Industry News

Singapore-headquartered digital travel platform Agoda has announced the five most booked Asian destinations for the first half of 2025, based on booking data from 1 January to 30 June. The list is topped by Tokyo, followed by Bangkok, Osaka, Seoul, and Kuala Lumpur, highlighting the continued appeal of these vibrant cities.

Agoda’s findings underscore the enduring allure of urban exploration, with travellers drawn to Asia’s iconic cities for their unique blend of culture, cuisine, and experiences. Andrew Smith, Senior Vice President of Supply at Agoda, remarked, “Asia’s cities have a timeless appeal that keeps travellers coming back year after year. Whether it’s the culinary adventures in Bangkok, the cultural treasures of Tokyo, or the urban buzz of Seoul, Agoda is here to make exploring these incredible destinations seamless and affordable.”

The popularity of these cities reflects their ability to offer diverse attractions, from shopping and nightlife to historical landmarks and food adventures. Agoda supports travellers with an extensive inventory of over 6 million holiday properties, 130,000 flight routes, and 300,000 activities, making it easier to plan trips to these sought-after destinations.

For those looking to explore these top cities, Agoda provides a platform to book accommodations and activities, ensuring a comprehensive travel experience. The company, headquartered in Singapore, is part of Booking Holdings and employs over 7,000 staff across 27 markets.
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Singapore’s inflation figures for June have come in softer than anticipated, with core Consumer Price Index (CPI) holding steady at 0.6% and headline inflation easing to 0.8%. This development, according to eToro Market Analyst Josh Gilbert, could prompt the Monetary Authority of Singapore (MAS) to consider loosening monetary policy by the end of the month.

The latest data indicates a consistent disinflation trend, with food prices remaining low and recreation costs continuing to decline. Core inflation pressures are well within the official forecast range, suggesting that previous policy tightening measures have been effective without exacerbating price pressures. “The consistent disinflation trend is a strong sign that cost-of-living pressures are easing,” Gilbert noted.

With economic growth still sluggish and inflation under control, the MAS faces increased pressure to adjust its policy stance. Gilbert highlighted that the current economic environment makes it challenging for MAS to maintain its existing policy, stating, “The door is now wide open for MAS to shift gears and step in to support growth.”

However, Gilbert cautioned against reckless easing, pointing out global risks such as potential spikes in oil prices and tariffs. He emphasised that maintaining overly tight policies could be detrimental to the economy. As the MAS deliberates its next move, the June CPI data provides a compelling case for a policy shift to bolster growth whilst remaining vigilant of external risks.
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The latest Global Economic Conditions Survey (GECS) by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) indicates a modest global rebound in business confidence for Q2 2025. However, the Asia Pacific region has experienced a significant decline, erasing gains from the previous quarter. This downturn is attributed to rising US tariffs, global trade uncertainty, and increasing customer risk.

Geopolitical issues have emerged as the primary concern for accountants globally, surpassing economic and regulatory worries. Whilst talent and cybersecurity risks remain significant, they have become less prominent compared to the growing focus on external volatility and policy unpredictability. Climate, fraud, and supply chain issues have also seen a decline in priority.

Key findings for the Asia Pacific region include a sharp fall in the Employment Index, which remains historically weak. Concerns about customer insolvency have spiked, marking the highest level among all regions. Although cost pressures have risen slightly, they remain modest by historical standards, whilst payment delays have increased.

In Singapore, businesses face heightened caution due to rising compliance and wage pressures amidst persistent global trade uncertainty. The sharp decline in confidence across Asia Pacific, coupled with concerns about customer solvency and payment delays, suggests that finance professionals in the region are likely to encounter more challenging decision-making environments.

As the global economic landscape continues to evolve, the focus on geopolitical risks and external volatility may shape future business strategies and decision-making processes.
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Singapore’s coffee scene reached new heights as the Singapore National Coffee Championship (SNCC) concluded, showcasing the country’s finest baristas. Held over three days at the Speciality Coffee & Tea Asia event, the competition saw 71 participants vie for titles in four categories. Organised by the Singapore Coffee Association, the event drew over 13,000 visitors and featured 449 exhibitors from 41 countries.

The SNCC winners, who will represent Singapore at the 2026 World Coffee Championships, include Jervis Tan, owner of Oaks Coffee Co, who clinched the Singapore National Barista Championship. Tan, a seasoned competitor in latte art, expressed his gratitude for the opportunity to represent Singapore globally. Ong Shen Choy, co-owner of Fluid Collective, won the Singapore National Brewers Cup, highlighting his decade-long dedication to the craft.

