The Business Times

Margin relief lifts outlook for DBS, OCBC and UOB, extending Singapore bank rally

THE three local banks may be nearing the end of the margin squeeze that has weighed on earnings over the past year, as interest rates stabilise and funding pressures ease, analysts said. Ahead of the banks’ fourth-quarter results, sentiment remains...

Kkr-led STT GDC deal speeds up Singtel’s push to digital infrastructure, say analysts

A S$6.6 BILLION deal led by private equity giant KKR, alongside Singtel, to acquire Singapore-based ST Telemedia Global Data Centres (STT GDC) is expected to propel the telco to a top-tier position in the Asia-pacific data centre space. It also...

Singapore players eye securities financing amid global demand, wealth inflows

MORE financial institutions in Singapore are eyeing the securities financing business, given increasing global demand and a growing supply of assets as wealth continues to flow into the Republic, observers said. Singapore’s securities financing market...

Call for investor caution as MAS, SGX pave way for forward-looking disclosures

THE door may soon open for forward-looking disclosures by listed companies, with market observers saying the shift could improve transparency and narrow information gaps, even as they caution that such statements carry inherent risks and require...

What makes a ‘good job’ today – and why this is harder to create

GOOD jobs are still defined by pay, stability and progression, but creating such roles – and making them accessible – has become increasingly difficult, labour observers say. The issue has come into sharper focus after the Economic Strategy Review...

E&O’S RM60B Andaman project moves from homes to hubs

The artificial island off Penang is moving into its next phase – to become a lifestyle and business hub. A second link, Gurney Bridge, connecting it to Gurney Drive, has recently opened.

MAS maintains monetary policy settings; tightening expected in April or July

ECONOMISTS expect the Monetary Authority of Singapore (MAS) to tighten monetary policy in April or July after keeping settings unchanged in January, amid a more optimistic growth outlook and higher inflation projections. Though most expect a move in...

Singapore firms could grow revenue by S$12.3b with Enterprisesg support in 2025

AMID a volatile macroeconomic environment in 2025 fraught with trade tensions and disruptions, Singapore companies are expected to grow their annual revenue by S$12.3 billion and create 10,000 skilled jobs through projects supported by Enterprise...

Micron invests US$24B to expand Singapore manufacturing complex

SEMICONDUCTOR giant Micron Technology broke ground on Tuesday (Jan 27) morning on an advanced wafer fabrication facility in Woodlands as part of a major investment of US$24 billion over the next decade. This brings Micron’s total investments in...

Sgx-listed pawnbrokers, stocks ride gold rally as precious metal breaks US$5,000 level

PAWNBROKERS have emerged as beneficiaries of gold’s historic rally, as the yellow metal crossed the psychological US$5,000 mark and set yet another record. After already gaining much ground in the past year or so, gold prices are still rising on a...

Johor-singapore SEZ’S RM68B fuels state’s record investment haul as interest swells

THE Johor-singapore Special Economic Zone (JS-SEZ) pact locked in RM68 billion (S$21.9 billion) in approved investments during the first nine months of 2025, accounting for nearly 75 per cent of Johor’s record RM91.1 billion, one of the country’s top...

FROM K-POP TO ‘PETROL STATION’ SETS: HOW PHOTO STUDIOS ARE CLICKING WITH CUSTOMERS

TWO decades ago, young Singaporeans squeezed behind the curtains of Japanese-style Neoprint booths to snap photos, embellish them with glittery doodles, and print them out as stickers. Once omnipresent in arcades and malls, these booths faded away in...

Construction demand to stay firm at S$47b to S$53b in 2026: Chee Hong Tat

CONSTRUCTION demand in Singapore is expected to remain firm in 2026, with S$47 billion to S$53 billion of contracts expected to be awarded, said Minister for National Development Chee Hong Tat on Thursday (Jan 22). This is broadly in line with the...

Gold, silver hit fresh highs as Trump’s Greenland tariffs rattle European markets

GOLD and silver scaled new alltime highs on Monday (Jan 19), as investors continued to pour money into safe-haven assets following the Trump administration’s latest tariff salvo – this time linked to Greenland. Spot gold prices climbed 1.4 per cent to...

