Private equity investment in Southeast Asia declined to US$12 billion last year after reaching a record high of $14 billion in 2017, with COVID-19 posing a risk to investment this year, a global consulting firm says.According to “Southeast Asia Private Equity Report” published by Bain & Company, last year’s private equity investment in Southeast Asia was driven by the internet and technology sector, which represented over 60 percent of all deals, especially in Indonesia.However, the COVID-19 pandemic and the global recession in 2020 will challenge private equity investment this year as investors look for ways to protect their investments and reemerge stronger after the crisis, the report said. “In preparation for this period, general partners are looking at the global financial crisis as an indicator of what to expect moving forward,” said Bain & Company partner Usman Akhtar.“During the global financial crisis, the number of funds raised in Asia Pacific countries flat-lined and were significantly smaller,” Akhtar said. “While investors are likely to remain committed to private equity during this crisis, fundraising will slow.”The report said that before COVID-19, investors regarded Southeast Asia as a challenging environment for private equity with high multiples and a lack of deal opportunities in Thailand and the Philippines.“With the current pandemic, we expect a sustained impact on the PE industry throughout the year with more companies looking for financing given the cash flow situation.”Investment recovery will depend on how long it takes to “reopen the economy” as well as what social-distancing measures are still in force, Bain said.Bain expects deal making to slow in the near term. However, the record amount of dry powder in the market will continue to serve as the driving force for ongoing investment.“Returns for private equity will likely decline sharply in short term, but new deals could have potentially good returns,” the report said. “With public markets volatile and corporates holding onto cash, private equity is well positioned to be the buyer of any asset that comes up for sale.”Topics :
An Uber spokesman said the company does not respond to “speculative M&A.” Grubhub, in a statement, did not confirm the talks but said “consolidation could make sense in our industry.”Experts say consolidation is long overdue in the space, where demand from worried, home-bound consumers is surging.DoorDash had a 42 percent share of meal delivery sales in March 2020, versus 20 percent for Uber Eats and 28 percent for Grubhub, data from analytics firm Second Measure showed.“If you can’t beat ‘em, eat ‘em,” said Jesse Reyes, chief executive of J-Curve Advisors, who advises venture capital and private equity funds.Feeding frenzy?The value of the deal was undisclosed.Grubhub had a market capitalization of about $4.3 billion, while Uber was valued at nearly $55 billion as of Monday’s close, according to Refinitiv data.Bloomberg News first reported on the deal talks earlier on Tuesday.Uber “can wait a bit longer and probably get them cheaper. But it could be that you have a lot cats circling the same bowl,” Reyes said.Uber Eats’ first-quarter revenue soared more than 50 percent to $819 million after restaurants across the country shuttered their dining rooms to curb the spread of the novel coronavirus.The service, available in more than 6,000 cities worldwide, has been a drag on Uber’s bottom line since its 2014 inception due to heavy spending on customer promotions and driver incentives.Uber in January sold its Indian food business to local rival Zomato and earlier this month closed Eats operations in eight countries.Last week, Grubhub said the restaurant industry was facing enormous challenges from the COVID-19 pandemic, and vowed to use nearly all of its second-quarter profits to help drum up business for its restaurant partners.Those comments came amid growing concern from lawmakers and the restaurant industry about the negative influences of so-called “gig economy” companies.Democratic US Representative David Cicilline, of Rhode Island, who chairs the House Antitrust Subcommittee, said the deal underscores the need for the merger moratorium that he and his colleagues have been calling for.“Uber is a notoriously predatory company that has long denied its drivers a living wage. Its attempt to acquire Grubhub – which has a history of exploiting local restaurants through deceptive tactics and extortionate fees – marks a new low in pandemic profiteering,” he said.Andrew Rigie, executive director of the New York City Hospitality Alliance, said Grubhub and other big delivery platforms continue to increase rates, control valuable customer data, and use sophisticated techniques and discounts to funnel customers to their own websites instead of those of their partner restaurants.“Further consolidation of the industry poses significant concerns,” Rigie said.Antitrust experts said the deal, if signed, would likely win approval from regulators.“I think this deal is doable. It does not seem to me to be an excess of concentration,” said Seth Bloom of Bloom Strategic Counsel. “Probably the restaurants will not like it and will express concern but I don’t think that will carry the day.”Other experts told Reuters they expected a lengthy review.Topics : The potential acquisition suggests that the Silicon Valley disruptor is doubling down on its fastest-growing service in a scramble to adapt to what is likely to be a long business interruption.“This would be an aggressive move by Uber to take out a major competitor on the Uber Eats front and further consolidate its market position,” Wedbush analysts said in a client note.It could turn the crowded “US meal delivery market into a two-horse race,” CFRA Research analyst Angelo Zino said.Shares of Grubhub closed up 13.6 percent at US$60.39, while Uber’s gained rose 2.4 percent to $32.40. Uber Technologies Inc is in negotiations to buy online food delivery company Grubhub Inc in an all-stock deal, according to people familiar with the matter.A merger could give Uber Eats’ money-losing restaurant delivery service a leg up on market leader DoorDash at a time when the coronavirus pandemic has upended Uber’s core business of shuttling people from place to place.Uber and Grubhub are still haggling over the deal’s stock exchange ratio, and there is no certainty that they will reach an agreement, the sources said.
