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A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File Photo

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Summary
Companies

Saudi Arabia raises official prices for Asian buyers
OPEC+ unlikely to reach increased output target -JP Morgan
WTI hits highest since early March

June 6 (Reuters) – Oil prices settled slightly lower after choppy trade on Monday, buoyed by Saudi Arabia raising its July crude prices but amid doubts that a higher output target for OPEC+ oil producers would ease tight supply.

Brent crude fell 21 cents, or 0.2%, to settle at $119.51 a barrel after touching an intraday high of $121.95.

U.S. West Texas Intermediate (WTI) crude futures fell 37 cents, or 0.3%, to settle at $118.50 a barrel after hitting a three-month high of $120.99. The benchmark fell by $1 earlier in the session.

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Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May when prices hit highs due to worries of disruptions in supplies from Russia. read more

The price increase followed a decision last week by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output for July and August by 648,000 barrels per day, or 50% more than previously planned, though constraint in global refining capacity has kept prices elevated.

“Crude inputs into the U.S. refineries have been reduced by about 6% from four years ago at this time with this reduction associating with a need for less crude cover while contributing to a severe tightness in the gasoline and diesel markets,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

The increased target was spread across all OPEC+ members, many of which have little room to increase output and which include Russia, which faces Western sanctions after its invasion of Ukraine in February.

“With only a handful of … OPEC+ participants with spare capacity, we expect the increase in OPEC+ output to be about 160,000 barrels per day in July and 170,000 bpd in August,” JP Morgan analysts said in a note.

On Monday, Citibank and Barclays raised their price forecasts for 2022 and 2023, saying they expected Russian output and exports to fall by around 1 million to 1.5 million bpd by end-2022. read more

Separately, Italy’s Eni and Spain’s Repsol could begin shipping small volumes of Venezuelan oil to Europe as soon as next month, five people familiar with the matter told Reuters. read more

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Reporting by Laura Sanicola; Additional reporting by Shadia Nasralla in London, Florence Tan in Singapore and Sonali Paul in Melbourne; editing by Jason Neely, Will Dunham and Chris Reese

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Saudi Arabia hikes July crude prices surprisingly high for Asia buyers

General view of Aramco tanks and oil pipe at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah

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June 6 (Reuters) – Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer.

The official selling price (OSP) for July-loading Arab Light to Asia was hiked by $2.1 a barrel from June to $6.5 a barrel over Oman/Dubai quotes, just off an all-time-high recorded in May.

That was much higher than most market forecasts for an increase around $1.5. Only one respondent of six in a Reuters poll had predicted a jump of $2. read more

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“The price jump is unexpected, especially the Arab Light. We are puzzled by the decision,” said an Asian oil trader.

Reuters Graphics

The hike by state oil producer Saudi Aramco (2222.SE) came despite an agreement by OPEC+ states to boost output by 648,000 barrels per day (bpd) in July and a similar amount in August in an effort to offset Russian supply losses. That compares with an initial plan to add 432,000 bpd a month over three months until September. read more

But the increases have been divided across member countries including Russia and states such as Angola and Nigeria which struggle to meet their targets, leading to fears that the actual boost to supply may fall short of official plans.

Countries in the northern hemisphere, such as the United States, typically kick off their driving seasons in July sending demand for gasoline surging. China, the world’s No.1 oil importer, is also re-opening some cities such as Shanghai after lengthy COVID-19 lockdowns.

“Demand is also very strong in this cycle and Saudi can afford to hike OSPs,” said another Asian oil trader.

Some demand for Saudi oil could be countered by persistent flows of Russian oil to China and India, which have refused to condemn Moscow for the invasion of Ukraine and have been ramping up purchases of Russian cargos at bargain prices.

Moscow says it is carrying out a “special military operation” to disarm Ukraine and protect it from fascists. Ukraine and Western countries dismiss Russia’s claims as a pretext to invade.

Saudi Aramco on Sunday night also raised its OSP for European and Mediterranean buyers, but kept U.S. differentials unchanged.

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Reporting by Moataz Mohammed and Yasmin Hussein, Muyu Xu in Singapore; Editing by Catherine Evans and Edwina Gibbs

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Oil prices dip as Europe turns away from Russian oil, dollar soars, article with image

Workers walk as oil pumps are seen in the background in the Uzen oil and gas field in the Mangistau Region of Kazakhstan November 13, 2021. REUTERS/Pavel Mikheyev

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Summary
Companies

U.S. crude stockpiles rise, fuel draws down last week – EIA
Russia cuts gas supplies to Bulgaria and Poland
Heating oil futures close at record high

NEW YORK, April 27 (Reuters) – Oil prices rose modestly on Wednesday due to ongoing concerns about tight worldwide supply, underscored by another drawdown in U.S. distillate and gasoline inventories.

