Latest news with #SIMC
Straits Times
4 days ago
- Business
- Straits Times
Mediation, arbitration or litigation: What works when global trade breaks down
Supply chain disruptions are creating more commercial disputes, but forward-thinking companies are choosing cooperation over conflict, building new alliances From escalating trade wars to raging military conflicts, the headlines paint a stark picture of a world increasingly fractured along geopolitical lines. As traditional diplomacy struggles under mounting global tensions, many are left wondering whether collaborative approaches to conflict resolution remain viable in today's rapidly shifting global order. Yet amid this apparent retreat from multilateral cooperation, one veteran legal practitioner believes that mediation – far from becoming obsolete – offers a critical path forward. 'In today's increasingly polarised and unpredictable global landscape, mediation offers a constructive and non-adversarial path to resolve disputes, foster dialogue, build mutual understanding and encourage creative problem-solving,' says Senior Counsel George Lim, chairman of the Singapore International Mediation Centre (SIMC). 'We've seen this in action during recent crises in Ukraine and Gaza, where mediators – often working quietly behind the scenes – have helped open channels of communication and reduce the risk of further escalation. 'These efforts underscore the quiet power of mediation. It doesn't always dominate the headlines, but it can change outcomes,' says Mr Lim, whose legal career spans over 40 years. A collaborative option for dispute resolution in Singapore When geopolitical tensions strain commercial relationships across global supply chains and trade networks, this could result in more commercial disputes – and a growing need for effective, amicable solutions to resolve them. 'Businesses need choices. Depending on the nature of the dispute, their business strategy, values and culture, some may prefer mediation, while others may prefer arbitration or litigation. As a dispute resolution hub, Singapore offers a suite of tools and options – be it mediation, arbitration or litigation – for businesses to resolve their disputes,' says the Ministry of Law's deputy secretary (development) Charlene Chang. 'While 'ADR' typically refers to 'alternative dispute resolution', we prefer to say that 'ADR' represents 'appropriate dispute resolution', where parties work out a dispute resolution strategy that best suits their needs,' she adds. To support businesses operating across borders, the ministry has been working hard in developing Singapore's international dispute resolution sector. Since its launch in 2014, SIMC has complemented the Singapore International Arbitration Centre and the Singapore International Commercial Court – forming a trio of institutions offering mediation, arbitration and litigation options for parties in international commercial disputes. To date, SIMC has handled over 500 cases involving parties from 68 jurisdictions, with dispute values exceeding US$26 billion (S$33.3 billion). Why global businesses are turning to mediation Mediation has been gaining popularity in the business world, with mediation clauses frequently seen in commercial contracts as a suitable tool for disputes, as observed by Ms Mariana Zhong, a partner of Hui Zhong Law Firm based in Beijing. Unlike adversarial processes, mediation offers greater room for diplomacy and flexibility where both sides collaborate to achieve win-win solutions outside of the court system. This is particularly valuable in cross-border disputes, where cultural sensitivities and different legal systems are involved. Less confrontation also means less strain on relationships, notes Ms Chang. A key milestone in the field of mediation was the adoption of the Singapore Convention on Mediation (Singapore Convention) by the United Nations General Assembly in 2018. It provides a legal framework for the recognition and enforcement of cross-border settlement agreements arising from mediation. This means that parties in cross-border disputes can enforce their agreements in countries that are party to the Singapore Convention. Hosted by then Minister for Culture, Community and Youth and Second Minister for Law Edwin Tong (front row, sixth from left) and then Minister of State for Law and Transport Murali Pillai (front row, eighth from left), the Speakers' Dinner for Singapore Convention Week 2024 was attended by local and international speakers and other participants of the United Nations Commission on International Trade Law Academy. PHOTO: MINISTRY OF LAW Mr Lim calls the convention a 'game-changer' in putting mediation on the global agenda. He says: 'A decade ago, mediation was rarely discussed at the governmental level. With the Singapore Convention, internationally mediated settlements are now more enforceable around the world.' Advocate and arbitrator King's Counsel Ng Jern-Fei of Duxton Hill Chambers concurs, attributing the increasing adoption of the Singapore Convention as one of the key drivers for the continued growth of mediation. Mediation's less adversarial approach also has a unique draw for commerce. 'In many cases mediated at SIMC, we've helped parties turn old disputes into new deals, and business people love this,' adds Mr Lim. Shaping the future of dispute resolution To build trust in the field of international dispute resolution, one way is to foster shared understanding within the legal community. Since 2019, the Singapore Convention Week (SC Week) has served as a key platform for this purpose. This year's edition, taking place from Aug 25 to 29, will feature a full and diverse programme of conferences, workshops and networking sessions. Legal and business professionals from around the world will join global leaders and fellow experts in shaping the future of dispute resolution. The event continues to draw more professional organisations with each iteration. 