Topics : ‘Out of control’ The main theatre of Yemen’s war pitches an internationally recognized government, supported by a Saudi-led coalition, against the Iran-backed Huthi rebels. The Huthis stormed the capital Sanaa in September 2014 and Aden was set up as the government’s interim seat months later.But tensions between southern separatists and the central government have further muddied the waters, with the self-proclaimed Southern Transitional Council declaring self-rule in the south on April 26. Fighting between pro-government troops and separatist forces on the outskirts of Zinjibar, some 60 kilometers from Aden, has killed more than 20 since early May (those numbers don’t feed into the death tolls quoted above).Nassiri said authorities are not paying enough attention to the health crisis, blaming the recent flare-up in fighting in the south.Aden, home to 550,000 people, has taken virtually no preventive measures against the pandemic.There are no quarantine facilities for those who do test positive in the city.”The situation in Aden has got out of control and is expected to implode further based on the number of daily deaths and cases,” Bamallem lamented.At least three doctors have died since May 7, the local Al-Ayyam daily cited authorities as saying, but without giving the cause of the death.Yemen’s internationally recognized government has so far declared only 122 confirmed novel coronavirus cases, including just 18 deaths.Tens of thousands of people, mostly civilians, have been killed in the country’s war, which the United Nations views as the world’s worst humanitarian crisis. “People are dying because they can’t get treatment that would normally save their lives.” ‘Verge of catastrophe’ Save the Children said on Thursday that authorities in Aden have reported an average of 50 deaths per day since May 7. That’s five times higher than the baseline average of 10 deaths a day in more normal times, according to the international aid group.”In the past 24 hours alone, more than 86 deaths have been reported in Aden due to several epidemics and fevers,” said Sanad Jamil, who heads the Civil Affairs Department, which issues death certificates in Aden.Testing for coronavirus is available only at a central public laboratory, but the supply of kits is insufficient.That means many suspected cases have not been tested, according to Yasser Bamallem, a doctor at the Al-Jumhouriya public hospital.Bamallem is in no doubt about what is driving the rising death rate, because before expiring, many displayed symptoms in line with COVID-19 and distinct from other illnesses.”With the spread of coronavirus, the death rate surged,” he told AFP. “We were already fighting against dengue fever and chikungunya, which are transmitted by mosquito bites — but deaths were very few,” he explained.”We are on the verge of a catastrophe in Aden.”Yasser al-Nassiri, director of the private Al-Kubi Hospital, said that the closure of other hospitals has put pressure on his facility.His staff are receiving 400 patients daily, up from 150.Yemen’s health system has all but collapsed since the conflict broke out in 2014, with more than two thirds of the population dependent on aid for survival, according to the UN. Deaths in Aden have surged to at least five times higher than normal, an NGO and medics say, igniting fears that the coronavirus is spreading unhindered in the Yemeni port city.Six years of war against the Huthis — and a widening fault-line among forces opposed to that rebel outfit — have left authorities ill-equipped to control the spread of the virus.The first coronavirus case in Aden, the government’s interim capital, was only recorded about a month ago. But since then, the total number of deaths registered in the city has “increased seven-fold”, according to Saddam al-Haidari, a physician at a public hospital.Hospitals have stopped admitting patients with symptoms of the COVID-19 disease caused by the novel coronavirus in recent days, several health sources told AFP, since they are not equipped to deal with the virus.Many doctors in Aden have deserted their posts because they don’t have access to protective gear, these sources added, while several hospitals have even closed down, according to Save the Children.”Our teams on the ground are seeing how people are being sent away from hospitals, breathing heavily or even collapsing,” said Mohammed Alshamaa, Save the Children’s director of programs in Yemen.
