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Singapore's budget measures, announced by Finance Minister Lawrence Wong, aim to reduce the cost of living and benefit consumer and health-care stocks. Cash handouts, rebates, and measures to bolster retirement savings and ease household incomes were proposed. However, multinational companies will face higher taxes from 2025. The budget expects a surplus of 0.1% of GDP in the next fiscal year, with growth projected to be in the range of 1%-3% in 2024. Winners include consumer stocks, tech manufacturing, green energy, banks, and aged care, while property and multinationals are identified as losers. [Extracted from the article]

Arohan Financial Services Ltd., a shadow bank in India that primarily serves financially underserved women, is delaying its initial public offering due to regulatory crackdowns on lending practices by the Reserve Bank of India. The RBI instructed Arohan and three other shadow lenders to halt new loans because of high interest rates and violations of microfinance loan rules. Arohan's flagship loan targets groups of women with interest rates of 24.25%, ranging from 25,000 to 100,000 rupees for 24-30 months. Other shadow lenders affected include Asirvad Micro Finance Ltd., DMI Finance Pvt., and Navi Finserv Ltd., with Navi Finserv backed by Sachin Bansal of Flipkart. [Extracted from the article]

Mitsubishi Power Ltd. predicts a 50% increase in annual gas turbine orders globally through 2026, driven by the growth of data centers and artificial intelligence. Despite the rise in renewables, gas remains in demand as a transition fuel, particularly in Asia. Data centers currently make up a small portion of electricity consumption, but the demand for gas turbines is expected to continue beyond 2026. [Extracted from the article]

Mitsubishi Power Ltd predicts a 50% increase in annual gas turbine orders worldwide through 2026, driven by the growth of data centers. Despite challenges in project funding due to inflation, global demand for gas remains strong, especially in Asia. While renewable energy capacity is increasing, the need for storage systems and power grid upgrades keeps gas turbines relevant as a transition fuel. Investors like Per Lekander are optimistic about the future of gas turbines due to their reliability during periods of low solar and wind energy production. [Extracted from the article]

Singapore has given conditional approval for a $20 billion renewable energy corridor project connecting Australia and Singapore. The project, led by SunCable, aims to supply 1.75 gigawatts of renewable electricity to Singapore, meeting about 9% of its current energy needs. Singapore is also exploring the use of credits for cross-border electricity imports to support renewable energy projects in the region. The development of a framework for these credits could boost demand for cross-border electricity trading. [Extracted from the article]

Singapore has given conditional approval for a $20 billion renewable energy corridor project connecting Australia and Singapore. The project, led by SunCable, aims to supply 1.75 gigawatts of renewable electricity to Singapore, meeting about 15% of its current needs. Singapore is also exploring the use of credits tied to cross-border electricity imports to support renewable energy projects in the region. The development of a framework for these credits could boost demand for cross-border electricity trading. [Extracted from the article]

Elon Musk's pro-Trump super PAC, America PAC, plans to give away $1 million daily until Election Day to a signatory of a petition advocating for free speech and the right to bear arms. Musk, who has funneled almost $75 million into the PAC, aims to support Republican candidates in battleground districts across the US. The initiative has drawn criticism from Pennsylvania Governor Josh Shapiro, a Democrat, who raised concerns about the legality of the promised giveaways. Musk's efforts come as polling averages show Trump narrowly leading over Kamala Harris in battleground states. [Extracted from the article]

Elon Musk's pro-Trump super PAC, America PAC, plans to give away $1 million daily until Election Day to a signatory of a petition advocating for free speech and the right to bear arms. Musk, who has funneled almost $75 million into the PAC, aims to support Republican candidates in battleground districts across the US. The group will randomly select a registered voter in swing states to receive the prize, with Musk using his platform X to promote the former president. [Extracted from the article]

Elon Musk's pro-Trump super PAC, America PAC, plans to give away $1 million daily until Election Day to a signatory of a petition advocating for free speech and the right to bear arms. Musk, who has funneled almost $75 million into the PAC, aims to support Republican candidates in battleground districts across the US. The billionaire's actions have drawn criticism from Pennsylvania Governor Josh Shapiro, a Democrat, who raised concerns about the legality of the promised giveaways. Musk's support for Trump in swing states like Pennsylvania, where the former president holds a narrow lead over Vice President Kamala Harris, has sparked controversy and debate. [Extracted from the article]