Secondary listings on SGX set to grow in 2026, but regulatory frictions loom

WITH three recent sizeable secondary listings bringing the total on the Singapore Exchange (SGX) to 29, industry players expect more entrants this year, especially with the streamlining of some regulatory processes. “We do see some secondary listings...

Singapore port achieves record-high performance in 2025

THE Port of Singapore had a banner year in 2025, achieving all-time highs for annual vessel arrival tonnage, container throughput, marine fuel sales, sales of alternative bunker fuels, and total tonnage of ships under the country’s flag. Gross tonnage...

Malaysia’s MM2H’S new pull: Schools, second homes and a Greater China surge

THE Malaysia My Second Home (MM2H) scheme, which generated nearly RM900 million (S$284.2 million) in the year to June 2025, is increasingly being used as a visa for globally mobile families chasing international school access and a second base – not...

‘SEARCH FUNDS’ TO BUY SMES SPRING UP IN THE ASIA-PACIFIC, BUT WILL THEY SUCCEED?

AFTER a 15-year career ranging fr m engineering to invest nt banking, Pete Seligman left he corporate world – and w nt looking for a company to y. In 2013, he and a friend founded buy t vehicle Alpin Group to acqu re, operate and grow small businesses...

Singapore manufacturing growth to ease; AI boom, tariff exemptions bright spots

GIVEN the continued artificial intelligence (Ai)-led electronics demand and exemptions from US President Donald Trump’s sectoral tariffs, Singapore’s manufacturing sector is still expected to chart growth this year, albeit at a more moderate pace. The...

Revitalised IPO market, policy tailwinds could drive STI past 5,000 by end-2026: analysts

THE Straits Times Index (STI) could breach the 5,000-point mark by the end of 2026, driven by policy tailwinds, recovering earnings and a revitalised initial public offering (IPO) market. UOB Kay Hian (UOBKH) set a bullish target, citing support from...

Business class airfares could rise as Apac passenger traffic continues to expand

STRONG growth in consumer demand for air travel in Asia could push up prices for some business class seats this year, analysts say. But higher capacity in the low-cost segment is expected to keep tickets affordable for budget travellers. Most markets...

WHEN CHANGE IS THE CONSTANT: POLICIES AND POLITICS TO WATCH IN 2026, AT HOME AND ABROAD

After a roller-coaster year shaped by a stop-start global trade war, 2026 is expected to be similarly rocky for Singapore, even if changes at home are more controlled. Amid international turbulence, the People’s Action Party won the 2025 General...

Transition in full swing: 4G leadership’s direction and Budget 2026 priorities

THE year 2025 may be remembered as solidifying Singapore’s transition to its fourth-generation (4G) leadership. This year should bring a clearer sense of the 4G team’s priorities, with its economic strategy review to be completed by mid-year. The...

Singapore posts 4.8% growth in 2025, but sustaining pace will be challenging: PM Wong

THE economy grew a strongerthan-expected 4.8 per cent in 2025, but sustaining this pace will be challenging, Prime Minister Lawrence Wong said in his New Year message on Wednesday (Dec 31). “We will face more obstacles to growth, and inflationary...

Contract hiring, higher foreign labour costs: Trends shaping manpower landscape in 2026

A RISE in contract or project-based roles is among several trends expected to shape the labour market in 2026, as hiring sentiment cools sharply in the uncertain economic climate, said watchers. Chua Han Teng, DBS senior economist, said: “Firms are...

En bloc sale market in 2026 set to be more active, but challenges remain

AFTER another subdued year for collective sales, the market could see more activity in 2026 as financing costs fall and rules governing the en bloc sale process come under review. Ageing condominiums put up for sale have struggled to close deals in...

CHINA’S POLAR SILK ROAD TAKES SHAPE, PUTTING SINGAPORE’S MARITIME FUTURE IN FOCUS

Chinese carrier Sea Legend Line made maritime history in October, becoming the first to offer a liner-type shipping service with multiple stops from Asia to Europe through the Arctic. The voyage through the Northern Sea Route (NSR) in the Arctic by...

Singapore F&B players see stronger festive demand, but retailers report uneven spending

HOTELS and restaurants are experiencing stronger year-end festive dining demand, with bookings coming in earlier – but the picture is more mixed for retailers. Demand for French restaurant Brasserie Gavroche’s festive menus is 15 per cent higher this...