As Indonesia braces to gradually reopen the economy, the government has announced that the country’s regions should meet two main conditions to be able to ease COVID-19 mobility restrictions and start welcoming the so-called “new normal”.Regions should either have maintained zero COVID-19 cases or have witnessed a significant decrease in the number of infections to relax curbs and reopen businesses under health protocols, COVID-19 task force chief Doni Monardo said.”There are a total of 110 regencies and cities with no COVID-19 cases so far,” Doni said on Wednesday, “Of the figure, except Papua, as many as 65 areas on the mainland and 22 areas on islands will be offered to reopen normally.”The 110 regencies and cities include those located in a number of provinces, including in Aceh, Riau, North Kalimantan, Maluku and Jambi, according to the government’s data. Doni said the areas were nearly sterile, though not fully safe, from the disease because the residents living in the regions had adhered to health protocols during the COVID-19 outbreak.Meanwhile, regions categorized as “green zones” — namely those that have recorded COVID-19 cases but have been seeing a declining rate of virus transmission — in accordance with the World Health Organization’s (WHO) indicators will be considered to reopen, Doni said.Among the indicators is that regions should see a 50 percent decline in the number of confirmed and suspected COVID-19 cases for more than two weeks as well as a significant decline in COVID-19 fatalities.A declining number of COVID-19 patients and suspected cases in hospitals will also determine whether a region is allowed to reopen its economy.Read also: ‘I don’t think we can wait’: Business groups ready for ‘new normal’ despite risksDoni added that regions should also meet other conditions to be able to reopen, including recording an increase in the number of recoveries, an increase in the number of completed monitoring procedures against COVID-19 suspects, an increase in specimen testing in the period of two weeks and scoring a basic reproduction number (R0) of COVID-19 below one.”We will coordinate further with the National Development Planning Agency and the Coordinating Economic Ministry with regard to easing restrictions in regions,” Doni said, adding that the final decision would also depend on local administrations’ preparedness to face the new normal.Previously, several provincial administrations reportedly prepared to reopen businesses in the regions. On the resort island of Bali, for instance, hotels have been drafting guidelines for health protocols under the so-called “new normal” situation as the local government signaled to reopen tourist destinations gradually.West Java Governor Ridwan Kamil has also announced that the province should brace for a “new normal” starting on June 1, tribunnews.com reported on Wednesday.With regard to preparing the country for the new normal scheme, Health Minister Terawan Agus Putranto issued on Saturday a new health protocol for workplaces to ensure that businesses continue to run while maintaining efforts to contain the coronavirus.Epidemiologists, however, have warned the government to be prudent in making the decision to reopen the economy, arguing that the country was continuing to see a rise in COVID-19 cases.On Wednesday afternoon, Indonesia reported 686 new COVID-19 cases nationwide, bringing the total to 23,851 confirmed cases with 1473 fatalities. (trn)Topics :
But business is down this year as Vietnam keeps its borders shut.”Because of the pandemic, we aren’t seeing Chinese traders and we mostly sell to domestic traders so the price is very low,” Nguyen Van Thanh, 35, told AFP, adding that half his haul ends up overseas in a normal year.Foreign buyers tend to come directly to the market — just a few hours drive from the Chinese border — during the fruit’s short six-week season.But state media reported last week several hundred from China and Japan had been quarantined for 14 days. Hundreds of lychee farmers sorted and graded huge piles of the tropical fruit at a busy wholesale market in northern Vietnam on Tuesday, but many bemoaned slumping prices as foreign traders were held up in quarantine.After mounting an aggressive response to the coronavirus pandemic, life in the country is back to relative normality and workers clustered together mask-free at dawn in Bac Giang province, their motorbikes fitted with baskets overflowing with the sweet fruit.The communist nation usually exports around 100,000 tons of fresh lychees worth more than $30 million — mostly to China but to Japan, Australia and the US too — each season. Despite authorities saying they would promote domestic consumption, prices have dropped to half of what they were last year.”We have worked hard the whole year… but this is not enough to live on,” said farmer Do Van Toan, 47, who estimated he would earn not more than $4000 this season.Already a major coffee, rice and catfish exporter, Vietnam has in recent years turned its attention to fruit.Last year it exported $3.76 billion worth of fruit and vegetables.So far, Vietnam has officially recorded only 332 cases of the coronavirus, and no deaths.Although some of its borders are open for goods, foreigners — save some specialists and highly-skilled workers — are not permitted to enter.On Tuesday Hanoi said it would look to resume flights with “safe zones” — places that had no new cases for 30 days. Topics :
