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Singapore Central Bank seeks feedback to improve dual listing on SGX and NASDAQ
Singapore's central banks launched on Friday a public consultation on proposed changes to the securities laws in order?to facilitate dual listing on the Singapore Exchange and Nasdaq. In a recent statement, the Monetary authority of Singapore stated that the proposed amendments would allow issuers to utilize a single IPO prospectus in both jurisdictions. They also propose to shorten Singapore's registration procedure to align IPO -timelines with those in the United States. According to the statement, they also aim to 'permit certain US-style activities, like forward-looking statements and share buybacks, under safe harbor?provisions. The amendments are intended to make the Singapore Exchange more attractive for issuers by facilitating the formation of the Global Listing Board. Separately the Singapore Exchange's regulatory division also launched a consultation on the listing rules for the Global Listing Board. The'market regulator' is proposing, among other things, that issuers allot a minimum of 5% of their offerings or?S$50,000,000 ($38.9million) to designated retail brokers and that they ensure that disclosures made in America are also published on SGXNet promptly.
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IAG, the owner of British Airways, names Barrionuevo an insider as its new CFO
IAG announced on Friday that British Airways finance chief Jose A. Barrionuevo will be the new group CFO, starting in June. Nicholas Cadbury is being replaced as part of an organized succession plan. The shares of the group which includes Iberia and Vueling, as well as Aer Lingus were down by 1.3% to 430 pence at 0831 GMT. Barrionuevo is taking over at a time of'substantial?weakness' in the U.S. market, which is threatening to undermine overall profits. Luis Gallego, CEO of IAG, said that Barrionuevo has a wealth of experience. "Our focus is on performing for our clients, in transforming the company?for future, and delivering strong shareholder return," Gallego stated. Over the years, he has held a variety of roles at IAG. Barrionuevo became a member of the group when he joined as director of Strategy and Transformation for Spanish airline carrier Iberia in 2013. He then became its CFO. He has served as British Airways' chief?financial and transformation officer for the past three years. Cadbury, the incoming CFO, joined IAG in March 2022. The company has seen the value of its stock triple following the COVID-19 pandemic. He will help Barrionuevo transition until he becomes CEO.
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Storm Goretti leaves hundreds of thousands in France and Britain without electricity
As Storm Goretti swept across northern Europe, strong winds blasted France and Britain leaving thousands of households without electricity. According to Enedis, in France, 380,000 households were without power, mainly in Brittany and the Normandy area. Wind gusts exceeding?150 kph were recorded in France's northwest?Manche Region, including a 213 kph record in Barfleur. The SNCF rail operator halted train services between Paris and the Normandy region. According to National Grid, Storm Goretti caused more?snow in Britain after a week of freezing temperatures. Goretti has caused a particularly severe?impact on central England and Scotland. Some services have been suspended and rail?operators in this part of England are warning customers not to travel. (Reporting from Dominique Vidalon, Paris; Sarah Young, London; Editing Jan Harvey).
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Lawmaker: All Jeju Air crash survivors could have survived without concrete barriers
A South Korean government-commissioned report found the Jeju Air plane crash in December 2024 that killed ?179 people might not have been deadly if there had not been a concrete mound ?at ?the end of the runway, an opposition lawmaker said. After hitting a concrete support of a localiser, the Boeing 737-800 from Bangkok crashed and overran Muan International Airport's runway. It killed almost everyone aboard. Two flight attendants were the only survivors at the rear of the aircraft. Kim Eun-hye said that a simulation in the report commissioned the Aviation and Railway Accident Investigation Board, led by the government, indicated that everyone on board might have survived if the concrete structure had not been there, as it did not meet the international safety standards. According to a press release, the simulation conducted by a South Korean engineering institute showed that the initial impact of the aircraft as it hit the runway wasn't strong enough to cause serious injuries. The plane would have moved about 770 meters (2,526 feet) before stopping, if there was no barrier. According to the press release, it was also determined that the aircraft would have been able to breach a fence if supported by a breakable construction instead of a concrete mound. Kim's office refused to release the entire report. Korea Airports Corp., which operates Muan Airport, stated that it would not be able to comment until the investigation's final results were released. South Korea's investigation panel did not immediately respond to requests for comments. Families step up pressure on accountability Kim said that the tragedy was the result of years of government neglect dating back to 1999 when the building was constructed. It was not corrected despite the fact that it violated regulations and was flagged as unsafe. Families of victims and opposition politicians are increasing pressure on authorities to release the analysis, and to examine whether the design of the infrastructure contributed to the high death rate. The report focuses on the structural hazards, but it is not a definitive?official conclusion to the accident. After missing the deadline of one year to release a report on progress, authorities are still waiting for a full investigation report. Since the crash, Muan Airport has been closed and will not reopen before April. A representative from the victims' families association said that the report is "solid proof" that the disaster has been man-made. The families are demanding that the investigation board apologize for hiding the information. In a preliminary report published in January of last year, the investigation board stated that both engines had been damaged by bird strikes. Investigators stated in a July report that the pilots turned off the engine with less damage after the bird strikes. The report was not made public due to the objections of the families of the victims. South Korea's Parliament has launched its own investigation into the crash, and its aftermath. This comes amid calls for more transparency. (Reporting and editing by Ed Davies, Jamie Freed and Kyu-seok Shim)
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Singapore's Nasdaq connection draws interest but thresholds and liquidity could limit take-up.
