Indian billionaire Mukesh Ambani to open family office in Singapore, sources say - The Straits Times

SINGAPORE - Asia's second-wealthiest man, Reliance Industries chairman Mukesh Ambani, is setting up a family office in Singapore, according to people familiar with the move.

The Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running, the people said. The Ambanis have also chosen real estate, one of the people said.

A Reliance spokesman, who also represents Mr Ambani, was not available for comment.

Mr Ambani is the latest in a series of ultra-rich people to pick Singapore for their family offices - the organisations set up to manage the affairs of wealthy clans - joining the likes of hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin.

Singapore has become an attractive hub for family offices thanks to its low taxes and relative security. The Monetary Authority of Singapore estimates that about 700 were in place by the end of 2021, up from 400 a year earlier.

But the rising number of global rich crowding Singapore's shores is also resulting in higher prices for cars, housing and other goods. Deputy Prime Minister Lawrence Wong signalled in an August interview that the wealthy may face more taxes to boost inclusive growth.

Mr Ambani's move to set up the family office ties in with his larger vision of taking his retail-to-refining empire global and acquiring assets outside India. While announcing the appointment of Aramco's chairman on the board of Reliance in 2021, the billionaire told his shareholders that this marked "the beginning of internationalisation" of his conglomerate, without elaborating.

"You will hear more about our international plans in the times to come," he had said at the time.

Reliance paid US$79 million (S$113 million) for Stoke Park in April 2021, adding an iconic British locale that has been the setting for two James Bond films. It also bought an indirect 73.4 per cent stake in Mandarin Oriental New York for US$98.15 million in January and a US$80 million beachside villa in Dubai this year.

Mr Ambani, who is worth an estimated US$83.7 billion, according to the Bloomberg Wealth Index, wants the Singapore family office to be running within a year, one of the people said. His wife Nita Ambani is also helping to set it up, the people added.

Reliance has been pivoting from its legacy oil refining and petrochemicals business towards e-commerce, green energy and the expansion of its retail footprint across India.

In 2020, its technology venture Jio Platforms lured more than US$25 billion from marquee Silicon Valley investors including Meta Platforms and Google. It has also unveiled ambitious plans to take on Amazon.com in the country, including in streaming. BLOOMBERG

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2022-10-07 04:37:30Z
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Billionaire Mukesh Ambani to Open Family Office in Singapore - Bloomberg

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1. Billionaire Mukesh Ambani to Open Family Office in Singapore  Bloomberg
2. Billionaire Mukesh Ambani to open a new family office in Singapore  Business Insider
3. This ISL season is another big step towards our football dream: Nita Ambani | Mint  Mint
4. Indian billionaire Mukesh Ambani to open family office in Singapore: sources  The Star Online
5. Mukesh Ambani to open family office in Singapore: Report  Hindustan Times
6. View Full coverage on Google News

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2022-10-07 04:06:00Z
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Top Australian defence officials hit by 'sophisticated' Singapore cyber hack - ABC News

Some of Australia's most senior defence figures have been caught up in a data breach after "sophisticated" cyber hackers targeted a five-star hotel in Singapore.

Key points:

• Customer data was stolen from eight Shangri-La hotels between May and July this year
• The company says a "sophisticated threat actor" is responsible
• The defence minister held high-level talks with China at the group's Singapore venue in June

Between May and July this year, customer data was stolen from eight Shangri-La hotels across Asia, including the luxury Singapore venue where Defence Minister Richard Marles held top-level security talks with China shortly after Labor's election win. 

In an email sent to guests this week, Shangri-La Group senior vice-president Brian Yu expressed "deep" regret for the incident and assured guests caught up in the breach that "all necessary steps" had been taken to investigate and contain the incident.

"Following the discovery of unauthorised activities on Shangri-La's IT network, we engaged cyber forensic experts to investigate the anomalies," he said.

"The investigation revealed that between May and July 2022, a sophisticated threat actor managed to bypass Shangri-La's IT security monitoring systems undetected, and illegally accessed the guest databases."

According to Mr Yu, the company's investigation confirmed "that certain data files had been exfiltrated from these databases".

"Although we were not able to confirm the content of the exfiltrated data files, it is likely that they contained guest data".

The affected hotels included Shangri-La properties across Singapore, as well as in Hong Kong, Taipei, Chiang Mai and Tokyo.

