Work It - Crushing the internship and landing a full-time job
This episode was recorded live at Ngee Ann Polytechnic.
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Independent Singapore
4 hours ago
- Independent Singapore
GIC-backed NTT DC REIT positions Singapore as ‘regional hub for AI-related investment opportunities' despite muted trading debut, analyst says
SINGAPORE: The Nippon Telegraph and Telephone Data Centre Real Estate Investment Trust (NTT DC REIT), backed by Singapore's sovereign wealth fund GIC and Japan's NTT Group, raised US$773 million (S$990.9 million) in its initial public offering (IPO), marking the largest listing on the Singapore Exchange (SGX) since 2017. While the IPO was oversubscribed, its first day of trading on Monday (Jul 15) was muted, and analysts were less impressed. Still, CMC Markets sales trader Oriano Lizza said the listing would help strategically position Singapore as a 'regional hub for AI-related investment opportunities,' as reported by Channel News Asia ( CNA ). On Monday, the REIT began trading on SGX at 2 p.m., opening at US$1.02 (S$1.31) — slightly above its offer price of US$1. It rose to a high of US$1.03 during the session but ended the day back at US$1. Mr Yutaka Torigoe, CEO of the REIT's manager, said he was heartened by what he called an 'excellent debut,' noting it reflected investor confidence in the REIT's portfolio quality, its growth prospects, and the overall outlook for data centres around the world. See also GIC is now 3rd most powerful asset owner in the world However, Jonathan Koh, director of research at UOB Kay Hian, said they had hoped the unit price would reach US$1.10, but the market reaction was more muted than anticipated. He noted that investors could be holding back due to ongoing trade tensions and the threat of higher tariffs, which have added to business uncertainty. Mr Lizza, who described the share price move as 'notably measured rather than exuberant,' added that 'while the IPO was 4.6 times oversubscribed overall and the public offer was 9.8 times oversubscribed, the tepid price performance actually demonstrates mature investor behaviour.' He said the price movement suggests institutional discipline rather than retail speculation, noting that long-term holder GIC holds a 9.8% stake. Mr Lizza also highlighted the current elevated interest rate environment, which typically weighs on REIT valuations, adding that investors are 'appropriately pricing in execution risk,' given NTT DC REIT's portfolio, which spans three continents. According to the IPO prospectus, the NTT Group is the world's third-largest data centre operator through its global business arm, NTT Global Data Centers (NTT GDC). On Monday, when asked why the company chose Singapore over Tokyo, Doug Adams, President and CEO of NTT GDC, told CNBC's Squawk Box Asia: 'The Singapore market is a great market for data centres in general, and we believe the best market in the world for data centre REITs. What makes Singapore unique is the fact that Singapore appreciates global portfolios of data centres.' /TISG Read also: Former Senior Minister Teo Chee Hean to step down from GIC's board on June 30 after announcement of joining Temasek Featured image by Depositphotos
CNA
4 hours ago
- CNA
Philip Yeo to step down as CDL director at the end of July
SINGAPORE: Mr Philip Yeo will retire as a director of City Developments Limited (CDL) on Jul 31, the company said in a bourse filing on Tuesday (Jul 15). Mr Yeo, 78, has served on the board of CDL, one of Singapore's largest property companies, for 16 years. He is a non-independent non-executive director at the company. CDL's filing stated there were no unresolved differences in opinion on material matters between Mr Yeo and CDL's board of directors. Mr Yeo's notice of retirement comes several months after a boardroom tussle and legal battle between CDL's executive chairman Kwek Leng Beng and his son Sherman Kwek, who is the company's group CEO. In February, the older Mr Kwek had accused his son of attempting a boardroom "coup" and filed a lawsuit against him over alleged governance lapses, after Mr Sherman Kwek sought to appoint new independent directors without full board approval. Mr Yeo had joined the feud on the side of the older Mr Kwek, publicly criticising Mr Sherman Kwek after the younger Mr Kwek named his father's associate Dr Catherine Wu as the source of the dispute. The older Mr Kwek subsequently dropped the lawsuit against his son two weeks after filing the suit, saying then that all the board members had agreed to "put aside their differences" for the "greater good" of CDL and its stakeholders. However, during CDL's annual general meeting in April, Mr Yeo said he was "very disappointed" with how some of the board members had pushed through with new director appointments earlier in the year, and called their actions "totally improper", Bloomberg reported.
CNA
4 hours ago
- CNA
Mira Murati's AI startup Thinking Machines valued at $12 billion in early-stage funding
Thinking Machines Lab, the artificial intelligence startup founded by former OpenAI executive Mira Murati, said on Tuesday it has raised about $2 billion at a valuation of $12 billion in a funding round led by venture capital firm Andreessen Horowitz. The fundraise also saw participation from AI chip giant Nvidia, Accel, ServiceNow, Cisco, AMD and Jane Street, the startup said. The massive funding round for a company launched only in February, with no revenue or products yet, underscores Murati's ability to attract investors in a sector where top executives have become coveted targets in an escalating talent war. "We're excited that in the next couple months we will be able to share our first product, which will include a significant open source component and be useful for researchers and startups developing custom model," CEO Murati said in a post on the X social media platform. Reuters had reported in April Andreessen Horowitz was in talks to lead an outsized early-stage funding round. Thinking Machines has said it wants to build artificial intelligence systems that are safer, more reliable and aimed at a broader number of applications than rivals. Nearly two-thirds of its team at launch comprised of former OpenAI employees. Murati, who started Thinking Machines after an abrupt exit from OpenAI last September, is among a growing list of former executives from the ChatGPT maker who have launched AI startups. Another two, Dario Amodei's Anthropic and Ilya Sutskever's Safe Superintelligence, have attracted former OpenAI researchers and raised billions of dollars in funding. Investor enthusiasm toward new AI startups has stayed strong, despite some questions about tech industry spending. That helped U.S. startup funding surge nearly 76 per cent to $162.8 billion in the first half of 2025, with AI accounting for about 64.1 per cent of the total deal value, according to a Pitchbook report.
