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CNA
22 minutes ago
- CNA
Indian miner Vedanta's demerger faces government pushback, CNBC-TV18 reports
The Indian government has objected to miner Vedanta's planned split into four new companies, arguing that the demerger could hinder its ability to recover dues from the company, news channel CNBC-TV18 reported on Wednesday. At a hearing conducted by the National Company Law Tribunal, the Indian government alleged that Vedanta modified the demerger scheme after securing a no objection certificate from the Securities and Exchange Board of India, CNBC said. The NCLT is a quasi-judicial body that adjudicates matters related to companies. Reuters could not immediately verify the court proceedings. Vedanta, in a statement, said that it had filed a detailed response to the government but did not share specifics. The ministry of mining and petroleum and natural gas did not respond to a Reuters request for comment. None of them have specified the amount being claimed. Vedanta said it has informed the tribunal that it will issue a corporate guarantee for its unit in favour of the Ministry of Petroleum and Natural Gas about the recovery of the dues in question. The oils-to-metals conglomerate had said in December that it would split into four new listed entities while remaining listed as a main company, scrapping an earlier plan to break up into six separate businesses. The government, through its legal representative, has alleged concealment and non-disclosure of key information related to the demerger, CNBC-TV18 reported. It also said that there was concealment and non-disclosure of key details, "inflated revenues" and "concealed liabilities," according to the report. Vedanta had said earlier this month it received a warning letter from SEBI citing certain non-compliances but did not address government's allegations in its statement. The NCLT has deferred the next hearing to September 17, the news channel added.
CNA
2 hours ago
- CNA
Live, locally-grown shrimp and fish now on sale at 3 Giant supermarkets
SINGAPORE: Supermarket customers will now be able to purchase locally farmed live seafood at three Giant outlets. Giants branches at Tampines North, IMM and Tengah Plantation Plaza will feature in-store aquatic tanks for fish – including grouper, marine tilapia and sea bass – and vannamei shrimp. This is the first time live, locally produced shrimp is being sold at supermarkets. The initiative by farm aggregator Singapore Agro-Food Enterprises Federation (SAFEF) comes amid national efforts to accelerate local food production. The organisation is working with three land-based farms to supply 2 tonnes of live shrimp every month. Depending on sales figures, they hope to bump up the amount by 10 times to 20 tonnes in a few months. 'If the market response is good, we can scale up,' said the federation's CEO Ken Cheong. 'Prawns' growth cycle is much shorter, so we can … pace it together with market demand.' FROM FARM One of the farms supplying the live shrimps is Nippon Koi Farm in Sungei Tengah, which has been breeding fish since the 1970s. Owner Pay Bok Sing said he was initially not keen on shrimp farming as he struggled with procuring healthy shrimp larvae. A single disease-stricken shrimp could infect a whole pond within a day. SAFEF then established a surveillance process to test shrimp larvae for disease the moment they reach Singapore. It takes just an hour to get results, before they reach local aquaculture farms. The federation is casting its net wider for larvae imports – previously only from Malaysia – to include China and Vietnam. It also helps farmers source better feed to grow higher-quality produce, and its consultants provide farms with advice on improving their setup and processes. Mr Pay told CNA that he initially did not really want to conduct prawn farming on a large scale. However, SAFEF later helped establish connections for the procurement of baby shrimp and feed, and advised on how to control disease. 'They've given us a lot of support. Then my mind started to change to want to convert the farm to a shrimp farm,' he said. Decades of fish farming have helped Mr Pay's family business innovate its own aquaculture systems to optimise space and save costs. He designed what he calls 'shrimp condominiums' for his crustaceans – involving perforated plastic crates stacked on top of each other, creating multiple layers that his shrimp can swim in and out of. He said this helps to spread the shrimp out so that they do not end up eating each other. Additionally, the structure gives them ample space to rest, which reduces their consumption of oxygen. The simple invention has allowed the farm to increase the number of shrimp reared by four times – from 200 shrimp per sq m, to more than 800 – in the same space, according to Mr Pay. He also said his farm uses a water management and filtration system that recycles the water used in the ponds, reducing costs while promoting environmental sustainability. TO SUPERMARKET SAFEF already sells locally-sourced seafood and vegetables to other major supermarkets in Singapore including FairPrice and Sheng Siong. Mr Cheong said consumers' response has been positive and demand is growing, allowing local farmers to ramp up output. Production of vegetables by its farm partners has been scaled up by more than five times and fish production by four times since May last year. SAFEF's launch at Giant Tampines Hypermarket on Tuesday (Aug 19) will further increase that demand, kicking off the sale of its aggregated produce at 38 Cold Storage and Giant outlets across the island. Minister of State for Culture, Community and Youth Baey Yam Keng called the launch a 'milestone' that will propel Singapore towards its '30 by 30' goal to produce 30 per cent of the nation's nutritional needs by 2030. 'This will reinforce our commitment to champion local farmers and expand the market for local produce,' said Mr Baey, who is MP for Tampines GRC. 'Because they are straight from the farm to the supermarket, they are fresher, and they can last longer. (They also) incur less transport miles to reach shelves, so that is also good for the environment, with lower emissions.' He highlighted challenges Singapore faces when it comes to food, including climate change affecting crop yield, geopolitical tensions affecting trade, as well as the nation's limited land resources for farming. 'Building local production capabilities is a shared responsibility among different stakeholders, including the government, industry players and consumers,' he said. 'More importantly, all these collective efforts will strengthen the Singapore food story and increase our resilience in our food source.'
