Singapore could turn a governance crisis into an opportunity. Its transport minister S. Iswaran and Ong Beng Seng, the property billionaire credited with bringing Formula One to the city, were arrested and released on bail last week. The rare high-profile probe involving a public official by the hub’s anti-graft agency is a timely test of the Asian centre’s willingness to act tough on corruption.
the investigation by the Corrupt Practices Investigation Bureau and the exact details remain unclear. Any wrongdoing would be a blow for the jurisdiction ranking as the fifth cleanest after Denmark, Finland, New Zealand and Norway in Transparency International’s Corruption Perceptions Index. Yet as Singapore establishes itself as the go-to centre for global investors and companies seeking a geopolitically uncomplicated base in Asia, the saga is a chance to show off its enforcement stripes too.
It spotlights the city’s anti-graft agency which boasts an enviable track record. Its conviction rate in cases stood at an overwhelming 99% last year, with those involving the private sector making up 86% of the incidents registered for investigations.
Ultimately, good governance is a growing competitive advantage for the small island against rival financial centre Hong Kong, ranked 12th on the corruption perceptions index. As Beijing tightens its grip on the Chinese territory, one possibility is that standards there could become more like those on the mainland, which ranks 65th.
For its part, Singapore has acted quickly in the past on high-profile perceived weaknesses on enforcement: From 2016, it fined DBS
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Breakingviews - Sony's Microsoft truce marks new gaming realityIt’s almost a new dawn in videogames. After opposing Microsoft's $69 billion purchase of Activision Blizzard , Sony has signed an agreement over the latter's 'Call of Duty' title. It will help the $2.6 trillion company appease regulatory holdouts, but Sony benefits too.
Read more »
Breakingviews - Old Cold War tool could help in new era of tensionOn Breakingviews: Joe Biden last week trumpeted the unity of the NATO alliance in the face of Russia’s invasion of Ukraine. Rich democracies need similar cohesion in the economic sphere to manage the dangers of a quasi-Cold War with China, says Hugodixon
Read more »
Breakingviews - Warren Buffett flaunts his green investment thumbHow does Warren Buffett allocate capital? Carefully, but it gets tougher the bigger Berkshire Hathaway gets. Thankfully for the conglomerate’s backers, energy offers a combination of regulated returns and transition opportunities for many years to come. The Oracle of Omaha’s latest investment builds on the profitable thesis.
Read more »
Breakingviews - Argenx drug boost is mixed blessing for suitorsArgenx has long been a presumed takeover target for drugmakers like Pfizer . The 23 billion euro ($26 billion) Belgian biotechnology company is in an attractive position for many Big Pharma companies like $240 billion AbbVie , which are facing patent cliffs later in the decade. Meanwhile, Argenx is working on cures for rare diseases like chronic inflammatory demyelinating polyneuropathy (CIDP), a rare neurological disorder, as well as well as myasthenia gravis, a degenerative disease. Many of its remedies like Vyvgart, which delivered positive drug trial results on Monday, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure.
Read more »
Breakingviews - Luxury tests limits of its immunity to downturnsCompagnie Financiere Richemont is testing the limits of luxury’s immunity to downturns. The $93 billion Swiss luxury conglomerate dropped 10% on Monday after it reported a 2% year-on-year drop in U.S. revenue in the three months to June. Shares of other big luxury players, including $236 billion Hermes International and $502 billion LVMH , also fell 4.2% and 3.7% respectively.
Read more »
Breakingviews - Commonwealth Games hit a financial wallAnyone who signs up for a marathon soon hears about the metaphorical wall that exhausted runners often hit around three-quarters of the way through the race. Australia’s state of Victoria has just crashed into the financial equivalent, much earlier, in its preparations for hosting the 2026 Commonwealth Games. On Tuesday, Premier Daniel Andrews revealed the country’s second-largest state by population is pulling out barely a year after getting the nod to hold the quadrennial event, saying costs could almost triple from the initial A$2.6 billion ($1.8 billion) estimate.
Read more »