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Fore Coffee has filed for an IPO amid a temporary trading halt on the local exchange due to a market dip. The company plans to use the funds for expansion, targeting 60 new stores this year, including a second location in Singapore.In other news, Grab is expanding its grocery segment in Malaysia, which has outpaced its food delivery growth for two consecutive quarters. The company is acquiring Everrise to enhance its presence in the grocery market, despite challenges in profit margins.
American Express and Singapore Airlines are enhancing the American Express Singapore Airlines Business Credit Card with new benefits for SMEs, effective 23 April 2025. Key updates include an increased conversion limit for HighFlyer points to KrisFlyer miles, a welcome bonus of 10,000 HighFlyer points, and the ability to attain KrisFlyer Elite Gold status at a reduced points requirement. The annual fee will be S$400, and the card continues to offer existing perks like 0% interest on instalments for flights and Accor Plus membership.
American Express and Singapore Airlines have enhanced the American Express Singapore Airlines Business Credit Card, offering new benefits tailored for Small and Medium Enterprises (SMEs). Key improvements include a higher limit for converting HighFlyer points to KrisFlyer miles and discounted redemption for KrisFlyer Elite Gold status.
Indonesia's startup funding plummeted by 66% in 2024, the largest decline among six Southeast Asian nations, with total investments dropping to US$437.8 million and the number of deals falling by 34% to 85. The country's share of regional funding decreased to 9.6%, and for the first time in six years, no new unicorns were created.
In the latest episode of the 60/40 Podcast, co-hosts explore the turmoil surrounding Chocolate Finance, a Singaporean robo-advisory platform, highlighting its product offerings and the fallout from marketing missteps that eroded customer trust. The discussion also delves into the fintech industry's dynamics, the influence of social media on consumer behavior, and the regulatory environment. Additionally, the podcast examines China's tech landscape, featuring the emergence of the Seven Titans and Manus AI, alongside Malaysia's aspirations in AI and semiconductor sectors.
American Express has temporarily suspended new applications for the AMEX HighFlyer Card, which was launched in partnership with Singapore Airlines in 2019. This pause may indicate a potential refresh of the card, as it has seen both improvements and reductions in benefits over the years. The future of the card remains uncertain, but there is hope for enhancements that could revitalize its appeal.
Gold prices have reached an all-time high, surpassing $3,000 per ounce, achieving a target set by UBS Global Wealth Management. Wayne Gordon, managing director at UBS CIO in Singapore, discusses the potential for further price increases in the market.
UBS faces potential takeover threats amid regulatory tightening in Switzerland, with management warning that stricter capital requirements could lead to a significant drop in stock value. While the bank emphasizes its commitment to Swiss operations, discussions of a foreign acquisition, particularly by US firms, are intensifying as UBS's wealth management division remains highly attractive. The Swiss government is expected to clarify its regulatory stance by May, adding to the uncertainty surrounding UBS's future.
Grab's acquisition of Cambodian firm Nham24 highlights the potential of Cambodia's tech market, which has been largely overlooked in Southeast Asia's digital economy. This move signals Grab's intent to dominate a nascent market with low saturation, suggesting significant growth opportunities ahead. As the region evolves, Cambodia may emerge as a key player rather than an afterthought.
UBS is contemplating relocating its headquarters due to proposed capital demands of 25 billion francs, which could significantly impact its profitability and competitive edge. CEO Sergio Ermotti warns that increased requirements may lead to operational costs of up to $3 billion annually, risking customer trust and employment in Switzerland. As discussions continue, the Finance Minister emphasizes the need for a collaborative resolution to maintain UBS's presence and stability in the Swiss financial landscape.
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fore coffee plans ipo amid market volatility and expansion efforts
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