Daily Briefing: ofo ordered to remove Singapore bikes after license suspension; SGD succumbs to near six-month low against MYR

And GIC leads $170.46m funding for Chinese biotech firm Burning Rock.

From Channel News Asia:

The Singapore dollar fell to a near six-month low against the Malaysian ringgit as the neighbouring country’s currency was boosted amidst Malaysia’s announcement that economic growth rose in Q4. Bloomberg data showed that the SGD fell to an intraday low of RM2.9912 before rising back up to RM2.9966

This is the lowest since the Singapore dollar touched RM2.9901 on Aug 21 last year.

Before the gross domestic product (GDP) figures were announced, a dealer said that the numbers would indicate the stability of the country's economy and its future.

Read more here.

From Yahoo! News Singapore:

The operating licence of Chinese bike-sharing firm ofo in Singapore has been suspended and the Land Transport Authority (LTA) is requiring the firm to remove all its bicycles from public places by 13 March.

The firm had failed to comply with regulatory requirements by Wednesday, despite previous correspondences, said LTA spokesperson. The suspension will only be lifted if the company were to meet all regulatory requirements, including proper implementation of the QR code system.

The LTA will continue to monitor ofo’s compliance efforts and may cancel its licence if does not show satisfactory progress, the spokesperson said.

Read more here.

From Deal Street Asia:

GIC spearheaded a $170.46m (US$125.5m) Series C funding round for Chinese biotech firm Burning Rock which will be utilised for the latest capital infusion for further development of Burning Rock’s early cancer detection offering and to expand the sales and marketing team for its diagnostics business.

The round was joined by LYFE Capital, CMB International Capital, Lilly Asia Ventures (LAV), Sequoia Capital China and T&Brothers Capital.

Burning Rock has three core businesses — cancer patient companion diagnostics, early cancer detection, and cancer genome big data ecosystem. It claims to have developed 32 products for different cancer types and clinical applications.

Read more here.

Also Read

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Economists forecast modest NODX growth for Singapore in 2024

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