Latest news with #GIC
Independent Singapore
3 hours ago
- Business
- Independent Singapore
GIC in discussions to back US$5b investment in Anthropic: Report
SINGAPORE: GIC, Singapore's sovereign wealth fund, is ready to invest in Anthropic's latest funding round. This investment could be part of an Anthropic deal to raise US$5 billion that would value the AI startup at $170 billion, according to Bloomberg. Iconiq Capital leads this deal, with possible participation from the Qatar Investment Authority. This marks a significant rise from Anthropic's $61.5 billion valuation in March. The investment positions the company as a strong competitor to OpenAI and Elon Musk's xAI. Founded by former OpenAI researchers, Anthropic has experienced rapid growth. Its annual revenue reached $4 billion in July 2025, with forecasts of $34.5 billion by 2027. The company's Claude AI model has attracted major investors, including Amazon with $8 billion and Google with $3.3 billion. Anthropic's business-focused AI solutions continue to draw investors despite its US$3 billion annual burn rate and lack of current profit. Grand View Research projected that the value of the global AI market would be $279.22 billion in 2024 and $1.81 trillion by 2030. See also Malaysian on death row in Singapore appeals for a second chance This possible investment aligns with Singapore's broader AI strategy. The startup's dedication to AI safety and governance is demonstrated by Anthropic's collaboration with the Infocomm Media Development Authority (IMDA) via the GenAI Sandbox, which comprises Google, Microsoft, and Amazon Web Services. The $170 billion valuation may present challenges, but GIC's careful investment strategy suggests thorough consideration. The fund's AI Council and Virtual Investment Committee, which employs AI agents to review decisions, will likely conduct detailed due diligence. This potential investment goes beyond just financial returns. It shows Singapore's desire to be a global leader in AI innovation. The city-state aims to stay ahead in technology through smart investments. The Singaporean government stated in its 2024 Budget that it would invest S$1 billion in AI computing, talent, and industry development to promote the adoption of technology in important industries. Singapore revised its national AI strategy in December 2023. Promoting the use of AI and working with partners both inside and outside of Singapore to exchange ideas and widely deploy AI solutions are the objectives. The deal also underscores fierce competition in the AI sector. Global investors are eager to secure their positions in what many see as the next major technology. For GIC, this investment is a calculated risk, balancing innovation with responsible management of national reserves. As discussions advance, the potential partnership between GIC and Anthropic could change the global AI landscape, solidifying Singapore's role in this important field.
Sydney Morning Herald
5 hours ago
- Business
- Sydney Morning Herald
ATO reviews decision to dump Keating tax bill
The Australian Tax Office (ATO) has said it will review a decade-old decision to write off penalties and interest related to a tax dispute with an investment company owned by former prime minister Paul Keating. The decision follows an ABC Four Corners report last week that revealed the details of the write-off of the penalties and general interest charge (GIC) in Keating's favour in 2015, which was described as unusual by the media group. 'We note concerns raised in the segment about GIC remission for a high-profile taxpayer, which we take seriously,' the ATO said in a statement. 'We are following up to ensure all processes were correctly adhered to.' The statement did not refer to Keating by name. Last week, an ATO spokesman said it was unable to comment on specific taxpayers, due to obligations under taxpayer confidentiality laws. Keating has been contacted for comment. Loading The penalties and interest bill relate to the sale of a successful investment by Keating's company in Australian audio group Lake Technology, which was sold to US group Dolby Laboratories in 2004 at a valuation of $23 million. Keating was a major investor, along with ad man John Singleton. According to the ABC report, the interest and penalties bill was issued after the ATO discovered in 2012 that one of Keating's companies, Brenlex, had not reported profits from a Lake Technology share sale and owed $446,000 in tax.
