The company will work with innovators, government agencies and research organizations and equity providers to explore new technologies, Chief Executive Officer Chua Sock Koong said today. SingTel will be the sole owner of the new fund, the company said in a statement.
SingTel’s Innov8 will focus its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices and digital content services, CEO Chua Sock Koong said at an event.
The bank has participated alongside its two local rivals, United Overseas Bank and Oversea-Chinese Banking Corp., in a detailed quantitative impact study, it said.
SingTel Optus Pty misled Australians with advertisements touting the company’s broadband speeds and data plans, the Australian Competition and Consumer Commission said.
The commission sued SingTel Optus, a unit of Southeast Asia’s biggest phone operator Singapore Telecommunications, in the Federal Court of Australia today, seeking to stop SingTel Optus from running the ads, force it to advertise corrections and pay fines.
The 2.375% notes, which mature in September 2015, rose to 102 cents on the dollar from their sale price of 99.691 cents as of 9:30 a.m. in Singapore, according to DBS Bank prices.
“SingTel had clarified its preference to focus on acquisitions in the Asia Pacific region where it can build scale and drive revenue growth via penetration,” Citi analysts Arthur Pineda and Ravi Sarathy said in a note to clients after a meeting with the Singapore firm.
SingTel, as Southeast Asia’s biggest phone company is known, dropped 1.6%t to $3.06 at the end of Singapore’s morning session. Starhub, Singapore’s second-biggest phone company, fell 2.8%, the most since May 20, to $2.42. M1, the smallest of the three operators, slipped 1.3% to $2.23. The benchmark Straits Times Index fell 0.3%.
Singapore Telecommunications (STEL.SI) is considering a bid for FTSE 100 group Cable & Wireless Worldwide (CWP.L), The Independent on Sunday reported.
The newspaper said Southeast Asia’s largest telecom firm had contacted bankers in Asia and Europe to discuss the idea. It cited a corporate adviser as saying SingTel was in the early stages of its plans but a takeover attempt was a possibility.
DBS Group’s <DBSM.SI> head of consumer banking, Rajan Raju, is joining Deutsche Asset Management in a senior role, sources familiar with the move told Reuters. Earlier, sources said Raju had resigned from DBS after spending 11 years with Southeast Asia’s biggest lender. A Deutsche spokesman declined comment and Raju was not immediately available to comment.
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Raju, who joined Singapore’s DBS from Citibank (C.N), will end his current role on Aug 31, His official last day is on Sept 30, according to a staff memo made available to Reuters. His successor will be announced shortly, the memo said. DBS confirmed Raju’s departure.
Singapore oil and gas infrastructure services firm Rotary Engineering said it is expanding its horizon to building, owning and operating oil storage terminals in Southeast Asia and the Middle East.
The firm has done early engineering and design work on a few projects worth US$150-350 million ($203-473 million) each in the United Arab Emirates and Southeast Asia, said Chia Kim Piow, Rotary’s chairman and managing director.