Potential issuers have responded positively to a Singaporean initiative that aims to boost the IPO industry with a fast track route to a Nasdaq Dual Listing. However, bankers warn that thin liquidity and a large valuation requirement may limit take-up. The initiative announced on November 19 will allow companies to list simultaneously on both the Singapore Exchange (SGX) and Nasdaq, using a single application. This will reduce 'the cost and complexity of a secondary listing, which firms pursue primarily in order to access capital. The plan, which Nasdaq calls "the first of its type", is expected to be implemented by the middle of 2026. The plan follows a series of tax rebates, and other measures that have been implemented by the city-state in recent years to attract mainly Southeast Asian businesses while also courting international issuers to catch up to regional rival Hong Kong. These measures are beginning to show results, as IPOs raised in Singapore in 2025 will be the highest since 2017. LSEG data shows that Hong Kong had a best performance of $37.2 billion in 2021. After watching Hong Kong experience an AI-fueled IPO boom in the last two years, Singapore is relying on Nasdaq to help it regain ground and solidify its role as a hub for global growth companies looking for capital. Carro in Singapore, which is backed by Temasek state investor and SoftBank Group Japanese tech investor, welcomed the partnership. According to reports, the auto marketplace aims 'for a U.S. IPO valued at over $3 billion. Aaron Tan, co-founder and CEO of the company, said that he was hesitant to list on two different exchanges because it would be too complicated and require him to deal with multiple regulators at once. Carsome, a Malaysian platform for trading in used cars, described the initiative as constructive. "A structure which streamlines cross-border listing will naturally prompt businesses to reassess their options," said Eric?Cheng, co-founder and CEO. Funding Societies in Singapore, a regional digital funding platform for small businesses, said that the partnership could give Southeast Asian startups an opportunity to list in the U.S., which would otherwise be impossible. Piers Ingram said that the initiative was "a bridge" to help science-focused investors from the U.S. and Asia. The four companies refused to provide any further details on their IPO plans. HIGH THRESHOLD LOW LIQUIDITY The Global Listing Board initiative, branded as such, will allow companies with a minimum market value of S$2 billion (1.55 billion dollars) to prepare one prospectus that can be submitted simultaneously for both SGX and Nasdaq. A coordinated review process will replace two separate processes. Comparatively, a secondary listing in Hong Kong requires a valuation of at HK$3 billion ($385 mln), as well as a variety of other requirements. Bankers say that the higher threshold reflects SGX's and Nasdaq's focus on quality companies, but it also limits applicants to growth-oriented firms. Around eight Southeast Asian technology firms have reached the threshold. Another two to three are potentially close, according to Roshan Raj, a partner at RedSeer Strategy Consultants. Pol de Win is the head of global sales and origination for SGX. He said that this threshold was "large enough to support meaningful volumes and liquidity on both markets." Bankers say that while Southeast Asian applicants will benefit from greater recognition on the regional level in Singapore, Singapore still has to convince them to list on a market with a long history of low liquidity. The latest figures show that the average daily turnover in Hong Kong was $29 billion compared to $1.39 billion. Singapore has taken measures to increase liquidity. For example, it established a fund of almost $4 billion to help investment managers who focus on small and mid-cap stocks. Dual listing is a good step, but "its broader impact will be dependent on early deal flow and liquidity support, as well as whether Singapore regulatory authorities relax thresholds in the future," said Tay?HweeLing, Capital Markets Services Leader at Deloitte Southeast Asia. A spokesperson for the Monetary Authority of Singapore said MAS was working with SGX to streamline the regulatory framework that would apply to those who wish list on Global Listing Board. De Win, from SGX, said that success and transformation required industry-wide efforts. De Win stated that "SGX works closely with Singapore government agencies and the market participants to develop a comprehensive strategy which further strengthens supply and stimulates demand, and builds a business-friendly ecosystem with robust governance."