The market rebounded late in the session after losing ground for most of the day, in part due to strength in the dollar and as China grapples with fresh coronavirus outbreaks that are sapping demand. However, Russia’s move to cut off gas shipments to two European nations added to overall worries about tight energy supply.

Brent crude futures settled up 33 cents to $105.32 a barrel, while U.S. West Texas Intermediate crude settled up 32 cents to $102.02 a barrel.

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The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, while distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.

The drop in distillate stocks helped boost U.S. heating oil futures to an all-time closing record at more than $4.67 a gallon. Refiners process crude into diesel, jet fuel and other products, and U.S. refiners have been running at high rates to meet demand, particularly in Europe, a big user of diesel fuel.

Energy markets worldwide are dealing with massive disruptions to supply following Russia’s invasion of Ukraine and subsequent sanctions slapped on Moscow by the United States and its allies.

U.K. major Shell said it would no longer accept refined oil blended with Russian products, according to trading documents, while Exxon Mobil said it had declared force majeure on its Sakhalin-1 operations in the far eastern part of Russia. read more

This week, Moscow escalated its use of energy as a cudgel against countries opposed to the invasion. Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland. read more

“Russia wants the payments in roubles for gas, and the fear is that before long they may want to do the same with oil,” said Claudio Galimberti, senior vice president of analysis at Rystad.

European Commission Chief Ursula von der Leyen said Russia was using fossil fuels to blackmail the EU but added the era of Russian fossil fuels in Europe was coming to an end.

The market earlier in the day had been pressured by a rally in the dollar, which hit a five-year high. Since most oil trade is conducted in dollars, a rising greenback makes oil purchases more expensive for holders of other currencies.

China’s central bank said it would step up monetary policy support as Beijing races to stamp out a nascent COVID-19 outbreak in the capital and avert the same type of debilitating city-wide lockdown Shanghai has been under for a month. read more

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Additional reporting by Florence Tan in Singapore; editing by David Evans, Marguerita Choy and David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

Live Updates: Russian Pledge to Ease Attack Is Greeted Skeptically by West

ISTANBUL — The first signs of significant progress in peace talks between Russia and Ukraine emerged on Tuesday, but there was no hint of an imminent end to the suffering, with Russia appearing determined to capture more territory in eastern Ukraine and officials predicting that weeks of further negotiation were needed.

After three hours of talks in Istanbul, Ukrainian officials said their country was ready to declare itself permanently neutral — forsaking the prospect of joining NATO, a key Russian demand — and discuss Russian territorial claims in exchange for “security guarantees” from a group of other nations. An aide to Ukraine’s president called the Russian delegation “constructive,” while Russia said it would “drastically” scale back its military activity around Kyiv to “increase mutual trust.”

Russia’s statement that it will de-escalate the fighting around Kyiv — even as it keeps pounding other parts of Ukraine — may be little more than putting a positive gloss on its military being stymied in its attempts to seize or encircle the capital. In recent days, Ukrainian counteroffensives around the city have forced back Russian forces in some of the fiercest street battles of the war, though they remain within striking distance of Kyiv.

Now, Russian officials said, the goal will be to take more territory in Ukraine’s eastern Donbas region, where Russia has installed two separatist statelets that President Vladimir V. Putin recognized last month as independent, but that no other nation has formally acknowledged.

Western officials and security analysts cautioned against taking at face value Russia’s statements about its aims in Kyiv or elsewhere.

Credit…Ivor Prickett for The New York Times

President Biden said he would not draw any conclusions about Russia’s intentions “until I see what their actions are.” Speaking after a White House meeting with the prime minister of Singapore, Mr. Biden added, “We’ll see if they follow through with what they are suggesting.”

“In the meantime,” Mr. Biden said, “we’re going to continue to keep strong the sanctions and will continue to provide the Ukrainian military with the capacity to defend themselves.”

Secretary of State Antony J. Blinken, on a diplomatic trip to Morocco, told reporters, “There is what Russia says and there’s what Russia does,” adding, “and what Russia is doing is the continued brutalization of Ukraine and its people.”

President Volodymyr Zelensky of Ukraine has worked hard to present Mr. Putin with a negotiated way to end the war, accompanied by Ukrainian concessions that would not go so far as to make his country a Russian satellite.

The offer to declare a permanent neutral status, Ukrainian officials in Istanbul said, means it would neither join the NATO alliance nor host foreign troops — a scenario that Mr. Putin used as one of the justifications for his invasion.

Ukrainian officials envision an arrangement in which a diverse group of countries — potentially including the United States, Germany, Turkey and China — would commit, if Ukraine were attacked, to providing it with military assistance and to imposing a no-fly zone if necessary. It was not clear that any of those countries had signed on to such guarantees.

