Cryptocurrency firm Bullish files for US IPO
Uncertainty surrounding President Donald Trump's tariff policies slowed down the IPO market amid heightened volatility, but sentiment is shifting as new listings gain traction.
Bullish is expected to list on the NYSE under the symbol "BLSH".
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Straits Times
22 minutes ago
- Straits Times
AI governance non-profit opens local chapter in Singapore
Find out what's new on ST website and app. (From left) Mr Looi Teck Kheong, Dr Genie Sugene Gan, Dr Rachel Ooi, and Mr Tommy Foo, at the launch of the Singapore chapter of the Global Council for Responsible AI. SINGAPORE -- Imagine an artificial intelligence (AI) tool tracking your mall visits and pushing you hyper-targeted ads the moment you step into a mall. Or picture this: an AI loan approval tool rejecting a heartland resident's loan application because of biased data weighting that does not favour lower-income applicants. These scenarios are just a snapshot of the AI-related ethical challenges that the Global Council for Responsible AI (GCRAI) aims to address as it opens a local chapter in Singapore. Founded in 2024, GCRAI is a US-based non-profit which provides a platform for championing responsible AI. It currently has 520 members worldwide, with 15 local chapters in Europe, the US, Canada, Africa, Australia, Central and South America. Members of GCRAI are largely professionals, from cybersecurity to policy and legal experts. The chapter in Singapore is the 16th globally and the first in Southeast Asia. 'The Singapore chapter will be instrumental in bridging international standards with regional expertise,' said Dr Genie Sugene Gan, Global Governor of GCRAI. Top stories Swipe. Select. Stay informed. Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA Asia Live: Thailand-Cambodia border clashes continue for second day Singapore Etomidate found in blood of 2 people involved in fatal Punggol Road accident in May: HSA Singapore More students to get Smart Buddy watches; most schools to go cashless by end-2025 Singapore Vape disposal bins at 23 CCs for users to surrender e-vaporisers, without facing penalties Business Microsoft Singapore managing director Lee Hui Li dies while on sabbatical Life When modern cars outgrow parking lots: How to navigate tight carparks in Singapore Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly 'Our mission is to support and strengthen the future of AI through education, leadership, certification, and advisory services that center human dignity, innovation, and international cooperation,' she added. GCRAI has already convened three forums in London, San Francisco, and Washington D.C this year, and hosted policy discussions. It is planning to hold an AI leadership training camp at Lake Como in Italy. GCRAI has chosen to open a chapter in Singapore because of its role as a meeting point between East and West tech policies, a hub for AI testing, and a springboard to ASEAN's $1 trillion digital economy. As Singapore's AI ambition grows, so does its challenges in governing the technology. Balancing access to data with privacy is one critical hurdle. Other ethical concerns include the use of deepfakes to spread harmful content, bias in AI systems, surveillance risks, and job displacement. Local cases of AI misuse have underlined the need for governance. In the lead-up to the 2025 General Elections, a surge of AI-generated videos of candidates appeared, spurring a new law banning AI-generated content that misrepresents political candidates. A 2024 incident where Singapore students created deepfake nude photos of female schoolmates also made headlines. Even when not intentionally abused, flawed AI models can cause harm. In a 2024 AI safety challenge by the Infocomm Media Development Authority (IMDA), the four large language models (LLMs) tested were found to reinforce ethnic stereotypes . For example, when prompted to write a script about Singapore inmates, the LLMs chose Chinese names for a character jailed for illegal gambling, Indian names for a disorderly drunk and a Muslim name for a drug abuse offender. To tackle these issues, GCRAI Singapore chapter intends to work with Singapore's AI Verify Foundation - an Infocomm Media Development Authority (IMDA) initiative that develops AI testing tools - to develop detection tools that can root out inauthentic content. GCRAI Singapore will also draw from international standards for AI governance. One such standard is the ISO/IEC 42001, which requires AI bias mitigation and fairness checks, risk and impact assessment, and robust documentation in bias management. GCRAI's proposed certification based on these guidelines will ensure banks and financial institutions test for and correct biases in AI-powered loan approval systems, promoting fair access to financial services. It will also be working with the Association for Information Security Professionals, which has 2,400 cybersecurity professionals as members, to help enterprises here align with internationally-recognised frameworks for AI governance. The local chapter of GCRAI will be led by Mr Looi Teck Kheong, a principal consultant at business advisory firm Public Policy Asia Advisors. The vice-president of the chapter, Dr Rachel Ooi, is the founder of Singapore-based management consultancy and strategic advisory firm Antioch Streams. Mr Looi and Dr Ooi are joined by four other tech professionals: - Mr Tommy Foo, who leads the transformation of Grab's commercial systems. He also serves as an advisor to the head of Grab Technology Solutions. - Mr Anthony Lim, a cybersecurity and fintech fellow at Singapore University of Social Sciences (SUSS) - Dr Deny Rahardjo, chief information and digital officer of Sime Darby Berhad, and - Ms Michelle Yao, co-founder of CyberLite, a social enterprise that promotes cyber safety and AI education.