Elon Musk's pro-Trump super PAC, America PAC, plans to give away $1 million daily until Election Day to a signatory of a petition advocating for free speech and the right to bear arms. The group will randomly select a registered voter in swing states to receive the prize. Musk has contributed nearly $75 million to America PAC, which supports Republican candidates in battleground districts. He has been using his platform to endorse Trump and engage in political activities. [Extracted from the article]

Amazon.com Inc. is focusing on wind and solar energy for its projects in Asia, as nuclear power is not yet available in the region. This is in contrast to the US, where tech companies like Amazon and Microsoft are turning to nuclear energy for their data centers. While Asia is a challenging region for acquiring green power, it has the greatest potential. Amazon has already enabled 83 renewable energy projects in Asia Pacific and is seeking more clean power agreements in Southeast Asia and India. [Extracted from the article]

Amazon.com Inc. is focusing on wind and solar energy for its projects in Asia, rather than nuclear power. While tech companies in the US are turning to nuclear energy for their data centers, Amazon is prioritizing renewables in Asia due to the lack of availability of nuclear power in the region. Despite the challenges, Asia has great potential for sourcing clean energy, with progress being made in countries like Japan, Vietnam, and Malaysia. Amazon is actively seeking clean power agreements in Southeast Asia and India, as renewables are currently the most accessible and affordable option in the region. [Extracted from the article]

Amazon.com Inc. is focusing on wind and solar energy for its projects in Asia, as nuclear power is not yet available in the region. This is in contrast to the US, where tech companies like Amazon and Microsoft are turning to nuclear energy for their data centers. While Asia is a challenging region for acquiring green power, it has the greatest potential. Amazon has already enabled 83 renewable energy projects in Asia Pacific and is seeking more clean power agreements in Southeast Asia and India. [Extracted from the article]

Amazon.com Inc. is focusing on wind and solar energy for its projects in Asia, rather than nuclear power. While tech companies in the US are turning to nuclear energy for their data centers, Amazon is prioritizing renewables in Asia due to the lack of availability of nuclear power in the region. Despite the challenges, Asia has great potential for sourcing clean energy, with progress being made in countries like Japan, Vietnam, and Malaysia. Amazon is actively seeking clean power agreements in Southeast Asia and India, as renewables are currently the most accessible and affordable option in the region. [Extracted from the article]

Google is exploring the possibility of using nuclear power for its data centers, partnering with utilities in the US and other countries to assess its viability. This move reflects the growing interest in using atomic energy to support the increasing demand for artificial intelligence. Other tech giants like Microsoft and Amazon are already investing in nuclear energy to provide stable, low-carbon power for their data centers and reduce reliance on fossil fuels. Google sees round-the-clock energy as crucial for its long-term growth. [Extracted from the article]

Funds that focus on companies with strong biodiversity credentials are performing better than other climate-related investments, with total assets reaching over $3.9 billion, a 45% increase in the past year. These funds have seen average returns of about 11% this year, while benchmarks related to renewable energy, carbon, and electric vehicles have declined. The finance industry has been compelled to prioritize natural resources following a deal struck in December 2022, leading to increased investments in firms working to halt and reverse nature loss. As countries prepare for the United Nations biodiversity conference, investor demand for biodiversity-focused funds is expected to accelerate. [Extracted from the article]

A recent study has found that the majority of green bonds issued in the US do not effectively contribute to addressing climate change. The analysis of green bonds sold between 2013 and 2022 revealed that only about 2% of the proceeds were used for genuinely unique or innovative projects. Instead, a significant portion of the funds were used for refinancing existing debt or expanding similar projects. The study also highlighted that investors do not differentiate between bonds based on their climate impact. While the green bond market has grown to over $3 trillion globally, this research suggests that the label itself does not guarantee that funds are being directed towards truly impactful projects. [Extracted from the article]

