Category: 3. Business

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Google has denied any wrongdoing throughout the closely watched litigation.

Under the new proposal, Google would allow users to more easily download and install third-party app stores that meet new security and safety standards.

Developers will also be allowed to direct users to alternative payment methods both within apps and via external web links. Google said it would implement a capped service fee of either 9% or 20% on transactions in Play-distributed apps that use alternative payment options.

Tuesday’s court filing from Google and Epic asked Donato to modify his injunction, while keeping many parts of it intact.

Google faces other lawsuits from government, consumer and commercial plaintiffs challenging its search and advertising business practices. It has denied violating state and federal laws in those cases.

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Tokyo, November 5, 2025 – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), has received a contract to support the oil-to-natural gas fuel conversion project at the O Mon 1 Thermal Power Plant in Can Tho in southern Vietnam.

Mitsubishi Power will provide the main equipment, such as the gas burners for the boiler at the core of the system, leveraging its technological capabilities as the OEM (original equipment manufacturer) of the existing boiler to carry out the fuel conversion, and contribute to reductions in CO₂ emissions. In addition, Mitsubishi Power will install a selective catalytic reduction (SCR) system to detoxify the NO_x (nitrogen oxides) contained in exhaust gases, allowing the plant to meet stricter environmental regulations in the future.

The O Mon 1 Thermal Power Plant comprises Units 1 (330 megawatts (MW)) and Unit 2 (330 MW), which started operation in 2009 and 2015, respectively. The total output is 660 MW, with the existing main equipment provided by Mitsubishi Power.

The fuel conversion project is being conducted by Power Generation Corporation 2 (EVNGENCO2), a part of Vietnam Electricity Corporation (EVN) Group. The contractor for engineering, procurement, and construction (EPC) is a consortium of LILAMA Corporation, a construction company under Vietnam’s Ministry of Construction, and Power Generation Corporation 3 (EVNGENCO3), also part of EVN Group. Mitsubishi Power received the contract for the main equipment from this consortium. Mitsubishi Power Asia Pacific Pte. Ltd., a part of MHI Group based in Singapore, will carry out the EPC engineering support and dispatch personnel to provide technical assistance.

Commenting on the contract award, Makoto Fujita, Senior General Manager, Steam Power Business Division, Energy Systems at MHI, said, “Since the start of operations for Unit 1 in 2009, the O Mon 1 Thermal Power Plant has played an important role in the development of the Mekong Delta region. As the OEM of the existing power plant, we are extremely proud to be able to contribute to the stable supply of energy and decarbonization in Vietnam through our participation in this fuel conversion project. We will devote our full effort to completing this project, and provide support for the long-term, stable operation of the plant.”

In August this year, Mitsubishi Power received a contract to supply two advanced J-Series Air-Cooled (JAC) gas turbines as the core equipment for the O Mon 4 Thermal Power Plant, a gas turbine combined cycle (GTCC) facility with a designed capacity of 1,155 MW, which is adjacent to the O Mon 1 Thermal Power Plant. The project is scheduled for completion in 2028. Vietnam has formulated the Power Development Plan VIII (PDP8), which calls for diversifying the energy mix, reducing coal dependency, and expanding natural gas and renewable energy. Mitsubishi Power, in addition to providing GTCC technology for the O Mon 4 Thermal Power Plant, will further strengthen its support for Vietnam’s energy plan by providing boiler fuel conversion technology for the O Mon 1 Thermal Power Plant, contributing to Vietnam’s national target of achieving net zero emissions by 2050.

Akihiro Ondo, CEO and Managing Director of Mitsubishi Power Asia Pacific Pte. Ltd., said, “Vietnam boasts the highest real GDP growth rate among the ASEAN-5 nations. We are committed to contributing to Vietnam’s economic development by leveraging cutting-edge technology and providing meticulous services.”

Mitsubishi Power will further enhance its efforts for the widespread adoption of technologies with high performance and reliability, contributing to the stable supply of electric power essential for economic development around the world, and supporting the conservation of the global environment by promoting energy decarbonization.

Jurong Island has traditionally relied on fossil fuels to generate the required power for the production of petroleum products, polymers and refineries, alongside other industries, that have made the island an industrial powerhouse for Singapore. Close to 300 hectares (ha) will be allocated for new energies, such as hydrogen-ready natural gas, ammonia and biogas.

The government has also announced that Singapore will build a 700-megawatt (MW) data centre park on Jurong Island, which will be designed to meet efficiency standards, adopt advanced cooling systems and use green energy sources.

William Stroll, an expert in energy projects at Pinsent Masons, said: “Following the lifting of the moratorium on new data centres in 2022, we’ve seen cautious growth of around 80MW of new capacity approved under strict sustainability criteria.” 