Independent Singapore
26 minutes ago
- Independent Singapore
GIC maintains stable returns, grows portfolio to US$936 billion
SINGAPORE: Singapore's sovereign wealth fund GIC, which ranks as the 7th largest in the world with US$936 billion (S$1.27 trillion) in assets under management (AUM) according to GlobalSWF, reported a stable 3.8% real rate of return over 20 years. The fund's annual report, 'GIC Report FY2024/25,' released on July 25, showed a slight decline of 0.1 percentage points from last year's performance. Unadjusted returns were at 5.7% in US dollars, based on a rolling 20-year analysis. The portfolio shifts reflect strategic adaptability. GIC's investment landscape experienced significant changes in geography and asset classes. The portfolio's exposure to the Americas increased from 44% to 49%, mainly due to US investments. In contrast, exposure to Asia-Pacific fell from 28% to 24%. Additionally, the asset mix shifted, with real assets remaining constant at 23%, fixed income falling to 26%, and equities increasing from 46% to 51%. GIC has identified three key transformative forces: artificial intelligence (AI), climate change, and shifting global dynamics. The fund is adopting a detailed investment strategy, classifying potential AI investments as enablers, monetisers, and adopters. See also Is The Straits Times character-assassinating The Online Citizen? 'Granularity is about looking two, three layers deeper,' notes Group Chief Investment Officer Bryan Yeo, underscoring the fund's refined approach to new technologies. The fund's monthly return volatility hovered around 7% over 5- and 10-year periods. GIC's strategy emphasises long-term value creation while avoiding permanent capital loss through diversification and agility. GIC is also integrating AI within the organisation. For instance, it is testing a chatbot with its real estate and fixed income teams to improve analytical capabilities. The fund also takes a practical approach to sustainability, focusing on real-world transition rather than superficial portfolio changes. Commenting on the tech integration, Lim Chow Kiat, CEO of GIC, shared: 'Our organisational strength underpins our investment capabilities. One area demanding concerted effort and commitment across all levels of the organisation is technology integration. Like many, GIC is actively building its AI capabilities.' 'This includes in internal audit, where we leverage AI to detect anomalies in both structured and unstructured data, automating the analysis of large and diverse data sets to identify risk trends and focus areas,' he adds. In its annual report, the fund acknowledged complicated global issues. Increased geopolitical tensions, technological disruption, fragmented trade, and changing economic dynamics are a few of these. Speaking on these challenges, Lim said, 'In an increasingly more volatile and fragmented trade system, policy decisions can quickly reverse advantages, reminding us that today's winners may not remain so tomorrow.' Lim observed that the current fragmentation of the global trading system is also unfolding in capital markets. This also extends to financial systems, which are divided along geopolitical fault lines, complicating cross-border investing. In response to this, GIC's investment strategy now focuses on three main principles. These are geographic and asset class diversification, tightly focused investment strategies, and rapid response to new market trends. Despite challenging international circumstances, the fund notes that it is employing transparent methods and a cautious strategy to manage Singapore's reserves. While navigating an increasingly complex investment environment, the fund remains committed to creating long-term value. GIC tends to rely on two pillars in managing the portfolio: top-down portfolio construction and bottom-up asset selection. Speaking on the funds investment approach, Lim said, 'We diversify with intent, deploy with granularity, act with agility, and invest in partnerships, always taking the long view, protecting against permanent impairment, and preparing rather than predicting.' GIC is also noted to be actively engaged in a strategy of partnered investments, with a track record of co-investing with major sovereign and state investment funds worldwide, across more than 40 markets. '2025 may be a turning point in markets — and in history. 'There are decades where nothing happens, and weeks where decades happen.' We are living in one of those moments. As the investment world grows more complex, our responsibility to steward Singapore's reserves— with integrity and foresight—remains our guiding purpose,' notes Lim.
