Daily Briefing: LTA buys 66 new trains for $1.2b; SGX and NSE patch wounds for GIFT City talks

And co-living rental startup Hmlet buys its Hong Kong competitor.

From Reuters:

The Singapore Exchange (SGX) and India's National Stock Exchange (NSE) had resumed talks on a potential collaboration at the Gujarat International Finance Tec-City, or GIFT City. This followed a bitter battle which originated from NSE pulling out its licencing for its indexes to foreign bourses.

"On Wednesday, SGX and NSE said in a joint statement the arbitrator had granted a deferment of arbitration proceedings pending the outcome of the discussion on collaboration at the Gujarat International Finance Tec-City, or GIFT City.

'SGX and NSE will jointly engage and consult relevant stakeholders on the proposed collaboration,' they said in the statement, adding the directions under the arbitration order would remain effective. NSE and SGX had been evaluating a joint trading and clearing model in GIFT City, but talks failed to materialise."

Read more here.

From Yahoo! News Singapore:

The Land Transport Authority (LTA) bought 66 trains for $1.2b from Canadian transportation giant Bombardier to ‘significantly’ reduce train fault risks.

"They will be manufactured and assembled in Bombardier’s facility in Changchun, China before arriving in Singapore in batches from 2021, LTA said a press release.

The Bombardier trains will replace the 66 first-generation trains that have been serving commuters since the North-South and East-West Lines (NSEWL)began operations in 1987.
LTA added that the six-car trains will come with an enhanced design and predictive maintenance features aimed at improving reliability on the NSEWL."

Read more here.

From e27:

Singapore-based co-living rental startup Hmlet bought its Hong Kong competitor we r urban for an undisclosed amount. The deal would transfer we r urban's 30 co-living spaces across 15,000 sqft of land area to Hmlet.

“Hong Kong is a natural next move for Hmlet, and this investment allows us to impact millennials across Hong Kong, allowing them to grow, scale and succeed,” said Yoan Kamalski, CEO and Co-founder at Hmlet. “We are excited to have found an equal who shares our thinking on the importance of space, community, culture and technology.”

The deal marks Hmlet’s expansion into the Hong Kong market and is its first acquisition of a direct competitor."

Read more here.