New World gets lender approval for $11 billion refinancing, Bloomberg News reports
Distressed Hong Kong builder New World Development has secured written commitments from all banks for a HK$87.5 billion ($11.15 billion) loan refinancing, Bloomberg News reported on Thursday, citing people familiar with the matter.
($1 = 7.8498 Hong Kong dollars)
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Independent Singapore
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- Independent Singapore
Burnt-out S'porean looks for recommendations for jobs that are 'low-stress, not demanding or exploitative'
SINGAPORE: A 36-year-old local Reddit user who recently quit their job took to the platform to ask for recommendations for part-time positions that they hope won't take too much out of them. In a post on r/askSingapore, u/Common_Measurement47 wrote that they left their job after working in a government agency for 14 years because they've got burnt out. And now, they'd like to work for one to two days a week in a job that is ' low-stress, not demanding or exploitative'. Fortunately, money is not a prime consideration, since they've achieved FIRE (financial independence, retire early), but would like to find a job that pays at least S$500 a month. 'I read that relief security guard is decent, but I don't think it's feasible since I don't want to work very frequently?' they wrote, adding in an edit that they have an honours degree in accountancy, banking & finance, and while they've tried auditing and tax advisory internships in the past, these positions are not for them. Many commenters were kind enough to oblige the post author with a number of suggestions. 'Might be good to look into jobs that typically hire older folks. My mom's best friend works part-time at MBS, where they rotate her to different departments (eg, theatre, art science museum). She gets decent benefits, all meals covered when she's at work, and CPF too. Worth looking into,' wrote one. 'I know a guy who did that, retired early, and became a part-time tour guide. He spent his days bringing tourists around Singapore, visiting museums and all the tourist spots,' one added. Another 36-year-old who also quit this year 'due to stress, mental, and health issues,' wrote that 'It all boils down to what you prefer, what skill set you have'. They suggested the post author could be a freelance dance instructor, swim instructor, do Kumon tuition, Grab or foodpanda delivery, dog walking, or cleaning. 'The sky is the limit. Just want you to know, you are not alone,' they added. See also We're revealing 10 more exhibitors for Echelon Asia Summit 2019! Others suggested the post author could work as a museum or art gallery sitter or a security guard. 'Scoot recently has a part-time cabin crew position,' another suggested, while another wrote, 'I suggest you take private tuitions in accountancy. You can easily get $40 per hour. For $500 per month just need to work 12.5 hrs a month i.e. slightly more than 3 hrs per week.' /TISG Read also: PHV driver says there are too many part-timers in Singapore, and they 'all claim to make over $1K gross weekly'
CNA
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Fintech firm Pine Labs seeks up to $6 billion valuation in India IPO, source says
Indian fintech firm Pine Labs' [ initial public offering could be worth about $1 billion and the company is seeking a valuation of up to $6 billion, a source familiar with the matter said on Thursday. Pine Labs is looking to issue fresh shares worth 26 billion rupees ($304 million) while existing investors including Peak XV, PayPal and Mastercard will sell up to 147.8 million shares, draft papers filed with the market regulator showed. The company, which competes with Paytm and Walmart's PhonePe, is seeking a valuation of between $5 billion and $6 billion, according to the source, who did not want to be identified. The company was last valued at $5 billion when it raised funds in 2022. Pine Labs offers full-stack payment solutions such as point-of-sale machines to merchants for card payments. It will use the IPO proceeds to invest in overseas units, develop technology and pare down debt. India's IPO market has had a slow start to the year, but foreign investors are now returning to local stocks after a major exodus, attracted by big-ticket block trades, often a precursor to a recovery in IPOs. IPO proceeds from Indian issues are down 4.2 per cent so far this year compared to a year earlier, while the number of issues have fallen 29 per cent, data from LSEG up to mid-June showed. Still, the stock market is gathering steam as concerns around global trade uncertainties ease. The benchmark Nifty 50 is up 8 per cent this year, but remains 3 per cent below its record highs hit last September. Six IPOs are open for bids this week, including HDB Financial's $1.5 billion offering, the biggest ever by an Indian non-bank lender. Pine Labs posted a revenue of 13.41 billion rupees in fiscal year 2024, up from 12.91 billion rupees in 2023, while its losses widened to 1.87 billion rupees from 562 million over the same period, according to its prospectus. Morgan Stanley, Citi and Jefferies are among the bookrunners for the offering.
CNA
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Banyan Group founder Ho Kwon Ping on how businesses can foster social cohesion
Law Minister Edwin Tong said Singapore must guard its multicultural society as social cohesion does not happen by chance. This, as economic disruption and digital disinformation are deepening social divides within and between nations. He was speaking at the close of the International Conference on Cohesive Societies, attended by more than 1,000 thought leaders from 50 countries. Mr Ho Kwon Ping, founder and executive chairman of Banyan Group, shared how businesses can play a part in fostering social cohesion.