Credit…Nacho Doce/Reuters

“This is probably the best outcome that could’ve been hoped for today,” said Samuel Charap, who studies Russian foreign policy at the RAND Corporation. “The Ukrainians have at least come up with something concrete to address the core Russian demand for Ukraine’s neutrality.”

Ukraine also signaled readiness to consider concessions related to the parts of its territory already occupied by Russia. It proposed a 15-year negotiating process for Crimea, the Ukrainian peninsula seized by Russia in 2014, and said it was ready to rule out trying to retake it by force. Questions surrounding the eastern Donbas region, Ukrainian officials said, could be discussed at a possible meeting between Mr. Putin and Mr. Zelensky.

Russia, for its part, said it was prepared to accelerate planning for such a summit meeting — something that Mr. Zelensky had long sought and that Moscow had resisted, casting Ukraine’s government as a mere puppet of Washington. But now, the Kremlin appears to be increasingly prepared to deal with Mr. Zelensky — in part because Ukraine’s resistance on the battlefield is leaving it no other choice.

Vladimir Medinsky, the head of Russia’s delegation, said that he viewed Ukraine’s proposals as “a constructive step in the search for a compromise.”

“If the treaty is worked out quickly and the required compromise is found, the possibility of making peace will be much closer,” Mr. Medinsky said.

Ukraine and Russia would need at least two more weeks for talks with Russia and potential guarantor countries, Oleksandr Chalyi, a member of the Ukrainian delegation, told reporters after Tuesday’s session. Turkey said it was prepared to host a meeting of the Russian and Ukrainian foreign ministers to flesh out Tuesday’s talks, followed by a possible meeting between the two presidents.

“You have shouldered a historic responsibility,” President Recep Tayyip Erdogan of Turkey, who hosted Tuesday’s talks at a 19th-century Ottoman palace on the banks of the Bosporus, told the Russian and Ukrainian delegates. “All the world is expecting good news from you.”

Credit…Murat Cetin Muhurdar/Turkish Presidential Press Service, via AFP — Getty Images

Turkey has emerged as a pivotal intermediary in the talks, one of the few countries to maintain close ties to both Russia and Ukraine after the invasion. Though it is a NATO member, Turkey has refused to put in place sanctions against Russia, even as it offers military support to Ukraine. To underscore the latter, a member of the Ukrainian delegation, Mykhailo Podolyak, posted on Twitter on Tuesday a selfie with Haluk Bayraktar, a close associate of Mr. Erdogan and the head of a Turkish company that makes armed drones used by Ukraine.

But despite the positive signals, myriad diplomatic pitfalls remained. For example, Ukraine said that the international security guarantees would not apply to the disputed Donbas, but it is not clear how that area would be defined; the separatists claim far more territory than they controlled before the war.

“The Russian delegation is constructive,” Mr. Podolyak, who is an aide to Mr. Zelensky, said. “This doesn’t mean that the negotiations are easy. They are difficult.”

There was also no reprieve on the ground in Ukraine. On Tuesday morning, a Russian cruise missile strike destroyed part of the main regional government office building in the southern city of Mikolaiv, killing at least nine people and injuring at least 28, Ukrainian officials said.

It was one of many attacks since the Feb. 24 invasion that appeared aimed at disabling government operations; the regional administrator, Vitaly Kim, said his own office was destroyed, but he was not in the building at the time. The Russian advance along the Black Sea coast west of Crimea stalled outside Mikolaiv, in an area that has seen intense combat.

Another Russian missile struck an oil depot on Monday night in the Rivne region in northwestern Ukraine, the second to be destroyed there, according to the regional administrator.

“The scale of the challenges has not diminished,” Mr. Zelensky said in a statement. “The Russian army still has significant potential to continue attacks against our state. They still have a lot of equipment and enough people completely deprived of rights whom they can send to the cauldron of war. Therefore, we stay alert and do not reduce our defense efforts.”

The U.S. and British governments confirmed Ukrainian gains in towns around Kyiv — notably Irpin, scene of some of the fiercest street fighting — but advised skepticism about claims that Russia’s stance had changed.

Credit…Daniel Berehulak for The New York Times

“Has there been some movement by some Russian units away from Kyiv in the last day or so? Yeah, we think so, small numbers,” said John F. Kirby, the Pentagon spokesman. But, he added, “We believe that this is a repositioning, not a real withdrawal, and that we should be prepared to watch for a major offensive against other areas in Ukraine.”

The British Defense Ministry warned that “Russia still poses a significant threat to the city through their strike capability.”

Russia has signaled that it was narrowing its war aims to focus on taking more territory in the Donbas. Sergei K. Shoigu, the Russian defense minister, on Tuesday offered a possible justification for winding down the war effort elsewhere in the country by declaring, in televised remarks in Moscow, that Russia’s initial mission was accomplished.

