Iran war becomes clearer, a government minister said.
Mobile-health Network Solutions Enters into Non-Binding US$119 Million Strategic Framework with Hector Capital to Acquire BIMA and M&M Helix, Accelerating AI-powered Healthcare Expansion across Asia and Africa
Singapore, Singapore--(Newsfile Corp. - May 4, 2026) - Mobile-health Network Solutions (NASDAQ: MNDR) ("MNDR" or the "Company"), a leading AI-powered digital health platform, today announced the signing of a non-binding Strategic Cooperation Framework Memorandum of Understanding ("MOU") with Hector Capital Holdings Pte. Ltd. ("Hector Capital"). Under the framework, Hector Capital will invest up to US$119 million into MNDR to support the acquisition of majority shareholdings in MILVIK Singapore..
Singapore emerging as neutral ground as AI firms navigate Sino-US rivalry
Singapore is transforming from East-West gateway to neutral ground for the AI sector, with Chinese startups hoping to operate beyond government reach while U.S. firms seek foreign talent without the headache of stricter visa regulations.
LSBF Singapore Achieves Fourth Consecutive Win at Singapore Business Review International Business Awards 2026
The London School of Business and Finance (LSBF) Singapore Campus has clinched its fourth consecutive win at the Singapore Business Review International Business Awards 2026 (Education category), reinforcing its position as one of Singapore's most consistently recognised private education institutions.
Salmon contract signing another great step for young defender
Arsenal have announced that 16-year-old centre back Marli Salmon has signed a pre-contract agreement which will mean he signs a first professional contract when he turns 17 in August. Salmon was taken on the tour of Hong Kong and Singapore and impressed the coaching staff, featuring in games against Newcastle and AC Milan. The centre-back made his debut in the Champions League in the 3-0 win over Club Brugge and has also made three appearances in the FA Cup, starting the win over Mansfield.
Google rolls out Gemini in Chrome in seven new countries
Google is rolling out Gemini in Chrome in Australia, Indonesia, Japan, the Philippines, Singapore, South Korea, and Vietnam.
I had 5 nights with Seventeen in 3 cities, and this one was the best
I've seen Seventeen perform in three places — South Korea, Japan, and Singapore. Incheon's encore concert was my favorite for a few reasons.
19-year-old pivots failing art studio to make $320,000 in 10 months
For Merida Lim, owner of Scuro in Singapore, it was sink or swim. After struggling to draw customers to her art studio, she pivoted her strategy.
India's Wipro rises after deal to acquire Olam Group’s IT business
Shares of Wipro rose as much as 3.2% on Monday after the Indian IT services firm agreed to buy the IT services business of Singapore-based Olam Group for an enterprise value of $375 million.
Avi-Go Launches Avi-Go.AI, Building the Intelligence Layer for Business Aviation
Discover Avi-Go.AI, Avi-Go’s upcoming AI-native platform for smarter business aviation intelligence, analysis, and workflow automation. Avi-Go.AI represents a fundamental shift in how intelligence is accessed and applied in business aviation” — Colin, CEO & Founder of Avi-Go. SINGAPORE, April 2, 2026 /EINPresswire.com/ — In business aviation, competitive advantage is no longer defined only by access […]
Stablecoin payments go 'invisible' in Southeast Asia as crypto card business surges
StraitsX, a Singapore-based company, has seen rapid growth in its stablecoin card program, with a 40x surge in transaction volume and an 83x increase in card issuance between 2024 and 2025.
Singapore denies Malaysian scholar entry over political activism
Fadiah Nadwa Fikri urged some in Singapore to "adopt her brand of radical advocacy", authorities say.