COE supply expected to rise 20% in 2026, but premiums may not fall in proportion

THE supply of passenger car Certificates of Entitlement (COES) may grow some 20 per cent next year, but premiums may not fall significantly, say industry observers. This is because demand will remain strong, supported by electric vehicle (EV) buyers...

F&B players push for more changes in import rules to ease food cost squeeze

THE Restaurant Association of Singapore (RAS) is calling for an expansion of food sources approved by the authorities while also exploring collective procurement, as local food and beverage (F&B) operators face stiffer competition and rising operating...

THE ART OF INVESTING IN SPITE OF MELTING ASSET VALUES

Singapore industrial market expected to turn in ‘uneven growth’ in 2026

STEADY demand for high-spec manufacturing and logistics space kept Singapore’s industrial property market stable this year, but a flood of new supply amid ongoing global trade uncertainty could lead to significant moderation in certain sectors,...

Economists raise 2026 growth forecast to 2.3%, upgrade 2025 forecast: MAS survey

PRIVATE-SECTOR economists have turned more optimistic about the Republic’s 2026 growth, with a median expectation of 2.3 per cent in the latest quarterly survey released by the Monetary Authority of Singapore (MAS) on Wednesday (Dec 17). This is up...

Asean Power Grid projects could attract more Chinese investor interest in 2026

CHINA’S clean-power players and investors are poised to expand their footprint in South-east Asia in the coming year, riding on the momentum of a region-wide effort to build cross-border energy linkages. The effort, dubbed the Asean Power Grid (APG),...

Rebate cuts won’t hurt Singapore’s momentum as top EV market in S-E Asia

THE Republic’s electric vehicle (EV) adoption rate should continue to grow in 2026 despite a cut in incentives for passenger EVS, say industry observers. Passenger EV sales will be driven by cost-effective China models and increased competition among...

Hongkong Land hives off MBFC Towers 1 and 2, One Raffles Quay into private fund

The Singapore Central Private Real Estate Fund, expected to hold more than S$8b in AUM at inception, will be Republic’s biggest private real estate fund and focus exclusively on managing prime commercial property assets.

Retrenchments rise slightly in Q3 amid restructuring, but hiring remains firm

RETRENCHMENTS in Singapore rose marginally to 3,670 in Q3 – up from the previous quarter’s 3,540 – largely driven by firms restructuring to stay competitive against the global economic uncertainty. Fewer were due to recession, downturn in the...

Modest HDB resale price growth expected in 2026 amid rising supply

THE public housing market will likely see modest growth in resale prices next year, with ample fresh supply and cooling demand keeping a lid on flat prices. Analysts project that resale prices of Housing & Development Board (HDB) flats could rise by...

OG sues Hao Mart for S$6.6m over alleged breach of Taste Orchard lease

OG HAS sued supermarket operator Hao Mart for allegedly breaching its lease agreement over Taste Orchard by failing to pay rent from January to November 2024, as well as subletting parts of the premises without seeking its approval. As Taste Orchard’s...

Small and mid-cap firms hope Value Unlock measure will boost investor understanding

DESPITE solid fundamentals, many small and mid-cap companies listed in Singapore bemoan that their true value is underestimated by the market. With newly announced measures from the Monetary Authority of Singapore (MAS) review group, these firms hope...

WHY MORE MALAYSIAN SENIORS ARE TRADING IN HOMES FOR RESORT-STYLE LIVING

EVEN as people half her age might hesitate, 82-year-old Chee Shook Yin embraced change by trading her six-bedroom Bangsar bungalow – complete with the garden she once tended – for a 600 square foot apartment. In return, she found an entirely new way of...

Singapore, Malaysia to work on further improving cross-border connections

MALAYSIA and Singapore are working on further improvements to cross-border travel, including enhancements to the cross-border taxi scheme and co-location of clearance facilities for the upcoming Johor Bahru-singapore Rapid Transit System (RTS). The...

Asian exchanges play key role in giving global investors diversification: SGX chief

THE chief executive officer of the Singapore Exchange (SGX) on Wednesday (Dec 3) cited the duallisting framework with Nasdaq and the launch of institutional-grade crypto perpetual futures as examples of how the bourse is advancing product...

10 new sites, including Jurong Lake District carve-out, up for sale in H1 2026 GLS programme

TEN new sites will be on offer under the government land sales (GLS) programme for private residential housing in the first half of 2026 – seven on the confirmed list and three on the reserve list. They include a white site at Town Hall Link on the...