The Age
5 hours ago
- Business
- The Age
ATO reviews decision to dump Keating tax bill
The Australian Tax Office (ATO) has said it will review a decade-old decision to write off penalties and interest related to a tax dispute with an investment company owned by former prime minister Paul Keating. The decision follows an ABC Four Corners report last week that revealed the details of the write-off of the penalties and general interest charge (GIC) in Keating's favour in 2015, which was described as unusual by the media group. 'We note concerns raised in the segment about GIC remission for a high-profile taxpayer, which we take seriously,' the ATO said in a statement. 'We are following up to ensure all processes were correctly adhered to.' The statement did not refer to Keating by name. Last week, an ATO spokesman said it was unable to comment on specific taxpayers, due to obligations under taxpayer confidentiality laws. Keating has been contacted for comment. Loading The penalties and interest bill relate to the sale of a successful investment by Keating's company in Australian audio group Lake Technology, which was sold to US group Dolby Laboratories in 2004 at a valuation of $23 million. Keating was a major investor, along with ad man John Singleton. According to the ABC report, the interest and penalties bill was issued after the ATO discovered in 2012 that one of Keating's companies, Brenlex, had not reported profits from a Lake Technology share sale and owed $446,000 in tax.
ABC News
8 hours ago
- Business
- ABC News
ATO to review processes around decision to cancel ex-PM's company's $950k tax bill
The Australian Taxation Office has moved to allay fears powerful individuals are given special treatment, saying it will review how it made a decision to wipe almost $1 million in penalties and interest from a company owned by former prime minister Paul Keating. "We are following up to ensure all processes were correctly adhered to," the ATO said in a statement following Monday night's Four Corners program. Four Corners revealed an abrupt about face from the tax office in 2015, which followed three years of negotiations and came after a formal payment notice for $953,000 was issued to Mr Keating's company. The decision was unusual because, for most taxpayers, formally challenging such a ruling on a so-called general interest charge (GIC) would typically require them to contest the matter in the Federal Court. "We note concerns raised in the segment about GIC remission for a high-profile taxpayer, which we take seriously," the ATO's statement said. "Where concerns are raised, we aim to respond through appropriate channels, including internal review, independent oversight, and, where necessary, improvements to our systems and processes. "The public rightfully expects the highest standards of integrity, fairness and accountability from us, and we take matters raised in the segment seriously." Jason Harris, a professor of corporate law at Sydney University, said the decision to waive the interest and penalties charge had the potential to undermine public trust in the tax system. "We have an example of someone very famous seemingly getting a special deal without any explanation and that should be a matter of public concern, even outside of tax," he said. "If we had a former PM getting a waiver on a driver's licence fee we should be equally concerned. There should be transparency." The tax debt was discovered in 2012 when the tax office realised that a company owned by Mr Keating had not reported profits from a 2004 share sale. While the company, Brenlex Pty Ltd, later paid the $446,000, the ATO then demanded more than $600,000 in interest and penalties that had accrued in the eight years since the sale occurred. The negotiations stretched over three years, during which time Mr Keating's advisers asked for the debt to be written off via a tax rule called a "commissioner's discretion". Mr Keating's advisers sought the exemption because the former prime minister mistakenly believed Brenlex had paid the tax and had "inadvertently failed to advise his directors" of the sale, the advisers told the tax office. Professor Harris said a commissioner's discretion was generally applied when a taxpayer had experienced some form of unfairness, such as bad advice from an accountant, or where there had been a significant event in their life, such as the death of a loved one. He said the reason Mr Keating's advisers gave — that he had forgotten he had not complied — did not pass muster. "It's outrageous," he said. In April 2015, the ATO issued Mr Keating a statutory demand for payment of the bill, which by then had grown to $953,396. Ten days after a final letter from Mr Keating's advisers, the tax office decided to cancel the debt in full. "I am able to confirm that the GIC and Late Lodgement Penalties … have been remitted in full," a tax official wrote. "Consequently the balance of the account has been reduced to nil and the amount payable as stated in the Creditors Statutory Demand is no longer owed." The email provided no reasons for the tax office's abrupt about face after three years of resisting the arguments of Mr Keating's financial advisers. The principal tax adviser at Australia's Institute of Public Accountants, Tony Greco, said the decision to waive Mr Keating's GIC appeared unusual on its face. "From a normal perspective, forgetting to pay your tax wouldn't be a strong case for remission of the GIC," he said. "More information needs to be provided to see whether they [the tax office] acted within their discretion." Professor of taxation law at UNSW, Michael Walpole, cautioned that not enough was known about Mr Keating's matter to be able to draw any firm conclusion. Speaking generally, he said it was desirable that, as long as they relied on the appropriate protocols, the tax office be able to reach settlements with taxpayers. The ATO told Four Corners in a statement last week that "inadvertently overlooking" the need to pay tax was generally not valid grounds on which to cancel GIC. "However, there may be instances where GIC is remitted when a taxpayer inadvertently overlooks the requirement to lodge a form or make a payment, depending on the individual circumstances of the taxpayer," the ATO said.