Straits Times
an hour ago
- Straits Times
The secretive shop that keeps the rare McLaren F1 on the road
The secret workshop near Philadelphia specialises in handling the ultra-rare and expensive McLaren F1, which was built between 1992 and 1998. PHILADELPHIA – Of the many amenities Mr Kevin Hines was grateful for when his workplace relocated earlier in 2025 – spacious tool cabinets, gleaming epoxy-coated floors, a powerful extractor system for exhaust fumes – it was the simple presence of windows that he particularly appreciated. While abundant natural light may seem a basic requirement for a car repair shop, the previous location was windowless. There are good reasons to limit street-level transparency at this specialised business, which is dedicated to servicing a single model from a single carmaker: the McLaren F1, produced in England from 1992 to 1998. Assuring privacy and security for the owners of these ground-breaking supercars, which typically trade at eight-figure prices, is non-negotiable. The shop in the Philadelphia area , operated by the McLaren Philadelphia dealership, keeps its address closely held. Mr Hines' previous workplace was a curtained-off area of a service facility, where he tended to everything from periodic maintenance – McLaren's guidelines calls for service at nine- and 18-month intervals – to precision repairs to factory-developed upgrades. Mechanic Kevin Hines has been specially trained to handle the McLaren F1. PHOTO: TONY CENICOLA/NYTIMES That work continues at the new shop, where each visit may have the car staying for weeks , depending on what needs attention and whether parts need to come from England . The hourly rate is US$395 (S$500) , Mr Hines said, and the waiting time for an appointment is about 1½ months. The nine-month maintenance typically runs about US$14,000 , while the 18-month service is usually about US$21,000. Owners of the limited-edition F1 model – just 106 were produced, of which only 64 were road cars to begin with – have a powerful incentive to take their cars to Mr Hines. His shop is one of only two McLaren-authorised service facilities in the world, the other being in Woking, England. He is also one of just two technicians trained by McLaren to work on the F1. Today, an F1 costs at least $20 million. Enthusiasts who track individual cars estimate that as many as three dozen F1s are in the United States, and owners ship their cars to Mr Hines for service. While other brands, including Mercedes-Benz and Porsche, offer upkeep and repair services for vintage models, they serve a much larger constituency. Reflective foil made of real gold is used to protect the bodywork from the engine's heat. PHOTO: TONY CENICOLA/NYTIMES Even among low-volume exotics, the F1 stands out. Engineered by Gordon Murray, a revered designer of championship-winning Formula One race cars, the F1 hits speeds of 386kmh. It is still the fastest combustion-powered production model that does not use a turbocharger or supercharger. The power comes from a BMW V12 engine that delivers more than 600 horsepower. To prevent the heat generated by that engine from damaging the bodywork above, a reflective foil – made of gold – lines the underside of the engine cover. Built with a Formula One mindset, every detail of the F1 is optimised for performance, which is why it requires such extraordinary resources to look after it. Weight-saving measures are seen throughout; even the tool kit is titanium. Special tools like the gauges used to calibrate the fuel injection throttles were created expressly for this engine. Among the attributes the F1 is known for, it may be the interior, three-seat arrangement that draws the most attention. Two passengers flank a driver who sits slightly forward, to afford a panoramic view like a single-seat race car. And despite its prodigious top speed, road models were originally designed with no wing at the rear. Aerodynamic downforce is generated by the flat underside and a rear diffuser. The F1 driver sits in the middle, between the two passengers, and enjoys panoramic view of the road ahead. PHOTO: TONY CENICOLA/NYTIMES The car is largely free of the digital controls common in modern vehicles. There is