'This year, we are excited to welcome several new partners including, among others, the Japan Ministry of Justice, the Bahrain International Commercial Court, the European Chinese Arbitrators Association, the India International Arbitration Centre, the Korean Commercial Arbitration Board and the Korean Council for International Arbitration, all of whom will add to the diversity of perspectives represented,' says Ms Chang. Participants at the Breaking with Convention networking event during Singapore Convention Week 2023. PHOTO: MINISTRY OF LAW Apart from insightful sessions and expert-led discussions, participants can look forward to the highly anticipated Breaking with Convention networking event, where they can unwind over canapes and drinks with like-minded old and new friends. For Mr Ng, SC Week is a highlight event on the legal industry's calendar. 'It is not an exaggeration to say that SC Week has grown over the past few years into one of the most significant events in the international commercial disputes arena.' Giving mediation legal weight across borders Mediation is a process in which a neutral third party – known as a mediator – facilitates a settlement agreement between disputing parties. However, countries vary in whether, when, as well as how such agreements are enforced. The Singapore Convention on Mediation (Singapore Convention) addresses this by providing a uniform legal framework that allows these agreements to be enforced or invoked across jurisdictions through a simplified and streamlined procedure. As of July 2025, the Singapore Convention has 18 parties and 58 signatories, and it is also the first Convention of the United Nations organisation to be named after the city-state.
Yahoo
29-05-2025
- Entertainment
- Yahoo
Stockholm music competition cancelled at Historical Museum over Russian ties
The Stockholm International Music Competition (SIMC) has been linked to Russian state institutions, prompting the Historical Museum in Stockholm to cancel its hosting of the event, following an investigation by Swedish broadcaster SVT. Source: SVT Nyheter Quote: "The competition was to be held at the Historical Museum and at the Nacka Music School. After the ties with Russia became apparent, the Historical Museum terminated the agreement with the competition, but the music school did not." Details: The Swedish government issued a directive in 2022 that Swedish cultural institutions should not cooperate with Russian state entities. Journalists found out that the entrance fee for the competition is paid to a Russian bank, and 14 jury members are employees of Russian state institutions that publicly support the war in Ukraine. The partner of the competition is Herzen University in St Petersburg in Russia, which also supports the war and sent humanitarian aid to Russian forces. Director of the Historical Museum Åsa Marnell, in a conversation with journalists, replied that she did not know about the Russian connection. The final concert of the competition has been held at the Historical Museum for several years, even after Russia's full-scale invasion of Ukraine. After an interview with SVT, the Historical Museum announced the termination of cooperation with the competition, "since this is contrary to the policy of the authorities." Several more stages of the competition take place at the Nacka Music School. Operations manager Catharina Grunér Kronqvist also commented that she did not know about ties with Russia. However, this week's competition will not be cancelled. The organisers of the international music competition deny ties with Russia. In particular, the co-founder of the competition, Galina Ehrngren, noted that "there is no politics in competitions. It's just music, nothing else." However, she added that they did not know that the Russian state university supported the war. What is known about the international competition and relations with Russia Journalists report that the competition was created in 2009 by two Russian musicians called the Savshinsky International Competition in St Petersburg. A year later, one of the founders, Dmitry Mikhaylov, launched a similar competition in Stockholm with pianist Galina Ehrngren and violinist Anna Sundin. Since then, Swedish competitions have been held annually. Mikhaylov is registered in St Petersburg as an individual entrepreneur. In the information about the competition, Russian participants who cannot use bank cards after the suspension of SWIFT are asked to pay the entrance fee directly to his account with the sanctioned bank Sberbank. Journalists found the final concert of the Savshinsky competition in 2025, where Mikhaylov says from the stage that he "organises a similar competition in Stockholm". In the same video, Galina Ehrngren appears as a member of the jury. She was identified using the Amazon Rekognition facial recognition tool. In addition, the official rules of the competition list jury members "from many countries", but there is not a single mention of Russia. Thanks to a search in open Russian sources, SVT was able to find 18 out of 47 jury members of Russian origin. Of these, 14 work in state cultural or educational institutions that directly support the invasion of Ukraine. In particular, several jury members work at Herzen University in St Petersburg. This university signed the appeal of the Russian Rectors' Union in support of Vladimir Putin and the army, and the university also sends humanitarian aid to Russian forces. Some also work at the Rimsky-Korsakov Conservatory. The university has its own patriotic programmes, including discounts and concerts for military personnel. Some members of the jury work at the Mariinsky Theatre, which since the spring of 2023 has been providing free tickets to theatre and concert performances to soldiers participating in Russia's war and their families. Support Ukrainska Pravda on Patreon!
