Lessons for Singapore from recent riots in UK fuelled by misinformation

Social media companies are required to adhere to a set of guidelines in order to improve online security and stop dangerous content from being distributed on their platforms.

The government can also be prompted to clarify and point out falsehoods through the Protection from Online Falsehoods and Manipulation Act ( POFMA ), Singapore’s version of a fake news law.

Primary research fellow at IPS, Dr. Carol Immediately, claimed that despite using these measures as a deterrent, poor actors will continue to discover new ways to circumvent the law.

The rapid advancements in conceptual artificial knowledge, he said, are a special area of concern.

” AI technology ( is ) being used to produce deepfakes and cheapfakes, which have an implication on people’s perception of reality”, Dr Soon noted, pointing to recent deepfake videos of politicians and celebrities on social media.

Singapore is considering specific techniques to address AI-generated misinformation, including a temporary moratorium on deepfakes, especially as the general election draws closer.

However, experts believe that more can be done to address the problem further inland.

Dr. Quickly outlined how policymakers could collaborate strongly with academics and organizations to identify and develop preventive measures.

The Centre for Advanced Technologies in Online Safety, a system for Singapore’s area of study companions, companies and practitioners to develop capabilities for a safer computer, was recently launched.

” Through that heart, funding support may be given … to develop solutions … that you identify and counter the spread of online damages, including misinformation”, Dr Quickly said.

He suggested that the native mainstream media has a role to play in preventing the political polarization seen in other nations.

The internet in Singapore remains a trusted source of information. According to the Reuters Institute, faith in Singapore’s press has risen from 43 per cent in 2022 to 47 per cent this time, putting it in second place in the Asia Pacific.

BATTLING EXTREME VIEWS

Singapore has also not been spared from extreme ideology brought on by the widespreadness of the internet.

Two instances in recent years were linked to far-right fanaticism, involving teens who plotted to carry out attacks.

Both cases were handled by the Internal Security Act, which gives the government authority to detain those who threaten public health or protection.

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Platinum Equity buys controlling stake in Inventia Healthcare’s OSD arm | FinanceAsia

From Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and affiliates of the company’s founding Shah family, US private equity firm Platinum Equity has acquired a controlling stake in the core Oral Solid Dosage ( OSD ) business.

A majority stake in Inventia is still owned by the Shah home. Invengene and Nutriventia, the injectables and nutraceuticals companies, respectively, are certainly part of the transaction and are being retained differently by the Shah home, according to an August 30 press release. &nbsp,

The acquisition’s financial details and the stake’s length were not made public.

Inventia, which has its headquarters in Mumbai, was cofounded in 1985 by the late president and managing director Janak Shah and Maya Shah, both of whom are now senior directors. For both ordinary and value-added pharmaceuticals, Inventia has around 100 customers who supply both semi-finished and finished OSD formulas. Inventia’s colleagues include global and local medicine companies that sell in more than 40 countries across North America, South America, Europe, Southeast Asia, Middle East and Africa.

In Maharashtra, India, Inventia runs a manufacturing facility in Ambernath and a research and development center in Thane. The company’s manufacturing platform is accredited by the US Food and Drug Administration ( FDA ), the UK’s Medicines and Healthcare products Regulatory Agency ( MHRA ) and other&nbsp, regulatory authorities.

” This investment represents a significant milestone in the evolution of Inventia. We are thrilled to discover Platinum Equity’s expense in our main OSD company, said Maya Shah and the later Janak Shah in a joint statement due to Janak Shah’s new departure.

They added:” This relationship will funnel Inventia’s advantages and Platinum’s operational knowledge to force us to new levels. We are firmly committed to our vision, and we are assured that this partnership will encourage further development and innovation. Our vision for Inventia has always been to deliver high-quality, available medical items, and with Platinum Equity, we believe this vision will only increase stronger”.

The Asia funding team at Platinum Equity, based in Singapore, is tasked with leading the acquisition.

In a statement, Platinum Equity managing director Amit Sobti stated,” We believe Inventia is a solid platform for development in a fragmented industry, and our goal is to create a larger, more developed B2B firm focused on the beautiful but underprivileged emerging industry.” &nbsp,

By bringing in our operational and financial resources to further institutionalize the organization and set it up for success on a substantially greater range, Sobti continued,” We are excited to develop upon the strong base set by the Shah home.” Inventia’s existing product pipeline you generate strong healthy growth over the near future, which we will look to enhance through acquisitions, with an emphasis on broadening the company’s product portfolio and capabilities”.

