JPMorgan settles 1MDB scandal claims with Malaysia for US$330 million

JPMorgan Chase will pay the Malaysian government US$330 million as part of a settlement to resolve all matters related to its role in the multibillion-dollar scandal at state fund 1MDB, both parties said on Friday.
Malaysian and US investigators say at least US$4.5 billion was stolen from 1Malaysia Development Berhad (1MDB) in a globe-spanning scheme between 2009 and 2014.
In 2021, 1MDB sued a unit of JPMorgan, along with those of Deutsche Bank and Coutts & Co, to recover alleged losses from the…

India to ban ‘harmful’ online money games, threatening US$3.6 billion industry

India’s parliament on Thursday passed a bill to ban online games played with money in a move that threatens the survival of the popular fantasy gaming sector, after Prime Minister Narendra Modi’s government flagged the high risk of financial harm.
The sudden ban has shocked an industry backed by venture capital firms like Tiger Global and Peak XV Partners and which was set to be worth US$3.6 billion in India by 2029.
Executives fear imminent job losses and a complete shutdown of many app-based…

Myanmar junta’s ‘sham’ election plan slammed as gateway to more bloodshed

Myanmar’s military regime wants to hold the first election since it seized power in 2021, but opponents have decried the idea as senseless amid the country’s civil war, as they warn of more bloodshed while the junta embarks on a doomed attempt at a reset.
The country has announced that the first phase of the general election is scheduled to begin on December 28, with additional stages to follow. The statement offers the clearest timeline yet after months of vague promises by the junta’s leader,…

Philippines assures China of restraint after ship clashes – will tensions ease?

Maritime tensions between the Philippines and China have entered what analysts describe as a risky and potentially volatile phase after an accidental collision between two Chinese vessels near Scarborough Shoal, one of the most contested features in the South China Sea.
The rare mishap involving the vessels from the Chinese coastguard and navy during a high-speed chase of a Philippine coastguard ship has raised the risk of Beijing adopting a more aggressive posture as it seeks to save face,…

Singapore’s Temasek mulls three-way split to boost returns

Singapore’s Temasek Holdings is mulling one of its biggest overhauls in years, potentially reorganising the firm into three investment vehicles in a bid to boost returns and efficiencies, according to people familiar with the matter.
Under the proposal still being discussed at senior levels, Singapore’s state-owned investor could divide its business into three arms. One would focus on Temasek’s biggest domestic holdings, such as Singapore Airlines, and another would oversee largely foreign…