Industry News

Jessica J. Lee has been appointed as Vice President, Strategy at Asia Group Advisors (AGA), a move that underscores the firm’s dedication to strategic growth and innovation. Lee, who has a wealth of experience in corporate communications, issues management, and strategic planning across the Asia-Pacific region and the United States, will play a pivotal role in guiding AGA’s strategic direction.

Lee’s illustrious career includes leadership positions at APCO Worldwide and WE Communications, where she advised clients on market entry strategies and risk management. Her expertise spans the technology, healthcare, and philanthropy sectors, where she has successfully led high-performing teams and built effective public-private partnerships. Her appointment is expected to enhance AGA’s ability to navigate the complexities of the Asian market and deliver innovative solutions to its clients.

Holding a Master of Arts in Regional Studies-East Asia from Harvard University and a Bachelor of Arts from the University of California, Irvine, Lee is well-equipped to tackle the challenges of her new role. Her strategic insight and experience are anticipated to contribute significantly to AGA’s mission of providing exceptional advisory services.

This appointment marks a significant step for AGA as it continues to expand its influence and capabilities in the region. Lee’s leadership is expected to drive the firm towards achieving its strategic objectives and fostering growth in the competitive Asian market.

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The National University of Singapore’s Centre for International Law is set to host its inaugural ASEAN Private Sector Executive Programme on 18 February at the Shangri-La Hotel, Singapore. The event, themed “Diversifying and Maximising ASEAN Opportunities in Trade and Investment Agreements: What Businesses and Law Firms Need to Know for 2025 and Beyond,” will feature Chief Justice Sundaresh Menon of the Supreme Court of Singapore as the keynote speaker.

Chief Justice Menon’s address will focus on the importance of establishing a coherent framework of commercial laws and practices to harness ASEAN’s economic potential. He will discuss ASEAN’s key economic indicators and advocate for regional convergence and coherence in commercial laws. Additionally, he will outline efforts to promote this vision, which is crucial as ASEAN is projected to become the world’s fourth-largest economy by 2030.

The programme will also include a panel discussion on regionalisation and the ASEAN landscape, exploring opportunities in ASEAN trade agreements such as ASEAN+1, the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The panel will be moderated by Dr Tan Hsien Li, Co-Head of the ASEAN Law and Policy Programme at NUS, and will feature experts from government, industry, and academia.

This event is significant as it provides a platform for discussing strategies to maximise trade and investment opportunities within ASEAN, amidst a global climate of intensifying trade tensions. The insights shared could influence the future direction of ASEAN’s economic integration and its role in global supply chains.

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Savills Singapore has announced a notable 6.4% year-on-year increase in monthly rents for its prime business park spaces, marking the highest growth since 2013. Despite this, the overall sentiment in the business park sector remains lukewarm, with island-wide vacancy rates climbing to 22.1% in the fourth quarter of 2024, the highest in 14 years.

The rise in rents for prime business parks contrasts with the stagnant growth in standard business parks, which saw a mere 0.2% increase year-on-year. High-spec industrial spaces also experienced a modest rise of 0.5%. The completion of the first phase of the Punggol Digital District in the second half of 2024 contributed to the increased vacancy rates, particularly in areas like ESR Bizpark @ Chai Chee, which hit a record high vacancy rate of 31.8%.

Savills’ research further highlights a 4.9% year-on-year increase in monthly rents for prime warehouse and logistics properties, despite a general weakening in leasing demand across the industrial sector. The single-user factory segment recorded the largest decline in demand, with a 17.2% drop year-on-year.

Ashley Swan, Executive Director of Commercial & Industrial at Savills Singapore, noted, “While we have seen rental increases for newer, better spec-ed business park space, we expect that segment of the industrial market to continue to face challenges as vacancies rise throughout.”

Looking ahead, Savills anticipates that centrally-located business parks may maintain stable rents in 2025, while older parks could face continued pressure from elevated vacancy levels and weaker rents.

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WiseStella, a Singapore-based maritime learning provider, has launched a groundbreaking crew wellbeing assessment tool designed to address the growing mental and physical health challenges faced by seafarers.

The Wise WellBeing module, developed in collaboration with human resources experts and psychologists, aims to enhance seafarer safety, contentment, and retention by tackling issues such as workplace harassment, bullying, stress, and fatigue.

