Daily Debrief: What Happened Today (Jun 17)
Stories you might have missed
Singapore private club 1880 suddenly closes, going into liquidation
[SINGAPORE] Private members' club 1880 suddenly announced its permanent closure effective Tuesday (Jun 17), with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation.
Indonesia seizes 11.8 trillion rupiah from Wilmar Group in palm-oil graft case
[JAKARTA] The Indonesian Attorney General's Office (AGO) has seized approximately 11.8 trillion rupiah (S$928 million) from five defendants involved in a corruption case related to crude palm oil (CPO) exports, involving subsidiaries of the Wilmar Group.
'Significantly higher costs': Great Eastern suspends pre-authorisation certificate for admission to Mount Elizabeth hospitals
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[SINGAPORE] Insurer Great Eastern (GE) has temporarily suspended pre-authorisation certificates for Mount Elizabeth Hospitals from Tuesday (Jun 17).
Singapore's key exports chart surprise 3.5% slide in May as front-loading cools
[SINGAPORE] Economists believe that front-loading activity may have started slowing down, after Singapore's key exports declined 3.5 per cent on the year in May after April's surge.
CAG calls for pre-qualification of main contractors for ground transportation centre in Changi
[SINGAPORE] Pre-qualification of main contractors for the ground transportation centre at Changi East development is open, the procurement portal of airport operator Changi Airport Group (CAG) showed.
Should we expect Singapore-based companies to list here?
[SINGAPORE] Last month, reports emerged that fast-fashion retailer Shein intends to list in Hong Kong after its initial plan to do so in London was scuttled over concerns about its labour rights track record.
Family offices look to raise allocations to non-US, developed markets equities: BlackRock survey
[SINGAPORE] Family offices are raising their portfolio allocations for non-US developed market equities as tariff tensions and concerns about a US economic slowdown are prompting many to diversify, a BlackRock survey has found.
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Straits Times
2 hours ago
- Straits Times
Sports software maker Teamworks valued at over $1 billion in latest funding round
Sports technology firm Teamworks said on Tuesday it was valued at over $1 billion after raising $235 million in a funding round led by Dragoneer Investment Group, as it looks to capitalize on the rise of analytics-driven strategies in sports. The trend toward data-driven decision-making in sports, popularized by Billy Beane of "Moneyball" fame, is fueling increased investment in analytics tools and partnerships, especially as U.S. universities take advantage of relaxed college athlete sponsorship rules. The latest round will help Teamworks advance its AI-powered offerings across professional, collegiate and Olympic sports programs. "As the sports landscape changes and as our customers' ambitions grow, this milestone provides significant resources to invest in innovation and world-class talent that will help them succeed," said Kyle Charters, chief financial officer of Teamworks. The Durham, North Carolina-based company provides a unified platform for communication, operations and performance analytics to over 6,500 sports teams worldwide, including all NFL and most NBA teams, according to the company. Teamworks has expanded its offerings in recent years through acquisitions, including its entry into the coaching space with the purchase of Telemetry Sports earlier this month. The latest fundraise, which was a combination of primary and secondary, comes two years after Teamworks raised $115 million in its Series E round. Startups are opting to remain private for extended periods, securing larger sums in late-stage funding rounds as the recovery of public markets continues at a sluggish pace. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
2 hours ago
- Straits Times
Japan's Honda conducts surprise reusable rocket test, aims spaceflight by 2029
Honda R&D, the research arm of Japan's second-biggest carmaker, successfully landed its 6.3m experimental reusable launch vehicle after reaching an altitude of 271m. PHOTO: HONDA TOKYO - Honda succeeded in a launch and landing test of its prototype reusable rocket on June 17, the Japanese company said in a surprise announcement, marking a milestone towards its 2029 goal of achieving a suborbital spaceflight. Honda R&D, the research arm of Japan's second-biggest carmaker, successfully landed its 6.3m experimental reusable launch vehicle after reaching an altitude of 271m at its test facility in northern Japan's space town Taiki, according to the company. While 'no decisions have been made regarding commercialisation of these rocket technologies, Honda will continue making progress in the fundamental research with a technology development goal of realising technological capability to enable a suborbital launch by 2029,' it said in a statement. Honda in 2021 said it was studying space technologies such as reusable rockets, but it has not previously announced the details of the launch test. A suborbital launch may touch the verge of outer space but does not enter orbit. Studying launch vehicles 'has the potential to contribute more to people's daily lives by launching satellites with its own rockets, that could lead to various services that are also compatible with other Honda business,' the company added. Reusable launch vehicles have been the driver of emerging commercial space missions over the past decade, led by SpaceX's Falcon 9, while its US rivals including Blue Origin and companies in China and Europe also have reusable rocket plans. Tokyo-based startup Innovative Space Carrier in May said it will test-launch a prototype reusable rocket in the United States in December using an American engine. Honda's rival Toyota, the world's biggest automaker by sales, earlier this year announced an investment by its research arm in Taiki-based rocket maker Interstellar Technologies to support mass production of launch vehicles. Japan's government has established a multibillion-dollar space venture fund to subsidise private rockets, satellites and other missions, targeting to double its space industry's size to 8 trillion yen (S$70 billion) by the early 2030s. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
3 hours ago
- CNA
Car workshops finding it hard to pivot as Singapore transitions to electric vehicles
Singapore aims to have its car population run on cleaner energy by 2030. Acting Transport Minister Jeffrey Siow said electric vehicles could allow roads to be built closer to buildings, as they are silent and non-polluting. The number of petrol cars in Singapore dipped by around 2.7% to stand at about 500,000 as of end-May. Electric cars saw an increase of close to 30% to around 34,000. However, car workshops are finding it hard to pivot, with technicians having to be trained in new, brand-specific technologies. Some EV makers said a highly capable talent pool makes Singapore well-prepared to deal with new EV technologies.
