Singapore’s top CEO, DBS boss Piyush Gupta took home the biggest pay packet in the Lion City in the past year, with compensation of Sg$9.33 million. DBS was recently rated Singapore’s most valuable brand for the first time. Kwek Leng Beng, the country’s next highest paid chief executive, was paid between $g$8.75 million and Sg$9 million for his work at City Developments.
BlackRock, the world’s biggest money manager, is finding value in Asian junk bonds as prices for the debt in the US hover near record highs. The world’s biggest money manager says high yield bonds in Asia is a growing market, still trading relatively cheap compared to US and European counterparts.
Private equity firms KKR and Carlyle Group are believed to be among the suitors lining up bids for Singapore Telecommunications Ltd’s Australian arm, Optus Satellite. SingTel, which is majority-owned by Singapore state investor Temasek Holdings, sent out financial information to interested bidders on Monday.
One of the world’s largest e-commerce firms, Alibaba, is believed to be considering a sole listing in Hong Kong, dealing a blow to global exchanges that had hoped to cash in on the expected US$60 billion to US$70 billion listing later this year.
The country’s central bank has pledged to continue with market-oriented reforms to allow the financial sector to better serve the real economy.