Seafarers often work in isolated environments with limited access to mental health support, according to WiseStella’s CEO, Ferhat Abul. “Many seafarers are reluctant to speak out about their struggles, particularly in cases of bullying and harassment,” he said. The new tool provides an anonymous platform for seafarers to voice their concerns, allowing shipping companies to take appropriate action.

Unlike existing indices, the Wise WellBeing module is designed for direct use by shipping companies, offering precise data tailored to their specific workplace conditions. Through an interactive digital survey, it measures the physical, mental, social, and intellectual health of a company’s workforce. This enables HR teams to identify problem areas and implement targeted training and resources.

Dr Rafet Emek Kurt, WiseStella Board Advisor, highlighted the prevalence of bullying and harassment at sea, noting that the hierarchical nature of the maritime sector often hinders victims from reporting misconduct. The module aims to integrate anonymous wellbeing assessments into safety management systems, promoting a safer and more inclusive industry.

The Wise WellBeing module is now available to shipping companies worldwide, with future developments set to include direct access to mental health professionals and personalised wellbeing recommendations.

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UOB’s Business Outlook Study 2025, conducted in January, surveyed 900 businesses across Singapore, revealing that more than 80% of companies have applied or intend to apply for initiatives from Budget 2024.

The study highlights the ongoing challenges and expectations businesses have for the upcoming Budget 2025, particularly in managing high costs and inflation.

The survey found that the SkillsFuture Enterprise Credit and Progressive Wage Credit are the most recognised initiatives, with 29% and 21% awareness, respectively. However, 17% of businesses have not engaged with any Budget 2024 initiatives, citing uncertainty about relevance and the time-consuming nature of applications as primary barriers.

Businesses are keenly anticipating Budget 2025, with half seeking support to combat inflation. They are also looking for measures to aid digital adoption, sustainability projects, and export opportunities. UOB’s Head of Group Commercial Banking, Eric Lian, noted, “About one in two businesses are still hoping that Budget 2025 will bring support measures to cope with high costs.”

Business sentiment remains positive, with over 80% of respondents expressing optimism, a significant increase from previous years. Despite this, high inflation remains a concern for 31% of businesses, although this is a decrease from 37% last year.

Sustainability practices are gaining traction, with 48% of companies focusing on resource efficiency and 40% on energy-efficient technologies. However, cost concerns and insufficient knowledge remain significant hurdles.

As Singapore prepares for Budget 2025, the findings underscore the critical role of government initiatives in supporting businesses through economic challenges and fostering growth.

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A.P. Moller – Maersk, a leading integrated logistics company, and Castlery, a Singapore-founded international furniture brand, have entered into a 10-year agreement to provide ocean and integrated logistics services. This strategic partnership aims to bolster Castlery’s global expansion efforts by ensuring efficient and sustainable supply chain operations.

The collaboration will see Maersk offering end-to-end logistics solutions, including ocean freight, intermodal transportation, and distribution, alongside strategically located warehousing. This comprehensive service is designed to enhance supply chain resilience and efficiency, crucial in today’s unpredictable global market. Declan Ee, Co-founder of Castlery, emphasised the importance of this partnership, stating, “Scaling a brand globally requires more than just great products – it demands a logistics network that is agile, efficient, and future-ready.”

The partnership builds on years of collaboration between the two companies, with Maersk’s solutions already optimising Castlery’s supply chain operations. The introduction of Maersk’s new network under the Gemini Cooperation is expected to further improve delivery lead times and cost efficiencies for Castlery. Elaine Low, Area Managing Director for Southeast Asia at Maersk, expressed enthusiasm for the continued partnership, highlighting its role in supporting Castlery’s growth ambitions worldwide.

Sustainability is also a shared focus, with Castlery leveraging Maersk’s Eco Delivery solutions to reduce carbon emissions through ocean freight and electric lorries. This aligns with Maersk’s broader goal of achieving net zero emissions by 2040.

As Castlery continues to expand into new markets, this partnership with Maersk is set to play a pivotal role in delivering high-quality furniture to customers globally, ensuring a seamless and sustainable supply chain.

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Starting 20 March 2025, Jetstar Asia will offer direct flights from Singapore to Labuan Bajo, Indonesia, providing a convenient travel option for those seeking to explore the UNESCO-listed Komodo National Park. The flights, operating twice weekly, will take approximately three hours, making the remote destination more accessible to Singaporean travellers.