“In general, the main goals of the first stage of the special operation have been completed,” Mr. Shoigu said. “The combat potential of the Ukrainian Armed Forces has been significantly reduced, which makes it possible to focus the main attention and main efforts on achieving the main goal — the liberation of Donbas.”

Russian forces have taken control of a land bridge along Ukraine’s southeastern coast linking Crimea to the Donbas. The lone holdout in that strip is the center of the devastated port city of Mariupol, where, the Institute for the Study of War reported on Tuesday, the Russians are still gaining ground, slowly tightening the noose around the fighters and civilians who remain.

Thousand of civilians have been killed in Mariupol, according to local officials — a claim that cannot be independently verified — and much of the city has been flattened. It remains under “continuous heavy shelling” by Russian forces, the British Defense Ministry said on Tuesday.

Credit…Mauricio Lima for The New York Times

In the nearby port of Berdyansk, captured by the Russians, an evacuation convoy took 34 buses full of civilians out of the city, headed into territory held by Ukraine. In anther occupied city in the region, Melitopol, the mayor said the schools chief had been detained after she and local teachers refused orders by the occupying forces to change what was taught and to teach in Russian, not Ukrainian.

The war has cost Ukraine $564.9 billion in damage and lost economic activity — roughly three times its prewar gross domestic product — Yulia Svyrydenko, the economy minister, said in a Facebook post on Monday.

There are as yet no reliable estimates of civilian casualties, and some four million people have fled the country, along with about six million who are internally displaced, according to the United Nations.

Reporting was contributed by Ivan Nechepurenko and Safak Timur from Istanbul; Megan Specia from Krakow, Poland; Michael D. Shear from Washington; and Lara Jakes from Rabat, Morocco.

EXCLUSIVE HSBC steps up scrutiny of Russian clients worldwide as sanctions ratchet up, article with image

The HSBC bank logo is seen in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause

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Summary
Companies

HSBC applying harsher scrutiny to Russia-related business
Managers told to refuse new loans, accounts -sources
Crackdown comes as U.S., European sanctions bite

HONG KONG/LONDON, March 25 (Reuters) – HSBC (HSBA.L) is shunning prospective Russian clients and declining credit to some existing ones, two sources with knowledge of the matter told Reuters, as the bank seeks to shield itself from Western sanctions against Moscow.

The measures affect HSBC’s individual and business customers globally and go further than the bank’s previously stated intentions to wind down its relations with lenders such as VTB (VTBR.MM), which were placed under Western restrictions after Russia invaded Ukraine on Feb. 24. read more

The moves by Europe’s second biggest bank show how sanctions aimed at Russia’s financial system and its political and business elite are also ensnaring Russian nationals outside the country as lenders seek to avoid falling foul of the restrictions and potentially hefty fines.

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HSBC had said on March 14 it is “not accepting any new business in Russia,” without spelling out what that means for existing or prospective Russian customers in other markets.

The sources said the bank’s risk and compliance staff have told business managers to apply extra scrutiny to all prospective clients bearing Russian passports or furnishing Russian addresses, with the result that many more are turned away than would have been in the past.

The checks also extend to dual passport-holders as well as those with links to Belarus, seen as an ally of Moscow, as the bank’s staff scramble to ensure they do not inadvertently offer services to sanctioned individuals or businesses.

HSBC declined to comment.

Customers with business ties to Russia and receiving income in roubles, such as those deriving income from Russian employment, pensions, or investments, are also being impacted as those rouble cashflows are discounted to zero for credit purposes, one of the sources, who works at HSBC, told Reuters.

Business customers with Russian links, even those with no ties to sanctioned entities or individuals, face increased scrutiny on large deposits or withdrawals and are seeing new loan applications declined, the two sources said.

The invasion has triggered an exodus of foreign companies from Russia as Western authorities deploy sanctions at an unprecedented scale and pace to squeeze Moscow and prevent the global financial system from being a conduit for Russian money.

Reuters reported earlier this month that European Union regulators had told some banks to tighten control of all Russian and Belarusian clients, including EU residents, to ensure they are not used to circumvent sanctions. read more

Russia characterises its actions in Ukraine as a “special operation” to demilitarise and “denazify” the country.

BUSINESS FREEZE

Leading European banks such as Italy’s UniCredit (CRDI.MI) and France’s Societe Generale (SOGN.PA) said they could face a multi-billion dollar write-off of their businesses in Russia, but banks also face a wider chill on business as they grapple with sanctions. read more

HSBC does not operate a retail bank inside Russia but as of Feb. 22 it had around 200 staff there serving multinational corporations, its Chief Financial Officer Ewen Stevenson told Reuters at the time. The bank said on March 14 its business there “will continue to reduce.”