Kotzubei stated that Platinum Equity will continue to look for platform deals in India that are appropriate for the company’s investment strategy in addition to looking for Inventia add-ons.

There are more opportunities available today that fit our approach, he explained, and the buyout market in India is continuing to evolve. ” There are more mature businesses with a greater need for operational support, including founders or family-owned businesses looking for a partner who can provide both operational expertise and capital. We have a lot of experience in those situations”.

Platinum Equity’s exclusive financial advisor on the transaction was Barclays. Trilegal and Lacham Watkins acted as India legal counsel for Platinum Equity while Austin Watkins was their international attorney. Kirkland &amp, Ellis provided financing counsel to Platinum Equity on the transaction.

Rothschild &amp, Co and Stifel Nicolaus India ( formerly Torreya Partners ) served as financial advisers to the sellers. Quillon Partners provided legal counsel to the sellers during the transaction.

FinanceAsia has reached out for more information.

¬ Haymarket Media Limited. All rights reserved.

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Platinum Equity buys controlling stake in Inventia Healthcare | FinanceAsia

Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and affiliates of the company’s founding Shah family have all acquired controlling stakes in Inventia Healthcare’s core Oral Solid Dosage ( OSD ) business from private equity firms Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and other companies.

A majority stake in Inventia is still owned by the Shah home. Invengene and Nutriventia, the injectables and nutraceuticals companies, respectively, are certainly part of the transaction and are being retained differently by the Shah home, according to an August 30 press release. &nbsp,

The size of the play or the financial terms of the merger were not made public.

Inventia, which has its headquarters in Mumbai, was co-founded in 1985 by the late president and managing director Janak Shah and Maya Shah, both of whom are now senior directors. For both ordinary and value-added pharmaceuticals, Inventia has around 100 customers who supply both semi-finished and finished OSD formulas. Inventia’s companions include global and local medicine companies that sell in more than 40 countries across North America, South America, Europe, Southeast Asia, Middle East and Africa.

In Maharashtra, India, Inventia runs a production facility in Ambernath and a research and development center in Thane. The company’s manufacturing platform is accredited by the US Food and Drug Administration ( FDA ), the UK’s Medicines and Healthcare products Regulatory Agency ( MHRA ) and other&nbsp, regulatory authorities.

” This investment represents a significant milestone in the evolution of Inventia. In a combined statement released just before Janak Shah’s moving, Maya Shah and the late Janak Shah, both as business owners and long-standing administrators, we are thrilled to discover Platinum Equity investing in our main OSD business.

They added:” This relationship will funnel Inventia’s advantages and Platinum’s operational knowledge to force us to new levels. We are firmly committed to our mission, and we are assured that this partnership will encourage more development and innovation. Our vision for Inventia has always been to deliver high-quality, available medical items, and with Platinum Equity, we believe this vision will only increase stronger”.

The Singapore-based Asia funding team at Platinum Equity is in charge of the acquisition.

In a statement, Platinum Equity managing director Amit Sobti stated,” We believe Inventia is a solid platform for development in a fragmented industry, and our goal is to create a larger, more developed B2B firm focused on the beautiful but underprivileged emerging industry.” &nbsp,

By utilizing our operational and financial resources to further institutionalize the company and prepare it for success on a substantially larger scale, Sobti continued,” We are excited to develop upon the strong base set by the Shah home.” Inventia’s existing product pipeline you generate strong healthy growth over the near future, which we will look to enhance through acquisitions, with an emphasis on broadening the company’s product portfolio and capabilities”.

Kotzubei stated that Platinum Equity will continue to look for program offers in India that are appropriate for the company’s investment strategy in addition to looking for Inventia add-ons.

There are more possibilities available now that fit our approach, he explained, and the buyout market in India is continuing to develop. ” There are more mature businesses that require more operating support, such as founder- or family-owned businesses that are looking for a partner with the ability to provide both operating expertise and capital. We have a lot of knowledge in those conditions”.

Silver Equity acted as Barclays ‘ special financial advisor during the transaction. Along with Trilegal as India’s constitutional representative for Platinum Equity, Lacham Watkins served as Trilegal’s global legal counsel. Kirkland &amp, Ellis provided financing guidance to Platinum Equity on the exchange.