Databases hit by the hackers are believed to have contained personal details including guest names, email addresses, phone numbers, postal addresses, Shangri-La Circle membership numbers, reservation dates and company names.

Guests caught up in the data breach have been assured that information such as passport numbers, ID numbers, dates of birth and credit card details with expiry dates were adequately encrypted.

In June, Defence Minister Richard Marles, Chief of Defence General Angus Campbell and senior military and departmental officials travelled to Singapore for the annual Shangri-La Dialogue, held in the Singapore hotel bearing the same name.

On the sidelines of the security conference, Mr Marles met with his Chinese counterpart General Wei Fenghe, marking the first high-level contact between the two nations since a diplomatic freeze that began in early 2020.

The Defence Department confirmed it was aware of a data breach affecting Shangri-La hotels and said it was "working with the company to understand the impact on Australian Defence attendees at the Shangri-La Dialogue".

"Defence will work with any impacted personnel to minimise potential risks that could arise from this breach," a Defence spokesperson told the ABC.

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2022-10-04 19:43:12Z
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Australia Cements Global Outlier Status With Quarter-Point Hike - Bloomberg

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1. Australia Cements Global Outlier Status With Quarter-Point Hike  Bloomberg
2. Economist Alicia Garcia-Herrero on Reserve Bank of Australia's smaller-than-expected rate hike  CNA
3. Breaking: RBA raises OCR by 25 bps from 2.35% to 2.60% in October, AUD/USD plunges  FXStreet
4. Market reaction to RBA's cash rate decision was 'astonishing'  Sky News Australia
5. 'Real impact' of RBA's decision will be seen when 'buffer' runs out  Sky News Australia
6. View Full coverage on Google News

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2022-10-04 05:46:00Z
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'I want justice,' says man whose relatives died during Indonesia's football tragedy - CNA

MALANG, Indonesia: It was supposed to be a fun and memorable outing for Doni and his family.

But now, he will always remember last Saturday (Oct 1) for the wrong reasons.

Doni's brother-in-law and his wife died on that day when they attended a football match between Surabaya’s Persebaya and Arema FC in the latter’s home stadium Kanjuruhan in Malang, East Java. The match ended in chaos and at least 125 people were killed.

“We just wanted to watch the game and enjoy it. Otherwise, why would we bring our children along?” Doni, who goes by one name, told CNA from his family home in Malang. 

He attended the match with his 10-year-old son and eight other family members.

The group included his brother-in-law Mochammad Yulianton, Yulianton’s wife Devi Ratnasari and their only child Mochammad Alfiansyah, 11.

Some other relatives also joined them. There were three children in the group of 10.

“When the match ended, the Arema players were still on the pitch. 

“It is their tradition to greet the fans after a game whether they lose or win, it is usual,” said Doni, who as an Arema FC fan has watched the club’s numerous games.

“But suddenly people stormed the pitch. Security personnel tried to block them but instantly the crowd became bigger,” Doni recalled. 

They were seated about 5m from the exit door but as people jostled to exit, they decided to wait, he said. 

He recalled security personnel firing tear gas toward the crowd on the pitch that caused the panic, with people storming towards the stadium’s exit doors.   

“We were still sitting in our seats when suddenly tear gas was also fired towards us. That’s when I instinctively grabbed the three children, and we rushed towards the exit,” said Doni. 

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2022-10-03 13:04:00Z
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Indonesia's deadly football stampede: What we know so far - CNA

Mr Hamid also called for the officers involved to be prosecuted. “This loss of life cannot go unanswered,” he said.

The 1964 football disaster in Lima, Peru which killed 328 people was also prompted by the firing of tear gas as did the 2001 disaster in Accra, Ghana which killed 126 people.

National Police chief Listyo Sigit Prabowo said police have launched an internal inquiry to review police handling of the situation.

“We have already collected data from the crime scene. What is clear is that we will seriously investigate to the very end,” he said on Sunday.

DID THE SECURITY PERSONNEL ACT EXCESSIVELY?

Speaking at a press conference on Monday, Indonesian military chief Andika Perkasa admitted that some military personnel responsible for securing the match had acted excessively by hitting fans who were already retreating or lying helpless on the ground.

“For me, this is a criminal act. We will not (impose) disciplinary sanctions but (launch a) criminal (prosecution). Because (their actions) were excessive,” he said.

Police had not made a similar pledge saying that the decision to punish the officers involved in the incident depends on the outcome of its investigation.

