Vickers Venture Partners, a technology startup investor founded by Finian Tan, has fallen victim to an alleged nickel trading scheme fronted by Singaporean company Envy Global Trading. Ng Yu Zhi, the businessman at the head of this scheme, has been charged with faking the purchase and sale of nickel and falsifying transfers and account statements. Finian Tan has said that, prior to his company’s investment into Envy Global, “the initial due diligence process did not raise any red flags.” (Bloomberg)
China suspended the China-Australia Strategic Economic Dialogue on Thursday. China’s National Development and Reform Commission (NDRC) cited measures launched by Australia to disrupt normal cooperation between China and Australia that they said came “out of a Cold War mindset.” No specific measures were given as an example. This is the latest step in worsening China-Australia relations. Australia was the first country to ban the Chinese tech company Huawei from its 5G network in 2018 and called for an investigation into the origins of the novel coronavirus in 2020. (Reuters)
The Environment Ministry of Argentina has launched a “Green Mondays” meatless Monday campaign in an effort to reduce the country’s cattle-based greenhouse gas emissions. Argentina is known to be a high meat-eating country. The initiative targets its high consumption. (Bloomberg Green)
Australia is lagging behind other nations when it comes to establishing and reaching sustainability goals. Foreign investors have been holding onto Australian government bonds, but they want to see if the country will improve its environmental, social, or governance metrics. Investors are continually looking for investments that align with the Paris climate agreement and other sustainability goals while still being able to turn a profit. Australia may be in trouble in the future if its green practices cannot meet client expectations. (Bloomberg Green)
$953 Million Singaporean Fund Ensnared by Alleged Nickel Fraud
David Ramli, Yoolim Lee, Chanyaporn Chanjaroen and Alfred Cang – Bloomberg
Singapore regulator conducting supervisory review of Vickers; Vickers founder Tan confirmed firm’s related exposure to Envy
Technology startup investor Vickers Venture Partners has been caught up in the allegedly fraudulent nickel trading scheme of a Singaporean businessman and his Envy Global Trading, prompting a review by the city-state’s monetary authority.
China suspends economic dialogue with Australia as relations curdle
Gabriel Crossley, Kirsty Needham – Reuters
China “indefinitely” suspended on Thursday all activity under a China-Australia Strategic Economic Dialogue, its state economic planner said, the latest setback for strained relations between the two countries.
Carnivorous Argentines Told to Forgo Beef as Climate Fears Grow
Jonathan Gilbert – Bloomberg
Ranchers are biggest contributor to Argentina’s emissions; Beef consumption has already been plunging on economic woes
Some of the planet’s most voracious beef eaters are being told to cut back to help the environment. The government in Argentina, a ranching heartland that’s traditionally vied with neighboring Uruguay as the world’s red-meat capital, wants people to stop feasting on beef for one day a week as it tries to achieve climate goals.
Why This Climate-Laggard Nation Still Attracts Investments
Matthew Burgess – Bloomberg
Half of Australian government debt held by foreign buyers; Australia risks losing support as ESG pressure mounts
Australia isn’t paying the price for being a climate laggard. At least not yet. Some of the world’s biggest investors continue to hold Australian debt even as they pledge to shift money away from countries and assets that don’t align with a low-carbon world.