Rothschild &amp, Co and Stifel Nicolaus India ( formerly Torreya Partners ) served as financial advisers to the sellers. Quillon Partners provided constitutional lawyers to the buyers during the transaction.

FinanceAsia has reached out for more details.

¬ Capitol Media Limited. All rights reserved.

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Sullivan secures one last Xi-Biden phone call – Asia Times

Jake Sullivan, the US’s national security advisor, managed to call leading Chinese officials during this three-day Beijing trip that ended on Thursday.

According to a statement from the White House, the US and China welcomed continued efforts to maintain open communication, including plans for a telephone call between US President Joe Biden and Chinese President Xi Jinping in the upcoming week. &nbsp,

Both sides planned to hold a phone call with the drama captain in the near future and acknowledge the value of regular, continued military-to-military contacts, according to the declaration, which was made available following Sullivan’s meeting with Chinese Foreign Minister Wang Yi in Beijing. &nbsp,

Before this Beijing meet, Sullivan and Wang had met four days – in Vienna, Malta, Washington and Bangkok – over the past 16 weeks. It will likely be the final telephone call between Biden and Xi if they have a conversation in September, before Biden resigns as US President in January. &nbsp,

Post-meeting comments from Beijing and Washington revealed that both factors continue to disagree on issues involving Taiwan, Russia-Ukraine, and South China Sea issues.

On Thursday, Sullivan met with Zhang Youxia, vice president of the China’s Central Military Commission, and Xi, public director of the Chinese Communist Party (CCP). &nbsp,

During their meeting, Zhang said,” China has always been committed to maintaining peace and stability across the Taiwan Strait, but ‘ Taiwan democracy ‘ and peace and stability across the Taiwan Strait are incompatible. &nbsp,

The Chinese People’s Liberation Army has the goal and responsibility to promote reunification and to firmly oppose “taiwan independence,” he said. ” The wanton actions of ‘ Taiwan independence ‘ forces may be countered”.

The US may” proper its strategic knowing of China,” he continued,” Return to a logical and rational China policy, respect China’s core interests, work with China to advertise communication and exchanges, and jointly bear the responsibilities of a big power.” &nbsp,

He said the US side had quit colluding with the Taiwan troops, militarizing the area and spreading Taiwan-related propaganda. &nbsp,

Sullivan and Wang met with the White House on Wednesday, and according to a media release from the White House, Sullivan stressed the importance of maintaining peace and stability across the Taiwan Strait. &nbsp,

However, Sullivan told Wang in a statement released by the China aspect that the US does not want to see a new Cold War or China’s system change, and that US alliance regeneration is not directed at China. He said the US does not help” Taiwan freedom” or find conflict with China. &nbsp,

Russian defence industry

Sullivan expressed concerns about China’s support for the Russian defense industry base and its effects on European and transatlantic stability during his conference with Wang on Wednesday. &nbsp,

He stated that the US is ready to defend its allies in the Indo-Pacific and that China’s disruptive actions against Spanish maritime legitimate operations in the South China Sea were worrying. &nbsp,

He added that the US will continue to pursue the necessary steps to stop advanced US technologies from compromising its national security without excessively restricting business or investment.

On August 23, the US Department of State and the US Department of State accused 400 businesses in Russia, Asia, Europe, and the Middle East of offering goods and services that would allow Moscow to continue its war efforts in Ukraine and dodge sanctions.

At the same time, the US Commerce Department’s Bureau of Industry and Security ( BIS ) added 123 firms to its export control list. Among the 63 Russian and 42 Chinese companies, which are primarily based in Guangdong province and Hong Kong, are located. &nbsp,

Some Chinese experts predicted that the US would be unable to sever China-Russian relationships. &nbsp,

“In its press release, the US side once again slandered China for ‘supporting the Russian defence industry’ and discredited China’s normal rights protection and law enforcement activities in the South China Sea,” a Tianjin-based columnist called Lanni writes in an article published on Thursday. “It shows that the US will continue to attack China with these issues.”  

According to the author, Russian Senator Aleksey Pushkov had formerly been informed that Sullivan wanted to use its Beijing journey to sever Sino-Russian relationships and pressure China to unite with European nations. According to the author, such a move is doomed to fail because third parties wo n’t have an impact on Sino-Russian relations. &nbsp,

‘ Calm co-existence ‘

Chinese officials have repeatedly reminded Sullivan that China is committed to achieving common value, quiet cooperation, and win-win cooperation with the US during his trip.