A recent study has found that the majority of green bonds issued in the US do not effectively contribute to addressing climate change. The analysis of green bonds sold between 2013 and 2022 revealed that only about 2% of the proceeds were used for genuinely unique or innovative projects. Instead, a significant portion of the funds were used for refinancing existing debt or expanding similar projects. The study also highlighted that investors do not differentiate between bonds based on their positive climate impact. While some argue that using proceeds for refinancing is not problematic, others believe that the study's conclusions are misguided and that green bonds encourage companies to initiate more environmentally friendly projects. [Extracted from the article]

Managers of Mirova SA green funds, which have $14 billion in assets, are considering adding mining stocks to their portfolio due to the low valuations of metal producers. The decline in prices for materials like copper, nickel, and lithium has made companies in the energy transition sector undervalued. The demand for energy transition metals is expected to double by mid-century, creating an opportunity for investors. This shift in strategy also raises questions about the inclusion of companies with negative environmental impacts in sustainable portfolios. [Extracted from the article]

The Adani Group, led by billionaire Gautam Adani, is reportedly in discussions with global banks to raise $1.5 billion through dollar bond sales. The funds would be used to refinance project debt, and the group aims to complete the sales by the end of February. The bonds would primarily be issued by Adani Green Energy Ltd. and Adani Energy Solutions Ltd., and discussions are ongoing with more than 10 banks in Japan, Europe, and the Middle East. This move comes as the conglomerate seeks to rebuild investor confidence following accusations of fraud and stock manipulation made by a short seller in 2023. [Extracted from the article]

Pork and beef producers in developed markets are at risk of credit downgrades due to climate-related risks, according to Fitch Ratings. Stricter government policies, technological advancements, and improvements in manure management are increasing costs for these producers. However, emerging markets are less vulnerable due to stable domestic demand and delayed implementation of climate policies. The beef industry in developed markets may also face challenges due to declining populations, health concerns, and climate targets. Fitch found that one in five rated corporate issuers could be exposed to downgrade risks by 2035. The natural gas sector in the US, on the other hand, has an improved outlook due to higher demand, the growth of the LNG export sector, and policy shifts. While warnings about climate-linked bond downgrade risks have been made in recent years, they have not yet impacted the market. Fitch does not expect immediate rating action based on their revised climate vulnerability estimates. Lastly, the EDHEC-Risk Climate Impact Institute warns that global equity valuations could face potential losses of up to 40% if emissions abatement rates continue at current levels. [Extracted from the article]

Pork and beef producers in developed markets are at risk of credit downgrades due to climate-related risks, according to Fitch Ratings. Stricter government policies, technological advancements, and improvements in manure management are increasing costs for these producers. However, emerging markets are less vulnerable due to stable domestic demand and delayed implementation of climate policies. The beef industry in developed markets is also facing challenges such as declining populations, health concerns, and climate targets. The UN Intergovernmental Panel on Climate Change states that global food systems, particularly animal products, account for a significant portion of human-caused emissions. Fitch found that one in five rated corporate issuers could face downgrade risks by 2035 due to climate vulnerabilities. While coal-fired power producers remain at risk, the natural gas sector in the US has an improved outlook. Similar warnings on climate-linked bond downgrade risks have been issued by S&P Global Ratings and Moody's Ratings in recent years, but these warnings have not yet impacted the market. Fitch does not anticipate immediate rating action based on their revised climate vulnerability estimates. Additionally, the EDHEC-Risk Climate Impact Institute warns that global equity valuations could face losses of up to 40% if emissions abatement rates do not improve. [Extracted from the article]

Australia's corporate watchdog, the Australian Securities and Investments Commission (ASIC), has called on the financial services industry to take stronger action against greenwashing. ASIC has intervened in 47 cases between April 2023 and June, including civil cases against Vanguard Investments Australia and Mercer Superannuation Australia. Commissioner Kate O'Rourke emphasized the need for accurate and easily understandable sustainability-related information. The regulator's actions have addressed issues such as investments inconsistent with disclosed ESG policies, unreasonable sustainability claims, and insufficient disclosures. Australia is also planning to introduce mandatory climate disclosures and develop ESG labeling standards. [Extracted from the article]