The latest HSBC measures go beyond the usual background checks, and show how banks’ policies are still evolving since the invasion as they try to implement multiple waves of sanctions without discriminating against legitimate customers.

They also show the tension between banks’ sanctions and compliance teams, who urge the strictest possible interpretation of new rules to satisfy regulators, and frontline staff tasked with growing the business and serving clients.

HSBC is under particular pressure to show regulators that it can identify illegal transactions. It had to tighten up its money laundering controls globally after a string of past scandals and, in 2012, agreed to pay $1.9 billion to U.S. authorities for allowing itself to be used to launder drug money flowing out of Mexico.

HSBC is reviewing all existing private and retail banking customers with Russian connections globally to see if they have ties to sanctioned entities or individuals, the sources said.

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Additional reporting by Vidya Ranganathan in Singapore. Editing by Jane Merriman and Carmel Crimmins

Our Standards: The Thomson Reuters Trust Principles.

PropertyGuru Successfully Completes Business Combination With Bridgetown 2 Holdings

SINGAPORE & HONG KONG–(BUSINESS WIRE)–PropertyGuru Pte. Ltd. (“PropertyGuru” or “the Company”), Southeast Asia’s leading¹ property technology (“PropTech”) company, today completed its previously announced business combination with Bridgetown 2 Holdings Limited (“Bridgetown 2”) (NASDAQ: BTNB), a special purpose acquisition company formed by Pacific Century Group (“Pacific Century”) and Thiel Capital LLC (“Thiel Capital”). The business combination was approved by Bridgetown 2 stockholders in an Extraordinary General Meeting of Company Shareholders held on March 15, 2022.

PropertyGuru Group Limited’s (“PubCo”) ordinary shares are expected to begin trading on the New York Stock Exchange (“NYSE”) on March 18, 2022 under the ticker symbol “PGRU”.

“We are thrilled to have successfully completed our business combination with Bridgetown 2, which provides additional capital to pursue organic and strategic growth, and will accelerate our ability to access capital markets in pursuit of delivering world-class solutions for our customers,” said Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group. “Over the past 15 years PropertyGuru has helped shape the PropTech industry in Southeast Asia and introduced many first solutions for property seekers, agents, and developers that enabled digitalization of the property industry. As evidenced by the 23% increase in our 2021 revenue – we are entering our next post-Covid phase of growth with significant momentum.

“As we look ahead, we will continue to invest in technology and expand our services and offerings to build on our leading positions in Singapore, Vietnam, Malaysia and Thailand.¹ Southeast Asia’s real estate market is beginning to recover from the pandemic and as the region’s increasingly affluent and digitally enabled population moves to urban centers, PropertyGuru is well-positioned to benefit from these long-term trends.”

Southeast Asia is estimated to be the world’s fourth largest economy by 2030², driven by favourable long-term macroeconomic dynamics, creating significant opportunities for PropertyGuru – which has an addressable market of US$8.1 billion according to Frost & Sullivan. Through its continued investments, the Company is positioned to stay ahead of the evolving market demand and extend its leadership position as the region’s property markets recover from the pandemic.

“PropertyGuru is digitally transforming a traditional real estate market in Southeast Asia to create a trusted and transparent online property marketplace,” said Matt Danzeisen, Chairman, Bridgetown 2. “We believe PropertyGuru is just scratching the surface in the world’s most dynamic and fastest growing region, and we are excited to partner with Hari and his talented team to create lasting value for our shareholders, employees, customers and partners.”

Transaction Details

The completion of the business combination values PropertyGuru at an enterprise value of ~US$1.36 billion and an equity value of ~US$1.61 billion.

PropertyGuru received ~US$254 million in gross proceeds through the contribution of US$122 million of cash held in Bridgetown 2’s trust account, a concurrent US$100 million private placement (“PIPE”) of common stock anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers, priced at US$10.00 per share. REA Group also invested an additional US$32 million. In addition, KKR, TPG Group and REA Group rolled 100% of their equity into PropertyGuru, demonstrating their continued commitment to the Company’s growth strategy.

Advisors

Merrill Lynch (Singapore) Pte. Ltd. served as exclusive financial advisor to PropertyGuru. Latham & Watkins LLP and Allen & Gledhill LLP served as legal advisors to PropertyGuru.

Merrill Lynch (Singapore) Pte. Ltd., Citigroup Global Markets Inc., KKR Capital Markets Asia Limited and TPG Capital BD, LLC served as placement agents to Bridgetown 2. Skadden, Arps, Slate, Meagher & Flom LLP and Rajah & Tann Singapore LLP served as legal advisors to Bridgetown 2.