” When China and the US, two big states, engage with each other, the numer one problem is to create a proper proper perception”, Xi told Sullivan in their meeting on Thursday. They must first and foremost get a satisfactory reply to the underlying query: Are China and the United States competitors or partners?

” China’s overseas scheme is open and transparent and its strategic objectives are aboveboard, both of which have been very constant and steady”, he said. China is focused on effectively managing its own matters, and it will continue to intensify its transformation efforts to further enhance and advance the communism system in accordance with Chinese customs and circumstances. China follows a way of peaceful growth”.

Xi expressed the hope that the US will function with China to” live in peace and obtain typical development on this earth” in the right way.

Peaceful coexistence was a term created and used by the Soviet Union during the Cold War. It refers to the coexistence of Soviet’s communism and America’s capitalism in the world. China expanded its own peaceful coexistence concept in the 1980s to include all countries. &nbsp,

Bi Dianlong, a Chinese columnist with a focus on Taiwan issues, writes in an article published on Thursday that the peaceful coexistence of the US and China is now a matter of both the Pacific Ocean and a crucial global issue. &nbsp,

He claims that Washington is eager to talk and negotiate with China about the issues affecting Taiwan, Ukraine, North Korea, the South China Sea, and the Middle East.

Read: Chinese experts favor Walz pragmatism in the US trade war

Follow Jeff Pao on X: &nbsp, @jeffpao3

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Human oversight not good enough for AI war machines – Asia Times

There is a pressing need for governments, tech companies, and international organizations to ensure it’s safe as artificial intelligence ( AI ) gains more power and is even being used in warfare. And the need for human monitoring of the tech is a common thread in most AI safety contracts.

In theory, humans can serve as a defense against misuse and potential hallucinations ( where AI produces incorrect information ). This could include, for example, a man reviewing information that the technologies generates ( its outputs ).

However, as a growing body of research and some real-world examples of AI being used in the military show, there are fundamental challenges to the idea of humans acting as a reliable test on computer systems.

Many of the efforts to create regulations for AI have language that encourages people involvement and oversight. For example, the EU’s AI work mandates that at least two people who possess the necessary ability, coaching, and authority must independently verify high-risk Artificial systems, such as those that already work and quickly identify people using genetic technology, such as a retina scanner.

In its February 2024 reaction to a political report on&nbsp, AI in weapons systems, the British government acknowledged the importance of human monitoring. The document emphasizes “meaningful people power” by providing human-appropriate training. Additionally, it emphasizes the concept of individual accountability and states that decision-making in activities by, for example, military aerial drones don’t be shifted to machines.

This rule has generally been upheld so much. People operators and their chain of command are currently in charge of drone warfare and are in charge of taking actions by an armed aircraft. But, AI has the potential to increase the autonomy and capabilities of robots.

Including their specific consolidation methods. In these systems, AI-guided software may pick and lock up adversary combatants, allowing the individual to consent to an attack on them with weapons.

The conflict in Gaza appears to have demonstrated how well like technology is already being used, despite not being widely known at the moment. A program called Lavender being used by Israel was described in the Israeli-Palestinian release 972 publication.

This allegedly has an AI-based goal recommendation system, which is combined with other automated systems, to track the location of the targets based on their location.

Target consolidation

In 2017, the US military conceived of a job, named Maven, with the goal of integrating AI into arms techniques. Over the years, it has evolved into a specific consolidation method. According to reports, it has significantly improved the effectiveness of the weapons platform target advice process.

As a crucial component of the decision-making process, there is a people in place to control the outcomes of the goal acquisition mechanisms in accordance with recommendations from scientific work on AI ethics.

However, work on the mindset of how people work with pcs raises important issues to consider. The US educational Mary Cummings outlined in a 2006 peer-reviewed report how people can end up placing increased confidence in device systems and their conclusions, a finding known as automation bias.

If users are less likely to doubt a machine’s conclusions, this could interfere with the human role as a test on integrated decision-making.

In a separate study published in 1992, Batya Friedman and Peter Kahn, authors of the study, claimed that when working with computer networks, people’s sense of moral agency may be diminished to the point where they feel unexplained for the consequences that result. In fact, the report explains that people can even begin to feature a sense of company to computer systems themselves.