“The announcement of 20ha on Jurong Island, roughly the size of 25 football fields, for a low-carbon data centre park marks a significant shift. Co-locating data centres with power-hungry, performance-driven workloads matching them to the availability of green energy sources, including four hydrogen-ready power plants, signals a bold step toward sustainable digital infrastructure, and meeting the fast-growing demands,” he said.

“With recent assessments highlighting the sector’s economic contribution, this move is a welcome boost for Singapore’s digital and green ambitions.”

Singapore remains Southeast Asia’s largest data centre hub, with over 1061MW of capacity currently in operation. The recently established Singapore–Malaysia Data Centre Economic Zone represents a strategic and pragmatic partnership, allowing Singapore to maintain its role as the “hub of the digital infrastructure wheel”, while leveraging Malaysia’s land and energy availability to fuel the next phase of regional growth.

Tan See Leng, Singapore’s minister of energy, science and technology, stated that Jurong Island would be a global test bed for new low-carbon and technologies.

Nicholas Hanna, an expert in technology ventures at Pinsent Masons, said: “The required energy consumption of the newly announced data centre park, along with the commitment that it must meet standards and predominantly utilise green energy, raises some possible challenges about where the power generation will come from, how it will be distributed, and how to compete against neighbouring countries on price. Singapore, as a nation, is no stranger to accepting challenges and turning them into world class solutions. This should be no different.”

“Large, hyperscale data centres can have power demands of more than 100MW, which will require a significant expansion of power generation,” he said.

“This is an opportunity for businesses looking to continue to expand their footprint in Singapore.”

Roughly a third of Singapore’s greenhouse gas emissions are from the refining and petrochemical industries, and the country has committed to reducing greenhouse gas emissions by between 45 million and 50 million tonnes by 2035, in line with reaching net zero emissions by 2050.

David Clinch, an expert in energy infrastructure at Pinsent Masons, said: “Singapore is projecting forward and further innovating for the next phases of the development of Jurong Island, whilst taking into account how that interacts with the government’s sustainability targets. This is another exciting opportunity for businesses to be part of that development and work with the government to achieve those targets.”

Mark Tan, an expert in commercial law at Pinsent Masons, said: “Jurong Island’s upcoming data centre project marks a pivotal step in Singapore’s digital and sustainability journey.” 

“Designed to deliver up to 700MW of capacity with hydrogen-ready power and advanced tropical cooling, it appears to set a new benchmark for low-carbon infrastructure,” he said.

“This initiative not only strengthens Singapore’s AI and cloud capabilities but also creates further engineering and technology jobs, reinforcing Singapore’s position as a global hub for green innovation.”

Online retailers Shein, Temu, AliExpress and Wish are being investigated in France in relation to the offence of enabling minors to access pornographic content on their platforms, the Paris prosecutor said on Tuesday.

The country’s consumer watchdog had reported the four firms to the prosecution service on Sunday after raising concerns about the sale of childlike sex dolls on Shein’s platform over the weekend.

The Paris prosecutor’s office told the BBC that the platforms are being investigated over violent, pornographic or “undignified messages” that can be accessed by minors.

The BBC has contacted the companies for comment.

Shein and AliExpress are also under investigation over the dissemination of content related to children that are of a pornographic nature, the office said.

The cases have been referred to Paris’ Office des Mineurs, which oversees the protection of minors, the prosecution service added.

On Monday, Shein said it had banned the sale of all sex dolls on its platform worldwide. The Singapore-based retailer also said that it would permanently block all seller accounts related to the illegal sale of the childlike dolls and set stricter controls on its platform.

The French consumer watchdog, the Directorate General for Competition, Consumer Affairs and Fraud Control, had said the sex dolls’ description and categorisation left “little doubt as to the child pornography nature” of the products.

The scrutiny of Shein comes as the company, which was founded in China, prepares for the opening on Wednesday of its first permanent physical outlet in France .

Protesters have been seen gathered in front of the Paris department store where Shein is set to open the outlet.

Shein plans to open outlets in other French department stores in cities including Dijon, Reims and Angers.

Stonepeak-Plus INFRA1 Note expected to list on ASX on December 3, 2025 under the ticker code “SPPHA”

NEW YORK & SYDNEY – November 4, 2025 – Stonepeak (“Stonepeak” or the “Company”), a leading global alternative investment firm specializing in infrastructure and real assets, today announced its intention to launch Stonepeak-Plus INFRA1 (“Stonepeak-Plus INFRA1 Note” or the “Note”), an unsecured, deferrable, redeemable, floating rate infrastructure-backed debt security expected to be listed on the Australian Securities Exchange (“ASX”) on December 3, 2025 under the ticker code “SPPHA.”