National Police spokesman Dedi Prasetyo said police are currently investigating the crime scene including examining footage taken by the stadium’s surveillance cameras.

Police, he said, will also question officials from the league, the provincial chapter of the PSSI, Arema and the province’s Youth and Sports Agency.

Mr Prasetyo added that police have also questioned 18 police officers who were involved in securing the match as part of its internal investigation.

On Monday, police announced that they have suspended 10 officials including chief of the Malang City police, Ferli Hidayat. 9 others were field commanders in the match. 

INDEPENDENT FACT-FINDING TEAM 

Coordinating Minister for Politics, Legal and Security, Mohammad Mahfud said overcapacity might also be to blame.

“The number of spectators should be based on the stadium’s capacity, which is 38,000 people. But the organiser did not do this ... The ticket sold was 42,000,” he told local media on Sunday.

Mr Mahfud announced on Monday that the government is forming an independent fact-finding team comprising senior government officials, representatives of football clubs and associations as well as academics and the media to determine what happened at Kanjuruhan Stadium.

The team will be led by Mr Mahfud with Youth and Sports Minister Zainuddin Amali serving as vice chairman. It is also made up of a former football athlete, a sports journalist, an activist, two academics and several former government officials.

The team is expected to complete its fact-finding task and make recommendations in two or three weeks' time.

“Police are asked to immediately identify the culprits over the next few days and to conduct an evaluation on how security is handled in their respective areas,” said Mr Mahfud told a press conference at his office in Jakarta.

He also announced that the government has agreed for compensation to be made to the families of the victims. 

"Although the loss of lives cannot be valued in money, but the president is willing to provide compensation of Rp 50 million (US$3,268) for each deceased victim. We will soon do it. We just need to verify administrative data with the local government and so on," he said.

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2022-10-03 09:28:00Z
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Indonesia orders stadium disaster 'perpetrators' punished - CNA

MALANG, Indonesia: Indonesia's government on Monday (Oct 3) called on the country's police to identify and punish whoever was responsible for a stadium stampede that left 125 people dead, as anger mounted over one of the deadliest disasters in the history of football.

The tragedy on Saturday night in the city of Malang also saw 323 people injured after officers fired tear gas in a packed stadium to quell a pitch invasion, triggering a stampede.

"We ask the national police to find the perpetrators who have committed crimes in the next few days," Indonesia's chief security minister Mahfud MD said in a broadcast statement, without specifying who he was referring to.

"We asked them to unveil who has perpetrated the crimes and that action must be taken against them and we also hope the National Police will evaluate their security procedures," he added, announcing a task force for the investigation had been formed.

The incident unfolded when fans of home team Arema FC stormed the pitch at the Kanjuruhan stadium after their loss 3-2 to bitter rivals Persebaya Surabaya.

Police responded by launching volleys of tear gas into packed terraces, prompting spectators to rush en masse to small gates where many were trampled or suffocated, according to witnesses.

Police described the incident as a riot in which two officers were killed but survivors accuse them of overreacting and causing the deaths of scores of spectators, including a five-year-old boy.

"One of our messages is for the authorities to investigate this (incident) thoroughly. And we want accountability, who is to blame?" said 25-year-old Andika, who declined to give his last name.

"We want justice for our fallen supporters," he said.

"MURDERER!"

Outside the Kanjuruhan stadium on Sunday evening, people held a vigil beneath the roaring lion statue - the club's symbol - to honour the victims.

But fresh graffiti daubed on the walls of the stadium revealed bubbling anger towards the authorities.

"My siblings were killed. Investigate thoroughly," read one message scrawled on the stadium's shutters, accompanied by a black ribbon and the date of the tragedy.

"ACAB", an acronym for "all cops are bastards", was sprayed on another wall.

In Jakarta, hundreds of football fans gathered outside the country's biggest stadium on Sunday chanting "murderer! murderer!", singing songs in support of Arema FC and placing police tape on the complex's fence.

Indonesian President Joko Widodo announced a probe into the incident, but rights groups said it should be independent and officers should be held accountable for using tear gas in a confined area.

"We call on authorities to conduct a swift, thorough, and independent investigation into the use of tear gas at the stadium and ensure that those who are found to have committed violations are tried in open court," Amnesty International said in a statement.

"This loss of life cannot go unanswered."

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2022-10-03 05:29:00Z
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