Daily Debrief: What Happened Today (Oct 21)
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Today, haze clouds Indonesia's economic growth but economists maintain steady forecasts for Malaysia and Singapore, despite the region facing an unusually intense episode of transboundary haze. The haze has led to a rise in the Certificate of Entitlement (COE) prices, with Category A, meant for smaller and less powerful cars and electric vehicles, increasing 1.5% from S$130,001 to S$132,004.
In the digital economy sphere, South-east Asia is set to experience significant growth with a projected Gross Merchandise Value (GMV) of $368 billion in 2026, growing by 17% from its current value. This growth is expected to be driven by e-commerce expansion and the accelerating adoption of artificial intelligence.
To support manufacturers in adopting AI solutions, the EnterpriseSG will commit over S$45 million over the next three years. Meanwhile, in India, Reliance Jio is preparing to launch its largest Initial Public Offering (IPO) at a valuation of US$108 billion, with Jio Platforms aiming to raise 302 billion rupees.
Keppel Real Estate Investment Trust's proposed acquisition of 51% of Keppel South Central has drawn mixed reactions from research houses. In other news, the Decoding Asia newsletter has been announced for readers to guide them through navigating Asia in a new global order. Additionally, Olivia Lum, the former CFO, is not providing evidence in the Hyflux trial, and Temasek and GIC deny any involvement in the Indonesian stock rout.
Furthermore, OCBC plans to add the ringgit to Singapore-based savings accounts as of October 23. Lastly, South-east Asia's energy transition may face challenges in a transactional world.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
