Tag: Singapore

EnergySustainability

Singapore Forges Major Renewable Energy Partnerships with Malaysia for Cross-Border Electricity Supply

Singapore has entered into two significant power agreements with Malaysia that could provide access to 3 gigawatts of renewable electricity. The partnerships involve hydropower imports from Sarawak and new interconnection infrastructure development. These initiatives represent substantial progress in cross-border sustainable energy collaboration.

Major Cross-Border Renewable Energy Initiative

Singapore has reportedly secured two landmark electricity import agreements with neighboring Malaysia that could provide the city-state with up to 3 gigawatts of low-carbon power capacity, according to joint statements from both governments. The agreements mark a significant step in regional sustainable energy cooperation and represent one of Southeast Asia’s largest cross-border power initiatives.

by Elisa Romero
Automotive IndustryBusiness

Nio Shares Drop 12% Following GIC Lawsuit Alleging Revenue Inflation

Shares of Chinese electric vehicle maker Nio plummeted over 12% following legal action by Singapore’s sovereign wealth fund. The lawsuit alleges securities law violations and revenue inflation practices at the automaker.

Market Reaction to Legal Allegations

Hong Kong-listed shares of Nio Inc. reportedly plunged more than 12% in trading today after Singapore’s sovereign wealth fund GIC filed a lawsuit accusing the Chinese electric vehicle manufacturer of securities law violations. According to reports, the legal action specifically alleges that the company inflated its revenues, causing significant investor concern and the subsequent stock decline.

by Elisa Romero
BusinessInternational Business and Trade

Shein Reports Revenue Growth Amid Profit Decline and Trump Tariff Uncertainty

Fast-fashion giant Shein reported 20% revenue growth reaching $37bn while profits fell 13% to $1.5bn. The company warns of increasing uncertainties from evolving US tariff policies and faces allegations of aggressive tax avoidance through international corporate structures.

Revenue Growth Contrasts with Profit Decline

Fast-fashion retailer Shein has reportedly achieved significant revenue growth while facing profit challenges, according to newly released accounts. The Singapore-based company recorded a 20% increase in global revenues to $37bn, but pre-tax profits fell by 13% to $1.5bn last year from $1.3bn in 2023. Sources indicate that increased selling and marketing costs contributed to the profit decline even before the impact of recent changes to tariff policies.

by Elisa Romero