Given these tendencies, it would be wise to consider whether placing increased confidence in system systems, along with the possibility of reducing people’s sense of moral authority, might also have an impact on target acquisition systems. After all, when we consider the potential impact on human life, margins of error, while mathematically modest on paper, get on a horrible aspect.

The different AI-related commitments, agreements, and laws help give assurances that people will carry out an important AI test. However, it’s important to question whether, after extended periods in the position, a connect may appear whereby man operators start to see real people as items on a screen.

Mark Tsagas is senior lecturer in law, cybercrime &amp, AI ethics, University of East London

This article was republished from The Conversation under a Creative Commons license. Read the original article.

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Kamikaze drones changing rules and costs of Ukraine war – Asia Times

Kiev believes that its new long-range weapons, a combination of drone and missile systems, will significantly improve its ability to repel Russian military attacks.

Russian promotional material suggested that the “rocket drone”, called Palianytsia, may have a range of 700km, and may bring about 250 Soviet military targets within selection, opening a new step of the atmosphere war.

Since its supporters also impose restrictions on the use of long-range arms in occupied Ukrainian territory rather than in Russia itself, Ukraine believes that using this new drone technology is necessary to combat new Russian advances. As the fresh rocket aircraft is not supplied by Ukraine’s friends, it would not have to agree with these regulations.

Throughout the entire conflict, aircraft systems has gained a significant following. And the Kremlin’s skill to use drones to devastating impact has been made clear in recent days, which has highlighted Ukraine’s needed for a new strategy.

On August 26, Russia launched 109 Iranian-built Shahed robots alongside 127 weapons aimed at incapacitating Ukraine’s energy grid. At least 15 of Ukraine’s locations experienced power cuts and water scarcity, which were caused by the attacks.

At least five people were killed and 30 injured. Russia launched yet another drone attack that targeted sensitive infrastructure and human targets the following day.

Both Russia and Ukraine are using one-way attack ( OWA ) drones. A one-way strike drone ( also known as a bomber aircraft ) flies to its destination and activates on or above it, destroying the aircraft in the process, unlike most armed robots, which drop one or more weapons and return to their deployer for further use. The long-range designs used by both countries typically resemble a small airplane with a wing under 10 meters.

On August 22, Ukrainian OWA robots launched a big fire and extra blasts from munitions stored at a Russian airfield in Volgograd. Ukraine has been using long-range drones to targeted Russian airbases, business websites, and fuel system for decades.

Russian regulators have also been frantically trying to stop helicopter attacks by installing more weather defenses around Vladimir Putin’s personal residence and installing nets around refineries in an effort to get an inbound drone.

Why are OWA robots so critical?

Military forces have used drones for a long time, but OWA robots pose a distinct and growing danger. OWA drones can hit targets hundreds of kilometers away with comparative accuracy, as I recently explained in my new study.

They are simpler and less expensive to make in mass, but they typically have smaller missiles and are slower than conventional missiles. This implies that nations ( and armed groups ) that would have previously struggled to build and maintain a ship of missiles now have access to a weapon with extraordinary variety and efficiency.

In the summer of 2022, both Ukraine and Russia began using OWA robots. Russia’s first big drone strike was in October 2022, but Ukraine had used them before.

In June 2022, an impromptu OWA aircraft, perhaps made from a changed business aircraft bought online, struck a Soviet oil refinery in Rostov, causing significant damage.

Creating advantage

Until late 2023, Russia’s use of drones was significantly larger than Ukraine’s. The advantage of Russia was that they could import their Shahed drones from Iran and then export them under license to their own factories.

Russia launched thousands of drones into Ukraine’s civilian infrastructure in 2023, including at energy substations and grain silos. The drones, along with Russia’s missiles, led Kiev to&nbsp, ask for&nbsp, air defense assistance from its allies and adopt&nbsp, innovative ways, such as acoustic sensors, to shoot them down&nbsp, without running short of ammunition. Ukrainian businesses were also working on their own OWA drones to repel opposition.

To avoid restrictions on how weapons supplied by its allies are used on Russian territory, Ukraine must rely on drones it has built on its own or purchased from private contractors. They are often aimed at Russia’s defense and oil sectors.