Forum on harnessing Artificial Intelligence for health equity
Register to this forumOver the past decade, artificial intelligence (AI) has significantly evolved in complexity, performance, and utility. Its integration across a wide range of industrial sectors has accelerated, with healthcare emerging as one of the most transformative sectors. In this sector, AI has enabled high-impact applications – from enhancing the speed and accuracy of disease diagnosis and supporting clinical decision-making, to strengthening public health initiatives such as disease surveillance and workforce optimization. Moreover, AI holds immense potential to empower individuals, enabling them to take greater control of their personal health and well-being. Yet the central question remains: Who benefits, who is at risk, and do these innovations close or widen health inequities? While the potential of AI-enabled applications is substantial, many countries have approached their adoption with caution. This hesitancy stems from concerns about risks and benefits, including model bias, data breaches, privacy violations, and the erosion of professional skills due to over-reliance on AI. Additional barriers include inadequate data infrastructure and a lack of robust evidence on the most effective forms and interfaces of AI to enhance service delivery and system performance. Moreover, the rapid rise of Generative AI has introduced a heightened urgency for the development of comprehensive governance and ethical frameworks. The Asian Development Bank (ADB) Health Practice Team and Digital Sector, in collaboration with the World Health Organization (WHO) Regional Office for the Western Pacific, are convening the Forum on Harnessing AI for Health Equity on 25–26 March at ADB Headquarters. Senior health officials from 16 developing member countries (DMCs), alongside leading researchers, innovators, and policymakers from across Asia and the Pacific, will engage in discussions on how AI can be governed, financed, and scaled to deliver healthier lives for all. The forum is funded through the High-Level Technology Fund with support from the Government of Japan. Objectives The two-day forum aims to:Identify high-impact, evidence-based health AI use cases suitable for resource-constrained settings and map out a pipeline for potential supportIntroduce and validate the WHO's policy guidance on minimum necessary ecosystem for countries and institutions to self-assess readiness for AI adoptionObtain initial commitment from participating stakeholders to join a pilot regional initiative focused on data/model sharing for a priority health challengeEndorse a prioritized set of actionable policy recommendations focusing on governance, regulation, and sustainable financing necessary to scale high-impact health AI use cases in resource-constrained settings Target participants The forum will convene participants from 16 ADB DMCs including Bangladesh, Bhutan, Cambodia, Cook Islands, Fiji, Indonesia, Lao People's Democratic Republic, Mongolia, Nepal, Palau, Papua New Guinea, Philippines, Sri Lanka, Thailand, Uzbekistan, and Viet Nam. In addition, health system leaders and practitioners, private sector technologists, academic experts, representatives from civil society organizations, development partners, and philanthropic institutions engaged in AI for Health from Australia, the People’s Republic of China, Japan, Malaysia, New Zealand, Singapore, and the Republic of Korea will also be invited. SessionsDay 1 (25 March)Session 1: AI Use Cases for the Care Continuum: Improving Access and QualitySession 2: Adopting a risk-based approach for AI use case prioritizationSession 3: Establishing the Minimum Ecosystem for Implementation Risk ManagementSession 4: Future-Ready Health Workforce: Building Competency for Human-AI CollaborationDay 2 (26 March)Session 5: The Political Economy of AI in Health: Understanding Stakeholder Interests and their Impact on EquitySession 6: AI and Health Financing: Supporting Fair Coverage and ProtectionSession 7: AI Regulation and Oversight: Pathways for Different RealitiesSession 8: The Way Forward – Building Alliances and Regional Partnership How to registerThe forum will be held in a hybrid format. In-person attendance is by invitation only, while livestreaming of the forum will be available to the public. To register, please complete this form on or before 24 March 2026.Event organizers / partnersAsian Development Bank (ADB)WHO Regional Office for the Western Pacific High-Level Technology Fund (HLTF)ContactAkihito WatabeHealth Specialist, SD3-HSDawatabe@adb.org Jae Kyoun KimHealth Specialist, SD3-HSDjkkim@adb.org
Healthy ageing in Singapore: why health literacy matters
As Singapore becomes a “super-ageing” society, health literacy is key to helping older adults navigate care, stay healthy and remain socially connected. Explore the policies and initiatives supporting healthy ageing.
Hilton Singapore GM said hires should do one thing in interviews
Michael Janssen said potential hires should ask more than four questions in interviews to understand the role and gain career advice.
New Data Centers Will Be Powered by Human Brain Cells
Cortical Labs announced that it's working on "biological data centers" in Melbourne, Australia, and Singapore.
Allianz, Sun Life weigh bids for HSBC Singapore insurance business, Bloomberg News reports
Allianz SE and Sun Life Financial are considering bids for HSBC's Singapore insurance unit after the bank launched a strategic review of the business, Bloomberg News reported on Thursday, citing people familiar with the matter.
