Daily Archives: July 26, 2018


SINGAPORE Watch:Singapore tycoons grew wealthier in 2018, new Forbes rich list reveals

SINGAPORE Watch: The specific wealthy in Singapore have become wealthier, as per the 2018 Forbes Singapore Rich List.

The consolidated abundance of the nation’s main 50 investors rose 11 for each penny to almost US$116 billion (S$157 billion) up from $104.6 billion a year ago, Forbes Asia said in a news discharge on Thursday (Jul 26).

The current year’s greatest dollar gainers were property kin Robert and Philip Ng and Facebook fellow benefactor Eduardo Saverin, who is a Singapore changeless occupant.

The Ngs, who held their main spot for the ninth year with US$11.9 billion, helped their total assets by US$2.5 billion, while the Facebook prime supporter – who likewise observed his fortune up $2.5 billion – arrived in a nearby second with a total assets of US$11.8 billion.

The Ngs’ Far East-drove consortium “scored a triumph” in May by securing a prized blended utilize site in the prominent Holland Road region with a US$904 million offer, prevailing over in excess of twelve different wannabes, said Forbes Asia.

Holding the third spot was paint head honcho Goh Cheng Liang, who has a 39 for every penny stake in Japan’s Nippon Paint Holdings. His total assets expanded by US$700 million to US$8.5 billion. His child Goh Hup Jin was named executive of Nippon Paint in March.

New Zealander and Singapore changeless occupant Richard Chandler was another billion-dollar gainer, bouncing four spots to recover a spot in the best 10.

His total assets rose to US$3.15 billion, putting him at number eight, after his Singapore-headquartered Clermont Group’s net resources surged 50 for each penny on undisclosed venture increases, as indicated by official filings.

Fellow benefactor of ARA Asset Management John Lim was another striking gainer. Lim, who claims near 33% of ARA, saw his fortune hop by in excess of a third, putting him at number 38 on the rundown with a total assets of US$780 million.

Three newcomers made it onto the current year’s rundown: China-conceived Singapore perpetual occupant Gordon Tang, who has a controlling stake in recorded property firm SingHaiyi Group, made it to number 32 with a total assets of US$1 billion.

Bangladesh-conceived Singapore perpetual inhabitant and executive of Summit Group Muhammed Aziz Khan, who intends to list his Summit Power International on the Singapore trade, came in at number 34 with a total assets of US$910 million.

Forrest Li, who recorded his web based gaming firm Sea on the New York Stock Exchange in October 2017, put at number 42 with US$738 million.

The base sum required to make the rundown was US$535 million, down from US$540 million a year ago.

The main 10 most extravagant in Singapore:

1. Robert and Philip Ng; US$11.9 billion

2. Eduardo Saverin; US$11.8 billion

3. Goh Cheng Liang; US$8.5 billion

4. Kwek Leng Beng; US$7.6 billion

5. Khoo family; US$6.7 billion

6. Small Cho Yaw; US$6.4 billion

7. Kwee siblings; US$5.4 billion

8. Richard Chandler; US$3.15 billion

9. Raj Kumar and Kishin RK; US$2.7 billion

10. Choo Chong Ngen; US$2.6 billion








  • Gold prices slipped for two consecutive days as dollar slightly rose on Wednesday ahead of a meeting between and U.S. and European Commission presidents for trade-related talks. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.11% to a trading price of $1,224.10 each troy ounce at 1:00AM ET (05:00 GMT).
  • Qatar is building a sugar refinery in a bid to avoid supply disruptions after neighboring Gulf Arab states severed economic and political ties with Doha more than a year ago, sources say. In normal trading conditions, building a refinery in Qatar would make little commercial sense because of depressed sugar prices, surplus world stocks and the presence of regional refineries that could provide supplies, the sources said.
  • U.S. crude stocks fell last week, while gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday. Crude inventories fell by 6.1 million barrels in the week to July 20, compared with analysts’ expectations for a decrease of 2.3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels, EIA said. Refinery crude runs rose by 46,000 barrels per day, EIA data showed.



  • The International Monetary Fund has given its backing to Ukraine’s plans for an anti-corruption court, removing one of the key hurdles needed for the government to get its next $2 billion tranche of aid. The court is being set up as part of Ukraine’s $17.5 billion bailout and has become a symbol of its efforts to stamp out high-level corruption that has blighted the country for decades.
  • U.S. President Donald Trump accused China on Wednesday of targeting American farmers in a “vicious” way and using them as leverage to get concessions on trade. “China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice – until now!” Trump wrote on Twitter.
  •  White House economic adviser Larry Kudlow said a plan by the Trump administration to pay as much as $12 billion in relief to U.S. farmers hurt by a burgeoning trade dispute is a stop-gap proposal and doesn’t signal a willingness to make a habit of aid programs. “What we’ve put on the board is what I think is a temporary assistance measure, I don’t think it’s going to get near to $12 billion,” Kudlow said during an interview on “CBS This Morning” on Wednesday. “Nobody’s really thrilled about this. We’re just trying to protect American agriculture from some of the unfair trading practices.”


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