Ukraine launched an ambitious drone campaign at the end of 2023 that targeted oil facilities ( a significant source of revenue for Russia ), airfields ( home to weapons and weapons used against Ukraine ), and even factories where Russia manufactures its drones.

OWA drones are becoming more commonplace and easy to make, as are missiles. When defending ships from Houthi attacks in the Red Sea and preventing Iran’s drone and missile attack on Israel in April, the UK has had to deal with OWA drones twice in 2024.

OWA drones launched by militant groups have also attacked facilities that have US personnel spread throughout the Middle East. Even the most advanced military forces will face challenges comparable to those in Russia and Ukraine, such as shooting down large numbers of drones without running out of air defense missiles.

The Royal Navy used Sea Ceptor missiles to intercept Houthi drones in March, which are significantly more expensive than the drone they intercepted and rely on Sea Ceptor missiles to intercept other threats like Houthi missiles.

For armed forces worldwide, the advancement of OWA drones, and other drone technology, will increase the costs of air defense. They will need to invest in more kinds of&nbsp, counter-drone systems&nbsp, while maintaining the air defenses they already have to defeat traditional threats such as hostile aircraft.

When intercepting a missile, defense systems that operate against drones ( such as lasers ) might not be effective. Layered air defenses will be required to prevent any threat from reaching its intended audience.

For instance, the UK is currently reevaluating its air and missile defenses as a result of how Russia and Ukraine use drones and other standoff weapons.

Drones, and drone technology, have changed the rules of warfare globally, as well as in Ukraine, and will continue to do so. Armed forces are already frantically trying to keep up with them all over the world.

Marcel Plichta is pursuing a PhD at the University of St Andrews ‘ School of International Relations.

This article was republished from The Conversation under a Creative Commons license. Read the original article.

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Massive Reliance-Disney merger cleared by India watchdog

A$ 8.5bn ( £6.43bn ) merger between Disney and Reliance Industries has been provisionally approved by the India’s competition watchdog.

The walk, in which businessman Mukesh Ambani’s Reliance Industries may have lot play, will make India’s biggest amusement player which may compete with Sony, Netflix and Amazon.

The combined walk does love broadcasting rights for a majority of India’s sporting activities, including coveted baseball games.

The acquisition is expected to be completed in the next six decades and will be chaired by Mr Ambani’s family, Nita Ambani, according to reports.

The package is” content to the conformity of deliberate changes”, India’s competition watchdog said in a press release on Wednesday.

It had previously raised questions about the power that the merger would give the two companies over the broadcasting rights to cricket, the nation’s most renowned sport with a sizable fan base.

By offering free live streams of bowling games, Disney and Reliance’s streaming services have been drawing American members for years.

The two companies have paid$ 9.5 billion for TV and streaming rights for the Indian Premier League ( IPL), T20 World Cups, and international cricket council games, according to Reuters news agency.

The new object may have raised concerns that the competition watchdog might raise the costs of these games ‘ advertisements.

However, according to reports, the two businesses have pledged to no overcharge advertisers for cricket match streams.

In order to balance out the remaining revenue, they have also announced they will offer seven to eight of their non-sports Television programs, according to a cause.

The two businesses will also be able to broadcast the Wimbledon, MotoGP, and English Premier League or EPL from India as a result of the acquisition.

The offer” creates a great online leisure giant”, Gurmeet Chadha, managing partner of economic consultant Complete Circle, told CNBC-TV18 news channel.

They are well-known for their software prowess and information savvy. They have the approach in terms of transmission. They have some insight into where and what kind of material is consumed, he claimed.

In a nation with 1.4bn people and 90 % online insertion,” this has great, big long-term repercussions”, he added.

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EDB commits additional US.5 million funding, facilitates partnerships with startups

  • EDB has so far helped 24 firms build 14 projects, with more to travel
  • To work with 9 companies to reduce collaborations between S’pore companies &amp, business

EDB commits additional US$24.5 million funding, facilitates partnerships with startups

The Singapore Economic Development Board ( EDB) is committing US$ 24.5 million ( RM106 million ) in fresh funds over the next two years to continue driving corporate venturing in Singapore. The organization stated in a statement that the third edition of the Corporate Venture Launchpad ( CVL 3.0) also aims to facilitate the formation of partnerships with startups.