Labuan Bajo, known for its pristine beaches, world-class diving, and the unique opportunity to see Komodo dragons in their natural habitat, is gaining popularity among those looking for off-the-beaten-path destinations. The new flight route aligns with a growing trend among travellers seeking unique and less crowded locations.

Adding to the allure of Labuan Bajo is the newly opened TA’AKTANA, a Luxury Collection Resort & Spa by Marriott International. This resort, the first of its kind in the area, offers a blend of luxury, culture, and adventure. Inspired by traditional Indonesian architecture, the resort features five dining venues, including Umasa, which serves farm-to-table Indonesian cuisine, and Taba, known for contemporary Japanese dishes. Guests can also enjoy innovative cocktails at the overwater bar, Maiga!, and rejuvenating treatments at Di’a Spa.

With the introduction of these direct flights, Labuan Bajo is set to become a prime destination for those seeking both cultural and natural experiences. The enhanced accessibility is expected to attract more visitors from Singapore, eager to explore the hidden gems of Indonesia.

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Singapore’s economy demonstrated robust growth in the fourth quarter of 2024, expanding by 5% compared to the same period last year.

This performance aligns with the nation’s steady recovery trajectory, as outlined in the latest report released by the Department of Statistics Singapore.

Despite the strong finish to 2024, the GDP growth forecast for 2025 remains conservative, projected to be between 1% and 3%.

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Rear Admiral (RADM) Garin Golding, Chief of the Royal New Zealand Navy (RNZN), is currently on an introductory visit to Singapore from 11 to 13 February 2025.

During his visit, RADM Golding met with Singapore’s Minister for Defence, Dr Ng Eng Hen, at the Ministry of Defence (MINDEF), and also called on Vice Admiral Aaron Beng, Chief of Defence Force, and RADM Sean Wat, Chief of Navy.

The visit included an inspection of the Guard of Honour at MINDEF and a tour of the RSS Tenacious, a Formidable-class frigate, at RSS Singapura – Changi Naval Base.

This visit coincides with the 60th anniversary of diplomatic relations between Singapore and New Zealand, highlighting the enduring defence partnership between the two nations.

The Royal Singapore Navy (RSN) and RNZN maintain a robust relationship through regular professional exchanges, visits, and participation in joint exercises such as the bilateral Exercise Lion Zeal.

They also engage in multilateral exercises under frameworks like the Five Power Defence Arrangements, the ASEAN Defence Ministers’ Meeting-Plus, and the Western Pacific Naval Symposium.

These interactions have been pivotal in enhancing mutual trust and interoperability between the navies, fostering professional rapport and ties among their personnel. RADM Golding’s visit underscores the commitment of both nations to continue strengthening their defence collaboration, ensuring regional stability and security.

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Tetr College of Business has announced a S$10m scholarship fund aimed at supporting aspiring entrepreneurs worldwide.

The initiative, which includes a S$1m allocation specifically for Singaporean students, seeks to provide access to Tetr’s innovative global business and technology programmes. The college, known for its practical and industry-focused education, aims to nurture future business leaders by offering them opportunities to learn and build businesses across diverse international markets.

The scholarship fund is part of Tetr’s commitment to redefining entrepreneurial education. Students enrolled in Tetr’s programmes will have the chance to study in seven different countries, gaining insights from globally renowned institutions and industry leaders. The curriculum includes hands-on learning experiences, such as launching real businesses and engaging in cultural exchanges. In the first semester, students in Dubai launched 23 dropshipping businesses, earning over S$138,000 collectively.

Pratham Mittal, Founder of Tetr, expressed enthusiasm for the new scholarship, stating, “We are thrilled to announce the dedicated scholarship fund for Singapore for our Class of 2029. This scholarship fund is more than financial support—it is an investment in the boundless potential of Singaporean talent to shape global business landscapes and redefine entrepreneurial excellence.”

The programme’s success is highlighted by the diverse backgrounds of its students, including TEDx speakers and national-level athletes. Jerome Tan, a Singaporean student from the Class of 2028, shared his positive experience, noting the programme’s impact on his entrepreneurial journey.

Applications for the scholarship are now open on the Tetr website, with an aptitude test and interview process for shortlisted candidates.

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