Ringing the Bell at the NYSE

On March 18, PropertyGuru’s Chief Executive Officer and Managing Director Hari V. Krishnan will ring the NYSE opening bell at 9:30 a.m. Eastern Time (9:30 p.m. Singapore Time). He will be joined on stage by PropertyGuru’s Leadership team, Founders, Board and Bridgetown 2’s Chairman and CEO. The bell-ringing ceremony will be livestreamed to its gala listing event in Singapore and available on NYSE’s website here: https://www.nyse.com/bell.

PropertyGuru will commemorate its listing by opening the doors to the Company’s five Southeast Asian markets through live-stream door installations between New York and its home markets, that will be set up at the NYSE’s Experience Square. The event will take place at 10:15a.m. Eastern Time.

About PropertyGuru Group

PropertyGuru Group is Southeast Asia’s leading property technology company¹, and the preferred destination for over 50 million property seekers to find their dream home, every month. PropertyGuru and its group companies empower property seekers with more than 3.3 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.

PropertyGuru.com.sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the Group has grown into a high-growth technology company with a robust portfolio of leading property portals across its core markets company; award-winning mobile apps; a high quality developer sales enablement platform, PropertyGuru FastKey (https://www.propertygurugroup.com/fastkey/); mortgage marketplace PropertyGuru Finance (https://www.propertyguru.com.sg/mortgage/home-loan); and a host of other property offerings including Awards (https://www.asiapropertyawards.com/en/), events and publications across Asia.

For more information, please visit: https://www.propertygurugroup.com/; https://www.linkedin.com/company/propertyguru/

Key Performance Metrics

Engagement Market Share is the average monthly engagement for websites owned by PropertyGuru as compared to average monthly engagement for a basket of peers calculated over the relevant period. Engagement is calculated as the number of visits to a website during a period multiplied by the average amount of time spent on that website for the same period, in each case based on data from SimilarWeb.

Number of real estate listings is calculated as the number of listings created during the month for Vietnam and total listings at the end of the previous month for other markets.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to PropertyGuru’s current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements, including statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations, market size and growth opportunities, competitive position and technological and market trends, reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: changes in domestic and foreign business, market, financial, political and legal conditions; the ability of PropertyGuru to grow and manage growth profitably and retain its key employees including its chief executive officer and executive team; failure to realize the anticipated benefits of PropertyGuru’s completed business combination; risk relating to the uncertainty of the projected financial information with respect to PropertyGuru; PropertyGuru’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industry in which PropertyGuru and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; the Group’s ability to implement its growth strategies and manage its growth; customers of the Group continuing to make valuable contributions to its platform, the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to produce accurate forecasts of its operating and financial results; the Group’s ability to attract traffic to its websites; the Group’s ability to assess property values accurately; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) of the countries in which the Group operates, general economic conditions in the countries in which the Group operates, the Group’s ability to attract and retain management and skilled employees, the impact of the COVID-19 pandemic on the business of the Group, the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers, disruptions to information technology systems and networks, the Group’s ability to grow and protect its brand and the Group’s reputation, the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required subsequent to, or in connection with, the completed business combination and technological advancements in the Group’s industry, as well as and other risk factors set forth in the section titled “Risk Factors” in our Prospectus filed with the Securities and Exchange Commission on February 15, 2022, and other documents filed with or furnished to the SEC.

The forward-looking statements contained in this document are subject to a number of factors, risks and uncertainties, some of which are not currently known to PropertyGuru or Bridgetown 2. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of PubCo’s registration statement on Form F-4, the proxy statement/ prospectus therein, Bridgetown 2’s Quarterly Report on Form 10-Q and other documents filed by PubCo or Bridgetown 2 from time to time with the U.S. Securities and Exchange Commission.

These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that neither Bridgetown 2 nor PropertyGuru presently know, or that Bridgetown 2 or PropertyGuru currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect Bridgetown 2’s and PropertyGuru’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or Bridgetown 2’s or PropertyGuru’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

Forward-looking statements speak only as of the date they are made. Bridgetown 2 and PropertyGuru anticipate that subsequent events and developments may cause their assessments to change. However, while PubCo, Bridgetown 2 and PropertyGuru may elect to update these forward-looking statements at some point in the future, PubCo, Bridgetown 2 and PropertyGuru specifically disclaim any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by PropertyGuru nor Bridgetown 2 or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing Bridgetown 2’s or PropertyGuru’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of PropertyGuru and Bridgetown 2 contained herein are not, and do not purport to be, appraisals of the securities, assets or business of PropertyGuru, Bridgetown 2 or any other entity.

Industry and Market Data

This document contains information, estimates and other statistical data derived from third party sources and/or industry or general publications. Such information involves a number of assumptions and limitations, and you are cautioned not to place undue weight on such estimates. PropertyGuru, PubCo and Bridgetown 2 have not independently verified such third-party information, and make no representation as to the accuracy of such third-party information.

