Industry News

IHH Healthcare has announced a robust operational performance for the first quarter of 2025, with revenue increasing by 6% to RM6.3 billion. This growth is attributed to improved inpatient volumes and higher revenue intensity across several markets. The healthcare giant, which is on track to expand its capacity by 4,000 beds, added 1,000 beds last year.

The company reported a 17% rise in revenue and an 8% increase in EBITDA on a constant currency basis, showcasing its operational resilience despite challenges such as the full Ramadan holiday period affecting many markets. However, EBITDA saw a slight decline of 2% year-on-year due to higher finance costs from acquisitions and decreased contributions from Singapore, where renovations at Mount Elizabeth Hospital are underway.

Group CEO Prem Kumar Nair highlighted the company’s commitment to value-based care and its strategic growth priorities. “We reported resilient operational performance for Q1 2025, driven by an improvement in inpatient volumes and higher revenue intensity in some markets,” he stated. The company has embarked on a multi-year transformation plan focusing on clinical excellence, patient experience, and technological advancement to future-proof its business.

Despite a 33% drop in PATMI due to lower net monetary gains and deferred tax credits from the previous year, PATMI excluding exceptional items rose by 5%, reflecting core operational growth. IHH Healthcare also secured its first S$300 million sustainability-linked loan, reinforcing its dedication to sustainable practices.

Looking ahead, IHH Healthcare remains optimistic about its growth trajectory amid rising healthcare demands, focusing on profitability and sustainable returns on equity.
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Futu Holdings Ltd, the parent company of the online brokerage platform Moomoo, has announced impressive financial results for the first quarter of 2025. The company reported a 98% year-on-year increase in net income, reaching $285 million, and a revenue surge of 81.1% to $603.4 million. As of 31 March 2025, Futu had 26.25 million registered users, 4.96 million brokerage accounts, and 2.67 million funded accounts, with client assets growing 12% quarter-on-quarter to $107 billion.

The company experienced robust growth across various markets, with Japan, Canada, and Malaysia achieving record highs in new funded accounts. The US and Australia also saw double-digit growth in funded accounts.

In Singapore, Futu attracted significant asset inflows from high-net-worth individuals, whilst in Hong Kong, client acquisition accelerated, with a nearly 20% quarterly rise in daily active users.

Futu’s trading activities reached new heights, with a total trading volume of $4.133 billion, marking a 140% year-on-year increase. The company also expanded its wealth management services, with assets under management rising by 118% to $179 billion. Notably, Futu introduced fractional US shares trading in Japan and launched new investment tools to cater to diverse investor needs.

The company further strengthened its community engagement and corporate social responsibility efforts, partnering with Seeking Alpha and sponsoring events like the Jersey City Marathon. Additionally, Futu announced a high-profile sports sponsorship with the New York Mets, enhancing its brand presence in the US. As Futu continues to innovate and expand, it remains a leading player in the global financial services sector.
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The Singapore Tourism Board (STB) and the Milken Institute have announced a new Memorandum of Understanding (MoU) to host the Milken Institute Asia Summit in Singapore from 2026 to 2028. This agreement aims to enhance collaboration and create a world-class platform for global leaders to discuss critical regional issues.

Since its inception in 2014, the Milken Institute Asia Summit has become a prestigious event attracting business leaders, government officials, and investors worldwide. The summit, organised by the Milken Institute’s Asia headquarters in Singapore, addresses pressing challenges and proposes actionable solutions.

This year’s summit will take place on 13 October, coinciding with Singapore’s Formula One race week. This timing underscores Singapore’s reputation as a hub for high-impact business discussions and world-class entertainment. Melissa Ow, Chief Executive of STB, stated, “We value our strong partnership with Milken Institute, and their decision to anchor their prestigious summit in Singapore further cements our position as a premier destination for meaningful dialogue and collaboration.”

The partnership between STB and the Milken Institute has been robust since the summit’s first edition in Singapore. Notably, during the COVID-19 pandemic, the summit successfully transitioned to a hybrid format, earning the Outstanding Event Organiser award at the 2021 Singapore Tourism Awards.

Richard Ditizio, CEO of the Milken Institute, expressed pride in the ongoing partnership, stating, “I am proud to redouble our commitment to Singapore by anchoring our signature Asia Summit here for the next three years.”

The MoU signifies a continued commitment to fostering dialogue and innovation in Singapore, reinforcing its status as a leading destination for global business events.
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Singapore-listed Golden Agri-Resources (GAR) has released its Sustainability Report 2024, highlighting a year of significant progress in its climate ambitions and sustainability commitments. The report outlines GAR’s efforts to combat deforestation, enhance traceability, and support resilient agricultural communities amidst global challenges such as economic shifts and extreme weather.