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CANADA-CRUDE-Discount on Western Canada Select hits $15 as Venezuela concerns continue
Western Canada Select futures are now trading at a discount to the North American benchmark West Texas Intermediate Futures for a third consecutive session. The market is still roiled by Venezuelan developments. CalRock reported that WCS in Hardisty for February delivery settled at $15 per barrel less than the U.S. benchmark WTI. This compares to $14.45 a barrel on Wednesday. Rory Johnston, founder of Commodity Context, says that Thursday's settlement represents the "steepest discount Canadian Heavy Crude has traded at since July 2024." The weakness is primarily due to U.S. Gulf Coast Pressure. The widening of the spread is partly due to seasonal patterns. However, it has also coincided both with the capture of Venezuelan president Nicolas Maduro by the U.S. and Donald Trump's announcement that the U.S. would import Venezuelan crude worth up to $2 billion. Over the long term, an increase in Venezuelan barrels may compete with Canadian heavy crude oil that is of similar?quality in the U.S. Gulf Coast. Analysts believe that if Venezuela can rapidly increase oil production, the WCS could continue to weaken in the coming months. Canada is partially protected due to its size, infrastructure and rule of law advantage. After?two consecutive days of declines in oil prices, global oil prices rose over 3% Thursday, reaching a new two-week high. Investors assessed the developments in Venezuela, and were worried about supply from Russia, Iraq, and Iran.
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Panama claims it cancelled the flag of a US-seized oil tanker over a year ago
Panama's maritime authority announced on Thursday that it had cancelled the flag in January of last year for the M Sophia. This was a Venezuela-linked oil tanker, which the U.S. military seized this week. The U.S. The Southern Command of the U.S. military said on Wednesday that it intercepted M Sophia just before dawn and called it a "stateless dark fleet motor-tanker." The Panamanian authorities canceled this supertanker’s flag on the 23rd of January 2025. The maritime authority said that the Bella-1 is a Russian flagged tanker, which the U.S. The Bella-1, a Russian-flagged tanker that the?U.S. The?flag of a ship determines its authority. The U.S. claims that when a flag has been 'canceled, it becomes stateless and is no longer protected by international law. It can be boarded or seized. Panama's maritime authority didn't immediately respond to an inquiry for more information about why the ships weren’t still flying the Panamanian flag. Bella-1 was the first vessel to be seized by the U.S. Military under Russian flag in recent history. The United States captured Venezuelan President Nicolas Maduro during a dawn raid in Caracas and demanded that the authorities there "open oil to U.S. firms or risk further military intervention." Venezuelan officials accuse the U.S., of trying to steal their vast oil reserves. These are estimated to be the world's largest. But Trump announced earlier this week that he reached an agreement with Maduro’s successor regarding crude exports. Reporting by Elida Morland, Marianna Pararaga, and Sarah Morland. Editing by Daina B. Solomon and Alistair Bell.
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Arkia, a flight connection company in Israel, has signed a deal with JetBlue to provide flights between the US and Israel
Arkia Airlines, Israel's low-cost carrier, announced on Thursday that it had signed a?deal with JetBlue Airways. This deal would allow Arkia Airlines customers to connect?on?JetBlue flights?in the United States as well as to Latin America and Caribbean. Arkia, a privately held company, flies mainly domestically and in Europe. However, it has launched flights from Tel Aviv (Israel) to New York since last year to compete with El Al Israel Airlines. JetBlue will link up Arkia’s non-stop flight schedule to JFK Airport, which includes seven flights per week. Arkia CEO Oz Berlowitz said: "This agreement strengthens Arkia’s long-haul operation and expands the range of service for customers?traveling to North America." Dave Jehn is a vice-president of JetBlue, sixth largest airline in the u.s., and said that the new partnership between JetBlue and Arkia allows them to "expand their 'global reach' and provide customers with a broader range of destinations as well as seamless connections." El?Al has also an interline deal with JetBlue, but the codeshare agreement between the two airlines ended in October. (Reporting and editing by Susan Fenton; Steven Scheer)
US Energy chief: US and China can play equal roles in Venezuela
U.S. Energy Sec. Chris Wright stated that there is room to balance the roles of the United States and China in Venezuela, to allow for commerce. However, Washington will not let Beijing have a major influence over the Latin American nation. Wright said in an interview with Fox Business Network that he expects to?see Chevron rapidly grow its operations in Venezuela, while ConocoPhillips and Exxon Mobil will also be looking to play a positive role. "I think you'll see China playing a long-term role in Venezuela. The United States will control oil flow as long as the United States is dominant in Venezuela, and the rule of law. He told FBN's Mornings with Maria program that it would be fine.
Is it possible to achieve a balance with China? "I think so."
Can there be trade with China in a framework where Venezuela's principal partner is the United States? Sure. Will we allow Venezuela to be a?client state of China'? "Absolutely not," he said.
Wright said that he had been 'talking to executives of top U.S. Oil Companies since Saturday. He also stated that many companies are 'disappointed they weren't invited to the industry meeting on Friday at the White House. (Reporting and editing by Andrew Heavens, Chizu Nomiyama, and Susan Heavey)
(source: Reuters)