| |OCTOBER 20269Singapore has allocated S$118 million in government funding for research into producing chemicals from biological resources, marking its largest commitment of this kind. Launched on Oct 5 under the S$37 billion Research, Innovation, Enterprise (RIE) 2030 strategy, the initiative targets challenges in the energy and chemicals sector, which accounts for about one-fifth of Singapore's manufacturing output. Education Minister Desmond Lee said the funding would support research by universities and the Agency for Science, Technology and Research while aligning innovation with industry needs. The Bioeconomy Funding Initiative will explore alternatives to petroleum-based feedstocks, including yeast and oil palm. Initial research will focus on converting industrial by-products into useful resources, developing microbe- and enzyme-based production methods, and improving processing and manufacturing efficiency. OpenAI is in talks with investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to support a planned $30 billion funding round, Bloomberg News reported, citing people familiar with the matter. UAE funds are considering investing up to $10 billion collectively as part of a syndicate, while BlackRock is also reportedly in discussions to participate. OpenAI is seeking at least $30 billion at a valuation of about $1.4 trillion, with plans for an initial public offering reportedly delayed until at least next year. The ChatGPT maker last raised $122 billion in March at an $852 billion valuation. MGX has previously invested in OpenAI and Anthropic and raised nearly $50 billion earlier this year to expand investments in AI infrastructure and technology. RESEARCH & DEVELOPMENT INFORMATION TECHNOLOGYSINGAPORE SETS ASIDE S$118 MILLION TO ADVANCE BIO-BASED CHEMICALS OPENAI SEEKS $30 BILLION FUNDING AT $1.4 TRILLION VALUATIONRen Zhengfei, Founder & Chief Executive Officer, Huawei Technologies says "Leaders who forget history risk repeating its mistakes. True leadership means solving today's challenges while learning from yesterday's lessons"QUICK FACT................................
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