India is trying to generate interest in its green debt, but it is struggling to attract foreign investors due to a lack of supply and small issuances. The country plans to allow the trading of sovereign green debt from its finance hub in Gujarat by March, but experts believe that lower taxes alone will not be enough to make these bonds appealing. Green bonds in India have not been popular among foreign investors, with only a small percentage of planned issuances hitting the market. This is in contrast to the enthusiasm seen for conventional Indian bonds, which have attracted significant inflows. The lack of liquidity and poor secondary market for green bonds are major concerns for foreign investors. To address these issues, experts suggest allowing investors to swap green bonds with regular government debt and issuing shorter green bonds. The small size and unpredictability of green bond issuances in India also pose challenges for investors. [Extracted from the article]

India's market regulator, the Securities and Exchange Board of India (SEBI), plans to expand its sustainable finance framework to include more products, potentially boosting the market for environmental, social, and governance (ESG) debt in Asia. The proposed changes would introduce social bonds, sustainable and sustainability-linked bonds, eligible asset-backed securities, and a requirement for independent external reviews of all ESG debt. This move is seen as positive for the market, providing new opportunities for fixed income capital allocation. India has already surpassed its previous annual record for ESG debt issuance this year, but the volume remains lower than other Asian markets like China and Japan. The proposed changes would allow issuers to seek debt for a broader range of activities, supporting Prime Minister Narendra Modi's focus on green growth and helping to counteract a slowdown in Chinese issuances. [Extracted from the article]

India's market regulator, the Securities and Exchange Board of India (SEBI), plans to expand its sustainable finance framework to include more products, potentially boosting ESG-labeled instruments in Asia. The proposed changes would introduce social bonds, sustainable and sustainability-linked bonds, eligible asset-backed securities, and a requirement for independent external reviews of all ESG debt. This move is seen as positive for the market and could provide new opportunities for directing fixed income capital towards new issuers and projects. India's issuance of ESG debt this year has reached $15.6 billion, surpassing the previous annual record, but it still lags behind other Asian markets like China and Japan. A stronger market for ESG debt in India would align with Prime Minister Narendra Modi's focus on green growth and help offset the slowdown in Chinese issuances. [Extracted from the article]

Software firm AvePoint Inc. is reportedly considering a second listing in Singapore, which would bring the US company closer to its backers in Southeast Asia. The potential listing could take place within the next year, although details such as size and timing are still being discussed. Singapore has been making efforts to revitalize its stock market, and currently has 26 companies with secondary listings. AvePoint, founded in 2001, has over 21,000 customers in more than 100 countries and is valued at over $2 billion. [Extracted from the article]

According to an executive at Deutsche Bank, the backlash against environmental, social, and governance (ESG) investing is diminishing. This is due to regulatory adjustments that allow investors to target a wider range of sectors, including fossil fuels in transition strategies. While there has been political controversy surrounding ESG, it remains entrenched in markets, including in the US. Global investment in the clean energy transition reached a record $1.8 trillion last year. The introduction of transition frameworks is leading to more differentiated investment strategies rather than broad ESG labels. Deutsche Bank's sustainable financing and ESG investments totaled €279 billion ($308 billion) at the end of last year. [Extracted from the article]

According to an executive at Deutsche Bank, the backlash against environmental, social, and governance (ESG) investing is diminishing. This is due to regulatory adjustments that allow investors to target a wider range of sectors, including fossil fuel assets. The perception that ESG prohibits investments in fossil fuels is being challenged by the growing focus on transition strategies, which aim to reduce emissions in carbon-intensive industries. While global investor interest in ESG has stalled, the strategy remains entrenched in markets, including in the US. Overall, global investment in the clean energy transition reached a record $1.8 trillion last year. [Extracted from the article]

The wave of anti-ESG sentiment that led to a decline in ESG investing is now subsiding, according to an executive at Deutsche Bank. This shift is attributed to regulatory adjustments that allow investors to target a wider range of sectors, including fossil fuels. The backlash against ESG has been fueled by political controversy, but the strategy remains entrenched in markets. Global investment in the clean energy transition reached a record $1.8 trillion last year. The introduction of transition frameworks is leading to more differentiated investment strategies. Deutsche Bank's sustainable financing and ESG investments totaled €279 billion ($308 billion) at the end of last year. [Extracted from the article]