According to a report by Destructive Fishing Watch (DFW), an Indonesian NGO working to prevent destructive practices in fishing and other environmental issues, the two crew members decided to jump off the ship because they could not withstand their treatment on board.The NGO said they had been intimidated and physically harmed, either by the ship’s captain or by fellow crewmen.“The allegation of forced labor emerged after we found violations such as unpaid wages, poor working conditions, threats and intimidation, [all of] which Andri Juniansyah and Reynalfi had experienced,” said DFW Indonesia coordinator M. Abdi Suhufan.According to DFW data, at least 30 Indonesian crew members were victims of such violations aboard Chinese vessels from November 2019 to June of this year. Of that number, seven reportedly died, three remain missing and 20 survived.Topics : The Foreign Ministry and the National Police are investigating a report that two Indonesian crew members jumped off a Chinese vessel while it was underway in the Malacca Strait last week.The Foreign Ministry confirmed the existence of the NGO report on Wednesday, saying that the two crew members in question were from Pematang Siantar, North Sumatra, and Sumbawa, West Nusa Tenggara.“They decided to jump off the Chinese-flagged Lu Qing Yuan Yu 901 while they were underway in the Malacca Strait,” said the ministry’s director for citizen protection, Judha Nugraha, in a press briefing. The two crew members, identified as Reynalfi, 22, and Andri Juniansyah, 30, jumped off the boat on Friday. After about seven hours adrift, they were rescued on Saturday by a group of fishermen from Tanjung Balai Karimun regency in the Riau Islands as they were passing through the area, Antara news agency reported.“They are now in the Tebing Karimun police station and are in good condition. We are still investigating the case in coordination with the National Police,” Judha said in the briefing.Read also: Indonesian sailors’ deaths on Chinese fishing vessel raise questions about working conditionsThe two Indonesian citizens were allegedly victims of human trafficking.
He did explore some of the deeper causes of racial disparities in the world’s richest country, saying that more would be put into healthcare and the ability to raise business capital in minority communities.Later, in an interview with the generally friendly Fox News network, he described the “horror” of watching Floyd’s death on cellphone footage shot by a witness.But critics say he is incapable of embracing broader public fears, pointing to the contrast between shows of empathy from previous presidents during crises and Trump’s instinct for fighting and insulting foes, even in the midst of calamity.”For weeks we’ve seen President Trump run away from a meaningful conversation on systemic racism and police brutality. Instead, he’s further divided our country,” Democratic presidential candidate Joe Biden said Thursday.”Today’s trip to Texas won’t change any of that. President Trump is more interested in photo ops than offering a healing voice as our nation mourns.”Despite his poll numbers being underwater five months ahead of election day, Trump is betting that he needn’t change tack.His base has remained loyal throughout the extraordinary turmoil, and he has made clear his priority is getting back on the campaign trail.Immediately after his remarks in Dallas, the president heads to his first campaign fundraiser since the COVID-19 lockdown began — a $580,600 per couple event. Then he flies to his golf course resort in New Jersey for the weekend, another post-COVID first.On June 19 he will restart his mothballed series of rallies — raucous, often two-hour love fests between Trump the entertainer-in-chief and thousands of his most loyal supporters — with an event in Oklahoma. “We have to work together to confront bigotry and prejudice wherever they appear, but we will make no progress and heal no wounds by falsely labeling tens of millions of decent Americans as racist or bigots,” Trump said.The Republican has struggled to find the right tone to address the explosion of protests over the last two weeks in the wake of the death of an unarmed African-American man, George Floyd, as he was arrested in Minneapolis.That crisis, coupled with the economic devastation of the COVID-19 shutdown — and the fact that the pandemic continues to kill up to 1,000 people a day — has left the country crying out for healing.Trump, whose political style is built largely on fierce division and exciting his right-wing base, faced pressure to encourage unity in Dallas. Magnet for controversy Some Americans may want calm after months of rancor, but that’s one thing the former reality TV star is not giving.Even the choice of Tulsa, Oklahoma, for his resumption of rallies generated controversy.June 19 is known as “Juneteenth,” the day marking the end of slavery in the United States. Tulsa, however, is notorious as the site of a 1921 massacre of African-Americans.As he left for Dallas, Trump lambasted Democratic leaders of Washington state, where he said “domestic terrorists” had taken over Seattle, referring to protesters.He also doubled down on his latest culture wars battle, insisting again he will refuse demands to change the names of US military bases honoring leaders of the slave-owning, rebel South during the Civil War.Back in Washington, there were new tensions between the White House and the military when the chairman of the joint chiefs of staff, General Mark Milley, apologized for appearing alongside Trump during a controversial walk to a church on June 1, minutes after police violently dispersed protesters.”I should not have been there,” Milley said in his unexpected comments. Hitting the trail The choice of Texas for Thursday’s trip was notable because the state — Republican for decades — is turning in to a battleground. Trump won narrowly in 2016 and a Quinnipiac poll last week put him only one percentage point ahead of Biden.In 2016, polls and