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¹ In terms of Engagement Market Share based on SimilarWeb data.

² According to the Singapore Business Review, ASEAN to become world’s fourth largest economy for 2030: Singapore PM Lee, August 2018

Jet fuel price surge deals heavy blow to fragile air travel recovery, article with image

A business jet is refueled using Jet A fuel at the Henderson Executive Airport during the National Business Aviation Association (NBAA) exhibition in Las Vegas, Nevada, U.S. October 21, 2019. REUTERS/David Becker

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SINGAPORE, March 8 (Reuters) – Global jet fuel prices have surged to near 14-year highs in line with crude oil’s surge on supply shortfall worries, slamming air carriers and travellers with steep cost increases just as air travel was starting to recover from COVID-19 restrictions.

Oil prices have soared to their highest since 2008 as supplies lag recovering global demand and as the U.S. weighs banning Russian oil imports following Moscow’s invasion of Ukraine. read more

Global crude oil benchmark Brent has jumped 26% to more than $120 a barrel since Russian forces invaded Ukraine on Feb. 24, triggering a global scramble by importers to secure alternatives to Russian crudes that are at risk of sanctions.

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Jet fuel prices lurch to 14-year highs, outperform crude on tight supply worries

The race for crude has jacked up prices for refined products that will be affected if crude supplies tighten, with Singapore jet fuel prices outperforming Brent since Feb. 24 to gain nearly 35% and hit $150 a barrel for the first time since July 2008.

Jet fuel prices in Europe and the United States have posted similar gains, leaving global carriers who have already been hammered by COVID-19 over the last two years having to pass on higher costs via fuel surcharges and increased fares. read more

Soaring global jet fuel prices threaten to snuff out air travel recovery

In turn, fare hikes risk undermining an air travel recovery that has gained momentum as international border curbs ease.

“Travelling (by air) is not going to be cheap from now onwards. With the inflation across countries, most people have shallower pockets, less disposable income,” a Singapore-based jet fuel trader said.

She said more travellers would limit their plans to “necessary” travel and said restrictions related to the pandemic – with many places still requiring negative COVID tests – added to uncertainties for those travelling.

Global airline capacity dipped 0.1% this week to 82 million seats, and remains 23% below the corresponding week in pre-pandemic 2019, according to aviation data firm OAG.

Global airline seat bookings remain well below 2019 levels in most regions

Total scheduled airline capacity in North East Asia in the week to Monday dropped 4.5% from the previous week, more than any other region, while international capacity to and from the region remains 88% below the corresponding week in 2019.

Global airline seat bookings change vs 2019 by region

Domestic flight schedules in the United States had been on track to surpass 2019’s levels this spring, but the higher fuel and ticket costs now risk slowing that momentum.

“Airlines will be pushed again on credit limits and again see suppliers less willing to give unsecured terms. We may see some further casualties post-COVID now, just when recovery looked more positive,” a senior London-based trade source said.

U.S. domestic airline bookings on course to recover above 2019 levels; international bookings still weak

Buoyed by expectations for tighter near term supplies, Asian refining margins for jet fuel on Monday jumped to $26.17 a barrel over Dubai crude, their strongest level on record according to Refinitiv Eikon data that goes back to 2009.

Asia jet fuel refining margins hit all-time highs after surge in jet fuel prices to 14-year top

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Reporting by Koustav Samanta; Editing by Gavin Maguire and Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

India’s Reliance to take on 200 Future stores amid Amazon dispute – sources, article with image

A woman shops inside the Big Bazaar retail store in Mumbai, India, November 25, 2020. REUTERS/Niharika Kulkarni/File Photo

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NEW DELHI, Feb 26 (Reuters) – India’s top retailer, Reliance, will take on at least 200 Future Retail (FRTL.NS) stores after the company failed to make lease payments for them to Reliance, two people with direct knowledge of the matter told Reuters on Saturday.

Since 2020, Reliance has failed to close a $3.4 billion deal to acquire the retail assets of Future, whose partner Amazon.com Inc has successfully blocked the transaction by citing violation of some contracts. Future denies any wrongdoing.

The takeover of stores by Reliance signals Future’s worsening financial situation. Future in January challenged its lenders in India’s Supreme Court to avoid facing insolvency proceedings over missing bank payments, citing its dispute with Amazon. read more

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Future – which has more than 1,700 outlets, including popular Big Bazaar stores – has been unable to make lease payments for some of its outlets. As a result, Reliance transferred the leases of some stores to its name and sublet them to Future to operate the stores, the sources said.

As Future failed to make the payments, Reliance has decided to run and rebrand about 200 outlets that would otherwise be closed, they said.