GAR’s Chairman and CEO, Franky O Widjaja, emphasised the company’s commitment to sustainability, stating, “At GAR, sustainability isn’t just a part of our business strategy; it is our business strategy.” The report introduces a double materiality assessment, addressing both the company’s environmental and social impacts and their influence on GAR’s long-term resilience and financial performance.

Key developments include the launch of the “Collective for Impact” framework, which focuses on responsible sourcing, caring for the planet, and empowering people. This strategy extends beyond GAR’s Indonesian palm oil supply chain to encompass its entire business and value chain. Anita Neville, GAR’s Chief Sustainability and Communications Officer, noted, “Collective for Impact strengthens our resilience, creates long-term value, and builds trust to keep us ahead of global expectations.”

In 2024, GAR set ambitious targets to reduce emissions by 2030, aiming for net zero emissions by 2050. Despite a 7% increase in total emissions due to a rise in supply chain emissions, the company achieved a 3% reduction in direct emissions through energy efficiency and renewable energy initiatives.

GAR has also made strides in transparency and traceability, achieving 99.5% traceability to the plantation in its Indonesian palm oil supply chain and 100% traceability to the mill for other commodities globally. The company continues to support communities through its Bright Future Initiative, empowering micro, small, and medium enterprises with skills and training.

As GAR advances its sustainability journey, it remains committed to responsible production and global delivery, ensuring compliance with upcoming regulations such as the European Union Deforestation Regulation.
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UBTS Pte Ltd, a prominent Singaporean logistics company, has partnered with Cuber AI, a leader in agentic AI systems, to conduct an exploratory study on the transformative potential of advanced artificial intelligence in logistics and supply chain operations. This initiative aims to evaluate how Cuber AI’s autonomous decision-making platform can optimise various aspects of logistics, including predictive demand forecasting, dynamic risk mitigation, intelligent resource allocation, and regulatory compliance automation.

The collaboration reflects the shared vision of both organisations to shape the future of intelligent logistics in the region. Jimmy Ng, UBTS Chairman, stated, “We view this as a collaborative exploration of what Agentic AI can enable in logistics—not just in terms of efficiency but in rethinking supply chain adaptability itself.”

Key areas of evaluation include operational agility, with the potential to reduce crisis-response decision time by up to 60%, and sustainability goals, assessing AI’s ability to reduce emissions through smarter routing. The study will also explore hybrid workforce models that integrate human expertise with AI-driven support.

Ng Chee Keong, Cuber AI Managing Director, remarked, “Our collaboration with UBTS is about jointly discovering what’s possible. This study will lay the foundation for cognitive supply chains that learn, adapt, and evolve in sync with market realities.”

Founded in the 1960s, UBTS has grown significantly, now boasting a staff of 300 and a fleet of over 1,000 vehicles. Meanwhile, Cuber AI, established in 2024, specialises in digital employee robotics and AI hyperautomation, with a strong presence across Asia.
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Singapore has unveiled key insights from its Global AI Assurance Pilot, a pioneering initiative aimed at establishing norms and best practices for the technical testing of Generative AI (GenAI) applications. Announced at the ATxSummit 2025 by Senior Minister of State for Digital Development and Information, Tan Kiat How, the initiative positions Singapore at the forefront of AI safety and responsible adoption.

The pilot, launched in February 2025 by the AI Verify Foundation and the Infocomm Media Development Authority (IMDA), paired 16 specialist AI testers with 17 GenAI deployers across 10 industries, including finance, healthcare, and public sectors. A significant finding was the context-dependent nature of GenAI risks, which vary by industry, use case, and culture. The pilot recommends involving subject matter experts throughout the application lifecycle to mitigate these risks.

In conjunction with the pilot, IMDA announced the development of the world’s first Testing Starter Kit for GenAI applications. This kit provides practical guidance for businesses on testing GenAI applications, addressing common risks such as hallucination, undesirable content, and data disclosure. IMDA is seeking industry feedback on the kit, which will evolve to address emerging risks.

Additionally, AI Singapore (AISG) will partner with the UN Development Programme to enhance AI literacy in six pilot countries, expanding the successful AI for Good programme. The AI Student Developer Conference, led by AISG, also highlighted Singapore’s commitment to fostering AI talent, featuring a regional challenge with students from six ASEAN countries.