Human Brain Cells Run New Data Centers in Singapore, Melbourne
Biotech startup Cortical Labs is working on two small data centers run by human brain cells, putting lab-grown neurons onto silicon in an experiment that could one day challenge chips from the likes of Nvidia Corp.
HSBC kicks off Singapore insurance business sale, eyes over $1 billion value, sources say
HSBC has started the sale process for its Singapore life insurance product manufacturing business with the hiring of an adviser, and is hoping for the deal to be valued at more than $1 billion, said three sources with knowledge of the matter.
Singapore's OCBC bank explores physical gold custody business for institutional, wealthy clients
Singapore's Oversea-Chinese Banking Corp is exploring setting up a custody business for physical gold geared toward institutional and high-net-worth clients, as demand for its app-based trading product accelerates, senior executives said on Wednesday.
Chemists share a love of science at 2026 ACS Singapore Chapter Youth Challenge
The one-day event, celebrating achievements of young chemists, took place on Valentine’s Day
Singapore Alternative Lending Business Market Report 2026-2029: BNPL and Embedded Finance Market Intensifies as Atome, Grab PayLater and Shopee SPayLater Compete with Bank-Led Instalment Expansion
Key market opportunities in Singapore's alternative lending include BNPL standardization favoring accredited providers, embedding SME credit within digital ecosystems, tightening digital acquisition standards, and expanding private credit funding pathways. These shifts could enhance regulatory compliance, market reach, and investment potential. Singaporean Alternative Lending Market Singaporean Alternative Lending Market Dublin, Feb. 19, 2026 (GLOBE NEWSWIRE) -- The "Singapore Alternative Lendin
IE Business School Launches ‘Global BBA’ That Rotates Students Across 4 Continents
The Global BBA moves students from Madrid to Dubai, Singapore & New York, blending academics, corporate projects & international exposure.
Welcome to Singapore's hustle economy
20-hour kitchen days. Tears and budget fears. Lying flat is the last thing on these young Singaporean business owners' minds.
Egan-Jones Explores How Sovereign Strategies Are Reshaping Global Business Centers
Egan-Jones released an analysis examining how differing sovereign strategies in places such as Singapore, New York, Switzerland, and Monaco are influencing where businesses locate talent, capital, and legal domicile in an increasingly digital and globalized economy.
APEX Content Market 2026: Aeroplay Entertainment Announces André Valera as New CEO
Singapore-based content service provider Aeroplay Entertainment has appointed André Valera as its new CEO, effective immediately.
FOMO Pay Taps BNY to Deliver Institutional-Grade Business Account Solution for Cross-Border Payments
FOMO Pay, a leading Singapore-headquartered payment institution, today announced a strategic collaboration with BNY (NYSE: BK), a global financial services company, to enhance its cross-border payment and collection capabilities. Through this joint effort, FOMO Pay will utilise BNY's Virtual Reference Number solution to enable its corporate clients to collect and send payments directly within the U.S. domestic banking system.
US, Russian, Chinese fighters fly at display event, how they compare
The biennial Singapore Airshow featured aerobatic stunts from the F-16C, F-35A, Chengdu J-10C, and Su-30MKM.
Synspective CEO on Business Outlook
Motoyuki Arai, Founder and CEO of Tokyo-based space technology firm Synspective, discusses his company's business and growth outlook, and addresses the global demand for satellite technology. He speaks exclusively with Avril Hong on the sidelines of the Singapore Space Summit on "Bloomberg: The Asia Trade". (Source: Bloomberg)
DHL Health Logistics Singapore Expands Capabilities to Elevate Life Science & Healthcare Logistics
DHL Group has announced the expansion of its life sciences arm—DHL Health Logistics—with the development of a €10 million Pharmaceutical Hub in Singapore. This investment bolsters regional Life Sciences and Healthcare (LSHC) infrastructure.
How Singapore is Emphasizing K-pop to Become Asia’s Ultimate Entertainment Hub with BTS and Major Concerts - Travel And Tour World
Explore how Singapore has become a hub for K-pop culture and live entertainment, hosting major concerts and boosting tourism through global collaborations.
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
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