Yahoo
21-04-2025
- Business
- Yahoo
Schroders trims headcount at China fund management arm
Schroders has reportedly reduced its workforce size at its wholly-owned China fund management unit, Schroder Investment Management China (SIMC). This decision is part of a strategy to manage costs under the leadership of new CEO Richard Oldfield, reported Reuters, citing sources. Sources familiar with the matter indicated that the Shanghai-based unit, which was established in 2023, has axed around 10 employees from its team of 60. The reductions primarily affected the unit's wholesale sales and client-service personnel, with notifications being issued on 8 April. Schroders has opted not to provide a comment on the situation. Various Western asset managers have faced challenges in China, with many encountering difficulties in establishing and maintaining operations in the market. Despite these challenges, Schroders has maintained a significant presence in China through a joint venture (JV) with the Bank of Communications, which oversees assets worth approximately £68bn ($90bn). SIMC currently manages around $1bn across four mutual funds, as estimated from quarterly reports. Last month, Schroders announced that it aims to achieve £150m ($199m) in annual net cost savings over the next three years to drive 'profitable growth', with £20m ($26.5m) already realised in Q1 2025. In addition to the layoffs, reports from December indicated that Schroders was exploring the sale of its Indonesian operations and was implementing broader cost-cutting measures. The competitive landscape for SIMC is challenging, with both domestic and international fund managers vying for market share, as well as competition from its larger JV with Bocom. "Schroders trims headcount at China fund management arm" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
17-04-2025
- Business
- Reuters
Schroders axes roles at fully-owned China fund unit, sources say
HONG KONG, April 17 (Reuters) - Schroders (SDR.L), opens new tab cut about one-sixth of staff at its fully-owned China fund manager, sources with knowledge said, the latest global asset manager to trim operations in the world's second-largest economy as the group seeks to rein in costs under new CEO Richard Olfield. Schroder Investment Management China (SIMC), a 100%-owned Shanghai-based unit which the British fund firm launched in 2023, last week laid off around 10 staff from the venture's 60-strong team, three sources told Reuters. The cuts include most of the unit's wholesale salespeople and some client-service staff, the sources said, with those affected being informed on April 8. Schroders declined to comment. Many Western money managers have hit snags launching and operating in China, although Schroders is one of the most established international players through a joint venture with local lender Bank of Communications which manages 68 billion pounds ($90 billion) of assets. The cuts at the smaller SIMC unit reflect a shift at group level, as it draws back resources globally from underperforming areas including within China, the sources said, adding that the unit had struggled to scale up in the onshore market. It runs around $1 billion of assets across four mutual funds, according to Reuters calculation based on the quarterly reports of these funds. Schroders outlined plans last month to cut 150 million pounds ($199 million) from its costs over the next three years under chief executive Olfield, in a bid to reboot flagging performance at the 221-year-old money manager. Reuters reported in December that Schroders has also been seeking buyers for its Indonesian unit and is pursuing wider cost-cutting. The SIMC unit faces fierce competition not only from domestic and global fund managers in China, but also from the well-established larger sister fund joint venture with Bocom, one of the sources and a fourth source with knowledge of the operations said. All the sources declined to be named as they are not authorised to speak to media.