These initiatives underscore Singapore’s dedication to harnessing AI for public good, promoting economic potential, and enhancing social impact globally.
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Huttons Asia has shared insights on two Government Land Sales (GLS) sites at Hougang Central and Sembawang Road, highlighting their potential to attract significant developer interest. According to Huttons Asia’s CEO, Mark Yip, the Hougang Central site is poised to become the first major mall serving the Hougang estate, offering a fully integrated mixed-use development above an MRT interchange. This site is expected to draw joint ventures due to its large gross floor area of over 1 million square feet, with anticipated bids ranging between $800 and $900 per square foot per plot ratio (psf ppr).

The Hougang Central site is expected to sell well upon launch, similar to the PARKTOWN Residence, which sold more than 87% of its 1,193 units during its launch weekend in February 2025. However, the complexity and scale of the development may limit the number of bidders to three.

Meanwhile, the Sembawang Road site, located in a private residential enclave, is notable for its proximity to Canberra MRT station, just 500 metres away. This is a rarity for Executive Condominium (EC) projects, with only eight out of 71 completed EC projects in Singapore being within such a distance from an MRT station. The last EC land parcel in Sembawang was sold in 2019, and recent EC launches have seen strong demand, such as the Aurelle of Tampines, which sold out in a month. The Sembawang site is expected to attract up to eight bidders, with top bids ranging from $600 to $700 psf ppr.

These developments are set to meet the upgrading demand from over 3,000 flats in the North that have recently fulfilled their five-year Minimum Occupation Period (MOP).
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Singapore-based Agoda has unveiled its list of Asia’s top destinations for slow travel, with Rayong, Thailand, emerging as the leading choice for those seeking to extend their stays and immerse themselves in local culture. The announcement, made on 29 May 2025, highlights a growing trend among travellers who prefer longer, more leisurely visits to fully experience a destination’s charm.

Agoda’s data, collected from bookings between January and March 2025, indicates that slow travellers are opting for extended stays in nine key Asian locations. These include Kalegowa in Indonesia, Seoul in South Korea, Tokyo in Japan, Nha Trang in Vietnam, Boracay Island in the Philippines, Taipei in Taiwan, Kuala Lumpur in Malaysia, and Chennai in India. Each destination offers a unique blend of tranquil beaches and vibrant city life, catering to those who wish to take their time exploring.

Andrew Smith, Senior Vice President of Supply at Agoda, commented on the trend, stating, “In a world that often feels rushed, slow travel has become more than just a trend—it’s a mindset that allows travellers to truly connect with the places they visit.” He emphasised Agoda’s commitment to supporting this travel approach by providing the best deals on accommodation and activities.

With over 5 million holiday properties, 130,000 flight routes, and 300,000 activities available, Agoda aims to make planning a slow travel adventure simple and accessible. Travellers can visit Agoda’s website or download their mobile app to start planning a leisurely getaway.
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The Singapore Department of Statistics has reported a mixed performance in the country’s price indices for April 2025.

The Import, Export, and Domestic Supply Price indices experienced declines of 1.4%, 1.2%, and 0.8% respectively compared to March 2025. In contrast, the Singapore Manufactured Products Price Index saw a modest increase of 0.5%.

Excluding oil, the data presents a slightly different picture. The Export, Singapore Manufactured Products, and Domestic Supply Price indices rose by 0.2%, 1.5%, and 1.1% respectively, whilst the Import Price Index remained unchanged.

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A remarkable collection of 36 watercolour paintings from the William Farquhar Collection of Natural History Drawings has made its debut at the Australian Museum in Sydney. This exhibition, titled “Tails from the Coasts: Nature Stories of Singapore,” celebrates the 60th anniversary of diplomatic relations between Singapore and Australia. The exhibition, which runs from 10 May to 7 September 2025, marks the first time these treasured artworks have left Singapore.

The exhibition showcases the biodiversity of Singapore through exquisite 200-year-old paintings, featuring unique species such as the binturong, winghead shark, and slow loris. Kim McKay, Director and CEO of the Australian Museum, expressed gratitude to the National Museum of Singapore for entrusting them with the collection, highlighting its significance as a National Treasure. “These paintings are at once unique and familiar, featuring remarkable mammals, reptiles, and stunning botanicals,” McKay noted.

Chung May Khuen, Director of the National Museum of Singapore, emphasised the exhibition’s role in fostering collaboration and connection between the two museums. “The exhibition is an opportune collaboration to commemorate relations between both countries through the lens of animals and geographies that connect us,” she said.

Following its stint in Sydney, the exhibition will travel to the Adelaide Botanic Garden from 4 October 2025 to 1 February 2026. Visitors can also explore the collection digitally on Singapore’s Roots.sg portal. This exhibition not only celebrates artistic and scientific heritage but also aims to spark discussions on environmental and animal conservation.
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