Singapore’s sovereign wealth fund GIC has launched a process to sell US$1 billion worth of private equity fund stakes, according to Bloomberg.

The sale could involve as many as 30 funds, including those managed by Blackstone, Apollo Global Management and TDR Capital.

The funds are mostly from the 2016 vintage, with average assets of about US$100 million.

Evercore is advising on the deal, though GIC and the fund managers declined to comment.

The move comes as institutional investors increasingly use the secondary market to offload holdings, with volumes hitting a record US$103 billion in the first half of 2025.

Analysts say the sale allows GIC to rebalance its portfolio and reinvest into newer funds.

GIC, which manages an estimated US$936 billion, posted a 6.1 per cent five-year annualised return as of March.

Read on GIC seeking US$1 billion private equity stake sale amid slow exits here.

Aberdeen FC have appointed Lutz Pfannenstiel as their new sporting director, adding one of football’s most colourful characters to Pittodrie.

The 52‑year‑old German is the only player to have turned out for clubs in all six FIFA confederations, representing 25 teams across 13 countries.

His career was as dramatic off the pitch as on it. Pfannenstiel spent 101 days in a Singapore jail in 2000 on match‑fixing charges, which he has always denied.

The former Geylang United goalkeeper was also once declared clinically dead three times after an on‑field collision in England, only to be resuscitated.

In New Zealand, he “borrowed” a penguin and kept it in his bathtub for two days before returning it.

Since retiring, Pfannenstiel has worked in scouting and recruitment, credited with unearthing talents like Roberto Firmino at Hoffenheim.

Aberdeen chairman Dave Cormack hailed his “global network and technical expertise” as key to the club’s future.

Read on the former goalkeeper who was jailed in Singapore joining Aberdeen as sporting director here.

The National University of Singapore (NUS) is adding a new landmark to its Kent Ridge campus – a 185-room hotel called The Ridge, set to open in the first half of 2026.

Located along Computing Drive, the hotel will sit near the School of Computing and Faculty of Arts and Social Sciences. It aims to serve visiting academics, students and professionals.

Guests can choose from deluxe rooms, premier rooms, and premier suites. Facilities include high-speed internet, concierge services, and meeting spaces.

The Ridge will also give guests access to the Kent Ridge Guild House’s 50m pool and 5,800 sq ft fitness centre.

NUS already provides housing at Kent Vale Residences, but this marks its first dedicated campus hotel.

Photos of the hotel’s interiors briefly surfaced on Instagram in September before being removed, sparking curiosity among students.

An NUS spokesperson said more details will be shared closer to the official launch.

Read on NUS unveiling its plans for 185-room The Ridge hotel here.

China has framed its upgraded free trade pact with ASEAN as a strategic alternative to US protectionism.

The ASEAN-China Free Trade Area 3.0 (ACFTA 3.0) was signed in Kuala Lumpur, covering new areas like digital trade and sustainability.

Chinese Premier Li Qiang said “unity is strength,” urging ASEAN to work with China to overcome global economic headwinds.

The pact comes as both sides face US tariffs and trade restrictions, with two-way trade already nearing US$1 trillion annually.

Analysts say the deal underscores China’s bid to anchor itself in Southeast Asia as Washington pursues its own Indo-Pacific economic strategies.

Malaysia’s Prime Minister Anwar Ibrahim, chairing the summit, called the pact a milestone in ASEAN-China cooperation.

Read on ASEAN and China deepening trade ties with ACFTA 3.0 here.

HSBC has reported a sharp fall in third quarter profits, with pre‑tax earnings down US$1.2 billion compared to the same period last year.

The bank posted US$7.3 billion in pre‑tax profit, down from US$8.5 billion in 2024. After‑tax profit also fell by the same amount, to US$5.5 billion.

The decline was driven by a US$1.4 billion increase in operating expenses, most of it linked to legal provisions.

HSBC confirmed it has set aside US$1.1 billion following a Luxembourg court ruling in a long‑running lawsuit tied to Bernard Madoff’s Ponzi scheme.

Madoff’s fraud, which defrauded investors of $65 billion, continues to cast a shadow over global finance years after his death in 2021.

The case, brought by Herald Fund SPC, dates back to 2009 and accuses HSBC’s Luxembourg securities arm of failing to safeguard investor assets.

CEO Georges Elhedery said the bank remains “fully focused on helping customers navigate new economic realities,” stressing that the provisions relate to “historical matters.”

Despite the setback, HSBC said it is pushing ahead with efforts to simplify operations and focus on core strengths.

Analysts say the results highlight how legacy legal risks continue to weigh on global banks, even as they pursue growth in Asia and digital finance.

Read on HSBC profits drop as Madoff fraud costs resurface here.

Tesla’s board has issued a stark warning that Elon Musk could walk away if shareholders reject his record‑breaking US$1 trillion pay package. The vote, set for 6 November, has become a defining moment for the company’s future.

Tesla chair Robyn Denholm stressed Musk’s role as “irreplaceable,” arguing that Tesla’s push into artificial intelligence, robotaxis and humanoid robotics depends on his vision. Without him, she warned, Tesla risks losing its edge.

The package would grant Musk 12 tranches of stock options tied to ambitious milestones, including a market capitalisation of US$8.5 trillion. If achieved, Musk’s stake could nearly double from 13 per cent to 29 per cent.

Critics, however, say the board is too close to Musk. A Delaware court earlier struck down his 2018 pay deal, ruling it was improperly awarded and lacked independent oversight.

Musk has had a rollercoaster year, marked by boycotts, plunging earnings and political controversies. Yet Tesla remains central to his ambitions, particularly in AI and robotics.