In a statement to Indian stock exchanges, Future said “termination notices have been received for significant number of stores” to which it will “no longer have access.”

The company is “scaling down its operations which will help us in reducing losses in the coming months,” it said, without mentioning Reliance’s plan to take over many such outlets.

Reliance and Amazon did not respond to requests for comment.

“Over 200 stores will transition to Reliance stores,” said one source, who asked not to be named as the details of the plan were not public.

In a letter seen by Reuters, Reliance offered Future employees at these stores new jobs on the same terms. “We welcome you to join our organization,” it reads.

Amazon has argued that Future violated the terms of a 2019 deal the companies signed when the U.S. giant invested $200 million in a Future unit. Amazon’s position has been backed by a Singapore arbitrator and Indian courts.

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Reporting by Aditya Kalra in New Delhi
Editing by William Mallard and Mark Potter

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Prepare Yourself for This Weekend’s ‘Crypto Bowl’

The crypto industry, which struggles with a reputation for being volatile, bad for the environment and overrun by wealthy tech guys, has tried to demystify itself for the general public in part by pouring money into marketing. Several ad experts said they had déjà vu, noting similarities to the gush of money dedicated to marketing the dot-com boom more than 20 years ago.

The number of crypto companies advertising more than tripled last year, and their spending more than quintupled, according to a sample of 200 companies reviewed by the research firm MediaRadar. The National Football League star Tom Brady signed on as a brand ambassador for FTX. Crypto.com paid $700 million to rename the Staples Center arena in Los Angeles. Celebrities including Spike Lee, Matt Damon and Neil Patrick Harris appeared in crypto commercials.

Meta, the parent company of Facebook, loosened a ban on crypto ads that had been in place at the social network since 2018, explaining in December that “the cryptocurrency landscape has continued to mature and stabilize in recent years.” Google also relaxed its crypto advertising guidelines over the summer.

Not everyone is sold. The Monetary Authority of Singapore, a financial regulator, said this year that crypto companies should stop advertising to retail investors because trading digital currencies is “highly risky and not suitable for the general public.” The Athletic, the sports news site recently bought by The New York Times, reported last year that the N.F.L. does not allow teams to sell sponsorships to cryptocurrency trading firms.

“The Super Bowl is low-effort — it’s fun, you’re in a relaxed mode, and then a crypto commercial comes on and it seems friendly and accessible and people might be more likely to give it a shot,” said Demetra Andrews, a clinical associate professor of marketing at Indiana University. “But it does present real risk, certainly more than trying out a new flavor of beverage or Uber Eats.”

Other technology ads will feature heavily in the Super Bowl, including sports betting ads (Caesars Sportsbook and DraftKings) and ads about the metaverse (Meta and Salesforce). Google has an ad centered on its Pixel 6 camera and diversity in photography. A commercial from the financial app and Super Bowl first-timer Greenlight shows the “Modern Family” actor Ty Burrell impulse-buying a Fabergé egg, a jetpack and a Pegasus.

London is top global finance centre but lags in key areas, says study

St Paul’s Cathedral and areas of the financial district of the City of London are seen at dusk October 9, 2008. REUTERS/Toby Melville

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LONDON, Jan 27 (Reuters) – London remains the top global financial centre, according to a study from its own financial district, but is outgunned by New York and Singapore in access to talent, while Paris is adding competition from the European Union.

The study from the City of London Corporation selected seven centres that feature in other research on financial hubs, such as Z/Yen, which consistently puts New York in the top spot and London second.

The study, which added Paris this year, looked at five areas like digital skills, regulation and talent. While London remains top overall from last year, New York is only slightly behind and closing the gap, followed by Singapore, Frankfurt, Paris, Hong Kong and Tokyo.

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City of London Graphic

New York remains by far the biggest financial centre, while London lags Singapore in resilient business infrastructure, access to talent and skills, and a friendly regulatory and legal environment.

“UK policymakers need to guarantee that its businesses continue to enjoy unrivalled access to the best of global talent,” the study said.

“Withdrawal from the EU, the end of freedom of movement and the introduction of a new immigration system have damaged perceptions of the UK as an attractive business environment for international talent in recent years.”

Total tax for UK-based financial services firms, in particular banks, is also relatively high, it said. The finance ministry is reviewing some of the taxes.

Britain’s finance ministry has proposed that the Bank of England has a formal remit to “facilitate” London’s competitiveness.

A year since Britain left the EU’s orbit, leaving the financial sector largely cut off from the bloc, there are no signs of a “Brexit dividend” in looser regulation, though listing rules have been eased to help London catch up with New York in IPOs.

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Reporting by Huw Jones;
Editing by Bernadette Baum

Our Standards: The Thomson Reuters Trust Principles.