Popiah King’s new factory has one of Asia’s largest, fully automated warehouses

WOULD a sheet of spring-roll pastry that sells for as little as S$0.035, along with other modestly priced food products with meagre margins, be worth investing half a billion dollars in? Sam Goi, owner and executive chairman of the world’s leading...

Investment banking recovery expected to continue next year with improved economy

IMPROVED macroeconomic conditions have led to a recovery in investment banking activity across Asean this year – and bankers expect the momentum to continue into 2026. Interest rates eased in 2025, after the US Federal Reserve cut interest rates twice...

Republic’s real income growth improves to 4.3% amid low inflation

In a report, the Ministry of Manpower said Singapore’s labour market had “held up well” despite uncertainty; unemployment stayed low, though job mobility fell.

Vietnam’s US$67B North-south high-speed railway faces funding conundrum

VIETNAM’S mammoth US$67 billion North–south high-speed railway is facing a crunch point as plans to roll out the decade-long project in 2026 collide with private investors’ unprecedented push for state-backed loans – a demand that regulators warn could...

A stronger ringgit is unleashing Malaysians’ demand for premium travel destinations, experiences

AS THE ringgit climbs, Malaysians are dreaming bigger, widening their travel horizons from Paris and London to Istanbul, even as traditional favourites like Bangkok, Tokyo and Bali remain strong. Travel platforms and money changers said the stronger...

JTC, NUS exploring Jurong Island facility to test green data centre innovations

INDUSTRIAL landlord JTC and the National University of Singapore (NUS) will look into setting up a facility on Jurong Island to test green innovations for tropical data centres – which are designed to operate in warm climates. Both organisations inked...

Making SGX small and mid-caps great again: Mas-appointed funds can lead the charge

SINGAPORE’S 240 small and midcap (SMID) companies, each worth between S$100 million and S$10 billion, may draw a fresh wave of capital and investor interest as fund managers under the Monetary Authority of Singapore’s (MAS) S$5 billion Equity Market...

Singtel guides for higher full-year operating earnings after strong H1 results

TELECOMMUNICATIONS giant Singtel on Wednesday (Nov 12) revised its operating companies’ (Opco) earnings before interest and tax (Ebit) guidance for FY2026 ending March to a wider range of “high single digit to low double digit”. This is an upgrade...

UOB outlook lags that of DBS, OCBC amid spotlight on asset quality in Q3

THE market outlook for UOB has turned cautious compared with that for DBS and OCBC, amid greater concerns over the former’s asset quality. This came after UOB missed expectations when it posted a 72 per cent fall in its net profit to S$443 million for...

Economy passengers to be charged S$1 to S$10.40 sustainable fuel levy from Oct 2026

THE Republic’s previously announced sustainable aviation fuel levy will kick in on Oct 1, 2026, for all passengers and cargo on commercial flights originating in Singapore. This is applicable to tickets or services sold from Apr 1, 2026, said the...

Hong Kong poised to reclaim top global IPO ranking in 2025

HONG Kong is well on track to finish 2025 as the world’s top initial public offering (IPO) market, leaving the New York Stock Exchange in the dust. The catalysts behind this unexpected rebound from a prolonged lull are not lost on Cheah Cheng Hye, a...

TOO AFRAID TO QUIT? WELCOME TO JOB HUGGING

Over 20 power giants including SP Group, Mitsubishi press Vietnam over US$13B clean energy row

SINGAPORE’S SP Group and over 20 foreign power majors from the Philippines, Thailand, Japan and beyond are pushing Hanoi for urgent talks this month, as prolonged payment delays from Vietnam Electricity’s (EVN) following a sudden rule shift have pushed...

Financial stability risks stay elevated despite resilient global economy: MAS

FINANCIAL stability risks remain elevated even as the global economy has been more resilient than expected and despite strong investment sentiments, said the Monetary Authority of Singapore (MAS). Public equity markets show growing concentration...

Chick-fil-a, Chipotle, S Korea’s Lotteria tap Singapore consumers’ evolving taste

SINGAPORE’S food and beverage scene is entering a new phase, where Chinese chains that once expanded at breakneck speed are refining concepts as new players from China and beyond continue to arrive. “The initial wave of Chinese expansion, marked by...