The Stonepeak-Plus INFRA1 Note will provide Australian investors access to regular monthly income generated through a curated portfolio of high-quality infrastructure debt assets. Debt will be sourced predominantly from critical infrastructure assets in the transportation and logistics, energy and energy transition, digital, and social infrastructure sectors in Australia, New Zealand, and other markets. The Interest Rate applicable to Stonepeak-Plus INFRA1 Notes is a benchmark rate of BBSW (1 month) + a margin of 3.25% per annum which accrues on a monthly basis, and the Note will have a target repayment date six years after the issue date.

Stonepeak has already secured over A$300 million in cornerstone investments for the Note, reaching its target and reflecting strong initial demand.

“Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature. However, infrastructure debt has historically been a challenging asset class for investors to access at scale. The proposed launch of Stonepeak-Plus INFRA1 aims to solve this for Australian investors while giving them the opportunity to invest behind some of the most compelling tailwinds in infrastructure today,” said Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak, the largest independent infrastructure investor globally. “We look forward to leveraging Stonepeak’s extensive experience, deep sector specialization, and strong industry relationships to bring a quality, investment-grade portfolio of infrastructure debt assets to our investors.”

“We have long recognized the compelling opportunities in the credit space, and we are excited to be broadening access to the asset class through the launch of this Note,” said Stonepeak Co-President Jack Howell. “Since we began investing in infrastructure debt in 2018, we have continued to thoughtfully expand the Stonepeak Credit team and its offerings. The proposed launch of Stonepeak-Plus INFRA1 reflects another milestone, and builds on our success investing across the capital stack into world-class, critical infrastructure on behalf of our investors.”

Today, Stonepeak Credit includes nearly 30 investment professionals and over 85 investments in its portfolio, and manages approximately A$2.9 billion in assets. Notably, this year Stonepeak completed the acquisition of Boundary Street Capital, a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. The launch of the Note also reflects the continued growth of Stonepeak+, Stonepeak’s dedicated wealth solutions platform.

E&P Capital, Westpac, Morgans, FIIG Securities, MST, and Shaw and Partners are serving as joint lead managers to Stonepeak, with Corrs Chambers Westgarth acting as legal adviser.

About Stonepeak Credit

Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately A$121.1 billion (USD$79.9 billion) of assets under management. Stonepeak Credit targets credit investments across the transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors that provide essential services with downside protection, high barriers to entry and visible, recurring revenue generation. It seeks to provide capital solutions that are flexible across the capital structure while generating cash yield through majority senior secured credit investments.

Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts

Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

Important Notices

Stonepeak-Plus Infra Debt Limited (ACN 692 150 253) (Issuer) is the issuer of the unsecured, deferrable, redeemable, floating rate notes known as the Stonepeak-Plus INFRA1 Notes (Notes) which are intended to be quoted on the ASX. The Notes are redeemable by, and the interest is deferrable by, the Issuer. Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by the Issuer.

The offer of Notes is made by a prospectus (Prospectus) which is available, along with a target market determination (TMD), at stonepeakplus.com.au/INFRA-1. You must read the Prospectus before making a decision to acquire the Notes. It is important for you to consider the Prospectus and whether you are in the target market in the TMD in deciding whether to invest.  You will need to complete the application form accompanying the Prospectus. No cooling off rights apply to an investment the Notes.

The Issuer has appointed EQT Australia Pty Ltd (ACN 111 042 132) (Authorised Intermediary) as authorised intermediary to make offers to arrange for the issue of Notes under the prospectus, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth). The Authorised Intermediary is an Australian financial services representative (number 1262369) of Equity Trustees Limited (ACN 004 031 298; AFSL 240975). Stonepeak-Plus Infra Debt Management Pty Ltd (ACN 691 462 067, authorised representative no. 001318081) (Manager) provides investment management and other services to the Issuer.

The Issuer is not licensed to provide financial product advice in relation to the Notes. The information provided is intended to be general in nature only. This material has been prepared without taking into account any person’s objectives, financial situation or needs.  Any person receiving the information in this material should consider the appropriateness of the information, in light of their own objectives, financial situation or needs before acting.

Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in payment and loss of interest or principal invested. The Notes and their performance are not guaranteed by any member of the Stonepeak Group or any other person. The Notes are not bank deposits.

The material has not been independently verified.  No reliance may be placed for any purpose on the material or its accuracy, fairness, correctness or completeness.  To the fullest extent permitted by law, the Issuer, the Manager, the Authorised Intermediary or any other member of the Stonepeak Group and their respective associates and employees shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise in connection with the information.

A minority part of the portfolio is expected to comprise other debt investments that are not infrastructure related, as explained in the Prospectus. The above AUM is as of June 2025 inclusive of subsequent committed capital. Certain of these investments have signed but are pending close, and there can be no assurance they will close or that if they close that it will be on the terms currently agreed. The AUM, employee and investment information relate to Stonepeak Group, and not the Issuer.