Robin Lee Yip Choon, manager at The Populus: Coffee & Food Co, emerged victorious in the Singapore National Latte Art Championship after five attempts. He will compete in the World Latte Art Championships in San Diego in April 2026. Tan Yi Xin, store manager at Starbucks Singapore, secured the Singapore Cup Tasters Championship for the second consecutive year, showcasing her exceptional palate.

The event also marked the certification of eight trainees under the ASEAN Coffee Federation Coffee Appreciation Protocol, a new framework aimed at enhancing coffee education across Southeast Asia. The SNCC and SCTA events underscored Singapore’s burgeoning coffee culture and its commitment to elevating industry standards. The next edition is scheduled for 15 to 17 July 2026 at the Sands Expo & Convention Centre.
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The Hong Kong and China Gas Company Limited (Towngas) has successfully completed its supply of 5,000 tonnes of ISCC EU-certified green methanol to Golden Island Pte Ltd for bunkering operations in Singapore. This delivery, facilitated through Mitsubishi Corporation, marks a pivotal step in Towngas’s commitment to green maritime fuel logistics, achieving a carbon intensity reduction of over 75% compared to conventional Very Low Sulphur Fuel Oil.

The green methanol was initially stored at Tianjin Vopak’s facility before being loaded onto Golden Island’s bunker vessel, Golden Antares, for the trial. Sham Man-fai, Chief Operating Officer – Green Fuels & Chemicals at Towngas, stated, “This successful delivery to Golden Island demonstrates our ability to execute our green methanol commitments with precision and reliability.”

Golden Island’s General Manager of the Marine Fuel Department, Tomohiro Yamano, highlighted the significance of this delivery, stating it forms “the cornerstone of our journey to providing low-carbon solutions that align with global targets.”

Towngas’s production facility in Inner Mongolia, which converts agricultural and forestry waste and scrap tyres into green methanol, underscores the company’s innovative approach. The facility is set to expand its annual production capacity from 100,000 tonnes to 150,000 tonnes by the end of 2025. Additionally, Towngas is collaborating with Foran Energy to establish multiple production bases across China, aiming for a combined annual capacity of 1 million tonnes.

This milestone not only strengthens Towngas’s partnership with Golden Island but also reinforces its position as a leading supplier of green methanol in Asia’s maritime sector.
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Lady M has announced the launch of its latest seasonal creation, the Strawberry Matcha Mille Crêpes, which will be available from 25 July to 21 September 2025 at all Lady M Singapore boutiques and online. This new dessert combines the trendy flavours of strawberry and matcha, celebrated for their vibrant colours and sweet-meets-earthy taste, which have gained popularity on social media.

The Strawberry Matcha Mille Crêpes features pink-hued handmade crêpes layered with strawberry and matcha pastry creams. It is topped with a glossy strawberry glaze and delicate strawberry pieces, offering a visually appealing and flavourful experience. This dessert is priced at $12.50 (£10.20) per slice at boutiques and $128 (£104.50) for a whole cake online.

Lady M’s latest offering is a refined take on a popular trend, making it a must-try for dessert enthusiasts and matcha fans. The Strawberry Matcha Mille Crêpes will be available for purchase online at Lady M’s website and in all Singapore boutiques starting 25 July 2025.

This seasonal delight not only taps into current flavour trends but also showcases Lady M’s commitment to crafting visually stunning and delicious desserts. As the dessert is available for a limited time, it is expected to attract both loyal customers and new visitors eager to experience this unique flavour combination.
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Singapore’s core inflation rate slightly decreased by 0.1% month-on-month in June, maintaining a year-on-year rate of 0.6%, according to UOB Global Economics and Markets Research. This figure was below both Bloomberg’s consensus and UOB’s own forecast. The subdued inflation is attributed to declines in sectors such as recreation, sport and culture, and information and communication, with food inflation also easing.

The Monetary Authority of Singapore (MAS) is anticipated to consider further easing measures, as inflation risks remain high due to external uncertainties. The recent spike in global crude oil prices, driven by geopolitical tensions, is seen as temporary, with prices normalising following de-escalation. Despite this, MAS may maintain its cautious stance, potentially deferring policy easing to October 2025.

UOB has adjusted its average core inflation forecast for 2025 to 0.6%, down from 0.8%, and for 2026 to 1.1%, down from 1.3%. The report suggests that MAS could adopt a “wait-and-see” approach, with further easing likely a matter of timing rather than necessity. MAS Managing Director Chia Der Jiun noted that the impact of tariffs and uncertainties has yet to significantly affect the economy, allowing room for adjustments if growth risks intensify.