Indonesia’s banks breathe easier after rate cuts, but cracks in retail credit remain

AFTER five interest rate cuts and a government liquidity boost, Indonesia’s biggest banks are breathing easier, though not enough to mask deeper cracks in consumer lending and asset quality. Based on the sector’s ninemonth showing, amid a turbulent...

Flat or weaker Q3 earnings seen for Singapore banks as margins narrow

SINGAPORE’S three local banks are set to deliver flat or weaker thirdquarter earnings, as lower benchmark rates further squeeze net interest margins (NIMS). Analysts said the focus this week will be on whether stronger wealth and trading income can...

SINGAPORE’S BLOGSHOPS COME OF AGE, BUT CAN THEY STAY RELEVANT?

ONCE the domain of young entrepreneurs selling affordable fashion from their bedrooms, Singapore’s blogshops – small, home-grown fashion boutiques – have become a formidable presence in the local retail scene. Two decades after their emergence in the...

Singapore’s total employment up by 24,800 in Q3; resident jobs growth expected to lag

TOTAL employment in Singapore rose by 24,800 in the third quarter, led by strong growth in the manufacturing and construction sectors, according to advance estimates released by the Ministry of Manpower’s (MOM) on Thursday (Oct 30). This was up from...

SGX Regco introduces more flexible listing rules, removes watch list

COMPANIES looking to make their trading debut on the Singapore Exchange (SGX) mainboard will now face a lower profit test threshold for admission. It has been reduced to S$10 million from S$30 million under revised quantitative admission...

Court grants GNC rights to Ron Sim’s LAC store leases, awards US$18.9M in damages

THE Singapore International Commercial Court (SICC) has largely upheld an arbitration decision giving GNC Holdings rights to LAC Global’s retail leases and awarding more than US$18.9 million in damages to GNC, capping a bitter threeyear franchise...

Singapore sets aside 20 ha on Jurong Island for 700 MW low-carbon data centre park

SINGAPORE will build a low-carbon data centre park on Jurong Island with up to 700 megawatts (MW) of capacity – its largest such facility – and set up a regulatory sandbox to explore biomethane as a low-carbon fuel. These moves and other green efforts...

Trump hails Thai-cambodia peace deal, says he has ended ‘8 wars’

US PRESIDENT Donald Trump claimed on Sunday (Oct 26) that his administration has “ended eight wars in eight months” since his return to the White House, as he appeared alongside Malaysian and South-east Asian leaders at the signing of the Kuala Lumpur...

CAN SINGAPORE STAY AT THE FOREFRONT OF THE GLOBAL LUXURY MARKET?

SHAUN Quek, 48, spends nearly six figures a year on luxury goods. But while he used to purchase them with the intention of owning specific brands such as Louis Vuitton and Bvlgari, the founder of creative agency TMRW says he now wants pieces that...

Trump’s KL visit to Asean Summit puts South-east Asia’s neutrality to the test

WITH US President Donald Trump confirming his attendance at the upcoming 47th Asean Summit in Kuala Lumpur, he arrives at a moment of delicate balance for Southeast Asia and for America’s standing in a region increasingly defined by rivalry,...

STI could reach 10,000 by 2040; Singdollar could also hit parity with greenback: DBS

THE Straits Times Index (STI) could rise to nearly 10,000 points by 2040 if historical return patterns hold, DBS’ Singapore 2040 report indicated. The Singapore dollar could also reach parity with the greenback by 2040, amid policy and safe-haven...

Breaches of AI policy could be a sackable offence at some Singapore law firms

LAW firms here are treating breaches of generative artificial intelligence (GENAI) policies as potentially sackable offences, following a landmark High Court case that ordered a lawyer to personally pay S$800 in costs for citing a hallucinated...

Despite renewed interest, Catalist stocks need to get onto mainboard for growth

SINCE it transferred from the Singapore Exchange (SGX) Catalist board to the mainboard in June, Malaysiabased Oiltek International has seen its average daily trading volume almost treble. Market capitalisation of the vegetable oil process engineering...

Funding dries up for nascent biotech startups amid challenging economic conditions

AS INVESTORS turn more cautious amid the uncertain economic climate, early-stage biomedical startups in Singapore may face higher hurdles in their quest for more funding, industry watchers told The Business Times. “We have found that fewer companies...