Time of India
12 hours ago
- Business
- Time of India
Naidu pitches Vizag as AP's growth engine in Singapore
Vijayawada: With an aim to attract investments in Artificial Intelligence (AI), data centres, real estate, food processing, aerospace, and defence, chief minister Chandrababu Naidu projected Visakhapatnam as the state's growth engine during his multi-day visit to Singapore. On Day 3, Naidu met Singapore President Tharman Shanmugaratnam, former PM Lee Hsien Loong, and senior executives from top global corporations. In a round table conference with executives from 41 companies, Naidu highlighted Andhra Pradesh's potential as a premier destination for data centres. He mentioned that Google already made an MoU with the state govt for setting up a data centre at Visakhapatnam. With TCS and Cognizant setting up units, the port city is set to emerge as the next IT destination offering a complete ecosystem. Earlier in the day, Naidu met representatives from Keppel, GIC, and Wilmar. In the meeting with Lim Yong Wei, the executive director of Keppel Corporation, Naidu discussed potential partnerships in the development of Amaravati. Naidu invited Keppel to collaborate in IT, commerce, and housing projects in Visakhapatnam, along with Amaravati. The chief minister also met with Govt of Singapore Investment Corporation (GIC) chief investment officer Bryan Yeo to discuss opportunities for investments in Amaravati development, real estate, industry, and infrastructure development across the state. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Naidu said that they are looking for a long-term partnership with the GIC. He assured that the state govt is ready to provide a conducive environment for GIC to invest in sectors like healthcare, education, urban planning, and civic infrastructure. Naidu met Prof. Mohan Kankanahalli, deputy executive chairman of AI Singapore. He sought cooperation in setting up AI research and innovation centres in the state. Naidu stressed the importance of forging partnerships between AI Singapore and universities and research institutions in Andhra Pradesh. He proposed launching AI training programmes and skill development modules for students across the state in collaboration with AI Singapore. Naidu also met NG Jan Lin Wilin, senior vice president of SIA Engineering, and discussed the development of airports in Andhra Pradesh. He sought cooperation in setting up Maintenance, Repair, and Overhaul (MRO) services in the state. The chief minister, along with his team, visited Juron Petrochemical Island, which was developed on reclaimed land. Naidu said that notable features like integrated safety systems, waste management, and strong sustainability measures are key takeaways for developing world-class industrial corridors in Krishnapatnam, Kakinada, and Machilipatnam. In meetings with the CEOs of various companies, Naidu explained the opportunities available along the vast coastline of Andhra Pradesh. GFX: Naidu's Day-4 engagements: - Sanjeev Das Gupta, CEO Capitaland Investments (India): Real Estate, Urban Development, and Industrial Parks - Mike Barkley, CEO, Mandai Wildlife Group: Eco-Tourism, Biodiversity Parks, and Wildlife Education Models - Rajiv Kannan, SMBC Bank: Investment Opportunities, Liquidity Models - Dinesh Khanna, Temasek: Public Infra Projects, Education, and Health - Vivian Balankrishnan, External Affairs Minister, Govt of Singapore: India-Singapore Relations, Cooperation for Investments in Telugu States - K Shanmugam, Home and National Security Minister: Police Training, International Cooperation - Charles Koh, COO Sembcorp: Renewable Energy and Water Treatment
