Multinational transportation company Uber Technologies Inc. (Uber), based in California, had consistently provided stock and options to its employees, leading to substantial stock-based compensation expenses. Instead of the metrics used in generally accepted accounting principles (GAAP), Uber had emphasized a non-GAAP earnings metric that excluded stock-based compensation expenses because they did not involve any cash outflows. Despite this, the company had announced its first-ever stock repurchase in 2024 to counter the share dilution from stock-based compensation. This raised questions about whether stock-based compensation should still be considered a non-cash expense. An analyst working on a valuation of the company wondered how to incorporate Uber’s stock buyback into her valuation model: should Uber’s financial performance and compensation metrics still exclude the stock-based compensation expense?

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The case explored whether a novel design for a recycling bin could promote proper recycling behaviours in Singapore. The redesigned recycling bins were initially deployed at different sites around the National University of Singapore to assess their effectiveness among the university community, with promising results. The team now wanted to investigate whether the improved recycling habits observed on campus could be replicated in more diverse public environments, such as shopping malls. The decision for the team was how to implement a field trial of these bins across three shopping malls in Singapore to assess their effectiveness among the general population. The case underscored the importance of human and behavioural-centred design in promoting sustainable practices and discussed primary operational challenges, potential risks, and mitigation strategies to ensure a field study’s success.

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In early 2015, many economies around the world were already dealing with a downturn in the markets when the price of oil dropped steadily, which had a strong impact on oil-dependent economies in the Persian Gulf region. As the corporate debt market decreased considerably, the airline Emirates (owned by The Emirates Group) decided to try a distinctly new approach by issuing a sukuk, or Islamic bond, with the backing of the United Kingdom’s Export Credits Guarantee Department. If successful, it would become the first sukuk certificate guaranteed by an export credit agency. It would also be the largest-ever debt capital markets offering in the aviation sector with a guarantee from an export credit agency. Surprisingly, the sukuk was not rated by any of the three major global credit rating agencies. Why was the sukuk issued by Emirates not assessed by a major credit agency? If it had been, what rating would it have received? Most importantly, what were the sukuk’s risks and how should such an innovative bond be priced?

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In 2023, DBS Bank Ltd. (Singapore), a leading financial institution, experienced significant service disruptions. These disruptions, which affected online banking, payment services, and automated teller machine operations, led to the failure of approximately 2.5 million transactions. The disruptions eroded customer confidence and impacted the company’s reputation, with repercussions for both individual users and businesses that relied on the bank’s digital infrastructure. The repeated nature of these incidents prompted a response from the Monetary Authority of Singapore (MAS), which introduced stringent requirements and penalties to safeguard the banking ecosystem against further instability. What actions should DBS take to prevent future disruptions?

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Founded in 2013 and acquired by General Motors (GM) in 2016, Cruise was a trailblazer in the autonomous vehicle industry. Cruise had rapidly expanded under the guidance of GM, but this growth was marred by crashes and disruptive interactions with emergency vehicles. By November 2023, the company had become the focus of intense public and regulatory scrutiny following a serious incident in San Francisco, California, on October 2, when a Cruise robotaxi caused severe injuries to a pedestrian. In the aftermath of the incident, Cruise faced significant backlash from regulators and consumers. The California Department of Motor Vehicles suspended the company’s operational permits, and Cruise temporarily halted its driverless operations, shifting to vehicles operated with safety drivers. The co-founders resigned, and Cruise appointed a new president and chief technology officer. What actions should the new president take to prevent such an incident from happening again, regain the public’s trust, and ensure rigorous safety standards and transparent communication? The decisions the company made in the coming months would be crucial in shaping its future trajectory.

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As the Republic of Indonesia, the largest archipelagic nation in the world, was facing significant challenges posed by climate change, the imperative for immediate attention to the region’s climate issues became evident. Indeed, between 2018 and 2020, Indonesia issued three green sukuks, which were Shariah law-compliant debt instruments resembling green bonds. This case explores the specific approach taken by the Indonesian government to secure vital funding for initiatives aimed at mitigating and adapting to climate change in sectors including energy efficiency, renewable energy, resilience to climate change, sustainable transport, and waste and waste-to-energy management. The case also evaluates critical inquiries into the efficacy of the projects funded by the proceeds of green sukuk issuances in combating climate change.

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Stablecoins represent digital assets whose value is pegged to that of a fiat currency, commodity, or financial instrument. As non-volatile assets that enable relatively easy cross-border transfers and minimal price fluctuation relative to the reference asset, stablecoins are especially useful as a medium of exchange.

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The Future Ready Food Safety Hub (FRESH) was a Singapore-based food safety research organization with a global reputation as an authority on assessing the safety and suitability of novel food products meant for sale in the Singapore market. As Singapore had become the first country in the world to approve the sale of laboratory-grown chicken, more and more companies were approaching FRESH for guidance in their safety dossier submissions to the Singapore Food Agency. With a small team of 10 members to keep up with the growing demand for its services, FRESH considered two options: engaging companies one-on-one to address the specific challenges they faced to meet novel food safety requirements, or adopting a consortium approach engaging multiple companies to collaboratively identify and prioritize common problems and develop optimal solutions for the industry. FRESH had to decide which option would best achieve its goals in advancing food safety research and building the novel food ecosystem.

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Founded in 2012, Quadria Capital Investment Management Private Limited (Quadria Capital) was committed to its mission of using its expertise to do well by doing good through bringing affordable quality health care to Asia. In July 2013, it found such an investment opportunity in the Asian Institute of Gastroenterology (AIG) Hospital in India. AIG was one of the largest gastric sciences hospitals in India that specialized in gastroenterology. It performed more endoscopic procedures per day than any other hospital in the world. It had earned a global reputation for clinical excellence, being among only twenty centres globally to be conferred World Organization of Digestive Endoscopy (recognition. This clinical excellence in the gastric science specialty and reputation put AIG in a strong leadership position and drove demand for its services. It was also renowned for its research and education in gastric sciences. As exciting as the opportunity was, the two founders of Quadria Capital knew this investment would use up a sizable portion of their funds, and they had to carefully consider the risks and what needed to be done to decide whether AIG was the right investment opportunity for Quadria Capital.

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In October 2021, UnaBiz Pte. Ltd., a Singapore service provider of Internet of Things technology for the aviation industry, secured US$25 million in series B funding. In April 2022, it acquired the French start-up Sigfox and later doubled its series B funding. The company’s managing director was then planning a series C funding round for June 2023 but had to make a decision regarding the company’s future growth and expansion from two potential paths. The first option was to focus on the aviation sector, in which the company could leverage major clients such as Changi Airport Group and Airbus SE. However, there were serious concerns regarding vulnerability and regulatory challenges in the aviation sector. The second option was a broader strategy that involved diversifying into logistics and supply chain, with aviation as a subset. This option presented significant market opportunities but required convincing stakeholders to adopt new technologies and to navigate a fragmented landscape. The managing director had to make a critical decision before presenting his expansion strategy for UnaBiz Pte. Ltd. to potential investors.

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