Companies including the venture arms of BP Plc and Chevron Corp. invested $40 million in a startup that aims to use the fossil fuel industry’s drilling experience to expand a technology that harvests low-carbon energy from heat below the earth’s surface.
SINGAPORE (Feb 16): Singapore plans to rein in its budget deficit as the economy recovers, while digging deeper into government reserves for a new S$11 billion (US$8.3 billion) package to help households and businesses rebound from the Covid-19 pandemic. Even as our economy recovers gradually and some sectors grow well, some other sectors remain stressed, Deputy Prime Minister Heng Swee Keat said on Tuesday in the annual budget speech to Parliament. Our fiscal approach must strike a careful balance between addressing our immediate needs and meeting our longer-term structural needs in a responsible manner.
The new package comes after Singapore s economy endured its biggest-ever contraction in 2020, with gross domestic product (GDP) shrinking 5.4%. Growth is expected to rebound to 4%-6% this year, but the outlook remains challenging for some important sectors including aviation, transport, and hospitality.
Temasek Invests in Eavor Technologies
Posted on 02/16/2021
Eavor Technologies Inc. is a a Calgary-based geothermal energy startup. Eavor Technologies completed a USD $40 million (CAD$ 50.7 million) funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology and to help Eavor scale its already extensive project pipeline. Investors in this round include bp Ventures (part of BP Plc), Chevron Technology Ventures (part of Chevron Corporation), Temasek Holdings Pte Ltd, BDC Capital Corp, Eversource (through its Eversource Retirement Plan Master Trust), and Vickers Venture Partners.
At the moment, Eavor has a pipeline of potential projects in places such as Germany, the Netherlands, Japan, and the U.S.
SINGAPORE (Feb 1): Creditors to struggling Singapore shipper Pacific International Lines Pte will vote Monday on a restructuring deal that involves a capital injection from a unit of Temasek Holdings Pte.
It’s an important day for investors who oppose the plan like Singapore businessman Kuah Ann Thia, an unsecured noteholder – the most vulnerable in the bond world. He and other individual investors hold parts of PIL’s S$60 million security ($45 million) that came due in November but which the shipper hasn’t repaid.
Kuah had initially felt relief last year when he heard that the Temasek unit was providing a $600 million package comprising debt and equity to PIL. But he said he became worried when he saw the company’s restructuring plan. Under the so-called scheme of arrangement, it could be at least five years before unsecured noteholders saw actual cash payments, according to presentation materials.
PSA’s Mumbai terminal boosts Europe connectivity with new direct service
January 21, 2021
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This is the second direct service linking PSA International-run Bharat Mumbai Container Terminals (BMCT) in JNPT
A consortium of three global container shipping lines led by CMA-CGM SA started a new direct service to Europe from the Bharat Mumbai Container Terminals (BMCT) in Jawaharlal Nehru Port Trust (JNPT).
This is the second direct service linking PSA International-run Bharat Mumbai Container Terminals (BMCT) in JNPT.
The berthing of CMA CGM’s ‘APL New York’ on 20 January, marked the launch of the service. The 9,336 TEUs (twenty-foot equivalent unit) capacity vessel is one of the four deployed by French box line CMA CGM on the service.