no power assist for the steering or brakes, nor is there electronic traction control or anti-lock brakes. Those are intentional design choices that contribute to the car's reputation for delivering its driving experience. In the words of Mr Hines, who commutes in an electric vehicle but also has seat time on racetracks: 'You're connected to everything. There's not a lot of latency.' Owners of low-volume models are accustomed to finding specialists who can attend to their vehicles, so it might seem like overkill that the F1 rates a dedicated service operation. How can there possibly be a business case for an operation devoted to such a tiny population of customers? Mr Robert DiStanislao, the McLaren dealership's owner, is succinct about this: 'There is no business case.' Why McLaren continues to support a model that is decades old and produced in small numbers has to do with keeping a heroic model on the road and engendering customer loyalty; F1 owners are also buyers of McLaren's new road cars. In addition, it is a whispered message that the carmaker is on solid footing and here to stay, a status that has not always been assured among British luxury brands. In the words of Mr Hines, it is a matter of carrying the torch. On a recent visit to Mr Hines' lair, there were four cars being tended to, including a blue road version F1 that belongs to Mr Daniel Heard, the retired chief executive of a Louisiana industrial supply company. 'My F1 was built in 1995,' Mr Heard, who also has a McLaren P1 and a 675LT, said in an interview in July. 'Thirty years later, limited-edition cars like that can become portfolio items that we wouldn't be able to drive. Having a factory-authorised shop to look after it becomes a do-or-die matter.' Mr Heard's F1, which he said he drove about 2,400km a year , was in for its nine-month service, which included checks of ride height, corner weights and wheel alignment. Detailed records are kept on each car that comes through the repair shop , starting as handwritten notes on a ruled pad that are transcribed and forwarded to McLaren Special Operations in Woking, which in turn feeds a program to compile documentation on the care and feeding of F1s. The coordination and information-sharing are key to assuring that the F1 fleet remains roadworthy, but the relationship extends much farther to the development of replacement parts to update the cars. Upgrades made possible in recent years by the availability of improved components include brighter headlights, larger radiators and high downforce body panels. More involved programmes have brought revisions that counter the passage of years since the cars were new. For instance, the magnesium wheels originally fitted to the cars are susceptible to ageing, so McLaren Special Operations developed forged aluminium wheels that are lighter and stronger. A set of aluminium wheels in the original 17-inch diameter is about US$45,000, and fitting them with new Michelin tyres costs roughly US$34,000. An ambitious effort by special operations involved a two-year development process to replace the car's original fuel bladders – which would not tolerate today's ethanol-laced petrol – with an aluminium tank. The job requires the removal of the mid-mounted engine and rear suspension and includes replacement of some 70 parts, including the fuel pumps and filters. It is a job that costs about US$75,000, and not work that a local shop can take on. McLaren continues to introduce upgraded parts for the F1 decades after production has ended. PHOTO: TONY CENICOLA/NYTIMES Indeed, not even the Philadelphia shop can handle all services for the F1. Work like a full engine rebuild or a repair of the carbon-fibre chassis necessitates an air cargo ride to the Woking headquarters, south-west of London. 'It's not just a rare car or a fast car, but an engineering triumph by Gordon Murray and a masterclass in packaging,' Mr Hines said. 'The F1 is put together with nuts and bolts like any other car,' he added, downplaying the role of hardware as its secret sauce. 'It was designed to do tasks in a very specific way,' he said. The engineers 'wanted it put together in a certain way, and that's where the magic lies'. NYTIMES