politics watchers in general got it wrong about Trump, who ran a chaotic campaign against the ultra-professional Hillary Clinton yet still scored a famous electoral college win.This has left many election watchers gun-shy. Even so, current polls make grim reading for the Republican.The FiveThirtyEight average shows Trump’s approval rating at just 41 percent, having taken a big hit from his handling of the COVID-19 and racism crises.The RealClearPolitics average for a presidential election match-up puts Biden at 49.8 to Trump’s 41.7.Worse for Trump — given his hope of repeating his electoral college win, even if losing the overall popular vote — Biden leads in almost every swing state. Topics : US President Donald Trump on Thursday rebooted his flagging reelection campaign with a speech starkly rejecting nationwide protesters’ claims of police racism, saying only a “few bad apples” are to blame.Far from reaching out to demonstrators’ searing anger, he offered only a vague proposal to “encourage” officers to meet “the most current professional standards for the use of force.””You always have a bad apple, no matter where you go,” said Trump, who is making law and order a new keystone of his bid to win a second term on November 3. “There aren’t too many of them in the police department.”
The United States on Wednesday pressed China over its treatment of Uighur Muslims and Hong Kong as the two powers stood firm in high-level talks in Hawaii on soaring tensions.Secretary of State Mike Pompeo met with senior Chinese official Yang Jiechi at a Honolulu military base, in the two countries’ highest-level meeting since the coronavirus pandemic sent tensions skyrocketing, a State Department official said.They met away from media as excerpts came out from an explosive memoir by former US national security advisor John Bolton, who said President Donald Trump asked President Xi Jinping for assistance in his re-election. Pressing on pandemic The United States was cooler in its assessment, saying Pompeo told Yang the two nations need “fully reciprocal dealings.””He also stressed the need for full transparency and information sharing to combat the ongoing COVID-19 pandemic and prevent future outbreaks,” State Department spokeswoman Morgan Ortagus said.Pompeo has been in the forefront of denouncing China, saying in recent remarks that it was “truly hostile” to the United States and “ruthlessly imposes communism.”The conservative former congressman has taken the lead in promoting a theory, discounted by mainstream scientists, that the coronavirus came out of a Chinese laboratory.Susan Thornton, a career diplomat who served as the top State Department official on East Asia earlier in the Trump administration, had voiced skepticism that the meeting would produce much.”My own view is that the United States and China both face serious crises, as does the rest of the world from COVID-19 and the consequent economic meltdown,” said Thornton, now at Yale Law School.”It seems to me that talking about US-China rivalry in this environment is out of touch with the reality that people are facing.”Whether the United States and China reach any rhetorical truce could become clear quickly. Pompeo is set to speak Friday at a Danish forum, where the State Department says he will discuss “threats to democracy around the world.” Explosive charges With Trump under fire at home over his handling of the coronavirus pandemic, his Republican Party has increasingly cast China as the villain ahead of November elections.But Bolton’s book — which the administration is trying to block — tells another story, saying Trump asked China to boost his election prospects by requesting that it buy more farm produce.Bolton, according to an excerpt published by The Washington Post, also said that Xi explained the Uighur camps to Trump, who replied that they were “exactly the right thing to do.”Activists say China is forcibly homogenizing minorities in a brainwashing campaign with few modern precedents. Beijing counters that it is running vocational educational centers that offer an alternative to Islamic extremism.Yang reportedly sought the meeting with Pompeo, following a similar quiet encounter with him in New York in August to address tensions.China’s state-run People’s Daily, which said Pompeo and Yang also met the night before, called the talks “constructive.””Both sides agreed to continue maintaining contact and communication,” it said. Just as Pompeo met Yang, Trump signed into law an act that authorizes sanctions for Chinese officials involved in the detention of some one million Uighur Muslims and other Turkic Muslims.Beijing quickly responded that the law “maliciously attacks” China and threatened consequences.China will “resolutely hit back and the US will bear the burden of all subsequent consequences,” the Chinese foreign ministry said.And Pompeo and his counterparts from the other Group of Seven major industrial democracies put out a joint statement voicing “grave concerns” about a draft security law in Hong Kong. Topics : “We strongly urge the Government of China to reconsider this decision,” said the joint statement by Britain, Canada, France, Germany, Italy, Japan and the United States.China is moving ahead with a law that would prohibit subversion and other perceived offenses in the financial hub, to which Beijing promised autonomy before taking back the British colony in 1997.In response, Yang said at the meeting with Pompeo that Beijing’s “determination” to introduce the law was “unwavering”, according to a statement on the foreign ministry website.Yang said China “resolutely opposes the statement made by the G7 foreign ministers on Hong Kong-related issues,” according to the statement.