Defending the deal, Musk said he doesn’t want to “build a robot army here and then be ousted,” insisting the package ensures he retains influence over Tesla’s future.

He also lashed out at proxy advisory firms ISS and Glass Lewis, calling them “corporate terrorists” for urging shareholders to reject the plan.

Already the world’s richest man with a net worth of US$462 billion, Musk insists the package is about control, not cash. “It’s called compensation, but it’s not like I’m going to spend the money,” he said.

Analysts say the vote will test Tesla’s governance and investor confidence. Approving the package could cement Musk’s dominance, while rejection risks a leadership vacuum.

For shareholders, the choice is stark: secure Musk’s loyalty at an unprecedented price, or gamble on Tesla’s ability to thrive without him.

Read on Musk facing $1 trillion Tesla pay showdown here.

Veteran Hong Kong actor Benz Hui has died at the age of 76, his family confirmed. He passed away on October 28 from multiple organ failure caused by cancer, according to multiple media reports.

Hui, affectionately known as “Benz Hung,” had been critically ill in recent months. He was seen struggling to breathe during a June visit to Guangzhou, sparking concern among fans.

Stars including Bosco Wong, Edwin Siu, Priscilla Wong, and Chow Yun Fat visited him in hospital during his final days.

Hui’s career spanned more than five decades, with standout roles in The Final Combat (1989), Golden Faith (2001), and the Line Walker series (2014–2020), where he became known as “Brother Foon Hei.”

In later years, Hui reduced his workload and moved to Singapore, where he became a resident in Yishun. He often spoke of enjoying a quieter life with his family.

Tributes have poured in across Asia, with colleagues remembering him as a consummate professional and a warm presence on set.

At the ASEAN Summit in Kuala Lumpur, US President Donald Trump declared he had ended “eight wars in eight months.” He tied the boast to his role in brokering a Thailand‑Cambodia ceasefire, calling it a “momentous day.”

But fact checks from AP, BBC and CNN, among others, show his math is shaky. While Trump has helped broker ceasefires, many conflicts remain unresolved.

In Israel and Gaza, Trump oversaw a truce involving hostage exchanges and prisoner releases. Analysts call it fragile, with Hamas disarmament and Gaza governance still unsettled.

His list also includes Israel‑Iran, India‑Pakistan, Rwanda‑Congo, Armenia‑Azerbaijan, and Thailand‑Cambodia. Some were brief flare‑ups, others remain volatile.

Two “wars” weren’t wars at all: Egypt‑Ethiopia’s Nile dam dispute and Serbia‑Kosovo tensions. Both involved diplomacy, not active combat.

CNN noted Trump also falsely claimed no other US president has ever ended a war. History shows otherwise: Roosevelt, Eisenhower, Carter, and others brokered peace or oversaw victories.

Read on Trump’s "eight wars" claim that doesn’t add up here.

A 20‑year‑old Singaporean woman has been sentenced to 12 months’ probation after falsely accusing a man of rape in retaliation for a payment dispute, per reports by local media.

Claris Ling Min Rui met the 43‑year‑old man on the dating platform Sugarbook. After consensual sex, she demanded $1,200. When he offered only $500, Ling rejected the sum and filed a false police report.

She later admitted to lying during investigations, telling officers she fabricated the allegation because she was angry over the money.

The court ordered Ling to remain indoors from 10pm to 6am, perform 60 hours of community service, and comply with a $5,000 bond furnished by her parents.

Prosecutors noted she could have faced up to two years in jail for giving false information and six months for causing alarm.

A 61‑year‑old Malaysian man has been convicted in Singapore of molesting three girls, aged between one and two, while they slept at a preschool, according to local media reports.

The man, Teo Guan Huat, was employed as a cook but gained access to children during shower and nap routines. Prosecutors said he repeatedly molested the toddlers between May and November 2023.

He was caught after CCTV footage revealed his actions. Staff confronted him, and he resigned before police were alerted. Investigators later recovered deleted footage confirming the abuse.

In court, Teo admitted to the offences, claiming he thought he would not be caught because the children could not speak.

Prosecutors described the case as “one of the most horrendous acts of abuse in a preschool” and are seeking a 10‑year jail term.

Deputy Public Prosecutor Claire Poh said Teo “abused the victims’ trust,” noting that the children would often hug him when they saw him.

Sentencing is scheduled for 10 November.

Read on the preschool cook's molest case here.

The gleaming $27 million superyacht Nonni II has become an unlikely symbol of a global fraud crackdown. Its Singaporean pilot, Nigel Tang Wan Bao Nabil, who is also known as "Captain Nigel Tang", is among three Singaporeans sanctioned by the United States for his alleged ties to Cambodian tycoon Chen Zhi’s cybercrime empire.

According to the Straits Times, US authorities allege Tang’s yacht management firm helped conceal Chen’s ownership of the vessel, part of a wider network of assets linked to online scams and money laundering.

Two other Singaporeans, Chen Xiuling and Alan Yeo, were also sanctioned, accused of managing Chen’s offshore companies and financial transfers. Their firms were blacklisted alongside Tang’s.

The sanctions freeze US‑linked assets and cut off American business ties, effectively isolating the trio from the global financial system.

Chinese‑born tycoon Chen built Cambodia’s Prince Group into a conglomerate spanning real estate, finance and hospitality. Investigators allege it masked one of Southeast Asia’s largest scam networks, laundering billions through offshore accounts.

Observers say the yacht’s inclusion in the sanctions list underscores how Chen’s empire blended luxury with illicit finance, using high‑value assets to project legitimacy while hiding criminal proceeds.

The case has widened to include 17 other Singapore‑registered firms linked to Chen, highlighting the global reach of the investigation.

Read on superyacht pilot Captain Nigel Tang hit by US sanctions here.