Rollercoaster Week

Good morning! No long intros today – this week was wilder than a Singaporean food court during lunchtime. But I want to start with a photo of Guiyang that snagged second place in the Drone Photo Awards' "City" category. Feels like Nature meets Tron.

MARKETS
YTD Update*

ECONOMICS
What’s baking

🇯🇵 Hitachi's Market Cap Surge

Hitachi's market cap is on a rocket ride, nearly doubling since January to hit 18.5 trillion yen. Foreign investors are betting big on its digital tech potential, pushing its growth expectations to rival U.S. tech giants. Surprising dynamics considering the negative political context in Japan.

💼 Tech Giants Dyson and Samsung Slash Jobs Globally

Dyson and Samsung are trimming their workforce, with ripples felt in Singapore. Dyson's HQ in the Lion City saw unexpected layoffs, shocking employees just months after assurances of job security. Meanwhile, Samsung's global cuts hit Singapore, with staff across various teams facing the axe. Both tech giants cite redundancies, leaving workers to navigate sudden career shifts.

🇮🇱 Israel's Credit Rating Takes a War-Time Tumble

Moody's just handed Israel its second downgrade of the year, dropping it two notches to Baa1. The 12-month Gaza conflict and escalating tensions with Hezbollah are taking their toll. With a negative outlook, some people might talk of Israel's financial future as shaky one.

BUSINESS
What’s baking

👗 Shein Eyes London for Fashion-Forward IPO

Online fashion retailer Shein is strutting its stuff for potential investors, eyeing a London IPO. But it's not all glitz and glamour - the move's already facing criticism over supply chain concerns.

🚗 EV Sales Hit a Speed Bump

Electric vehicle sales are sputtering in Europe and North America, though China's still cruising. Meanwhile, Toyota's pumping the brakes on its U.S. EV production plans, pushing back to 2026. Feels like the EV revolution facing a temporary hold.

🤝 Toyota and Subaru's Electric Dream Team

Toyota and Subaru are joining forces to launch a new EV in 2026, hitting roads in Japan, the U.S., and Europe. Production's set to rev up to 20,000 vehicles per month. Looks like these Japanese auto giants are not willing to challenge Tesla alone.

🏪 7-Eleven Owner's Supermarket Sell-Off

Seven & i Holdings, the folks behind your late-night snack runs, are looking to offload their supermarket biz. They're putting Ito-Yokado and York-Benimaru on the chopping block by year-end. Seems like they're sticking to what they know best - convenience! 🛒👋

💰 Zuckerberg Leapfrogs Bezos in Wealth Race

Mark Zuckerberg just overthrown the world's second-richest person, surpassing Jeff Bezos. His net worth hit a whopping $206.2 billion, thanks to Meta's soaring shares and AI push. The metaverse bet that looked like a bust? It's now Zuck's golden ticket!

POLITICS
A Quick Recap

📸 Hard to Skip Japan's Shigeru Ishiba Long Way to PM Chair

🇸🇬 Singapore's Ex-Minister Gets a Year in the Slammer

Former transport minister S. Iswaran just got a one-year jail sentence, double what prosecutors asked for. The judge called previous suggestions "manifestly inadequate". Looks like Singapore's taking its "clean government" reputation very seriously!

🇨🇳 Xi Warns of Choppy Waters Ahead for China

As China celebrates its 75th anniversary, President Xi Jinping's not sugar-coating the future. He's warning of rough seas ahead, even as the country flexes its muscles on the global stage.

TECH
Big Number in the House

🌐 Tech Giants Shower Malaysia with Digital Love

Oracle's joining the party with a $6.5 billion cloud investment in Malaysia. They're not alone - Microsoft, Nvidia, Google, and ByteDance are all making it rain digital dollars. Google's latest $3 billion splash is set to create 26,500 jobs. Could it be that Malaysia's becoming the cool kid in the tech playground?

🇹🇭 Google's Shopping Spree Part 2: $1B in Thailand

Google's showering Thailand with digital love to the tune of $1 billion! This tech rainfall will build a new data center and cloud region, aiming to boost the economy by 140 billion baht and create 14,000 jobs annually by 2029.

🇸🇬 Meta's AI Boost for Singapore

Meta's launching an AI accelerator in Singapore, helping local companies integrate Llama, their open-source AI model. They're also kickstarting a program to support 100 enterprises in understanding generative AI.

🚀 Antler's Jakarta Startup Showcase

Antler's hosting an exclusive event in Jakarta on October 23, showcasing early-stage startups to selected investors. It's like speed dating for startups and VCs, but with better views (big ups for rooftop bar at The Ritz-Carlton). Nice chance to check out who will be Southeast Asia's next unicorn!

💰 Salmon Raises USD30M in Series A2

Filipino fintech Salmon just reeled in $30 million in Series A2 funding. With backing from big fish like IFC and Lunate, they're set to expand lending operations and hook 50 million underserved Filipinos with new financial products.

☁️ GoTo and Tencent's Cloud Nine Partnership

Indonesia's GoTo is teaming up with tech giant Tencent for a five-year cloud infrastructure deal. It's like GoTo just got a turbocharged engine for its digital ecosystem. With Tencent's tech muscle, GoTo's set to level up its services.

🎮 Clout Kitchen Cooks Up $4.45M for AI Gaming Buddies

Clout Kitchen, a US-Philippines startup, just raised $4.45M to serve up AI-powered gaming companions. Their first dish? Backseat AI for League of Legends, featuring gaming celebs as your personal coaches. With 45,000 waitlist signups, gamers are hungry for some AI vibes!

OTHER NEWS

🌊🇹🇭 Chiang Mai Faces Severe Flooding Crisis

Chiang Mai is experiencing its worst floods in 50 years, with the Ping River reaching a record 5.3m. The city and surrounding areas are heavily impacted, with widespread flooding and two elephants reported dead. Travelers should be aware of the situation and check local advisories before visiting the region. Stay safe and informed.

🎾 Alcaraz beats Sinner in dramatic China Open final

Carlos Alcaraz came from a set down to edge out world number one Jannik Sinner in a dramatic China Open final.

Alcaraz, 21, continued his fine run of form against the Italian and has now won each of their last three encounters after coming through 6-7 (6-8) 6-4 7-6 (7-3).

🍹 Singapore's Sky-High Sips

Singapore's rooftop bar scene just got elevated - literally! The city's highest sky-high watering NOVA Rooftop Bar just opened on the 63rd floor at Raffles. Check out top picks for the best places to drink with a view. Cheers to defying gravity! 🥂🌃

🍷 Vivino: From App to Offline Store

Wine app Vivino is uncorking its first global flagship store in Singapore. Founder Heini Zachariassen's mission? Democratizing the $330 billion wine industry. "There must be a better way to make a decision than just the price or a fancy label," he says. Now, Vivino's big data and AI are turning wine novices into connoisseurs faster than you can say "Château Lafite."

RANDOM FACT

🏝️🇮🇩 Indonesia is home to a staggering 17,000 to 18,000 islands, making it the world's largest archipelagic state.