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Singapore Grand Prix continues amidst corruption probe involving GP Chairman and Transport Minister Iswaran

Amidst a corruption probe involving key figures, Singapore’s Grand Prix remains undeterred, with Dr Tan See Leng, Manpower Minister and Second Minister for Trade and Industry, expressing confidence in a vibrant lineup of activities to compensate for reduced capacity.

He emphasized, “The show goes on, and everything is moving at full speed.”

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SINGAPORE: Despite an ongoing investigation into allegations of corruption involving Singapore Grand Prix chairman Ong Beng Seng and Transport Minister S. Iswaran, the event scheduled for 15-17 September will proceed as planned.

Dr Tan See Leng, Manpower Minister and Second Minister for Trade and Industry,  is confident “an exciting slew of activities” will make up for the dip in capacity and make the event one to remember, even as the organisers managed to add 10,000 tickets back into the inventory.

Dr Tan, who has taken charge of the Formula 1 event, assured the public, “The show goes on. And I can tell you that if you look at all of the events, everything is moving at full speed.”

He made these remarks during a media briefing on Sunday (3 Sept) while attending the Italian Grand Prix screening at HDB Hub in Toa Payoh.

“There’s no holding back of any other events whatsoever. Based on our ticket sales, it is very promising. I think this is going to be an exciting event moving forward.”

He added that in terms of our ticket sales, out of the 23 categories, 16 of them are already sold out.

“So we are left with about seven and five of them tickets are actually running out quite quickly. You can see that the response has been actually great.”

Dr Tan expressed confidence that the international standing of the Singapore Grand Prix would remain robust, citing approximately 28 MICE (Meetings, Incentives, Conventions, and Exhibitions) events scheduled in the Republic from the upcoming weekend until the week following the race.

Highlighting Singapore’s legacy of hosting the race since 2008, which has attracted over 550,000 unique foreign visitors and contributed more than S$1.5 billion in tourism revenue, Dr Tan emphasized that this event represents an enduring franchise with significant positive effects on the country’s economy and global image.

“It has brought significant spillover effects in terms of our economy and also raised the profile for our country significantly… we will continue with it.”

“If you look at it, 90 per cent of all of the outsourced work goes to local enterprises.”

“On top of that, I understand that many of the big private equity firms, hedge funds… they are all converging and alongside with the Mice events, there are also many business deals happening, and negotiations are undergoing at the same time. So there’s a lot of spillover effects.”

He also expressed confidence that there would be no shortages of manpower, as support programs and temporary quotas are in place through the Economic Development Board and the Singapore Tourism Board to support hotels and hospitality service businesses.

Last Tuesday (29 Aug), Race promoters Singapore GP announced that 16 out of 23 categories for the night race are sold out, with almost all hospitality packages already taken up.

The anticipated turnout of approximately 250,000 spectators over three days represents a 17% decline from the record-breaking attendance of 302,000 in 2022.

This decrease is attributed to the closure of the 27,000-seat Bay grandstand as part of the redevelopment of The Float @ Marina Bay, with the new site expected to be ready by the end of 2026.

“We were prepared that we would temporarily lose our biggest grandstand when we saw the redevelopment plans for the facility a few years ago and have been hard at work to actively identify potential sites for new viewing opportunities. We were always aware that we will not be able to completely replace the inventory, especially given the limitations of a street circuit,” said Adam Firth, Executive Director of Singapore GP Pte Ltd.

Arrests of Transport Minister and Billionaire Ong Beng Seng spark intrigue in ongoing CPIB investigation

On 14 July, the Corrupt Practices Investigation Bureau (CPIB) disclosed that both Transport Minister S. Iswaran and prominent billionaire businessman Ong Beng Seng were arrested on 11 July.

They are currently cooperating with the authorities in connection with a case that the CPIB had discovered. However, specific details regarding the nature of the probe were not provided by the CPIB.

Mr Ong is renowned as the exclusive shareholder of the Singapore Grand Prix (GP), serving as the organizer of this annual sporting event, which forms part of the Formula One World Championship.

In addition, he owns various hotels worldwide. Ong and his wife, businesswoman Cristina Fu, are esteemed members of Singapore’s 25 richest couples.

In 2007, he secured the deal to bring the prestigious Formula One race to Singapore, primarily due to his rapport with former Formula One boss Bernie Ecclestone.

While Singaporeans await further information from the CPIB regarding Minister Iswaran’s arrest, reports by the online media outlet Asia Sentinel suggest that the origins of this affair could be linked to the London trial for fraud involving Bernie Ecclestone, former Formula One CEO.

On 2 August, Deputy Prime Minister and Finance Minister Mr Lawrence Wong, noted that the Monetary Authority of Singapore (MAS), Singapore Police Force, and Attorney General’s Chambers “have worked closely with UK authorities on their investigation and prosecution” of Ecclestone.

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Taiwan’s FSC rejects CTBC Financial’s bid to acquire Shin Kong Financial, favoring Taishin’s merger plans

Taiwan’s Financial Supervisory Commission rejected CTBC Financial’s tender offer to acquire Shin Kong Financial, raising concerns about its plan, while Taishin Financial moves closer to a merger with Shin Kong. Both companies have scheduled shareholder meetings for 9 October.

