Daily Briefing: Electricity tariffs down 4.7% for Q2; VC firm DSG Consumer Partners raises $30m

And Wirecard rejects the link between its compliance manager’s exit and fraud allegations.

From Channel News Asia:

Electricity tariffs are set to decrease by an average of 4.7% for the next three months, SP Group said on Sunday (Mar 31).

The decrease of 4.7% or 1.10 cents per kWh compared to the previous quarter, is mainly due to the lower cost of natural gas for electricity generation.

For households, the electricity tariff will fall from 23.85 to 22.79 cents per kWh from Apr 1 to Jun 30. This means that the average monthly electricity bill for families living in four-room Housing Board flats will decrease by $3.62.

SP Group reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority, the electricity industry regulator.

Read more here.

From DealStreet Asia:

Singapore-headquartered venture capital firm DSG Consumer Partners (DSGCP), which is focused on India and Southeast Asia, on Monday announced the first close of its third fund with $30m in committed capital.

Investors in the first close were primarily existing limited partners, including family offices and other institutional funds from Europe, Singapore and the USA, the firm said in a statement.

DealStreetAsia had reported the launch of its third vehicle, DSG Consumer Partners III, about 10 days ago. The third fund, which is targeting to raise $50m, will continue DSG’s strategy of seed and Series A investments in startups looking to build consumer brands focused on India and Southeast Asia, the company said.

Over the last six years, DSG has invested in a couple of consumer brands including OYO Rooms, Veeba, Epigamia Greek, Raw Pressery, Redmart, Chope, Mswipe, Eazdyiner, YouVit, SaladStop!, GOQii and Piccolo baby food.

Read more here.

From Reuters:

The departure of Wirecard’s compliance manager Royston Ng has no connection to the German payments firm’s investigations into financial irregularities in Singapore, a company spokeswoman said on Sunday.

Shares in Wirecard have seen volatile trading since the Financial Times ran a series of investigative reports alleging fraud and false accounting at the firm’s Asia-Pacific office.

Local staff at the Singapore office of Wirecard may have committed crimes but these were not material to the German payment company’s financial position, an investigation by outside law firm Rajah & Tann found, Wirecard said last week.

In a message conveyed by Wirecard, Ng said that he was leaving the company to pursue other career opportunities.

Wirecard has sued the Financial Times over its reports.

Read more here.