It added that, along with nine appointed CVL 3.0 lovers, EDB’s New Ventures team will work with selected firms to develop in new development areas. The partners will assist businesses in launching new businesses and establishing tools for successful corporate-startup cooperation.

The first edition of CVL was launched in May 2021 with US$ 7.6 million ( RM32.8 million ) in pilot funding. EDB expanded the program in July 2022 to include more businesses and committed additional funding of US$ 15 million ( RM 66 million ). Since the start of CVL, EDB has supported 24 firms in launching 14 new projects, with more projects in the pipeline.

]1 MYR = 0.231206 USD]

These endeavors are headquartered in Singapore, specific local markets, and make exciting career opportunities there. They have also received over US$ 53.7 million in follow-on revenue from existing and new owners. At least ten of these businesses are creating several businesses, with some establishing independent projects. Six of the new businesses are focusing on opportunities in development fields like AI and ecology.

EDB commits additional US$24.5 million funding, facilitates partnerships with startupsJacqueline Poh ( pic ), managing director of EDB, said:” The CVL programme has been a catalyst for companies to innovate for growth by leveraging Singapore’s world-class business ecosystem. The program confirms EDB’s dedication to working with businesses to create new ventures and foster mutually beneficial partnerships between corporations and companies.

Expanded program to assist corporate-startup partnerships

The expanded CVL 3.0 program may offer support for corporate-startup partnerships, providing an extra pathway for companies to get innovative products, services, and technology.

Instead of launching their own business, the businesses will collaborate with Open Innovation Partners to join with existing, top-notch startups and work together to achieve tangible business benefits. Such benefits include co-developing materials in Singapore to generate new revenue streams or adopting techniques that increase production and lower prices.

In order to boost the local innovative habitat, it added that companies will have more opportunities to grow by tapping into actual business need in Singapore.

Siemens ‘ collaboration with Artisan Green serves as an example of how corporate-startup partnerships can promote creativity and growth. Isabel Chong, senior vice president and head of Siemens Digital Industries in ASEAN, said:” Partnering with businesses is part of our long-term development plan at Siemens. For instance, our collaboration with the local horticultural farm Artisan Green makes use of our technology and digitalization tools to boost its output and scale operations. It exemplifies the interaction between Artisan Green’s strategy to industrial farming and our shared commitment to the production of high-quality, locally grown produce.

She added that she is pleased that EDB’s Business Venture Launchpad program is dedicating aid to nurturing corporate-startup collaboration and driving greater industry-wide engagement.

Ongoing focus on strengthening long-term opportunity creation capabilities

By establishing new businesses with a siège in Singapore, CVL 3.0 will continue to assist businesses in diversifying business prospects. In partnership with Venture Studio Partners, participating businesses will learn how to evaluate concepts within six-month sprints, as well as create sustained, long-term walk design capabilities.

After participating in CVL, world specialist engineering firm IMI plc established its in-house venturing division, IMI Venture Studio, to further produce green energy ventures. Marco Placidi, brain of Venture Studio at IMI corporation, said:” CVL has been a key element in IMI’s decision to build its enterprise studio in Singapore. EDB has created a strong ecosystem of business partners and corporations, which is enabling IMI to launch a number of ventures geared toward decarbonization and sustainability in the energy and commercial sectors.

He added that EDB’s expert help throughout the opportunity jumps and beyond has been crucial in establishing effective projects and attracting experienced, entrepreneurial ability. Through walk capital, IMI sees a lot of potential for new business expansion and technological advancement in the future, Placidi said.

Venture Studios and Open Innovation Partners make up the nine CVL lovers. They will offer tailored support based on the expertise level of each company, bringing their special capability-building products, procedures, skills, and assets.

Another aid characteristics of CVL 3.0 include:

  • EDB funding each idea validation sprint and business partnership initiative with up to 50 % of professional services and labor costs.
  • Find businesses will also be able to launch and level pilot projects that they co-developed with their startup partners and receive additional funding.
  • Where appropriate, EDB will build its enterprise builders and expert support to be part of the concept validation sprints and business partnership initiatives, both,
  • Potential access to a network of relevant VCs and family offices, as well as regional and global ecosystem connections, including investment opportunities from EDBI.

Companies can now submit applications to take part in CVL 3.0. Click here for more details.

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India-Thai chamber celebrates milestone

The ITCC parades 80 times of promoting business.