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2 days ago

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17 September 2024

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On 16 September 2024, Taiwan’s Financial Supervisory Commission (FSC) rejected an application from CTBC Financial Holding Co. to launch a tender offer for Shin Kong Financial Holding Co., potentially clearing the path for Taishin Financial Holding Co. to proceed with its proposed merger with Shin Kong Financial.

Jean Chiu, vice chairperson of the FSC, stated at a press conference that CTBC Financial failed to provide a comprehensive implementation plan for the acquisition. CTBC had proposed acquiring between 10% and 51% of Shin Kong Financial’s shares initially, with plans to later fully integrate the company.

However, the FSC raised concerns over CTBC’s lack of detailed provisions on how it would manage various potential outcomes, particularly if it failed to secure full control of Shin Kong.

Additionally, the FSC highlighted gaps in CTBC’s understanding of the financial health of Shin Kong’s life insurance subsidiary, as well as a lack of firm commitments regarding raising the capital size of this subsidiary.

This uncertainty, combined with the method of payment proposed by CTBC—using a mix of cash and its own stock—raised concerns that the tender offer could negatively affect shareholders due to potential fluctuations in CTBC’s stock price during the transaction process.

CTBC’s proposal, announced on 20 August, included an offer of NT$4.09 (US$0.13) per share in cash and an exchange of 0.3132 CTBC shares for each Shin Kong share, amounting to NT$14.55 (US$0.46) per share. This bid was labeled by Taishin Financial as a hostile takeover attempt, as Shin Kong Financial’s board had not approved the offer.

In response, Taishin Financial, which has been vying for Shin Kong through a merger, revised its stock swap offer on 11 September.

The new offer included 0.672 Taishin shares plus 0.175 preferred shares for each Shin Kong share, translating to NT$14.18 per share—closer to CTBC’s offer. Taishin had earlier disclosed on 22 August its original plan to offer 0.6022 shares of its stock per Shin Kong share, which amounted to NT$11.32 (US$0.36).

Chiu emphasized that tender offers based on stock payments are rare in Taiwan, with only six cases since the 2002 revision of tender offer regulations.

She referenced Fubon Financial Holding’s acquisition of Jih Sun Financial in 2023, where cash was used instead of shares, to highlight how tender offers have traditionally been handled in the local market.

Chiu concluded by stating that although Taiwan’s financial market operates on free-market principles, takeovers should avoid disrupting market order and respect corporate stability.

Taishin Financial and Shin Kong Financial are set to hold a special general meeting on 9 October to secure shareholder approval for their merger plan, which will then require the FSC’s endorsement.

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Times Bookstores to close after nearly four decades in Singapore

Times Bookstores will cease operations in Singapore after nearly four decades, with its final outlet at Cold Storage Jelita closing on 22 September 2024. The closure is seen as being attributed to high rents, low sales, and rising operational costs, reflecting challenges faced by physical bookstores in Singapore.

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16 September 2024

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Times Bookstores will end its operations in Singapore after nearly 40 years, as its last remaining outlet at Cold Storage Jelita on Holland Road is set to close on 22 September 2024.

In a farewell statement posted on Instagram on 16 September, the English book retailer, established in 1978, invited customers to visit the store one final time. “Our happily ever after has finally come,” the post read. “It is with both a heavy heart and a sense of fulfilment that we announce the closure of Times Bookstores.”

The closure of Times Bookstores has been anticipated for several years. The company, owned by regional consumer group Fraser and Neave Limited, closed its branches in Plaza Singapura and Waterway Point in February 2024.

The shutdowns triggered a discussion in Singapore’s literary community about how to better support bookstores.

Struggles Facing Book Retailers

Times Bookstores has been affected by increasing rent, low sales, and rising operational costs. The Covid-19 pandemic exacerbated its challenges, with the business quietly closing outlets at Marina Square and Paragon in 2021.

A key warning came in 2019 when the retailer closed its 8,000 sq ft Centrepoint branch, once one of Singapore’s largest bookstores.

These closures reflect a broader struggle for physical bookstores in Singapore. Rising rent, higher goods and services taxes (GST), and increasing printing costs have driven book prices up, making it difficult for traditional retailers to compete.

Popular bookstore also shut its Marine Parade outlet on 18 June 2023, citing similar reasons, while Books Kinokuniya closed its JEM branch on 9 May 2022 due to slow sales and rental costs.

Future of Singapore’s Bookstores

Following the closure of Times, few large bookstore chains remain in Singapore. Books Kinokuniya, the largest bookstore in Singapore, continues to operate its flagship store at Takashimaya Shopping Centre.

According to a spokesperson from Toshin Development Singapore, cited by the Straits Times, Kinokuniya remains a key tenant, though no specific renewal dates were disclosed. The spokesperson added that Kinokuniya continues to engage with the landlord regularly to appeal to patrons and remain in trend.

Although Times Bookstores will no longer have physical stores in Singapore, its book distribution business, which supplies books from international and local publishers to other retailers, continues to operate.

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