CNA
3 hours ago
- CNA
Hong Leong Bank Wins Three Awards at Asian Banking & Finance Retail Banking Awards, Affirming its Transformative Journey Towards Becoming the Best Run Bank in Malaysia
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 20 August 2025 - Hong Leong Bank ("HLB" or the "Bank") has won awards in three coveted categories at the Asian Banking & Finance ("ABF") Retail Banking Awards 2025, a testament to the significant progress the Bank has made in its 5 year bankwide transformation journey. HLB's Head of SME Banking, Woon Siew Hoong [Pic 1, left] and HLB's Head of Cash Management, Alina Grace Tan Kui Kwoon [Pic 2, left] receiving their awards at the Asian Banking & Finance Retail Banking Awards 2025 Best SME Bank in Malaysia: Driving Innovation and Accessibility for SME Customers A pivotal aspect of HLB's bankwide transformation and success story is its established leadership as a prominent SME bank. For the fourth consecutive year, HLB has been named the Best SME Bank in Malaysia by ABF. This recognition directly reflects the Bank's diverse product offerings, pioneering digital innovations, and personalized advisory services, all meticulously designed to cater to the varied needs of its customers. HLB's unwavering commitment to customer-centricity has translated into tangible success, with the Bank's SME loans and financing portfolios achieving an impressive 11.6% year-on-year ("y-o-y") growth, nearly double the industry average of 6.7%. This significant growth not only reinforces HLB's strong market position but also vividly demonstrates its dedication to providing a seamless banking experience through increased accessibility and convenience. The Bank achieves this through its extensive branch network, flexible out-of-branch account openings, and intuitive digital platforms, all serving as effective touchpoints to ensure a comprehensive and effortless banking journey for every customer. Domestic Cash Management Bank of the Year Continuing its strong performance within the corporate banking sector, HLB has also been recognized as the Domestic Cash Management Bank of the Year. This award underscores how the Bank empowers its corporate and financial institution clients with sophisticated cash management solutions that streamline operations and enhance financial control, further contributing towards HLB's bankwide transformation plan. By leveraging the Bank's real-time API integration, businesses can automate fund transfers to beneficiaries on a same-day basis, eliminating manual intervention and ensuring timely access to funds. The Bank's cash consolidation services also enable clients to streamline cash management by centralizing funds into a single account for better liquidity oversight and easier reconciliation. This comprehensive suite of services has led to the Bank consistently managing over 700 corporate clients with their cash management needs, boasting a remarkable 95.52% customer retention rate and over 99% utilization rate of its cash management platform. Digital Transformation of the Year: Revolutionizing Credit Collections with Innovative Solutions and Artificial Intelligence Aligned with its 5 year bankwide transformation plan, HLB has invested significantly in its digital capabilities, leading to the strategic implementation of AI, effective data management, and innovative digital banking solutions. This commitment to digital excellence culminated in the Bank winning the Digital Transformation of the Year award for its groundbreaking collections platform. Since 2018, HLB has embarked on a pervasive transformation journey within its Collections team, fundamentally reshaping the collections process with an industry-first, fully integrated, web-based collections platform. The platform provides the Bank with a 360-degree view of its customers, strengthened by real-time information sharing, a predictive dialing system, an AI humanized voice bot, and secured remote working capabilities. These innovations have resulted in a 47% surge in monthly call volume and allowed 20% of HLB's collections officers to be redeployed to higher-value tasks, showcasing the tangible benefits of this digital leap. HLB's 5 Year Bankwide Transformation Plan Kevin Lam, HLB's Group Managing Director and CEO, commented, "This isn't just about winning awards; it's about reimagining the way we do banking. Two years ago, we set out on our bankwide transformation plan, and these three accolades prove that we are on the right track. This vision has defined our operating cadence, where we have reevaluated existing structures, reimagined the customer journey, and unleashed a wave of innovation throughout the Bank that is redefining what we can be to our customers. Looking ahead, we strive to continue on our transformation journey, implementing digital innovations while preserving that human touch to ensure we provide an elevated banking experience for all our customers." Hashtag: #HongLeong #HLBB The issuer is solely responsible for the content of this announcement.