Sushil Kumar Dhanuka (6th from left), president of the India-Thai Chamber of Commerce ( ITCC), on Tuesday night greets dignitaries at the 80th anniversary of the ITCC at Bangkok Marriott Marquis Queen's Park Hotel during a group photo session. Attending are Nagesh Singh (7th from left), Indian Ambassador to Thailand; Srettha Thavisin (8th from left), former prime minister; Wan Muhamad Noor Matha (5th from left), House President; Anutin Charnvirakul (5th from right), caretaker Deputy Prime Minister and Interior Minister and Chadchart Sittipunt (4th from right), Bangkok governor. Photo: VARUTH HIRUNYATHEB
Sushil Kumar Dhanuka, president of the India-Thai Chamber of Commerce ( ITCC), greets officials on Tuesday night during a group photo session at the Bangkok Marriott Marquis Queen’s Park Hotel during the 80th anniversary of the organization. Attending are Nagesh Singh (7th from left ), Indian Ambassador to Thailand, Srettha Thavisin (8th from left ), former prime minister, Wan Muhamad Noor Matha (5th from left ), House President, Anutin Charnvirakul (5th from right ), caretaker Deputy Prime Minister and Interior Minister and Chadchart Sittipunt ( 4th from right ), Bangkok governor. Photo: VARUTH HIRUNYATHEB

At a ceremony on Tuesday that celebrated the India-Thai Chamber of Commerce ( ITCC)’s 80th anniversary, the importance of economic relations between India and Thailand was highlighted.

Aloke Lohia, the leader and team CEO of Indorama Ventures Plc, received its” Lifetime Achievement Award” at the ITCC function in cooperation with the Indian ambassador.

The award was given to Mr Lohia for his efforts to Thailand’s economic growth and employment, both professionally as a popular American buyer and tenant and through Indorama Ventures, one of Thailand’s global SET-listed businesses.

In 1987, Mr. Lohia established his household organization in Thailand, becoming one of the top 30 in the world. He stepped up and took charge of the efforts to bring India-Thailand cooperation during that period.

The ITCC, which was established in 1944, supports and strengthens business links between India and Thailand. Registered with the Thai and Indian governments, the room is a critical focal point for organizations from both countries to interact, cooperate, and grow. In addition, the room hopes to promote Indian companies conducting business in Thailand and the other way around.

At Tuesday’s function, India’s adviser to Thailand, Nagesh Singh, emphasised the financial relations between India and Thailand, praising the ITCC as one of Thailand’s oldest international business chambers that is a critical platform for fostering trade and investment ties between the two nations.

He noted that the panel’s contributions are crucial in a globalized and interconnected world and act as catalysts for more extensive and mutually beneficial alliances.

The embassy addressed the state of diplomatic business, pointing out that despite Thailand being the second-largest business in Asean, it ranks as India’s fifth-largest trading partner in the region.

Bilateral trade between the two countries stood at US$ 15.1 billion ( 513.6 billion baht ) in 2023, down from$ 17.7 billion in 2022, signalling the need for enhanced efforts to bridge gaps in understanding and perception.

Mr. Singh cited what he called the” twin deficits” of perception and information as barriers to achieving India-Thailand relations ‘ full potential.

He made the observation that despite the two countries ‘ geographical and cultural closeness, there still is n’t much knowledge about one another’s financial landscapes and opportunities. He urged businesses in India and Thailand to assist in bridging these deficiencies.

In a comprehensive review of India’s financial progress, the embassy described the government’s development as the “greatest test in human history”.

He highlighted India’s accomplishments over the past few years, including the decline of hunger, the increasing of political institutions, and the fast expansion of the economy.

India is now the world’s most populous nation, with over 1.4 billion citizens, a significant portion of whom are fresh and part of a powerful labor.

” India now is the fifth-largest economy in the world, with a GDP of about US$ 4 trillion”, the embassy noted, citing estimates that India will become the third-largest business worldwide by 2027.

He also mentioned that India contributed a sizable amount to the global market by contributing 17 % of the GDP to the previous month.

We are anticipated to account for a five of the global economy’s growth over the next ten years, he said, giving India a unique position in the global economic environment.

” India is doing more and more business than ever,” the statement read. The embassy remarked that it is necessary for our neighbor and dear companion Thailand to do the same.

He underscored the place that closer economic ties may be mutually beneficial, creating a “win-win idea” for both countries.

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