Investors are pulling out of electric vehicle (EV) funds due to cooling growth forecasts and concerns about the potential reelection of Donald Trump. EV funds have experienced net outflows of $1.6 billion this year, surpassing the total redemptions in 2023. Trump's criticism of incentives for electric models and his plans to roll back existing policies and extend tariffs on Chinese EV imports have raised concerns about a slowdown in EV sales growth. This has led to reassessments of the outlook for the EV technology by manufacturers and investors. [Extracted from the article]

The International Accounting Standards Board (IASB) is calling for companies to disclose climate-related risks in their financial statements, marking a significant departure from current practices. The IASB, which sets accounting standards for over 160 countries, aims to align financial reporting with the impact and uncertainties of climate change. This move comes as investors express concerns about the lack of consistency and adequacy in climate disclosures. While some sectors, like insurance, already incorporate climate risk into their reporting, others, such as Big Tech, struggle to provide investors with relevant information on issues like water scarcity and reliable power supplies. The IASB's guidelines encourage companies to report on climate uncertainties that affect their financial performance, but they do not mandate specific disclosures or presentation methods. Regulators worldwide are increasingly demanding climate disclosure from companies and funds, as investors seek measurable progress on decarbonization targets before making investment decisions. The IASB's consultation, which seeks feedback on how to present climate-risk data in financial reporting, will be open until November 28th. [Extracted from the article]

Australia's plans to implement strict climate disclosure rules are causing concerns among businesses about compliance. Over 6,000 companies, including listed and unlisted firms, financial institutions, and asset owners, will eventually be subject to these mandatory rules. While the new regulations aim to position Australia as a leader in climate reporting, some organizations are hesitant and worried about the burden of compliance. The Australian Accounting Standards Board is expected to finalize new standards next month, with implementation taking place in phases through 2027. These changes are likely to impact smaller entities in Australia and the region, and may also benefit companies with global operations and obligations under multiple climate reporting systems. However, it is important to note that the new disclosure rules alone will not provide a complete understanding of a company's climate impact, as other factors such as biodiversity and supply-chain due diligence are not included. [Extracted from the article]

Australia's plans to implement strict climate disclosure rules are causing concerns among businesses about compliance. Over 6,000 companies, including listed and unlisted firms, financial institutions, and asset owners, will eventually be subject to these mandatory rules starting in January. While the new rules will position Australia as a leader in climate reporting, some organizations are hesitant about the burden of compliance. The average cost of compliance is estimated to be A$1 million, but larger organizations anticipate costs exceeding A$3 million. The Australian Accounting Standards Board will finalize new standards next month, with implementation taking place in phases through 2027. These new disclosures are expected to help companies engage with funds interested in financing their decarbonization goals and may benefit firms with global operations and obligations under multiple climate reporting systems. However, the new rules alone will not provide a complete understanding of a company's climate impact, as they do not address issues such as biodiversity, waste reduction, or supply-chain due diligence. [Extracted from the article]

World leaders from various countries have condemned the recent shooting at a rally in Pennsylvania that injured former US President Donald Trump and killed one attendee. Leaders such as German Chancellor Olaf Scholz, Chilean President Gabriel Boric, and Canadian Prime Minister Justin Trudeau expressed their shock and emphasized the threat that political violence poses to democracy. Other leaders, including Brazil's Luiz Inacio Lula da Silva and Argentina's Javier Milei, offered their support and solidarity to Trump. Leaders from Europe, the Middle East, and the Asia Pacific region also expressed their condolences and wished Trump a speedy recovery. [Extracted from the article]

World leaders from various countries have condemned the recent shooting at a rally that wounded former US President Donald Trump and resulted in the death of one attendee. Leaders such as German Chancellor Olaf Scholz, Chilean President Gabriel Boric, and Canadian Prime Minister Justin Trudeau expressed their condolences and emphasized the threat that political violence poses to democracy. Other leaders, including Brazil's Luiz Inacio Lula da Silva and Argentina's Javier Milei, offered their support and solidarity to Trump. Leaders from Europe, the Middle East, and the Asia Pacific region also expressed their sympathies and wished Trump a speedy recovery. [Extracted from the article]