The upcoming MAS Monetary Policy Statement, expected on 30 July, will provide further insights into the central bank’s approach amid these economic conditions.
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Singapore’s core inflation rate remained unchanged at 0.6% year-on-year in June, according to a report by Nomura Global Economics. This figure, consistent with May’s data, was below the anticipated 0.7%, primarily due to a modest increase in healthcare price inflation. The Monetary Authority of Singapore (MAS) is expected to adjust its 2025 core inflation forecast range to 0.5-1.0% from the previous 0.5-1.5%.

Headline inflation also remained stable at 0.8% year-on-year, aligning with Nomura’s forecast but falling short of the consensus prediction of 0.9%. Accommodation inflation saw a slight decrease to 1.0%, whilst private transport inflation increased to 2.0%, driven by rising car prices.

The report highlights that the subdued core inflation was influenced by a smaller rise in healthcare prices and a moderation in food price inflation. The MAS noted that higher retail and other goods inflation was offset by lower inflation in other major core categories. The diffusion index indicated a sequential decline in 38.6% of the core basket in June.

Despite global crude oil prices easing, the MAS expressed concerns over elevated uncertainties in the inflation outlook due to external risks. However, it maintained that food price increases should remain contained. The MAS’s Managing Director, Chia Der Jiun, recently stated that inflation is likely to stay “subdued” in the second half of the year.

Nomura maintains its 2025 core inflation forecast at 0.7%, slightly below the consensus of 0.8%, and expects a gradual increase in H2 due to base effects. The MAS is anticipated to narrow its core inflation forecast range in its upcoming Monetary Policy Statement on 30 July.
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RHB Bank has announced a downward revision of Singapore’s inflation forecast for 2025, citing easing inflationary pressures. The bank now predicts the full-year headline inflation to be 1.2%, down from the previous forecast of 1.6%, and core inflation to be 0.9%, revised from 1.1%. This adjustment comes as the Monetary Authority of Singapore (MAS) is expected to widen the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) policy band from ±2.0% to ±3.0% in its upcoming meeting.

The announcement follows the latest data showing Singapore’s headline Consumer Price Index (CPI) remained steady at 0.8% year-on-year in June 2025, unchanged from May. This figure is slightly below RHB’s earlier projection of 1.0% and Bloomberg’s estimate of 0.9%. Similarly, the core CPI held steady at 0.6% year-on-year.

Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlighted the potential for a flattening of the policy slope due to ongoing global uncertainties in the second half of 2025. This move by RHB reflects a cautious approach amidst a complex economic landscape.

The revised forecast is significant as it indicates a shift in economic expectations for Singapore, potentially influencing monetary policy decisions and economic planning. As the MAS prepares for its meeting, the focus will be on how these adjustments will impact the broader economic environment in the region.
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Singapore Technologies Engineering Ltd (ST Engineering) has announced securing approximately $4.7b in new contracts during the second quarter of 2025. The contracts are distributed across its Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom segments, each contributing $1.5b, $1.5b, and $1.7b respectively.

In the Commercial Aerospace sector, ST Engineering’s Maintenance, Repair & Overhaul (MRO) and Aerostructures & Systems (A&S) businesses secured significant deals. These include a Boeing 737NG component services agreement with a Southeast Asian airline and a five-year LEAP-1A engine MRO agreement with Air Cairo. The A&S business also received multiple Passenger-to-Freighter orders, notably a multi-aircraft Airbus A330P2F order from Confity Capital Partners.

The Defence & Public Security segment achieved new wins across its Digital Systems, Cyber, Land Systems, Marine, and Defence Aerospace businesses. Notably, the Digital Systems business was awarded contracts by the Ministry of Defence to supply Mine Countermeasure Unmanned Systems for the Republic of Singapore Navy. Additionally, the Digital Business secured contracts for AI, Cloud, and Cyber solutions, including advanced encryption products and cloud-based managed security services.

Urban Solutions & Satcom secured $1.7b in contracts, with the Urban Solutions business winning projects for Smart Mobility solutions, such as turnkey rail services for the Taichung MRT Blue Line. The Satcom business also secured ground infrastructure contracts in the US, Europe, and the Middle East, including a significant deal with solutions by stc in Saudi Arabia.

These contracts are not expected to materially impact ST Engineering’s financial metrics for the current year. The company continues to leverage technology and innovation to address global challenges, maintaining its position as a leading player in the aerospace, smart city, and defence sectors.
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