SpaceX confirmed the satellite deployed about 32 minutes after lift-off, on Monday afternoon local time.DAPA said the launch made South Korea the 10th country in the world to own a military-only communications satellite, which will provide “permanent and secured military communications”.The satellite is expected to reach its orbit of 36,000 kilometers in two weeks and South Korea’s military will take over the system in October after testing, it added.Seoul is looking to enhance its military capabilities as it pushes to end an arrangement under which, if war breaks out, American commanders will have authority over their combined forces. The satellite was “expected to improve the South Korean military’s independent operational capabilities”, an official at its defense ministry told Yonhap news agency.Seoul and Washington are security allies and the US stations 28,500 troops in the country.But their relationship has been strained in recent years, triggered by differences in their approaches to Pyongyang, and over cost-sharing responsibilities. Topics : South Korea’s first-ever military communications satellite has been successfully launched by private operator SpaceX, Seoul said Tuesday, as it looks to build up its defense capabilities.The ANASIS-II is intended to enhance the South’s ability to defend itself against the nuclear-armed North, which invaded in 1950.A Falcon 9 rocket carrying the satellite blasted off from Cape Canaveral Air Force Station in Florida, Seoul’s Defense Acquisition Program Administration (DAPA) said in a statement.
The carrier also canceled 96 percent of its scheduled flights between late-March and end-May in response to travel restrictions worldwide and a plunge in demand for air travel.According to a report released on June 9 by the International Air Transport Association (IATA), the share of the world’s gross domestic product (GDP) spent on air transportation is expected to be halved in 2020 at $434 billion, or 0.5 percent of the GDP.The association dubbed 2020 as the worst year in history for the airline industry, as global airlines are expected to lose $84.3 billion this year, while revenue is projected to fall by 50 percent from last year’s $838 billion. Topics : The airline added that all existing committed lines of credit that were due to mature this year had been renewed until 2021 or later and that, combined with the new lines of credit, SIA had ensured continued access to more than S$2.1 billion in committed liquidity.SIA also said that it retained the option to raise up to S$6.2 billion from additional mandatory convertible bonds, which would provide further liquidity when necessary.The COVID-19 pandemic has battered the demand in the aviation industry amid social restrictions and travel curbs that have forced airlines to ground their fleets.Earlier this month, SIA announced that Singapore Airlines Group – which includes budget carrier Scoot – would operate at approximately 7 percent of its scheduled capacity in August, a slight increase from only 6 percent this month. Singapore’s national flag carrier, Singapore Airlines (SIA), has raised an additional S$750 million (US$541 million) from long-term loans on some of its Airbus A350-900 and Boeing B787-10 aircraft to boost its liquidity amid the ongoing global health crisis, it announced on Thursday.With the completion of the transaction, SIA in total has raised S$11 billion since the start of this year, of which S$1.65 billion comes from secured financing, S$8.8 billion from a rights issue and S$500 million from credit lines and a short-term unsecured loans from financial institutions.“During this period of high uncertainty, Singapore Airlines will continue to explore additional means to shore up liquidity as necessary,” the company’s statement reads.