According to government data, the number of marriages in Singapore decreased by 3.7% in 2023 compared to the previous year, while the number of divorces increased by 0.2%. However, overall, the number of marriages has increased over the past decade. The report also revealed that people in Singapore are getting married at a later age, with the median age at first marriage for grooms being 31 years and for brides being 29.5 years. Additionally, the number of babies born in Singapore reached its lowest level in at least five decades. [Extracted from the article]

Singapore has issued restriction orders to two citizens, a 33-year-old woman and a 14-year-old boy, who were allegedly self-radicalized due to the Israel-Hamas conflict. The woman, An'nadya binte An'nahari, supported the Axis of Resistance, a network of Islamist militant and terrorist organizations including Hamas. The young male student expressed a desire to fight for the Black Flag Army and was willing to carry out terrorist attacks in Singapore. The restriction orders require them to comply with various conditions, such as not changing their employment or residence, not traveling outside of Singapore, and not accessing the internet or social media. [Extracted from the article]

World leaders from various countries have condemned the recent shooting at a rally in Pennsylvania that injured former US President Donald Trump and resulted in the death of one attendee. Leaders such as German Chancellor Olaf Scholz, Chilean President Gabriel Boric, and Canadian Prime Minister Justin Trudeau expressed their concerns about political violence and its threat to democracy. Other leaders, including Brazil's former President Jair Bolsonaro and Mexico's President Andres Manuel Lopez Obrador, offered their support and solidarity to Trump. Leaders from Europe, the Middle East, and the Asia Pacific region also expressed their sympathies and wished Trump a speedy recovery. [Extracted from the article]

China's property market downturn is impacting the issuance of ESG-labeled securitized debt in the Asia Pacific region. Data shows that there has been an 86% drop in the issuance of securities tied to climate or social objectives, with only $2.8 billion raised in the first half of the year. The cooling housing market in China has resulted in fewer loans available for green securitizations. Additionally, greater scrutiny of ESG labeling and the lack of regulation in Asia may also be contributing factors. Chinese developers and Korea Housing Finance Corp., major issuers in previous years, have been absent in 2024. However, China's EV producers have been supporting issuance in the region. [Extracted from the article]

World leaders from various countries have condemned the recent shooting at a rally in Pennsylvania that injured former US President Donald Trump and resulted in the death of one attendee. Leaders such as German Chancellor Olaf Scholz, Chilean President Gabriel Boric, and Canadian Prime Minister Justin Trudeau expressed their concerns about political violence and its threat to democracy. Other leaders, including Brazil's Luiz Ignacio Lula da Silva and Argentina's Javier Milei, offered their support and solidarity to Trump. Leaders from Europe, the Middle East, and Asia Pacific also sent well wishes to Trump and called for a swift investigation into the incident. [Extracted from the article]

World leaders from various countries have condemned the recent shooting at a rally in Butler, Pennsylvania, where former US President Donald Trump was injured and one person was killed. Trump stated that he was shot in the right ear and expressed condolences to the victim's family. The shooter was killed by the US Secret Service, and two spectators were critically injured. Leaders such as Luiz Ignacio Lula da Silva of Brazil, Javier Milei of Argentina, and Giorgia Meloni of Italy offered their support and solidarity, while others like Jair Bolsonaro of Brazil and Gabriel Boric of Chile condemned the violence. [Extracted from the article]

China's property market downturn is impacting the issuance of ESG-labeled securitized debt in the Asia Pacific region. Data shows that there has been an 86% drop in the amount raised in the first half of the year compared to the previous year. The cooling housing market in China has resulted in fewer loans available for green securitizations. Additionally, greater scrutiny of ESG labeling and the lack of regulation in Asia may also be contributing factors. Chinese developers have traditionally used this funding for energy-efficient buildings, but doubts have been raised about the climate-friendliness of these projects. [Extracted from the article]

World leaders from various countries have condemned the recent shooting at a rally in Butler, Pennsylvania, where former US President Donald Trump was injured and one person was killed. Trump stated that he was shot in the right ear and expressed condolences to the victim's family. The shooter was killed by the US Secret Service, and two spectators were critically injured. Leaders such as Luiz Ignacio Lula da Silva of Brazil, Javier Milei of Argentina, and Giorgia Meloni of Italy offered their support and solidarity, while others like Jair Bolsonaro of Brazil and Gabriel Boric of Chile condemned the violence. [Extracted from the article]